Registration No. 333-_____
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM S-1
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
AXA Equitable Life Insurance Company
(Exact name of registrant as specified in its charter)
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New York
(State or other jurisdiction of incorporation or organization)
13-5570651
(I.R.S. Employer Identification No.)
1290 Avenue of the Americas, New York, New York 10104
(212)554-1234
(Address, including zip code, and telephone number, including area code,
of registrant's principal executive offices)
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DODIE KENT
VICE PRESIDENT AND ASSOCIATE GENERAL COUNSEL
AXA Equitable Life Insurance Company
1290 Avenue of the Americas, New York, New York 10104
(212)554-1234
(Name, address, including zip code, and telephone number,
including area code, of agent for service)
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Please send copies of all communications to:
CHRISTOPHER E. PALMER
Goodwin Procter LLP
901 New York Avenue, Northwest
Washington, D.C. 20001
Approximate date of commencement of proposed sale to the public: As soon after
the effective date of this Registration Statement as is practicable.
If the only securities being registered on this Form are being offered pursuant
to dividend or interest reinvestment plans, please check the following box. [ ]
If any of the securities being registered on this Form are to be offered on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, other than securities offered only in connection with dividend or interest
reinvestment plans, check the following box: [X]
If this Form is filed to register additional securities for an offering pursuant
to Rule 462(b) under the Securities Act, please check the following box and list
the Securities Act Registration statement number of the earlier effective
registration statement for the same offering. [ ]
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under
the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. [ ]
If this Form is a post-effective amendment filed pursuant to Rule 462(d) under
the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. [ ]
Pursuant to Rule 429 under the Securities Act of 1933, the prospectuses
contained herein also relate to Registration Statement Nos. 2-30080, 333-81393,
333-81501, 333-130988, and 333-137052 as most recently amended on
April 24, 2007.
CALCULATION OF REGISTRATION FEE
- ---------------------------------------------- --------------- -------------- --------------- ---------------
Title of Each Class of Security to Amount to Proposed Proposed Amount of
be Registered be Maximum Maximum Registration
Registered Offering Aggregate Fee
Price Per Offering
Unit Price
- ---------------------------------------------- --------------- -------------- --------------- ---------------
Market value $ (1)(3) (2) $ (1)(3) $ (3)
Adjustment
Interests under
Flexible Premium
Annuity Contracts
- ---------------------------------------------- --------------- -------------- --------------- ---------------
(1) Estimated solely for the purpose of determining the registration statement
fee.
(2) The proposed maximum offering price per unit is not applicable since these
securities are not issued in specified units.
(3) Pursuant to Rule 429(b) under the Securities Act of 1933, unsold securities
previously registered on Form S-3 (Reg. No. 33-89510, originally filed on
February 14, 1995) are being carried forward to this Registration Statement. As
of March 31, 2007, the amount of such unsold securities was $64,249,080. No
additional Market value Adjustment Interests under Flexible Premium Annuity
Contracts are being registered at this time. Accordingly, no additional
registration fees are being paid at this time.
The Registrant hereby amends this Registration Statement on such date or
dates as may be necessary to delay its effective date until the Registrant shall
file a further amendment which specifically states that this Registration
Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933 or until the Registration Statement shall become
effective on such date as the Commission, acting pursuant to said Section 8(a),
may determine.
EXPLANATORY NOTE
Registrant is filing this registration statement for the purpose of updating the
prospectus for certain market value adjustment interests under certain annuity
contracts and switching the registration statement from Form S-3 to S-1.
EQUI-VEST(SM) At Retirement(SM)
A combination variable and fixed deferred annuity contract
PROSPECTUS DATED MAY 1, 2007
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 contract. You should read the prospectuses for each
Trust which contain important information about the portfolios.
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WHAT IS EQUI-VEST(SM) AT RETIREMENT(SM)?
EQUI-VEST(SM) At Retirement(SM) is a deferred annuity contract issued by AXA
Equitable Life Insurance Company. It provides for the accumulation of retirement
savings and for income. The contract offers income and death benefit protection.
It also offers a number of payout options. You invest to accumulate value on a
tax-deferred basis in one or more of our variable investment options, the
guaranteed interest option or fixed maturity options ("investment options").
There is no withdrawal charge under the contract. The contract may not be
currently available in all states. Certain features and benefits described in
this prospectus may vary in your state; all features and benefits may not be
available in all contracts or in all states. Please see Appendix V later in this
prospectus for more information on state availability and/or variations of
certain features and benefits.
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Variable investment options
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Fixed income
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o AXA Conservative Allocation(1) o EQ/JPMorgan Core Bond
o AXA Conservative-Plus Allocation(1) o EQ/Long Term Bond
o EQ/AllianceBernstein Intermediate o EQ/Money Market
Government Securities o EQ/PIMCO Real Return
o EQ/AllianceBernstein Quality Bond o EQ/Short Duration Bond
o EQ/Caywood-Scholl High Yield Bond o Multimanager Core Bond*
o EQ/Evergreen International Bond o Multimanager High Yield*
o EQ/Franklin Income
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Domestic stocks
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o AXA Aggressive Allocation(1) o EQ/Lord Abbett Growth and Income
o AXA Moderate-Plus Allocation(1) o EQ/Lord Abbett Large Cap Core
o EQ/AllianceBernstein Common Stock o EQ/Lord Abbett Mid Cap Value
o EQ/AllianceBernstein Growth and o EQ/Marsico Focus
Income++ o EQ/MFS Emerging Growth Companies+
o EQ/AllianceBernstein Large Cap o EQ/MFS Investors Trust+
Growth o EQ/Montag & Caldwell Growth
o EQ/AllianceBernstein Small Cap o EQ/Mutual Shares
Growth o EQ/Oppenheimer Main Street Opportu-
o EQ/AllianceBernstein Value nity**
o EQ/Ariel Appreciation II(2) o EQ/Oppenheimer Main Street Small
o EQ/AXA Rosenberg Value Long/Short Cap
Equity o EQ/Small Cap Value+
o EQ/BlackRock Basic Value Equity* o EQ/Small Company Growth+
o EQ/Boston Advisors Equity Income o EQ/Small Company Index
o EQ/Calvert Socially Responsible o EQ/TCW Equity++
o EQ/Capital Guardian Growth o EQ/Templeton Growth
o EQ/Capital Guardian Research o EQ/UBS Growth and Income
o EQ/Capital Guardian U.S. Equity++ o EQ/Van Kampen Comstock
o EQ/Davis New York Venture** o EQ/Van Kampen Mid Cap Growth
o EQ/Equity 500 Index o EQ/Wells Fargo Montgomery Small
o EQ/Evergreen Omega Cap++
o EQ/FI Mid Cap o Multimanager Aggressive Equity*
o EQ/FI Mid Cap Value+ o Multimanager Health Care*
o EQ/Franklin Small Cap Value o Multimanager Large Cap Core Equity*
o EQ/Franklin Templeton Founding o Multimanager Large Cap Growth*
Strategy** o Multimanager Large Cap Value*
o EQ/GAMCO Mergers and Acquisitions o Multimanager Mid Cap Growth*
o EQ/GAMCO Small Company Value o Multimanager Mid Cap Value*
o EQ/Janus Large Cap Growth++ o Multimanager Technology*
o EQ/JPMorgan Value Opportunities o U.S. Real Estate--Class II++
o EQ/Legg Mason Value Equity
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International stocks
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o EQ/AllianceBernstein International o EQ/Oppenheimer Global
o EQ/BlackRock International Value* o EQ/Van Kampen Emerging Markets
o EQ/Capital Guardian International+ Equity
o EQ/International Growth o Multimanager International Equity
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Balanced/hybrid
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o AXA Moderate Allocation(1)
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(1) The AXA Allocation portfolios
(2) Not available for TSA contracts.
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and benefits" later in this prospectus for the investment
option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with this prospectus for more information. ++ Please see
the supplement included with this prospectus regarding the planned
substitution or merger of this investment option, subject to regulatory
approval.
You may allocate amounts to any of the variable investment options. Each
variable investment option is a subaccount of Separate Account A. Each variable
investment option, in turn, invests in a corresponding securities portfolio of
AXA Premier VIP Trust, EQ Advisors Trust or The Universal Institutional Funds,
Inc. (the "Trusts"). Your investment results in a variable investment option
will depend on the investment performance of the related portfolio.
You may also allocate amounts to the guaranteed interest option and the fixed
maturity options, which are discussed later in this prospectus. If you elect
the Guaranteed withdrawal benefit for life, your investment options will be
limited to the guaranteed interest option and the permitted variable investment
options.
TYPES OF CONTRACTS. For existing EQUI-VEST(SM) contract owners, we offer the
EQUI-VEST(SM) At Retirement(SM) contract for use as:
o A nonqualified annuity ("NQ") for after-tax contributions only.
o An individual retirement annuity ("IRA"), either traditional IRA or Roth
IRA.
o An Internal Revenue Code Section 403(b) Tax-Sheltered Annuity ("TSA").
In order to purchase an EQUI-VEST(SM) At Retirement(SM) contract, your initial
contribution must be at least $50,000 and must come from the transfer of the
cash value of an EQUI-VEST(SM) series variable annuity contract that you
currently own under which withdrawal charges no longer apply. The eligible
EQUI-VEST(SM) contract types are traditional IRA (including our product
designated QP IRA), Roth IRA, NQ, TSA and EQUI-VEST(SM) Express(SM). The
transfer of cash value will constitute a termination of that particular
EQUI-VEST(SM) contract. You cannot purchase an EQUI-VEST(SM) At Retirement(SM)
contract if a rollover or direct transfer contribution into your eligible
EQUI-VEST(SM) contract has occurred within two EQUI-VEST(SM) contract years
before your purchase of an
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 contracts 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.
X01506/EQUI-VEST At Retirement(SM)
(R-4/15)
EQUI-VEST(SM) At Retirement(SM) contract. Additionally, you must be age 55 or
older (subject to maximum issue age limitations) and, for TSA contracts, no
longer employed by the employer who provided the funds for the purchase of your
EQUI-VEST(SM) contract.
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The "contract date" is the effective date of a contract. This is the business
day we receive the properly completed and signed application, along with any
other required documents, and your initial contribution is transferred from your
EQUI-VEST(SM) or EQUI-VEST(SM) Express(SM) contract. Your contract date will be
shown in your contract. The 12-month period beginning on your contract date and
each 12-month period after that date is a "contract year." The end of each
12-month period is your "contract date anniversary." For example, if your
contract date is May 1, your contract date anniversary is April 30.
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Registration statements relating to this offering have been filed with the
Securities and Exchange Commission ("SEC"). The statement of additional
information ("SAI") dated May 1, 2007, is part of the registration statement.
The SAI is available free of charge. You may request one by writing to our
processing office at P.O. Box 4956, Syracuse, NY 13221-4956 or calling 1(800)
628-6673. 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
www.sec.gov. The table of contents for the SAI appears at the back of this
prospectus.
Contents of this prospectus
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EQUI-VEST(SM) AT RETIREMENT(SM)
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Index of key words and phrases 5
Who is AXA Equitable? 6
How to reach us 7
EQUI-VEST(SM) At Retirement(SM) at a glance -- key features 9
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FEE TABLE 11
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Example 14
Condensed financial information 16
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1. CONTRACT FEATURES AND BENEFITS 17
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How you can purchase and contribute to your contract 17
Owner and annuitant requirements 18
How you can make your contributions 18
What are your investment options under the contract? 18
Portfolios of the Trusts 19
Allocating your contributions 25
Guaranteed minimum death benefit and
Guaranteed minimum income benefit base 25
Annuity purchase factors 26
Guaranteed minimum income benefit option ("GMIB") 26
Guaranteed minimum death benefit 28
Guaranteed withdrawal benefit for life ("GWBL") 29
Your right to cancel within a certain number of days 32
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2. DETERMINING YOUR CONTRACT'S VALUE 33
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Your account value and cash value 33
Your contract's value in the variable investment options 33
Your contract's value in the guaranteed interest option 33
Your contract's value in the fixed maturity options 33
Insufficient account value 33
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"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 contract owner.
When we use the word "contract" it also includes certificates that are issued
under group contracts in some states.
Contents of this prospectus 3
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3. TRANSFERRING YOUR MONEY AMONG
INVESTMENT OPTIONS 34
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Transferring your account value 34
Disruptive transfer activity 34
Dollar cost averaging 35
Rebalancing your account value 36
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4. ACCESSING YOUR MONEY 37
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Withdrawing your account value 37
How withdrawals are taken from your account value 38
How withdrawals affect your Guaranteed minimum
income benefit and Guaranteed minimum death benefit 39
How withdrawals affect your GWBL and GWBL Guaranteed
minimum death benefit 39
Withdrawals treated as surrenders 39
Loans under TSA contracts 39
Surrendering your contract to receive its cash value 40
When to expect payments 40
Your annuity payout options 40
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5. CHARGES AND EXPENSES 43
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Charges that AXA Equitable deducts 43
Charges that the Trusts deduct 44
Group or sponsored arrangements 44
Other distribution arrangements 45
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6. PAYMENT OF DEATH BENEFIT 46
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Your beneficiary and payment of benefit 46
Beneficiary continuation option 47
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7. TAX INFORMATION 50
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Overview 50
Buying a contract to fund a retirement arrangement 50
Transfers among investment options 50
Taxation of nonqualified annuities 50
Individual retirement arrangements (IRAs) 52
Tax-sheltered annuity contracts (TSAs) 57
Federal and state income tax withholding and
information reporting 59
Impact of taxes to AXA Equitable 60
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8. MORE INFORMATION 61
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About Separate Account A 61
About the Trusts 61
About our fixed maturity options 61
About the general account 62
Dates and prices at which contract events occur 62
About your voting rights 63
About legal proceedings 64
Financial statements 64
Transfers of ownership, collateral assignments, loans
and borrowing 64
Distribution of the contracts 64
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9. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE 66
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APPENDICES
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I -- Condensed Financial Information A-1
II -- Market value adjustment example B-1
III -- Enhanced death benefit example C-1
IV -- Hypothetical illustrations D-1
V -- State contract availability and/or variations of certain
features and benefits E-1
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STATEMENT OF ADDITIONAL INFORMATION
TABLE OF CONTENTS
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4 Contents of this prospectus
Index of key words and phrases
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This index should help you locate more information on the terms used in this
prospectus.
Page in
Term Prospectus
6% Roll-Up to age 85 25
account value 33
administrative charge 43
annual administrative charge 43
Annual Ratchet to age 85 enhanced death benefit 26
annuitant 17
annuitization 40
annuity maturity date 42
annuity payout options 40
annuity purchase factors 26
beneficiary 46
Beneficiary continuation option ("BCO") 47
benefit base 30
business day 63
cash value 33
charges for state premium and other applicable taxes 44
contract date 2
contract date anniversary 2
contract year 2
contributions to Roth IRAs 55
regular contributions 55
conversion contributions 55
contributions to traditional IRAs 53
regular contributions 53
disruptive transfer activity 34
distribution charge 43
EQAccess 7
ERISA 39
Fixed-dollar option 36
fixed maturity options 24
free look 32
general account 62
general dollar cost averaging 35
guaranteed interest option 24
Guaranteed minimum death benefit 28
Guaranteed minimum death benefit/guaranteed minimum
income benefit roll-up benefit base reset option 26
Guaranteed minimum income benefit 27
Page in
Term Prospectus
Guaranteed minimum income benefit charge 43
Guaranteed minimum income benefit "no lapse guarantee" 27
Guaranteed withdrawal benefit for life 9
Guaranteed withdrawal benefit for life charge 44
IRA cover
IRS 50
investment options cover
Investment Simplifier 35
Lifetime minimum distribution withdrawals 38
loans under TSA 39
lump sum withdrawals 37
market adjusted amount 24
market timing 34
maturity dates 42
market value adjustment 24
maturity value 24
Mortality and expense risks charge 43
NQ cover
partial withdrawals 37
permitted variable investment options 18
portfolio cover
processing office 7
rate to maturity 24
Rebalancing 36
Roth IRA cover
SAI cover
SEC cover
self-directed allocation 25
Separate Account A 61
Spousal continuation 46
Standard death benefit 25
Systematic withdrawals 37
TOPS 7
Trusts 61
traditional IRA cover
TSA cover
unit 33
variable investment options 18
To make this prospectus easier to read, we sometimes use different words than
in the contract or supplemental materials. This is illustrated below. Although
we use different words, they have the same meaning in this prospectus as in the
contract. Your financial professional can provide further explanation about
your contract or supplemental materials.
Prospectus Contract or Supplemental Materials
account value Annuity Account Value
unit Accumulation Unit
GWBL benefit base Guaranteed withdrawal benefit for life benefit base
GWBL Excess withdrawal Guaranteed withdrawal benefit for life Excess
withdrawal
Index of key words and phrases 5
Who is AXA Equitable?
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We are AXA Equitable Life Insurance Company ("AXA Equitable") (until 2004, The
Equitable Life Assurance Society of the United States), a New York stock life
insurance corporation. We have been doing business since 1859. AXA Equitable is
an indirect, wholly-owned subsidiary of AXA Financial, Inc., a holding company,
which is itself an indirect, wholly-owned subsidiary of AXA. AXA is a French
holding company for an international group of insurance and related financial
services companies. As the ultimate sole shareholder of AXA Equitable, and
under its other arrangements with AXA Equitable and AXA Equitable's parent, AXA
exercises significant influence over the operations and capital structure of
AXA Equitable and its parent. AXA holds its interest in AXA Equitable through a
number of other intermediate holding companies, including Oudinot
Participations, AXA America Holdings Inc. and AXA Financial Services, LLC. AXA
Equitable is obligated to pay all amounts that are promised to be paid under
the contracts. 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
$795 billion in assets as of December 31, 2006. 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 10104.
6 Who is AXA Equitable?
HOW TO REACH US
You may communicate with our processing office as 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.
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FOR ALL COMMUNICATIONS (E.G., REQUESTS FOR TRANSFERS,
WITHDRAWALS, OR REQUIRED NOTICES) SENT
BY REGULAR MAIL:
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AXA Equitable
EQUI-VEST(SM) Processing Office
P.O. Box 4956
Syracuse, NY 13221-4956
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FOR ALL COMMUNICATIONS (E.G., REQUESTS FOR TRANSFERS,
WITHDRAWALS, OR REQUIRED NOTICES) SENT
BY EXPRESS DELIVERY:
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AXA Equitable
EQUI-VEST(SM) Processing Office
100 Madison Street
Suite 1000
Syracuse, NY 13202
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REPORTS WE PROVIDE:
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o written confirmation of financial transactions;
o quarterly statements of your contract values at the close of each calendar
quarter, and
o annual statement of your contract values as of the close of the contract
year, including notification of eligibility to exercise the Guaranteed
minimum income benefit and/or the benefit base reset option.
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TELEPHONE OPERATED PROGRAM SUPPORT ("TOPS") AND
EQACCESS SYSTEMS:
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TOPS is designed to provide you with up-to-date information via touch-tone
telephone. EQAccess is designed to provide this information through the
Internet. You can obtain information on:
o your current account value;
o your current allocation percentages;
o the number of units you have in the variable investment options;
o rates to maturity for the fixed maturity options;
o the daily unit values for the variable investment options; and
o performance information regarding the variable investment options (not
available through TOPS).
You can also:
o change your allocation percentages and/or transfer among the variable
investment options and the guaranteed interest option (not available for
transfers to fixed maturity options);
o change your TOPS personal identification number ("PIN") (through TOPS only)
and your EQAccess password (through EQAccess only);
Under TOPS only you can:
o elect investment simplifier.
Under EQAccess only you can:
o elect to receive certain contract statements electronically;
o change your address; and
o access Frequently Asked Questions and Service Forms
TOPS and EQAccess are normally available seven days a week, 24 hours a day. You
may use TOPS by calling toll free 1 (800) 755-7777. You may use EQAccess by
visiting our website at www.axaonline.com and logging in to access your
account. Of course, for reasons beyond our control, these services may
sometimes be unavailable.
We have established procedures to reasonably confirm that the instructions
communicated by telephone or the Internet are genuine. For example, we will
require certain personal identification information before we will act on
telephone or Internet instructions and we will provide written confirmation of
your transfers. If we do not employ reasonable procedures to confirm the
genuineness of telephone or Internet instructions, we may be liable for any
losses arising out of any act or omission that constitutes negligence, lack of
good faith, or willful misconduct. In light of our procedures, we will not be
liable for following telephone or Internet instructions we reasonably believe
to be genuine.
We reserve the right to limit access to these services if we determine that you
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).
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CUSTOMER SERVICE REPRESENTATIVE:
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You may also use our toll-free number 1 (800) 628-6673 to speak with one of our
customer service representatives. Our customer service representatives are
available on each business day Monday through Thursday from 8:00 a.m. until
7:00 p.m., and on Friday until 5:00 p.m., Eastern time.
Hearing or speech-impaired clients may call the AT&T National Relay Number at
(800) 855-2880 for information about your account. If you have a
Telecommunications Device for the Deaf (TDD), you may relay messages or
questions to our Customer Service Department at (800) 628-6673, Monday through
Thursday from 8:00 a.m. to 7:00 p.m., and on Friday until 5:00 p.m. Eastern
Time. AT&T personnel will communicate our reply back to you via the TDD.
WE REQUIRE THAT THE FOLLOWING TYPES OF COMMUNICATIONS BE ON SPECIFIC FORMS WE
PROVIDE FOR THAT PURPOSE:
(1) election of dollar cost averaging programs;
(2) election of the rebalancing program;
Who is AXA Equitable? 7
(3) requests for loans under TSA contracts;
(4) election of required minimum distribution automatic withdrawal option;
(5) requests for withdrawals or surrenders;
(6) requests for withdrawals or surrenders of contracts with the Guaranteed
withdrawal benefit for life ("GWBL");
(7) tax withholding;
(8) election of the beneficiary continuation option;
(9) exercise of the Guaranteed minimum income benefit;
(10) requests to reset your Roll-Up benefit base (for contracts that have both
the Guaranteed minimum income benefit and the Greater of the 6% Roll-Up to
age 85 or the Annual Ratchet to age 85 enhanced death benefit);
(11) requests to opt out of or back into the annual ratchet of the Guaranteed
withdrawal benefit for life ("GWBL") benefit base;
(12) death claims;
(13) change in ownership (NQ only); and
(14) requests for enrollment in either our Maximum payment plan or Customized
payment plan under the Guaranteed withdrawal benefit for life ("GWBL").
WE ALSO HAVE SPECIFIC FORMS THAT WE RECOMMEND YOU USE FOR THE FOLLOWING TYPES
OF REQUESTS:
(1) address changes;
(2) beneficiary changes;
(3) transfers between investment options; and
(4) contract surrender and withdrawal requests.
TO CANCEL OR CHANGE ANY OF THE FOLLOWING WE REQUIRE WRITTEN NOTIFICATION
GENERALLY AT LEAST SEVEN CALENDAR DAYS BEFORE THE NEXT SCHEDULED TRANSACTION:
(1) general dollar cost averaging (including the investment simplifier);
(2) rebalancing;
(3) systematic withdrawals; and
(4) the date annuity payments are to begin.
You must sign and date all these requests. Any written request that is not on
one of our forms must include your name and your contract number along with
adequate details about the notice you wish to give or the action you wish us to
take.
SIGNATURES:
The proper person to sign forms, notices and requests would normally be the
owner. If there are joint owners both must sign.
8 Who is AXA Equitable?
EQUI-VEST(SM) At Retirement(SM) at a glance -- key features
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Professional investment EQUI-VEST(SM) At Retirement(SM)'s variable investment
management options invest in different portfolios managed by
professional investment advisers.
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Fixed maturity options o Fixed maturity options with maturities ranging from
approximately 1 to 10 years (subject to
availability).
o Each fixed maturity option offers a guarantee of
principal and interest rate if you hold it to
maturity.
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If you make withdrawals or transfers from a fixed
maturity option before maturity, there will be a
market value adjustment due to differences in interest
rates. If you withdraw or transfer only a portion of
the amount in a fixed maturity option, this may
increase or decrease any value that you have left in
that fixed maturity option. If you surrender your
contract, a market value adjustment also applies.
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Guaranteed interest o Principal and interest guarantees.
option
o Interest rates set periodically.
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Tax considerations o No tax on earnings inside the contract until you
make withdrawals from your contract or receive
annuity payments.
o No tax on transfers among investment options inside
the contract.
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If you are purchasing an annuity contract as an
Individual Retirement Annuity (IRA), or tax sheltered
annuity (TSA) 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 compared with any other investment
that you may use in connection with your retirement
plan or arrangement. Depending on your personal
situation, the contract's guaranteed benefits may have
limited usefulness because of required minimum
distributions ("RMDs").
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Guaranteed minimum The Guaranteed minimum ("GMIB") provides income
income benefit benefit income protection for you during your life
once you elect to annuitize the contract.
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Guaranteed withdrawal The Guaranteed withdrawal benefit for life option
benefit for life ("GWBL"), guarantees that you can take withdrawals of
up to a maximum amount each contract year (your
"Guaranteed annual withdrawal amount") beginning at
age 55. Withdrawals are taken from your account value
and continue during your lifetime even if your account
value falls to zero (unless it is caused by a
withdrawal that exceeds your Guaranteed annual
withdrawal amount).
- -------------------------------------------------------------------------------
Contribution amounts o Your initial contribution must be from the transfer
of the cash value of an EQUI-VEST (SM) traditional
IRA (including QP IRA), Roth IRA, NQ, TSA or
EQUI-VEST(SM) Express(SM) contract that you
currently own under which withdrawal charges no
longer apply.
Initial minimum: $50,000
-----------------------------------------------------
o There is no minimum dollar amount on subsequent
contributions but subsequent contributions must
also be a transfer of the total cash value of an
EQUI-VEST(SM) traditional IRA (including QP IRA),
Roth IRA, NQ, TSA or EQUI-VEST(SM) Express(SM)
contract that you own, under which withdrawal
charges no longer apply.
- -------------------------------------------------------------------------------
Access to your money o Partial withdrawals
o Several withdrawal options on a periodic basis
o Loans under TSA contracts (not on contracts with
GWBL)
o Contract surrender
o Maximum payment plan (only under contracts with
GWBL)
o Customized payment plan (only under contracts with
GWBL)
You may incur income tax and a tax penalty. Certain
withdrawals will diminish the value of optional
benefits.
- -------------------------------------------------------------------------------
EQUI-VEST(SM) At Retirement(SM) at a glance -- key features 9
- -------------------------------------------------------------------------------
Payout options o Fixed annuity payout options
o Variable Immediate Annuity payout options
(described in a separate prospectus for that
option)
o Income Manager(SM) payout options (described in a
separate prospectus for that option)
- -------------------------------------------------------------------------------
Additional features o Guaranteed minimum death benefit options
o Dollar cost averaging
o Account value rebalancing (quarterly, semiannually
and annually)
o Free transfers
o Spousal continuation
o Beneficiary continuation option
o Guaranteed minimum death benefit/Guaranteed minimum
income benefit roll-up benefit base reset.
- -------------------------------------------------------------------------------
Fees and charges Please see "Fee table" later in this section for
complete details.
- -------------------------------------------------------------------------------
Owner and annuitant 55-85
issue ages
- -------------------------------------------------------------------------------
The above is not a complete description of all material provisions of the
contract. In some cases, restrictions or exceptions apply. Also, all features
of the contract are not necessarily available in your state or at certain ages.
Please see Appendix V later in this prospectus for more information on state
availability and/or variations of certain features and benefits.
For more detailed information, we urge you to read the contents of this
prospectus, as well as your contract. Please feel free to speak with your
financial professional or call us, if you have questions. If for any reason you
are not satisfied with your contract, 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.
OTHER CONTRACTS
We offer a variety of fixed and variable annuity contracts. While you may not be
able to make a direct exchange of your EQUI-VEST(SM) contract value into these
other contracts, they may offer features, including investment options, credits,
fees and/or charges that are different from those in the contracts offered by
this prospectus. Not every contract is offered through the same selling
broker-dealer. Some selling broker-dealers may not offer and/or limit the
offering of certain features or options, as well as limit the availability of
the contracts, based on issue age or other criteria established by the selling
broker-dealer. Upon request, your financial professional can show you
information regarding other AXA Equitable annuity contracts that he or she
distributes. You can also contact us to find out more about the availability of
any of the AXA Equitable annuity contracts.
You should work with your financial professional to decide whether an optional
benefit is appropriate for you based on a thorough analysis of your particular
insurance needs, financial objectives, investment goals, time horizons and risk
tolerance. Some selling broker-dealers may limit their clients from purchasing
optional benefits based upon the client's age.
10 EQUI-VEST(SM) At Retirement(SM) at a glance -- key features
Fee table
- --------------------------------------------------------------------------------
The following tables describe the fees and expenses that you will pay when
buying and owning the contract. 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 if you purchase a
Variable Immediate 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 for certain features shown in the fee table are
mutually exclusive.
- ----------------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your account value at the time you request certain transactions
- ----------------------------------------------------------------------------------------------------------------------------------
Charge if you elect a variable payout option upon annuitization (which
is described in a separate prospectus for that option) $ 350
- ----------------------------------------------------------------------------------------------------------------------------------
The next table describes 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 account value on each contract date anniversary
- ----------------------------------------------------------------------------------------------------------------------------------
Maximum annual administrative charge $ 0
There is no annual administrative charge applicable to your EQUI-VEST(SM) At Retirement(SM)
contract.
- ----------------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your variable investment options expressed as an annual
percentage of daily net assets
- ----------------------------------------------------------------------------------------------------------------------------------
SEPARATE ACCOUNT ANNUAL EXPENSES:
Mortality and expense risks 0.80%
Administrative 0.30%
Distribution 0.20%
-------
Total Separate Account Annual expenses 1.30%
- ----------------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your account value each year for the optional benefit that you elect
- ----------------------------------------------------------------------------------------------------------------------------------
Guaranteed minimum death benefit charge (calculated as a
percentage of the applicable benefit base. Deducted annually(1) on each
contract date anniversary for which the benefit is in effect):
o Standard death benefit (available only with the Guaranteed
minimum income benefit) 0.00%
o GWBL Standard death benefit 0.00%
o Annual Ratchet to age 85 0.25% of the Annual Ratchet to age
85 benefit base
o Greater of 6% Roll-Up to age 85 or Annual Ratchet to age 85 0.60% of the greater of 6% Roll-Up
to age 85 benefit base or the
Annual Ratchet to age 85 benefit
base, as applicable
o GWBL Enhanced death benefit 0.30% of the GWBL Enhanced death
benefit base
- ----------------------------------------------------------------------------------------------------------------------------------
Guaranteed minimum income benefit charge (calculated as a
percentage of the applicable benefit base. Deducted annually(1) on each
contract date anniversary for which the benefit is in effect.) 0.65%
- ----------------------------------------------------------------------------------------------------------------------------------
Guaranteed withdrawal benefit for life benefit charge(1) (cal- 0.60% for the Single Life option
culated as a percentage of the GWBL benefit base. Deducted annually 0.75% for the Joint Life option
on each contract date anniversary.)
If your GWBL benefit base ratchets, we reserve the right to increase 0.75% for the Single Life option
your charge up to: 0.90% for the Joint Life option
Please see "Guaranteed withdrawal benefit for life" in "Contract features and benefits" for more information about this feature,
including its benefit base and the Annual Ratchet provision, and "Guaranteed withdrawal benefit for life benefit charge" in "Charges
and expenses," later in this prospectus.
- ----------------------------------------------------------------------------------------------------------------------------------
Net loan interest charge -- TSA contracts only 2.00%(2)
(calculated and deducted daily as a percentage of the outstanding loan
amount)
- ----------------------------------------------------------------------------------------------------------------------------------
Fee table 11
You also bear your proportionate share of all fees and expenses paid by a
"portfolio" that corresponds to any variable investment option you are using.
This table shows the lowest and highest total operating expenses charged by any
of the portfolios that you will pay periodically during the time that you own
the contract. 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 variable investment option. 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 2006 (expenses that are deducted Lowest Highest
from Portfolio assets including management fees, 12b-1 fees, service fees, ------ -------
and/or other expenses)(3) 0.63% 3.15%
This table shows the fees and expenses for 2006 as an annual percentage of each
portfolio's daily average net assets.
- -----------------------------------------------------------------------------------------------------------------------------------
Acquired
Fund Fees Total
and Annual Net Total
Expenses Expenses Fee Waiv- Annual
(Underly- (Before ers and/or Expenses
Manage- ing Expense Expense After
ment 12b-1 Other Portfo- Limita- Reimburse- Expense
Portfolio Name Fees(4) Fees(5) expenses (6) lios)(7) tions) ments(8) Limitations
- -----------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Trust:
- -----------------------------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation 0.10% 0.25% 0.18% 0.91% 1.44% (0.18)% 1.26%
AXA Conservative Allocation 0.10% 0.25% 0.22% 0.67% 1.24% (0.22)% 1.02%
AXA Conservative-Plus Allocation 0.10% 0.25% 0.18% 0.72% 1.25% (0.18)% 1.07%
AXA Moderate Allocation 0.10% 0.25% 0.17% 0.78% 1.30% (0.17)% 1.13%
AXA Moderate-Plus Allocation 0.10% 0.25% 0.17% 0.85% 1.37% (0.17)% 1.20%
Multimanager Aggressive Equity* 0.61% 0.25% 0.19% -- 1.05% -- 1.05%
Multimanager Core Bond* 0.59% 0.25% 0.18% -- 1.02% (0.07)% 0.95%
Multimanager Health Care* 1.20% 0.25% 0.23% -- 1.68% 0.00% 1.68%
Multimanager High Yield* 0.58% 0.25% 0.18% -- 1.01% -- 1.01%
Multimanager International Equity* 1.02% 0.25% 0.26% -- 1.53% 0.00% 1.53%
Multimanager Large Cap Core Equity* 0.90% 0.25% 0.20% -- 1.35% 0.00% 1.35%
Multimanager Large Cap Growth* 0.90% 0.25% 0.22% -- 1.37% (0.02)% 1.35%
Multimanager Large Cap Value* 0.88% 0.25% 0.22% -- 1.35% 0.00% 1.35%
Multimanager Mid Cap Growth* 1.10% 0.25% 0.20% 0.01% 1.56% 0.00% 1.56%
Multimanager Mid Cap Value* 1.10% 0.25% 0.21% 0.03% 1.59% 0.00% 1.59%
Multimanager Technology* 1.20% 0.25% 0.23% -- 1.68% 0.00% 1.68%
- -----------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust:
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock 0.47% 0.25% 0.13% -- 0.85% -- 0.85%
EQ/AllianceBernstein Growth and Income++ 0.56% 0.25% 0.12% -- 0.93% -- 0.93%
EQ/AllianceBernstein Intermediate Government
Securities 0.50% 0.25% 0.14% -- 0.89% -- 0.89%
EQ/AllianceBernstein International 0.71% 0.25% 0.20% -- 1.16% (0.06)% 1.10%
EQ/AllianceBernstein Large Cap Growth 0.90% 0.25% 0.11% -- 1.26% (0.21)% 1.05%
EQ/AllianceBernstein Quality Bond 0.50% 0.25% 0.14% -- 0.89% -- 0.89%
EQ/AllianceBernstein Small Cap Growth 0.74% 0.25% 0.13% -- 1.12% -- 1.12%
EQ/AllianceBernstein Value 0.60% 0.25% 0.13% -- 0.98% (0.03)% 0.95%
EQ/Ariel Appreciation II*** 0.75% 0.25% 0.51% -- 1.51% (0.36)% 1.15%
EQ/AXA Rosenberg Value Long/Short Equity 1.40% 0.25% 1.44% -- 3.09% (1.10)% 1.99%
EQ/BlackRock Basic Value Equity* 0.55% 0.25% 0.14% -- 0.94% 0.00% 0.94%
EQ/BlackRock International Value* 0.82% 0.25% 0.21% -- 1.28% (0.03)% 1.25%
EQ/Boston Advisors Equity Income 0.75% 0.25% 0.15% -- 1.15% (0.10)% 1.05%
EQ/Calvert Socially Responsible 0.65% 0.25% 0.25% -- 1.15% (0.10)% 1.05%
EQ/Capital Guardian Growth 0.65% 0.25% 0.16% -- 1.06% (0.11)% 0.95%
EQ/Capital Guardian International 0.83% 0.25% 0.21% -- 1.29% (0.09)% 1.20%
EQ/Capital Guardian Research 0.65% 0.25% 0.13% -- 1.03% (0.08)% 0.95%
EQ/Capital Guardian U.S. Equity++ 0.64% 0.25% 0.14% -- 1.03% (0.08)% 0.95%
EQ/Caywood-Scholl High Yield Bond 0.60% 0.25% 0.18% -- 1.03% (0.03)% 1.00%
EQ/Davis New York Venture** 0.85% 0.25% 0.74% -- 1.84% (0.54)% 1.30%
EQ/Equity 500 Index 0.25% 0.25% 0.13% -- 0.63% -- 0.63%
EQ/Evergreen International Bond 0.70% 0.25% 0.23% -- 1.18% (0.03)% 1.15%
EQ/Evergreen Omega 0.65% 0.25% 0.21% -- 1.11% 0.00% 1.11%
EQ/FI Mid Cap 0.68% 0.25% 0.15% -- 1.08% (0.08)% 1.00%
12 Fee table
- -----------------------------------------------------------------------------------------------------------------------------------
Acquired
Fund Fees Total
and Annual Net Total
Expenses Expenses Fee Waiv- Annual
(Underly- (Before ers and/or Expenses
Manage- ing Expense Expense After
ment 12b-1 Other Portfo- Limita- Reimburse- Expense
Portfolio Name Fees(4) Fees(5) expenses (6) lios)(7) tions) ments(8) Limitations
- ----------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust:
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value+ 0.73% 0.25% 0.13% -- 1.11% (0.01)% 1.10%
EQ/Franklin Income 0.90% 0.25% 0.38% -- 1.53% (0.23)% 1.30%
EQ/Franklin Small Cap Value 0.90% 0.25% 2.00% -- 3.15% (1.85)% 1.30%
EQ/Franklin Templeton Founding Strategy** 0.05% 0.25% 0.21% 1.07% 1.58% (0.11)% 1.47%
EQ/GAMCO Mergers and Acquisitions 0.90% 0.25% 0.33% -- 1.48% (0.03)% 1.45%
EQ/GAMCO Small Company Value 0.78% 0.25% 0.14% -- 1.17% 0.00% 1.17%
EQ/International Growth 0.85% 0.25% 0.35% -- 1.45% 0.00% 1.45%
EQ/Janus Large Cap Growth++ 0.90% 0.25% 0.15% -- 1.30% (0.15)% 1.15%
EQ/JPMorgan Core Bond 0.44% 0.25% 0.15% -- 0.84% 0.00% 0.84%
EQ/JPMorgan Value Opportunities 0.60% 0.25% 0.16% -- 1.01% (0.06)% 0.95%
EQ/Legg Mason Value Equity 0.65% 0.25% 0.22% -- 1.12% (0.12)% 1.00%
EQ/Long Term Bond 0.43% 0.25% 0.15% -- 0.83% 0.00% 0.83%
EQ/Lord Abbett Growth and Income 0.65% 0.25% 0.26% -- 1.16% (0.16)% 1.00%
EQ/Lord Abbett Large Cap Core 0.65% 0.25% 0.41% -- 1.31% (0.31)% 1.00%
EQ/Lord Abbett Mid Cap Value 0.70% 0.25% 0.18% -- 1.13% (0.08)% 1.05%
EQ/Marsico Focus 0.85% 0.25% 0.13% -- 1.23% (0.08)% 1.15%
EQ/MFS Emerging Growth Companies+ 0.65% 0.25% 0.15% -- 1.05% -- 1.05%
EQ/MFS Investors Trust+ 0.60% 0.25% 0.16% -- 1.01% (0.06)% 0.95%
EQ/Money Market 0.33% 0.25% 0.14% -- 0.72% -- 0.72%
EQ/Montag & Caldwell Growth 0.75% 0.25% 0.16% -- 1.16% (0.01)% 1.15%
EQ/Mutual Shares 0.90% 0.25% 0.50% -- 1.65% (0.35)% 1.30%
EQ/Oppenheimer Global 0.95% 0.25% 1.30% 0.01% 2.51% (1.15)% 1.36%
EQ/Oppenheimer Main Street Opportunity** 0.85% 0.25% 1.58% -- 2.68% (1.38)% 1.30%
EQ/Oppenheimer Main Street Small Cap 0.90% 0.25% 1.48% -- 2.63% (1.33)% 1.30%
EQ/PIMCO Real Return 0.55% 0.25% 0.18% -- 0.98% (0.08)% 0.90%
EQ/Short Duration Bond 0.43% 0.25% 0.14% -- 0.82% 0.00% 0.82%
EQ/Small Cap Value+ 0.73% 0.25% 0.15% -- 1.13% (0.03)% 1.10%
EQ/Small Company Growth+ 1.00% 0.25% 0.17% -- 1.42% (0.12)% 1.30%
EQ/Small Company Index 0.25% 0.25% 0.16% 0.01% 0.67% 0.00% 0.67%
EQ/TCW Equity++ 0.80% 0.25% 0.16% -- 1.21% (0.06)% 1.15%
EQ/Templeton Growth 0.95% 0.25% 0.64% -- 1.84% (0.49)% 1.35%
EQ/UBS Growth and Income 0.75% 0.25% 0.17% -- 1.17% (0.12)% 1.05%
EQ/Van Kampen Comstock 0.65% 0.25% 0.19% -- 1.09% (0.09)% 1.00%
EQ/Van Kampen Emerging Markets Equity 1.12% 0.25% 0.40% -- 1.77% 0.00% 1.77%
EQ/Van Kampen Mid Cap Growth 0.70% 0.25% 0.23% -- 1.18% (0.13)% 1.05%
EQ/Wells Fargo Montgomery Small Cap++ 0.85% 0.25% 0.41% -- 1.51% (0.21)% 1.30%
- ----------------------------------------------------------------------------------------------------------------------------------
The Universal Institutional Funds, Inc.:
- ----------------------------------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II ++ 0.74% 0.35% 0.27% -- 1.36% (0.10)% 1.26%
- ----------------------------------------------------------------------------------------------------------------------------------
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and benefits" later in this prospectus for the investment
option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
*** The EQ/Ariel Appreciation II variable investment option is not available for
TSA contracts.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with this prospectus for more information.
++ Please see the supplement included with the prospectus regarding the planned
substitution or merger of this portfolio.
Notes:
(1) If the contract is surrendered or annuitized or a death benefit is paid on
any date other than the contract date anniversary, we will deduct a pro rata
portion of the charge for that contract year.
(2) We charge interest on loans under TSA contracts but also credit you interest
on your loan reserve account. Our net loan interest charge is determined by
the excess between the interest rate we charge over the interest rate we
credit. See "Loans under TSA contracts" later in this prospectus for more
information on how the loan interest is calculated and for restrictions that
may apply.
(3) "Total Annual Portfolio Operating Expenses" are based, in part, on estimated
amounts for options added during the fiscal year 2006 and for the underlying
portfolios.
(4) The management fees for each portfolio cannot be increased without a vote of
that portfolio's shareholders. See footnote (8) for any expense limitation
agreement information.
(5) Portfolio shares are all subject to fees imposed under the distribution
plans (the "Rule 12b-1 Plan") adopted by the Trusts pursuant to Rule 12b-1
under the Investment Company Act of 1940. For the portfolios of the AXA
Premier VIP Trust and the EQ Advisors Trust, the 12b-1 fees will not be
increased for the life of the contract.
Fee table 13
(6) Other expenses shown are those incurred in 2006 or are estimated for the
current fiscal period. The amounts shown as "Other Expenses" will fluctuate
from year to year depend ing on actual expenses. See footnote (8) for any
expense limitation agreement information.
(7) Each of these variable investment options invests in a corresponding
portfolio of one of the Trusts or other unaffiliated investment companies.
Each portfolio, in turn, invests in shares of other portfolios of the Trusts
and/or shares of unaffiliated portfolios ("underlying portfolios"). Amounts
shown reflect each portfolio's pro rata share of the fees and expenses of
the underlying portfolio(s) in which it invests. The fees and expenses are
based on the respective weighted investment allocation as of 12/31/06. A
"--" indicates that the listed portfolio does not invest in underlying
portfolios.
(8) The amounts shown reflect any fee waivers and/or expense reimbursements that
apply to each portfolio. A "--" indicates that there is no expense
limitation in effect, and "0.00%" indicates that the expense limitation
arrangement did not result in a fee waiver or reimbursement. AXA Equitable,
the investment manager of AXA Premier VIP Trust and EQ Advisors Trust, has
entered into expense limitation agreements with respect to certain
portfolios, which are effective through April 30, 2008. Under these
agreements, AXA Equitable has agreed to waive or limit its fees and assume
other expenses of certain portfolios, if necessary, in an amount that limits
such portfolio's Total Annual Expenses (exclusive of interest, taxes,
brokerage commissions, capitalized expenditures, expenses of the underlying
portfolios in which the portfolio invests and extraordinary expenses) to not
more than specified amounts. Therefore, each portfolio may at a later date
make a reimbursement to AXA Equitable for any of the management fees waived
or limited and other expenses assumed and paid by AXA Equitable pursuant to
the expense limitation agreements provided that the portfolio's current
annual operating expenses do not exceed the operating expense limit
determined for such portfolio. Morgan Stanley Investment Management Inc.,
which does business in certain instances as "Van Kampen," is the manager of
The Universal Institutional Funds, Inc. -- U.S. Real Estate Portfolio --
Class II, and has voluntarily agreed to reduce its management fee and/or
reimburse the portfolio so that total annual operating expenses of the
portfolio (exclusive of investment related expenses, such as foreign country
tax expense and interest expense on amounts borrowed) are not more than
specified amounts. Additionally, the distributor of The Universal
Institutional Funds, Inc. has agreed to waive a portion of the 12b-1 fee for
Class II shares. Van Kampen and/or the fund's distributor reserves the right
to terminate any waiver and/or reimbursement at any time without notice. See
the prospectuses for each applicable underlying Trust for more information
about the arrangements. In addition, a portion of the brokerage commissions
of certain portfolios of AXA Premier VIP Trust and EQ Advisors Trust is used
to reduce the applicable portfolio's expenses. If the above table reflected
both the expense limitation arrangements plus the portion of the brokerage
commissions used to reduce portfolio expenses, the net expenses would be as
shown in the table below:
- -----------------------------------------------------
Portfolio Name:
- -----------------------------------------------------
Multimanager Aggressive Equity 1.03%
- -----------------------------------------------------
Multimanager Health Care 1.63%
- -----------------------------------------------------
Multimanager International Equity 1.52%
- -----------------------------------------------------
Multimanager Large Cap Core Equity 1.33%
- -----------------------------------------------------
Multimanager Large Cap Growth 1.33%
- -----------------------------------------------------
Multimanager Large Cap Value 1.31%
- -----------------------------------------------------
Multimanager Mid Cap Growth 1.52%
- -----------------------------------------------------
Multimanager Mid Cap Value 1.58%
- -----------------------------------------------------
Multimanager Technology 1.64%
- -----------------------------------------------------
EQ/AllianceBernstein Common Stock 0.83%
- -----------------------------------------------------
EQ/AllianceBernstein Growth and Income 0.92%
- -----------------------------------------------------
EQ/AllianceBernstein Large Cap Growth 1.03%
- -----------------------------------------------------
EQ/AllianceBernstein Small Cap Growth 1.11%
- -----------------------------------------------------
EQ/AllianceBernstein Value 0.94%
- -----------------------------------------------------
EQ/Ariel Appreciation II 1.01%
- -----------------------------------------------------
EQ/BlackRock Basic Value Equity 0.93%
- -----------------------------------------------------
EQ/Capital Guardian Growth 0.94%
- -----------------------------------------------------
EQ/Capital Guardian Research 0.94%
- -----------------------------------------------------
EQ/Capital Guardian U.S. Equity 0.94%
- -----------------------------------------------------
EQ/Davis New York Venture 1.27%
- -----------------------------------------------------
EQ/Evergreen Omega 1.05%
- -----------------------------------------------------
EQ/FI Mid Cap 0.97%
- -----------------------------------------------------
EQ/FI Mid Cap Value 1.09%
- -----------------------------------------------------
EQ/GAMCO Mergers and Acquisitions 1.37%
- -----------------------------------------------------
EQ/GAMCO Small Company Value 1.16%
- -----------------------------------------------------
EQ/Janus Large Cap Growth 1.14%
- -----------------------------------------------------
EQ/Legg Mason Value Equity 0.97%
- -----------------------------------------------------
EQ/Lord Abbett Growth and Income 0.99%
- -----------------------------------------------------
EQ/Lord Abbett Large Cap Core 0.99%
- -----------------------------------------------------
EQ/Marsico Focus 1.14%
- -----------------------------------------------------
EQ/MFS Emerging Growth Companies 1.03%
- -----------------------------------------------------
EQ/MFS Investors Trust 0.94%
- -----------------------------------------------------
EQ/Montag & Caldwell Growth 1.13%
- -----------------------------------------------------
EQ/Mutual Shares 1.30%
- -----------------------------------------------------
EQ/Small Cap Value 1.02%
- -----------------------------------------------------
EQ/UBS Growth and Income 1.03%
- -----------------------------------------------------
EQ/Van Kampen Comstock 0.99%
- -----------------------------------------------------
EQ/Van Kampen Emerging Markets Equity 1.75%
- -----------------------------------------------------
EQ/Van Kampen Mid Cap Growth 1.01%
- -----------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap 1.20%
- -----------------------------------------------------
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. These
costs include contract owner transaction expenses, contract fees, separate
account annual expenses, and underlying trust fees and expenses (including the
underlying portfolio fees and expenses).
14 Fee table
The example below shows the expenses that a hypothetical contract owner (who
has elected the enhanced death benefit that provides for the greater of the 6%
Roll-Up to age 85 or the Annual Ratchet to age 85 along with the Guaranteed
minimum income benefit) would pay in the situations illustrated.
The fixed maturity options and guaranteed interest option are not covered by
the example. However, the charge for any optional benefits and the charge if
you elect a Variable Immediate Annuity payout option do apply to the fixed
maturity options and guaranteed interest option. A market value adjustment (up
or down) may apply as a result of a withdrawal, transfer, or surrender of
amounts from a fixed maturity option.
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. 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. Although your actual costs may
be higher or lower, based on these assumptions, your costs would be:
- -------------------------------------------------------------------------------------------------------------
If you annuitize at the end of the applicable time
period
- -------------------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- -------------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- -------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation N/A $ 1,642.00 $ 2,556.00 $ 5,051.00
AXA Conservative Allocation N/A $ 1,580.00 $ 2,456.00 $ 4,863.00
AXA Conservative-Plus Allocation N/A $ 1,583.00 $ 2,461.00 $ 4,872.00
AXA Moderate Allocation N/A $ 1,598.00 $ 2,486.00 $ 4,920.00
AXA Moderate-Plus Allocation N/A $ 1,620.00 $ 2,521.00 $ 4,986.00
Multimanager Aggressive Equity* N/A $ 1,521.00 $ 2,359.00 $ 4,680.00
Multimanager Core Bond* N/A $ 1,512.00 $ 2,344.00 $ 4,651.00
Multimanager Health Care* N/A $ 1,715.00 $ 2,676.00 $ 5,272.00
Multimanager High Yield* N/A $ 1,508.00 $ 2,339.00 $ 4,641.00
Multimanager International Equity* N/A $ 1,669.00 $ 2,602.00 $ 5,135.00
Multimanager Large Cap Core Equity* N/A $ 1,614.00 $ 2,511.00 $ 4,967.00
Multimanager Large Cap Growth* N/A $ 1,620.00 $ 2,521.00 $ 4,986.00
Multimanager Large Cap Value* N/A $ 1,614.00 $ 2,511.00 $ 4,967.00
Multimanager Mid Cap Growth* N/A $ 1,679.00 $ 2,617.00 $ 5,162.00
Multimanager Mid Cap Value* N/A $ 1,688.00 $ 2,631.00 $ 5,190.00
Multimanager Technology* N/A $ 1,715.00 $ 2,676.00 $ 5,272.00
- -------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock N/A $ 1,459.00 $ 2,257.00 $ 4,484.00
EQ/AllianceBernstein Growth and Income++ N/A $ 1,484.00 $ 2,298.00 $ 4,563.00
EQ/AllianceBernstein Intermediate Government Securities N/A $ 1,471.00 $ 2,277.00 $ 4,523.00
EQ/AllianceBernstein International N/A $ 1,555.00 $ 2,415.00 $ 4,786.00
EQ/AllianceBernstein Large Cap Growth N/A $ 1,586.00 $ 2,466.00 $ 4,882.00
EQ/AllianceBernstein Quality Bond N/A $ 1,471.00 $ 2,277.00 $ 4,523.00
EQ/AllianceBernstein Small Cap Growth N/A $ 1,543.00 $ 2,395.00 $ 4,748.00
EQ/AllianceBernstein Value N/A $ 1,499.00 $ 2,323.00 $ 4,612.00
EQ/Ariel Appreciation II*** N/A $ 1,663.00 $ 2,592.00 $ 5,116.00
EQ/AXA Rosenberg Value Long/Short Equity N/A $ 2,141.00 $ 3,355.00 $ 6,461.00
EQ/BlackRock Basic Value Equity* N/A $ 1,487.00 $ 2,303.00 $ 4,573.00
EQ/BlackRock International Value* N/A $ 1,592.00 $ 2,476.00 $ 4,901.00
EQ/Boston Advisors Equity Income N/A $ 1,552.00 $ 2,410.00 $ 4,777.00
EQ/Calvert Socially Responsible N/A $ 1,552.00 $ 2,410.00 $ 4,777.00
EQ/Capital Guardian Growth N/A $ 1,524.00 $ 2,364.00 $ 4,690.00
EQ/Capital Guardian International+ N/A $ 1,595.00 $ 2,481.00 $ 4,910.00
EQ/Capital Guardian Research N/A $ 1,515.00 $ 2,349.00 $ 4,661.00
EQ/Capital Guardian U.S. Equity ++ N/A $ 1,515.00 $ 2,349.00 $ 4,661.00
EQ/Caywood-Scholl High Yield Bond N/A $ 1,515.00 $ 2,349.00 $ 4,661.00
EQ/Davis New York Venture** N/A $ 1,764.00 $ 2,755.00 $ 5,416.00
EQ/Equity 500 Index N/A $ 1,390.00 $ 2,143.00 $ 4,263.00
EQ/Evergreen International Bond N/A $ 1,561.00 $ 2,425.00 $ 4,806.00
EQ/Evergreen Omega N/A $ 1,540.00 $ 2,390.00 $ 4,738.00
EQ/FI Mid Cap N/A $ 1,530.00 $ 2,374.00 $ 4,709.00
EQ/FI Mid Cap Value+ N/A $ 1,540.00 $ 2,390.00 $ 4,738.00
EQ/Franklin Income N/A $ 1,669.00 $ 2,602.00 $ 5,135.00
EQ/Franklin Small Cap Value N/A $ 2,159.00 $ 3,383.00 $ 6,507.00
EQ/Franklin Templeton Founding Strategy** N/A $ 1,685.00 $ 2,626.00 $ 5,181.00
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
If you surrender or do not surrender your contract
at the end of the applicable time period
1 year 3 years 5 years 10 years
- -------------------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- -------------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 420.00 $ 1,292.00 $ 2,206.00 $ 4,701.00
AXA Conservative Allocation $ 399.00 $ 1,230.00 $ 2,106.00 $ 4,513.00
AXA Conservative-Plus Allocation $ 400.00 $ 1,233.00 $ 2,111.00 $ 4,522.00
AXA Moderate Allocation $ 405.00 $ 1,248.00 $ 2,136.00 $ 4,570.00
AXA Moderate-Plus Allocation $ 413.00 $ 1,270.00 $ 2,171.00 $ 4,636.00
Multimanager Aggressive Equity* $ 379.00 $ 1,171.00 $ 2,009.00 $ 4,330.00
Multimanager Core Bond* $ 376.00 $ 1,162.00 $ 1,994.00 $ 4,301.00
Multimanager Health Care* $ 445.00 $ 1,365.00 $ 2,326.00 $ 4,922.00
Multimanager High Yield* $ 375.00 $ 1,158.00 $ 1,989.00 $ 4,291.00
Multimanager International Equity* $ 430.00 $ 1,319.00 $ 2,252.00 $ 4,785.00
Multimanager Large Cap Core Equity* $ 411.00 $ 1,264.00 $ 2,161.00 $ 4,617.00
Multimanager Large Cap Growth* $ 413.00 $ 1,270.00 $ 2,171.00 $ 4,636.00
Multimanager Large Cap Value* $ 411.00 $ 1,264.00 $ 2,161.00 $ 4,617.00
Multimanager Mid Cap Growth* $ 433.00 $ 1,329.00 $ 2,267.00 $ 4,812.00
Multimanager Mid Cap Value* $ 436.00 $ 1,338.00 $ 2,281.00 $ 4,840.00
Multimanager Technology* $ 445.00 $ 1,365.00 $ 2,326.00 $ 4,922.00
- -------------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 358.00 $ 1,109.00 $ 1,907.00 $ 4,134.00
EQ/AllianceBernstein Growth and Income++ $ 367.00 $ 1,134.00 $ 1,948.00 $ 4,213.00
EQ/AllianceBernstein Intermediate Government Securities $ 362.00 $ 1,121.00 $ 1,927.00 $ 4,173.00
EQ/AllianceBernstein International $ 391.00 $ 1,205.00 $ 2,065.00 $ 4,436.00
EQ/AllianceBernstein Large Cap Growth $ 401.00 $ 1,236.00 $ 2,116.00 $ 4,532.00
EQ/AllianceBernstein Quality Bond $ 362.00 $ 1,121.00 $ 1,927.00 $ 4,173.00
EQ/AllianceBernstein Small Cap Growth $ 387.00 $ 1,193.00 $ 2,045.00 $ 4,398.00
EQ/AllianceBernstein Value $ 372.00 $ 1,149.00 $ 1,973.00 $ 4,262.00
EQ/Ariel Appreciation II*** $ 428.00 $ 1,313.00 $ 2,242.00 $ 4,766.00
EQ/AXA Rosenberg Value Long/Short Equity $ 593.00 $ 1,791.00 $ 3,005.00 $ 6,111.00
EQ/BlackRock Basic Value Equity* $ 368.00 $ 1,137.00 $ 1,953.00 $ 4,223.00
EQ/BlackRock International Value* $ 403.00 $ 1,242.00 $ 2,126.00 $ 4,551.00
EQ/Boston Advisors Equity Income $ 390.00 $ 1,202.00 $ 2,060.00 $ 4,427.00
EQ/Calvert Socially Responsible $ 390.00 $ 1,202.00 $ 2,060.00 $ 4,427.00
EQ/Capital Guardian Growth $ 380.00 $ 1,174.00 $ 2,014.00 $ 4,340.00
EQ/Capital Guardian International+ $ 404.00 $ 1,245.00 $ 2,131.00 $ 4,560.00
EQ/Capital Guardian Research $ 377.00 $ 1,165.00 $ 1,999.00 $ 4,311.00
EQ/Capital Guardian U.S. Equity ++ $ 377.00 $ 1,165.00 $ 1,999.00 $ 4,311.00
EQ/Caywood-Scholl High Yield Bond $ 377.00 $ 1,165.00 $ 1,999.00 $ 4,311.00
EQ/Davis New York Venture** $ 462.00 $ 1,414.00 $ 2,405.00 $ 5,066.00
EQ/Equity 500 Index $ 335.00 $ 1,040.00 $ 1,793.00 $ 3,913.00
EQ/Evergreen International Bond $ 393.00 $ 1,211.00 $ 2,075.00 $ 4,456.00
EQ/Evergreen Omega $ 386.00 $ 1,190.00 $ 2,040.00 $ 4,388.00
EQ/FI Mid Cap $ 382.00 $ 1,180.00 $ 2,024.00 $ 4,359.00
EQ/FI Mid Cap Value+ $ 386.00 $ 1,190.00 $ 2,040.00 $ 4,388.00
EQ/Franklin Income $ 430.00 $ 1,319.00 $ 2,252.00 $ 4,785.00
EQ/Franklin Small Cap Value $ 600.00 $ 1,809.00 $ 3,033.00 $ 6,157.00
EQ/Franklin Templeton Founding Strategy** $ 435.00 $ 1,335.00 $ 2,276.00 $ 4,831.00
- -------------------------------------------------------------------------------------------------------------------
Fee table 15
- ---------------------------------------------------------------------------------------------
If you annuitize at the end of the applicable
time period
- ---------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- ---------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ---------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions N/A $ 1,654.00 $ 2,577.00 $ 5,088.00
EQ/GAMCO Small Company Value N/A $ 1,558.00 $ 2,420.00 $ 4,796.00
EQ/International Growth N/A $ 1,645.00 $ 2,561.00 $ 5,060.00
EQ/Janus Large Cap Growth++ N/A $ 1,598.00 $ 2,486.00 $ 4,920.00
EQ/JPMorgan Core Bond N/A $ 1,455.00 $ 2,252.00 $ 4,474.00
EQ/JPMorgan Value Opportunities N/A $ 1,508.00 $ 2,339.00 $ 4,641.00
EQ/Legg Mason Value Equity N/A $ 1,543.00 $ 2,395.00 $ 4,748.00
EQ/Long Term Bond N/A $ 1,452.00 $ 2,246.00 $ 4,464.00
EQ/Lord Abbett Growth and Income N/A $ 1,555.00 $ 2,415.00 $ 4,786.00
EQ/Lord Abbett Large Cap Core N/A $ 1,601.00 $ 2,491.00 $ 4,929.00
EQ/Lord Abbett Mid Cap Value N/A $ 1,546.00 $ 2,400.00 $ 4,758.00
EQ/Marsico Focus N/A $ 1,577.00 $ 2,451.00 $ 4,853.00
EQ/MFS Emerging Growth Companies+ N/A $ 1,521.00 $ 2,359.00 $ 4,680.00
EQ/MFS Investors Trust+ N/A $ 1,508.00 $ 2,339.00 $ 4,641.00
EQ/Money Market N/A $ 1,418.00 $ 2,190.00 $ 4,354.00
EQ/Montag & Caldwell Growth N/A $ 1,555.00 $ 2,415.00 $ 4,786.00
EQ/Mutual Shares N/A $ 1,706.00 $ 2,661.00 $ 5,245.00
EQ/Oppenheimer Global N/A $ 1,968.00 $ 3,081.00 $ 5,994.00
EQ/Oppenheimer Main Street Opportunity** N/A $ 2,019.00 $ 3,162.00 $ 6,134.00
EQ/Oppenheimer Main Street Small Cap N/A $ 2,004.00 $ 3,138.00 $ 6,093.00
EQ/PIMCO Real Return N/A $ 1,499.00 $ 2,323.00 $ 4,612.00
EQ/Short Duration Bond N/A $ 1,449.00 $ 2,241.00 $ 4,454.00
EQ/Small Cap Value+ N/A $ 1,546.00 $ 2,400.00 $ 4,758.00
EQ/Small Company Growth+ N/A $ 1,635.00 $ 2,546.00 $ 5,033.00
EQ/Small Company Index N/A $ 1,402.00 $ 2,164.00 $ 4,304.00
EQ/TCW Equity ++ N/A $ 1,571.00 $ 2,441.00 $ 4,834.00
EQ/Templeton Growth N/A $ 1,764.00 $ 2,755.00 $ 5,416.00
EQ/UBS Growth and Income N/A $ 1,558.00 $ 2,420.00 $ 4,796.00
EQ/Van Kampen Comstock N/A $ 1,533.00 $ 2,380.00 $ 4,719.00
EQ/Van Kampen Emerging Markets Equity N/A $ 1,743.00 $ 2,721.00 $ 5,353.00
EQ/Van Kampen Mid Cap Growth N/A $ 1,561.00 $ 2,425.00 $ 4,806.00
EQ/Wells Fargo Montgomery Small Cap++ N/A $ 1,663.00 $ 2,592.00 $ 5,116.00
- ---------------------------------------------------------------------------------------------
The Universal Institutional Funds, Inc.:
- ---------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ N/A $ 1,617.00 $ 2,516.00 $ 4,976.00
- ------------------------------------------------------------------------------------------------
If you surrender or do not surrender your contract
at the end of the applicable time period
- ------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- ------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions $ 424.00 $ 1,304.00 $ 2,227.00 $ 4,738.00
EQ/GAMCO Small Company Value $ 392.00 $ 1,208.00 $ 2,070.00 $ 4,446.00
EQ/International Growth $ 421.00 $ 1,295.00 $ 2,211.00 $ 4,710.00
EQ/Janus Large Cap Growth++ $ 405.00 $ 1,248.00 $ 2,136.00 $ 4,570.00
EQ/JPMorgan Core Bond $ 357.00 $ 1,105.00 $ 1,902.00 $ 4,124.00
EQ/JPMorgan Value Opportunities $ 375.00 $ 1,158.00 $ 1,989.00 $ 4,291.00
EQ/Legg Mason Value Equity $ 387.00 $ 1,193.00 $ 2,045.00 $ 4,398.00
EQ/Long Term Bond $ 356.00 $ 1,102.00 $ 1,896.00 $ 4,114.00
EQ/Lord Abbett Growth and Income $ 391.00 $ 1,205.00 $ 2,065.00 $ 4,436.00
EQ/Lord Abbett Large Cap Core $ 407.00 $ 1,251.00 $ 2,141.00 $ 4,579.00
EQ/Lord Abbett Mid Cap Value $ 388.00 $ 1,196.00 $ 2,050.00 $ 4,408.00
EQ/Marsico Focus $ 398.00 $ 1,227.00 $ 2,101.00 $ 4,503.00
EQ/MFS Emerging Growth Companies+ $ 379.00 $ 1,171.00 $ 2,009.00 $ 4,330.00
EQ/MFS Investors Trust+ $ 375.00 $ 1,158.00 $ 1,989.00 $ 4,291.00
EQ/Money Market $ 345.00 $ 1,068.00 $ 1,840.00 $ 4,004.00
EQ/Montag & Caldwell Growth $ 391.00 $ 1,205.00 $ 2,065.00 $ 4,436.00
EQ/Mutual Shares $ 442.00 $ 1,356.00 $ 2,311.00 $ 4,895.00
EQ/Oppenheimer Global $ 533.00 $ 1,618.00 $ 2,731.00 $ 5,644.00
EQ/Oppenheimer Main Street Opportunity** $ 550.00 $ 1,669.00 $ 2,812.00 $ 5,784.00
EQ/Oppenheimer Main Street Small Cap $ 545.00 $ 1,654.00 $ 2,788.00 $ 5,743.00
EQ/PIMCO Real Return $ 372.00 $ 1,149.00 $ 1,973.00 $ 4,262.00
EQ/Short Duration Bond $ 355.00 $ 1,099.00 $ 1,891.00 $ 4,104.00
EQ/Small Cap Value+ $ 388.00 $ 1,196.00 $ 2,050.00 $ 4,408.00
EQ/Small Company Growth+ $ 418.00 $ 1,285.00 $ 2,196.00 $ 4,683.00
EQ/Small Company Index $ 339.00 $ 1,052.00 $ 1,814.00 $ 3,954.00
EQ/TCW Equity ++ $ 396.00 $ 1,221.00 $ 2,091.00 $ 4,484.00
EQ/Templeton Growth $ 462.00 $ 1,414.00 $ 2,405.00 $ 5,066.00
EQ/UBS Growth and Income $ 392.00 $ 1,208.00 $ 2,070.00 $ 4,446.00
EQ/Van Kampen Comstock $ 383.00 $ 1,183.00 $ 2,030.00 $ 4,369.00
EQ/Van Kampen Emerging Markets Equity $ 455.00 $ 1,393.00 $ 2,371.00 $ 5,003.00
EQ/Van Kampen Mid Cap Growth $ 393.00 $ 1,211.00 $ 2,075.00 $ 4,456.00
EQ/Wells Fargo Montgomery Small Cap++ $ 428.00 $ 1,313.00 $ 2,242.00 $ 4,766.00
- ------------------------------------------------------------------------------------------------
The Universal Institutional Funds, Inc.:
- ------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ $ 412.00 $ 1,267.00 $ 2,166.00 $ 4,626.00
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and ben efits" later in this prospectus for the
investment option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
*** The EQ/Ariel Appreciation II variable investment option is not available for
TSA contracts.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with this prospectus for more information.
++ Please see the supplement included with the prospectus regarding the planned
substitution or merger of this portfolio.
CONDENSED FINANCIAL INFORMATION
Please see Appendix I at the end of this prospectus, for the unit values and
number of units outstanding as of the periods shown for each of the variable
investment options, available as of December 31, 2006.
16 Fee table
1. Contract features and benefits
- --------------------------------------------------------------------------------
HOW YOU CAN PURCHASE AND CONTRIBUTE TO YOUR CONTRACT
You may purchase a contract by making payments to us that we call
"contributions." Your initial contribution must be from the transfer of the
cash value of an EQUI-VEST(SM) traditional IRA (including QP IRA), Roth IRA, NQ,
TSA or EQUI-VEST(SM) Express(SM) contract that you currently own under which
withdrawal charges no longer apply. The contract that you purchase must be the
same type of contract (for example, a TSA contract to a TSA contract; or a Roth
IRA contract to a Roth IRA contract). We require a minimum initial contribution
of $50,000 for you to purchase a contract. Any subsequent contributions must
also be a transfer of the total cash value of an EQUI-VEST(SM) traditional IRA
(including QP IRA), Roth IRA, NQ, TSA or EQUI-VEST(SM) Express(SM) contract that
you own to a contract of the same type (under which withdrawal charges no
longer apply). Subsequent contributions may be made up to age 86. Ongoing
contributions are not permitted. The following table summarizes our rules
regarding contributions to your contract. All ages in the table refer to the
age of the annuitant named in the contract.
Maximum contribution limitations may apply.
In order to purchase an EQUI-VEST(SM) At Retirement(SM) contract, you must
select at least one of the optional benefits available under EQUI-VEST(SM) At
Retirement(SM). However, the standard death benefit can only be elected if GMIB
is elected.
- --------------------------------------------------------------------------------
The "owner" is the person who is the named owner in the contract and, if an
individual, is the measuring life for determining contract benefits. The
annuitant is the person who is the measuring life for determining the
contract's maturity date. The annuitant is not necessarily the contract owner.
Where the owner of a contract is non-natural, the annuitant is the measuring
life.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Available
Contract for owner and
type annuitant ages Source of contributions
- --------------------------------------------------------------------------------
NQ 55 through 85* Transfer from an existing EQUI-VEST(SM) or
EQUI-VEST(SM) Express(SM) NQ contract
- --------------------------------------------------------------------------------
IRA 55 through 85 Transfer from an existing EQUI-VEST(SM) or
EQUI-VEST(SM) Express(SM) IRA (including QP IRA)
contract
- --------------------------------------------------------------------------------
Roth IRA 55 through 85 Transfer from an existing EQUI-VEST(SM) or
EQUI-VEST(SM) Express(SM) Roth IRA contract
- --------------------------------------------------------------------------------
TSA 55 through 85 Transfer from an existing EQUI-VEST(SM) TSA
contract
- --------------------------------------------------------------------------------
* For NQ, both Owner(s) and Annuitant must meet issue age requirements. If
there are more than 2 owners on the existing EQUI-VEST(SM) contract, a
change of owner form must be completed so that there are only 2 owners
before the transfer to an EQUI-VEST(SM) At Retirement(SM) contract is
requested. Joint owners are available for NQ contracts only.
** See "Guaranteed withdrawal benefit for life ("GWBL")" later in this
prospectus for a discussion of limits on subsequent contributions when you
elect that benefit.
For information on when contributions are credited under your contract see
"Dates and prices at which contract events occur" in "More information" later in
this prospectus.
Contract features and benefits 17
OWNER AND ANNUITANT REQUIREMENTS
Under all IRA and TSA contracts, the owner and annuitant must be the same
individual. Under NQ contracts, the annuitant can be different from the owner.
We do not permit partnerships or limited liability corporations to be owners.
We also reserve the right to prohibit availability of this contract to other
non-natural owners. For NQ contracts, we limit ownership to two joint owners.
Only natural persons can be joint owners.
For the Spousal continuation feature to apply, the spouses must either be joint
owners or for Single life contracts, the surviving spouse must be the sole
primary beneficiary. If your EQUI-VEST(SM) NQ contract has a spousal joint
owner, upon transfer to the EQUI-VEST(SM) At Retirement(SM) contract such joint
owner will automatically become the successor owner under the EQUI-VEST(SM) At
Retirement(SM) contract. If there is a successor owner named on your
EQUI-VEST(SM) NQ contract, it will not automatically carry over to the
EQUI-VEST(SM) At Retirement(SM) contract because successor owner (without
rights) will not be available.
Certain benefits under your contract, as described later in this prospectus,
are based on the age of the owner. If the owner of the contract is not a
natural person, these benefits will be based on the age of the annuitant. If
GWBL is elected, the term owner is intended to be references to annuitant if
the contract has a non-natural owner.
HOW YOU CAN MAKE YOUR CONTRIBUTIONS
Contributions to your EQUI-VEST(SM) At Retirement(SM) contract can only be made
through a direct transfer from an EQUI-VEST(SM) traditional IRA (including QP
IRA), Roth IRA, NQ, TSA or EQUI-VEST(SM) Express contract that is also owned by
you to a contract of the same type.
WHAT ARE YOUR INVESTMENT OPTIONS UNDER THE CONTRACT?
You can choose from among the variable investment options, the guaranteed
interest option and the fixed maturity options. If you elect the Guaranteed
withdrawal benefit for life, your investment options will be limited to the
guaranteed interest option, the AXA Allocation portfolios and the EQ/Franklin
Templeton Founding Strategy portfolio ("permitted variable investment
options"). Certain investment options may not be available in all states. See
Appendix V.
VARIABLE INVESTMENT OPTIONS
Your investment results in any one of the variable investment options will
depend on the investment performance of the underlying portfolios. You can lose
your principal when investing in the variable investment options. In periods of
poor market performance, the net return, after charges and expenses, may result
in negative yields, including for the EQ/Money Market variable investment
option. Listed below are the currently available portfolios, their investment
objectives and their advisers.
18 Contract features and benefits
PORTFOLIOS OF THE TRUSTS
You should note that some portfolios have objectives and strategies that are
substantially similar to those of certain funds that are purchased directly
rather than under a variable insurance product such as the EQUI-VEST(SM) At
Retirement(SM) contract. These portfolios may even have the same manager(s)
and/or a similar name. However, there are numerous factors that can contribute
to differences in performance between two investments, particularly over short
periods of time. Such factors may include fees and expenses; the timing of
stock purchases and sales; differences in fund cash flows; and specific
strategies employed by the portfolio manager.
The AXA Allocation portfolios offer contract owners a convenient opportunity to
invest in other portfolios that are managed and have been selected for
inclusion in the AXA Allocation portfolios by AXA Equitable. AXA Advisors, LLC,
an affiliated broker-dealer of AXA Equitable, may promote the benefits of such
portfolios to contract owners and/or suggest, incidental to the sale of this
contract, that contract owners consider whether allocating some or all of their
account value to such portfolios is consistent with their desired investment
objectives. In doing so, AXA Equitable, and/or its affiliates, may be subject
to conflicts of interest insofar as AXA Equitable may derive greater revenues
from the AXA Allocation portfolios than certain other portfolios available to
you under your contract. In addition, the AXA Allocation portfolios may enable
AXA Equitable to more efficiently manage AXA Equitable's financial risks
associated with certain guaranteed features including those optional benefits
that restrict allocations to the AXA Allocation portfolios. Please see
"Allocating your contributions" in "Contract features and benefits" for more
information about your role in managing your allocations.
AXA Equitable serves as the investment manager of the portfolios of AXA Premier
VIP Trust and EQ Advisors Trust. For some portfolios, AXA Equitable 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, AXA
Equitable oversees the activities of the sub-advisers with respect to the Trusts
and is responsible for retaining or dis continuing the services of those
sub-advisers. The chart below indicates the investment manager or
sub-adviser(s), as applicable, for each portfolio.
- ------------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
AXA AGGRESSIVE ALLOCATION Seeks long-term capital appreciation. o AXA Equitable
- ------------------------------------------------------------------------------------------------------------------------------------
AXA CONSERVATIVE ALLOCATION Seeks a high level of current income. o AXA Equitable
- ------------------------------------------------------------------------------------------------------------------------------------
AXA CONSERVATIVE-PLUS Seeks current income and growth of capital, with a o AXA Equitable ALLOCATION
ALLOCATION greater emphasis on current income.
- ------------------------------------------------------------------------------------------------------------------------------------
AXA MODERATE ALLOCATION Seeks long-term capital appreciation and current income. o AXA Equitable
- ------------------------------------------------------------------------------------------------------------------------------------
AXA MODERATE-PLUS Seeks long-term capital appreciation and current income, o AXA Equitable
ALLOCATION with a greater emphasis on capital appreciation.
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER AGGRESSIVE Long-term growth of capital. o AllianceBernstein L.P.
EQUITY(1) o ClearBridge Advisors, LLC
o Legg Mason Capital Management, Inc.
o Marsico Capital Management, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER CORE BOND(2) To seek a balance of a high current income and capital o BlackRock Financial Management, Inc.
appreciation, consistent with a prudent level of risk.
o Pacific Investment Management Company
LLC
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER HEALTH CARE(3) Long-term growth of capital. o A I M Capital Management, Inc.
o RCM Capital Management LLC
o Wellington Management Company, LLP
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER HIGH YIELD(4) High total return through a combination of o Pacific Investment Management Company
current income and capital appreciation. LLC
o Post Advisory Group, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER INTERNATIONAL Long-term growth of capital. o AllianceBernstein L.P.
EQUITY(5)
o JPMorgan Investment Management Inc.
o Marsico Capital Management, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
Contract features and benefits 19
- ------------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER LARGE CAP Long-term growth of capital. o AllianceBernstein L.P.
CORE EQUITY(6)
o Janus Capital Management LLC
o Thornburg Investment Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER LARGE CAP Long-term growth of capital. o RCM Capital Management LLC
GROWTH(7)
o TCW Investment Management Company
o T. Rowe Price Associates, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER LARGE CAP Long-term growth of capital. o AllianceBernstein L.P.
VALUE(8)
o Institutional Capital LLC
o MFS Investment Management
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER MID CAP Long-term growth of capital. o AllianceBernstein L.P.
GROWTH(9)
o Franklin Advisers, Inc.
o Provident Investment Counsel, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER MID CAP Long-term growth of capital. o AXA Rosenberg Investment Management LLC
VALUE(10)
o TCW Investment Management Company
o Wellington Management Company, LLP
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER TECHNOLOGY(11) Long-term growth of capital. o Firsthand Capital Management, Inc.
o RCM Capital Management LLC
o Wellington Management Company, LLP-
- ------------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN Seeks to achieve long-term growth of capital. o AllianceBernstein L.P.
COMMON STOCK
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN GROWTH Seeks to provide a high total return. o AllianceBernstein L.P.
AND INCOME(++)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN Seeks to achieve high current income consistent with o AllianceBernstein L.P.
INTERMEDIATE GOVERNMENT relative stability of principal.
SECURITIES
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN Seeks to achieve long-term growth of capital. o AllianceBernstein L.P.
INTERNATIONAL
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN LARGE Seeks to achieve long-term growth of capital. o AllianceBernstein L.P.
CAP GROWTH
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN QUALITY Seeks to achieve high current income consistent with o AllianceBernstein L.P.
BOND moderate risk to capital.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN (SM)ALL Seeks to achieve long-term growth of capital. o AllianceBernstein L.P.
CAP GROWTH
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN VALUE Seeks capital appreciation. o AllianceBernstein L.P.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ARIEL APPRECIATION II Seeks long-term capital appreciation. o Ariel Capital Management, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/AXA ROSENBERG VALUE Seeks to increase value through bull markets and bear o AXA Rosenberg Investment Management LLC
LONG/SHORT EQUITY markets using strategies that are designed to limit
exposure to general equity market risk.
- ------------------------------------------------------------------------------------------------------------------------------------
20 Contract features and benefits
- ------------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/BLACKROCK BASIC VALUE Seeks capital appreciation and secondarily, income. o BlackRock Investment Management, LLC
EQUITY(12)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/BLACKROCK INTERNATIONAL Seeks to provide current income and long-term growth of o BlackRock Investment Management Interna-
VALUE(13) income, accompanied by growth of capital. tional Limited
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/BOSTON ADVISORS EQUITY Seeks a combination of growth and income to achieve an o Boston Advisors, LLC
INCOME above-average and consistent total return.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/CALVERT SOCIALLY Seeks long-term capital appreciation. o Calvert Asset Management Company, Inc.
RESPONSIBLE
o Bridgeway Capital Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/CAPITAL GUARDIAN GROWTH Seeks long-term growth of capital. o Capital Guardian Trust Company
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/CAPITAL GUARDIAN To achieve long-term growth of capital. o Capital Guardian Trust Company
INTERNATIONAL(**)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/CAPITAL GUARDIAN Seeks to achieve long-term growth of capital. o Capital Guardian Trust Company
RESEARCH
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/CAPITAL GUARDIAN U.S. Seeks to achieve long-term growth of capital. o Capital Guardian Trust Company
EQUITY(++)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/CAYWOOD-SCHOLL HIGH Seeks to maximize current income. o Caywood-Scholl Capital Management
YIELD BOND
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/DAVIS NEW YORK VENTURE(+) Seeks long-term growth of capital. o Davis Selected Advisers, L.P.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/EQUITY 500 INDEX Seeks a total return before expenses that approximates o AllianceBernstein L.P.
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/EVERGREEN INTERNATIONAL Seeks capital growth and current income. o Evergreen Investment Management
BOND Company, LLC
o First International Fund Advisors (dba
"Evergreen International")
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/EVERGREEN OMEGA Seeks long-term capital growth. o Evergreen Investment Management
Company, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/FI MID CAP Seeks long-term growth of capital. o Fidelity Management & Research Company
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/FI MID CAP VALUE(**) Seeks long-term capital appreciation. o Fidelity Management & Research Company
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/FRANKLIN INCOME Seeks to maximize income while maintaining prospects o Franklin Advisers, Inc.
for capital appreciation.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/FRANKLIN SMALL CAP VALUE Seeks long-term total return. o Franklin Advisory Services, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/FRANKLIN TEMPLETON Primarily seeks capital appreciation and secondarily o AXA Equitable
FOUNDING STRATEGY(+) seeks income.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO MERGERS AND Seeks to achieve capital appreciation. o GAMCO Asset Management Inc.
ACQUISITIONS
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO SMALL COMPANY Seeks to maximize capital appreciation. o GAMCO Asset Management Inc.
VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/INTERNATIONAL GROWTH Seeks to achieve capital appreciation. o MFS Investment Management.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/JANUS LARGE CAP GROWTH(++) Seeks long-term growth of capital. o Janus Capital Management LLC
- ------------------------------------------------------------------------------------------------------------------------------------
Contract features and
benefits 21
- ------------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/JPMORGAN CORE BOND Seeks to provide a high total return consistent with o JPMorgan Investment Management Inc.
moderate risk to capital and maintenance of liquidity.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/JPMORGAN VALUE Long-term capital appreciation. o JPMorgan Investment Management Inc.
OPPORTUNITIES
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/LEGG MASON VALUE EQUITY Seeks long-term growth of capital. o Legg Mason Capital Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/LONG TERM BOND Seeks to maximize income and capital appreciation o BlackRock Financial Management, Inc.
through investment in long-maturity debt obligations.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/LORD ABBETT GROWTH AND Capital appreciation and growth of income without o Lord, Abbett & Co. LLC
INCOME excessive fluctuation in market value.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/LORD ABBETT LARGE CAP Capital appreciation and growth of income with reason- o Lord, Abbett & Co. LLC
CORE able risk.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/LORD ABBETT MID CAP VALUE Capital appreciation. o Lord, Abbett & Co. LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MARSICO FOCUS Seeks long-term growth of capital. o Marsico Capital Management, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MFS EMERGING GROWTH Seeks to provide long-term capital growth. o MFS Investment Management
COMPANIES(**)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MFS INVESTORS TRUST(**) Seeks long-term growth of capital with a secondary o MFS Investment Management
objective to seek reasonable current income. For purposes
of this Portfolio, the words "reasonable current income"
mean moderate income.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MONEY MARKET Seeks to obtain a high level of current income, preserve o The Dreyfus Corporation
its assets and maintain liquidity.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MONTAG & CALDWELL Seeks to achieve capital appreciation. o Montag & Caldwell, Inc.
GROWTH
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MUTUAL SHARES Seeks capital appreciation, which may occasionally be o Franklin Mutual Advisers, LLC
short-term, and secondarily, income.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/OPPENHEIMER GLOBAL Seeks capital appreciation. o OppenheimerFunds, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/OPPENHEIMER MAIN STREET Seeks long-term capital appreciation. o OppenheimerFunds, Inc.
OPPORTUNITY(+)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/OPPENHEIMER MAIN STREET Seeks capital appreciation. o OppenheimerFunds, Inc.
SMALL CAP
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/PIMCO REAL RETURN Seeks maximum real return consistent with preservation o Pacific Investment Management Company,
of real capital and prudent investment management. LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/SHORT DURATION BOND Seeks current income with reduced volatility of o BlackRock Financial Management, Inc.
principal.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/SMALL CAP VALUE(**) Seeks capital appreciation. o Lazard Asset Management LLC
o Franklin Advisory Services, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/SMALL COMPANY GROWTH(**) Seeks to achieve capital appreciation. o Bear Stearns Asset Management Inc.
o Eagle Asset Management, Inc.
o Wells Capital Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/SMALL COMPANY INDEX Seeks to replicate as closely as possible (before the o AllianceBernstein L.P.
deduction of portfolio expenses) the total return of
the Russell 2000 Index.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/TCW EQUITY(++) Seeks to achieve long-term capital appreciation. o TCW Investment Management Company
- ------------------------------------------------------------------------------------------------------------------------------------
22 Contract features and benefits
- ------------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
- -
EQ/TEMPLETON GROWTH Seeks long-term capital growth. o Templeton Global Advisors Limited
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/UBS GROWTH AND INCOME Seeks to achieve total return through capital o UBS Global Asset Management
appreciation with income as a secondary consideration. (Americas) Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/VAN KAMPEN COMSTOCK Capital growth and income. o Morgan Stanley Investment
Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/VAN KAMPEN EMERGING Seeks long-term capital appreciation. o Morgan Stanley Investment
MARKETS EQUITY Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/VAN KAMPEN MID CAP Capital growth. o Morgan Stanley Investment
GROWTH Management, Inc.--
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/WELLS FARGO MONTGOMERY Seeks long-term capital appreciation. o Wells Capital Management Inc.
SMALL CAP(++)
- ------------------------------------------------------------------------------------------------------------------------------------
The Universal Institutional
Funds, Inc. Investment Manager (or Sub-Adviser(s), as
Portfolio Name Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. REAL ESTATE -- Seeks to provide above average current income o Van Kampen (is the name under which
CLASS II(++) and long- term capital appreciation by investing Morgan Stanley Investment Management,
primarily in equity securities of companies in Inc. does business in certain
the U.S. real estate industry, situations)
including real estate investment trusts.
- ------------------------------------------------------------------------------------------------------------------------------------
(*) This portfolio information reflects the portfolio's name change effective
on or about May 29, 2007, subject to regulatory approval. The chart below
reflects the portfolio's name in effect, until on or about May 29, 2007.
The number in the "FN" column corresponds with the number contained in the
table above.
---------------------------------------------
FN Portfolio Name until May 29, 2007
---------------------------------------------
(1) AXA Premier VIP Aggressive Equity
---------------------------------------------
(2) AXA Premier VIP Core Bond
---------------------------------------------
(3) AXA Premier VIP Health Care
---------------------------------------------
(4) AXA Premier VIP High Yield
---------------------------------------------
(5) AXA Premier VIP International Equity
---------------------------------------------
(6) AXA Premier VIP Large Cap Core Equity
---------------------------------------------
(7) AXA Premier VIP Large Cap Growth
---------------------------------------------
(8) AXA Premier VIP Large Cap Value
---------------------------------------------
(9) AXA Premier VIP Mid Cap Growth
---------------------------------------------
10) AXA Premier VIP Mid Cap Value
---------------------------------------------
11) AXA Premier VIP Technology
---------------------------------------------
12) EQ/Mercury Basic Value Equity
---------------------------------------------
13) EQ/Mercury International Value
---------------------------------------------
** This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with this prospectus for more information.
(+) This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
(++) Please see supplement with the prospectus regarding the planned
substitution or merger of this investment option, subject to regulatory
approval.
You should consider the investment objectives, risks and charges and expenses
of the portfolios carefully before investing. The prospectuses for the Trusts
contain this and other important information about the portfolios. The
prospectuses should be read carefully before investing. In order to obtain a
copy of the Trust prospectus that does not accompany this prospectus, you may
call one of our customer service representatives at 1 (800) 628-6673.
Contract features and benefits 23
GUARANTEED INTEREST OPTION
The guaranteed interest option is part of our general account and pays interest
at guaranteed rates. We discuss our general account under "More information"
later in this prospectus.
We assign an interest rate to each amount allocated to the guaranteed interest
option. This rate is guaranteed for a specified period. Therefore, different
interest rates may apply to different amounts in the guaranteed interest
option.
We credit interest daily to amounts in the guaranteed interest option. There
are three levels of interest in effect at the same time in the guaranteed
interest option:
(1) the minimum interest rate guaranteed over the life of the contract,
(2) the yearly guaranteed interest rate for the calendar year, and
(3) the current nterest rate.
We set current interest rates periodically, according to our procedures that we
have in effect at the time. We reserve the right to change these procedures.
All interest rates are effective annual rates, but do not reflect the deduction
of any optional benefit charges. See Appendix V later in this prospectus for
state variations.
Depending on the state where your contract is issued, your lifetime minimum
rate ranges from 1.00% to 3.00%. The data page for your contract shows the
lifetime minimum rate. Check with your financial professional as to which rate
applies in your state. The minimum yearly rate will never be less than the
lifetime minimum rate. The minimum yearly rate for 2007 is 3.00%. Current
interest rates will never be less than the yearly guaranteed interest rate.
Generally, contributions and transfers into and out of the guaranteed interest
option are limited. See "Transferring your money among the investment options"
later in this prospectus for restrictions on transfers to and from the
guaranteed interest option.
FIXED MATURITY OPTIONS
We offer fixed maturity options with maturity dates generally ranging from one
to ten years. We will not accept allocations to a fixed maturity option if on
the date the contribution or transfer is to be applied the rate to maturity is
3%. This means that at points in time there may be no fixed maturity options
available. You can allocate your contributions to one or more of these fixed
maturity options. However, you may not allocate more than one contribution to
any one fixed maturity option. These amounts become part of a non-unitized
separate account. They will accumulate interest at the "rate to maturity" for
each fixed maturity option. The total amount you allocate to and accumulate in
each fixed maturity option is called the "fixed maturity amount."
- --------------------------------------------------------------------------------
Fixed maturity options generally range from one to ten years to maturity.
- --------------------------------------------------------------------------------
The rate to maturity you will receive for each fixed maturity option is the
rate to maturity in effect for new contributions allocated to that fixed
maturity option on the date we apply your contribution.
On the maturity date of a fixed maturity option, your fixed maturity amount,
assuming you have not made any withdrawals or transfers, will equal your
contribution to that fixed maturity option plus interest, at the rate to
maturity for that contribution. This is the fixed maturity option's "maturity
value." Before maturity, the current value we will report for your fixed
maturity amount will reflect a market value adjustment. Your current value will
reflect the market value adjustment that we would make if you were to withdraw
all of your fixed maturity amounts on the date of the report. We call this your
"market adjusted amount."
FIXED MATURITY OPTIONS AND MATURITY DATES. We currently offer fixed maturity
options ending on June 15 for maturity years ranging from one through ten. Not
all of these fixed maturity options will be available for annuitant ages 76 and
above. See "Allocating your contributions" below. As fixed maturity options
expire, we expect to add maturity years so that generally 10 fixed maturity
options are available at any time.
We will not accept allocations to a fixed maturity option if on the date the
contribution or transfer is to be applied:
o you previously allocated a contribution or made a transfer to the same fixed
maturity option; or
o the rate to maturity is 3%; or
o the fixed maturity option's maturity date is within 45 days; or
o the fixed maturity option's maturity date is later than the date annuity
payments are to begin.
YOUR CHOICES AT THE MATURITY DATE. We will notify you at least 45 days before
each of your fixed maturity options is scheduled to mature. At that time, you
may choose to have one of the following take place on the maturity date, as
long as none of the conditions listed above or in "Allocating your
contributions," below would apply:
(a) transfer the maturity value into another available fixed maturity option,
or into any of the variable investment options; or
(b) withdraw the maturity value.
If we do not receive your choice on or before the fixed maturity option's
maturity date, we will automatically transfer your maturity value into the next
available fixed maturity option (or another investment option if we are
required to do so by any state regulation). As of February 15, 2007, the next
available maturity date was June 15, 2007 (see "About our fixed maturity
options" in "More Information," later in this prospectus). We may change our
procedures in the future.
MARKET VALUE ADJUSTMENT. If you make any withdrawals (including transfers,
surrender or termination of your contract, or when we make deductions for
charges) from a fixed maturity option before it matures we will make a market
value adjustment, which will increase or decrease any fixed maturity amount you
have in that fixed maturity option. A market value adjustment will also apply
if amounts in a fixed maturity option are used to purchase any annuity payment
option prior to the maturity date and may apply on payment of a death benefit.
The market value adjustment, positive or negative, resulting from a withdrawal
or transfer (including a deduction for charges) of a portion of the amount in
the fixed maturity option will be a percentage of the market value adjustment
that would apply if you were to withdraw the entire amount in that fixed
maturity option. The market value adjust-
24 Contract features and benefits
ment applies to the amount remaining in a fixed maturity option and does not
reduce the actual amount of a withdrawal. The amount applied to an annuity
payout option will reflect the application of any applicable market value
adjustment (either positive or negative). We only apply a positive market value
adjustment to the amount in the fixed maturity option when calculating any
death benefit proceeds under your contract. The amount of the adjustment will
depend on two factors:
(a) the difference between the rate to maturity that applies to the amount
being withdrawn and the rate to maturity in effect at that time for new
allocations to that same fixed maturity option, and
(b) the length of time remaining until the maturity date.
In general, if interest rates rise from the time that you originally allocate
an amount to a fixed maturity option to the time that you take a withdrawal,
the market value adjustment will be negative. Likewise, if interest rates drop
at the end of that time, the market value adjustment will be positive. Also,
the amount of the market value adjustment, either up or down, will be greater
the longer the time remaining until the fixed maturity option's maturity date.
Therefore, it is possible that the market value adjustment could greatly reduce
your value in the fixed maturity options, particularly in the fixed maturity
options with later maturity dates.
We provide an illustration of the market adjusted amount of specified maturity
values, an explanation of how we calculate the market value adjustment, and
information concerning our general account and investments purchased with
amounts allocated to the fixed maturity options, in "More information" later in
this prospectus. Appendix II at the end of this prospectus provides an example
of how the market value adjustment is calculated.
ALLOCATING YOUR CONTRIBUTIONS
You may allocate your contributions to one or more, or all, of the variable
investment options, guaranteed interest option and fixed maturity options
(subject to restrictions in certain states--see Appendix V later in this
prospectus for state variations). Allocations must be in whole percentages and
you may change your allocations at any time. No more than 25% of any
contribution may be allocated to the guaranteed interest option. The total of
your allocations into all available investment options must equal 100%. If an
owner or annuitant is age 76 or older, you may allocate contributions to fixed
maturity options with maturities of five years or less. Only one amount may be
allocated to any one fixed maturity option. Also, you may not allocate amounts
to fixed maturity options with maturity dates that are later than the date
annuity payments are to begin.
The contract is between you and AXA Equitable. The contract is not an
investment advisory account, and AXA Equitable is not providing any investment
advice or managing the allocations under your contract. In the absence of a
specific written arrangement to the contrary, you, as the owner of the
contract, have the sole authority to make investment allocations and other
decisions under the contract. Your AXA Advisors' financial professional is
acting as a broker-dealer registered representative, and is not authorized to
act as an investment advisor or to manage the allocations under your contract.
If your financial professional is a registered representative with a
broker-dealer other than AXA Advisors, you should speak with him/her regarding
any different arrangements that may apply.
GUARANTEED MINIMUM DEATH BENEFIT AND GUARANTEED MINIMUM INCOME BENEFIT BASE
This section does not apply if you elect GWBL. For information about the GWBL
Enhanced death benefits and benefit bases, see "Guaranteed withdrawal benefit
for life ("GWBL")" later in this section. The standard death benefit can only
be selected with GMIB. Any of the enhanced death benefits can be selected by
themselves or with GMIB.
The Guaranteed minimum death benefit base and Guaranteed minimum income benefit
base (hereinafter, in this section called your "benefit base") are used to
calculate the Guaranteed minimum income benefit and the death benefits as
described in this section. The benefit base for the Guaranteed minimum income
benefit and any enhanced death benefit will be calculated as described below in
this section whether these options are elected individually or in combination.
Your benefit base is not an account value or a cash value. See also "Guaranteed
minimum income benefit option" and "Guaranteed minimum death benefit" below.
STANDARD DEATH BENEFIT. Your benefit base is equal to:
o your initial contribution and any subsequent contributions to the contract;
less
o a deduction that reflects any withdrawals you make. The amount of the
deduction is described under "How withdrawals affect your Guaranteed minimum
income benefit and Guaranteed minimum death benefit" in "Accessing your
money" later in this prospectus.
6% ROLL-UP TO AGE 85 (USED FOR THE GREATER OF THE 6% ROLL-UP TO AGE 85 OR THE
ANNUAL RATCHET TO AGE 85 ENHANCED DEATH BENEFIT AND FOR THE GUARANTEED MINIMUM
INCOME BENEFIT). Your benefit base is equal to:
o your initial contribution and any subsequent contributions to the contract;
plus
o daily roll-up; less
o a deduction that reflects any withdrawals you make. The amount of the
deduction is described under "How withdrawals affect your Guaranteed minimum
income benefit and Guaranteed minimum death benefit" in "Accessing your
money" and the section entitled "Charges and expenses" later in this
prospectus.
The effective annual roll-up rate credited to this benefit base is:
o 6% with respect to the variable investment options (other than
EQ/AllianceBernstein Intermediate Government Securities, EQ/Money Market,
and EQ/Short Duration Bond); the effective annual rate may be 4% in some
states. Please see Appendix V later in this prospectus to see what applies
in your state; and
o 3% with respect to the EQ/AllianceBernstein Intermediate Government
Securities, EQ/Money Market, and EQ/Short Duration Bond, the fixed maturity
options, the guaranteed interest option and the loan reserve account under
TSA (if applicable).
Contract features and benefits 25
The benefit base stops rolling up after the contract anniversary following the
owner's (or older joint owner's, if applicable) 85th birthday. For contracts
with non-natural owners, the benefit base stops rolling up after the contract
anniversary following the annuitant's 85th birthday.
ANNUAL RATCHET TO AGE 85 (USED FOR THE ANNUAL RATCHET TO AGE 85 ENHANCED DEATH
BENEFIT, AND THE GREATER OF THE 6% ROLL-UP TO AGE 85 OR THE ANNUAL RATCHET TO
AGE 85 ENHANCED DEATH BENEFIT AND FOR THE GUARANTEED MINIMUM INCOME
BENEFIT). Your benefit base is equal to the greater of either:
o your initial contribution to the contract (plus any subsequent
contributions),
or
o your highest account value on any contract anniversary up to the contract
anniversary following the owner's (or older joint owner's, if applicable)
85th birthday, plus any contributions made since the most recent ratchet
occurred,
less
o a deduction that reflects any withdrawals you make. The amount of the
deduction is described under "How withdrawals affect your Guaranteed minimum
income benefit and Guaranteed minimum death benefit" in "Accessing your
money" later in this prospectus.
For contracts with non-natural owners, the last contract anniversary a ratchet
could occur is based on the annuitant's age.
GREATER OF THE 6% ROLL-UP TO AGE 85 OR THE ANNUAL RATCHET TO AGE 85 ENHANCED
DEATH BENEFIT AND FOR THE GUARANTEED MINIMUM INCOME BENEFIT. Your benefit base
is equal to the greater of the benefit base computed for the 6% Roll-Up to age
85 or the benefit base computed for the Annual Ratchet to age 85, as described
immediately above, on each contract date anniversary.
GUARANTEED MINIMUM DEATH BENEFIT/GUARANTEED MINIMUM INCOME BENEFIT ROLL-UP
BENEFIT BASE RESET. If both the Guaranteed minimum income benefit AND the
Greater of the 6% Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced
death benefit (the "Greater of enhanced death benefit") are elected, you may
reset the Roll-Up benefit base for these guaranteed benefits to equal the
account value as of the 5th or on any later contract date anniversary until age
75. The reset amount would equal the account value as of the contract date
anniversary on which you reset your Roll-Up benefit base. The 6% Roll-Up
continues to age 85 on any reset benefit base.
We will send you a notice in each year that the Roll-Up benefit base is
eligible to be reset, and you will have 30 days from your contract date
anniversary to reset your Roll-Up benefit base. Each time you reset the Roll-Up
benefit base, your Roll-Up benefit base will not be eligible for another reset
for five years. If after your death your spouse continues this contract, the
benefit base will be eligible to be reset either five years from the contract
date or from the last reset date, if applicable. The last age at which the
benefit base is eligible to be reset is owner (or older joint owner, if
applicable) age 75. For contracts with non-natural owners, reset eligibility is
based on the annuitant's age.
It is important to note that once you have reset your Roll-Up benefit base, a
new waiting period to exercise the Guaranteed minimum income benefit will apply
from the date of the reset; you may not exercise until the tenth contract date
anniversary following the date of the reset. See "Guaranteed minimum income
benefit option--Exercise rules" below for more information regarding the 10
year waiting period. Please note that resetting your Roll-Up benefit base will
lengthen the exercise waiting period. Also, although there is no additional
charge when you reset your Roll-Up benefit base, the total dollar amount
charged on future contract date anniversaries may increase as a result of the
reset since the charges may be applied to a higher benefit base than would have
been otherwise applied. See "Charges and expenses" later in this prospectus.
Also, owners of IRA and TSA contracts whose lifetime required minimum
distributions must begin before the end of the new exercise waiting period
should consider carefully before resetting their rollup benefit base. If the
required minimum distributions exceed 6% of the reset benefit base, they would
cause a pro rata reduction in the benefit base. On the other hand, resetting
the benefit base to a larger amount would make it less likely that the required
minimum distributions actually exceed the 6% threshold. See "Lifetime required
minimum distribution withdrawals" and "How withdrawals affect your Guaranteed
minimum income benefit and Guaranteed minimum death benefit" in "Accessing your
money" later in this prospectus.
The Roll-Up benefit base for both the Greater of enhanced death benefit and the
Guaranteed minimum income benefit are reset simultaneously when you request a
Roll-Up benefit base reset. You cannot elect a Roll-Up benefit base reset for
one benefit and not the other.
ANNUITY PURCHASE FACTORS
Annuity purchase factors are the factors applied to determine your periodic
payments under the Guaranteed minimum income benefit and annuity payout
options. The Guaranteed minimum income benefit is discussed in "Guaranteed
minimum income benefit option" below and annuity payout options are discussed
in "Accessing your money" later in this prospectus. Annuity purchase factors
are based on interest rates, mortality tables, frequency of payments, the form
of annuity benefit, and the owner's (and any joint owner's) age and sex in
certain instances. Your contract specifies different guaranteed annuity
purchase factors for the Guaranteed minimum income benefit and the annuity
payout options. We may provide more favorable current annuity purchase factors
for the annuity payout options but we will always use the guaranteed purchase
factors to determine your periodic payments under the Guaranteed minimum income
benefit.
GUARANTEED MINIMUM INCOME BENEFIT OPTION ("GMIB")
The Guaranteed minimum income benefit is available if the owner is age 55
through 75 at the time the contract is issued. If the contract is jointly
owned, the Guaranteed minimum income benefit will be calculated on the basis of
the older owner's age. There is an additional charge for the Guaranteed minimum
income benefit which is described under "Guaranteed minimum income benefit
charge" in "Charges and expenses" later in this prospectus. Once you purchase
the Guaranteed minimum income benefit, you may not voluntarily terminate this
benefit.
26 Contract features and benefits
If you elect the Guaranteed withdrawal benefit for life, the Guaranteed minimum
income benefit is not available. If the owner was older than age 60 at the time
an IRA or TSA contract was issued, the Guaranteed minimum income benefit may
not be an appropriate feature because the minimum distributions required by tax
law generally must begin before the Guaranteed minimum income benefit can be
exercised.
If you elect the Guaranteed minimum income benefit option and change ownership
of the contract, this benefit will automatically terminate, except under
certain circumstances. See "Transfers of ownership, collateral assignments,
loans and borrowing" in "More information," later in this prospectus for more
information.
The Guaranteed minimum income benefit guarantees you a minimum amount of fixed
income under your choice of a life annuity fixed payout option or a life with a
period certain payout option, subject to state availability. You choose which
of these payout options you want and whether you want the option to be paid on
a single or joint life basis at the time you exercise your Guaranteed minimum
income benefit. The maximum period certain available under the life with a
period certain payout option is 10 years. This period may be shorter, depending
on the owner's age as follows:
- --------------------------------------
Level payments
- --------------------------------------
Period certain
years
-------------------
Owner's
age at exercise IRAs NQ
- ------------------ ---------- --------
75 and younger 10 10
76 9 10
77 8 10
78 7 10
79 7 10
80 7 10
81 7 9
82 7 8
83 7 7
84 6 6
85 5 5
- --------------------------------------
We may also make other forms of payout options available. For a description of
payout options, see "Your annuity payout options" in "Accessing your money"
later in this prospectus.
- --------------------------------------------------------------------------------
The Guaranteed minimum income benefit should be regarded as a safety net only.
- --------------------------------------------------------------------------------
When you exercise the Guaranteed minimum income benefit, the annual lifetime
income that you will receive will be the greater of (i) your Guaranteed minimum
income benefit which is calculated by applying your Guaranteed minimum income
benefit base at guaranteed annuity purchase factors, or (ii) the income
provided by applying your account value at our then current annuity purchase
factors. For TSA only, we will subtract from the Guaranteed minimum income
benefit base or account value any outstanding loan, including interest accrued
but not paid. You may also elect to receive monthly or quarterly payments as an
alternative. The payments will be less than 1/12 or 1/4 of the annual payments,
respectively, due to the effect of interest compounding. The benefit base is
applied only to the guaranteed annuity purchase factors under the Guaranteed
minimum income benefit in your contract and not to any other guaranteed or
current annuity purchase rates. The amount of income you actually receive will
be determined when we receive your request to exercise the benefit.
When you elect to receive annual lifetime income, your contract will terminate
and you will receive a new contract for the annuity payout option. For a
discussion of when your payments will begin and end, see "Exercise of
Guaranteed minimum income benefit" below.
Before you elect the Guaranteed minimum income benefit, you should consider the
fact that it provides a form of insurance and is based on conservative
actuarial factors. The guaranteed annuity purchase factors we use to determine
your payout annuity benefit under the Guaranteed minimum income benefit are
more conservative than the guaranteed annuity purchase factors we use for our
standard payout annuity options. This means that, assuming the same amount is
applied to purchase the benefit and that we use guaranteed annuity purchase
factors to compute the benefit, each periodic payment under the Guaranteed
minimum income benefit payout annuity will be smaller than each periodic
payment under our standard payout annuity options. Therefore, even if your
account value is less than your benefit base, you may generate more income by
applying your account value to current annuity purchase factors. We will make
this comparison for you when the need arises.
GUARANTEED MINIMUM INCOME BENEFIT "NO LAPSE GUARANTEE". In general, if your
account value falls to zero (except, as discussed below, if your account value
falls to zero due to a withdrawal that causes your total contract year
withdrawals to exceed 6% of the Roll-Up benefit base as of the beginning of the
contract year or in the first contract year all contributions received in the
first 90 days), the Guaranteed minimum income benefit will be exercised
automatically, based on the owner's (or older joint owner's, if applicable)
current age and benefit base, as follows:
o You will be issued a supplementary contract based on a single life with a
maximum 10 year period certain. Payments will be made annually starting one
year from the date the account value fell to zero.
o You will have 30 days from when we notify you to change the payout option
and/or the payment frequency.
The no lapse guarantee will terminate under the following circumstances:
o If your account value falls to zero due to a withdrawal that causes your
total contract year withdrawals to exceed 6% of the Roll-Up benefit base (as
of the beginning of the contract year);
o If your aggregate withdrawals during any contract year exceed 6% of the
Roll-Up benefit base (as of the beginning of the contract year) or in the
first contract year, all contributions received in the first 90 days;
Contract features and benefits 27
o Upon the owner (or older joint owner, if applicable) reaching age 85.
Please note that if you participate in our RMD Automatic withdrawal option, an
automatic withdrawal under that program will not cause the no lapse guarantee
to terminate even if a withdrawal causes your total contract year withdrawals
to exceed 6% of your Roll-Up benefit base.
ILLUSTRATIONS OF GUARANTEED MINIMUM INCOME BENEFIT. Assuming the 6% Roll-Up to
age 85 benefit base, the table below illustrates the Guaranteed minimum income
benefit amounts per $100,000 of initial contribution, for a male owner age 60
(at issue) on the contract date anniversaries indicated, who has elected the
life annuity fixed payout option, using the guaranteed annuity purchase factors
as of the date of this prospectus, assuming no additional contributions,
withdrawals or loans under TSA contracts, and assuming there were no
allocations to the EQ/AllianceBernstein Intermediate Government Securities,
EQ/Money Market, EQ/Short Duration Bond, the guaranteed interest option, the
fixed maturity options or the loan reserve account.
- ---------------------------------------------------------
Guaranteed minimum income
Contract date benefit -- annual income pay-
anniversary at exercise able for life
- ---------------------------------------------------------
10 $11,891
15 $18,597
EXERCISE OF GUARANTEED MINIMUM INCOME BENEFIT. On each contract date
anniversary that you are eligible to exercise the Guaranteed minimum income
benefit, we will send you an eligibility notice illustrating how much income
could be provided as of the contract date anniversary. You must notify us
within 30 days following the contract date anniversary if you want to exercise
the Guaranteed minimum income benefit. You must return your contract to us,
along with all required information, within 30 days following your contract
date anniversary in order to exercise this benefit. Upon exercise of the
Guaranteed minimum income benefit, the owner will become the annuitant, and the
contract will be annuitized on the basis of the owner's life. You will begin
receiving annual payments one year after the annuity payout contract is issued.
If you choose monthly or quarterly payments, you will receive your payment one
month or one quarter after the annuity payout contract is issued. You may
choose to take a withdrawal prior to exercising the Guaranteed minimum income
benefit, which will reduce your payments. You may not partially exercise this
benefit. See "Accessing your money" under "Withdrawing your account value"
later in this prospectus. Payments end with the last payment before the
annuitant's (or joint annuitant's, if applicable) death or if later, the end of
the period certain (where the payout option chosen includes a period certain).
EXERCISE RULES.
You are eligible to exercise the Guaranteed minimum income benefit within 30
days following each contract date anniversary beginning with the 10th contract
date anniversary.
Please note:
(i) the latest date you may exercise the Guaranteed minimum income benefit is
within 30 days following the contract date anniversary following your 85th
birthday;
(ii) if you were age 75 when the contract was issued or the Roll-Up benefit
base was reset, the only time you may exercise the Guaranteed minimum
income benefit is within 30 days following the contract date anniversary
following your attainment of age 85;
(iii) for EQUI-VEST(SM) At Retirement(SM) TSA contracts, you may exercise the
Guaranteed minimum income benefit only if you effect a rollover of the TSA
contract to an EQUI-VEST(SM) At Retirement(SM) IRA. This process must be
completed within the 30-day timeframe following the contract date
anniversary in order for you to be eligible to exercise;
(iv) if you reset the Roll-Up benefit base (as described earlier in this
section), your new exercise date will be the tenth contract date
anniversary following the date of the reset. Please note that resetting
your Roll-Up benefit base will lengthen the waiting period;
(v) a spouse beneficiary or younger spouse joint owner under Spousal
continuation may only continue the Guaranteed minimum income benefit if
the contract is not past the last date on which the original owner could
have exercised the benefit. In addition, the spouse beneficiary or younger
spouse joint owner must be eligible to continue the benefit and to
exercise the benefit under the applicable exercise rule (described in the
above bullets) using the following additional rules. The spouse
beneficiary or younger spouse joint owner's age on the date of the owner's
death replaces the owner's age at issue for purposes of determining the
availability of the benefit and which of the exercise rules applies. The
original contract issue date will continue to apply for purposes of the
exercise rules.
(vi) if the contract is jointly owned, you can elect to have the Guaranteed
minimum income benefit paid either: (a) as a joint life benefit or (b) as
a single life benefit paid on the older owner's age; and
(vii) if the contract is owned by a trust or other non-natural person,
eligibility to elect or exercise the Guaranteed minimum income benefit is
based on the annuitant's age, rather than the owner's.
See "Effect of the owner's death" under "Payment of death benefit" later in
this prospectus for more information.
Please see both "Insufficient account value" in "Determining your contract
value" and "How withdrawals affect your Guaranteed minimum income benefit and
Guaranteed minimum death benefit" in "Accessing your money" and the section
entitled "Charges and expenses" later in this prospectus for more information
on these guaranteed benefits.
GUARANTEED MINIMUM DEATH BENEFIT
This section does not apply if you elect GWBL. For information about the GWBL
death benefits and benefit bases, see "Guaranteed withdrawal benefit for life
("GWBL")" later in this section.
Your contract provides a death benefit. If you do not elect one of the enhanced
death benefits described below, the death benefit is equal to your account
value (without adjustment for any otherwise appli-
28 Contract features and benefits
cable negative market value adjustment) as of the date we receive satisfactory
proof of death, any required instructions for the method of payment,
information and forms necessary to effect payment, OR the standard death
benefit, whichever provides the higher amount. The standard death benefit is
equal to your total contributions adjusted for any withdrawals. The standard
death benefit, available at no additional charge, may be elected only in
conjunction with the Guaranteed minimum income benefit. Once your contract is
issued, you may not change or voluntarily terminate your death benefit.
For an additional charge, you may elect one of the enhanced death benefits. If
you elect one of the enhanced death benefits, (not including the GWBL Enhanced
death benefit) the death benefit is equal to your account value (without
adjustment for any otherwise applicable negative market value adjustment) as of
the date we receive satisfactory proof of the owner's (or older joint owner's,
if applicable) death, any required instructions for the method of payment,
information and forms necessary to effect payment, OR your elected enhanced
death benefit on the date of the owner's (or older joint owner's, if
applicable) death adjusted for any subsequent withdrawals, whichever provides
the higher amount. See "Payment of death benefit" later in this prospectus for
more information.
If you elect one of the enhanced death benefit options described below and
change ownership of the contract, generally the benefit will automatically
terminate, except under certain circumstances. If this occurs, any enhanced
death benefit elected will be replaced with the standard death benefit. For
contracts with non-natural owners, the death benefit will be payable upon the
death of the annuitant. See "Transfers of ownership, collateral assignments,
loans and borrowing" in "More information," later in this prospectus for more
information.
Any of the enhanced death benefits can be elected by themselves or with the
Guaranteed minimum income benefit. The standard death benefit may only be
elected with the Guaranteed minimum income benefit.
OPTIONAL ENHANCED DEATH BENEFITS APPLICABLE FOR OWNER (OR OLDER JOINT OWNER, IF
APPLICABLE) AGES 55 THROUGH 75 AT ISSUE. FOR CONTRACTS WITH NON-NATURAL OWNERS,
THE AVAILABLE DEATH BENEFITS ARE BASED ON THE ANNUITANT'S AGE.
Subject to state availability, you may elect one of the following enhanced
death benefits (see Appendix V later in this prospectus for state availability
of these benefits):
o Annual Ratchet to age 85.
o The greater of the 6% Roll-Up to age 85 or the Annual Ratchet to age 85.
Each enhanced death benefit is equal to its corresponding benefit base
described earlier in "Guaranteed minimum death benefit and Guaranteed minimum
income benefit base." Once you have made your enhanced death benefit election,
you may not change it.
Please see both "Insufficient account value" in "Determining your contract
value" and "How withdrawals affect your Guaranteed minimum income benefit and
Guaranteed minimum death benefit " in "Accessing your money" later in this
prospectus for more information on these guaranteed benefits.
See Appendix III later in this prospectus for an example of how we calculate an
enhanced death benefit.
GUARANTEED WITHDRAWAL BENEFIT FOR LIFE ("GWBL")
For an additional charge, the Guaranteed withdrawal benefit for life ("GWBL")
guarantees that you can take withdrawals up to a maximum amount per year (your
"Guaranteed annual withdrawal amount"). You may elect one of our automated
payment plans or you may take partial withdrawals. All withdrawals reduce your
account value and Guaranteed minimum death benefit. See "Accessing your money"
later in this prospectus. Your investment options will be limited to the
guaranteed interest option and the permitted variable options.
You may buy this benefit on a single life ("Single life") or a joint life
("Joint life") basis. Under a Joint life contract, lifetime withdrawals are
guaranteed for the life of both the owner and successor owner (or annuitant,
for non-natural owners.
The successor owner must be the owner's spouse. If your EQUI-VEST(SM) contract
has a spousal joint owner, upon transfer to the EQUI-VEST(SM) At Retirement(SM)
contract, such joint owner will automatically become the successor owner under
the EQUI-VEST(SM) At Retirement(SM) contract. If you and the successor owner are
no longer married, you may either: (i) drop the original successor owner or (ii)
replace the original successor owner with your new spouse. This can only be done
before the first withdrawal is made from the contract. After the first
withdrawal, the successor owner can be dropped but cannot be replaced. If the
successor owner is dropped after withdrawals begin, the charge will continue
based on a Joint life basis.
Joint life TSA contracts are not permitted. For NQ contracts with two owners,
the GWBL benefit cannot be elected if the owners are not spouses.
The cost of the GWBL benefit will be deducted from your account value on each
contract date anniversary. Please see "Guaranteed withdrawal benefit for life
benefit charge" in "Charges and expenses" later in this prospectus for a
description of the charge.
You should not purchase this benefit if:
o You plan to take withdrawals in excess of your Guaranteed annual withdrawal
amount because those withdrawals may significantly reduce or eliminate the
value of the benefit (see "Effect of Excess withdrawals" below in this
section);
o You are interested in long term accumulation rather than taking withdrawals;
or
o You plan to use it for withdrawals prior to age 59-1/2, as the taxable
amount of the withdrawal will be includible in income and subject to an
additional 10% federal income tax penalty, as discussed later in this
prospectus.
For traditional IRAs and TSA contracts, you may take your lifetime required
minimum distributions ("RMDs") without losing the value of the GWBL benefit,
provided you comply with the conditions described under "Lifetime required
minimum distribution withdrawals" in "Accessing your money" later in this
prospectus, including utilizing our RMD Automatic withdrawal option. If you do
not expect to comply
Contract features and benefits 29
with these conditions, this benefit may have limited usefulness for you and you
should consider whether it is appropriate. Please consult your tax adviser.
GWBL BENEFIT BASE
At issue, your GWBL benefit base is equal to your initial contribution and will
increase or decrease, as follows:
o Your GWBL benefit base increases by the dollar amount of any subsequent
contributions.
o Your GWBL benefit base may be increased on each contract date anniversary,
as described below under "Annual ratchet" and "5% deferral bonus."
o Your GWBL benefit base is not reduced by withdrawals except those
withdrawals that cause total withdrawals in a contract year to exceed your
Guaranteed annual withdrawal amount ("Excess withdrawal"). See "Effect of
Excess withdrawals" below in this section.
GUARANTEED ANNUAL WITHDRAWAL AMOUNT
Your initial Guaranteed annual withdrawal amount is equal to a percentage of
the GWBL benefit base. The initial applicable percentage ("Applicable
percentage") is based on the owner's age at the time of the first withdrawal.
For Joint life contracts, the initial Applicable percentage is based on the age
of the owner or successor owner, whoever is younger at the time of the first
withdrawal. For contracts held by non-natural owners, the initial Applicable
percentage is based on the annuitant's age or the younger annuitant's age, if
applicable, at the time of the first withdrawal. If your GWBL benefit base
ratchets, as described below in this section under "Annual Ratchet," on any
contract anniversary after you begin taking withdrawals, your Applicable
percentage may increase based on your attained age at the time of the ratchet.
The Applicable percentages are as follows:
- --------------------------------------------------------------------------------
Age Applicable percentage
- --------------------------------------------------------------------------------
55-64 4.0%
65-74 5.0%
75-84 6.0%
85 and older 7.0%
- --------------------------------------------------------------------------------
We will recalculate the Guaranteed annual withdrawal amount on each contract
date anniversary and as of the date of any subsequent contribution or Excess
withdrawal, as described below under "Effect of Excess withdrawals" and
"Subsequent contributions". The withdrawal amount is guaranteed never to
decrease as long as there are no Excess withdrawals.
Your Guaranteed annual withdrawals are not cumulative. If you withdraw less
than the Guaranteed annual withdrawal amount in any contract year, you may not
add the remainder to your Guaranteed annual withdrawal amount in any subsequent
year.
EFFECT OF EXCESS WITHDRAWALS
An Excess withdrawal is caused when you withdraw more than your Guaranteed
annual withdrawal amount in any contract year. Once a withdrawal causes
cumulative withdrawals in a contract year to exceed your Guaranteed annual
withdrawal amount, the entire amount of that withdrawal and each subsequent
withdrawal in that contract year are considered Excess withdrawals.
An Excess withdrawal can cause a significant reduction in both your GWBL
benefit base and your Guaranteed annual withdrawal amount. If you make an
Excess withdrawal, we will recalculate your GWBL benefit base and the
Guaranteed annual withdrawal amount, as follows:
o The GWBL benefit base is reset as of the date of the Excess withdrawal to
equal the lesser of: (i) the GWBL benefit base immediately prior to the
Excess withdrawal and (ii) the account value immediately following the
Excess withdrawal.
o The Guaranteed annual withdrawal amount is recalculated to equal the
Applicable percentage multiplied by the reset GWBL benefit base.
You should not purchase this contract if you plan to take withdrawals in excess
of your Guaranteed annual withdrawal amount as such withdrawals may
significantly reduce or eliminate the value of the GWBL benefit. If your
account value is less than your GWBL benefit base (due, for example, to
negative market performance), an Excess withdrawal, even one that is only
slightly more than your Guaranteed annual withdrawal amount, can significantly
reduce your GWBL benefit base and the Guaranteed annual withdrawal amount.
For example, assume your GWBL benefit base is $100,000 and your account value
is $80,000 when you decide to begin taking withdrawals at age 65. Your
Guaranteed annual withdrawal amount is equal to $5,000 (5.0% of $100,000). You
take an initial withdrawal of $8,000. Since your GWBL benefit base is
immediately reset to equal the lesser of your GWBL benefit base prior to the
Excess withdrawal ($100,000) and your account value immediately following the
Excess withdrawal ($80,000 minus $8,000), your GWBL benefit base is now
$72,000. In addition, your Guaranteed annual withdrawal amount is reduced to
$3,600 (5.0% of $72,000), instead of the original $5,000. See "How withdrawals
affect your GWBL and GWBL Guaranteed minimum death benefit" in "Accessing your
money" later in this prospectus.
You should note that an Excess withdrawal that reduces your account value to
zero terminates the contract, including all benefits, without value. See
"Insufficient account value" in "Determining your contract value" later in this
prospectus.
In general, if you purchase this contract as a traditional IRA or TSA and
participate in our RMD Automatic withdrawal option, an automatic withdrawal
under that program will not cause an Excess withdrawal, even if it exceeds your
Guaranteed annual withdrawal amount. For more information, see "Lifetime
required minimum distribution withdrawals" in "Accessing your money" later in
this prospectus. Loans are not available under TSA contracts if GWBL is
elected.
ANNUAL RATCHET
Your GWBL benefit base is recalculated on each contract date anniversary to
equal the greater of: (i) the account value and (ii) the most recent GWBL
benefit base. If your account value is greater, we will ratchet up your GWBL
benefit base to equal your account value. If your GWBL benefit base ratchets on
any contract anniversary after you begin taking withdrawals, your Applicable
percentage may increase
30 Contract features and benefits
based on your attained age at the time of the ratchet. Your Guaranteed annual
withdrawal amount will also be increased, if applicable, to equal your
Applicable percentage times your new GWBL benefit base.
If your GWBL benefit base ratchets, we may increase the charge for the benefit.
Once we increase the charge, it is increased for the life of the contract. We
will permit you to opt out of the ratchet if the charge increases. If you
choose to opt out, your charge will stay the same but your GWBL benefit base
will no longer ratchet. Upon request, we will permit you to accept a GWBL
benefit base ratchet with the charge increase on a subsequent contract
anniversary. For a description of the charge increase, see "Guaranteed
withdrawal benefit for life benefit charge" in "Charges and expenses" later in
this prospectus.
5% DEFERRAL BONUS
At no additional charge, during the first ten contract years, in each year you
have not taken a withdrawal, we will increase your GWBL benefit base by an
amount equal to 5% of your total contributions. If the Annual Ratchet (as
discussed immediately above) occurs on any contract date anniversary, for the
next and subsequent contract years, the bonus will be 5% of the most recent
ratcheted GWBL benefit base plus any subsequent contributions. If the GWBL
benefit base is reduced due to an Excess withdrawal, the 5% deferral bonus will
be calculated using the reset GWBL benefit base plus any applicable
contributions. The deferral bonus generally excludes contributions made in the
prior 12 months. In the first contract year, the deferral bonus is determined
using all contributions received in the first 90 days of the contract year.
On any contract date anniversary on which you are eligible for a bonus, we will
calculate the applicable bonus amount. If, when added to the current GWBL
benefit base, the amount is greater than your account value, that amount will
become your new GWBL benefit base. If that amount is less than or equal to your
account value, your GWBL benefit base will be ratcheted to equal your account
value, and the 5% deferral bonus will not apply. If you opt out of the Annual
Ratchet (as discussed immediately above), the 5% deferral bonus will still
apply.
SUBSEQUENT CONTRIBUTIONS
If you elect GWBL, subsequent contributions are not permitted after the later
of: (i) the end of the first contract year and (ii) the date the first
withdrawal is taken.
Anytime you make a subsequent contribution, your GWBL benefit base will be
increased by the dollar amount of the contribution. Your Guaranteed annual
withdrawal amount will be equal to the Applicable percentage of the increased
GWBL benefit base.
GWBL GUARANTEED MINIMUM DEATH BENEFIT
There are two guaranteed minimum death benefits available if you elect the GWBL
option: (i) the GWBL Standard death benefit, which is available at no
additional charge for owner issue ages 55-85, and (ii) the GWBL Enhanced death
benefit, which is available for an additional charge for owner issue ages
55-75.
The GWBL Standard death benefit is equal to the GWBL Standard death benefit
base. The GWBL Standard death benefit base is equal to your initial
contribution and any subsequent contributions less a deduction that reflects
any withdrawals you make (see "How withdrawals affect your GWBL and GWBL
Guaranteed minimum death benefit" in "Accessing your money" later in this
prospectus).
The GWBL Enhanced death benefit is equal to the GWBL Enhanced death benefit
base.
Your initial GWBL Enhanced death benefit base is equal to your initial
contribution and will increase or decrease, as follows:
o Your GWBL Enhanced death benefit base increases by the dollar amount of any
subsequent contribution;
o Your GWBL Enhanced death benefit base increases to equal your account value
if your GWBL benefit base is ratcheted, as described above in this section;
o Your GWBL Enhanced death benefit base increases by any 5% deferral bonus, as
described above in this section; and
o Your GWBL Enhanced death benefit base decreases by an amount which reflects
any withdrawals you make.
See "How withdrawals affect your GWBL and GWBL Guaranteed minimum death
benefit" in "Accessing your money" later in this prospectus.
If you elect either the GWBL Standard death benefit or the GWBL Enhanced death
benefit, the death benefit is equal to your account value (without adjustment
for any otherwise applicable market value adjustment) as of the date we receive
satisfactory proof of death, any required instructions for method of payment,
information and forms necessary to effect payment or the applicable GWBL
Guaranteed minimum death benefit on the date of the owner's death (adjusted for
any subsequent withdrawals), whichever provides a higher amount.
EFFECT OF YOUR ACCOUNT VALUE FALLING TO ZERO
If your account value falls to zero due to an Excess withdrawal, we will
terminate your contract and you will receive no further payments or benefits.
If an Excess withdrawal results in a withdrawal that equals more than 90% of
your cash value or reduces your cash value to less than $500, we will treat
your request as a surrender of your contract even if your GWBL benefit base is
greater than zero.
However, if your account value falls to zero, either due to a withdrawal or
surrender that is not an Excess withdrawal or due to a deduction of charges,
please note the following:
o Your EQUI-VEST(SM) At Retirement(SM) contract terminates and you will
receive a supplementary life annuity contract setting forth your continuing
benefits. The owner of the EQUI-VEST(SM) At Retirement(SM) contract will be
the owner and annuitant. The successor owner, if applicable, will be the
joint annuitant. If the owner is non-natural, the annuitant will be the same
as under your EQUI-VEST(SM) At Retirement(SM) contract.
o No subsequent contributions will be permitted.
o If you were taking withdrawals through the "Maximum payment plan," we will
continue the scheduled withdrawal payments on the same basis.
Contract features and benefits 31
o If you were taking withdrawals through the "Customized payment plan" or in
unscheduled lump sums, we will pay the balance of the Guaranteed annual
withdrawal amount for that contract year in a lump sum. Payment of the
Guaranteed annual withdrawal amount will begin on the next contract date
anniversary.
o Payments will continue at the same frequency for Single or Joint life
contracts, as applicable, or annually if automatic payments were not being
made.
o Any guaranteed minimum death benefit remaining under the original contract
will be carried over to the supplementary life annuity contract. The death
benefit will no longer grow and will be reduced on a dollar for dollar basis
as payments are made. If there is any remaining death benefit upon the death
of the owner and successor owner, if applicable, we will pay it to the
beneficiary.
o The charge for the Guaranteed withdrawal benefit for life and the GWBL
Enhanced death benefit will no longer apply.
o If at the time of your death the Guaranteed annual withdrawal amount was
being paid to you as a supplementary life annuity contract, your
beneficiary may not elect the Beneficiary continuation option.
OTHER IMPORTANT CONSIDERATIONS
o This benefit may be of limited usefulness to you if you do not intend to
take any withdrawals.
o Excess withdrawals can significantly reduce or completely eliminate the
value of the GWBL and GWBL Enhanced death benefit. See "Effect of Excess
withdrawals" above in this section and "How withdrawals affect your GWBL and
GWBL Guaranteed minimum death benefit" in "Accessing your money" later in
this prospectus.
o Withdrawals are not considered annuity payments for tax purposes, and may be
subject to an additional 10% Federal income tax penalty before age 59-1/2.
See "Tax information" later in this prospectus.
o All withdrawals reduce your account value and Guaranteed minimum death
benefit. See "How withdrawals are taken from your account value" and "How
withdrawals affect your Guaranteed minimum death benefit" in "Accessing
your money" later in this prospectus.
o If you withdraw less than the Guaranteed annual withdrawal amount in any
contract year, you may not add the remainder to your Guaranteed annual
withdrawal amount in any subsequent year.
o The GWBL benefit terminates if the contract is continued under the
beneficiary continuation option or under the Spousal continuation feature if
the spouse is not the successor owner.
o If you surrender your contract to receive its cash value and your cash value
is greater than your Guaranteed annual withdrawal amount, all benefits under
the contract will terminate, including the GWBL benefit.
o If you transfer ownership of this contract, you terminate the GWBL benefit.
o Withdrawals are available under other annuity contracts we offer and this
contract without purchasing a withdrawal benefit.
o For IRA and TSA contracts, if you have to take a required minimum
distribution ("RMD") and it is your first withdrawal under the contract, the
RMD will be considered your "first withdrawal" for the purposes of
establishing your GWBL Applicable percentage.
o If you elect GWBL on a joint life basis and subsequently get divorced, your
divorce will not automatically terminate the contract. For both Joint life
and Single life contracts, it is possible that the terms of your divorce
decree could significantly reduce or completely eliminate the value of this
benefit.
YOUR RIGHT TO CANCEL WITHIN A CERTAIN NUMBER OF DAYS
If for any reason you are not satisfied with your contract, you may return it to
us for a refund or reinstate your original EQUI-VEST(SM) contract. To exercise
this cancellation right you must mail the contract, with a signed letter of
instruction electing this right, to our processing office within 10 days after
you receive it. If state law requires, this "free look" period may be longer.
Other state variations may apply. Please contact your financial professional
and/or see Appendix V to find out what applies in your state.
For contributions allocated to the variable investment options, your refund
will equal your contributions, reflecting any investment gain or loss that also
reflects the daily charges we deduct. For contributions allocated to the
guaranteed interest option, your refund will equal the amount of the
contributions but will not include interest. For contributions allocated to the
fixed maturity options, your refund will equal the amount of the contribution
allocated to the fixed maturity options reflecting any positive or negative
market value adjustments. Under TSA contracts, your refund will be less any
amounts in the loan reserve account. Some states require that we refund the
full amount of your contribution (not including any investment gain or loss,
interest, or market value adjustment). For an IRA contract returned to us
within seven days after you receive it, we are required to refund the full
amount of your contribution.
We may require that you wait six months before you may apply for a contract
with us again if:
o you cancel your contract during the free look period; or
o you change your mind before you receive your contract.
If you cancel your EQUI-VEST(SM) At Retirement(SM) contract during the free look
period and choose to reinstate your EQUI-VEST(SM) or EQUI-VEST(SM) Express(SM)
contract, the death benefit under your EQUI-VEST(SM) or EQUI-VEST(SM)
Express(SM) contract will be restored to its value before the transfer to the
EQUI-VEST(SM) At Retirement(SM) contract occurred. Please see "Tax information"
later in this prospectus for possible consequences of cancelling your contract.
Our processing office, or your financial professional, can provide you with the
cancellation instructions.
32 Contract features and benefits
2. Determining your contract's value
- --------------------------------------------------------------------------------
YOUR ACCOUNT VALUE AND CASH VALUE
Your "account value" is the total of the values you have in: (i) the variable
investment options; (ii) the guaranteed interest option; (iii) market adjusted
amounts in the fixed maturity options; and (iv) the loan reserve account
(applicable to TSA contracts only).
Your contract also has a "cash value." At any time before annuity payments
begin, your contract's cash value is equal to the account value, less: (i) the
total amount or a pro rata portion of optional benefit charges; and (ii) the
amount of any outstanding loan plus accrued interest (applicable to TSA
contracts only). Please see "Surrendering your contract to receive its cash
value" in "Accessing your money" later in this prospectus.
YOUR CONTRACT'S VALUE IN THE VARIABLE INVESTMENT OPTIONS
Each variable investment option invests in shares of a corresponding portfolio.
Your value in each variable investment option is measured by "units." The value
of your units will increase or decrease as though you had invested it in the
corresponding portfolio's shares directly. Your value, however, will be reduced
by the amount of the fees and charges that we deduct under the contract.
The unit value for each variable investment option depends on the investment
performance of that option, less daily charges for:
(i) mortality and expense;
(ii) administrative expenses; and
(iii) distribution charges.
On any day, your value in any variable investment option equals the number of
units credited to that option, adjusted for any units purchased for or deducted
from your contract under that option, multiplied by that day's value for one
unit. The number of your contract units in any variable investment option does
not change unless they are:
(i) increased to reflect subsequent contributions;
(ii) decreased to reflect a withdrawal;
(iii) increased to reflect a transfer into, or decreased to reflect a transfer
out of, a variable investment option; or
(iv) increased or decreased to reflect a transfer of your loan amount from or
to the loan reserve account under a TSA contract.
In addition, when we deduct the enhanced death benefit, Guaranteed minimum
income benefit and/or Guaranteed withdrawal benefit for life charges, the
number of units credited to your contract will be reduced. A description of how
unit values are calculated is found in the SAI.
YOUR CONTRACT'S VALUE IN THE GUARANTEED
INTEREST OPTION
Your value in the guaranteed interest option at any time will equal: your
contributions and transfers to that option, plus interest, minus withdrawals
out of the option, and charges we deduct.
YOUR CONTRACT'S VALUE IN THE FIXED MATURITY OPTIONS
Your value in each fixed maturity option at any time before the maturity date
is the market adjusted amount in each option, which reflects withdrawals out of
the option and charges we deduct. This is equivalent to your fixed maturity
amount increased or decreased by the market value adjustment. Your value,
therefore, may be higher or lower than your contributions (less withdrawals)
accumulated at the rate to maturity. At the maturity date, your value in the
fixed maturity option will equal its maturity value, provided there have been
no withdrawals or transfers.
INSUFFICIENT ACCOUNT VALUE
Your contract will terminate without value if your account value is
insufficient to pay any applicable charges when due. Your account value could
become insufficient due to withdrawals and/or poor market performance. Upon
such termination, you will lose all your rights under your contract and any
applicable guaranteed benefits, except as discussed below.
See Appendix V later in this prospectus for any state variations with regard to
terminating your contract.
GUARANTEED MINIMUM INCOME BENEFIT NO LAPSE GUARANTEE. In certain circumstances,
even if your account value falls to zero, your Guaranteed minimum income
benefit will still have value. Please see "Contract features and benefits"
earlier in this prospectus for information on this feature.
GUARANTEED WITHDRAWAL BENEFIT FOR LIFE. If you elect the Guaranteed withdrawal
benefit for life and your account value falls to zero due to a GWBL Excess
withdrawal, we will terminate your contract and you will receive no payment or
supplementary life annuity contract, even if your GWBL benefit base is greater
than zero. If, however, your account value falls to zero, either due to a
withdrawal or surrender that is not a GWBL Excess withdrawal or due to a
deduction of charges, the benefit will still have value. See "Contract features
and benefits" earlier in this prospectus.
Determining your contract's value 33
3. Transferring your money among investment options
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TRANSFERRING YOUR ACCOUNT VALUE
At any time before the date annuity payments are to begin, you can transfer
some or all of your account value among the investment options, subject to the
following:
o If an owner or annuitant is age 76 or older, you must limit your transfers
to fixed maturity options with maturities of five years or less.
o We will not accept allocations to a fixed maturity option if on the date the
contribution or transfer is to be applied, the rate to maturity is 3%. Also,
the maturity dates may be no later than the date annuity payments are to
begin.
o If you already have an amount in a fixed maturity option, you may not add
additional amounts to that same option.
o If you make transfers out of a fixed maturity option other than at its
maturity date, the transfer may cause a market value adjustment.
o A transfer into the guaranteed interest option will not be permitted if such
transfer would result in more than 25% of the account value being allocated
to the guaranteed interest option, based on the account value as of the
previous business day.
In addition, we reserve the right to restrict transfers among variable
investment options including limitations on the number, frequency, or dollar
amount of transfers. Our current transfer restrictions are set forth in the
"Disruptive transfer activity" section below.
The maximum amount that may be transferred from the guaranteed interest option
to any investment option (including amounts transferred pursuant to the
fixed-dollar option and interest sweep option dollar cost averaging programs
described under "Dollar Cost Averaging" below in this section) in any contract
year is the greatest of:
(a) 25% of the amount you have in the guaranteed interest option on the last
day of the prior contract year; or
(b) the total of all amounts transferred at your request from the guaranteed
interest option to any of the Investment options in the prior contract
year; or
(c) 25% of amounts transferred or allocated to the guaranteed interest option
during the current contract year.
From time to time, we may remove the restrictions regarding transferring
amounts out of the guaranteed interest option. If we do so, we will tell you.
We will also tell you at least 45 days in advance of the day that we intend to
reimpose the transfer restrictions. When we reimpose the transfer restrictions,
if any dollar cost averaging transfer out of the guaranteed interest option
causes a violation of the 25% outbound restriction, that dollar cost averaging
program will be terminated for the current contract year. A new dollar cost
averaging program can be started in the next or subsequent contract years.
You may request a transfer in writing, by telephone using TOPS or through
EQAccess. You must send in all written transfer requests directly to our
processing office. Transfer requests should specify:
(1) the contract number,
(2) the dollar amounts or percentages of your current account value to be
transferred, and
(3) the investment options to and from which you are transferring.
We will confirm all transfers in writing.
Please see "Allocating your contributions" in "Contract features and benefits"
for more information about your role in managing your allocations.
DISRUPTIVE TRANSFER ACTIVITY
You should note that the contract is not designed for professional "market
timing" organizations, or other organizations or individuals engaging in a
market timing strategy. The contract 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.
34 Transferring your money among investment options
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 contract owners.
We offer investment options with underlying portfolios that are part of AXA
Premier VIP Trust and EQ Advisors Trust (the "affiliated trusts"), as well as
an investment option with an underlying portfolio of an outside trust with
which AXA Equitable has entered a participation agreement (the "unaffiliated
trust" and, collectively with the affiliated trusts, the "trusts"). The
affiliated 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 affiliated trust obtains from us contract
owner trading activity. The affiliated 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. The
unaffiliated trust may have its own policies and procedures regarding
disruptive transfer activity. If the unaffiliated trust advises us that there
may be disruptive activity from one of our contract owners, we will work with
the unaffiliated trust to review contract owner trading activity. In most
cases, 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.
When a contract owner is identified as having engaged in a potentially
disruptive transfer under the contract for the first time, a letter is sent to
the contract owner explaining that there is a policy against disruptive
transfer activity and that if such activity continues certain transfer
privileges may be eliminated. If and when the contract owner is identified a
second time as engaged in potentially disruptive transfer activity under the
contract, we currently prohibit the use of voice, fax and automated transaction
services. We currently apply such action for the remaining life of each
affected contract. 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 contract owners uniformly.
We do not permit exceptions to our policies restricting disruptive transfer
activity.
It is possible that a trust may impose a redemption fee designed to discourage
frequent or disruptive trading by contract owners. As of the date of this
prospectus, no trust available under the contract had 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 contract owner.
Contract owners should note that it is not always possible for us and the
underlying trusts to identify and prevent disruptive transfer activity. In
addition, because we do not monitor for all frequent trading at the separate
account level, contract 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
contract owners may be treated differently than others, resulting in the risk
that some contract 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.
DOLLAR COST AVERAGING
We offer a variety of dollar cost averaging programs. You may only participate
in one program at a time. Each program allows you to gradually allocate amounts
to available investment options by periodically transferring approximately the
same dollar amount to the investment options you select. Regular allocations to
the variable investment options will cause you to purchase more units if the
unit value is low and fewer units if the unit value is high. Therefore, you may
get a lower average cost per unit over the long term. These plans of investing,
however, do not guarantee that you will earn a profit or be protected against
losses. You may not make transfers to the fixed maturity options or the
guaranteed interest option under a dollar cost averaging program.
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Units measure your value in each variable investment option.
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For information on how the dollar cost averaging program you select may affect
certain guaranteed benefits see "Guaranteed minimum death benefit and
Guaranteed minimum income benefit base" under "Contract features and benefits"
earlier in this prospectus.
GENERAL DOLLAR COST AVERAGING PROGRAM. If your value in the EQ/Money Market
option is at least $2,000, you may choose, at any time, to have amounts
transferred from that option to the other variable investment options on a
monthly basis. You can also specify the number of transfers or instruct us to
continue making the transfers until all amounts in the EQ/Money Market option
have been transferred out. The minimum amount that we will transfer each time
is $50. The maximum amount we will transfer is equal to your value in the
EQ/Money Market option at the time the program is elected, divided by the
number of transfers scheduled to be made.
If, on any transfer date, your value in the EQ/Money Market option is equal to
or less than the amount you have elected to have transferred, the entire amount
will be transferred. The general dollar cost averaging program will then end.
You may change the transfer amount once each contract year or cancel this
program at any time.
If you elect the Guaranteed withdrawal benefit for life, general dollar cost
averaging is not available.
INVESTMENT SIMPLIFIER
You may choose from two automatic options for transferring amounts from the
guaranteed interest option to the variable investment
Transferring your money among investment options 35
options. The transfer options are the "fixed-dollar option" and the "interest
sweep." You may select one or the other, but not both. Election of either
option is subject to the 25% allocation restriction into the guaranteed
interest option. If you elect to use rebalancing option II (discussed below),
you may not choose either of the investment simplifier options.
FIXED-DOLLAR OPTION. Under this option you may elect to have a fixed-dollar
amount transferred out of the guaranteed interest option and into the variable
investment options of your choice (only AXA Allocation portfolios are available
if you select GWBL). Transfers will be made on a monthly basis. You can specify
the number of monthly transfers or instruct us to continue to make monthly
transfers until all available amounts in the guaranteed interest option have
been transferred out.
In order to elect the fixed-dollar option, you must have a minimum of $5,000 in
the guaranteed interest option on the date we receive your election form at our
processing office. You also must elect to transfer at least $50 per month. The
fixed-dollar option is subject to the guaranteed interest option transfer
limitation described above under "Transferring your account value."
INTEREST SWEEP. Under the interest sweep, we will make transfers on a monthly
basis from amounts in the guaranteed interest option into the variable
investment options of your choice (only the AXA Allocation portfolios are
available if you select GWBL). The amount we will transfer will be the interest
credited to amounts you have in the guaranteed interest option from the last
business day of the prior month to the last business day of the current month.
You must have at least $7,500 in the guaranteed interest option on the date we
receive your election and on the last business day of each month thereafter to
participate in the interest sweep option.
WHEN YOUR PARTICIPATION IN THE INVESTMENT SIMPLIFIER WILL END. Your
participation in the investment simplifier will end:
o Under the fixed-dollar option, when either the number of designated monthly
transfers have been completed or the amount you have available in the
guaranteed interest option has been transferred out.
o Under the interest sweep, when the amount you have in the guaranteed
interest option falls below $7,500 (determined on the last business day of
the month) for two months in a row.
o Under either option, on the date we receive at our processing office, your
written request to cancel automatic transfers, or on the date your contract
terminates.
REBALANCING YOUR ACCOUNT VALUE
Our rebalancing program offers two options that you can use to automatically
reallocate your account value. Option I permits reallocation among the variable
investment options only and option II permits reallocation among the variable
investment options and the guaranteed interest option. You must tell us:
(a) in whole percentages only, the percentage you want invested in each
variable investment option (and the guaranteed interest option, if
applicable), and
(b) how often you want the rebalancing to occur (quarterly, semian nually, or
annually).
While your rebalancing program is in effect, we will transfer amounts among
each variable investment option (and the guaranteed interest option, if
applicable), so that the percentage of your account value that you specify is
invested in each option at the end of each rebalancing date. Your entire
account value in the variable investment options (and guaranteed interest
option, if applicable) must be included in the rebalancing program. Election of
Option II is subject to the 25% allocation restriction into the guaranteed
interest option. Transfer restrictions out of the guaranteed interest option
may apply in accordance with (a), (b) and (c) under "Transferring your account
value," above, in this section. The initial transfer under the rebalancing
program (based on your account value as of the day before the program is
established) is not permitted to cause the transfer restrictions to be
violated, and any rebalancing election that would be a violation of the
transfer restrictions will not be put into effect. However, if the program can
be established, once it is in effect, the transfer restrictions will be waived
for the rebalancing transfers.
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Rebalancing does not assure a profit or protect against loss. You should
periodically review your allocation percentages as your needs change. You may
want to discuss the rebalancing program with your financial professional before
electing the program.
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You may elect the rebalancing program at any time. To be eligible, you must
have (i) at least $5,000 of account value in the variable investment options
for option I, or (ii) at least $5,000 of account value in the variable
investment options and the guaranteed interest option, combined for option II.
Rebalancing is not available for amounts you have allocated in the fixed
maturity options.
If you elect to use option II, you may not choose either of the investment
simplifier automatic options.
If you request a transfer while the rebalancing program is in effect, we will
process the transfer as requested. The rebalancing program will then remain in
effect unless you request in writing that it be cancelled.
You may change your allocation instructions or cancel the program at any time.
For TSA contracts with outstanding loans only, on any rebalancing date where
the amount to be transferred from the guaranteed interest option would cause a
transfer from the Loan Reserve Account (which is part of the guaranteed
interest option), the rebalancing program will be automatically cancelled. (See
"Loans under TSA contracts" in "Accessing your money," later in this
prospectus.)
36 Transferring your money among investment options
4. Accessing your money
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WITHDRAWING YOUR ACCOUNT VALUE
You have several ways to withdraw your account value before annuity payments
begin. The table below shows the methods available under each type of contract.
More information follows the table.
Please see "Insufficient account value" in "Determining your contract value"
earlier in this prospectus and "How withdrawals affect your Guaranteed minimum
income benefit and Guaranteed minimum death benefit" and "How withdrawals
affect your GWBL and GWBL Guaranteed minimum death benefit" below for more
information on how withdrawals affect your guaranteed benefits and could
potentially cause your contract to terminate.
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Method of withdrawal
----------------------------------------------------
Lifetime required
minimum
Contract Partial Systematic distribution
- ----------------------------------------------------------------------
NQ Yes Yes No
IRA Yes Yes Yes
Roth IRA Yes Yes No
TSA Yes Yes Yes
GWBL AUTOMATIC PAYMENT PLANS
(For contracts with GWBL only)
You may take automatic withdrawals under either the Maximum payment plan or the
Customized payment plan, as described below. Under either plan, you may take
withdrawals on a monthly, quarterly or annual basis. You may change the payment
frequency of your withdrawals at any time, and the change will become effective
on the next contract date anniversary.
You may elect either the Maximum payment plan or the Customized payment plan at
any time. You must wait at least 28 days from contract issue before automatic
payments begin. We will make the withdrawals on any day of the month that you
select as long as it is not later than the 28th day of the month.
MAXIMUM PAYMENT PLAN. Our Maximum payment plan provides for the withdrawal of
the Guaranteed annual withdrawal amount in scheduled payments. The amount of
the withdrawal will increase on contract anniversaries with any Annual ratchet
or a 5% deferral bonus.
If you elect the Maximum payment plan and start monthly or quarterly payments
after the beginning of a contract year, the payments you take that year will be
less than your Guaranteed annual withdrawal amount.
If you take a partial withdrawal while the Maximum payment plan is in effect,
we will terminate the plan. You may enroll in the plan again at any time, but
the scheduled payments will not resume until the next contract date
anniversary.
CUSTOMIZED PAYMENT PLAN. Our Customized payment plan provides for the
withdrawal of a fixed amount not greater than the Guaranteed annual withdrawal
amount in scheduled payments. The amount of the withdrawal will not be
increased on contract date anniversaries with the Annual ratchet or a 5%
deferral bonus. If you would like to increase your payments, you must elect to
change the scheduled payment amount.
It is important to note that if you elect the Customized payment plan and start
monthly or quarterly withdrawals after the beginning of a contract year, you
could select scheduled payment amounts that would cause an Excess withdrawal.
If your selected scheduled payment would cause an Excess withdrawal, we will
notify you. As discussed earlier in this prospectus, Excess withdrawals may
significantly reduce the value of the Guaranteed withdrawal benefit for life
benefit. See "Effect of Excess withdrawals" in "Contract features and benefits"
earlier in this prospectus.
If you take a partial withdrawal while the Customized payment plan is in
effect, we will terminate the plan. You may enroll in the plan again at any
time, but the scheduled payments will not resume until the next contract date
anniversary.
We do not anticipate that Guaranteed annual withdrawals made under the GWBL
maximum or customized payment plan will qualify for an age 59-1/2 penalty tax
exception. See "Early distribution penalty tax" in "Tax Information" later in
this prospectus.
PARTIAL WITHDRAWALS
(All contracts)
You may take partial withdrawals from your account value at any time. The
minimum amount you may withdraw is $300.
Any request for a partial withdrawal will terminate your participation in
either the Maximum payment plan or Customized payment plan, if applicable.
SYSTEMATIC WITHDRAWALS
(All contracts except contracts with GWBL)
If you have at least $20,000 of account value in the variable investment
options and the guaranteed interest option, you may take systematic withdrawals
on a monthly or quarterly basis. The minimum amount you may take for each
withdrawal is $250. We will make the withdrawals on any day of the month that
you select as long as it is not later than the 28th day of the month. If you do
not select a date, your withdrawals will be made on the first day of the month.
A check for the amount of the withdrawal will be mailed to you or, if you
prefer, we will electronically transfer the money to your checking or savings
account.
You may withdraw either the amount of interest earned in the guaranteed
interest option or a fixed-dollar amount from either the variable investment
options or the guaranteed interest option. If you elect the interest option, a
minimum of $20,000 must be maintained in the
Accessing your money 37
guaranteed interest option. If you elect the fixed-dollar option, you do not
have to maintain a minimum amount.
If you choose to have a fixed dollar amount taken from the variable investment
options, you may elect to have the amount of the withdrawal subtracted from
your account value in one of three ways:
(1) pro rata from more than one variable investment option (without using up
your total value in those options); or
(2) pro rata from more than one variable investment option (until your value
in those options is used up); or
(3) you may specify a dollar amount from only one variable investment option.
You can cancel the systematic withdrawal option at any time.
You may elect to take systematic withdrawals at any time. If you own an IRA
contract, you may elect this withdrawal method only if you are between ages
59-1/2 and 70-1/2. If you own a TSA contract, you may not elect systematic
withdrawals if you have a loan outstanding.
Systematic withdrawals are not available if you have elected the Guaranteed
withdrawal benefit for life.
LIFETIME REQUIRED MINIMUM DISTRIBUTION WITHDRAWALS
(IRA and TSA contracts only -- See "Tax information" later in this prospectus)
We offer our "required minimum distribution (RMD) automatic withdrawal option"
to help you meet lifetime required minimum distributions under federal income
tax rules. This is not the exclusive way for you to meet these rules. After
consultation with your tax adviser, you may decide to compute required minimum
distributions yourself and request partial withdrawals. Before electing this
account based withdrawal option, you should consider whether annuitization
might be better in your situation. If you have elected certain additional
benefits, such as the Guaranteed minimum death benefit, amounts withdrawn from
the contract to meet required minimum distributions will reduce the benefit
base and may limit the utility of the benefit. Also, the actuarial present
value of additional contract benefits must be added to the account value in
calculating required minimum distribution withdrawals from annuity contracts
funding qualified plans, TSAs and IRAs, which could increase the amount
required to be withdrawn. Please refer to "Tax information" later in this
prospectus.
You may elect this option in the year in which you reach age 70-1/2 or in any
later year. To elect this option, you must have account value in the variable
investment options and the guaranteed interest option of at least $2,000. The
minimum amount we will pay out is $300 or your account value, whichever is
less. If your account value is less than $500 after the withdrawal, we may
terminate your contract and pay you its cash value. Currently, minimum
distribution withdrawal payments will be made annually. See "Required minimum
distributions" in "Tax information" later in this prospectus for your specific
type of retirement arrangement.
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For IRA and TSA contracts, we will send a form outlining the distribution
options available in the year you reach age 70-1/2 (if you have not begun your
annuity payments before that time).
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Under TSA contracts, you may not elect our RMD automatic withdrawal option if a
loan is outstanding.
FOR CONTRACTS WITH GWBL. Generally, if you elect our RMD Automatic withdrawal
option, any lifetime required minimum distribution payment we make to you under
our RMD Automatic withdrawal option will not be treated as an Excess
withdrawal.
If you elect either the Maximum payment plan or the Customized payment plan AND
our RMD Automatic withdrawal option, we will make an extra payment, if
necessary, in December that will equal your lifetime required minimum
distribution less all payments made through November 30 and any scheduled
December payment. The combined automatic plan payments and lifetime required
minimum distribution payment will not be treated as Excess withdrawals, if
applicable. However, if you take any partial withdrawals in addition to your
lifetime required minimum distribution and automatic payment plan payments,
your applicable automatic payment plan will be terminated. The partial
withdrawal may cause an Excess withdrawal. You may enroll in the plan again at
any time, but the scheduled payments will not resume until the next contract
anniversary. Further, your GWBL benefit base and Guaranteed annual withdrawal
amount may be reduced. See "Effect of Excess Withdrawals" in "Contract features
and benefits" earlier in this prospectus.
If you elect our RMD Automatic withdrawal option and elect to take your
Guaranteed annual withdrawal amount in partial withdrawals, we will make a
payment, if necessary, in December that will equal your required minimum
distribution less all withdrawals made through November 30. Any RMD payment we
make to you under our RMD Automatic withdrawal option will not be treated as an
Excess withdrawal; however, any other withdrawals in the same contract year may
be treated as Excess withdrawals even if those withdrawals are less than your
lifetime required minimum distribution payment.
FOR CONTRACTS WITH THE GUARANTEED MINIMUM INCOME BENEFIT. The no lapse
guarantee will not be terminated if a required minimum distribution payment
using our RMD automatic withdrawal option causes your cumulative withdrawals in
the contract year to exceed 6% of the Roll- Up benefit base (as of the
beginning of the contract year or in the first contract year, all contributions
received within the first 90 days).
Owners of IRA and TSA contracts generally should not reset the Roll-Up benefit
base if lifetime required minimum distributions must begin before the end of
the new exercise waiting period. See "Guaranteed minimum death
benefit/guaranteed minimum income benefit roll-up benefit base reset" in
"Contract features and benefits" earlier in this prospectus.
HOW WITHDRAWALS ARE TAKEN FROM YOUR ACCOUNT VALUE
Unless you specify otherwise, we will subtract your withdrawals on a pro rata
basis from your value in the variable investment options and the guaranteed
interest option. If there is insufficient value or no value in the variable
investment options and the guaranteed interest option, any additional amount of
the withdrawal required or the total amount of the withdrawal will be withdrawn
from the fixed maturity options in the order of the earliest maturity date(s)
first. If the contract is surrendered or annuitized or a death benefit is paid,
we will deduct a pro rata portion of the charge for that year. A market value
adjustment will apply to withdrawals from the fixed maturity options.
38 Accessing your money
AUTOMATIC DEPOSIT SERVICE
If you are receiving required minimum distribution payments from an IRA or TSA
contract, you may use our automatic deposit service.
Under this service we will automatically deposit the required minimum
distribution payment from your TSA or IRA contract directly into an existing
EQUI-VEST(SM) or EQUI-VEST(SM) Express(SM) NQ or Roth IRA contract according to
your allocation instructions. Please note that you must have compensation or
earned income for the year of the contribution to make regular contributions to
Roth IRAs.
HOW WITHDRAWALS AFFECT YOUR GUARANTEED MINIMUM INCOME BENEFIT AND GUARANTEED
MINIMUM DEATH BENEFIT
In general, withdrawals (including required minimum distributions) will reduce
your guaranteed benefits on a pro rata basis. Reduction on a pro rata basis
means that we calculate the percentage of your current account value that is
being withdrawn and we reduce your current benefit by the same percentage. For
example, if your account value is $30,000 and you withdraw $12,000, you have
withdrawn 40% of your account value. If your benefit was $40,000 before the
withdrawal, it would be reduced by $16,000 ($40,000 X .40) and your new benefit
after the withdrawal would be $24,000 ($40,000 - $16,000).
With respect to the Guaranteed minimum income benefit and the greater of 6%
Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced death benefit,
withdrawals will reduce each of the benefits' 6% Roll-Up to age 85 benefit base
on a dollar-for-dollar basis, as long as the sum of withdrawals in a contract
year is 6% or less of the 6% Roll-Up benefit base on the contract issue date or
the most recent contract date anniversary, if later. For this purpose, in the
first contract year, all contributions received in the first 90 days after
contract issue will be considered to have been received on the first day of the
contract year. In subsequent contract years, additional contributions made
during the contract year do not affect the amount of withdrawals that can be
taken on a dollar-for-dollar basis in that contract year. Once a withdrawal is
taken that causes the sum of withdrawals in a contract year to exceed 6% of the
benefit base on the most recent anniversary, that entire withdrawal (including
required minimum distributions) and any subsequent withdrawals in that same
contract year will reduce the benefit base pro rata. Reduction on a
dollar-for-dollar basis means that your 6% Roll-Up to age 85 benefit base will
be reduced by the dollar amount of the withdrawal for each Guaranteed benefit.
The Annual Ratchet to age 85 benefit base will always be reduced on a pro rata
basis.
HOW WITHDRAWALS AFFECT YOUR GWBL AND GWBL GUARANTEED MINIMUM DEATH BENEFIT
Your GWBL benefit base is not reduced by withdrawals until a withdrawal causes
cumulative withdrawals in a contract year to exceed the Guaranteed annual
withdrawal amount. Withdrawals that exceed the Guaranteed annual withdrawal
amount, however, can significantly reduce your GWBL benefit base and Guaranteed
annual withdrawal amount. For more information, see "Effect of Excess
withdrawals" and "Other important considerations" under "Our Guaranteed
withdrawal benefit for life ("GWBL")" in "Contract features and benefits"
earlier in this Prospectus.
Your GWBL Standard death benefit base and GWBL Enhanced death benefit base are
reduced on a dollar for dollar basis up to the Guaranteed annual withdrawal
amount. Once a withdrawal causes cumulative withdrawals in a contract year to
exceed your Guaranteed annual withdrawal amount, however, your GWBL Standard
death benefit base and GWBL Enhanced death benefit base are reduced on a pro
rata basis. If the reduced GWBL Enhanced death benefit base is greater than
your account value (after the Excess withdrawal), we will further reduce your
GWBL Enhanced death benefit base to equal your account value.
Any remaining Guaranteed minimum death benefit value will be transferred to the
annuity payout contract as your "minimum death benefit." If an enhanced death
benefit had been elected, its value as of the date the annuity payout contract
issued will become your minimum death benefit, and it will no longer increase.
The minimum death benefit will be reduced dollar-for-dollar by each payment.
You are guaranteed to receive the minimum death benefit. If you die prior to
receiving that amount, any remaining minimum death benefit will be paid to your
beneficiary.
WITHDRAWALS TREATED AS SURRENDERS
If you request to withdraw more than 90% of a contract's current cash value, we
will treat it as a request to surrender the contract for its cash value. In
addition, we have the right to pay the cash value and terminate this contract
if the account value is less than $500, or if you make a withdrawal that would
result in a cash value of less than $500. The rules in the preceding sentence
do not apply if the Guaranteed minimum income benefit no lapse guarantee is in
effect on your contract. See "Surrendering your contract to receive its cash
value" below. For the tax consequences of withdrawals, see "Tax information"
later in this prospectus.
SPECIAL RULES FOR THE GUARANTEED WITHDRAWAL BENEFIT FOR LIFE. We will not
treat a withdrawal request that results in a withdrawal in excess of 90% of the
contract's cash value as a request to surrender the contract unless it is a
GWBL Excess withdrawal. In addition, we will not terminate your contract if
either your account value or cash value falls below $500, unless it is due to a
GWBL Excess withdrawal. In other words, if you take a GWBL Excess withdrawal
that equals more than 90% of your cash value or reduces your cash value to less
than $500, we will treat your request as a surrender of your contract even if
your GWBL benefit base is greater than zero. Please also see "Insufficient
account value" in "Determining your contract value" earlier in this prospectus.
Please also see "Guaranteed withdrawal benefit for life" in "Contract features
and benefits," earlier in this prospectus, for more information on how
withdrawals affect your guaranteed benefits and could potentially cause your
contract to terminate.
LOANS UNDER TSA CONTRACTS
You may take loans from a TSA contract. You should read the terms and
conditions on our loan request form carefully before taking out a loan. Your
contract contains further details of the loan provision. We
Accessing your money 39
will not permit you to take a loan while you are enrolled in our "required
minimum distribution (RMD) automatic withdrawal option." We may also restrict
the availability of loans if you have not fully repaid the entire outstanding
balance of any prior loan.
If you exercise the GMIB option, any outstanding loan amount must be repaid or
the loan will be defaulted.
We permit only one loan to be outstanding at any time. When you take a loan we
will transfer certain amounts to a loan reserve account.
A loan with respect to an EQUI-VEST(SM) At Retirement(SM) TSA contract, will not
be treated as a taxable distribution unless:
o it exceeds limits of federal income tax rules; or
o interest and principal are not paid when due.
Loans under TSA contracts are discussed further in "Tax information" later in
this prospectus. The tax consequences of failure to repay a loan when due are
substantial and may result in severe restrictions on your ability to borrow
amounts. Please see Appendix V later in this prospectus for any state
restrictions you may be subject to if you take a loan from a TSA contract.
Also, see "Tax information" later in this prospectus for general rules
applicable to loans.
LOAN RESERVE ACCOUNT. On the date your loan is processed, we will transfer to
a "loan reserve account" an amount equal to the sum of (1) the loan amount,
which will earn interest at the "loan reserve account rate" during the loan
term and (2) 10% of the loan amount, which will earn interest at the guaranteed
interest rate. You may not make any partial withdrawals or transfers among
investment options or to another 403(b) arrangement or eligible retirement plan
from the loan reserve account until after repayment of the principal amount
then due. You may specify on the loan request form from which investment
option(s) the loan reserve account will be funded.
The "loan reserve account rate" will equal the loan interest rate minus a
maximum rate of 2%.
SURRENDERING YOUR CONTRACT TO RECEIVE ITS CASH VALUE
You may surrender your contract to receive its cash value at any time while an
owner is living (or for contracts with non-natural owners while the annuitant
is living) and before you begin to receive annuity payments. For a surrender to
be effective, we must receive your written request and your contract at our
processing office. We will determine your cash value on the date we receive the
required information.
All benefits under the contract will terminate as of the date we receive the
required information, including the Guaranteed withdrawal benefit for life (if
applicable) if your cash value is greater than your Guaranteed annual
withdrawal amount remaining that year. If your cash value is not greater than
your Guaranteed annual withdrawal amount remaining that year, then you will
receive a supplementary life annuity contract. For more information, please see
"Effect of your account value falling to zero" in "Contract features and
benefits" earlier in this prospectus. Also, if the Guaranteed minimum income
benefit no lapse guarantee is in effect, the benefit will terminate without
value if your cash value plus any other withdrawals taken in the contract year
exceed 6% of the Roll-Up benefit base (as of the beginning of the contract
year). For more information, please see "Insufficient account value" in
"Determining your contract value" and Guaranteed withdrawal benefit for life"
in "Contract features and benefits" earlier in this prospectus.
You may receive your cash value in a single sum payment or apply it to one or
more of the annuity payout options. See "Your annuity payout options" below.
For the tax consequences of surrenders, see "Tax information" later in this
prospectus.
WHEN TO EXPECT PAYMENTS
Generally, we will fulfill requests for payments out of the variable investment
options within seven calendar days after the date of the transaction to which
the request relates. These transactions may include applying proceeds to a
variable annuity, payment of a death benefit, payment of any amount you
withdraw and, upon surrender, payment of the cash value. We may postpone such
payments or applying 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 variable
investment option's assets is not reasonably practicable because of an
emergency, or
(3) the SEC, by order, permits us to defer payment to protect people remaining
in the variable investment options.
We can defer payment of any portion of your value in the guaranteed interest
option and fixed maturity options (other than for death benefits) for up to six
months while you are living.
All payments are made by check and are mailed to you (or the payee named in a
tax-free exchange) by U.S. mail, unless you request that we use an express
delivery or wire transfer service at your expense.
YOUR ANNUITY PAYOUT OPTIONS
Deferred annuity contracts such as EQUI-VEST(SM) At Retirement(SM) provide for
conversion to payout status at or before the contract's "maturity date." This
is called annuitization. When your contract is annuitized, your EQUI-VEST(SM) At
Retirement(SM) contract, all its benefits will terminate and you will receive a
supplemental annuity payout contract ("payout option") that provides periodic
payments for life or for a specified period of time. In general, the periodic
payment amount is determined by the account value or cash value of your
EQUI-VEST(SM) At Retirement(SM) contract at the time of annuitization and the
annuity purchase factor to which that value is applied, as described below.
Alternatively, if you have a Guaranteed minimum income benefit, you may
exercise your benefit in accordance with its terms.
Your EQUI-VEST(SM) At Retirement(SM) contract guarantees that upon
annuitization, your annuity account value will be applied to a guaranteed
annuity purchase factor for a life annuity payout option. In addition, you may
apply your account value or cash value, whichever is applicable, to any other
annuity payout option that we may offer at the time of annuitization. We
currently offer you several choices of annuity payout options. Some enable you
to receive fixed annuity payments, which can be either level or increasing, and
others enable you to receive variable annuity payments. Please see Appendix V
later in this prospectus for variations that may apply in your state.
40 Accessing your money
You can choose from among the annuity payout options listed below. Restrictions
may apply, depending on the type of contract you own or the owner's and
annuitant's ages at contract issue. In addition, if you are exercising your
Guaranteed minimum income benefit, your choice of payout options are those that
are available under the Guaranteed minimum income benefit (see "Guaranteed
minimum income benefit option" in "Contract features and benefits" earlier in
this prospectus). If you elect the Guaranteed withdrawal benefit for life and
choose to annuitize your contract, the Guaranteed withdrawal benefit for life
will terminate without value even if your GWBL benefit base is greater than
zero. Payments you receive under the annuity payout option you select may be
less than you would have received under GWBL. See "Guaranteed withdrawal
benefit for life" in "Contract features and benefits" earlier in this
prospectus for further information.
Fixed annuity payout options Life annuity
Life annuity with period certain
Life annuity with refund certain
Period certain annuity
Variable Immediate Annuity Life annuity
payout options (as described in Life annuity with period certain
a separate prospectus for this
option)
Income Manager(SM) payout options Life annuity with period certain
(available for owners and annu- Period certain annuity
itants age 83 or less at contract
issue) (as described in a sepa-
rate prospectus for this option)
o Life annuity: An annuity that guarantees payments for the rest of the
annuitant's life. Payments end with the last monthly payment before the
annuitant's death. Because there is no continuation of benefits following
the annuitant's death with this payout option, it provides the highest
monthly payment of any of the life annuity options, so long as the annuitant
is living.
o Life annuity with period certain: An annuity that guarantees payments for
the rest of the annuitant's life. If the annuitant dies before the end of a
selected period of time ("period certain"), payments continue to the
beneficiary for the balance of the period certain. The period certain cannot
extend beyond the annuitant's life expectancy. A life annuity with a period
certain is the form of annuity under the contracts that you will receive if
you do not elect a different payout option. In this case, the period certain
will be based on the annuitant's age and will not exceed 10 years.
o Life annuity with refund certain: An annuity that guarantees payments for
the rest of the annuitant's life. If the annuitant dies before the amount
applied to purchase the annuity option has been recovered, payments to the
beneficiary will continue until that amount has been recovered. This payout
option is available only as a fixed annuity.
o Period certain annuity: An annuity that guarantees payments for a specific
period of time, usually 5, 10, 15, or 20 years. This guaranteed 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. This payout option is available only as a fixed annuity.
The life annuity, life annuity with period certain, and life annuity with
refund certain payout options are available on a single life or joint and
survivor life basis. The joint and survivor life annuity guarantees payments
for the rest of the annuitant's life and, after the annuitant's death, payments
continue to the survivor. We may offer other payout options not outlined here.
Your financial professional can provide details.
FIXED ANNUITY PAYOUT OPTIONS
With fixed annuities, we guarantee fixed annuity payments will be based either
on the tables of guaranteed annuity purchase factors in your contract or on our
then current annuity purchase factors, whichever is more favorable for you.
VARIABLE IMMEDIATE ANNUITY PAYOUT OPTIONS
Variable Immediate Annuities are described in a separate prospectus that is
available from your financial professional. Before you select a Variable
Immediate Annuity payout option, you should read the prospectus which contains
important information that you should know.
Variable Immediate Annuities may be funded through your choice of available
variable investment options investing in portfolios of AXA Premier VIP Trust
and EQ Advisors Trust. The contract also offers a fixed income annuity payout
option that can be elected in combination with the variable annuity payout
option. The amount of each variable income annuity payment will fluctuate,
depending upon the performance of the variable investment options, and whether
the actual rate of investment return is higher or lower than an assumed base
rate.
INCOME MANAGER(SM) PAYOUT OPTIONS
The Income Manager(SM) payout annuity contracts differ from the other payout
annuity contracts. The other payout annuity contracts may provide higher or
lower income levels, but do not have all the features of the Income Manager(SM)
payout annuity contract. You may request an illustration of the Income
Manager(SM) payout annuity contract from your financial professional. Income
Manager(SM) payout options are described in a separate prospectus that is
available from your financial professional. Before you select an Income
Manager(SM) payout option, you should read the prospectus which contains
important information that you should know.
Both NQ and IRA Income Manager(SM) payout options provide guaranteed level
payments. The Income Manager(SM) (life annuity with period certain) also
provides guaranteed increasing payments (NQ contracts only).
For TSA contracts, if you want to elect an Income Manager(SM) payout option, we
will first roll over amounts in such contract to an IRA contract.
You may choose to apply only part of the account value of your EQUI-VEST(SM) At
Retirement(SM) contract to an Income Manager(SM) payout annuity. In this case,
we will consider any amounts applied as a withdrawal from your EQUI-VEST(SM) At
Retirement(SM). For the tax consequences of withdrawals, see "Tax information"
later in this prospectus.
Accessing your money 41
The Income Manager(SM) payout options are not available in all states.
THE AMOUNT APPLIED TO PURCHASE AN ANNUITY PAYOUT OPTION
The amount applied to purchase an annuity payout option varies, depending on
the payout option that you choose, and the timing of your purchase as it
relates to any market value adjustments.
If amounts in a fixed maturity option are used to purchase any annuity payout
option, prior to the maturity date, a market value adjustment will apply.
SELECTING AN ANNUITY PAYOUT OPTION
When you select a payout option, we will issue you a separate written agreement
confirming your right to receive annuity payments. We require you to return
your contract before annuity payments begin. The contract owner and annuitant
must meet the issue age and payment requirements.
You can choose the date annuity payments begin but it may not be earlier than
thirteen months from the EQUI-VEST(SM) At Retirement(SM) contract date. Except
with respect to the Income Manager(SM) annuity payout options, where payments
are made on the 15th day of each month, you can change the date your annuity
payments are to begin anytime before that date as long as you do not choose a
date later than the 28th day of any month. Also, that date may not be later than
the annuity maturity date described below.
The amount of the annuity payments will depend on the amount applied to
purchase the annuity and the applicable annuity purchase factors, discussed
earlier. The amount of each annuity payment will decrease if you increase the
duration or frequency of a non-life contingent annuity or the certain period of
a life contingent annuity. Once elected, the frequency with which you receive
payments cannot be changed.
If, at the time you elect a payout option, the amount to be applied is less
than $2,000 or the initial payment under the form elected is less than $20
monthly, we reserve the right to pay the account value in a single sum rather
than as payments under the payout option chosen.
If you select an annuity payout option and payments have begun, no change can
be made other than: (i) transfers (if permitted in the future) among the
variable investment options if a Variable Immediate Annuity payout option is
selected; and (ii) withdrawals or contract surrender (subject to a market value
adjustment) if an Income Manager(SM) payout option is chosen.
ANNUITY MATURITY DATE
Your contract has a maturity date by which you must either take a lump sum
withdrawal or select an annuity payout option. The maturity date is based on
the age of the annuitant at contract issue and cannot be changed. The maturity
date is generally the contract date anniversary that follows the annuitant's
95th birthday. We will send a notice with the annual statement one year prior
to the maturity age.
If you elect the Guaranteed withdrawal benefit for life and your contract is
annuitized at maturity, we will offer an annuity payout option that guarantees
you will receive payments for life that are at least equal to what you would
have received under the Guaranteed withdrawal benefit for life. As described in
"Contract features and benefits" under "Guaranteed withdrawal benefit for
life," these payments will have the potential to increase with favorable
investment performance. Any remaining Guaranteed minimum death benefit value
will be transferred to the annuity payout contract as your "minimum death
benefit." If the enhanced death benefit had been elected, its value as of the
date the annuity payout contract is issued will become your minimum death
benefit, and it will no longer increase. The minimum death benefit will be
reduced dollar for dollar by each payment. If you die while there is any
minimum death benefit remaining, it will be paid to your beneficiary.
Please see Appendix V later in this prospectus for variations that may apply in
your state.
42 Accessing your money
5. Charges and expenses
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CHARGES THAT AXA EQUITABLE DEDUCTS
We deduct the following charges each day from the net assets of each variable
investment option. These charges are reflected in the unit values of each
variable investment option:
o A mortality and expense risks charge
o An administrative charge
o A distribution charge
We deduct the following charges from your account value. When we deduct these
charges from your variable investment options, we reduce the number of units
credited to your contract:
o On each contract date anniversary, a charge for each optional benefit that
you elect: a death benefit (other than the Standard and GWBL Standard death
benefit); the Guaranteed minimum income benefit; and the Guaranteed
withdrawal benefit for life.
o At the time annuity payments are to begin -- charges designed to approximate
certain taxes that may be imposed on us, such as premium taxes in your
state. A variable immediate annuity administrative fee may also apply.
More information about these charges appears below. We will not increase these
charges for the life of your contract, except as noted.
The charges under the contracts are designed to cover, in the aggregate, our
direct and indirect costs of selling, administering and providing benefits
under the contracts. They are also designed, in the aggregate, to compensate us
for the risks of loss we assume pursuant to the contracts. If, as we expect,
the charges that we collect from the contracts exceed our total costs in
connection with the contracts, we will earn a profit. Otherwise, we will incur
a loss.
The rates of certain of our charges have been set with reference to estimates
of the amount of specific types of expenses or risks that we will incur. In
most cases, this prospectus identifies such expenses or risks in the name of
the charge; however, the fact that any charge bears the name of, or is designed
primarily to defray, a particular expense or risk does not mean that the amount
we collect from that charge will never be more than the amount of such expense
or risk. Nor does it mean that we may not also be compensated for such expense
or risk out of any other charges we are permitted to deduct by the terms of the
contract.
MORTALITY AND EXPENSE RISKS CHARGE
We deduct a daily charge from the net assets in each variable investment option
to compensate us for mortality and expense risks, including the Standard death
benefit. The daily charge is equivalent to an annual rate of 0.80% of the net
assets in each variable investment option.
The mortality risk we assume is the risk that annuitants as a group will live
for a longer time than our actuarial tables predict. If that happens, we would
be paying more in annuity income than we planned. We also assume a risk that
the mortality assumptions reflected in our guaranteed annuity payment tables,
shown in each contract, will differ from actual mortality experience. Lastly,
we assume a mortality risk to the extent that at the time of death, the
guaranteed minimum death benefit exceeds the cash value of the contract. The
expense risk we assume is the risk that it will cost us more to issue and
administer the contracts than we expect.
ADMINISTRATIVE CHARGE
We deduct a daily charge from the net assets in each variable investment option
to compensate us for administrative expenses under the contracts. The daily
charge is equivalent to an annual rate of 0.30% of the net assets in each
variable investment option.
DISTRIBUTION CHARGE
We deduct a daily charge from the net assets in each variable investment option
to compensate us for a portion of our sales expenses under the contracts. The
daily charge is equivalent to an annual rate of 0.20% of the net assets in each
variable investment option.
ANNUAL ADMINISTRATIVE CHARGE
There is no annual administrative charge for your EQUI-VEST(SM) At
Retirement(SM) contract.
GUARANTEED MINIMUM DEATH BENEFIT CHARGE
ANNUAL RATCHET TO AGE 85. If you elect the Annual Ratchet to age 85 enhanced
death benefit, we deduct a charge annually from your account value on each
contract date anniversary for which it is in effect. The charge is equal to
0.25% of the Annual Ratchet to age 85 benefit base.
GREATER OF 6% ROLL-UP TO AGE 85 OR ANNUAL RATCHET TO AGE 85. If you elect this
enhanced death benefit, we deduct a charge annually from your account value on
each contract date anniversary for which it is in effect. The charge is equal
to 0.60% of the greater of the 6% Roll-Up to age 85 or the Annual Ratchet to
age 85 benefit base.
GWBL ENHANCED DEATH BENEFIT. This death benefit is only available if you elect
the GWBL. If you elect this enhanced death benefit, we deduct a charge annually
from your account value on each contract date anniversary. The charge is equal
to 0.30% of the GWBL Enhanced death benefit base.
We will deduct this charge from your value in the variable investment options
and the guaranteed interest option on a pro rata basis. If those amounts are
insufficient, we will deduct all or a portion of the charge from the fixed
maturity options (if available) in the order of the earliest maturity date(s)
first. If the contract is surrendered or annuitized or a death benefit is paid,
on other than a contract date anniversary, we
Charges and expenses 43
will deduct a pro rata portion of the charge for that year. A market value
adjustment will apply to deductions from the fixed maturity options.
If your account value is insufficient to pay this charge, your contract will
terminate without value and you will lose any applicable guaranteed benefits
except as noted under "Insufficient account value" in "Determining your
contract value" earlier in this prospectus.
STANDARD DEATH BENEFIT AND GWBL STANDARD DEATH BENEFIT. There is no additional
charge for these standard death benefits.
GUARANTEED MINIMUM INCOME BENEFIT CHARGE
If you elect the Guaranteed minimum income benefit, we deduct a charge annually
from your account value on each contract date anniversary until such time as
you exercise the Guaranteed minimum income benefit, elect another annuity
payout option, or the contract date anniversary after the owner reaches age 85,
whichever occurs first. The charge is equal to 0.65% of the applicable benefit
base in effect on the contract date anniversary.
We will deduct this charge from your value in the variable investment options
and the guaranteed interest option (see Appendix V later in this prospectus to
see if deducting this charge from the guaranteed interest option is permitted
in your state) on a pro rata basis. If those amounts are still insufficient, we
will deduct all or a portion of the charge from the fixed maturity options in
the order of the earliest maturity date(s) first. If the contract is
surrendered or annuitized or a death benefit is paid on other than a contract
date anniversary, we will deduct a pro rata portion of the charge for that
year. A market value adjustment will apply to deductions from the fixed
maturity options.
If your account value is insufficient to pay this charge, your contract will
terminate without value and you will lose any applicable guaranteed benefits
except as noted under "Insufficient account value" in "Determining your
contract value" earlier in this prospectus.
GUARANTEED WITHDRAWAL BENEFIT FOR LIFE BENEFIT CHARGE
If you elect the Guaranteed withdrawal benefit for life ("GWBL"), we deduct a
charge annually as a percentage of your GWBL benefit base on each contract
anniversary. If the single life option is in effect, the charge is equal to
0.60%. If the Joint Life option is in effect, the charge is equal to 0.75%. We
will deduct this charge from your value in the permitted variable investment
option and the guaranteed interest option (see Appendix V later in this
prospectus to see if deducting this charge from the guaranteed interest option
is permitted in your state) on a pro rata basis. If the contract is surrendered
or annuitized or a death benefit is paid on other than a contract date
anniversary, we will deduct a pro rata portion of the charge for that year.
GWBL BENEFIT BASE ANNUAL RATCHET CHARGE. If your GWBL benefit base ratchets, we
reserve the right to raise the charge at the time of an annual ratchet. The
maximum charge for the single life option is 0.75%. The maximum charge for the
Joint Life option is 0.90%. The increased charge, if any, will apply as of the
contract date anniversary on which your GWBL benefit base ratchets and on all
contract date anniversaries thereafter. We will permit you to opt out of the
ratchet if the charge increases.
For Joint life contracts, if the successor owner is dropped before you take
your first withdrawal, we will adjust the charge at that time to reflect a
Single life. If the successor owner is dropped after withdrawals begin, the
charge will continue based on a Joint life basis.
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 premium taxes in your state. Generally, we deduct the charge from
the amount applied to provide an annuity payout option. The current tax charge
that might be imposed varies by jurisdiction and ranges from 0% to 3.5%.
VARIABLE IMMEDIATE ANNUITY ANNUITIZATION PAYOUT OPTION
ADMINISTRATIVE FEE
We deduct a fee of $350 from the amount to be applied to the Variable Immediate
Annuity annuitization payout option. This option may not be available at the
time you elect to annuitize or it may have a different charge.
CHARGES THAT THE TRUSTS DEDUCT
The Trusts deduct charges for the following types of fees and expenses:
o Management fees ranging from 0.10% to 1.40%.
o 12b-1 fees of either 0.25% or 0.35%.
o Operating expenses, such as trustees' fees, independent public accounting
firms' fees, legal counsel fees, administrative service fees, custodian fees
and liability insurance.
o Investment-related expenses, such as brokerage commissions.
These charges are reflected in the daily share price of each portfolio. Since
shares of each Trust are purchased at their net asset value, these fees and
expenses are, in effect, passed on to the variable investment options and are
reflected in their unit values. Certain portfolios available under the contract
in turn invest in shares of other portfolios of AXA Premier VIP Trust and EQ
Advisors Trust and/or shares of unaffiliated portfolios (collectively, the
"underlying portfolios"). The underlying portfolios each have their own fees
and expenses, including management fees, operating expenses, and investment
related expenses such as brokerage commissions. For more information about
these charges, please refer to the prospectuses for the Trusts.
GROUP OR SPONSORED ARRANGEMENTS
For certain group or sponsored arrangements, we may reduce the mortality and
expense risks charge or change the minimum initial contribution requirements.
We also may change the Guaranteed minimum income benefit or the Guaranteed
minimum death benefit, or offer variable investment options that invest in
shares of the Trusts that are not subject to the 12b-1 fee. Group arrangements
include those in which a trustee or an employer, for example, purchases
contracts covering a group of individuals on a group basis. Group arrangements
are not available for IRA and Roth IRA contracts. Sponsored arrangements
include those in which an employer allows us to sell contracts to its employees
or retirees on an individual basis.
44 Charges and expenses
Our costs for sales, administration and mortality generally vary with the size
and stability of the group or sponsoring organization, among other factors. We
take all these factors into account when reducing charges. To qualify for
reduced charges, a group or sponsored arrangement must meet certain
requirements, such as requirements for size and number of years in existence.
Group or sponsored arrangements that have been set up solely to buy contracts
or that have been in existence less than six months will not qualify for
reduced charges.
We also may establish different rates to maturity for the fixed maturity
options under different classes of contracts for group or sponsored
arrangements.
We will make these and any similar reductions according to our rules in effect
when we approve a contract for issue. We may change these rules from time to
time. Any variation will reflect differences in costs or services and will not
be unfairly discriminatory.
Group or sponsored arrangements may be governed by federal income tax rules,
ERISA or both. We make no representations with regard to the impact of these
and other applicable laws on such programs. We recommend that employers,
trustees, and others purchasing or making contracts available for purchase
under such programs seek the advice of their own legal and benefits advisers.
OTHER DISTRIBUTION ARRANGEMENTS
We may reduce or eliminate charges when sales are made in a manner that results
in savings of sales and administrative expenses, such as sales through persons
who are compensated by clients for recommending investments and who receive no
commission or reduced commissions in connection with the sale of the contracts.
We will not permit a reduction or elimination of charges where it would be
unfairly discriminatory.
Charges and expenses 45
6. Payment of death benefit
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YOUR BENEFICIARY AND PAYMENT OF BENEFIT
You designate your beneficiary when you apply for your contract. You may change
your beneficiary at any time. The change will be effective as of the date the
written request for the change is received in our processing office. We are not
responsible for any beneficiary change request that we do not receive. We will
send you a written confirmation when we receive your request.
Under NQ jointly owned contracts, the surviving owner is considered the
beneficiary, and will take the place of any other beneficiary. You may be
limited as to the beneficiary you can designate in a TSA contract.
The death benefit is equal to your account value (without adjustment for any
otherwise applicable negative market value adjustment) or, if greater, the
applicable Guaranteed minimum death benefit. We determine the amount of the
death benefit (other than the applicable Guaranteed minimum death benefit) as
of the date we receive satisfactory proof of the owner's (or older joint
owner's, if applicable) death, any required instructions for the method of
payment, forms necessary to effect payment and any other information we may
require. The amount of the applicable Guaranteed minimum death benefit will be
such Guaranteed minimum death benefit as of the date of the owner's (or older
joint owner's, if applicable) death adjusted for any subsequent withdrawals.
For TSA contracts with outstanding loans, we will reduce the amount of the
death benefit by the amount of the outstanding loan, including any accrued but
unpaid interest on the date that the death benefit payment is made.
In general, if the annuitant dies, the owner (or older joint owner, if
applicable) will become the annuitant, and the death benefit is not payable.
EFFECT OF THE OWNER'S DEATH
In general, if you die while the contract is in force, the contract terminates
and the applicable death benefit is paid. If the NQ contract is jointly owned,
the death benefit is payable upon the death of the older owner. If the NQ
contract has a non-natural owner, the death benefit is payable upon the death
of the annuitant. For IRA and NQ Joint life contracts with GWBL, the death
benefit is paid to the beneficiary at the death of the second to die of the
owner and successor owner.
There are various circumstances, however, in which the contract can be
continued by a successor owner or under a Beneficiary continuation option
("BCO"). For NQ contracts with spouses who are joint owners, the surviving
spouse will automatically be able to continue the contract under the "Spousal
continuation" feature, as discussed below. For NQ contracts with non-spousal
joint owners, the joint owner will be able to continue the contract as a
successor owner subject to the limitations discussed below under "Non-spousal
joint owner contract continuation." If you are the sole owner and your spouse
is the sole primary beneficiary, your surviving spouse can continue the
contract as a successor owner as discussed below, under "Spousal continuation."
If the beneficiary is not the surviving spouse or if the surviving joint owner
is not the surviving spouse, federal income tax rules generally require
payments of amounts under the contract to be made within five years of an
owner's death (the "5-year rule"). In certain cases, an individual beneficiary
or non-spousal surviving joint owner may opt to receive payments over his/her
life (or over a period not in excess of his/her life expectancy) if payments
commence within one year of the owner's death. Any such election must be made
in accordance with our rules at the time of death. If the beneficiary of a
contract with one owner or a younger non-spousal joint owner continues the
contract under the 5-year rule, in general, all guaranteed benefits and their
charges will end. For more information on non-spousal joint owner contract
continuation, see the section immediately below.
NON-SPOUSAL JOINT OWNER CONTRACT CONTINUATION (NQ only)
Upon the death of either owner, the surviving joint owner becomes the sole
owner.
Any death benefit (if the older owner dies first) or cash value (if the younger
owner dies first) must be fully paid to the surviving joint owner within five
years. The surviving owner may instead elect to receive a life annuity,
provided payments begin within one year of the deceased owner's death. If the
life annuity is elected, the contract and all benefits terminate.
If the older owner dies first, we will increase the account value to equal the
Guaranteed minimum death benefit, if higher. The surviving owner can elect to
(1) take a lump sum payment; (2) annuitize within one year; (3) continue the
contract for up to five years; or (4) continue the contract under the
Beneficiary continuation option. If the contract continues, the Guaranteed
minimum death benefit and charge and the Guaranteed minimum income benefit and
charge will then be discontinued. No subsequent contributions will be
permitted.
If the younger owner dies first, the surviving owner can elect to (1) take a
lump sum payment; (2) annuitize within one year; (3) continue the contract for
up to five years; or (4) continue the contract under the Beneficiary
continuation option. If the contract continues, the death benefit is not
payable, and the Guaranteed minimum death benefit, if applicable, will continue
without change. If the Guaranteed minimum income benefit cannot be exercised
within the period required by federal tax laws, the benefit and charge will
terminate as of the date we receive proof of death. No subsequent contributions
will be permitted.
SPOUSAL CONTINUATION (IRA and NQ only)
If you are the contract owner and your spouse is the sole primary beneficiary
or you jointly own an NQ contract with your spouse, your spouse may elect to
continue the contract as successor owner upon your death. Spousal beneficiaries
(who are not also joint owners) must be 85 or younger as of the date of the
deceased spouse's death in order to continue the contract under Spousal
continuation.
46 Payment of death benefit
The younger spouse joint owner (for NQ contracts only) or the spouse
beneficiary (under a Single owner contract), may elect to receive the death
benefit or continue the contract, as follows:
o As of the date we receive satisfactory proof of your death, any required
instructions, information and forms necessary, we will increase the account
value to equal the elected Guaranteed minimum death benefit as of the date
of your death if such death benefit is greater than such account value and
adjusted for any subsequent withdrawals. The increase in the account value
will be allocated to the investment options according to the allocation
percentages we have on file for your contract.
o The applicable Guaranteed minimum death benefit option may continue as
follows:
o If the surviving spouse is age 75 or younger on the date of your
death, and you were age 84 or younger at death, the Guaranteed
minimum death benefit you elected continues and will continue to grow
according to its terms until the contract date anniversary following
the date the surviving spouse reaches age 85.
o If the surviving spouse is age 75 or younger on the date of your
death, and you were age 85 or older at death, we will reinstate the
Guaranteed minimum death benefit you elected. The benefit base (which
had previously been frozen at age 85) will now continue to grow
according to its terms until the contract date anniversary following
the date the surviving spouse reaches age 85.
o If the surviving spouse is age 76 or over on the date of your death,
the Guaranteed minimum death benefit and charge will be discontinued.
o If the Guaranteed minimum death benefit continues, the Guaranteed
minimum death benefit/Guaranteed minimum income benefit roll-up
benefit base reset, if applicable, will be based on the surviving
spouse's age at the time of your death. The next available reset will
be based on the contract issue date or last reset, as applicable.
o For single owner contracts with the GWBL Enhanced death benefit, we
will discontinue the benefit and charge. However, we will freeze the
GWBL Enhanced death benefit benefit base as of the date of your death
(less subsequent withdrawals), and pay it upon your spouse's death.
o The Guaranteed minimum income benefit may continue if the benefit had not
already terminated and the benefit will be based on the surviving spouse's
age at the date of the deceased spouse's death. See "Guaranteed minimum
income benefit" in "Contract features and benefits" earlier in this
prospectus.
o If you elect GWBL on a Joint life basis, the benefit and charge will remain
in effect and no death benefit is payable until the death of the surviving
spouse. No subsequent contributions will be permitted. If you elect GWBL on
a Single life basis, the benefit and charge will terminate.
o If the deceased spouse was the annuitant, the surviving spouse becomes the
annuitant.
Where an NQ contract is owned by a Living Trust, as defined in the contract,
and at the time of the annuitant's death the annuitant's spouse is the sole
beneficiary of the Living Trust, the Trustee, as owner of the contract, may
request that the spouse be substituted as annuitant as of the date of the
annuitant's death. No further change of annuitant will be permitted.
For jointly owned NQ contracts, if the younger spouse dies first no death
benefit is paid, and the contract continues as follows:
o The Guaranteed minimum death benefit and the Guaranteed minimum income
benefit continue to be based on the older spouse's age for the life of the
contract.
o If the deceased spouse was the annuitant, the surviving spouse becomes the
annuitant.
o If you elect GWBL, the benefit and charge will remain in effect and no death
benefit is payable until the death of the surviving spouse.
If there is a change in owner or primary beneficiary, the Spousal continuation
option will be terminated. If you divorce, Spousal continuation does not apply.
BENEFICIARY CONTINUATION OPTION
This feature permits a designated individual, on the contract owner's death, to
maintain a contract in the deceased contract owner's name and receive
distributions under the contract, instead of receiving the death benefit in a
single sum. We make this option available to beneficiaries under traditional
IRA, Roth IRA, TSA and NQ contracts, subject to state availability. Please
speak with your financial professional or see Appendix V later in this
prospectus for further information.
For Joint life contracts with GWBL, BCO is only available after the death of
the second owner.
BENEFICIARY CONTINUATION OPTION FOR TRADITIONAL IRA AND ROTH IRA CONTRACTS
ONLY. The beneficiary continuation option 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 increase the account value to equal the applicable death
benefit if such death benefit is greater than such account value adjusted for
any subsequent withdrawals.
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 70-1/2, if such time is later. For
traditional IRA and TSA contracts, if you die before your Required Beginning
Date for Required Minimum Distributions, as discussed later in this prospectus
in "Tax information" under "Individual retirement arrangements (IRAs)," the
beneficiary may choose the "5-year rule" option instead of annual pay-
Payment of death benefit 47
ments over life expectancy. The 5-year rule is always available to
beneficiaries under Roth IRA contracts. 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 for IRA, Roth IRA, and TSA contracts:
o The contract continues in your name for the benefit of your beneficiary.
o The beneficiary replaces the deceased owner as annuitant.
o 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.
o 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.
o The minimum amount that is required in order to elect the beneficiary
continuation option is $5,000 for each beneficiary.
o The beneficiary may make transfers among the investment options but no
subsequent contributions will be permitted.
o If you had elected the Guaranteed minimum income benefit, an optional
enhanced death benefit, GWBL or the GWBL Enhanced death benefit under the
contract, they will no longer be in effect and charges for such benefits
will stop. Also, any Guaranteed minimum death benefit feature will no longer
be in effect.
o Loans will no longer be available for TSA contracts.
o The beneficiary may choose at any time to withdraw all or a portion of the
account value.
o Any partial withdrawal must be at least $300.
o Your beneficiary will have the right to name a beneficiary to receive any
remaining interest in the contract.
o 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 contract 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.
BENEFICIARY CONTINUATION OPTION FOR NQ CONTRACTS ONLY. This feature, also known
as Inherited annuity, may only be elected when the NQ contract owner dies
before the annuity maturity date, whether or not the owner and the annuitant
are the same person. For purposes of this discussion, "beneficiary" refers to
the successor owner. This feature must be elected within 9 months following the
date 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.
Generally, payments will be made once a year to the beneficiary over the
beneficiary's life expectancy, determined on a term certain basis and in the
year payments start. These payments must begin no later than one year after the
date of your death and are referred to as "scheduled payments." The beneficiary
may choose the "5-year rule" instead of scheduled payments over life
expectancy. If the beneficiary chooses the 5-year rule, there will be no
scheduled payments. Under the 5-year rule, the beneficiary may take withdrawals
as desired, but the entire account value must be fully withdrawn by the fifth
anniversary of your death.
Under the beneficiary continuation option for NQ contracts:
o This feature is only available if the beneficiary is an individual. It is
not available for any entity such as a trust, even if all of the
beneficiaries of the trust are individuals.
o The beneficiary automatically replaces the existing annuitant.
o The contract continues in your name for the benefit of your beneficiary.
o If there is more than one beneficiary, each beneficiary's share will be
separately accounted for. It will be distributed over the respective
beneficiary's own life expectancy, if scheduled payments are chosen.
o The minimum amount that is required in order to elect the beneficiary
continuation option is $5,000 for each beneficiary.
o The beneficiary may make transfers among the investment options but no
subsequent contributions will be permitted.
o If you had elected the Guaranteed minimum income benefit, an optional
enhanced death benefit, GWBL or the GWBL Enhanced death benefit under the
contract, they will no longer be in effect and charges for such benefits
will stop. Also, any Guaranteed minimum death benefit feature will no longer
be in effect.
o If the beneficiary chooses the "5-year rule," withdrawals may be made at any
time. If the beneficiary instead chooses scheduled payments, the beneficiary
must also choose between two potential withdrawal options at the time of
election. If the beneficiary chooses "Withdrawal Option 1", the beneficiary
cannot later withdraw funds in addition to the scheduled payments the
beneficiary is receiving; "Withdrawal Option 1" permits total surrender
only. "Withdrawal Option 2" permits the beneficiary to take withdrawals, in
addition to scheduled payments, at any time. However, the scheduled payments
under "Withdrawal Option 1" are afforded favorable tax treatment as "annuity
payments." See "Taxation of nonqualified annuities" in "Tax Information"
later in this prospectus.
o Any partial withdrawals must be at least $300.
o Your beneficiary will have the right to name a beneficiary to receive any
remaining interest in the contract on the beneficiary's death.
o Upon the death of your beneficiary, the beneficiary he or she has named has
the option to either continue taking scheduled payments based on the
remaining life expectancy of the deceased beneficiary (if scheduled payments
were chosen) or to receive any remaining interest in the contract in a lump
sum. We will pay any remaining interest in the contract in a lump sum if
your beneficiary elects the 5-year rule. The option elected will be
processed when we
48 Payment of death benefit
receive satisfactory proof of death, any required instructions for the
method of payment and any required information and forms necessary to
effect payment.
If the deceased is the owner or the older joint owner:
o 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 increase the account value to equal the
applicable death benefit if such death benefit is greater than such account
value adjusted for any subsequent withdrawals.
If the deceased is the younger non-spousal joint owner:
o The annuity account value will not be reset to the death benefit amount.
Payment of death benefit 49
7. Tax information
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OVERVIEW
In this part of the prospectus, we discuss the current federal income tax rules
that generally apply to EQUI-VEST(SM) At Retirement(SM) contracts owned by
United States individual taxpayers. The tax rules can differ, depending on the
type of contract, whether NQ, traditional IRA, Roth IRA or TSA. Therefore, we
discuss the tax aspects of each type of contract separately.
Federal income tax rules include the United States laws in the Internal Revenue
Code, and Treasury Department Regulations and Internal Revenue Service ("IRS")
interpretations of the Internal Revenue Code. These tax rules may change
without notice. We cannot predict whether, when, or how these rules could
change. Any change could affect contracts 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 contracts.
Moreover, the tax aspects that apply to a particular person's contract 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
contract, rights or values under the contract, or payments under the contract,
for example, the 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.
BUYING A CONTRACT TO FUND A RETIREMENT ARRANGEMENT
Generally, there are two types of funding vehicles that are available for
Individual Retirement Arrangements ("IRAs") and Code Section 403(b)
Arrangements ("TSAs"), respectively: an IRA or 403(b) annuity contract such as
this one, or an IRA or 403(b)(7) custodial or other qualified account. 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 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
EQUI-VEST(SM) At Retirement(SM)'s choice of death benefits, the Guaranteed
withdrawal for life benefit, the Guaranteed minimum income benefit, selection
of variable investment options, guaranteed interest option, fixed maturity
options and its 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 portfolios that you elect.
Beginning in 2006, 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
annuity contracts funding 403(b) plans, TSAs and IRAs. For this purpose
additional annuity contract benefits may include, but are not limited to,
guaranteed minimum income benefits and enhanced death benefits. You should
consider the potential implication of these Regulations before you purchase
this annuity contract or purchase additional features under this annuity
contract.
TRANSFERS AMONG INVESTMENT OPTIONS
You can make transfers among investment options inside the contract without
triggering taxable income.
TAXATION OF NONQUALIFIED ANNUITIES
CONTRIBUTIONS
You may not deduct the amount of your contributions to a nonqualified annuity
contract.
CONTRACT EARNINGS
Generally, you are not taxed on contract earnings until you receive a
distribution from your contract, whether as a withdrawal or as an annuity
payment. However, earnings are taxable, even without a distribution:
o if a contract fails investment diversification requirements as specified in
federal income tax rules (these rules are based on or are similar to those
specified for mutual funds under the securities laws);
o if you transfer a contract, for example, as a gift to someone other than
your spouse (or former spouse);
o if you use a contract as security for a loan (in this case, the amount
pledged will be treated as a distribution); and
o if the owner is other than an individual (such as a corporation,
partnership, trust, or other non-natural person). This provision does not
apply to a trust which is a mere agent or nominee for an individual, such as
a grantor trust.
All nonqualified deferred annuity contracts that AXA Equitable and its
affiliates issue to you during the same calendar year are linked together and
treated as one contract for calculating the taxable amount of any distribution
from any of those contracts.
TAXATION OF LIFETIME WITHDRAWALS IF YOU ELECT GUARANTEED WITHDRAWAL BENEFIT FOR
LIFE
We treat Guaranteed annual withdrawals and other withdrawals as non-annuity
payments for income tax purposes. These withdrawals are
50 Tax information
taxable to you as ordinary income if there are earnings in the contract.
Generally, earnings are your account value less your investment in the
contract. Generally, your investment in the contract equals the contributions
you made, less any amounts you previously withdrew that were not taxable. If
you withdraw an amount which is more than the earnings in the contract as of
the date of the withdrawal, the balance of the distribution is treated as a
return of your investment in the contract and is not taxable. It reduces the
investment in the contract.
ANNUITY PAYMENTS
Guaranteed annual payments that are continued after your account value goes to
zero under a supplementary life annuity contract, as discussed under
"Guaranteed withdrawal benefit for life ("GWBL")" in "Contract features and
benefits" earlier in this prospectus, as well as GMIB and other annuitization
payments that are based on life or life expectancy, are considered annuity
payments for tax purposes. Once annuity payments begin, a portion of each
payment is taxable as ordinary income. You get back the remaining portion
without paying taxes on it. This is your unrecovered investment in the
contract. Generally, your investment in the contract equals the contributions
you made, less any amounts you previously withdrew that were not taxable.
For fixed annuity payments, the tax-free portion of each payment is determined
by (1) dividing your investment in the contract by the total amount you are
expected to receive out of the contract, and (2) multiplying the result by the
amount of the payment. For variable annuity payments, your tax-free portion of
each payment is your investment in the contract divided by the number of
expected payments.
Once you have received the amount of your investment in the contract, all
payments after that are fully taxable. If payments under a life annuity stop
because the annuitant dies, there is an income tax deduction for any
unrecovered investment in the contract.
PAYMENTS MADE BEFORE ANNUITY PAYMENTS BEGIN
If you make withdrawals before annuity payments begin under your contract, they
are taxable to you as ordinary income if there are earnings in the contract.
Generally, earnings are your account value less your investment in the
contract. If you withdraw an amount which is more than the earnings in the
contract as of the date of the withdrawal, the balance of the distribution is
treated as a return of your investment in the contract and is not taxable.
CONTRACTS PURCHASED THROUGH EXCHANGES
The sole way to purchase an EQUI-VEST(SM) At Retirement(SM) NQ contract is
through a transfer of funds from the original EQUI-VEST(SM) contract which is
the source contract. Normally, exchanges of contracts are taxable events. The
transfer will be a tax deferred exchange under Section 1035 of the Internal
Revenue Code if:
o The contract that is the source of the funds you are using to purchase the
NQ contract is another nonqualified deferred annuity contract.
o The owner and the annuitant are the same under the original EQUI-VEST(R)
contract and the EQUI-VEST(SM) At Retirement(SM) NQ contract.
The tax basis, also referred to as your investment in the contract, of the
original EQUI-VEST(SM) contract carries over to the EQUI-VEST(SM) At
Retirement(SM) NQ contract.
Section 1035 exchanges are generally not available after the death of the owner
or annuity, as applicable. Partial 1035 exchanges are not available to purchase
an EQUI-VEST(SM) At Retirement(SM) contract.
SURRENDERS
If you surrender or cancel the contract, the distribution is taxable as
ordinary income (not capital gain) to the extent it exceeds your investment in
the contract.
DEATH BENEFIT PAYMENTS MADE TO A BENEFICIARY AFTER
YOUR DEATH
For the rules applicable to death benefits, see "Payment of death benefit"
earlier in this prospectus. The tax treatment of a death benefit taken as a
single sum is generally the same as the tax treatment of a withdrawal from or
surrender of your contract. The tax treatment of a death benefit taken as
annuity payments is generally the same as the tax treatment of annuity payments
under your contract.
BENEFICIARY CONTINUATION OPTION
We have received a private letter ruling from the IRS regarding certain tax
consequences of scheduled payments under the beneficiary continuation option
for a prior similar version of the NQ contract. See the discussion "Beneficiary
continuation option for NQ Contracts only" in "Payment of death benefit"
earlier in this prospectus. Among other things, the IRS rules that:
o scheduled payments under the beneficiary continuation option for NQ
contracts satisfy the death of owner rules of Section 72(s)(2) of the Code,
regardless of whether the beneficiary elects "Withdrawal Option 1" or
"Withdrawal Option 2";
o scheduled payments, any additional withdrawals under "Withdrawal Option 2",
or contract surrenders under "Withdrawal Option 1" will only be taxable to
the beneficiary when amounts are actually paid, regardless of the Withdrawal
Option selected by the beneficiary;
o a beneficiary who irrevocably elects scheduled payments with "Withdrawal
Option 1" will receive "excludable amount" tax treatment on scheduled
payments. See "Annuity payments" earlier in this section. If the beneficiary
elects to surrender the contract before all scheduled payments are paid, the
amount received upon surrender is a non-annuity payment taxable to the
extent it exceeds any remaining investment in the contract.
The ruling specifically does not address the taxation of any payments received
by a beneficiary electing "Withdrawal Option 2" (whether scheduled payments or
any withdrawal that might be taken).
The tax treatment of a withdrawal after the death of the owner taken as a
single sum or taken as withdrawals under the 5-year rule is generally the same
as the tax treatment of a withdrawal from or surrender of your contract.
EARLY DISTRIBUTION PENALTY TAX
If you take distributions before you are age 59-1/2 a penalty tax of 10% of the
taxable portion of your distribution applies in addition to the
Tax information 51
income tax. Some of the available exceptions to the pre-age 59-1/2 penalty tax
include distributions made:
o on or after your death; or
o because you are disabled (special federal income tax definition); or
o in the form of substantially equal periodic annuity payments for your life
(or life expectancy), or the joint lives (or joint life expectancy) of you
and a beneficiary, in accordance with IRS formulas. We do not anticipate
that Guaranteed annual withdrawals made under the Guaranteed withdrawal
benefit for life's Maximum or Customized payment plan or taken as partial
withdrawals will qualify for this exception if made before age 59-1/2.
INVESTOR CONTROL ISSUES
Under certain circumstances, the IRS has stated that you could be treated as
the owner (for tax purposes) of the assets of Separate Account A. If you were
treated as the owner, you would be taxed on income and gains attributable to
the shares of the underlying portfolios.
The circumstances that would lead to this tax treatment would be that, in the
opinion of the IRS, you could control the underlying investment of Separate
Account A. The IRS has said that the owners of variable annuities will not be
treated as owning the separate account assets provided the underlying
portfolios are restricted to variable life and annuity assets. The variable
annuity owners must have the right only to choose among the portfolios, and
must have no right to direct the particular investment decisions within the
portfolios.
Although we believe that, under current IRS guidance, you would not be treated
as the owner of the assets of Separate Account A, there are some issues that
remain unclear. For example, the IRS has not issued any guidance as to whether
having a larger number of portfolios available, or an unlimited right to
transfer among them, could cause you to be treated as the owner. We do not know
whether the IRS will ever provide such guidance or whether such guidance, if
unfavorable, would apply retroactively to your contract. Furthermore, the IRS
could reverse its current guidance at any time. We reserve the right to modify
your contract as necessary to prevent you from being treated as the owner of
the assets of Separate Account A.
SPECIAL RULES FOR NQ CONTRACTS ISSUED IN PUERTO RICO
Income from NQ contracts we issue is U.S. source. A Puerto Rico resident is
subject to U.S. taxation on such U.S. source income. Only Puerto Rico source
income of Puerto Rico residents is excludable from U.S. taxation. Income from
NQ contracts is also subject to Puerto Rico tax. The calculation of the taxable
portion of amounts distributed from a contract may differ in the two
jurisdictions. Therefore, you might have to file both U.S. and Puerto Rico tax
returns, showing different amounts of income from the contract for each tax
return. Puerto Rico generally provides a credit against Puerto Rico tax for
U.S. tax paid. Depending on your personal situation and the timing of the
different tax liabilities, you may not be able to take full advantage of this
credit.
INDIVIDUAL RETIREMENT ARRANGEMENTS (IRAS)
GENERAL
"IRA" stands for individual retirement arrangement. There are two basic types
of such arrangements, individual retirement accounts and individual retirement
annuities. In an individual retirement account, a trustee or custodian holds
the assets for the benefit of the IRA owner. The assets funding the account
typically include mutual funds and/or individual stocks and/or securities in a
custodial account and bank certificates of deposit in a trusteed account. In an
individual retirement annuity, an insurance company issues an annuity contract
that serves as the IRA.
There are two basic types of IRAs, as follows:
o Traditional IRAs, typically funded on a pre-tax basis, including SEP-IRAs
and SIMPLE IRAs issued and funded in connection with employer-sponsored
retirement plans; and
o Roth IRAs, funded on an after-tax basis.
Regardless of the type of IRA, your ownership interest in the IRA cannot be
forfeited. You or your beneficiaries who survive you are the only ones who can
receive the IRA's benefits or payments. All types of IRAs qualify for tax
deferral regardless of the funding vehicle selected.
You can hold your IRA assets in as many different accounts and annuities as you
would like, as long as you meet the rules for setting up and making
contributions to IRAs. However, if you own multiple IRAs, you may be required
to combine IRA values or contributions for tax purposes. For further
information about individual retirement arrangements, you can read Internal
Revenue Service Publication 590 ("Individual Retirement Arrangements (IRAs)").
This publication is usually updated annually, and can be obtained from any IRS
district office or the IRS website (www.irs.gov).
AXA Equitable designs its IRA contracts to qualify as individual retirement
annuities under Section 408(b) of the Internal Revenue Code. You may purchase
the contract as a traditional IRA or Roth IRA. This prospectus contains the
information that the IRS requires you to have before you purchase an IRA. The
first section covers some of the special tax rules that apply to traditional
IRAs. The next section covers Roth IRAs.
We describe the amount and types of charges that may apply to your
contributions under "Charges and expenses" earlier in this prospectus. We
describe the method of calculating payments under "Accessing your money"
earlier in this prospectus. We do not guarantee or project growth in any
variable income annuitization option payments (as opposed to payments from a
fixed income annuitization option).
We have not applied for an opinion letter from the IRS to approve the
respective forms of the EQUI-VEST(SM) At Retirement(SM) traditional and Roth IRA
contracts for use as a traditional and Roth IRA, respectively. Such IRS
approval is a determination only as to the form of the annuity and does not
represent a determination of the merits of the annuity as an investment.
YOUR RIGHT TO CANCEL WITHIN A CERTAIN NUMBER OF DAYS
You can cancel any version of the EQUI-VEST(SM) At Retirement(SM) IRA contract
(traditional IRA or Roth IRA) by following the directions in "Your right to
cancel within a certain number of days" under "Contract features and benefits"
earlier in this prospectus. If you cancel a traditional IRA contract, we may
have to withhold tax, and we must report the transaction to the IRS. A contract
cancellation could have an unfavorable tax impact.
52 Tax information
TRADITIONAL INDIVIDUAL RETIREMENT ANNUITIES (TRADITIONAL IRAS)
CONTRIBUTIONS TO TRADITIONAL IRAS. Generally, individuals may make three
different types of contributions to purchase a traditional IRA or as subsequent
contributions to an existing IRA:
o "regular" contributions out of earned income or compensation; or o tax-free
"rollover" contributions; or
o direct custodian-to-custodian transfers from other traditional IRAs ("direct
transfers").
This IRA may be funded through direct transfer of funds only and not through
regular or rollover contributions.
WITHDRAWALS, PAYMENTS AND TRANSFERS OF FUNDS OUT OF TRADITIONAL IRAS
NO FEDERAL INCOME TAX LAW RESTRICTIONS ON WITHDRAWALS. You can withdraw any or
all of your funds from a traditional IRA at any time. You do not need to wait
for a special event like retirement.
TAXATION OF PAYMENTS. Earnings in traditional IRAs are not subject to federal
income tax until you or your beneficiary receive them. Taxable payments or
distributions include withdrawals from your contract, surrender of your
contract and annuity payments from your contract. Death benefits are also
taxable.
Except as discussed below, the total amount of any distribution from a
traditional IRA must be included in your gross income as ordinary income. We
report all payments from traditional IRA contracts on IRS Form 1099-R as fully
taxable.
If you have ever made nondeductible IRA contributions to any traditional IRA
(it does not have to be to this particular traditional IRA contract), those
contributions are recovered tax free when you get distributions from any
traditional IRA. It is your responsibility to keep permanent tax records of all
of your nondeductible contributions to traditional IRAs so that you can
correctly report the taxable amount of any distribution on your own tax return.
At the end of any year in which you have received a distribution from any
traditional IRA, you calculate the ratio of your total nondeductible
traditional IRA contributions (less any amounts previously withdrawn tax free)
to the total account balances of all traditional IRAs you own at the end of the
year plus all traditional IRA distributions made during the year. Multiply this
by all distributions from the traditional IRA during the year to determine the
nontaxable portion of each distribution.
A distribution from a traditional IRA is not taxable if:
o the amount received is a withdrawal of excess contributions, under technical
income tax rules; or
o the entire amount received is rolled over to another traditional IRA or
other eligible retirement plan which agrees to accept the funds.
Certain distributions from IRAs in 2007 directly transferred to charitable
organizations may be tax free to IRA owners who are age 70-1/2 or older.
ROLLOVERS FROM TRADITIONAL IRAS TO TRADITIONAL IRAS
You may roll over amounts from one traditional IRA to one or more of your other
traditional IRAs if you complete the transaction within 60 days after you
receive the funds. You may make such a rollover only once in every 12-month
period for the same funds. Trustee-to-trustee or custodian-to-custodian direct
transfers are not rollover transactions. You can make these more frequently
than once in every 12-month period.
SPOUSAL ROLLOVER AND DIVORCE-RELATED DIRECT TRANSFERS
The surviving spouse beneficiary of a deceased individual can roll over funds
from, or directly transfer funds from, an inherited traditional IRA to one or
more other traditional IRAs. Also, in some cases, traditional IRAs can be
transferred on a tax-free basis between spouses or former spouses as a result
of a court ordered divorce or separation decree.
ROLLOVERS TO ELIGIBLE RETIREMENT PLANS
The following are eligible to receive rollovers of distributions from a
traditional IRA: a qualified plan, a TSA or a governmental employer 457(b)
plan. After-tax contributions in a traditional IRA cannot be rolled from your
traditional IRA into, or back into, a qualified plan, TSA or governmental
employer 457(b) plan. Before you decide to roll over a distribution from a
traditional IRA to another eligible retirement plan, you should check with the
administrator of that plan about whether the plan accepts rollovers and, if so,
the types it accepts. You should also check with the administrator of the
receiving plan about any documents required to be completed before it will
accept a rollover.
Distributions from a traditional IRA are not eligible for favorable ten-year
averaging and long-term capital gain treatment available under limited
circumstances for certain distributions from qualified plans. If you might be
eligible for such tax treatment from your qualified plan, you may be able to
preserve such tax treatment even though an eligible rollover from a qualified
plan is temporarily rolled into a "conduit IRA" before being rolled back into a
qualified plan. See your tax adviser.
REQUIRED MINIMUM DISTRIBUTIONS
BACKGROUND ON REGULATIONS -- REQUIRED MINIMUM DISTRIBUTIONS
Distributions must be made from traditional IRAs according to rules contained
in the Code and Treasury Regulations. Beginning in 2006, certain provisions of
the Treasury Regulations require that the actuarial present value of additional
annuity contract benefits must be added to the dollar amount credited for
purposes of calculating certain types of required minimum distributions from
individual retirement annuity contracts. For this purpose additional annuity
contract benefits may include, but are not limited to, guaranteed minimum
income benefits and enhanced death benefits. This could increase the amount
required to be distributed from these contracts if you take annual withdrawals
instead of annuitizing. Please consult your tax adviser concerning
applicability of these complex rules to your situation.
LIFETIME REQUIRED MINIMUM DISTRIBUTIONS. You must start taking annual
distributions from your traditional IRAs for the year in which you turn age
70-1/2.
Tax information 53
WHEN YOU HAVE TO TAKE THE FIRST LIFETIME REQUIRED MINIMUM DISTRIBUTION. The
first required minimum distribution is for the calendar year in which you turn
age 70-1/2. You have the choice to take this first required minimum distribution
during the calendar year you actually reach age 70-1/2, or to delay taking it
until the first three-month period in the next calendar year (January 1 - April
1). Distributions must start no later than your "Required Beginning Date,"
which is April 1st of the calendar year after the calendar year in which you
turn age 70-1/2. If you choose to delay taking the first annual minimum
distribution, then you will have to take two minimum distributions in that
year--the delayed one for the first year and the one actually for that year.
Once minimum distributions begin, they must be made at some time each year.
HOW YOU CAN CALCULATE REQUIRED MINIMUM DISTRIBUTIONS. There are two approaches
to taking required minimum distributions -- "account-based" or "annuity-based."
ACCOUNT-BASED METHOD. If you choose an account-based method, you divide the
value of your traditional IRA as of December 31st of the past calendar year by
a number corresponding to your age from an IRS table. This gives you the
required minimum distribution amount for that particular IRA for that year. If
your spouse is your sole beneficiary and more than 10 years younger than you,
the dividing number you use may be from another IRS table and may produce a
smaller lifetime required minimum distribution amount. Regardless of the table
used, the required minimum distribution amount will vary each year as the
account value, the actuarial present value of additional annuity contract
benefits, if applicable, and the divisor change. If you initially choose an
account-based method, you may later apply your traditional IRA funds to a life
annuity-based payout with any certain period not exceeding remaining life
expectancy, determined in accordance with IRS tables.
ANNUITY-BASED METHOD. If you choose an annuity-based method, you do not have to
do annual calculations. You apply the account value to an annuity payout for
your life or the joint lives of you and a designated beneficiary or for a
period certain not extending beyond applicable life expectancies, determined in
accordance with IRS tables.
DO YOU HAVE TO PICK THE SAME METHOD TO CALCULATE YOUR REQUIRED MINIMUM
DISTRIBUTIONS FOR ALL OF YOUR TRADITIONAL IRAS AND OTHER RETIREMENT PLANS? No.
If you want, you can choose a different method for each of your traditional
IRAs and other retirement plans. For example, you can choose an annuity payout
from one IRA, a different annuity payout from a qualified plan and an
account-based annual withdrawal from another IRA.
WILL WE PAY YOU THE ANNUAL AMOUNT EVERY YEAR FROM YOUR TRADITIONAL IRA BASED ON
THE METHOD YOU CHOOSE? We will only pay you automatically if you affirmatively
select an annuity payout option or an account-based withdrawal option such as
our "required minimum distribution (RMD) automatic withdrawal options." Even if
you do not enroll in our service, we will calculate the amount of the required
minimum distribution withdrawal for you, if you so request in writing. However,
in that case you will be responsible for asking us to pay the required minimum
distribution withdrawal to you.
Also, the IRS will let you calculate the required minimum distribution for each
traditional IRA that you maintain, using the method that you picked for that
particular IRA. You can add these required minimum distribution amount
calculations together. As long as the total amount you take out every year
satisfies your overall traditional IRA required minimum distribution amount,
you may choose to take your annual required minimum distribution from any one
or more traditional IRAs that you own.
WHAT IF YOU TAKE MORE THAN YOU NEED TO FOR ANY YEAR? The required minimum
distribution amount for your traditional IRAs is calculated on a year-by-year
basis. There are no carry-back or carry-forward provisions. Also, you cannot
apply required minimum distribution amounts you take from your qualified plans
to the amounts you have to take from your traditional IRAs and vice versa.
WHAT IF YOU TAKE LESS THAN YOU NEED TO FOR ANY YEAR? Your IRA could be
disqualified, and you could have to pay tax on the entire value. Even if your
IRA is not disqualified, you could have to pay a 50% penalty tax on the
shortfall (required amount for traditional IRAs less amount actually taken). It
is your responsibility to meet the required minimum distribution rules. We will
remind you when our records show that you are within the age group which must
take lifetime required minimum distributions. If you do not select a method
with us, we will assume you are taking your required minimum distribution from
another traditional IRA that you own.
WHAT ARE THE REQUIRED MINIMUM DISTRIBUTION PAYMENTS AFTER YOU DIE? These could
vary depending on whether you die before or after your Required Beginning Date
for lifetime required minimum distribution payments, and the status of your
beneficiary. The following assumes that you have not yet elected an
annuity-based payout at the time of your death. If you elect an annuity-based
payout, payments (if any) after your death must be made at least as rapidly as
when you were alive.
INDIVIDUAL BENEFICIARY. Regardless of whether your death occurs before or after
your Required Beginning Date, an individual death beneficiary calculates annual
post-death required minimum distribution payments based on the beneficiary's
life expectancy using the "term certain method." That is, he or she determines
his or her life expectancy using the IRS-provided life expectancy tables as of
the calendar year after the owner's death and reduces that number by one each
subsequent year.
If you die before your Required Beginning Date, the rules permit any individual
beneficiary, including a spousal beneficiary, to elect instead to apply the
"5-year rule." Under this rule, instead of annual payments having to be made
beginning with the first in the year following the owner's death, the entire
account must be distributed by the end of the calendar year which contains the
fifth anniversary of the owner's death. No distribution is required before that
fifth year.
SPOUSAL BENEFICIARY. If you die after your Required Beginning Date, and your
death beneficiary is your surviving spouse, your spouse has a number of
choices. Post-death distributions may be made over your spouse's single life
expectancy. Any amounts distributed after that surviving spouse's death are
made over the spouse's life expectancy calculated in the year of his/her death,
reduced by one for each subse-
54 Tax information
quent year. In some circumstances, your surviving spouse may elect to become
the owner of the traditional IRA and halt distributions until he or she reaches
age 70-1/2, or roll over amounts from your traditional IRA into his/her own
traditional IRA or other eligible retirement plan.
If you die before your Required Beginning Date, and the death beneficiary is
your surviving spouse, the rules permit the spouse to delay starting payments
over his/her life expectancy until the year in which you would have attained
age 70-1/2.
NON-INDIVIDUAL BENEFICIARY. If you die after your Required Beginning Date, and
your death beneficiary is a non-individual, such as the estate, the rules
permit the beneficiary to calculate post-death required minimum distribution
amounts based on the owner's life expectancy in the year of death. However,
note that we need an individual annuitant to keep an annuity contract in force.
If the beneficiary is not an individual, we must distribute amounts remaining
in the annuity contract after the death of the annuitant.
If you die before your Required Beginning Date for lifetime required minimum
distribution payments, and the death beneficiary is a non-individual, such as
the estate, the rules continue to apply the 5-year rule discussed earlier under
"Individual beneficiary." Please note that we need an individual annuitant to
keep an annuity contract in force. If the beneficiary is not an individual, we
must distribute amounts remaining in the annuity contract after the death of
the annuitant.
SUCCESSOR OWNER AND ANNUITANT
If your spouse is the sole primary beneficiary and elects to become the
successor owner and annuitant, no death benefit is payable until your surviving
spouse's death.
SPOUSAL CONTINUATION
If the contract is continued under spousal continuation then no amounts are
required to be paid until after your surviving spouse's death.
PAYMENTS TO A BENEFICIARY AFTER YOUR DEATH
IRA death benefits are taxed the same as IRA distributions.
BORROWING AND LOANS ARE PROHIBITED TRANSACTIONS
You cannot get loans from a traditional IRA. You cannot use a traditional IRA
as collateral for a loan or other obligation. If you borrow against your IRA or
use it as collateral, its tax-favored status will be lost as of the first day
of the tax year in which this prohibited event occurs. If this happens, you
must include the value of the traditional IRA in your federal gross income.
Also, the early distribution penalty tax of 10% may apply if you have not
reached age 59-1/2 before the first day of that tax year.
EARLY DISTRIBUTION PENALTY TAX
A penalty tax of 10% of the taxable portion of a distribution applies to
distributions from a traditional IRA made before you reach age 59-1/2. Some of
the available exceptions to the pre-age 59-1/2 penalty tax include distributions
made:
o on or after your death; or
o because you are disabled (special federal income tax definition); or
o used to pay certain extraordinary medical expenses (special fed eral income
tax definition); or
o used to pay medical insurance premiums for unemployed indi viduals (special
federal income tax definition); or
o used to pay certain first-time home buyer expenses (special fed eral income
tax definition; $10,000 lifetime total limit for these distributions from
all your traditional and Roth IRAs); or
o used to pay certain higher education expenses (special federal income tax
definition); or
o in the form of substantially equal periodic payments made at least annually
over your life (or your life expectancy) or over the joint lives of you and
your beneficiary (or your joint life expectancies using an IRS-approved
distribution method). We do not anticipate that Guaranteed annual payments
made under the Guaranteed withdrawal benefit for life's Maximum or
Customized payment plan or taken as lump sums will qualify for this
exception if made before age 59-1/2.
ROTH INDIVIDUAL RETIREMENT ANNUITIES (ROTH IRAS)
This section of the prospectus covers some of the special tax rules that apply
to Roth IRAs. If the rules are the same as those that apply to the traditional
IRA, we will refer you to the same topic under "traditional IRAs."
The EQUI-VEST(SM) At Retirement(SM) Roth IRA contract is designed to qualify as
a Roth individual retirement annuity under Sections 408A(b) and 408(b) of the
Internal Revenue Code.
CONTRIBUTIONS TO ROTH IRAS
Generally, individuals may make four different types of contributions to
purchase a Roth IRA or as later additions to an existing Roth IRA:
o regular after-tax contributions out of earnings; or
o taxable rollover contributions from traditional IRAs ("conversion"
contributions); or
o tax-free rollover contributions from other Roth arrangements; or
o tax-free direct custodian-to-custodian transfers from other Roth IRAs
("direct transfers").
This Roth IRA may be funded only through direct transfer of funds and not
through regular Roth IRA contributions or rollover contributions. Also, if the
funds are originally in a traditional IRA, you must convert to Roth IRA in your
original EQUI-VEST(SM) contract before you apply the funds to an
EQUI-VEST(SM)Retirement contract.
RECHARACTERIZATIONS
Generally, you may be able to treat a contribution made to one type of IRA as
having been made to a different type of IRA. This is called recharacterizing
the contribution. Any recharacterization of a Roth IRA contribution to a
traditional IRA contribution, if available, must be
Tax information 55
done in the original EQUI-VEST(SM) Roth IRA contract and not in the EQUI-VEST(R)
At Retirement(SM) contract.
WITHDRAWALS, PAYMENTS AND TRANSFERS OF FUNDS OUT OF ROTH IRAS
NO FEDERAL INCOME TAX LAW RESTRICTIONS ON WITHDRAWALS. You can withdraw any or
all of your funds from a Roth IRA at any time; you do not need to wait for a
special event like retirement.
DISTRIBUTIONS FROM ROTH IRAS
Distributions include withdrawals from your contract, surrender of your
contract and annuity payments from your contract. Death benefits are also
distributions.
You must keep your own records of regular and conversion contributions to all
Roth IRAs to assure appropriate taxation. You may have to file information on
your contributions to and distributions from any Roth IRA on your tax return.
You may have to retain all income tax returns and records pertaining to such
contributions and distributions until your interests in all Roth IRAs are
distributed.
Like traditional IRAs, taxable distributions from a Roth IRA are not entitled
to special favorable ten-year averaging and long-term capital gain treatment
available in limited cases to certain distributions from qualified plans.
The following distributions from Roth IRAs are free of income tax:
o rollovers from a Roth IRA to another Roth IRA;
o direct transfers from a Roth IRA to another Roth IRA;
o qualified distributions from a Roth IRA; and
o return of excess contributions or amounts recharacterized to a traditional
IRA.
You may roll over amounts from one Roth IRA to another Roth IRA if you complete
the transaction within 60 days of when you receive the funds. This can be
accomplished on a completely tax-free basis. However, you may make Roth IRA to
Roth IRA rollover transactions only once in any 12-month period for the same
funds. Trustee-to-trustee or custodian-to-custodian direct transfers can be
made more frequently than once a year.
The surviving spouse beneficiary of a deceased individual can roll over or
directly transfer an inherited Roth IRA to one or more other Roth IRAs. In some
cases, Roth IRAs can be transferred on a tax-free basis between spouses or
former spouses as a result of a court-ordered divorce or separation decree.
QUALIFIED DISTRIBUTIONS FROM ROTH IRAS. Qualified distributions from Roth IRAs
made because of one of the following four qualifying events or reasons are not
includable in income:
o you are age 59-1/2 or older; or
o you die; or
o you become disabled (special federal income tax definition); or
o your distribution is a "qualified first-time homebuyer distribution"
(special federal income tax definition; $10,000 lifetime total limit for
these distributions from all of your traditional and Roth IRAs).
You also have to meet a five-year aging period. A qualified distribution is any
distribution made after the five-taxable-year period beginning with the first
taxable year for which you made any contribution to any Roth IRA (whether or
not the one from which the distribution is being made).
NONQUALIFIED DISTRIBUTIONS FROM ROTH IRAS. Nonqualified distributions from Roth
IRAs are distributions that do not meet both the qualifying event and five-year
aging period tests described above. If you receive such a distribution, part of
it may be taxable. For purposes of determining the correct tax treatment of
distributions (other than the withdrawal of excess contributions and the
earnings on them), there is a set order in which contributions (including
conversion contributions) and earnings are considered to be distributed from
your Roth IRA. The order of distributions is as follows:
(1) Regular contributions.
(2) Conversion contributions, on a first-in-first-out basis (generally, total
conversions from the earliest year first). These conversion contributions
are taken into account as follows:
(a) Taxable portion (the amount required to be included in gross income
because of conversion) first, and then the
(b) Nontaxable portion.
(3) Earnings on contributions.
Rollover contributions from other Roth IRAs are disregarded for this purpose.
To determine the taxable amount distributed, distributions and contributions
are aggregated or grouped together as follows:
(1) All distributions made during the year from all Roth IRAs you maintain --
with any custodian or issuer -- are added together.
(2) All regular contributions made during and for the year (contribu tions
made after the close of the year, but before the due date of your return)
are added together. This total is added to the total undistributed regular
contributions made in prior years.
(3) All conversion contributions made during the year are added together. For
purposes of the ordering rules, in the case of any conversion in which the
conversion distribution is made in 2007 and the conversion contribution is
made in 2008, the conversion contribution is treated as contributed prior
to other conversion contributions made in 2008.
Any recharacterized contributions that end up in a Roth IRA are added to the
appropriate contribution group for the year that the original contribution
would have been taken into account if it had been made directly to the Roth
IRA.
Any recharacterized contribution that ends up in an IRA other than a Roth IRA
is disregarded for the purpose of grouping both contributions and
distributions. Any amount withdrawn to correct an excess contribution
(including the earnings withdrawn) is also disregarded for this purpose.
REQUIRED MINIMUM DISTRIBUTIONS DURING LIFE
Lifetime required minimum distributions do not apply.
56 Tax information
REQUIRED MINIMUM DISTRIBUTIONS AT DEATH
Same as traditional IRA under "What are the required minimum distribution
payments after you die?"
PAYMENTS TO A BENEFICIARY AFTER YOUR DEATH
Distributions to a beneficiary generally receive the same tax treatment as if
the distribution had been made to you.
BORROWING AND LOANS ARE PROHIBITED TRANSACTIONS
Same as traditional IRA.
EARLY DISTRIBUTION PENALTY TAX
Same as traditional IRA.
TAX-SHELTERED ANNUITY CONTRACTS (TSAS)
GENERAL
This section of the prospectus covers some of the special tax rules that apply
to TSA contracts under Section 403(b) of the Internal Revenue Code (TSAs). If
the rules are the same as those that apply to another kind of contract, for
example, traditional IRAs, we will refer you to the same topic under
"traditional IRAs."
PLEASE NOTE: The following discussion reflects our understanding of some of the
current federal income tax rules applicable to Section 403(b) of the Code. In
November 2004 the IRS and Treasury issued Proposed Regulations on Section
403(b) of the Code. If finalized in their current form, these Proposed
Regulations would affect the establishment and operation of plans and
arrangements under Section 403(b) of the Code, and the contracts issued to fund
such plans. Please consult your tax adviser concerning how these Proposed
Regulations could affect you.
Generally there are two types of funding vehicles available for 403(b)
arrangements -- an annuity contract under Section 403(b)(1) of the Code or a
custodial account which invests only in mutual funds and which is treated as an
annuity contract under Section 403(b)(7) of the Code. Both types of 403(b)
arrangements qualify for tax deferral.
CONTRIBUTIONS TO TSAS
Generally, there are three ways you can make contributions to purchase TSAs:
o Employer-remitted contributions to TSAs made through the employer's payroll
which are subject to annual limits;
o Direct transfers of funds from another contract or arrangement that meet the
requirements of Section 403(b) of the Internal Revenue Code by means of IRS
Revenue Ruling 90-24 ("direct transfer") ; or
o A rollover from another eligible retirement plan.
You can purchase your EQUI-VEST(SM) At Retirement(SM) TSA contract only through
a direct transfer of funds.
DISTRIBUTIONS FROM TSAS
GENERAL. Generally, certain amounts may be restricted from withdrawal but these
restrictions do not apply after severance from employment with the employer who
provided the funds to purchase the contract. The EQUI-VEST(SM) At Retirement(SM)
TSA contract is available for purchase only to TSA participants who are no
longer employed with the employer who provided the funds for the purchase of the
original EQUI-VEST(SM) TSA contract; therefore, restrictions on distributions do
not apply to loans, withdrawals or other payments which generally apply to
certain amounts in TSAs. Also, if the employer's plan is subject to ERISA, then
necessary spousal consents must be secured prior to the purchase of an
EQUI-VEST(SM) At Retirement(SM) contract through a direct transfer.
TAX TREATMENT OF DISTRIBUTIONS. Amounts held under TSAs are generally not
subject to federal income tax until benefits are distributed. Distributions
include withdrawals from your TSA contract and annuity payments from your TSA
contract. Death benefits paid to a beneficiary are also taxable distributions.
Unless an exception applies, amounts distributed from TSAs are includable in
gross income as ordinary income. Distributions from TSAs may be subject to 20%
federal income tax withholding. See "Federal and state income tax withholding
and information reporting" later in this section. In addition, TSA
distributions may be subject to additional tax penalties.
If you have made after-tax contributions, you will have a tax basis in your TSA
contract, which will be recovered tax-free. Since we currently do not accept
after-tax funds, we do not track your investment in the contract, if any. We
will report all distributions from this TSA as fully taxable. It is your
responsibility to determine how much of the distribution is taxable.
EQUI-VEST(SM)At Retirement(SM) is not available if you have made designated Roth
contributions to your original EQUI-VEST(SM) contract.
DISTRIBUTIONS BEFORE ANNUITY PAYMENTS BEGIN. On a total surrender, the amount
received in excess of the investment in the contract is taxable. The amount of
any partial distribution from a TSA prior to the annuity starting date is
generally taxable, except to the extent that the distribution is treated as a
withdrawal of after-tax contributions. Distributions are normally treated as
pro rata withdrawals of any after-tax contributions and earnings on those
contributions.
ANNUITY PAYMENTS. Guaranteed annual payments that are continued after your
account value goes to zero under a supplementary life annuity contract, as
discussed under "Guaranteed withdrawal benefit for life ("GWBL") in "Contract
features and benefits" earlier in this prospectus, as well as GMIB and other
annuitization payments that are based on the annuitant's life or life
expectancy, are considered annuity payments for tax purposes. If you elect an
annuity payout option, you will recover any investment in the contract as each
payment is received by dividing the investment in the contract by an expected
return determined under an IRS table prescribed for qualified annuities. The
amount of each payment not excluded from income under this exclusion ratio is
fully taxable. The full amount of the payments received after your investment
in the contract is recovered is fully taxable. If you (and your beneficiary
under a joint and survivor annuity) die before recovering the full investment
in the contract, a deduction is allowed on your (or your beneficiary's) final
tax return.
PAYMENTS TO A BENEFICIARY AFTER YOUR DEATH. Death benefit distributions from a
TSA generally receive the same tax treatment as distributions during your
lifetime. In some instances, distributions from
Tax information 57
a TSA made to your surviving spouse may be rolled over to a traditional IRA or
other eligible retirement plan. Beginning in 2007, a non-spousal death
beneficiary may also be able to make rollover contributions to an individual
retirement plan under certain circumstances.
Beginning in 2008, direct rollover contributions may be made from eligible
retirement plans to Roth IRAs under certain circumstances.
LOANS FROM TSAS. You may take loans from a TSA unless you have elected GWBL.
However, particularly if you have recently been severed from employment, you
may need to consult with your former employer concerning loan balance history
in order to take a loan from the EQUI-VEST(R) At Retirement(SM) TSA contract.
Loans are generally not treated as a taxable distribution. If the amount of the
loan exceeds permissible limits under federal income tax rules when made, the
amount of the excess is treated (solely for tax purposes) as a taxable
distribution. Additionally, if the loan is not repaid at least quarterly,
amortizing (paying down) interest and principal, the amount not repaid when due
will be treated as a taxable distribution. The entire unpaid balance of the
loan, including unpaid interest, is includable in income in the year of the
default.
TSA loans are subject to federal income tax limits and may also be subject to
the limits of the plan from which the funds came. Federal income tax rule
requirements apply even if the plan is not subject to ERISA. For example, loans
offered by TSAs are subject to the following conditions:
The amount of a loan to a participant, when combined with all o other loans to
the participant from all qualified plans of the employer, cannot exceed the
lesser of:
o The amount of a loan to a participant, when combined with all other loans to
the participant from all qualified plans of the employer, cannot exceed the
lesser of (1) the greater of $10,000 or 50% of the participant's
nonforfeitable accrued benefits, (2) $50,000 reduced by the excess (if any)
of the highest outstanding loan balance over the previous twelve months over
the outstanding loan balance of plan loans on the date the loan was made.
Governmental employer EDC plans and 403(b) plans are included in "all
qualified plans of the employer" for this purpose. Also, for the purposes of
calculating any subsequent loans which may be made under any plan of the
same employer, a defaulted loan is treated as still outstanding even after
the default is reported to the IRS. The amount treated as outstanding (which
limits any subsequent loan) includes interest on the unpaid balance.
o In general, the term of the loan cannot exceed five years unless the loan is
used to acquire the participant's primary residence. EQUI-VEST(SM) At
Retirement(SM) TSA contracts have a term limit of 10 years for loans used to
acquire the participant's primary residence.
o All principal and interest must be amortized in substantially level payments
over the term of the loan, with payments being made at least quarterly. In
very limited circumstances, the repayment obligation may be temporarily
suspended during a leave of absence.
The amount borrowed with respect to an EQUI-VEST(SM) At Retirement(SM) contract
and not repaid may be treated as a distribution if:
o the loan does not qualify under the conditions above; or
o the participant fails to repay the interest or principal when due.
In this case, the participant may have to include the unpaid amount due as
ordinary income. In addition, the 10% early distribution penalty tax may apply.
The amount of the unpaid loan balance is reported to the IRS on Form 1099-R as
a distribution.
TAX-DEFERRED ROLLOVERS AND DIRECT TRANSFERS. You may roll over any "eligible
rollover distribution" from a TSA into another eligible retirement plan which
agrees to accept the rollover. The rollover may be a direct rollover or one you
do yourself within 60 days after you receive the distribution. To the extent
rolled over, a distribution remains tax-deferred.
You may roll over a distribution from a TSA to any of the following: a
qualified plan, a governmental employer 457(b) plan (separate accounting
required) or a traditional IRA. A spousal beneficiary may also roll over death
benefits as above. Beginning in 2007, a non-spousal death beneficiary may also
be able to make rollover contributions to an individual retirement plan under
certain circumstances.
Beginning in 2008, direct rollover contributions may be made from eligible
retirement plans to Roth IRAs under certain circumstances.
The taxable portion of most distributions will be eligible for rollover, except
as specifically excluded under federal income tax rules. Distributions that you
cannot roll over generally include periodic payments for life or for a period
of 10 years or more, hardship withdrawals and required minimum distributions
under federal income tax rules.
Direct transfers of TSA funds from one TSA to another under Revenue Ruling
90-24 are not distributions.
REQUIRED MINIMUM DISTRIBUTIONS
Generally the same as traditional IRA with these differences:
WHEN YOU HAVE TO TAKE THE FIRST REQUIRED MINIMUM DISTRIBUTION.
The minimum distribution rules force TSA participants to start calculating and
taking annual distributions from their TSAs by a required date. Generally, you
must take the first required minimum distribution for the calendar year in
which you turn age 70-1/2. You may be able to delay the start of required
minimum distributions for all or part of your account balance until after age
70-1/2, as follows:
o For TSA participants who have not retired from service with the employer who
provided the funds for the TSA by the calendar year the participant turns
age 70-1/2, the required beginning date for minimum distributions is
extended to April 1 following the calendar year of retirement. (This
exception is unlikely to apply as severance from employment from the
employer who provided the funds to purchase the original EQUI-VEST(SM) TSA
contract is a condition for purchasing the EQUI-VEST(SM) At Retirement(SM)
TSA contract.)
o TSA plan participants may also delay the start of required mini mum
distributions to age 75 of the portion of their account value
58 Tax information
attributable to their December 31, 1986, TSA account balance, even if
retired at age 70-1/2. We will know whether or not you qualify for this
exception because it applies only to people who purchase their EQUI-VEST(SM)
At Retirement(SM) TSA contract by direct Revenue Ruling 90-24 transfers. The
information we have from your original EQUI-VEST(SM) contract carries over.
SPOUSAL CONSENT RULES
If your original EQUI-VEST(SM) TSA is subject to ERISA, your purchase of
EQUI-VEST(SM) At Retirement(SM) is subject to prior spousal consent. Your spouse
must sign the Conversion Acknowledgment Form. In addition, unless you elect
otherwise with the written consent of your spouse, the retirement benefits
payable under the plan must be paid in the form of a qualified joint and
survivor annuity. A qualified joint and survivor annuity is payable for the
life of the annuitant with a survivor annuity for the life of the spouse in an
amount not less than one-half of the amount payable to the annuitant during his
or her lifetime. In addition, if you are married, the beneficiary must be your
spouse, unless your spouse consents in writing to the designation of another
beneficiary.
If you are married and you die before annuity payments have begun, payments
will be made to your surviving spouse in the form of a life annuity unless at
the time of your death a contrary election was in effect. However, your
surviving spouse may elect, before payments begin, to receive payments in any
form permitted under the terms of the TSA contract and the plan of the employer
who provided the funds for the TSA.
EARLY DISTRIBUTION PENALTY TAX
A penalty tax of 10% of the taxable portion of a distribution applies to
distributions from a TSA before you reach age 59-1/2. This is in addition to any
income tax. There are exceptions to the extra penalty tax. Some of the
available exceptions to the pre-age 59-1/2 penalty tax include distributions
made:
o on or after your death; or
o
because you are disabled (special federal income tax definition);
or
o to pay for certain extraordinary medical expenses (special federal income
tax definition); or
o in any form of payout after you have separated from service (only if the
separation occurs during or after the calendar year you reach age 55); or
o in a payout in the form of substantially equal periodic payments made at
least annually over your life (or your life expectancy), or over the joint
lives of you and your beneficiary (or your joint life expectancies) using an
IRS-approved distribution method (only after you have separated from service
at any age). We do not anticipate that Guaranteed annual payments made under
the Guaranteed withdrawal benefit for life's Maximum or Customized payment
plan or taken as partial withdrawals will qualify for this exception if made
before age 59-1/2.
FEDERAL AND STATE INCOME TAX WITHHOLDING AND INFORMATION REPORTING
We must withhold federal income tax from distributions from annuity contracts.
You may be able to elect out of this income tax withholding in some cases.
Generally, we do not have to withhold if your distributions are not taxable.
The rate of withholding will depend on the type of distribution and, in certain
cases, the amount of your distribution. Any income tax withheld is a credit
against your income tax liability. If you do not have sufficient income tax
withheld or do not make sufficient estimated income tax payments, you may incur
penalties under the estimated income tax rules.
You must file your request not to withhold in writing before the payment or
distribution is made. Our processing office will provide forms for this
purpose. You cannot elect out of withholding unless you provide us with your
correct Taxpayer Identification Number and a United States residence address.
You cannot elect out of withholding if we are sending the payment out of the
United States.
You should note the following special situations:
o We might have to withhold and/or report on amounts we pay under a free look
or cancellation.
o We are required to withhold on the gross amount of a distribu tion from a
Roth IRA to the extent it is reasonable for us to believe that a
distribution is includable in your gross income. This may result in tax
being withheld even though the Roth IRA distribution is ultimately not
taxable. You can elect out of withholding as described below.
Special withholding rules apply to foreign recipients and United States
citizens residing outside the United States. We do not discuss these rules here
in detail. However we may require additional documentation in the case of
payments made to non United States persons and United States persons living
abroad prior to processing any requested transaction.
Certain states have indicated that state income tax withholding will also apply
to payments from the contracts made to residents. In some states, you may elect
out of state withholding, even if federal withholding applies. Generally, an
election out of federal withholding will also be considered an election out of
state withholding. If you need more information concerning a particular state
or any required forms, call our processing office at the toll-free number.
FEDERAL INCOME TAX WITHHOLDING ON PERIODIC ANNUITY PAYMENTS
We withhold differently on "periodic" and "non-periodic" payments. For a
periodic annuity payment, for example, unless you specify a different number of
withholding exemptions, we withhold assuming that you are married and claiming
three withholding exemptions. If you do not give us your correct Taxpayer
Identification Number, we withhold as if you are single with no exemptions.
Based on the assumption that you are married and claiming three withholding
exemptions, if you receive less than $18,240 in periodic annuity payments in
2007, your payments will generally be exempt from federal income tax
withholding. You could specify a different choice of withholding exemption or
request that tax be withheld. Your
Tax information 59
withholding election remains effective unless and until you revoke it. You may
revoke or change your withholding election at anytime.
FEDERAL INCOME TAX WITHHOLDING ON NON-PERIODIC ANNUITY PAYMENTS (WITHDRAWALS)
For a non-periodic distribution (total surrender or partial withdrawal), we
generally withhold at a flat 10% rate. We apply that rate to the taxable amount
in the case of nonqualified contracts, and to the payment amount in the case of
traditional IRAs and Roth IRAs, where it is reasonable to assume an amount is
includable in gross income.
You cannot elect out of withholding if the payment is an eligible rollover
distribution from a TSA. If a non-periodic distribution from a qualified plan
or TSA is not an eligible rollover distribution then the 10% withholding rate
applies.
MANDATORY WITHHOLDING FROM TSA DISTRIBUTIONS
Unless you have the distribution go directly to the new plan, eligible rollover
distributions from TSAs are subject to mandatory 20% withholding. An eligible
rollover distribution from a TSA can be rolled over to another eligible
retirement plan. All distributions from a TSA are eligible rollover
distributions unless they are on the following list of exceptions:
o any distributions which are required minimum distributions after age 70-1/2
or retirement from service with the employer; or
o substantially equal periodic payments made at least annually for your life
(or life expectancy) or the joint lives (or joint life expectancies) of you
and your designated beneficiary; or
o substantially equal periodic payments made for a specified period of 10
years or more; or
o hardship withdrawals; or
o corrective distributions that fit specified technical tax rules; or
o loans that are treated as distributions; or
o a death benefit payment to a beneficiary who is not your surviv ing spouse;
or
o a qualified domestic relations order distribution to a beneficiary who is
not your current spouse or former spouse.
A death benefit payment to your surviving spouse, or a qualified domestic
relations order distribution to your current or former spouse, may be a
distribution subject to mandatory 20% withholding.
IMPACT OF TAXES TO AXA EQUITABLE
The contracts provide that we may charge Separate Account A for taxes. We do
not now, but may in the future set up reserves for such taxes.
60 Tax information
8. More information
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ABOUT OUR SEPARATE ACCOUNT A
Each variable investment option is a subaccount of our Separate Account A. We
established Separate Account A in 1968 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 variable investment options for
owners of our variable annuity contracts. We are the legal owner of all of the
assets in Separate Account A and may withdraw any amounts that exceed our
reserves and other liabilities with respect to variable investment options
under our contracts. The results of Separate Account A's operations are
accounted for without regard to AXA Equitable's other operations. The amount of
some of our obligations under the contracts is based on the assets in Separate
Account A. However, the obligations themselves are obligations of AXA
Equitable.
Separate Account A is registered under the Investment Company Act of 1940 and
is registered and classified under that act as a "unit investment trust." The
SEC, however, does not manage or supervise AXA Equitable or Separate Account A.
Although Separate Account A is registered, the SEC does not monitor the
activity of Separate Account A 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 1940.
Each subaccount (variable investment option) within Separate Account A that is
available under the contract invests solely in Class IB/B or Class II shares
issued by the corresponding portfolio of its Trust.
We reserve the right subject to compliance with laws that apply:
(1) to add variable investment options to, or to remove variable investment
options from, Separate Account A, or to add other separate accounts;
(2) to combine any two or more variable investment options;
(3) to transfer the assets we determine to be the shares of the class of
contracts to which the contracts belong from any variable investment
option to another variable investment option;
(4) to operate Separate Account A or any variable investment option 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 A or
a variable investment option directly);
(5) to deregister Separate Account A under the Investment Company Act of 1940;
(6) to restrict or eliminate any voting rights as to Separate Account A;
(7) to cause one or more variable investment options 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 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
The Trusts are registered under the Investment Company Act of 1940. They are
classified as "open-end management investment companies," more commonly called
mutual funds. Each Trust issues different shares relating to each portfolio.
The Trusts do not impose sales charges or "loads" for buying and selling its
shares. All dividends and other distributions on Trust shares are reinvested in
full. The Board of Trustees of the Trusts 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 generally accompany this prospectus, or
in their respective SAIs which are available upon request.
ABOUT OUR FIXED MATURITY OPTIONS
RATES TO MATURITY AND PRICE PER $100 OF MATURITY VALUE
We can determine the amount required to be allocated to one or more fixed
maturity options in order to produce specified maturity values. For example, we
can tell you how much you need to allocate per $100 of maturity value.
The rates to maturity are determined weekly. The rates in the table below are
illustrative only and will most likely differ from the rates applicable at time
of purchase. Current rates to maturity can be obtained from TOPS or EQAccess or
your financial professional.
The rates to maturity for new allocations as of February 15, 2007 and the
related price per $100 of maturity value were as shown below:
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Fixed Maturity
Options with
February 15th Rate to Price
Maturity Date of Maturity as of Per $100 of
Maturity Year February 15, 2007 Maturity Value
- -------------------------------------------------------
2008 3.30% $ 96.81
2009 3.34% $ 93.63
2010 3.39% $ 90.47
2011 3.48% $ 87.20
2012 3.58% $ 83.86
2013 3.65% $ 80.63
2014 3.72% $ 77.42
2015 3.76% $ 74.42
2016 3.84% $ 71.22
2017 3.89% $ 68.25
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More information 61
HOW WE DETERMINE THE MARKET VALUE ADJUSTMENT
We use the following procedure to calculate the market value adjustment (up or
down) we make if you withdraw all of your value from a fixed maturity option
before its maturity date.
(1) We determine the market adjusted amount on the date of the withdrawal as
follows:
(a) We determine the fixed maturity amount that would be payable on the
maturity date, using the rate to maturity for the fixed maturity
option.
(b) We determine the period remaining in your fixed maturity option
(based on the withdrawal date) and convert it to fractional years
based on a 365-day year. For example, three years and 12 days
becomes 3.0329.
(c) We determine the current rate to maturity that applies on the
withdrawal date to new allocations to the same fixed maturity
option.
(d) We determine the present value of the fixed maturity amount payable
at the maturity date, using the period determined in (b) and the
rate determined in (c).
(2) We determine the fixed maturity amount as of the current date.
(3) We subtract (2) from the result in (1)(d). The result is the market value
adjustment applicable to such fixed maturity option, which may be positive
or negative.
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Your market adjusted amount is the present value of the maturity value
discounted at the rate to maturity in effect for new contributions to that same
fixed maturity option on the date of the calculation.
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If you withdraw only a portion of the amount in a fixed maturity option, the
market value adjustment will be a percentage of the market value adjustment
that would have applied if you had withdrawn the entire value in that fixed
maturity option. This percentage is equal to the percentage of the value in the
fixed maturity option that you are withdrawing. See Appendix II at the end of
this prospectus for an example.
For purposes of calculating the rate to maturity for new allocations to a fixed
maturity option (see (1)(c) above), we use the rate we have in effect for new
allocations to that fixed maturity option. We use this rate even if new
allocations to that option would not be accepted at that time. This rate will
not be less than 3%. If we do not have a rate to maturity in effect for a fixed
maturity option to which the "current rate to maturity" in (1)(c) above would
apply, we will use the rate at the next closest maturity date. If we are no
longer offering new fixed maturity options, the "current rate to maturity" will
be determined in accordance with our procedures then in effect. We reserve the
right to add up to 0.50% to the current rate in (1)(c) above for purposes of
calculating the market value adjustment only.
INVESTMENTS UNDER THE FIXED MATURITY OPTIONS
Amounts allocated to the fixed maturity options are held in a "nonunitized"
separate account we have established under the New York Insurance Law. This
separate account provides an additional measure of assurance that we will make
full payment of amounts due under the fixed maturity options. Under New York
Insurance Law, the portion of the separate account's assets equal to the
reserves and other contract liabilities relating to the contracts are not
chargeable with liabilities from any other business we may conduct. We own the
assets of the separate account, as well as any favorable investment performance
on those assets. You do not participate in the performance of the assets held
in this separate account. We may, subject to state law that applies, transfer
all assets allocated to the separate account to our general account. We
guarantee all benefits relating to your value in the fixed maturity options,
regardless of whether assets supporting fixed maturity options are held in a
separate account or our general account.
We have no specific formula for establishing the rates to maturity for the
fixed maturity options. We expect the rates to maturity for the fixed maturity
options to be influenced by, but not necessarily correspond to, among other
things, the yields that we can expect to realize on the separate account's
investments from time to time. Our current plans are to invest in fixed-income
obligations, including corporate bonds, mortgage-backed and asset-backed
securities, and government and agency issues having durations in the aggregate
consistent with those of the fixed maturity options.
Although the above generally describes our plans for investing the assets
supporting our obligations under the fixed maturity options under the
contracts, we are not obligated to invest those assets according to any
particular plan except as we may be required to by state insurance laws. We
will not determine the rates to maturity we establish by the performance of the
nonunitized separate account.
ABOUT THE GENERAL ACCOUNT
Our general account supports all of our policy and contract guarantees,
including those that apply to the guaranteed interest option and fixed maturity
options, as well as our general obligations.
The general account is subject to regulation and supervision by the Insurance
Department of the State of New York and to the insurance laws and regulations
of all jurisdictions where we are authorized to do business. Interests under
the contracts 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 1940. The market value adjustment interests under the contracts,
which are held in a separate account, are issued by AXA Equitable and are
registered under the Securities Act of 1933. 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 the general account, 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 CONTRACT
EVENTS OCCUR
We describe below the general rules for when, and at what prices, events under
your contract will occur. Other portions of this prospectus
62 More information
describe circumstances that may cause exceptions. We generally do not repeat
those exceptions below.
BUSINESS DAY
Our business day, generally, is any day on which the New York Stock Exchange is
open for trading. A business day does not include any day we choose not to open
due to emergency conditions. We may also close early due to emergency
conditions. Our business day generally ends at 4:00 p.m. Eastern Time for
purposes of determining the date when contributions are applied and any other
transaction requests are processed. Contributions will be applied and any other
transaction requests will be processed when they are received along with all
the required information unless another date applies as indicated below.
o 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. on a business day, we will use the next business day.
o A loan request under your TSA contract will be processed on the first
business day of the month following the date on which the properly completed
loan request form is received.
o If your transaction is set to occur on the same day of the month as the
contract date and that date is the 29th, 30th or 31st of the month, then the
transaction will occur on the 1st day of the next month.
o When a charge is to be deducted on a contract date anniversary that is a
non-business day, we will deduct the charge on the next business day.
CONTRIBUTIONS AND TRANSFERS
o Contributions allocated to the variable investment options are invested at
the unit value next determined after the receipt of the contribution.
o Contributions allocated to the guaranteed interest option will receive the
crediting rate in effect on that business day for the specified time period.
o Contributions allocated to a fixed maturity option will receive the rate to
maturity in effect for that fixed maturity option on that business day.
o If a fixed maturity option is scheduled to mature on June 15th and June 15th
is a non-business day, that fixed maturity option will mature on the prior
business day.
o Transfers to or from variable investment options will be made at the unit
value next determined after the receipt of the transfer request.
o Transfers to a fixed maturity option will receive the rate to maturity in
effect for that fixed maturity option on that business day.
o Transfers to the guaranteed interest option will receive the crediting rate
in effect on that business day for the specified time period.
o Transfers out of a fixed maturity option will be at the market adjusted
amount on that business day.
o For the fixed-dollar option, the first monthly transfer will occur on the
last business day of the month in which we receive your election form at our
processing office.
o For the interest sweep, the first monthly transfer will occur on the last
business day of the month following the month that we receive your election
form at our processing office.
o Quarterly rebalancing will be processed on a calendar year basis. Semiannual
or annual rebalancing will be processed on the first business day of the
month. Rebalancing will not be done retroactively.
o Requests for withdrawals or surrenders will occur on the business day that
we receive the information that we require.
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:
o the election of trustees; or
o the formal approval of independent public accounting firms selected for each
Trust; or
o any other matters described in each prospectus for the Trusts or requiring a
shareholders' vote under the Investment Company Act of 1940.
We will give contract owners the opportunity to instruct us how to vote the
number of shares attributable to their contracts if a shareholder vote is
taken. If we do not receive instructions in time from all contract 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 contract owners vote.
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 intend
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 A VOTING RIGHTS
If actions relating to the separate account require contract owner approval,
contract owners will be entitled to one vote for each unit they have in the
variable investment options. Each contract owner who has elected a variable
annuity payout option may cast the number of votes equal to the dollar amount
of reserves we are holding for that annuity in a variable investment option
divided by the annuity unit
More information 63
value for that option. We will cast votes attributable to any amounts we have
in the variable investment options in the same proportion as votes cast by
contract 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 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 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 A, nor would any of these
proceedings be likely to have a material adverse effect upon the separate
account, our ability to meet our obligations under the contracts, or the
distributions of the contracts.
FINANCIAL STATEMENTS
The financial statements of Separate Account A, as well as the consolidated
financial statements of AXA Equitable, are in the SAI. The SAI is available
free of charge. You may request one by writing to our processing office or
calling 1-800-628-6673.
TRANSFERS OF OWNERSHIP, COLLATERAL ASSIGNMENTS, LOANS AND BORROWING
You can transfer ownership of an NQ contract at any time before annuity
payments begin. We will continue to treat you as the owner until we receive
written notification of any change at our processing office. You cannot assign
your NQ contract as collateral or security for a loan. Loans are also not
available under your NQ contract. In some cases, an assignment or change of
ownership may have adverse tax consequences. See "Tax information" earlier in
this prospectus.
For NQ contracts only, subject to regulatory approval, if you elected the
Guaranteed minimum death benefit, Guaranteed minimum income benefit and/or GWBL
("Benefit"), generally the Benefit will automatically terminate if you change
ownership of the contract or if you assign the owner's right to change the
beneficiary or person to whom annuity payments will be made. However, the
Benefit will not terminate if the ownership of the contract is transferred from
a non-natural owner to an individual but the contract will continue to be based
on the annuitant's life. Please speak with your financial professional for
further information. See Appendix V later in this prospectus for any state
variations with regard to terminating any benefits under your contract.
You cannot assign or transfer ownership of IRA or TSA contracts except by
surrender to us. Loans are not available and you cannot assign IRA contracts as
security for a loan or other obligation. Loans are generally available under a
TSA contract.
For limited transfers of ownership after the owner's death see "Beneficiary
continuation option" in "Payment of death benefit" earlier in this prospectus.
You may direct the transfer of the values under your IRA or TSA contract to
another similar arrangement under federal income tax rules.
DISTRIBUTION OF THE CONTRACTS
The contracts are distributed by AXA Advisors, LLC ("AXA Advisors"). AXA
Advisors serves as a principal underwriter of Separate Account A. The offering
of the contracts is intended to be continuous.
AXA Advisors is an affiliate of AXA Equitable and under common control of AXA
Financial, Inc. AXA Advisors is registered with the SEC as a broker-dealer and
is a member of the National Association of Securities Dealers, Inc. ("NASD").
Its principal business address is 1290 Avenue of the Americas, New York, NY
10104. AXA Advisors also acts as a distributor for other AXA Equitable life and
annuity products.
The contracts are sold by financial professionals of AXA Advisors and its
affiliates. The contracts are also sold by financial professionals of both
affiliated and unaffiliated broker-dealers that have entered into selling
agreements with AXA Advisors ("Selling broker-dealers"). AXA Advisors is under
the common control of AXA Financial, Inc.
AXA Equitable pays compensation to AXA Advisors based on contracts sold.
Sales compensation paid to AXA Advisors will be asset-based and will generally
not exceed 0.10% of the account value of the contract on an ongoing annual
basis.
AXA Advisors, in turn, may pay a portion of the asset-based compensation
received from AXA Equitable to the AXA Advisors financial professional and/or
Selling broker-dealer making the sale. The asset-based compensation paid by AXA
Advisors varies among financial professionals and among Selling broker-dealers.
AXA Advisors may pay certain affiliated and/or unaffiliated Selling
broker-dealers and other financial intermediaries additional compensation in
recognition of certain expenses that may be incurred by it or on its behalf.
AXA Advisors may also pay certain broker-dealers or other financial
intermediaries additional compensation for enhanced marketing opportunities and
other services (commonly referred to as "marketing allowances"). Services for
which such payments are made may include, but are not limited to, the preferred
placement of AXA Equitable and/or EQUI-VEST(SM) At Retirement(SM) on a company
and/or product list; sales personnel training; product training; business
reporting; technological support; due diligence and related costs; advertising,
marketing and related services; conferences; and/or other support services,
including some that may benefit the contract owner. Payments may be based on
the amount of assets or purchase payments attributable to contracts sold
through a Selling broker-dealer or, in the case of conference support, such
payments may be a fixed amount. AXA Advisors may also make fixed payments to
Selling broker-dealers in connection with the initiation of a new relationship
or the introduction of a new product. These payments may serve as an incentive
for Selling broker-dealers to promote the sale of particular products.
Additionally, as an incentive for financial professionals of Selling
broker-dealers to promote the sale of AXA Equitable products, AXA Advisors may
increase the sales compensation paid to the Selling broker-dealer for a period
of time (commonly referred to as "compen-
64 More information
sation enhancements"). Marketing allowances and sales incentives are made out
of AXA Advisors' assets. Not all Selling broker-dealers receive these kinds of
payments. For more information about any such arrangements, ask your financial
professional.
AXA Advisors will receive 12b-1 fees from certain portfolios for providing
certain distribution and/or shareholder support services. AXA Advisors or its
affiliates may also receive payments from the advisers of the portfolios or
their affiliates to help defray expenses for sales meetings or seminar
sponsorships that may relate to the contracts and/or the advisers' respective
portfolios. In connection with portfolios offered through unaffiliated
insurance trusts, AXA Advisors or its affiliates may also receive other
payments from the advisers of the portfolios or their affiliates for providing
distribution, administrative and/or shareholder support services.
In an effort to promote the sale of our products, AXA Advisors may provide its
financial professionals and managerial personnel with a higher percentage of
sales commissions and/or cash compensation for the sale of an affiliated
variable product than it would the sale of an unaffiliated product. Such
practice is known as providing "differential compensation." AXA Advisors may
provide other forms of compensation to its financial professionals, including
health and retirement benefits. In addition, managerial personnel may receive
expense reimbursements, marketing allowances and commission-based payments
known as "overrides." Certain components of the compensation of financial
professionals who are managers are based on the sale of affiliated variable
products. Managers earn higher compensation (and credits toward awards and
bonuses) if those they manage sell more affiliated variable products. For tax
reasons, AXA Advisors financial professionals qualify for health and retirement
benefits based solely on their sales of our affiliated products.
These payments and differential compensation (together, the "payments") can
vary in amount based on the applicable product and/or entity or individual
involved. As with any incentive, such payments may cause the financial
professional to show preference in recommending the purchase or sale of AXA
Equitable products. However, under applicable rules of the NASD, AXA Advisors
may only recommend to you products that they reasonably believe are suitable
for you based on facts that you have disclosed as to your other security
holdings, financial situation and needs. In making any recommendation,
financial professionals of AXA Advisors may nonetheless face conflicts of
interest because of the differences in compensation from one product category
to another, and because of differences in compensation between products in the
same category.
In addition, AXA Advisors may offer sales incentive programs to financial
professionals who meet specified production levels for the sale of both
affiliated and unaffiliated products which provide non-cash compensation such
as stock options awards and/or stock appreciation rights, expense-paid trips,
expense-paid educational seminars and merchandise.
Although AXA Equitable takes all of its costs into account in establishing the
level of fees and expenses in its products, any asset-based compensation paid
by AXA Equitable to AXA Advisors will not result in any separate charge to you
under your contract. All payments made will be in compliance with all
applicable NASD rules and other laws and regulations.
More information 65
9. Incorporation of certain documents by reference
- --------------------------------------------------------------------------------
AXA Equitable's Annual Report on Form 10-K for the period ended December 31,
2006 (the "Annual Report") is considered to be part of this prospectus because
it is incorporated by reference. AXA Equitable intends to send owners account
statements and other such legally-required reports. AXA Equitable does not
anticipate such reports will include periodic financial statements or
information concerning AXA Equitable.
AXA Equitable files reports and other information with the SEC, as required by
law. You may read and copy this information at the SEC's public reference
facilities at Room 1580, 100 F Street, NE, Washington, DC 20549, or by
accessing the SEC's website at www.sec.gov. The public may obtain information
on the operation of the Public Reference Room by calling the SEC at
1-800-SEC-0330. Under the Securities Act of 1933, AXA Equitable has filed with
the SEC a registration statement relating to the Market Value Adjustment (the
"Registration Statement"). This prospectus has been filed as part of the
Registration Statement and does not contain all of the information set forth in
the Registration Statement. Please see the Registration Statement for
additional information concerning the Market Value Adjustment.
The Annual Report includes the audited consolidated financial statements of AXA
Equitable at December 31, 2006 and 2005 and for each of the three years in the
period ended December 31, 2006 (the "AXA Equitable Financial Statements"). The
AXA Equitable Financial Statements are included in the Annual Report and
incorporated by reference into this prospectus in reliance on the report of
PricewaterhouseCoopers LLP, an independent registered public accounting firm.
The AXA Equitable Financial Statements are also included in the Annual Report
and incorporated by reference into this prospectus in reliance on the reports
of KPMG LLP, an independent registered public accounting firm, on (i) the
consolidated financial statements of AllianceBernstein L.P. as of December 31,
2005 and for each of the years in the two-year period ended December 31, 2005,
and the December 31, 2005 financial statement schedule, and (ii) the financial
statements of AllianceBernstein Holding L.P. (together "AllianceBernstein",
formerly "Alliance") as of December 31, 2005 and for each of the years in the
two-year period ended December 31, 2005. The reports are given on the authority
of said firms as experts in auditing and accounting.
KPMG LLP was AllianceBernstein's independent registered public accounting firm
as of December 31, 2005 and for each of the years in the two-year period ended
December 31, 2005. On March 8, 2006, KPMG LLP was terminated, and
PricewaterhouseCoopers LLP was appointed as AllianceBernstein's independent
registered public accounting firm, as disclosed on AXA Equitable's Report on
Form 8-K filed on March 13, 2006. AllianceBernstein Corporation, an indirect
wholly owned subsidiary of AXA Equitable, is the general partner of both
AllianceBernstein L.P. and AllianceBernstein Holding L.P.
Any statement contained in a document that is or becomes part of this
prospectus, will be considered changed or replaced for purposes of this
prospectus if a statement contained in this prospectus changes or is replaced.
Any statement that is considered to be a part of this prospectus because of its
incorporation will be considered changed or replaced for the purpose of this
prospectus if a statement contained in any other subsequently filed document
that is considered to be part of this prospectus changes or replaces that
statement. After that, only the statement that is changed or replaced will be
considered to be part of this prospectus.
We file our Exchange Act documents and reports, including our Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q, electronically according to EDGAR
under CIK No. 0000727920. The SEC maintains a website that contains reports,
proxy and information statements, and other information regarding registrants
that file electronically with the SEC. The address of the website is
www.sec.gov.
Upon written or oral request, we will provide, free of charge, to each person
to whom this prospectus is delivered, a copy of any or all of the documents
considered to be part of this prospectus because they are incorporated herein.
This does not include exhibits not specifically incorporated by reference into
the text of such documents. Requests for documents should be directed to AXA
Equitable Life Insurance Company, 1290 Avenue of the Americas, New York, New
York 10104. Attention: Corporate Secretary (telephone: (212) 554-1234).
66 Incorporation of certain documents by reference
Appendix I: Condensed financials
- --------------------------------------------------------------------------------
The unit values and number of units outstanding shown below, as of December 31,
2006, are for contracts offered under Separate Account A with the same daily
asset charge of 1.30%.
- ------------------------------------------------------------------------------------------------
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, 2006.
- ------------------------------------------------------------------------------------------------
For the year ending December 31, 2006
- ------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
Unit value $ 104.54
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- ------------------------------------------------------------------------------------------------
Unit value $ 101.50
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- ------------------------------------------------------------------------------------------------
Unit value $ 102.29
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- ------------------------------------------------------------------------------------------------
Unit value $ 102.92
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- ------------------------------------------------------------------------------------------------
Unit value $ 103.68
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- ------------------------------------------------------------------------------------------------
Unit value $ 105.05
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- ------------------------------------------------------------------------------------------------
Unit value $ 100.50
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- ------------------------------------------------------------------------------------------------
Unit value $ 100.02
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- ------------------------------------------------------------------------------------------------
Unit value $ 102.45
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- ------------------------------------------------------------------------------------------------
Unit value $ 105.91
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- ------------------------------------------------------------------------------------------------
Unit value $ 102.93
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
AXA Premier VIP Large Cap Growth
- ------------------------------------------------------------------------------------------------
Unit value $ 101.24
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- ------------------------------------------------------------------------------------------------
Unit value $ 103.97
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- ------------------------------------------------------------------------------------------------
Unit value $ 103.27
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
Appendix I: Condensed financials A-1
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, 2006.
- ------------------------------------------------------------------------------------------------
For the year ending December 31, 2006
- ------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- ------------------------------------------------------------------------------------------------
Unit value $ 102.93
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- ------------------------------------------------------------------------------------------------
Unit value $ 104.68
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- ------------------------------------------------------------------------------------------------
Unit value $ 103.98
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- ------------------------------------------------------------------------------------------------
Unit value $ 104.34
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate Government Securities
- ------------------------------------------------------------------------------------------------
Unit value $ 100.25
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- ------------------------------------------------------------------------------------------------
Unit value $ 105.78
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- ------------------------------------------------------------------------------------------------
Unit value $ 103.07
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- ------------------------------------------------------------------------------------------------
Unit value $ 100.62
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- ------------------------------------------------------------------------------------------------
Unit value $ 103.66
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- ------------------------------------------------------------------------------------------------
Unit value $ 104.11
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Ariel Appreciation II
- ------------------------------------------------------------------------------------------------
Unit value $ 103.36
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- ------------------------------------------------------------------------------------------------
Unit value $ 99.01
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- ------------------------------------------------------------------------------------------------
Unit value $ 104.50
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- ------------------------------------------------------------------------------------------------
Unit value $ 101.26
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- ------------------------------------------------------------------------------------------------
Unit value $ 101.69
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- ------------------------------------------------------------------------------------------------
Unit value $ 104.12
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- ------------------------------------------------------------------------------------------------
Unit value $ 102.34
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
A-2 Appendix I: Condensed financials
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, 2006.
- ------------------------------------------------------------------------------------------------
For the year ending December 31, 2006
- ------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
Unit value $ 101.89
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
Unit value $ 102.26
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- ------------------------------------------------------------------------------------------------
Unit value $ 103.03
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- ------------------------------------------------------------------------------------------------
Unit value $ 101.77
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- ------------------------------------------------------------------------------------------------
Unit value $ 103.62
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- ------------------------------------------------------------------------------------------------
Unit value $ 104.66
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- ------------------------------------------------------------------------------------------------
Unit value $ 103.66
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Franklin Income
- ------------------------------------------------------------------------------------------------
Unit value $ 102.67
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- ------------------------------------------------------------------------------------------------
Unit value $ 103.24
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- ------------------------------------------------------------------------------------------------
Unit value $ 102.27
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- ------------------------------------------------------------------------------------------------
Unit value $ 103.86
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/International Growth
- ------------------------------------------------------------------------------------------------
Unit value $ 105.82
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- ------------------------------------------------------------------------------------------------
Unit value $ 100.73
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- ------------------------------------------------------------------------------------------------
Unit value $ 100.66
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- ------------------------------------------------------------------------------------------------
Unit value $ 104.18
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- ------------------------------------------------------------------------------------------------
Unit value $ 104.08
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Long Term Bond
- ------------------------------------------------------------------------------------------------
Unit value $ 100.40
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
Appendix I: Condensed financials A-3
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, 2006.
- ------------------------------------------------------------------------------------------------
For the year ending December 31, 2006
- ------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- ------------------------------------------------------------------------------------------------
Unit value $ 103.02
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- ------------------------------------------------------------------------------------------------
Unit value $ 103.63
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- ------------------------------------------------------------------------------------------------
Unit value $ 103.83
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Marsico Focus
- ------------------------------------------------------------------------------------------------
Unit value $ 105.05
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
Unit value $ 104.24
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- ------------------------------------------------------------------------------------------------
Unit value $ 104.70
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- ------------------------------------------------------------------------------------------------
Unit value $ 104.10
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- ------------------------------------------------------------------------------------------------
Unit value $ 102.43
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Money Market
- ------------------------------------------------------------------------------------------------
Unit value $ 100.60
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- ------------------------------------------------------------------------------------------------
Unit value $ 101.82
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Mutual Shares
- ------------------------------------------------------------------------------------------------
Unit value $ 103.66
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- ------------------------------------------------------------------------------------------------
Unit value $ 105.12
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- ------------------------------------------------------------------------------------------------
Unit value $ 102.70
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- ------------------------------------------------------------------------------------------------
Unit value $ 99.43
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Short Duration Bond
- ------------------------------------------------------------------------------------------------
Unit value $ 100.49
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Small Cap Value
- ------------------------------------------------------------------------------------------------
Unit value $ 104.20
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Small Company Growth
- ------------------------------------------------------------------------------------------------
Unit value $ 103.48
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
A-4 Appendix I: Condensed financials
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, 2006.
- ------------------------------------------------------------------------------------------------
For the year ending December 31, 2006
- ------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
EQ/Small Company Index
- ------------------------------------------------------------------------------------------------
Unit value $ 102.91
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/TCW Equity
- ------------------------------------------------------------------------------------------------
Unit value $ 100.02
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- ------------------------------------------------------------------------------------------------
Unit value $ 104.20
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- ------------------------------------------------------------------------------------------------
Unit value $ 102.89
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- ------------------------------------------------------------------------------------------------
Unit value $ 102.92
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- ------------------------------------------------------------------------------------------------
Unit value $ 113.12
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- ------------------------------------------------------------------------------------------------
Unit value $ 103.78
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- ------------------------------------------------------------------------------------------------
Unit value $ 104.25
- ------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- ------------------------------------------------------------------------------------------------
Appendix I: Condensed
financials A-5
Appendix II: Market value adjustment example
- --------------------------------------------------------------------------------
The example below shows how the market value adjustment would be determined and
how it would be applied to a withdrawal, assuming that $100,000 was allocated
on June 15, 2007 to a fixed maturity option with a maturity date of June 15,
2015 (eight years later) at a hypothetical rate to maturity of 7.00% (h),
resulting in a maturity value of $171,882 on the maturity date. We further
assume that a withdrawal of $50,000 is made four years later, on June 15,
2011.(a)
- -------------------------------------------------------------------------------------
Hypothetical assumed
rate to maturity(j)
on June 15, 2011
- -------------------------------------------------------------------------------------
5% 9%
- -------------------------------------------------------------------------------------
As of June 15, 2011 before withdrawal
- -------------------------------------------------------------------------------------
(1) market adjusted amount(b) $141,389 $121,737
- -------------------------------------------------------------------------------------
(2) fixed maturity amount(c) $131,104 $131,104
- -------------------------------------------------------------------------------------
(3) market value adjustment: (1) - (2) $ 10,285 $ (9,367)
- -------------------------------------------------------------------------------------
On June 15, 2011 after $50,000 withdrawal
- -------------------------------------------------------------------------------------
(4) portion of market value adjustment associated with the withdrawal:
- -------------------------------------------------------------------------------------
(3) x [$50,000/(1)] $ 3,637 $ (3,847)
- -------------------------------------------------------------------------------------
(5) portion of fixed maturity associated with the withdrawal:
- -------------------------------------------------------------------------------------
$50,000 - (4) $ 46,363 $ 53,847
- -------------------------------------------------------------------------------------
(6) market adjusted amount (1) - $50,000 $ 91,389 $ 71,737
- -------------------------------------------------------------------------------------
(7) fixed maturity amount: (2) - (5) $ 84,741 $ 77,257
- -------------------------------------------------------------------------------------
(8) maturity value (d) $111,099 $101,287
- -------------------------------------------------------------------------------------
You should note that in this example, if a withdrawal is made when rates have
increased from 7.00% to 9.00% (right column), a portion of a negative market
value adjustment is realized. On the other hand, if a withdrawal is made when
rates have decreased from 7.00% to 5.00% (left column), a portion of a positive
market value adjustment is realized.
Notes:
(a) Number of days from the withdrawal date to the maturity date = D = 1,461
(b) Market adjusted amount is based on the
following calculation:
Maturity value $ 171,882
---------------- = ----------------- where j is either 5% or 9%
(1+j)((D/365)) (1+j)((1,461/365))
(c) Fixed maturity amount is based on the following calculation:
Maturity value $ 171,882
---------------- = --------------------
(1+h)((D/365)) (1+0.07)((1,461/365))
(d) Maturity value is based on the
following calculation:
Fixed maturity amount $84,741 or $77,257
--------------------- = ------------------
(1+h)((D/365)) (1+0.07)((1,461/365))
B-1 Appendix II: Market value adjustment example
Appendix III: Enhanced death benefit example
- --------------------------------------------------------------------------------
The death benefit under the contracts is equal to the account value or, if
greater, the enhanced death benefit if elected.
The following illustrates the enhanced death benefit calculation. Assuming
$100,000 is allocated to the variable investment options (with no allocation to
the EQ/AllianceBernstein Intermediate Government Securities, EQ/Money Market,
EQ/Short Duration Bond, the guaranteed interest option or the fixed maturity
options, no subsequent contributions, no transfers, no withdrawals and no loans
under a TSA contract, the enhanced death benefit for an owner age 55 would be
calculated as follows:
- ---------------------------------------------------------------------------------------------------
End of
contract 6% Roll-Up to age 85 Annual Ratchet to age 85 GWBL Enhanced
year Account value enhanced death benefit enhanced death benefit death benefit
- ---------------------------------------------------------------------------------------------------
1 105,000 106,000 105,000 105,000
- ---------------------------------------------------------------------------------------------------
2 115,500 112,360 115,500 115,500
- ---------------------------------------------------------------------------------------------------
3 129,360 119,102 129,360 129,360
- ---------------------------------------------------------------------------------------------------
4 103,488 126,248 129,360 135,828
- ---------------------------------------------------------------------------------------------------
5 113,837 133,823 129,360 142,296
- ---------------------------------------------------------------------------------------------------
6 127,497 141,852 129,360 148,764
- ---------------------------------------------------------------------------------------------------
7 127,497 150,363 129,360 155,232
- ---------------------------------------------------------------------------------------------------
The account values for contract years 1 through 7 are based on hypothetical
rates of return of 5.00%, 10.00%, 12.00%, (20.00)%, 10.00%, 12.00% and 0.00%.
We are using these rates solely to illustrate how the benefit is determined.
The return rates bear no relationship to past or future investment results.
ANNUAL RATCHET TO AGE 85
(1) At the end of contract years 1 through 3, the enhanced death benefit is the
current account value.
(2) At the end of contract years 4 through 7, the enhanced death benefit is the
enhanced death benefit at the end of the prior year since it is equal to or
higher than the current account value.
GREATER OF 6% ROLL-UP TO AGE 85 OR THE ANNUAL RATCHET TO AGE 85
The enhanced death benefit under this option for each year shown would be the
greater of the amounts shown under the 6% Roll-Up to age 85 or the Annual
Ratchet to age 85.*
* At the end of contract years 4 through 7, the death benefit will be the
enhanced death benefit. At the end of contract years 1, 2 and 3, the death
benefit will be the current account
value.
GWBL ENHANCED DEATH BENEFIT
This example assumes no withdrawals. The GWBL Enhanced death benefit is a
guaranteed minimum death benefit that is only available if you elect the
Guaranteed withdrawal benefit for life. If you plan to take withdrawals during
any of the first seven contract years, this illustration is of limited
usefulness to you.
Appendix III: Enhanced death benefit example C-1
Appendix IV: Hypothetical illustrations
- --------------------------------------------------------------------------------
ILLUSTRATION OF ACCOUNT VALUES, CASH VALUES AND CERTAIN GUARANTEED MINIMUM
BENEFITS
The following tables illustrate the changes in account value, cash value and the
values of the "greater of 6% Roll-Up to Age 85 or the Annual Ratchet to age 85"
guaranteed minimum death benefit and the Guaranteed minimum income benefit under
certain hypothetical circumstances for an EQUI-VEST(SM) At Retirement(SM)
contract. The table illustrates the operation of a contract based on a male,
issue age 60, who makes a single $100,000 contribution and takes no withdrawals.
The amounts shown are for the beginning of each contract year and assume that
all of the account value is invested in portfolios that achieve investment
returns at constant gross annual rates of 0% and 6% (i.e., before any investment
management fees, 12b-1 fees or other expenses are deducted from the underlying
portfolio assets). After the deduction of the arithmetic average of the
investment management fees, 12b-1 fees and other expenses of all of the
underlying portfolios (as described below), the corresponding net annual rates
of return would be (2.61%), 3.39% for the EQUI-VEST(SM) At Retirement(SM)
contract, at the 0% and 6% gross annual rates, respectively. These net annual
rates of return reflect the trust and separate account level charges but they do
not reflect the charges we deduct from your account value annually for the
optional Guaranteed minimum death benefit and the Guaranteed minimum income
benefit features. If the net annual rates of return did reflect these charges,
the net annual rates of return would be lower; however, the values shown in the
following tables reflect the following contract charges: the greater of 6%
Roll-Up to age 85 and the Annual Ratchet to age 85 Guaranteed minimum death
benefit charge, the Guaranteed minimum income benefit charge. The values shown
under "Lifetime annual guaranteed minimum income benefit" reflect the lifetime
income that would be guaranteed if the Guaranteed minimum income benefit is
selected at that contract anniversary. An "N/A" in these columns indicates that
the benefit is not exercisable in that year. A "0" under any of the death
benefit and/or "Lifetime annual guaranteed minimum income benefit" columns
indicates that the contract has terminated due to insufficient account value.
However, the Guaranteed minimum income benefit has been automatically exercised
and the owner is receiving lifetime payments.
With respect to fees and expenses deducted from assets of the underlying
portfolios, the amounts shown in all tables reflect (1) investment management
fees equivalent to an effective annual rate of 0.69%, and (2) an assumed
average asset charge for all other expenses of the underlying portfolios
equivalent to an effective annual rate of 0.37% and (3) 12b-1 fees equivalent
to an effective annual rate of 0.25%. These rates are the arithmetic average
for all portfolios that are available as investment options. In other words,
they are based on the hypothetical assumption that account values are allocated
equally among the variable investment options. The actual rates associated with
any contract will vary depending upon the actual allocation of contract values
among the investment options. These rates do not reflect expense limitation
arrangements in effect with respect to certain of the underlying portfolios as
described in the footnotes to the fee table for the underlying portfolios in
"Fee Table" earlier in this prospectus. With these arrangements, the charges
shown above would be lower. This would result in higher values than those shown
in the following tables.
Because your circumstances will no doubt differ from those in the illustrations
that follow, values under your contract will differ, in most cases
substantially. Upon request, we will furnish you with a personalized
illustration.
D-1 Appendix IV: Hypothetical illustrations
Variable deferred annuity
EQUI-VEST(SM) At Retirement(SM)
$100,000 Single contribution and no withdrawals
Male, issue age 60
Benefits:
Greater of 6% Roll-Up to age 85 or the Annual Ratchet to age 85 Guaranteed
minimum death benefit
Guaranteed minimum income benefit
Greater of 6% Roll-
Up to age 85 or the Lifetime Annual
Annual Ratchet to Guaranteed Minimum Income Benefit
age 85 Guaranteed ----------------------------------
Minimum Guaranteed Hypothetical
Account Value Cash Value Benefit Death Total Death Benefit Income Income
Contract ------------------- ------------------- ------------------- ------------------- ----------------- ----------------
Age Year 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 0% 6%
- ----- --------- --------- --------- --------- --------- --------- --------- --------- --------- -------- -------- -------- -------
60 1 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 N/A N/A N/A N/A
61 2 96,065 102,065 96,065 102,065 106,000 106,000 108,400 108,400 N/A N/A N/A N/A
62 3 92,153 104,121 92,153 104,121 112,360 112,360 117,304 117,304 N/A N/A N/A N/A
63 4 88,259 106,161 88,259 106,161 119,102 119,102 126,742 126,742 N/A N/A N/A N/A
64 5 84,378 108,182 84,378 108,182 126,248 126,248 136,747 136,747 N/A N/A N/A N/A
65 6 80,503 110,177 80,503 110,177 133,823 133,823 147,352 147,352 N/A N/A N/A N/A
66 7 76,628 112,139 76,628 112,139 141,852 141,852 158,593 158,593 N/A N/A N/A N/A
67 8 72,749 114,061 72,749 114,061 150,363 150,363 170,508 170,508 N/A N/A N/A N/A
68 9 68,858 115,935 68,858 115,935 159,385 159,385 183,139 183,139 N/A N/A N/A N/A
69 10 64,949 117,753 64,949 117,753 168,948 168,948 196,527 196,527 N/A N/A N/A N/A
74 15 44,890 125,661 44,890 125,661 226,090 226,090 276,527 276,527 14,266 14,266 14,266 14,266
79 20 23,252 130,453 23,252 130,453 302,560 302,560 383,584 383,584 20,393 20,393 20,393 20,393
84 25 0 130,025 0 130,025 0 404,893 0 493,179 34,821 34,821 34,821 34,821
89 30 0 136,644 0 136,644 0 429,187 0 517,472 N/A N/A N/A N/A
94 35 0 147,651 0 147,651 0 429,187 0 517,472 N/A N/A N/A N/A
95 36 0 150,081 0 150,081 0 429,187 0 517,472 N/A N/A N/A N/A
The hypothetical investment results are illustrative only and should not be
deemed a representation of past or future investment results. Actual investment
results may be more or less than those shown and will depend on a number of
factors, including investment allocations made by the owner. The account value,
cash value and guaranteed benefits for a contract would be different from the
ones shown if the actual gross rate of investment return averaged 0% or 6% over
a period of years, but also fluctuated above or below the average for
individual contract years. We can make no representation that these
hypothetical investment results can be achieved for any one year or continued
over any period of time. In fact, for any given period of time, the investment
results could be negative.
Appendix IV: Hypothetical illustrations D-2
Appendix V: State contract availability and/or variations of certain features
and benefits
- --------------------------------------------------------------------------------
The following information is a summary of the states where the EQUI-VEST(SM) At
Retirement(SM) contract or certain features and/or benefits are either not
available as of the date of this prospectus or vary from the contract's
features and benefits as previously described in this prospectus.
STATES WHERE CERTAIN EQUI-VEST(SM) AT RETIREMENT(SM) FEATURES AND/OR BENEFITS
ARE NOT AVAILABLE OR HAS CERTAIN VARIATIONS TO FEATURES AND/OR BENEFITS:
- ----------------------------------------------------------------------------------------
State Features and Benefits
- ----------------------------------------------------------------------------------------
CALIFORNIA See "Contract features and benefits"--"Your right to can-
cel within a certain number of days"
- ----------------------------------------------------------------------------------------
DELAWARE See "Contract features and benefits"--"Fixed maturity
options"
- ----------------------------------------------------------------------------------------
KANSAS See "Payment of death benefit"--"Your beneficiary and
payment benefit"
- ----------------------------------------------------------------------------------------
NORTH DAKOTA See "Your right to cancel within a certain number of days"
- ----------------------------------------------------------------------------------------
PENNSYLVANIA See "Contract features and benefits"--"Fixed maturity
options"
- ----------------------------------------------------------------------------------------
PUERTO RICO Traditional IRA, Roth IRA and TSA
- ----------------------------------------------------------------------------------------
WASHINGTON See "Contract features and benefits"
(available on or about
July 23, 2007)
o "Guaranteed interest option"
o "Fixed maturity options"
o "Guaranteed minimum death benefit and Guaranteed
minimum income benefit base" -- 6% Roll-Up to age
85 (used for the Greater of the 6% Roll-Up to age 85 or
the Annual Ratchet to age 85 enhanced death benefit
AND for the Guaranteed minimum income benefit"
- ----------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------
State Availability or Variation
- ----------------------------------------------------------------------------------------
CALIFORNIA If you reside in the state of California and you are age 60
and older at the time the contract is issued, you may return
your variable annuity contract within 30 days from the date
that you receive it and receive a refund as described below.
If you allocate your entire initial contribution to the
EQ/Money Market option (and/or guaranteed interest
option), the amount of your refund will be equal to your
contribution less interest, unless you make a transfer, in
which case the amount of your refund will be equal to your
account value on the date we receive your request to cancel
at our processing office. This amount could be less than
your initial contribution. If you allocate any portion of your
initial contribution to the variable investment options (other
than the EQ/Money Market option) and/or fixed maturity
options, your refund will be equal to your account value on
the date we receive your request to cancel at our processing
office.
- ----------------------------------------------------------------------------------------
DELAWARE Fixed maturity options are not available.
- ----------------------------------------------------------------------------------------
KANSAS The default beneficiary must be the owner's estate.
- ----------------------------------------------------------------------------------------
NORTH DAKOTA To exercise this cancellation right you must mail the con-
tract, with a signed letter of instructions electing this right,
to our processing office within 20 days after you receive it.
- ----------------------------------------------------------------------------------------
PENNSYLVANIA Fixed maturity options are not available.
- ----------------------------------------------------------------------------------------
PUERTO RICO Not Available
- ----------------------------------------------------------------------------------------
WASHINGTON o The guaranteed interest option is not available.
(available on or about
July 23, 2007) o Fixed maturity options are not available.
o For the Greater of the Annual Ratchet to age 85 or
Roll-Up to age 85 death benefit, the roll up is 4%
(instead of 6%).
- ----------------------------------------------------------------------------------------
E-1 Appendix V: State contract availability and/or variations of certain
features and benefits
- ---------------------------------------------------------------------------------------------------------------------
State Features and Benefits Availability or Variation
- ---------------------------------------------------------------------------------------------------------------------
o "Guaranteed minimum death benefit/Guaranteed o The death benefit reset may only occur if the
minimum income benefit roll-up benefit account value on the contract anniversary is greater
base reset." than the 6% roll to age 85 GMIB benefit base. Both
roll-up benefit bases get reset to the account value.
The 4% roll-up continues on to age 85 on the reset
death benefit.
See "Accessing your money"--"Your annuity payout o The Income Manager(SM) payout annuity is not avail-
options," "Income Manager(SM) payout options" able.
- ---------------------------------------------------------------------------------------------------------------------
Appendix V: State contract availability and/or variations
of certain features and benefits E-2
Statement of additional information
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
Page
Who is AXA Equitable? 2
Calculating unit values 2
Custodian and independent registered public accounting firm 2
Distribution of the contracts 2
Financial statements 2
How to obtain an EQUI-VEST(SM) At Retirement(SM) Statement of Additional
Information for Separate Account A
Send this request form to:
EQUI-VEST(SM) At Retirement(SM)
P.O. Box 4956 Syracuse, NY 13221-4956
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Please send me an EQUI-VEST(SM) At Retirement(SM) SAI for Separate Account A
dated May 1, 2007.
- --------------------------------------------------------------------------------
Name:
- --------------------------------------------------------------------------------
Address:
- --------------------------------------------------------------------------------
City State Zip
X1499
EQUI-VEST(SM) At Retirement(SM)
EQUI-VEST(SM)
A combination variable and fixed deferred annuity contract
PROSPECTUS DATED MAY 1, 2007
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 contract. You should read the prospectuses for each
Trust which contain important information about the portfolios.
- --------------------------------------------------------------------------------
WHAT IS EQUI-VEST(SM)?
EQUI-VEST(SM) is a deferred annuity contract issued by AXA Equitable Life
Insurance Company. It provides for the accumulation of retirement savings and
for income. The contract also offers death benefit protection and a number of
payout options. You invest to accumulate value on a tax-deferred basis in one
or more of our variable investment options, our guaranteed interest option or
in our fixed maturity options ("investment options"). The contract may not
currently be available in all states.
- ------------------------------------------------------------------------------
Variable investment options
- ------------------------------------------------------------------------------
Fixed income
- ------------------------------------------------------------------------------
o AXA Conservative Allocation(1) o EQ/JPMorgan Core Bond
o AXA Conservative-Plus Allocation(1) o EQ/Long Term Bond
o EQ/AllianceBernstein Intermediate o EQ/Money Market
Government Securities o EQ/PIMCO Real Return
o EQ/AllianceBernstein Quality Bond o EQ/Short Duration Bond
o EQ/Caywood-Scholl High Yield Bond o Multimanager Core Bond*
o EQ/Evergreen International Bond o Multimanager High Yield*
o EQ/Franklin Income
- ------------------------------------------------------------------------------
Domestic stocks
- ------------------------------------------------------------------------------
o AXA Aggressive Allocation(1) o EQ/Lord Abbett Mid Cap Value
o AXA Moderate-Plus Allocation(1) o EQ/Marsico Focus
o EQ/AllianceBernstein Common Stock o EQ/MFS Emerging Growth Companies+
o EQ/AllianceBernstein Growth and o EQ/MFS Investors Trust+
Income++ o EQ/Montag & Caldwell Growth
o EQ/AllianceBernstein Large Cap o EQ/Mutual Shares
Growth o EQ/Oppenheimer Main Street
o EQ/AllianceBernstein Small Cap Opportunity**
Growth o EQ/Oppenheimer Main Street
o EQ/AllianceBernstein Value++ Small Cap
o EQ/Ariel Appreciation II o EQ/Small Cap Value+
o EQ/AXA Rosenberg Value Long/Short o EQ/Small Company Growth+
Equity o EQ/Small Company Index
o EQ/BlackRock Basic Value Equity* o EQ/TCW Equity++
o EQ/Boston Advisors Equity Income o EQ/Templeton Growth
o EQ/Calvert Socially Responsible o EQ/UBS Growth and Income
o EQ/Capital Guardian Growth o EQ/Van Kampen Comstock
o EQ/Capital Guardian Research o EQ/Van Kampen Mid Cap Growth
o EQ/Capital Guardian U.S. Equity++ o EQ/Wells Fargo Montgomery
o EQ/Davis New York Venture** Small Cap++
o EQ/Equity 500 Index o Multimanager Aggressive Equity*
o EQ/Evergreen Omega o Multimanager Health Care*
o EQ/FI Mid Cap o Multimanager Large Cap Core Equity*
o EQ/FI Mid Cap Value+ o Multimanager Large Cap Growth*
o EQ/Franklin Small Cap Value o Multimanager Large Cap Value*
o EQ/Franklin Templeton Founding o Multimanager Mid Cap Growth*
Strategy** o Multimanager Mid Cap Value*
o EQ/GAMCO Mergers and Acquisitions o Multimanager Technology*
o EQ/GAMCO Small Company Value o Target 2015 Allocation
o EQ/Janus Large Cap Growth++ o Target 2025 Allocation
o EQ/JPMorgan Value Opportunities o Target 2035 Allocation
o EQ/Legg Mason Value Equity o Target 2045 Allocation
o EQ/Lord Abbett Growth and Income o U.S. Real Estate--Class II++
o EQ/Lord Abbett Large Cap Core
- ------------------------------------------------------------------------------
International stocks
- ------------------------------------------------------------------------------
o EQ/AllianceBernstein International o EQ/Oppenheimer Global
o EQ/BlackRock International Value* o EQ/Van Kampen Emerging Markets
o EQ/Capital Guardian International+ Equity
o EQ/International Growth o Multimanager International Equity*
- ------------------------------------------------------------------------------
Balanced/hybrid
- ------------------------------------------------------------------------------
o AXA Moderate Allocation(1)
- ------------------------------------------------------------------------------
(1) The AXA Allocation portfolios.
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"About the Portfolios of the Trusts" later in this prospectus for the
investment option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supple ment included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned substitution or merger of this investment option, subject to
regulatory approval.
You may allocate amounts to the variable investment options under your choice
of investment method subject to any restrictions. Each variable investment
option is a subaccount of Separate Account A. Each variable investment option,
in turn, invests in a corresponding securities portfolio of AXA Premier VIP
Trust, EQ Advisors Trust, or The Universal Institutional Funds, Inc., (the
"Trusts"). Your investment results in a variable investment option will depend
on the investment performance of the related portfolio. You may also allocate
amounts to the guaranteed interest option and the fixed maturity options, which
are discussed later in this prospectus.
TYPES OF CONTRACTS. For existing and new contract holders we offer different
"series" of contracts for use as:
o A nonqualified annuity ("NQ") for after-tax contributions only.
o An individual retirement annuity ("IRA"), either traditional IRA or Roth
IRA.
A minimum contribution is required to purchase a contract:
For IRAs, $20 or $50 (depending on contract series);
For NQ Contracts, $1,000 ($50 if under payroll deduction plan);
For existing contract owners only (these contracts are not available for new
purchasers):
o A traditional IRA as a conduit to hold rollover distributions ("QP IRA")
from a qualified plan or a Tax-Sheltered Annuity ("TSA"). QP IRA (series
100-400) and Roth Advantage Contracts (series 500) .
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 contracts 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.
X01507
Series 100-500
Minimum additional rollover amounts required for QP IRA:
For series 100 and 200, $1,000,
For series 300 and 400, $2,500.
o Original contracts (see Appendix I).
Registration statements relating to this offering have been filed with the
Securities and Exchange Commission ("SEC"). The statement of additional
information ("SAI") dated May 1, 2007 is a part of one of the registration
statements. The SAI is available free of charge. You may request one by writing
to our processing office at P.O. Box 4956, Syracuse, NY 13221-4956 or calling 1
(800) 628-6673. 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 www.sec.gov. The table of contents for the SAI appears at the back
of this prospectus.
Although this prospectus is primarily designed for potential purchasers of the
contract in Pennsylvania (series 300 IRA and NQ) and in Oregon (series 100 IRA
and NQ), you may have previously purchased a contract in these and other states
and are receiving this prospectus as a current contract owner. If you are a
current contract owner, you should note that the options, features and charges
of the contract may have varied over time and may vary depending on your state.
For more information about the particular options, features and charges
applicable to you, please contact your financial professional and/or refer to
your contract, and for "original contracts" information, see Appendix I.
Contents of this prospectus
- --------------------------------------------------------------------
EQUI-VEST(SM)
- ------------------------------------------------------------------------------
Index of key words and phrases 5
Who is AXA Equitable? 7
How to reach us 8
EQUI-VEST(SM) at a glance -- key features 1
- ------------------------------------------------------------------------------
FEE TABLE 13
- ------------------------------------------------------------------------------
Examples 16
Examples: EQUI-VEST(SM) series 100 and 200 contracts--
For IRA contracts 18
Examples: EQUI-VEST(SM) series 100 and 200 contracts--
For NQ contracts 20
Examples: EQUI-VEST(SM) series 300 contracts 22
Examples: EQUI-VEST(SM) series 400 contracts 24
Examples: EQUI-VEST(SM) series 500 contracts 26
Condensed financial information 28
- ------------------------------------------------------------------------------
1. CONTRACT FEATURES AND BENEFITS 29
- ------------------------------------------------------------------------------
How you can purchase and contribute to your contract 29
Owner and annuitant requirements 30
How you can make your contributions 30
What are your investment options under the contract? 31
Portfolios of the Trusts 32
Selecting your investment method 39
Allocating your contributions 40
Your right to cancel within a certain number of days 40
- ------------------------------------------------------------------------------
2. DETERMINING YOUR CONTRACT'S VALUE 41
- ------------------------------------------------------------------------------
Your account value and cash value 41
Your contract's value in the variable investment options 41
Your contract's value in the guaranteed interest option 41
Your contract's value in the fixed maturity options 41
- ------------------------------------------------------------------------------
3. TRANSFERRING YOUR MONEY AMONG INVESTMENT
OPTIONS 42
- ------------------------------------------------------------------------------
Transferring your account value 42
Disruptive transfer activity 42
Automatic transfer options 43
Investment simplifier 43
Rebalancing your account value 44
- ----------------------
"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 contract owner.
Contents of this prospectus 3
- ------------------------------------------------------------------------------
4. ACCESSING YOUR MONEY 45
- ------------------------------------------------------------------------------
Withdrawing your account value 45
How withdrawals are taken from your account value 46
Surrender of your contract to receive its cash value 46
Termination 46
When to expect payments 46
Your annuity payout options 46
- ------------------------------------------------------------------------------
5. CHARGES AND EXPENSES 49
- ------------------------------------------------------------------------------
Charges that AXA Equitable deducts 49
Charges under the contracts 49
Charges that the Trusts deduct 53
Group or sponsored arrangements 53
Other distribution arrangements 53
- ------------------------------------------------------------------------------
6. PAYMENT OF DEATH BENEFIT 54
- ------------------------------------------------------------------------------
Your beneficiary and payment of benefit 54
How death benefit payment is made 54
Beneficiary continuation option for traditional IRA,
QP IRA, Roth IRA and Roth Advantage contracts 55
Beneficiary continuation option for series 400 NQ contracts only 55
- ------------------------------------------------------------------------------
7. TAX INFORMATION 57
- ------------------------------------------------------------------------------
Overview 57
Buying a contract to fund a retirement arrangement 57
Transfers among investment options 57
Taxation of nonqualified annuities 57
Individual retirement arrangements ("IRAs") 59
Roth individual retirement annuities ("Roth IRAs") 65
Federal and state income tax withholding and
information reporting 70
Impact of taxes to AXA Equitable 70
- ------------------------------------------------------------------------------
8. MORE INFORMATION 71
- ------------------------------------------------------------------------------
About our Separate Account A 71
About the Trusts 71
About our fixed maturity options 71
About the general account 72
About other methods of payment 73
Dates and prices at which contract events occur 73
About your voting rights 73
About legal proceedings 74
Financial statements 74
Transfers of ownership, collateral assignments,
loans, and borrowing 74
Distribution of the contracts 74
- ------------------------------------------------------------------------------
9. INCORPORATION OF CERTAIN DOCUMENTS
BY REFERENCE 77
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
APPENDICES
- ------------------------------------------------------------------------------
I -- Original Contracts I-1
II -- Condensed financial information II-1
III -- Market value adjustment example III-1
IV -- State contract availability and/or variations of
certain features and benefits IV-1
- ------------------------------------------------------------------------------
STATEMENT OF ADDITIONAL INFORMATION
TABLE OF CONTENTS
- ------------------------------------------------------------------------------
4 Contents of this prospectus
Index of key words and phrases
- ------------------------------------------------------------------------------
This index should help you locate more information on the terms used in this
prospectus.
Page
account value 41
annuitant 29
annuity payout options 46
beneficiary 54
beneficiary continuation option 55
business day 73
cash value 41
conduit IRA 63
contract date 11
contract date anniversary 11
contract year 11
contributions 29
contributions to Roth IRAs 65
regular contribution 65
rollovers and transfers 65
conversion contributions 66
contributions to traditional IRAs 59
regular contributions 60
rollovers and transfers 61
disruptive transfer activity 42
EQAccess 8
fixed maturity amount 38
fixed maturity options 38
guaranteed interest option 38
Inherited annuity 55
Page
IRA cover, 59
IRS 57
investment options cover, 31
market adjusted amount 38
market timing 42
market value adjustment 38
maturity value 38
NQ cover, 46
Original contracts 6, Appendix I
partial withdrawals 45
portfolio cover
processing office 8
QP IRAs cover
rate to maturity 38
Required Beginning Date 63
Roth Advantage 6
Roth IRA cover, 65
SAI cover
SEC cover
TOPS 8
traditional IRA cover, 59
Trusts cover, 71
unit 41
unit investment trust 71
variable investment options cover, 31
To make this prospectus easier to read, we sometimes use different words than
in the contract or supplemental materials. This is illustrated below. 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.
- ----------------------------------------------------------------------------
Prospectus Contract or Supplemental Materials
- ----------------------------------------------------------------------------
fixed maturity options Guarantee Periods or Fixed Maturity Accounts
variable investment options Investment Funds or Investment Divisions
account value Annuity Account Value
rate to maturity Guaranteed Rates
guaranteed interest option Guaranteed Interest Account
unit Accumulation unit
unit value Accumulation unit value
- ----------------------------------------------------------------------------
Index of key words and phrases 5
In this prospectus, we use a "series" number when necessary to identify a
particular contract. We discuss five series of contracts. However, only two are
available for new purchasers. Once you have purchased a contract you can
identify the EQUI-VEST(SM) series you have by referring to your confirmation
notice, or you may contact your financial professional, or you may call our
toll-free number. The series designations are as follows:
- ----------------------------------------------------------------------- --------------------------------------------------
o NQ, traditional IRA, and QP IRA contracts issued before January series 100
3, 1994; and This series is available only for new
purchasers in OR and is no longer available for
o Roth IRA contracts converted from such IRA and QP IRA new purchasers of QP IRA contracts.
contracts. Information on QP IRA is provided for our
existing contract
owners only.
- ----------------------------------------------------------------------- --------------------------------------------------
o Certain NQ, traditional IRA and QP IRA contracts issued on or series 200
after August 17, 1995. This series is no longer available for new
purchasers. Information in this prospectus
o Roth IRA contracts converted from such traditional IRA and QP on this series is provided for our
IRA contracts. existing contract owners only.
- ----------------------------------------------------------------------- --------------------------------------------------
o NQ, traditional IRA, QP IRA, and Roth IRA contracts issued on series 300
or after January 3, 1994 and before the date series 400 contracts This series is available only for new
became available in a state; and purchasers in PA and is no longer available
for new purchasers of QP IRA contracts.
o Roth IRA contracts converted from such traditional IRA and QP Information on QP IRA is provided for our
existing contract
owners only.
- ----------------------------------------------------------------------- --------------------------------------------------
o NQ, traditional IRA, QP IRA, and Roth IRA contracts issued on series 400
or after July 10, 1995 in states where approved; and This series is no longer available for new
purchasers. Information in this prospectus
o Roth IRA contracts converted from such traditional IRA and QP on this series is provided for our
IRA contracts. existing contract owners only.
- ----------------------------------------------------------------------- --------------------------------------------------
o Roth Advantage contracts series 500
This series is no longer available for new
purchasers. Information in this prospectus
on this series is provided for our
existing contract owners only.
- ----------------------------------------------------------------------- --------------------------------------------------
We also have contracts that we refer to as "Original contracts." These
contracts are no longer available for new purchasers. Any information about
original contracts which is different from the current series we offer can be
found in Appendix I, which will be referenced throughout this prospectus when
it applies.
6 Index of key words and phrases
Who is AXA Equitable?
- --------------------------------------------------------------------------------
We are AXA Equitable Life Insurance Company ("AXA Equitable") (until 2004, The
Equitable Life Assurance Society of the United States), a New York stock life
insurance corporation. We have been doing business since 1859. AXA Equitable is
an indirect, wholly-owned subsidiary of AXA Financial, Inc., a holding company,
which is itself an indirect, wholly-owned subsidiary of AXA. AXA is a French
holding company for an international group of insurance and related financial
services companies. As the ultimate sole shareholder of AXA Equitable, and
under its other arrangements with AXA Equitable and AXA Equitable's parent, AXA
exercises significant influence over the operations and capital structure of
AXA Equitable and its parent. AXA holds its interest in AXA Equitable through a
number of other intermediate holding companies, including Oudinot
Participations, AXA America Holdings Inc. and AXA Financial Services, LLC. AXA
Equitable is obligated to pay all amounts that are promised to be paid under
the contracts. 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
$795 billion in assets as of December 31, 2006. 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 10104.
Who is AXA Equitable? 7
HOW TO REACH US
You may communicate with our processing office as 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.
- -------------------------------------------------------------------------------
FOR NQ AND IRA OWNERS WHO SEND CONTRIBUTIONS
INDIVIDUALLY BY REGULAR MAIL:
- -------------------------------------------------------------------------------
AXA Equitable
EQUI-VEST(SM)
Individual Collections
P.O. Box 13459
Newark, NJ 07188-0459
- ------------------------------------------------------------------------------
FOR NQ AND IRA OWNERS WHO SEND CONTRIBUTIONS
INDIVIDUALLY BY EXPRESS DELIVERY:
- ------------------------------------------------------------------------------
AXA Equitable
JPMorganChase
EQUI-VEST(SM) Lockbox 13459
4 Chase Metrotech Center (7th Floor)
Brooklyn, NY 11245-0001
Telephone number to be listed on express mail packages
Attn: Extraction Supervisor, (718) 242-2992
- ------------------------------------------------------------------------------
FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR
TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT BY
REGULAR MAIL:
- ------------------------------------------------------------------------------
AXA Equitable
EQUI-VEST(SM) Processing Office
P.O. Box 4956
Syracuse, NY 13221-4956
- ------------------------------------------------------------------------------
FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR
TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT BY
EXPRESS DELIVERY:
- ------------------------------------------------------------------------------
AXA Equitable
EQUI-VEST(SM) Processing Office
100 Madison Street, Suite 1000
Syracuse, NY 13202
- ------------------------------------------------------------------------------
FOR NQ AND IRA CONTRIBUTIONS REMITTED BY EMPLOYERS
AND SENT BY REGULAR MAIL:
- ------------------------------------------------------------------------------
AXA Equitable
EQUI-VEST(SM)
Unit Annuity Collections
P.O. Box 13463
Newark, NJ 07188-0463
- ------------------------------------------------------------------------------
FOR NQ AND IRA CONTRIBUTIONS REMITTED BY EMPLOYERS
AND SENT BY EXPRESS DELIVERY:
- ------------------------------------------------------------------------------
AXA Equitable
JPMorganChase
EQUI-VEST(SM) Lockbox 13463
4 Chase Metrotech Center (7th Floor)
Brooklyn, NY 11245-0001
Telephone number to be listed on express mail packages
Attn: Extraction Supervisor, (718) 242-2992
- ------------------------------------------------------------------------------
REPORTS WE PROVIDE:
- ------------------------------------------------------------------------------
o written confirmation of financial transactions;
o quarterly statements of your contract values as of the close of each
calendar quarter; and
o annual statement of your contract values as of your contract date
anniversary.
- --------------------------------------------------------------------------
TELEPHONE OPERATED PROGRAM SUPPORT ("TOPS") AND
EQACCESS SYSTEMS:
- --------------------------------------------------------------------------
TOPS is designed to provide you with up-to-date information via touch-tone
telephone. EQAccess is designed to provide this information through the
Internet. You can obtain information on:
o your current account value;
o your current allocation percentages;
o the number of units you have in the variable investment options;
o rates to maturity for fixed maturity options;
o the daily unit values for the variable investment options; and
o performance information regarding the variable investment options (not
available through TOPS).
You can also:
o change your allocation percentages and/or transfer among the variable
investment options and the guaranteed interest option (not available for
transfers to fixed maturity options); and
o change your TOPS personal identification number ("PIN") (through TOPS only)
and your EQ/Access password (through EQAccess only).
Under TOPS only you can:
o elect the investment simplifier.
Under EQAccess only you can:
o make a contribution to your IRA or NQ annuity contract;
o elect to receive certain contract statements electronically;
o change your address; and
o access "Frequently Asked Questions" and certain service forms.
"TOPS and EQAccess are normally available seven days a week, 24 hours a day.
You can use TOPS by calling toll free 1 (800) 755-7777. You may use EQAccess by
visiting our website at
8 Who is AXA Equitable?
www.axaonline.com and logging in to access your account. Of course, for reasons
beyond our control, these services may sometimes be unavailable."
We have established procedures to reasonably confirm that the instructions
communicated by telephone or the Internet are genuine. For example, we will
require certain personal identification information before we will act on
telephone or Internet instructions and we will provide written confirmation of
your transfers. If we do not employ reasonable procedures to confirm the
genuineness of telephone or Internet instructions, we may be liable for any
losses arising out of any act or omission that constitutes negligence, lack of
good faith, or willful misconduct. In light of our procedures, we will not be
liable for following telephone or Internet instructions we reasonably believe
to be genuine.
We reserve the right to limit access to these services if we determine that you
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).
- --------------------------------------------------------------------------------
CUSTOMER SERVICE REPRESENTATIVE:
- --------------------------------------------------------------------------------
You may also use our toll-free number 1 (800) 628-6673 to speak with one of our
customer service representatives. Our customer service representatives are
available on each business day Monday through Thursday from 8:00 a.m. to 7:00
p.m., and on Friday until 5:00 p.m., Eastern Time.
Hearing or speech-impaired clients may call the AT&T National Relay Number at
(800) 855-2880 for information about your account. If you have a
Telecommunications Device for the Deaf (TDD), you may relay messages or
questions to our Customer Service Department at (800) 628-6673, Monday through
Thursday from 8:00 a.m. to 7:00 p.m., and on Friday until 5:00 p.m. Eastern
Time. AT&T personnel will communicate our reply back to you via the TDD.
- --------------------------------------------------------------------------------
TOLL-FREE TELEPHONE SERVICE:
- --------------------------------------------------------------------------------
You may reach us toll-free by calling 1 (800) 841-0801 for a recording of daily
unit values for the variable investment options.
WE REQUIRE THAT THE FOLLOWING TYPES OF COMMUNICATIONS BE ON SPECIFIC FORMS WE
PROVIDE FOR THAT PURPOSE:
(1) conversion of your traditional IRA contract to a Roth IRA contract;
(2) cancellation of your Roth IRA or Roth Advantage contract and return to a
traditional IRA contract;
(3) election of the automatic investment program;
(4) election of the investment simplifier;
(5) election of the automatic deposit service;
(6) election of the rebalancing program;
(7) election of the required minimum distribution automatic withdrawal option;
(8) election of the beneficiary continuation option;
(9) election of the principal assurance allocation;
(10) request for a transfer/rollover of assets or 1035 exchange to another
carrier; and
(11) Request for Direct Distribution to Charitable Organization.
WE ALSO HAVE SPECIFIC FORMS THAT WE RECOMMEND YOU USE FOR THE FOLLOWING TYPES
OF REQUESTS:
(1) address changes;
(2) beneficiary changes;
(3) transfers among investment options;
(4) change of ownership; and
(5) contract surrender and withdrawal requests.
TO CHANGE OR CANCEL ANY OF THE FOLLOWING WE REQUIRE WRITTEN NOTIFICATION
GENERALLY AT LEAST SEVEN CALENDAR DAYS BEFORE THE NEXT SCHEDULED TRANSACTION:
(1) automatic investment program;
(2) investment simplifier;
(3) rebalancing program;
(4) systematic withdrawals; and
(5) the date annuity payments are to begin.
You must sign and date all these requests. Any written request that is not on
one of our forms must include your name and your contract number along with
adequate details about the notice you wish to give or the action you wish us to
take.
SIGNATURES:
The proper person to sign forms, notices and requests would normally be the
owner.
Who is AXA Equitable? 9
EQUI-VEST(SM) at a glance -- key features
Professional investment EQUI-VEST(SM) variable investment options invest in different
management portfolios managed by professional investment advisers.
- --------------------------------------------------------------------------------------------------------------------------
Guaranteed interest option o Principal and interest guarantees
Fixed maturity options
o Interest rates set periodically
- --------------------------------------------------------------------------------------------------------------------------
Tax advantages o 10 (7 in Oregon) fixed maturity options with maturities ranging
from approximately 1 to 10 (1 to 7 in Oregon) years.
o Each fixed maturity option offers a guarantee of principal and
interest rate if you hold it to maturity.
----------------------------------------------------------------------------------------
If you make any withdrawals (including transfers, surrender or
termination of your contract or when we make deductions for charges)
from a fixed maturity option before it matures, we will make a market
value adjustment, which will increase or decrease any fixed maturity
amount you have in that fixed maturity option.
- --------------------------------------------------------------------------------------------------------------------------
o On earnings inside the No tax until you make withdrawals from
contract your or receive annuity contract payments.
o On transfers inside the No tax on transfers among investment
contract options.
----------------------------------------------------------------------------------------
If you are purchasing an annuity contract as an Individual Retirement
Annuity (IRA), 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.)
- --------------------------------------------------------------------------------------------------------------------------
Contribution amounts For new purchasers:
o NQ:
$1,000 (initial minimum amount) or $50 (initial minimum amount for
payroll deduction); $50 (additional minimum amount).
o traditional IRA and Roth IRA:
--series 100 - $20 (initial and additional minimum amounts);
--series 300 - $50 (initial and additional minimum amounts).
For existing contract owners:
o traditional IRA, Roth IRA and Roth Advantage:
--series 100 and 200 - $20 (additional minimum amount only);
--series 300, 400 and 500 - $50 (additional minimum amount only).
o QP IRA:
--series 100 and 200 -- $1,000 minimum amount each additional rollover amount;
--series 300 and 400 -- $2,500 minimum amount each additional rollover amount.
o Maximum contribution limitations may apply. In general, contributions are
limited to $1.5 million under all EQUI-VEST(SM) series and EQUI-VEST(SM) At
Retirement contracts with the same owner or annuitant ($500,000 for owners
or annuitants who are age 81 and older at contract issue).
- --------------------------------------------------------------------------------------------------------------------------
Access to your money o Partial withdrawals
o Several withdrawal options on a periodic basis
o Contract surrender
You may incur a withdrawal charge for certain withdrawals or if you surrender
your contract. You may also incur income tax and a penalty tax.
- --------------------------------------------------------------------------------------------------------------------------
Payout options o Fixed annuity payout options
o Variable Immediate Annuity payout options (described in a separate
prospectus for that option).
- --------------------------------------------------------------------------------------------------------------------------
10 EQUI-VEST(SM) at a glance -- key features
- --------------------------------------------------------------------------------------------------
Additional features o Dollar-cost averaging by automatic transfers
-- Interest sweep option
-- Fixed-dollar option
o Automatic investment program
o Account value rebalancing (quarterly, semiannually, and annually)
o No charge on transfers among investment options
o Waiver of withdrawal charge under certain circumstances
o Minimum death benefit
- --------------------------------------------------------------------------------------------------
Fees and charges o Daily charge on amounts invested in variable investment options for
mortality and expense risks and other expenses at current annual rates
determined by contract series. series 100 and 200: 1.34%; two options at
1.40%, currently (maximum of 1.49%). series 300 and 400: 1.34%; four
options at 1.35% (maximum of 2.00% for series 400). series 500: 1.45%
(maximum of 2.00%).
o Annual administrative charge:*
series 100 and 200: $30 or 2% of the account value plus any amounts
previously withdrawn during the contract year, if less.
series 300, 400 and 500: $30 ($65 maximum) or, during the
first two contract years, 2% of the account value plus any amounts
previously withdrawn during the contract year if less; thereafter, $30.
*For individuals who own multiple contracts with combined account values
of over $100,000, this charge may be waived. See "Annual administrative
charge" in "Charges and expenses" later in this prospectus.
o Charge for third-party transfer (such as in the case of a
trustee-to-trustee transfer for an IRA contract), or exchange (if your
contract is exchanged for a contract issued by another insurance
company):
series 100 and 200: None
series 300, 400 and 500: $25 current ($65 maximum) per occurrence.
o No sales charge deducted at the time you make contributions.
o Series 300, 400 and 500 and NQ contracts under series 100 and 200: we deduct
a charge equal to 6% of contributions that have been withdrawn if such
contributions were made in the current and five prior contract years.
o IRAs under series 100 and 200: -- 6% of the amount withdrawn, generally
declining for the first through 12th contract years. The total of all
withdrawal charges may not exceed 8% of all contributions made during a
specified period before the withdrawal is made.
o There is no charge in any contract year (after the third contract year or
age 59-1/2 in series 100 and 200 IRA, however, we currently waive this
restriction) in which the amount withdrawn does not exceed 10% of your
account value at the time of your withdrawal request minus prior
withdrawals in that contract year. Under certain circumstances the
withdrawal charge will not apply. The circumstances are discussed in
"Charges and expenses" later in this prospectus.
-----------------------------------------------------------------------------
The "contract date" is the effective date of a contract. This usually is the
business day we receive the properly completed and signed application, along
with any other required documents, and your initial contribution. Your
contract date will be shown in your contract. The 12-month period beginning
on your contract date and each 12-month period after that date is a "contract
year." The end of each 12-month period is your "contract date anniversary."
For example, if your contract date is May 1, your contract date anniversary
is April 30.
-----------------------------------------------------------------------------
o We deduct a charge designed to approximate certain taxes that may be
imposed on us, such as premium taxes in your state. The charge is
generally deducted from the amount applied to an annuity payout option.
o We deduct a $350 annuity administrative fee from amounts applied to a
Variable Immediate Annuity payout option. This option is described in a
separate prospectus that is available from your financial professional
o Annual expenses of the Trusts' 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.
- -------------------------------------------------------------------------------------------------
Annuitant issue ages 0-83
- -------------------------------------------------------------------------------------------------
EQUI-VEST(SM) at a glance -- key features 11
THE ABOVE IS NOT A COMPLETE DESCRIPTION OF ALL MATERIAL PROVISIONS OF THE
CONTRACT. IN SOME CASES RESTRICTIONS OR EXCEPTIONS APPLY. MAXIMUM EXPENSE
LIMITATIONS APPLY TO CERTAIN VARIABLE INVESTMENT OPTIONS, AND RIGHTS ARE
RESERVED TO CHANGE OR WAIVE CERTAIN CHARGES WITHIN SPECIFIED LIMITS. ALSO, ALL
FEATURES OF THE CONTRACT, INCLUDING ALL VARIABLE INVESTMENT OPTIONS, ARE NOT
NECESSARILY AVAILABLE IN YOUR STATE OR AT CERTAIN AGES OR UNDER YOUR INVESTMENT
METHOD. (SEE "SELECTING YOUR INVESTMENT METHOD" LATER IN THIS PROSPECTUS).
For more detailed information we urge you to read the contents of this
prospectus, as well as your contract. Please feel free to speak with your
financial professional, or call us, if you have any questions. If for any
reason you are not satisfied with your contract, 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.
OTHER CONTRACTS
We offer a variety of fixed and variable annuity contracts. They may offer
features, including investment options, credits, fees and/or charges that are
different from those in the contracts offered by this prospectus. Not every
contract is offered through the same Selling broker-dealer. Some Selling
broker-dealers may not offer and/or limit the offering of certain features or
options, as well as limit the availability of the contracts, based on issue age
or other criteria established by the Selling broker-dealer. Upon request, your
financial professional can show you information regarding other AXA Equitable
annuity contracts that he or she distributes. You can also contact us to find
out more about the availability of any of the AXA Equitable annuity contracts.
You should work with your financial professional to decide whether an optional
benefit is appropriate for you based on a thorough analysis of your particular
insurance needs, financial objectives, investment goals, time horizons and risk
tolerance. Some Selling broker-dealers may limit their clients from purchasing
some optional benefits based upon the client's age.
12 EQUI-VEST(SM) at a glance -- key features
Fee table
- --------------------------------------------------------------------------------
The following tables describe the fees and expenses that you will pay when
buying, owning, and surrendering the contract. 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 that
you surrender the contract, make certain withdrawals, purchase a Variable
Immediate Annuity payout option or make certain transfers and exchanges.
Charges designed to approximate certain taxes that may be imposed on us, such
as premium taxes in your state, may also apply. Charges for certain features
shown in the fee table are mutually exclusive.
- ----------------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your account value at the time you request certain transactions
- ----------------------------------------------------------------------------------------------------------------------------------
Maximum withdrawal charge as a percentage of contributions withdrawn or
amounts withdrawn depending on the contract and series (deducted if you surren-
der your contract or make certain withdrawals).(1) 6.00%
Charge for third-party transfer or exchange series 100 and 200: None
series 300, 400 and 500: $65 maximum
for each occur-
rence; currently $25 for each
occurrence.
Charge if you elect a Variable Immediate Annuity payout option (which is described $350
in a separate prospectus for that option)
- ----------------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your account value on each contract date anniversary
- ----------------------------------------------------------------------------------------------------------------------------------
Maximum annual administrative charge: $65 ($30 current)(2)
The next table describes the fees and expenses that you will pay periodically during the
time that you own the contract, not including underlying Trust portfolio fees and expenses.
- ----------------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your variable investment options expressed as an annual percentage of daily net assets
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Alliance Common Stock
Separate account EQ/Money Market Options All other Variable Investment Options
----------------------------------- --------------------------------------
annual expenses: series 100 series 200 series 100 series 200
----------------- ----------------- -------------- --------------
Maximum mortality and 0.65% 1.24% 0.50% 1.09%
expense risk(3) (currently (currently
0.56%) 1.15%)
Maximum other expenses 0.84% 0.25% 0.84% 0.25%
------------- ------------- ---- ----
Maximum total Separate 1.49% 1.49% 1.34% 1.34%
============= ============= ==== ====
Account A annual expenses(5) (currently (currently
1.40%) 1.40%)
- ----------------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your variable investment options expressed as an annual percentage of
daily net assets
- ----------------------------------------------------------------------------------------------------------------------------------
Separate account
annual expenses: series 300 series 400 series 500
------------------------ ------------------------ ----------------
Maximum mortality and 1.10% 1.75% 1.75%
expense risk(3) (currently (currently
1.10%) 1.20%)
0.25% 0.25%
(currently (currently
Maximum other expenses 0.24%)(4) 0.24%)(4) 0.25%
----------------- ----------------- -------------
Maximum total Separate 1.35% 2.00% 2.00%
================= ================= =============
Account A annual expenses(5) (currently (currently (currently
1.34%)(4) 1.34%)(4) 1.45%)
- ----------------------------------------------------------------------------------------------------------------------------------
You also bear your proportionate share of all fees and expenses paid by a "portfolio" that corresponds to any variable
investment option you are using. This table shows the lowest and highest total operating expenses charged by any of the
portfolios that you will pay periodically during the time that you own the contract. These fees and expenses are
reflected in the portfolio's net asset value each day. Therefore, they reduce the invest- ment return of the portfolio
and the related variable investment option. 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 2006 (expenses that are deducted Lowest Highest
from portfolio assets including management fees, 12b-1 fees, service fees, and/or ---- -----
other expenses)(6) 0.38% 11.36%
Fee table 13
This table shows the fees and expenses for 2006 as an annual percentage of each
portfolio's daily average net assets.
- ------------------------------------------------------------------------------------------------------------------------------------
Total
Acquired Annual Net Total
Fund Expenses Fee Waiv- Annual
Fees and (Before ers and/or Expenses
Manage- Expenses Expense Expense After
ment 12b-1 Other (Underlying Limita- Reimburse- Expense
Portfolio Name Fees(7) Fees(8) Expenses(9) Portfolios)(10) tions) ments(11) Limitations
- ------------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Trust:
- ------------------------------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation 0.10% 0.25% 0.18% 0.91% 1.44% ( 0.18)% 1.26%
AXA Conservative Allocation 0.10% 0.25% 0.22% 0.67% 1.24% ( 0.22)% 1.02%
AXA Conservative-Plus Allocation 0.10% 0.25% 0.18% 0.72% 1.25% ( 0.18)% 1.07%
AXA Moderate Allocation 0.10% -- 0.17% 0.78% 1.05% ( 0.17)% 0.88%
AXA Moderate-Plus Allocation 0.10% 0.25% 0.17% 0.85% 1.37% ( 0.17)% 1.20%
Multimanager Aggressive Equity* 0.61% -- 0.19% -- 0.80% -- 0.80%
Multimanager Core Bond* 0.59% 0.25% 0.18% -- 1.02% ( 0.07)% 0.95%
Multimanager Health Care* 1.20% 0.25% 0.23% -- 1.68% 0.00% 1.68%
Multimanager High Yield* 0.58% -- 0.18% -- 0.76% -- 0.76%
Multimanager International Equity* 1.02% 0.25% 0.26% -- 1.53% 0.00% 1.53%
Multimanager Large Cap Core Equity* 0.90% 0.25% 0.20% -- 1.35% 0.00% 1.35%
Multimanager Large Cap Growth* 0.90% 0.25% 0.22% -- 1.37% ( 0.02)% 1.35%
Multimanager Large Cap Value* 0.88% 0.25% 0.22% -- 1.35% 0.00% 1.35%
Multimanager Mid Cap Growth* 1.10% 0.25% 0.20% 0.01% 1.56% 0.00% 1.56%
Multimanager Mid Cap Value* 1.10% 0.25% 0.21% 0.03% 1.59% 0.00% 1.59%
Multimanager Technology* 1.20% 0.25% 0.23% -- 1.68% 0.00% 1.68%
Target 2015 Allocation 0.10% 0.25% 7.88% 0.53% 8.76% ( 7.63)% 1.13%
Target 2025 Allocation 0.10% 0.25% 7.29% 0.52% 8.16% ( 7.04)% 1.12%
Target 2035 Allocation 0.10% 0.25% 9.56% 0.52% 10.43% ( 9.31)% 1.12%
Target 2045 Allocation 0.10% 0.25% 10.49% 0.52% 11.36% (10.24)% 1.12%
- ------------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust:
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock 0.47% -- 0.13% -- 0.60% -- 0.60%
EQ/AllianceBernstein Growth and Income++ 0.56% -- 0.12% -- 0.68% -- 0.68%
EQ/AllianceBernstein Intermediate Government
Securities 0.50% -- 0.14% -- 0.64% -- 0.64%
EQ/AllianceBernstein International 0.71% -- 0.20% -- 0.91% ( 0.06)% 0.85%
EQ/AllianceBernstein Large Cap Growth 0.90% 0.25% 0.11% -- 1.26% ( 0.21)% 1.05%
EQ/AllianceBernstein Quality Bond 0.50% -- 0.14% -- 0.64% -- 0.64%
EQ/AllianceBernstein Small Cap Growth 0.74% -- 0.13% -- 0.87% -- 0.87%
EQ/AllianceBernstein Value++ 0.60% 0.25% 0.13% -- 0.98% ( 0.03)% 0.95%
EQ/Ariel Appreciation II 0.75% 0.25% 0.51% -- 1.51% ( 0.36)% 1.15%
EQ/AXA Rosenberg Value Long/Short Equity 1.40% 0.25% 1.44% -- 3.09% ( 1.10)% 1.99%
EQ/BlackRock Basic Value Equity* 0.55% 0.25% 0.14% -- 0.94% 0.00% 0.94%
EQ/BlackRock International Value* 0.82% 0.25% 0.21% -- 1.28% ( 0.03)% 1.25%
EQ/Boston Advisors Equity Income 0.75% 0.25% 0.15% -- 1.15% ( 0.10)% 1.05%
EQ/Calvert Socially Responsible 0.65% 0.25% 0.25% -- 1.15% ( 0.10)% 1.05%
EQ/Capital Guardian Growth 0.65% 0.25% 0.16% -- 1.06% ( 0.11)% 0.95%
EQ/Capital Guardian International+ 0.83% 0.25% 0.21% -- 1.29% ( 0.09)% 1.20%
EQ/Capital Guardian Research 0.65% 0.25% 0.13% -- 1.03% ( 0.08)% 0.95%
EQ/Capital Guardian U.S. Equity++ 0.64% 0.25% 0.14% -- 1.03% ( 0.08)% 0.95%
EQ/Caywood-Scholl High Yield Bond 0.60% 0.25% 0.18% -- 1.03% ( 0.03)% 1.00%
EQ/Davis New York Venture** 0.85% 0.25% 0.74% -- 1.84% ( 0.54)% 1.30%
EQ/Equity 500 Index 0.25% -- 0.13% -- 0.38% -- 0.38%
EQ/Evergreen International Bond 0.70% 0.25% 0.23% -- 1.18% ( 0.03)% 1.15%
EQ/Evergreen Omega 0.65% 0.25% 0.21% -- 1.11% 0.00% 1.11%
EQ/FI Mid Cap 0.68% 0.25% 0.15% -- 1.08% ( 0.08)% 1.00%
EQ/FI Mid Cap Value+ 0.73% 0.25% 0.13% -- 1.11% ( 0.01)% 1.10%
EQ/Franklin Income 0.90% 0.25% 0.38% -- 1.53% ( 0.23)% 1.30%
EQ/Franklin Small Cap Value 0.90% 0.25% 2.00% -- 3.15% ( 1.85)% 1.30%
EQ/Franklin Templeton Founding Strategy** 0.05% 0.25% 0.21% 1.07% 1.58% ( 0.11)% 1.47%
EQ/GAMCO Mergers and Acquisitions 0.90% 0.25% 0.33% -- 1.48% ( 0.03)% 1.45%
EQ/GAMCO Small Company Value 0.78% 0.25% 0.14% -- 1.17% 0.00% 1.17%
EQ/International Growth 0.85% 0.25% 0.35% -- 1.45% 0.00% 1.45%
EQ/Janus Large Cap Growth++ 0.90% 0.25% 0.15% -- 1.30% ( 0.15)% 1.15%
EQ/JPMorgan Core Bond 0.44% 0.25% 0.15% -- 0.84% 0.00% 0.84%
EQ/JPMorgan Value Opportunities 0.60% 0.25% 0.16% -- 1.01% ( 0.06)% 0.95%
14 Fee table
- ------------------------------------------------------------------------------------------------------------------------------------
Total
Acquired Annual Net Total
Fund Expenses Fee Waiv- Annual
Fees and (Before ers and/or Expenses
Manage- Expenses Expense Expense After
ment 12b-1 Other (Underlying Limita- Reimburse- Expense
Portfolio Name Fees(7) Fees(8) Expenses(9) Portfolios)(10) tions) ments(11) Limitations
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity 0.65% 0.25% 0.22% -- 1.12% (0.12)% 1.00%
EQ/Long Term Bond 0.43% 0.25% 0.15% -- 0.83% 0.00% 0.83%
EQ/Lord Abbett Growth and Income 0.65% 0.25% 0.26% -- 1.16% (0.16)% 1.00%
EQ/Lord Abbett Large Cap Core 0.65% 0.25% 0.41% -- 1.31% (0.31)% 1.00%
EQ/Lord Abbett Mid Cap Value 0.70% 0.25% 0.18% -- 1.13% (0.08)% 1.05%
EQ/Marsico Focus 0.85% 0.25% 0.13% -- 1.23% (0.08)% 1.15%
EQ/MFS Emerging Growth Companies+ 0.65% 0.25% 0.15% -- 1.05% -- 1.05%
EQ/MFS Investors Trust+ 0.60% 0.25% 0.16% -- 1.01% (0.06)% 0.95%
EQ/Money Market 0.33% -- 0.14% -- 0.47% -- 0.47%
EQ/Montag & Caldwell Growth 0.75% 0.25% 0.16% -- 1.16% (0.01)% 1.15%
EQ/Mutual Shares 0.90% 0.25% 0.50% -- 1.65% (0.35)% 1.30%
EQ/Oppenheimer Global 0.95% 0.25% 1.30% 0.01% 2.51% (1.15)% 1.36%
EQ/Oppenheimer Main Street Opportunity** 0.85% 0.25% 1.58% -- 2.68% (1.38)% 1.30%
EQ/Oppenheimer Main Street Small Cap 0.90% 0.25% 1.48% -- 2.63% (1.33)% 1.30%
EQ/PIMCO Real Return 0.55% 0.25% 0.18% -- 0.98% (0.08)% 0.90%
EQ/Short Duration Bond 0.43% 0.25% 0.14% -- 0.82% 0.00% 0.82%
EQ/Small Cap Value+ 0.73% 0.25% 0.15% -- 1.13% (0.03)% 1.10%
EQ/Small Company Growth+ 1.00% 0.25% 0.17% -- 1.42% (0.12)% 1.30%
EQ/Small Company Index 0.25% 0.25% 0.16% 0.01% 0.67% 0.00% 0.67%
EQ/TCW Equity++ 0.80% 0.25% 0.16% -- 1.21% (0.06)% 1.15%
EQ/Templeton Growth 0.95% 0.25% 0.64% -- 1.84% (0.49)% 1.35%
EQ/UBS Growth and Income 0.75% 0.25% 0.17% -- 1.17% (0.12)% 1.05%
EQ/Van Kampen Comstock 0.65% 0.25% 0.19% -- 1.09% (0.09)% 1.00%
EQ/Van Kampen Emerging Markets Equity 1.12% 0.25% 0.40% -- 1.77% 0.00% 1.77%
EQ/Van Kampen Mid Cap Growth 0.70% 0.25% 0.23% -- 1.18% (0.13)% 1.05%
EQ/Wells Fargo Montgomery Small Cap++ 0.85% 0.25% 0.41% -- 1.51% (0.21)% 1.30%
- ------------------------------------------------------------------------------------------------------------------------------------
The Universal Institutional Funds, Inc.:
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Real Estate - Class II++ 0.74% 0.35% 0.27% -- 1.36% (0.10)% 1.26%
- ------------------------------------------------------------------------------------------------------------------------------------
* This is the investment option's new name effective on or about May 29,
2007, subject to regulatory approval. Please see "Portfolios of the Trusts"
in "Contract features and benefits" later in this prospectus for the
investment option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned substitution or merger of this portfolio, subject to regulatory
approval.
Notes:
(1) Important exceptions and limitations may eliminate or reduce this charge.
For a complete description of withdrawal charges, please see "Withdrawal
Charge" in "Charges and expenses," later in this prospectus.
(2) For series 300, 400 and 500 contracts, during the first two contract years
this charge, if it applies, is equal to the lesser of $30 or 2% of your
account value, plus any amounts pre viously withdrawn during the contract
year. Thereafter, the charge is $30 for each contract year. For series 100
and 200 contracts, the charge is equal to the lesser of $30 or 2% of your
account value, plus any amounts previously withdrawn during the contract
year.
(3) A portion of this charge is for providing the death benefit.
(4) For the series 300 and 400 contracts, although the charge is 0.25%, we
currently charge 0.24% for all the variable investment options except the
AXA Moderate Allocation, Mul timanager Aggressive Equity,
EQ/AllianceBernstein Common Stock and the EQ/Money Market options (we
reserve the right to increase this charge to 0.25% for all the variable
investment options at our discretion). For series 100 and 200 contracts,
this charge is for financial accounting and other administrative services
relating to the contracts.
(5) For series 100 and 200 contracts, the total Separate Account A annual
expenses of the variable investment options and total annual expenses of
the Trust when added together are not permitted to exceed an annual rate of
1.75% for the AXA Moderate Allocation, Multimanager Aggressive Equity,
EQ/AllianceBernstein Common Stock, and EQ/Money Market options. Without
this expense limitation, the total annual expenses deducted from the
variable investment option plus the Trust's annual expenses for 2006 would
have been 2.15% for the AXA Moderate Allocation option; 2.14% for the
Multimanager Aggressive Equity option; 2.00% for the EQ/AllianceBernstein
Common Stock option; and 1.87% for the EQ/Money Market option.
(6) "Total Annual Portfolio Operating Expenses" are based, in part, on
estimated amounts for options added during the fiscal year 2006 and for the
underlying portfolios.
(7) The management fees for each portfolio cannot be increased without a vote
of that portfolio's shareholders. See footnote (11) for any expense
limitation agreement information.
(8) Portfolio shares are subject to fees imposed under the distribution plans
(the "Rule 12b-1 Plan") adopted by the Trusts pursuant to Rule 12b-1 under
the Investment Company Act of 1940. For the portfolios of the AXA Premier
VIP Trust and the EQ Advisors Trust, the 12b-1 fees will not be increased
for the life of the contract. A "--" indicates that there is no Rule 12b-1
Plan in place for the portfolio shown.
(9) The amounts shown in "Other Expenses" will fluctuate from year to year
depending on actual expenses. See footnote (11) for any expense limitation
agreement information.
(10) Each of these variable investment options invests in a corresponding
portfolio of one of the Trusts or other unaffiliated investment companies.
Each portfolio, in turn, invests in shares of other portfolios of the
Trusts and/or shares of unaffiliated portfolios ("underlying portfolios").
Amounts shown reflect each portfolio's pro rata share of the fees and
expenses of the underlying portfolio(s) in which it invests. The fees and
expenses are based on the respective weighted investment allocation as of
12/31/06. A "--" indicates that the listed portfolio does not invest in
underlying portfolios.
Fee table 15
(11) The amounts shown reflect any fee waivers and/or expense reimbursements
that apply to each portfolio. A "--" indicates that there is no expense
limitation in effect, and "0.00%" indicates that the expense limitation
arrangement did not result in a fee waiver or reimbursement. AXA
Equitable, the investment manager of AXA Premier VIP Trust and EQ Advisors
Trust, has entered into expense limitation agreements with respect to
certain portfolios, which are effective through April 30, 2008. Under
these agreements, AXA Equitable has agreed to waive or limit its fees and
assume other expenses of certain portfolios, if necessary, in an amount
that limits such portfolio's Total Annual Expenses (exclusive of interest,
taxes, brokerage commissions, capitalized expenditures, expenses of the
underlying portfolios in which the portfolio invests and extraordinary
expenses) to not more than specified amounts. Therefore, each portfolio
may at a later date make a reimbursement to AXA Equitable for any of the
management fees waived or limited and other expenses assumed and paid by
AXA Equitable pursuant to the expense limitation agreements provided that
the portfolio's current annual operating expenses do not exceed the
operating expense limit determined for such portfolio. Morgan Stanley
Investment Management Inc., which does business in certain instances as
"Van Kampen," is the manager of The Universal Institutional Funds, Inc. --
U.S. Real Estate Portfolio -- Class II, and has voluntarily agreed to
reduce its management fee and/or reimburse the portfolio so that total
annual operating expenses of the portfolio (exclusive of investment
related expenses, such as foreign country tax expense and interest expense
on amounts borrowed) are not more than specified amounts. Additionally,
the distributor of The Universal Institutional Funds, Inc. has agreed to
waive a portion of the 12b-1 fee for Class II shares. Van Kampen and/or
the fund's distributor reserves the right to terminate any waiver and/or
reimbursement at any time without notice. See the prospectuses for each
applicable underlying Trust for more information about the arrangements.
In addition, a portion of the brokerage commissions of certain portfolios
of AXA Premier VIP Trust and EQ Advisors Trust is used to reduce the
applicable portfolio's expenses. If the above table reflected both the
expense limitation arrangements plus the portion of the brokerage
commissions used to reduce portfolio expenses, the net expenses would be
as shown in the table below:
- --------------------------------------------------
Portfolio Name
- --------------------------------------------------
Multimanager Aggressive Equity 0.78%
Multimanager Health Care 1.63%
Multimanager International Equity 1.52%
Multimanager Large Cap Core Equity 1.33%
Multimanager Large Cap Growth 1.33%
Multimanager Large Cap Value 1.31%
Multimanager Mid Cap Growth 1.52%
Multimanager Mid Cap Value 1.58%
Multimanager Technology 1.64%
EQ/AllianceBernstein Common Stock 0.58%
EQ/AllianceBernstein Growth and Income 0.67%
EQ/AllianceBernstein Large Cap Growth 1.03%
EQ/AllianceBernstein Small Cap Growth 0.86%
EQ/AllianceBernstein Value 0.94%
EQ/Ariel Appreciation II 1.01%
EQ/BlackRock Basic Value Equity 0.93%
EQ/Capital Guardian Growth 0.94%
EQ/Capital Guardian Research 0.94%
EQ/Capital Guardian U.S. Equity 0.94%
EQ/Davis New York Venture 1.27%
EQ/Evergreen Omega 1.05%
EQ/FI Mid Cap 0.97%
EQ/FI Mid Cap Value 1.09%
EQ/GAMCO Mergers and Acquisitions 1.37%
EQ/GAMCO Small Company Value 1.16%
EQ/Janus Large Cap Growth 1.14%
EQ/Legg Mason Value Equity 0.97%
EQ/Lord Abbett Growth and Income 0.99%
EQ/Lord Abbett Large Cap Core 0.99%
EQ/Marsico Focus 1.14%
EQ/MFS Emerging Growth Companies 1.03%
EQ/MFS Investors Trust 0.94%
EQ/Montag & Caldwell Growth 1.13%
EQ/Mutual Shares 1.30%
EQ/Small Cap Value 1.02%
EQ/UBS Growth and Income 1.03%
EQ/Van Kampen Comstock 0.99%
EQ/Van Kampen Emerging Markets Equity 1.75%
EQ/Van Kampen Mid Cap Growth 1.01%
EQ/Wells Fargo Montgomery Small Cap 1.20%
EXAMPLES
These examples are intended to help you compare the cost of investing in each
type of series contract with the cost of investing in other variable annuity
contracts. These costs include contract owner transaction expenses, contract
fees, separate account annual expenses, and underlying Trust fees and expenses
(including underlying portfolio fees and expenses). For a complete description
of portfolio charges and expenses, please see the prospectus for each Trust.
The examples below show the expenses that a hypothetical contract owner would
pay in the situations illustrated. The examples use an average annual
administrative charge based on charges paid in 2006, which results in an
estimated annual charge of 0.0645% of contract value.
16 Fee table
The fixed maturity options and the guaranteed interest option are not covered
by the fee table and examples. However, the annual administrative charge, the
withdrawal charge, the third party transfer or exchange charge, and the charge
if you elect a Variable Immediate Annuity payout option do apply to the fixed
maturity options and the guaranteed interest option. A market value adjustment
(up or down) will apply as a result of a withdrawal, transfer, or surrender of
amounts from a fixed maturity option.
These examples should not be considered a representation of past or future
expenses for any option. Actual expenses may be greater or less than those
shown. Similarly, the annual rate of return assumed in the examples is not an
estimate or guarantee of future investment performance.
The examples assume that you invest $10,000 in the contract for the time
periods indicated and that your investment has a 5% return each year. The
examples also assume (i) maximum contract charges rather than the lower current
expenses discussed in "Charges and expenses" later in this prospectus (except
the annual administrative charge which is described above); (ii) the total
annual expenses of the portfolios (before expense limitations) set forth in the
previous tables; and (iii) there is no waiver of the withdrawal charge.
Although your actual costs may be higher or lower, based on these assumptions,
your costs would be:
Fee table 17
EQUI-VEST(SM) SERIES 100 AND 200 CONTRACTS --
FOR IRA CONTRACTS
- ----------------------------------------------------------------------------------------------------
If you surrender your contract at the end
of the applicable time period
- ----------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
AXA PREMIER VIP TRUST:
- ----------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 849 $1,487 $2,150 $3,600
AXA Conservative Allocation $ 830 $1,428 $2,053 $3,406
AXA Conservative-Plus Allocation $ 831 $1,431 $2,058 $3,416
AXA Moderate Allocation $ 747 $1,181 $1,642 $2,559
AXA Moderate-Plus Allocation $ 842 $1,466 $2,117 $3,533
Multimanager Aggressive Equity* $ 747 $1,181 $1,642 $2,559
Multimanager Core Bond* $ 808 $1,363 $1,946 $3,189
Multimanager Health Care* $ 873 $1,557 $2,266 $3,828
Multimanager High Yield* $ 782 $1,286 $1,817 $2,925
Multimanager International Equity* $ 858 $1,513 $2,194 $3,686
Multimanager Large Cap Core Equity* $ 840 $1,460 $2,107 $3,514
Multimanager Large Cap Growth* $ 842 $1,466 $2,117 $3,533
Multimanager Large Cap Value* $ 840 $1,460 $2,107 $3,514
Multimanager Mid Cap Growth* $ 861 $1,522 $2,208 $3,715
Multimanager Mid Cap Value* $ 864 $1,531 $2,223 $3,743
Multimanager Technology* $ 873 $1,557 $2,266 $3,828
Target 2015 Allocation $1,576 $3,475 $5,165 $8,470
Target 2025 Allocation $1,516 $3,324 $4,955 $8,203
Target 2035 Allocation $1,742 $3,884 $5,721 $9,120
Target 2045 Allocation $1,834 $4,105 $6,012 $9,429
- ----------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 747 $1,181 $1,642 $2,559
EQ/AllianceBernstein Growth and Income++ $ 774 $1,262 $1,777 $2,842
EQ/AllianceBernstein Intermediate Government Securities $ 770 $1,250 $1,757 $2,801
EQ/AllianceBernstein International $ 797 $1,330 $1,892 $3,078
EQ/AllianceBernstein Large Cap Growth $ 832 $1,434 $2,063 $3,426
EQ/AllianceBernstein Quality Bond $ 785 $1,295 $1,832 $2,956
EQ/AllianceBernstein Small Cap Growth $ 793 $1,318 $1,872 $3,037
EQ/AllianceBernstein Value++ $ 804 $1,351 $1,926 $3,149
EQ/Ariel Appreciation II $ 856 $1,508 $2,184 $3,667
EQ/AXA Rosenberg Value Long/Short Equity $1,013 $1,964 $2,919 $5,055
EQ/BlackRock Basic Value Equity* $ 800 $1,339 $1,906 $3,108
EQ/BlackRock International Value* $ 833 $1,440 $2,073 $3,446
EQ/Boston Advisors Equity Income $ 821 $1,401 $2,010 $3,318
EQ/Calvert Socially Responsible $ 821 $1,401 $2,010 $3,318
EQ/Capital Guardian Growth $ 812 $1,375 $1,965 $3,229
EQ/Capital Guardian International+ $ 834 $1,443 $2,078 $3,455
EQ/Capital Guardian Research $ 809 $1,366 $1,951 $3,199
EQ/Capital Guardian U.S. Equity++ $ 809 $1,366 $1,951 $3,199
EQ/Caywood-Scholl High Yield Bond $ 809 $1,366 $1,951 $3,199
EQ/Davis New York Venture** $ 889 $1,604 $2,342 $3,976
EQ/Equity 500 Index $ 744 $1,172 $1,627 $2,527
EQ/Evergreen International Bond $ 824 $1,410 $2,024 $3,348
- ---------------------------------------------------------------------------------------------------
If you annuitize at the end of the
applicable time period(1)
- ---------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
AXA PREMIER VIP TRUST:
- ---------------------------------------------------------------------------------------------------
AXA Aggressive Allocation N/A $1,487 $2,150 $3,600
AXA Conservative Allocation N/A $1,428 $2,053 $3,406
AXA Conservative-Plus Allocation N/A $1,431 $2,058 $3,416
AXA Moderate Allocation N/A $1,181 $1,642 $2,559
AXA Moderate-Plus Allocation N/A $1,466 $2,117 $3,533
Multimanager Aggressive Equity* N/A $1,181 $1,642 $2,559
Multimanager Core Bond* N/A $1,363 $1,946 $3,189
Multimanager Health Care* N/A $1,557 $2,266 $3,828
Multimanager High Yield* N/A $1,286 $1,817 $2,925
Multimanager International Equity* N/A $1,513 $2,194 $3,686
Multimanager Large Cap Core Equity* N/A $1,460 $2,107 $3,514
Multimanager Large Cap Growth* N/A $1,466 $2,117 $3,533
Multimanager Large Cap Value* N/A $1,460 $2,107 $3,514
Multimanager Mid Cap Growth* N/A $1,522 $2,208 $3,715
Multimanager Mid Cap Value* N/A $1,531 $2,223 $3,743
Multimanager Technology* N/A $1,557 $2,266 $3,828
Target 2015 Allocation N/A $3,475 $5,165 $8,470
Target 2025 Allocation N/A $3,324 $4,955 $8,203
Target 2035 Allocation N/A $3,884 $5,721 $9,120
Target 2045 Allocation N/A $4,105 $6,012 $9,429
- ---------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ---------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock N/A $1,181 $1,642 $2,559
EQ/AllianceBernstein Growth and Income++ N/A $1,262 $1,777 $2,842
EQ/AllianceBernstein Intermediate Government Securities N/A $1,250 $1,757 $2,801
EQ/AllianceBernstein International N/A $1,330 $1,892 $3,078
EQ/AllianceBernstein Large Cap Growth N/A $1,434 $2,063 $3,426
EQ/AllianceBernstein Quality Bond N/A $1,295 $1,832 $2,956
EQ/AllianceBernstein Small Cap Growth N/A $1,318 $1,872 $3,037
EQ/AllianceBernstein Value++ N/A $1,351 $1,926 $3,149
EQ/Ariel Appreciation II N/A $1,508 $2,184 $3,667
EQ/AXA Rosenberg Value Long/Short Equity N/A $1,964 $2,919 $5,055
EQ/BlackRock Basic Value Equity* N/A $1,339 $1,906 $3,108
EQ/BlackRock International Value* N/A $1,440 $2,073 $3,446
EQ/Boston Advisors Equity Income N/A $1,401 $2,010 $3,318
EQ/Calvert Socially Responsible N/A $1,401 $2,010 $3,318
EQ/Capital Guardian Growth N/A $1,375 $1,965 $3,229
EQ/Capital Guardian International+ N/A $1,443 $2,078 $3,455
EQ/Capital Guardian Research N/A $1,366 $1,951 $3,199
EQ/Capital Guardian U.S. Equity++ N/A $1,366 $1,951 $3,199
EQ/Caywood-Scholl High Yield Bond N/A $1,366 $1,951 $3,199
EQ/Davis New York Venture** N/A $1,604 $2,342 $3,976
EQ/Equity 500 Index N/A $1,172 $1,627 $2,527
EQ/Evergreen International Bond N/A $1,410 $2,024 $3,348
- ---------------------------------------------------------------------------------------------------
If you surrender your contract at the end
of the applicable time period
- ---------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
AXA PREMIER VIP TRUST:
- ---------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 298 $ 914 $1,554 $3,271
AXA Conservative Allocation $ 278 $ 851 $1,451 $3,070
AXA Conservative-Plus Allocation $ 279 $ 854 $1,456 $3,080
AXA Moderate Allocation $ 190 $ 589 $1,013 $2,192
AXA Moderate-Plus Allocation $ 291 $ 892 $1,518 $3,201
Multimanager Aggressive Equity* $ 190 $ 589 $1,013 $2,192
Multimanager Core Bond* $ 254 $ 782 $1,336 $2,845
Multimanager Health Care* $ 324 $ 988 $1,676 $3,506
Multimanager High Yield* $ 227 $ 700 $1,199 $2,572
Multimanager International Equity* $ 308 $ 942 $1,600 $3,360
Multimanager Large Cap Core Equity* $ 289 $ 886 $1,507 $3,181
Multimanager Large Cap Growth* $ 291 $ 892 $1,518 $3,201
Multimanager Large Cap Value* $ 289 $ 886 $1,507 $3,181
Multimanager Mid Cap Growth* $ 311 $ 951 $1,615 $3,389
Multimanager Mid Cap Value* $ 314 $ 960 $1,631 $3,418
Multimanager Technology* $ 324 $ 988 $1,676 $3,506
Target 2015 Allocation $1,067 $3,022 $4,762 $8,319
Target 2025 Allocation $1,004 $2,862 $4,538 $8,042
Target 2035 Allocation $1,242 $3,456 $5,354 $8,995
Target 2045 Allocation $1,339 $3,690 $5,663 $9,316
- ---------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ---------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 190 $ 589 $1,013 $2,192
EQ/AllianceBernstein Growth and Income++ $ 219 $ 675 $1,157 $2,486
EQ/AllianceBernstein Intermediate Government Securities $ 215 $ 662 $1,136 $2,443
EQ/AllianceBernstein International $ 243 $ 748 $1,278 $2,730
EQ/AllianceBernstein Large Cap Growth $ 280 $ 857 $1,461 $3,090
EQ/AllianceBernstein Quality Bond $ 230 $ 710 $1,215 $2,603
EQ/AllianceBernstein Small Cap Growth $ 239 $ 735 $1,257 $2,688
EQ/AllianceBernstein Value++ $ 250 $ 770 $1,315 $2,803
EQ/Ariel Appreciation II $ 306 $ 935 $1,590 $3,340
EQ/AXA Rosenberg Value Long/Short Equity $ 472 $1,419 $2,372 $4,777
EQ/BlackRock Basic Value Equity* $ 246 $ 757 $1,294 $2,761
EQ/BlackRock International Value* $ 282 $ 864 $1,471 $3,110
EQ/Boston Advisors Equity Income $ 268 $ 823 $1,404 $2,978
EQ/Calvert Socially Responsible $ 268 $ 823 $1,404 $2,978
EQ/Capital Guardian Growth $ 259 $ 795 $1,357 $2,886
EQ/Capital Guardian International+ $ 283 $ 867 $1,477 $3,121
EQ/Capital Guardian Research $ 255 $ 785 $1,341 $2,855
EQ/Capital Guardian U.S. Equity++ $ 255 $ 785 $1,341 $2,855
EQ/Caywood-Scholl High Yield Bond $ 255 $ 785 $1,341 $2,855
EQ/Davis New York Venture** $ 340 $1,038 $1,757 $3,660
EQ/Equity 500 Index $ 187 $ 580 $ 997 $2,159
EQ/Evergreen International Bond $ 271 $ 832 $1,420 $3,009
18 Fee table
- -----------------------------------------------------------------------------------------------------
If you surrender your contract at the end
of the applicable time period
- -----------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
EQ ADVISORS TRUST:
- -----------------------------------------------------------------------------------------------------
EQ/Evergreen Omega $ 817 $1,390 $1,990 $3,278
EQ/FI Mid Cap $ 814 $1,381 $1,975 $3,249
EQ/FI Mid Cap Value+ $ 817 $1,390 $1,990 $3,278
EQ/Franklin Income $ 858 $1,513 $2,194 $3,686
EQ/Franklin Small Cap Value $1,019 $1,981 $2,946 $5,103
EQ/Franklin Templeton Founding Strategy** $ 863 $1,528 $2,218 $3,734
EQ/GAMCO Mergers and Acquisitions $ 853 $1,499 $2,170 $3,639
EQ/GAMCO Small Company Value $ 823 $1,407 $2,019 $3,338
EQ/International Growth $ 850 $1,490 $2,155 $3,610
EQ/Janus Large Cap Growth++ $ 835 $1,446 $2,083 $3,465
EQ/JPMorgan Core Bond $ 790 $1,309 $1,857 $3,007
EQ/JPMorgan Value Opportunities $ 807 $1,360 $1,941 $3,179
EQ/Legg Mason Value Equity $ 818 $1,393 $1,995 $3,288
EQ/Long Term Bond $ 789 $1,306 $1,852 $2,997
EQ/Lord Abbett Growth and Income $ 822 $1,404 $2,014 $3,328
EQ/Lord Abbett Large Cap Core $ 836 $1,449 $2,087 $3,475
EQ/Lord Abbett Mid Cap Value $ 819 $1,396 $2,000 $3,298
EQ/Marsico Focus $ 829 $1,425 $2,049 $3,397
EQ/MFS Emerging Growth Companies+ $ 811 $1,372 $1,961 $3,219
EQ/MFS Investors Trust+ $ 807 $1,360 $1,941 $3,179
EQ/Money Market $ 747 $1,181 $1,642 $2,559
EQ/Montag & Caldwell Growth $ 822 $1,404 $2,014 $3,328
EQ/Mutual Shares $ 870 $1,549 $2,251 $3,799
EQ/Oppenheimer Global $ 956 $1,798 $2,655 $4,572
EQ/Oppenheimer Main Street Opportunity** $ 972 $1,847 $2,733 $4,716
EQ/Oppenheimer Main Street Small Cap $ 967 $1,832 $2,710 $4,674
EQ/PIMCO Real Return $ 804 $1,351 $1,926 $3,149
EQ/Short Duration Bond $ 788 $1,303 $1,847 $2,986
EQ/Small Cap Value+ $ 819 $1,396 $2,000 $3,298
EQ/Small Company Growth+ $ 847 $1,481 $2,141 $3,581
EQ/Small Company Index $ 773 $1,259 $1,772 $2,832
EQ/TCW Equity++ $ 827 $1,419 $2,039 $3,377
EQ/Templeton Growth $ 889 $1,604 $2,342 $3,976
EQ/UBS Growth and Income $ 823 $1,407 $2,019 $3,338
EQ/Van Kampen Comstock $ 815 $1,384 $1,980 $3,259
EQ/Van Kampen Emerging Markets Equity $ 882 $1,584 $2,309 $3,911
EQ/Van Kampen Mid Cap Growth $ 824 $1,410 $2,024 $3,348
EQ/Wells Fargo Montgomery Small Cap++ $ 856 $1,508 $2,184 $3,667
- ----------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- ----------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ $ 841 $1,463 $2,112 $3,523
- ------------------------------------------------------------------------------------------------------------------------------------
If you annuitize at the end of the If you do not surrender your contract at
applicable time period(1) the end of the applicable time period
1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years
- ------------------------------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega N/A $1,390 $1,990 $3,278 $264 $ 810 $1,383 $2,937
EQ/FI Mid Cap N/A $1,381 $1,975 $3,249 $261 $ 801 $1,367 $2,907
EQ/FI Mid Cap Value+ N/A $1,390 $1,990 $3,278 $264 $ 810 $1,383 $2,937
EQ/Franklin Income N/A $1,513 $2,194 $3,686 $308 $ 942 $1,600 $3,360
EQ/Franklin Small Cap Value N/A $1,981 $2,946 $5,103 $478 $1,437 $2,400 $4,827
EQ/Franklin Templeton Founding Strategy** N/A $1,528 $2,218 $3,734 $313 $ 957 $1,626 $3,409
EQ/GAMCO Mergers and Acquisitions N/A $1,499 $2,170 $3,639 $303 $ 926 $1,574 $3,310
EQ/GAMCO Small Company Value N/A $1,407 $2,019 $3,338 $270 $ 829 $1,414 $2,999
EQ/International Growth N/A $1,490 $2,155 $3,610 $300 $ 917 $1,559 $3,281
EQ/Janus Large Cap Growth++ N/A $1,446 $2,083 $3,465 $284 $ 870 $1,482 $3,131
EQ/JPMorgan Core Bond N/A $1,309 $1,857 $3,007 $236 $ 725 $1,242 $2,656
EQ/JPMorgan Value Opportunities N/A $1,360 $1,941 $3,179 $253 $ 779 $1,331 $2,834
EQ/Legg Mason Value Equity N/A $1,393 $1,995 $3,288 $265 $ 814 $1,388 $2,948
EQ/Long Term Bond N/A $1,306 $1,852 $2,997 $234 $ 722 $1,236 $2,646
EQ/Lord Abbett Growth and Income N/A $1,404 $2,014 $3,328 $269 $ 826 $1,409 $2,989
EQ/Lord Abbett Large Cap Core N/A $1,449 $2,087 $3,475 $285 $ 873 $1,487 $3,141
EQ/Lord Abbett Mid Cap Value N/A $1,396 $2,000 $3,298 $266 $ 817 $1,394 $2,958
EQ/Marsico Focus N/A $1,425 $2,049 $3,397 $276 $ 848 $1,445 $3,060
EQ/MFS Emerging Growth Companies+ N/A $1,372 $1,961 $3,219 $258 $ 792 $1,352 $2,876
EQ/MFS Investors Trust+ N/A $1,360 $1,941 $3,179 $253 $ 779 $1,331 $2,834
EQ/Money Market N/A $1,181 $1,642 $2,559 $190 $ 589 $1,013 $2,192
EQ/Montag & Caldwell Growth N/A $1,404 $2,014 $3,328 $269 $ 826 $1,409 $2,989
EQ/Mutual Shares N/A $1,549 $2,251 $3,799 $321 $ 979 $1,661 $3,477
EQ/Oppenheimer Global N/A $1,798 $2,655 $4,572 $411 $1,243 $2,091 $4,277
EQ/Oppenheimer Main Street Opportunity** N/A $1,847 $2,733 $4,716 $429 $1,295 $2,174 $4,426
EQ/Oppenheimer Main Street Small Cap N/A $1,832 $2,710 $4,674 $423 $1,280 $2,149 $4,383
EQ/PIMCO Real Return N/A $1,351 $1,926 $3,149 $250 $ 770 $1,315 $2,803
EQ/Short Duration Bond N/A $1,303 $1,847 $2,986 $233 $ 719 $1,231 $2,635
EQ/Small Cap Value+ N/A $1,396 $2,000 $3,298 $266 $ 817 $1,394 $2,958
EQ/Small Company Growth+ N/A $1,481 $2,141 $3,581 $296 $ 907 $1,544 $3,251
EQ/Small Company Index N/A $1,259 $1,772 $2,832 $218 $ 672 $1,152 $2,475
EQ/TCW Equity++ N/A $1,419 $2,039 $3,377 $274 $ 842 $1,435 $3,040
EQ/Templeton Growth N/A $1,604 $2,342 $3,976 $340 $1,038 $1,757 $3,660
EQ/UBS Growth and Income N/A $1,407 $2,019 $3,338 $270 $ 829 $1,414 $2,999
EQ/Van Kampen Comstock N/A $1,384 $1,980 $3,259 $262 $ 804 $1,373 $2,917
EQ/Van Kampen Emerging Markets Equity N/A $1,584 $2,309 $3,911 $333 $1,016 $1,722 $3,593
EQ/Van Kampen Mid Cap Growth N/A $1,410 $2,024 $3,348 $271 $ 832 $1,420 $3,009
EQ/Wells Fargo Montgomery Small Cap++ N/A $1,508 $2,184 $3,667 $306 $ 935 $1,590 $3,340
- ------------------------------------------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ N/A $1,463 $2,112 $3,523 $290 $ 889 $1,513 $3,191
(1) Please see "When withdrawal charges do not apply" in "Charges and expenses"
later in this prospectus for more information on withdrawal charge waivers
upon annuitization.
* This is the investment option's new name effective on or about May 29,
2007, subject to regulatory approval. Please see "Portfolios of the Trusts"
in "Contract features and benefits" later in this prospectus for the
investment option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned substitution or merger of this portfolio.
Fee table 19
EQUI-VEST(SM) SERIES 100 AND 200 CONTRACTS --
FOR NQ CONTRACTS
- ----------------------------------------------------------------------------------------------------
If you surrender your contract at the end
of the applicable time period
1 year 3 years 5 years 10 years
- ----------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- ----------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 849 $1,487 $2,150 $3,271
AXA Conservative Allocation $ 830 $1,428 $2,051 $3,070
AXA Conservative-Plus Allocation $ 831 $1,431 $2,056 $3,080
AXA Moderate Allocation $ 747 $1,181 $1,613 $2,192
AXA Moderate-Plus Allocation $ 842 $1,466 $2,117 $3,201
Multimanager Aggressive Equity* $ 747 $1,181 $1,613 $2,192
Multimanager Core Bond* $ 808 $1,363 $1,936 $2,845
Multimanager Health Care* $ 873 $1,557 $2,266 $3,506
Multimanager High Yield* $ 782 $1,286 $1,799 $2,572
Multimanager International Equity* $ 858 $1,513 $2,194 $3,360
Multimanager Large Cap Core Equity* $ 840 $1,460 $2,107 $3,181
Multimanager Large Cap Growth* $ 842 $1,466 $2,117 $3,201
Multimanager Large Cap Value* $ 840 $1,460 $2,107 $3,181
Multimanager Mid Cap Growth* $ 861 $1,522 $2,208 $3,389
Multimanager Mid Cap Value* $ 864 $1,531 $2,223 $3,418
Multimanager Technology* $ 873 $1,557 $2,266 $3,506
Target 2015 Allocation $1,576 $3,475 $5,165 $8,319
Target 2025 Allocation $1,516 $3,324 $4,955 $8,042
Target 2035 Allocation $1,742 $3,884 $5,721 $8,995
Target 2045 Allocation $1,834 $4,105 $6,012 $9,316
- ----------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 747 $1,181 $1,613 $2,192
EQ/AllianceBernstein Growth and Income++ $ 774 $1,262 $1,757 $2,486
EQ/AllianceBernstein Intermediate Government Securities $ 770 $1,250 $1,736 $2,443
EQ/AllianceBernstein International $ 797 $1,330 $1,878 $2,730
EQ/AllianceBernstein Large Cap Growth $ 832 $1,434 $2,061 $3,090
EQ/AllianceBernstein Quality Bond $ 785 $1,295 $1,815 $2,603
EQ/AllianceBernstein Small Cap Growth $ 793 $1,318 $1,857 $2,688
EQ/AllianceBernstein Value++ $ 804 $1,351 $1,915 $2,803
EQ/Ariel Appreciation II $ 856 $1,508 $2,184 $3,340
EQ/AXA Rosenberg Value Long/Short Equity $1,013 $1,964 $2,919 $4,777
EQ/BlackRock Basic Value Equity* $ 800 $1,339 $1,894 $2,761
EQ/BlackRock International Value* $ 833 $1,440 $2,071 $3,110
EQ/Boston Advisors Equity Income $ 821 $1,401 $2,004 $2,978
EQ/Calvert Socially Responsible $ 821 $1,401 $2,004 $2,978
EQ/Capital Guardian Growth $ 812 $1,375 $1,957 $2,886
EQ/Capital Guardian International+ $ 834 $1,443 $2,077 $3,121
EQ/Capital Guardian Research $ 809 $1,366 $1,941 $2,855
EQ/Capital Guardian U.S. Equity++ $ 809 $1,366 $1,941 $2,855
EQ/Caywood-Scholl High Yield Bond $ 809 $1,366 $1,941 $2,855
EQ/Davis New York Venture** $ 889 $1,604 $2,342 $3,660
EQ/Equity 500 Index $ 744 $1,172 $1,597 $2,159
EQ/Evergreen International Bond $ 824 $1,410 $2,020 $3,009
- -----------------------------------------------------------------------------------------------------
If you annuitize at the end of the
applicable time period(1)
- -----------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- -----------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- -----------------------------------------------------------------------------------------------------
AXA Aggressive Allocation N/A $1,487 $2,150 $3,271
AXA Conservative Allocation N/A $1,428 $2,051 $3,070
AXA Conservative-Plus Allocation N/A $1,431 $2,056 $3,080
AXA Moderate Allocation N/A $1,181 $1,613 $2,192
AXA Moderate-Plus Allocation N/A $1,466 $2,117 $3,201
Multimanager Aggressive Equity* N/A $1,181 $1,613 $2,192
Multimanager Core Bond* N/A $1,363 $1,936 $2,845
Multimanager Health Care* N/A $1,557 $2,266 $3,506
Multimanager High Yield* N/A $1,286 $1,799 $2,572
Multimanager International Equity* N/A $1,513 $2,194 $3,360
Multimanager Large Cap Core Equity* N/A $1,460 $2,107 $3,181
Multimanager Large Cap Growth* N/A $1,466 $2,117 $3,201
Multimanager Large Cap Value* N/A $1,460 $2,107 $3,181
Multimanager Mid Cap Growth* N/A $1,522 $2,208 $3,389
Multimanager Mid Cap Value* N/A $1,531 $2,223 $3,418
Multimanager Technology* N/A $1,557 $2,266 $3,506
Target 2015 Allocation N/A $3,475 $5,165 $8,319
Target 2025 Allocation N/A $3,324 $4,955 $8,042
Target 2035 Allocation N/A $3,884 $5,721 $8,995
Target 2045 Allocation N/A $4,105 $6,012 $9,316
- -----------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock N/A $1,181 $1,613 $2,192
EQ/AllianceBernstein Growth and Income++ N/A $1,262 $1,757 $2,486
EQ/AllianceBernstein Intermediate Government Securities N/A $1,250 $1,736 $2,443
EQ/AllianceBernstein International N/A $1,330 $1,878 $2,730
EQ/AllianceBernstein Large Cap Growth N/A $1,434 $2,061 $3,090
EQ/AllianceBernstein Quality Bond N/A $1,295 $1,815 $2,603
EQ/AllianceBernstein Small Cap Growth N/A $1,318 $1,857 $2,688
EQ/AllianceBernstein Value++ N/A $1,351 $1,915 $2,803
EQ/Ariel Appreciation II N/A $1,508 $2,184 $3,340
EQ/AXA Rosenberg Value Long/Short Equity N/A $1,964 $2,919 $4,777
EQ/BlackRock Basic Value Equity* N/A $1,339 $1,894 $2,761
EQ/BlackRock International Value* N/A $1,440 $2,071 $3,110
EQ/Boston Advisors Equity Income N/A $1,401 $2,004 $2,978
EQ/Calvert Socially Responsible N/A $1,401 $2,004 $2,978
EQ/Capital Guardian Growth N/A $1,375 $1,957 $2,886
EQ/Capital Guardian International+ N/A $1,443 $2,077 $3,121
EQ/Capital Guardian Research N/A $1,366 $1,941 $2,855
EQ/Capital Guardian U.S. Equity++ N/A $1,366 $1,941 $2,855
EQ/Caywood-Scholl High Yield Bond N/A $1,366 $1,941 $2,855
EQ/Davis New York Venture** N/A $1,604 $2,342 $3,660
EQ/Equity 500 Index N/A $1,172 $1,597 $2,159
EQ/Evergreen International Bond N/A $1,410 $2,020 $3,009
- -------------------------------------------------------------------------------------------------------
If you do not surrender your contract at
the end of the applicable time period
- -------------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- -------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- -------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 298 $ 914 $1,554 $3,271
AXA Conservative Allocation $ 278 $ 851 $1,451 $3,070
AXA Conservative-Plus Allocation $ 279 $ 854 $1,456 $3,080
AXA Moderate Allocation $ 190 $ 589 $1,013 $2,192
AXA Moderate-Plus Allocation $ 291 $ 892 $1,518 $3,201
Multimanager Aggressive Equity* $ 190 $ 589 $1,013 $2,192
Multimanager Core Bond* $ 254 $ 782 $1,336 $2,845
Multimanager Health Care* $ 324 $ 988 $1,676 $3,506
Multimanager High Yield* $ 227 $ 700 $1,199 $2,572
Multimanager International Equity* $ 308 $ 942 $1,600 $3,360
Multimanager Large Cap Core Equity* $ 289 $ 886 $1,507 $3,181
Multimanager Large Cap Growth* $ 291 $ 892 $1,518 $3,201
Multimanager Large Cap Value* $ 289 $ 886 $1,507 $3,181
Multimanager Mid Cap Growth* $ 311 $ 951 $1,615 $3,389
Multimanager Mid Cap Value* $ 314 $ 960 $1,631 $3,418
Multimanager Technology* $ 324 $ 988 $1,676 $3,506
Target 2015 Allocation $1,067 $3,022 $4,762 $8,319
Target 2025 Allocation $1,004 $2,862 $4,538 $8,042
Target 2035 Allocation $1,242 $3,456 $5,354 $8,995
Target 2045 Allocation $1,339 $3,690 $5,663 $9,316
- -------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 190 $ 589 $1,013 $2,192
EQ/AllianceBernstein Growth and Income++ $ 219 $ 675 $1,157 $2,486
EQ/AllianceBernstein Intermediate Government Securities $ 215 $ 662 $1,136 $2,443
EQ/AllianceBernstein International $ 243 $ 748 $1,278 $2,730
EQ/AllianceBernstein Large Cap Growth $ 280 $ 857 $1,461 $3,090
EQ/AllianceBernstein Quality Bond $ 230 $ 710 $1,215 $2,603
EQ/AllianceBernstein Small Cap Growth $ 239 $ 735 $1,257 $2,688
EQ/AllianceBernstein Value++ $ 250 $ 770 $1,315 $2,803
EQ/Ariel Appreciation II $ 306 $ 935 $1,590 $3,340
EQ/AXA Rosenberg Value Long/Short Equity $ 472 $1,419 $2,372 $4,777
EQ/BlackRock Basic Value Equity* $ 246 $ 757 $1,294 $2,761
EQ/BlackRock International Value* $ 282 $ 864 $1,471 $3,110
EQ/Boston Advisors Equity Income $ 268 $ 823 $1,404 $2,978
EQ/Calvert Socially Responsible $ 268 $ 823 $1,404 $2,978
EQ/Capital Guardian Growth $ 259 $ 795 $1,357 $2,886
EQ/Capital Guardian International+ $ 283 $ 867 $1,477 $3,121
EQ/Capital Guardian Research $ 255 $ 785 $1,341 $2,855
EQ/Capital Guardian U.S. Equity++ $ 255 $ 785 $1,341 $2,855
EQ/Caywood-Scholl High Yield Bond $ 255 $ 785 $1,341 $2,855
EQ/Davis New York Venture** $ 340 $1,038 $1,757 $3,660
EQ/Equity 500 Index $ 187 $ 580 $ 997 $2,159
EQ/Evergreen International Bond $ 271 $ 832 $1,420 $3,009
20 Fee table
- --------------------------------------------------------------------------------------
If you surrender your contract at the end
of the applicable time period
1 year 3 years 5 years 10 years
- --------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- --------------------------------------------------------------------------------------
EQ/Evergreen Omega $ 817 $1,390 $1,983 $2,937
EQ/FI Mid Cap $ 814 $1,381 $1,967 $2,907
EQ/FI Mid Cap Value+ $ 817 $1,390 $1,983 $2,937
EQ/Franklin Income $ 858 $1,513 $2,194 $3,360
EQ/Franklin Small Cap Value $1,019 $1,981 $2,946 $4,827
EQ/Franklin Templeton Founding Strategy** $ 863 $1,528 $2,218 $3,409
EQ/GAMCO Mergers and Acquisitions $ 853 $1,499 $2,170 $3,310
EQ/GAMCO Small Company Value $ 823 $1,407 $2,014 $2,999
EQ/International Growth $ 850 $1,490 $2,155 $3,281
EQ/Janus Large Cap Growth++ $ 835 $1,446 $2,082 $3,131
EQ/JPMorgan Core Bond $ 790 $1,309 $1,842 $2,656
EQ/JPMorgan Value Opportunities $ 807 $1,360 $1,931 $2,834
EQ/Legg Mason Value Equity $ 818 $1,393 $1,988 $2,948
EQ/Long Term Bond $ 789 $1,306 $1,836 $2,646
EQ/Lord Abbett Growth and Income $ 822 $1,404 $2,009 $2,989
EQ/Lord Abbett Large Cap Core $ 836 $1,449 $2,087 $3,141
EQ/Lord Abbett Mid Cap Value $ 819 $1,396 $1,994 $2,958
EQ/Marsico Focus $ 829 $1,425 $2,045 $3,060
EQ/MFS Emerging Growth Companies+ $ 811 $1,372 $1,952 $2,876
EQ/MFS Investors Trust+ $ 807 $1,360 $1,931 $2,834
EQ/Money Market $ 747 $1,181 $1,613 $2,192
EQ/Montag & Caldwell Growth $ 822 $1,404 $2,009 $2,989
EQ/Mutual Shares $ 870 $1,549 $2,251 $3,477
EQ/Oppenheimer Global $ 956 $1,798 $2,655 $4,277
EQ/Oppenheimer Main Street Opportunity** $ 972 $1,847 $2,733 $4,426
EQ/Oppenheimer Main Street Small Cap $ 967 $1,832 $2,710 $4,383
EQ/PIMCO Real Return $ 804 $1,351 $1,915 $2,803
EQ/Short Duration Bond $ 788 $1,303 $1,831 $2,635
EQ/Small Cap Value+ $ 819 $1,396 $1,994 $2,958
EQ/Small Company Growth+ $ 847 $1,481 $2,141 $3,251
EQ/Small Company Index $ 773 $1,259 $1,752 $2,475
EQ/TCW Equity++ $ 827 $1,419 $2,035 $3,040
EQ/Templeton Growth $ 889 $1,604 $2,342 $3,660
EQ/UBS Growth and Income $ 823 $1,407 $2,014 $2,999
EQ/Van Kampen Comstock $ 815 $1,384 $1,973 $2,917
EQ/Van Kampen Emerging Markets Equity $ 882 $1,584 $2,309 $3,593
EQ/Van Kampen Mid Cap Growth $ 824 $1,410 $2,020 $3,009
EQ/Wells Fargo Montgomery Small Cap++ $ 856 $1,508 $2,184 $3,340
- -------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- -------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ $ 841 $1,463 $2,112 $3,191
- --------------------------------------------------------------------------------------
If you annuitize at the end of the
applicable time period(1)
- --------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- --------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- --------------------------------------------------------------------------------------
EQ/Evergreen Omega N/A $1,390 $1,983 $2,937
EQ/FI Mid Cap N/A $1,381 $1,967 $2,907
EQ/FI Mid Cap Value+ N/A $1,390 $1,983 $2,937
EQ/Franklin Income N/A $1,513 $2,194 $3,360
EQ/Franklin Small Cap Value N/A $1,981 $2,946 $4,827
EQ/Franklin Templeton Founding Strategy** N/A $1,528 $2,218 $3,409
EQ/GAMCO Mergers and Acquisitions N/A $1,499 $2,170 $3,310
EQ/GAMCO Small Company Value N/A $1,407 $2,014 $2,999
EQ/International Growth N/A $1,490 $2,155 $3,281
EQ/Janus Large Cap Growth++ N/A $1,446 $2,082 $3,131
EQ/JPMorgan Core Bond N/A $1,309 $1,842 $2,656
EQ/JPMorgan Value Opportunities N/A $1,360 $1,931 $2,834
EQ/Legg Mason Value Equity N/A $1,393 $1,988 $2,948
EQ/Long Term Bond N/A $1,306 $1,836 $2,646
EQ/Lord Abbett Growth and Income N/A $1,404 $2,009 $2,989
EQ/Lord Abbett Large Cap Core N/A $1,449 $2,087 $3,141
EQ/Lord Abbett Mid Cap Value N/A $1,396 $1,994 $2,958
EQ/Marsico Focus N/A $1,425 $2,045 $3,060
EQ/MFS Emerging Growth Companies+ N/A $1,372 $1,952 $2,876
EQ/MFS Investors Trust+ N/A $1,360 $1,931 $2,834
EQ/Money Market N/A $1,181 $1,613 $2,192
EQ/Montag & Caldwell Growth N/A $1,404 $2,009 $2,989
EQ/Mutual Shares N/A $1,549 $2,251 $3,477
EQ/Oppenheimer Global N/A $1,798 $2,655 $4,277
EQ/Oppenheimer Main Street Opportunity** N/A $1,847 $2,733 $4,426
EQ/Oppenheimer Main Street Small Cap N/A $1,832 $2,710 $4,383
EQ/PIMCO Real Return N/A $1,351 $1,915 $2,803
EQ/Short Duration Bond N/A $1,303 $1,831 $2,635
EQ/Small Cap Value+ N/A $1,396 $1,994 $2,958
EQ/Small Company Growth+ N/A $1,481 $2,141 $3,251
EQ/Small Company Index N/A $1,259 $1,752 $2,475
EQ/TCW Equity++ N/A $1,419 $2,035 $3,040
EQ/Templeton Growth N/A $1,604 $2,342 $3,660
EQ/UBS Growth and Income N/A $1,407 $2,014 $2,999
EQ/Van Kampen Comstock N/A $1,384 $1,973 $2,917
EQ/Van Kampen Emerging Markets Equity N/A $1,584 $2,309 $3,593
EQ/Van Kampen Mid Cap Growth N/A $1,410 $2,020 $3,009
EQ/Wells Fargo Montgomery Small Cap++ N/A $1,508 $2,184 $3,340
- --------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- --------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ N/A $1,463 $2,112 $3,191
- --------------------------------------------------------------------------------------
If you do not surrender your contract at
the end of the applicable time period
- --------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- --------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- --------------------------------------------------------------------------------------
EQ/Evergreen Omega $264 $ 810 $1,383 $2,937
EQ/FI Mid Cap $261 $ 801 $1,367 $2,907
EQ/FI Mid Cap Value+ $264 $ 810 $1,383 $2,937
EQ/Franklin Income $308 $ 942 $1,600 $3,360
EQ/Franklin Small Cap Value $478 $1,437 $2,400 $4,827
EQ/Franklin Templeton Founding Strategy** $313 $ 957 $1,626 $3,409
EQ/GAMCO Mergers and Acquisitions $303 $ 926 $1,574 $3,310
EQ/GAMCO Small Company Value $270 $ 829 $1,414 $2,999
EQ/International Growth $300 $ 917 $1,559 $3,281
EQ/Janus Large Cap Growth++ $284 $ 870 $1,482 $3,131
EQ/JPMorgan Core Bond $236 $ 725 $1,242 $2,656
EQ/JPMorgan Value Opportunities $253 $ 779 $1,331 $2,834
EQ/Legg Mason Value Equity $265 $ 814 $1,388 $2,948
EQ/Long Term Bond $234 $ 722 $1,236 $2,646
EQ/Lord Abbett Growth and Income $269 $ 826 $1,409 $2,989
EQ/Lord Abbett Large Cap Core $285 $ 873 $1,487 $3,141
EQ/Lord Abbett Mid Cap Value $266 $ 817 $1,394 $2,958
EQ/Marsico Focus $276 $ 848 $1,445 $3,060
EQ/MFS Emerging Growth Companies+ $258 $ 792 $1,352 $2,876
EQ/MFS Investors Trust+ $253 $ 779 $1,331 $2,834
EQ/Money Market $190 $ 589 $1,013 $2,192
EQ/Montag & Caldwell Growth $269 $ 826 $1,409 $2,989
EQ/Mutual Shares $321 $ 979 $1,661 $3,477
EQ/Oppenheimer Global $411 $1,243 $2,091 $4,277
EQ/Oppenheimer Main Street Opportunity** $429 $1,295 $2,174 $4,426
EQ/Oppenheimer Main Street Small Cap $423 $1,280 $2,149 $4,383
EQ/PIMCO Real Return $250 $ 770 $1,315 $2,803
EQ/Short Duration Bond $233 $ 719 $1,231 $2,635
EQ/Small Cap Value+ $266 $ 817 $1,394 $2,958
EQ/Small Company Growth+ $296 $ 907 $1,544 $3,251
EQ/Small Company Index $218 $ 672 $1,152 $2,475
EQ/TCW Equity++ $274 $ 842 $1,435 $3,040
EQ/Templeton Growth $340 $1,038 $1,757 $3,660
EQ/UBS Growth and Income $270 $ 829 $1,414 $2,999
EQ/Van Kampen Comstock $262 $ 804 $1,373 $2,917
EQ/Van Kampen Emerging Markets Equity $333 $1,016 $1,722 $3,593
EQ/Van Kampen Mid Cap Growth $271 $ 832 $1,420 $3,009
EQ/Wells Fargo Montgomery Small Cap++ $306 $ 935 $1,590 $3,340
- --------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- --------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ $290 $ 889 $1,513 $3,191
(1) Please see "When withdrawal charges do not apply" in "Charges and expenses"
later in this prospectus for more information on withdrawal charge waivers
upon annuitization.
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and benefits" later in this prospectus for the investment
option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned substitution or merger of this portfolio.
Fee table 21
EQUI-VEST(SM) SERIES 300 CONTRACTS
- ----------------------------------------------------------------------------------------------------
If you surrender your contract at the end
of the applicable time period
1 year 3 years 5 years 10 years
- ----------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- ----------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 850 $1,490 $2,155 $3,281
AXA Conservative Allocation $ 831 $1,431 $2,056 $3,080
AXA Conservative-Plus Allocation $ 832 $1,434 $2,061 $3,090
AXA Moderate Allocation $ 812 $1,375 $1,957 $2,886
AXA Moderate-Plus Allocation $ 843 $1,469 $2,121 $3,211
Multimanager Aggressive Equity* $ 787 $1,300 $1,826 $2,625
Multimanager Core Bond* $ 809 $1,366 $1,941 $2,855
Multimanager Health Care* $ 874 $1,560 $2,271 $3,516
Multimanager High Yield* $ 783 $1,289 $1,805 $2,582
Multimanager International Equity* $ 859 $1,516 $2,199 $3,369
Multimanager Large Cap Core Equity* $ 841 $1,463 $2,112 $3,191
Multimanager Large Cap Growth* $ 843 $1,469 $2,121 $3,211
Multimanager Large Cap Value* $ 841 $1,463 $2,112 $3,191
Multimanager Mid Cap Growth* $ 862 $1,525 $2,213 $3,399
Multimanager Mid Cap Value* $ 865 $1,534 $2,227 $3,428
Multimanager Technology* $ 874 $1,560 $2,271 $3,516
Target 2015 Allocation $1,577 $3,478 $5,169 $8,324
Target 2025 Allocation $1,517 $3,327 $4,958 $8,047
Target 2035 Allocation $1,743 $3,887 $5,724 $8,999
Target 2045 Allocation $1,835 $4,108 $6,015 $9,320
- ----------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 767 $1,241 $1,720 $2,411
EQ/AllianceBernstein Growth and Income++ $ 775 $1,265 $1,762 $2,497
EQ/AllianceBernstein Intermediate Government Securities $ 771 $1,253 $1,741 $2,454
EQ/AllianceBernstein International $ 798 $1,333 $1,884 $2,740
EQ/AllianceBernstein Large Cap Growth $ 832 $1,437 $2,066 $3,100
EQ/AllianceBernstein Quality Bond $ 771 $1,253 $1,741 $2,454
EQ/AllianceBernstein Small Cap Growth $ 794 $1,321 $1,863 $2,698
EQ/AllianceBernstein Value++ $ 805 $1,354 $1,920 $2,813
EQ/Ariel Appreciation II $ 857 $1,510 $2,189 $3,350
EQ/AXA Rosenberg Value Long/Short Equity $1,014 $1,966 $2,924 $4,785
EQ/BlackRock Basic Value Equity* $ 801 $1,342 $1,899 $2,772
EQ/BlackRock International Value* $ 834 $1,443 $2,077 $3,121
EQ/Boston Advisors Equity Income $ 822 $1,404 $2,009 $2,989
EQ/Calvert Socially Responsible $ 822 $1,404 $2,009 $2,989
EQ/Capital Guardian Growth $ 813 $1,378 $1,962 $2,896
EQ/Capital Guardian International+ $ 835 $1,446 $2,082 $3,131
EQ/Capital Guardian Research $ 810 $1,369 $1,947 $2,865
EQ/Capital Guardian U.S. Equity++ $ 810 $1,369 $1,947 $2,865
EQ/Caywood-Scholl High Yield Bond $ 810 $1,369 $1,947 $2,865
EQ/Davis New York Venture** $ 890 $1,607 $2,347 $3,669
EQ/Equity 500 Index $ 745 $1,175 $1,602 $2,170
EQ/Evergreen International Bond $ 825 $1,413 $2,025 $3,019
EQ/Evergreen Omega $ 818 $1,393 $1,988 $2,948
- ----------------------------------------------------------------------------------------------------
If you annuitize at the end of the
applicable time period and select a
non-life contingent period certain
annuity option with less than ten years
- ----------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- ----------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- -----------------------------------------------------------------------------------------------------
AXA Aggressive Allocation N/A $1,490 $2,155 $3,281
AXA Conservative Allocation N/A $1,431 $2,056 $3,080
AXA Conservative-Plus Allocation N/A $1,434 $2,061 $3,090
AXA Moderate Allocation N/A $1,375 $1,957 $2,886
AXA Moderate-Plus Allocation N/A $1,469 $2,121 $3,211
Multimanager Aggressive Equity* N/A $1,300 $1,826 $2,625
Multimanager Core Bond* N/A $1,366 $1,941 $2,855
Multimanager Health Care* N/A $1,560 $2,271 $3,516
Multimanager High Yield* N/A $1,289 $1,805 $2,582
Multimanager International Equity* N/A $1,516 $2,199 $3,369
Multimanager Large Cap Core Equity* N/A $1,463 $2,112 $3,191
Multimanager Large Cap Growth* N/A $1,469 $2,121 $3,211
Multimanager Large Cap Value* N/A $1,463 $2,112 $3,191
Multimanager Mid Cap Growth* N/A $1,525 $2,213 $3,399
Multimanager Mid Cap Value* N/A $1,534 $2,227 $3,428
Multimanager Technology* N/A $1,560 $2,271 $3,516
Target 2015 Allocation N/A $3,478 $5,169 $8,324
Target 2025 Allocation N/A $3,327 $4,958 $8,047
Target 2035 Allocation N/A $3,887 $5,724 $8,999
Target 2045 Allocation N/A $4,108 $6,015 $9,320
- ----------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock N/A $1,241 $1,720 $2,411
EQ/AllianceBernstein Growth and Income++ N/A $1,265 $1,762 $2,497
EQ/AllianceBernstein Intermediate Government Securities N/A $1,253 $1,741 $2,454
EQ/AllianceBernstein International N/A $1,333 $1,884 $2,740
EQ/AllianceBernstein Large Cap Growth N/A $1,437 $2,066 $3,100
EQ/AllianceBernstein Quality Bond N/A $1,253 $1,741 $2,454
EQ/AllianceBernstein Small Cap Growth N/A $1,321 $1,863 $2,698
EQ/AllianceBernstein Value++ N/A $1,354 $1,920 $2,813
EQ/Ariel Appreciation II N/A $1,510 $2,189 $3,350
EQ/AXA Rosenberg Value Long/Short Equity N/A $1,966 $2,924 $4,785
EQ/BlackRock Basic Value Equity* N/A $1,342 $1,899 $2,772
EQ/BlackRock International Value* N/A $1,443 $2,077 $3,121
EQ/Boston Advisors Equity Income N/A $1,404 $2,009 $2,989
EQ/Calvert Socially Responsible N/A $1,404 $2,009 $2,989
EQ/Capital Guardian Growth N/A $1,378 $1,962 $2,896
EQ/Capital Guardian International+ N/A $1,446 $2,082 $3,131
EQ/Capital Guardian Research N/A $1,369 $1,947 $2,865
EQ/Capital Guardian U.S. Equity++ N/A $1,369 $1,947 $2,865
EQ/Caywood-Scholl High Yield Bond N/A $1,369 $1,947 $2,865
EQ/Davis New York Venture** N/A $1,607 $2,347 $3,669
EQ/Equity 500 Index N/A $1,175 $1,602 $2,170
EQ/Evergreen International Bond N/A $1,413 $2,025 $3,019
EQ/Evergreen Omega N/A $1,393 $1,988 $2,948
- -------------------------------------------------------------------------------------------------
If you do not surrender your
contract at the end of the
applicable time period
- -------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
AXA PREMIER VIP TRUST:
- -------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 300 $ 917 $1,559 $3,281
AXA Conservative Allocation $ 279 $ 854 $1,456 $3,080
AXA Conservative-Plus Allocation $ 280 $ 857 $1,461 $3,090
AXA Moderate Allocation $ 259 $ 795 $1,357 $2,886
AXA Moderate-Plus Allocation $ 292 $ 895 $1,523 $3,211
Multimanager Aggressive Equity* $ 232 $ 716 $1,226 $2,625
Multimanager Core Bond* $ 255 $ 785 $1,341 $2,855
Multimanager Health Care* $ 325 $ 991 $1,682 $3,516
Multimanager High Yield* $ 228 $ 703 $1,205 $2,582
Multimanager International Equity* $ 309 $ 945 $1,605 $3,369
Multimanager Large Cap Core Equity* $ 290 $ 889 $1,513 $3,191
Multimanager Large Cap Growth* $ 292 $ 895 $1,523 $3,211
Multimanager Large Cap Value* $ 290 $ 889 $1,513 $3,191
Multimanager Mid Cap Growth* $ 312 $ 954 $1,620 $3,399
Multimanager Mid Cap Value* $ 315 $ 963 $1,636 $3,428
Multimanager Technology* $ 325 $ 991 $1,682 $3,516
Target 2015 Allocation $1,068 $3,025 $4,766 $8,324
Target 2025 Allocation $1,005 $2,864 $4,541 $8,047
Target 2035 Allocation $1,243 $3,459 $5,357 $8,999
Target 2045 Allocation $1,340 $3,693 $5,666 $9,320
EQ ADVISORS TRUST:
- -------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 211 $ 653 $1,120 $2,411
EQ/AllianceBernstein Growth and Income++ $ 220 $ 678 $1,162 $2,497
EQ/AllianceBernstein Intermediate Government Securities $ 216 $ 665 $1,141 $2,454
EQ/AllianceBernstein International $ 244 $ 751 $1,284 $2,740
EQ/AllianceBernstein Large Cap Growth $ 281 $ 861 $1,466 $3,100
EQ/AllianceBernstein Quality Bond $ 216 $ 665 $1,141 $2,454
EQ/AllianceBernstein Small Cap Growth $ 240 $ 738 $1,263 $2,698
EQ/AllianceBernstein Value++ $ 251 $ 773 $1,320 $2,813
EQ/Ariel Appreciation II $ 307 $ 939 $1,595 $3,350
EQ/AXA Rosenberg Value Long/Short Equity $ 473 $1,422 $2,376 $4,785
EQ/BlackRock Basic Value Equity* $ 247 $ 760 $1,299 $2,772
EQ/BlackRock International Value* $ 283 $ 867 $1,477 $3,121
EQ/Boston Advisors Equity Income $ 269 $ 826 $1,409 $2,989
EQ/Calvert Socially Responsible $ 269 $ 826 $1,409 $2,989
EQ/Capital Guardian Growth $ 260 $ 798 $1,362 $2,896
EQ/Capital Guardian International+ $ 284 $ 870 $1,482 $3,131
EQ/Capital Guardian Research $ 257 $ 788 $1,347 $2,865
EQ/Capital Guardian U.S. Equity++ $ 257 $ 788 $1,347 $2,865
EQ/Caywood-Scholl High Yield Bond $ 257 $ 788 $1,347 $2,865
EQ/Davis New York Venture** $ 342 $1,041 $1,763 $3,669
EQ/Equity 500 Index $ 188 $ 583 $1,002 $2,170
EQ/Evergreen International Bond $ 272 $ 836 $1,425 $3,019
EQ/Evergreen Omega $ 265 $ 814 $1,388 $2,948
22 Fee table
- --------------------------------------------------------------------------------------
If you surrender your contract at the end
of the applicable time period
- --------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
EQ ADVISORS TRUST:
- --------------------------------------------------------------------------------------
EQ/FI Mid Cap $ 815 $1,384 $1,973 $2,917
EQ/FI Mid Cap Value+ $ 818 $1,393 $1,988 $2,948
EQ/Franklin Income $ 859 $1,516 $2,199 $3,369
EQ/Franklin Small Cap Value $1,020 $1,983 $2,951 $4,835
EQ/Franklin Templeton Founding Strategy** $ 864 $1,531 $2,223 $3,418
EQ/GAMCO Mergers and Acquisitions $ 854 $1,502 $2,175 $3,320
EQ/GAMCO Small Company Value $ 824 $1,410 $2,020 $3,009
EQ/International Growth $ 851 $1,493 $2,160 $3,290
EQ/Janus Large Cap Growth++ $ 836 $1,449 $2,087 $3,141
EQ/JPMorgan Core Bond $ 791 $1,312 $1,847 $2,667
EQ/JPMorgan Value Opportunities $ 808 $1,363 $1,936 $2,845
EQ/Legg Mason Value Equity $ 819 $1,396 $1,994 $2,958
EQ/Long Term Bond $ 790 $1,309 $1,842 $2,656
EQ/Lord Abbett Growth and Income $ 823 $1,407 $2,014 $2,999
EQ/Lord Abbett Large Cap Core $ 837 $1,452 $2,092 $3,151
EQ/Lord Abbett Mid Cap Value $ 820 $1,398 $1,999 $2,968
EQ/Marsico Focus $ 830 $1,428 $2,051 $3,070
EQ/MFS Emerging Growth Companies+ $ 812 $1,375 $1,957 $2,886
EQ/MFS Investors Trust+ $ 808 $1,363 $1,936 $2,845
EQ/Money Market $ 754 $1,202 $1,650 $2,269
EQ/Montag & Caldwell Growth $ 823 $1,407 $2,014 $2,999
EQ/Mutual Shares $ 871 $1,551 $2,256 $3,487
EQ/Oppenheimer Global $ 957 $1,801 $2,660 $4,285
EQ/Oppenheimer Main Street Opportunity** $ 973 $1,850 $2,738 $4,435
EQ/Oppenheimer Main Street Small Cap $ 968 $1,835 $2,715 $4,391
EQ/PIMCO Real Return $ 805 $1,354 $1,920 $2,813
EQ/Short Duration Bond $ 789 $1,306 $1,836 $2,646
EQ/Small Cap Value+ $ 820 $1,398 $1,999 $2,968
EQ/Small Company Growth+ $ 848 $1,484 $2,146 $3,261
EQ/Small Company Index $ 774 $1,262 $1,757 $2,486
EQ/TCW Equity++ $ 828 $1,422 $2,040 $3,050
EQ/Templeton Growth $ 890 $1,607 $2,347 $3,669
EQ/UBS Growth and Income $ 824 $1,410 $2,020 $3,009
EQ/Van Kampen Comstock $ 816 $1,387 $1,978 $2,927
EQ/Van Kampen Emerging Markets Equity $ 883 $1,587 $2,313 $3,602
EQ/Van Kampen Mid Cap Growth $ 825 $1,413 $2,025 $3,019
EQ/Wells Fargo Montgomery Small Cap++ $ 857 $1,510 $2,189 $3,350
- --------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- --------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ $ 842 $1,466 $2,117 $3,201
- --------------------------------------------------------------------------------------
If you annuitize at the end of the
applicable time period and select a
non-life contingent period certain
annuity option with less than ten years
- --------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- --------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- --------------------------------------------------------------------------------------
EQ/FI Mid Cap N/A $1,384 $1,973 $2,917
EQ/FI Mid Cap Value+ N/A $1,393 $1,988 $2,948
EQ/Franklin Income N/A $1,516 $2,199 $3,369
EQ/Franklin Small Cap Value N/A $1,983 $2,951 $4,835
EQ/Franklin Templeton Founding Strategy** N/A $1,531 $2,223 $3,418
EQ/GAMCO Mergers and Acquisitions N/A $1,502 $2,175 $3,320
EQ/GAMCO Small Company Value N/A $1,410 $2,020 $3,009
EQ/International Growth N/A $1,493 $2,160 $3,290
EQ/Janus Large Cap Growth++ N/A $1,449 $2,087 $3,141
EQ/JPMorgan Core Bond N/A $1,312 $1,847 $2,667
EQ/JPMorgan Value Opportunities N/A $1,363 $1,936 $2,845
EQ/Legg Mason Value Equity N/A $1,396 $1,994 $2,958
EQ/Long Term Bond N/A $1,309 $1,842 $2,656
EQ/Lord Abbett Growth and Income N/A $1,407 $2,014 $2,999
EQ/Lord Abbett Large Cap Core N/A $1,452 $2,092 $3,151
EQ/Lord Abbett Mid Cap Value N/A $1,398 $1,999 $2,968
EQ/Marsico Focus N/A $1,428 $2,051 $3,070
EQ/MFS Emerging Growth Companies+ N/A $1,375 $1,957 $2,886
EQ/MFS Investors Trust+ N/A $1,363 $1,936 $2,845
EQ/Money Market N/A $1,202 $1,650 $2,269
EQ/Montag & Caldwell Growth N/A $1,407 $2,014 $2,999
EQ/Mutual Shares N/A $1,551 $2,256 $3,487
EQ/Oppenheimer Global N/A $1,801 $2,660 $4,285
EQ/Oppenheimer Main Street Opportunity** N/A $1,850 $2,738 $4,435
EQ/Oppenheimer Main Street Small Cap N/A $1,835 $2,715 $4,391
EQ/PIMCO Real Return N/A $1,354 $1,920 $2,813
EQ/Short Duration Bond N/A $1,306 $1,836 $2,646
EQ/Small Cap Value+ N/A $1,398 $1,999 $2,968
EQ/Small Company Growth+ N/A $1,484 $2,146 $3,261
EQ/Small Company Index N/A $1,262 $1,757 $2,486
EQ/TCW Equity++ N/A $1,422 $2,040 $3,050
EQ/Templeton Growth N/A $1,607 $2,347 $3,669
EQ/UBS Growth and Income N/A $1,410 $2,020 $3,009
EQ/Van Kampen Comstock N/A $1,387 $1,978 $2,927
EQ/Van Kampen Emerging Markets Equity N/A $1,587 $2,313 $3,602
EQ/Van Kampen Mid Cap Growth N/A $1,413 $2,025 $3,019
EQ/Wells Fargo Montgomery Small Cap++ N/A $1,510 $2,189 $3,350
- --------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- --------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ N/A $1,466 $2,117 $3,201
- -------------------------------------------------------------------------------------
If you do not surrender your contract at
the end of the applicable time period
1 year 3 years 5 years 10 years
- -------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -------------------------------------------------------------------------------------
EQ/FI Mid Cap $262 $ 804 $1,373 $2,917
EQ/FI Mid Cap Value+ $265 $ 814 $1,388 $2,948
EQ/Franklin Income $309 $ 945 $1,605 $3,369
EQ/Franklin Small Cap Value $479 $1,440 $2,405 $4,835
EQ/Franklin Templeton Founding Strategy** $314 $ 960 $1,631 $3,418
EQ/GAMCO Mergers and Acquisitions $304 $ 929 $1,579 $3,320
EQ/GAMCO Small Company Value $271 $ 832 $1,420 $3,009
EQ/International Growth $301 $ 920 $1,564 $3,290
EQ/Janus Large Cap Growth++ $285 $ 873 $1,487 $3,141
EQ/JPMorgan Core Bond $237 $ 729 $1,247 $2,667
EQ/JPMorgan Value Opportunities $254 $ 782 $1,336 $2,845
EQ/Legg Mason Value Equity $266 $ 817 $1,394 $2,958
EQ/Long Term Bond $236 $ 725 $1,242 $2,656
EQ/Lord Abbett Growth and Income $270 $ 829 $1,414 $2,999
EQ/Lord Abbett Large Cap Core $286 $ 876 $1,492 $3,151
EQ/Lord Abbett Mid Cap Value $267 $ 820 $1,399 $2,968
EQ/Marsico Focus $278 $ 851 $1,451 $3,070
EQ/MFS Emerging Growth Companies+ $259 $ 795 $1,357 $2,886
EQ/MFS Investors Trust+ $254 $ 782 $1,336 $2,845
EQ/Money Market $198 $ 611 $1,050 $2,269
EQ/Montag & Caldwell Growth $270 $ 829 $1,414 $2,999
EQ/Mutual Shares $322 $ 982 $1,666 $3,487
EQ/Oppenheimer Global $412 $1,246 $2,096 $4,285
EQ/Oppenheimer Main Street Opportunity** $430 $1,298 $2,179 $4,435
EQ/Oppenheimer Main Street Small Cap $424 $1,283 $2,154 $4,391
EQ/PIMCO Real Return $251 $ 773 $1,320 $2,813
EQ/Short Duration Bond $234 $ 722 $1,236 $2,646
EQ/Small Cap Value+ $267 $ 820 $1,399 $2,968
EQ/Small Company Growth+ $297 $ 911 $1,549 $3,261
EQ/Small Company Index $219 $ 675 $1,157 $2,486
EQ/TCW Equity++ $275 $ 845 $1,440 $3,050
EQ/Templeton Growth $342 $1,041 $1,763 $3,669
EQ/UBS Growth and Income $271 $ 832 $1,420 $3,009
EQ/Van Kampen Comstock $263 $ 807 $1,378 $2,927
EQ/Van Kampen Emerging Markets Equity $334 $1,019 $1,727 $3,602
EQ/Van Kampen Mid Cap Growth $272 $ 836 $1,425 $3,019
EQ/Wells Fargo Montgomery Small Cap++ $307 $ 939 $1,595 $3,350
- -------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- -------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ $291 $ 892 $1,518 $3,201
* This is the investment option's new name effective on or about May 29,
2007, subject to regulatory approval. Please see "Portfolios of the Trusts"
in "Contract features and benefits" later in this prospectus for the
investment option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned substitution or merger of this portfolio.
Fee table 23
EQUI-VEST(SM) SERIES 400 CONTRACTS
- ----------------------------------------------------------------------------------------------------
If you surrender your contract at the end
of the applicable time period
1 year 3 years 5 years 10 years
- ----------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- ----------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 915 $1,680 $2,465 $3,904
AXA Conservative Allocation $ 895 $1,622 $2,370 $3,717
AXA Conservative-Plus Allocation $ 896 $1,624 $2,375 $3,726
AXA Moderate Allocation $ 876 $1,566 $2,280 $3,535
AXA Moderate-Plus Allocation $ 908 $1,659 $2,432 $3,839
Multimanager Aggressive Equity* $ 851 $1,493 $2,160 $3,290
Multimanager Core Bond* $ 873 $1,557 $2,266 $3,506
Multimanager Health Care* $ 939 $1,749 $2,577 $4,124
Multimanager High Yield* $ 847 $1,481 $2,141 $3,251
Multimanager International Equity* $ 924 $1,706 $2,507 $3,987
Multimanager Large Cap Core Equity* $ 906 $1,653 $2,422 $3,820
Multimanager Large Cap Growth* $ 908 $1,659 $2,432 $3,839
Multimanager Large Cap Value* $ 906 $1,653 $2,422 $3,820
Multimanager Mid Cap Growth* $ 927 $1,714 $2,521 $4,015
Multimanager Mid Cap Value* $ 930 $1,723 $2,535 $4,042
Multimanager Technology* $ 939 $1,749 $2,577 $4,124
Target 2015 Allocation $1,642 $3,639 $5,390 $8,603
Target 2025 Allocation $1,582 $3,490 $5,186 $8,346
Target 2035 Allocation $1,807 $4,042 $5,929 $9,227
Target 2045 Allocation $1,900 $4,259 $6,210 $9,523
- ----------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 832 $1,434 $2,061 $3,090
EQ/AllianceBernstein Growth and Income++ $ 839 $1,458 $2,102 $3,171
EQ/AllianceBernstein Intermediate Government Securities $ 835 $1,446 $2,082 $3,131
EQ/AllianceBernstein International $ 862 $1,525 $2,213 $3,399
EQ/AllianceBernstein Large Cap Growth $ 897 $1,627 $2,380 $3,736
EQ/AllianceBernstein Quality Bond $ 835 $1,446 $2,082 $3,131
EQ/AllianceBernstein Small Cap Growth $ 858 $1,513 $2,194 $3,360
EQ/AllianceBernstein Value++ $ 869 $1,546 $2,247 $3,467
EQ/Ariel Appreciation II $ 922 $1,700 $2,497 $3,969
EQ/AXA Rosenberg Value Long/Short Equity $1,079 $2,149 $3,211 $5,310
EQ/BlackRock Basic Value Equity* $ 865 $1,534 $2,227 $3,428
EQ/BlackRock International Value* $ 899 $1,633 $2,389 $3,755
EQ/Boston Advisors Equity Income $ 886 $1,595 $2,328 $3,631
EQ/Calvert Socially Responsible $ 886 $1,595 $2,328 $3,631
EQ/Capital Guardian Growth $ 877 $1,569 $2,285 $3,545
EQ/Capital Guardian International+ $ 900 $1,636 $2,394 $3,764
EQ/Capital Guardian Research $ 874 $1,560 $2,271 $3,516
EQ/Capital Guardian U.S. Equity++ $ 874 $1,560 $2,271 $3,516
EQ/Caywood-Scholl High Yield Bond $ 874 $1,560 $2,271 $3,516
EQ/Davis New York Venture** $ 955 $1,795 $2,651 $4,268
EQ/Equity 500 Index $ 810 $1,369 $1,947 $2,865
EQ/Evergreen International Bond $ 889 $1,604 $2,342 $3,660
EQ/Evergreen Omega $ 882 $1,584 $2,309 $3,593
- -----------------------------------------------------------------------------------------------------
If you annuitize at the end of the
applicable time period and select a
non-life contingent period certain
annuity option with less than ten years
- -----------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
AXA PREMIER VIP TRUST:
- -----------------------------------------------------------------------------------------------------
AXA Aggressive Allocation N/A $1,680 $2,465 $3,904
AXA Conservative Allocation N/A $1,622 $2,370 $3,717
AXA Conservative-Plus Allocation N/A $1,624 $2,375 $3,726
AXA Moderate Allocation N/A $1,566 $2,280 $3,535
AXA Moderate-Plus Allocation N/A $1,659 $2,432 $3,839
Multimanager Aggressive Equity* N/A $1,493 $2,160 $3,290
Multimanager Core Bond* N/A $1,557 $2,266 $3,506
Multimanager Health Care* N/A $1,749 $2,577 $4,124
Multimanager High Yield* N/A $1,481 $2,141 $3,251
Multimanager International Equity* N/A $1,706 $2,507 $3,987
Multimanager Large Cap Core Equity* N/A $1,653 $2,422 $3,820
Multimanager Large Cap Growth* N/A $1,659 $2,432 $3,839
Multimanager Large Cap Value* N/A $1,653 $2,422 $3,820
Multimanager Mid Cap Growth* N/A $1,714 $2,521 $4,015
Multimanager Mid Cap Value* N/A $1,723 $2,535 $4,042
Multimanager Technology* N/A $1,749 $2,577 $4,124
Target 2015 Allocation N/A $3,639 $5,390 $8,603
Target 2025 Allocation N/A $3,490 $5,186 $8,346
Target 2035 Allocation N/A $4,042 $5,929 $9,227
Target 2045 Allocation N/A $4,259 $6,210 $9,523
- -----------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock N/A $1,434 $2,061 $3,090
EQ/AllianceBernstein Growth and Income++ N/A $1,458 $2,102 $3,171
EQ/AllianceBernstein Intermediate Government Securities N/A $1,446 $2,082 $3,131
EQ/AllianceBernstein International N/A $1,525 $2,213 $3,399
EQ/AllianceBernstein Large Cap Growth N/A $1,627 $2,380 $3,736
EQ/AllianceBernstein Quality Bond N/A $1,446 $2,082 $3,131
EQ/AllianceBernstein Small Cap Growth N/A $1,513 $2,194 $3,360
EQ/AllianceBernstein Value++ N/A $1,546 $2,247 $3,467
EQ/Ariel Appreciation II N/A $1,700 $2,497 $3,969
EQ/AXA Rosenberg Value Long/Short Equity N/A $2,149 $3,211 $5,310
EQ/BlackRock Basic Value Equity* N/A $1,534 $2,227 $3,428
EQ/BlackRock International Value* N/A $1,633 $2,389 $3,755
EQ/Boston Advisors Equity Income N/A $1,595 $2,328 $3,631
EQ/Calvert Socially Responsible N/A $1,595 $2,328 $3,631
EQ/Capital Guardian Growth N/A $1,569 $2,285 $3,545
EQ/Capital Guardian International+ N/A $1,636 $2,394 $3,764
EQ/Capital Guardian Research N/A $1,560 $2,271 $3,516
EQ/Capital Guardian U.S. Equity++ N/A $1,560 $2,271 $3,516
EQ/Caywood-Scholl High Yield Bond N/A $1,560 $2,271 $3,516
EQ/Davis New York Venture** N/A $1,795 $2,651 $4,268
EQ/Equity 500 Index N/A $1,369 $1,947 $2,865
EQ/Evergreen International Bond N/A $1,604 $2,342 $3,660
EQ/Evergreen Omega N/A $1,584 $2,309 $3,593
- --------------------------------------------------------------------------------------------------
If you do not surrender your
contract at the end of the
applicable time period
- --------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
AXA PREMIER VIP TRUST:
- --------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 368 $1,118 $1,888 $3,904
AXA Conservative Allocation $ 347 $1,056 $1,788 $3,717
AXA Conservative-Plus Allocation $ 348 $1,059 $1,793 $3,726
AXA Moderate Allocation $ 327 $ 998 $1,692 $3,535
AXA Moderate-Plus Allocation $ 360 $1,096 $1,853 $3,839
Multimanager Aggressive Equity* $ 301 $ 920 $1,564 $3,290
Multimanager Core Bond* $ 324 $ 988 $1,676 $3,506
Multimanager Health Care* $ 393 $1,191 $2,007 $4,124
Multimanager High Yield* $ 296 $ 907 $1,544 $3,251
Multimanager International Equity* $ 377 $1,146 $1,933 $3,987
Multimanager Large Cap Core Equity* $ 358 $1,090 $1,843 $3,820
Multimanager Large Cap Growth* $ 360 $1,096 $1,853 $3,839
Multimanager Large Cap Value* $ 358 $1,090 $1,843 $3,820
Multimanager Mid Cap Growth* $ 380 $1,155 $1,948 $4,015
Multimanager Mid Cap Value* $ 383 $1,164 $1,963 $4,042
Multimanager Technology* $ 393 $1,191 $2,007 $4,124
Target 2015 Allocation $1,136 $3,195 $5,001 $8,603
Target 2025 Allocation $1,073 $3,038 $4,784 $8,346
Target 2035 Allocation $1,311 $3,623 $5,575 $9,227
Target 2045 Allocation $1,409 $3,854 $5,874 $9,523
- --------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- --------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 280 $ 857 $1,461 $3,090
EQ/AllianceBernstein Growth and Income++ $ 288 $ 882 $1,502 $3,171
EQ/AllianceBernstein Intermediate Government Securities $ 284 $ 870 $1,482 $3,131
EQ/AllianceBernstein International $ 312 $ 954 $1,620 $3,399
EQ/AllianceBernstein Large Cap Growth $ 349 $1,062 $1,798 $3,736
EQ/AllianceBernstein Quality Bond $ 284 $ 870 $1,482 $3,131
EQ/AllianceBernstein Small Cap Growth $ 308 $ 942 $1,600 $3,360
EQ/AllianceBernstein Value++ $ 319 $ 976 $1,656 $3,467
EQ/Ariel Appreciation II $ 375 $1,139 $1,923 $3,969
EQ/AXA Rosenberg Value Long/Short Equity $ 541 $1,616 $2,682 $5,310
EQ/BlackRock Basic Value Equity* $ 315 $ 963 $1,636 $3,428
EQ/BlackRock International Value* $ 351 $1,069 $1,808 $3,755
EQ/Boston Advisors Equity Income $ 337 $1,028 $1,742 $3,631
EQ/Calvert Socially Responsible $ 337 $1,028 $1,742 $3,631
EQ/Capital Guardian Growth $ 328 $1,001 $1,697 $3,545
EQ/Capital Guardian International+ $ 352 $1,072 $1,813 $3,764
EQ/Capital Guardian Research $ 325 $ 991 $1,682 $3,516
EQ/Capital Guardian U.S. Equity++ $ 325 $ 991 $1,682 $3,516
EQ/Caywood-Scholl High Yield Bond $ 325 $ 991 $1,682 $3,516
EQ/Davis New York Venture** $ 410 $1,240 $2,086 $4,268
EQ/Equity 500 Index $ 257 $ 788 $1,347 $2,865
EQ/Evergreen International Bond $ 340 $1,038 $1,757 $3,660
EQ/Evergreen Omega $ 333 $1,016 $1,722 $3,593
24 Fee table
- ---------------------------------------------------------------------------------------------------
If you surrender your contract at the end
of the applicable time period
1 year 3 years 5 years 10 years
- ---------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ---------------------------------------------------------------------------------------------------
EQ/FI Mid Cap $ 879 $1,575 $2,294 $3,564
EQ/FI Mid Cap Value+ $ 882 $1,584 $2,309 $3,593
EQ/Franklin Income $ 924 $1,706 $2,507 $3,987
EQ/Franklin Small Cap Value $1,085 $2,166 $3,238 $5,357
EQ/Franklin Templeton Founding Strategy** $ 929 $1,720 $2,530 $4,033
EQ/GAMCO Mergers and Acquisitions $ 919 $1,691 $2,483 $3,941
EQ/GAMCO Small Company Value $ 888 $1,601 $2,337 $3,650
EQ/International Growth $ 916 $1,682 $2,469 $3,913
EQ/Janus Large Cap Growth++ $ 901 $1,639 $2,399 $3,773
EQ/JPMorgan Core Bond $ 855 $1,505 $2,179 $3,330
EQ/JPMorgan Value Opportunities $ 872 $1,554 $2,261 $3,496
EQ/Legg Mason Value Equity $ 883 $1,587 $2,313 $3,602
EQ/Long Term Bond $ 854 $1,502 $2,175 $3,320
EQ/Lord Abbett Growth and Income $ 887 $1,598 $2,332 $3,641
EQ/Lord Abbett Large Cap Core $ 902 $1,642 $2,403 $3,783
EQ/Lord Abbett Mid Cap Value $ 884 $1,589 $2,318 $3,612
EQ/Marsico Focus $ 894 $1,619 $2,366 $3,707
EQ/MFS Emerging Growth Companies+ $ 876 $1,566 $2,280 $3,535
EQ/MFS Investors Trust+ $ 872 $1,554 $2,261 $3,496
EQ/Money Market $ 819 $1,396 $1,994 $2,958
EQ/Montag & Caldwell Growth $ 887 $1,598 $2,332 $3,641
EQ/Mutual Shares $ 936 $1,740 $2,563 $4,097
EQ/Oppenheimer Global $1,021 $1,986 $2,955 $4,844
EQ/Oppenheimer Main Street Opportunity** $1,038 $2,034 $3,031 $4,983
EQ/Oppenheimer Main Street Small Cap $1,033 $2,020 $3,009 $4,943
EQ/PIMCO Real Return $ 869 $1,546 $2,247 $3,467
EQ/Short Duration Bond $ 853 $1,499 $2,170 $3,310
EQ/Small Cap Value+ $ 884 $1,589 $2,318 $3,612
EQ/Small Company Growth+ $ 913 $1,674 $2,455 $3,886
EQ/Small Company Index $ 838 $1,455 $2,097 $3,161
EQ/TCW Equity++ $ 892 $1,613 $2,356 $3,688
EQ/Templeton Growth $ 955 $1,795 $2,651 $4,268
EQ/UBS Growth and Income $ 888 $1,601 $2,337 $3,650
EQ/Van Kampen Comstock $ 880 $1,578 $2,299 $3,574
EQ/Van Kampen Emerging Markets Equity $ 948 $1,775 $2,618 $4,205
EQ/Van Kampen Mid Cap Growth $ 889 $1,604 $2,342 $3,660
EQ/Wells Fargo Montgomery Small Cap++ $ 922 $1,700 $2,497 $3,969
- ---------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- ---------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ $ 907 $1,656 $2,427 $3,830
- -------------------------------------------------------------------------------------------------
If you annuitize at the end of the
applicable time period and select a
non-life contingent period certain
annuity option with less than ten years
- -------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- -------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -------------------------------------------------------------------------------------------------
EQ/FI Mid Cap N/A $1,575 $2,294 $3,564
EQ/FI Mid Cap Value+ N/A $1,584 $2,309 $3,593
EQ/Franklin Income N/A $1,706 $2,507 $3,987
EQ/Franklin Small Cap Value N/A $2,166 $3,238 $5,357
EQ/Franklin Templeton Founding Strategy** N/A $1,720 $2,530 $4,033
EQ/GAMCO Mergers and Acquisitions N/A $1,691 $2,483 $3,941
EQ/GAMCO Small Company Value N/A $1,601 $2,337 $3,650
EQ/International Growth N/A $1,682 $2,469 $3,913
EQ/Janus Large Cap Growth++ N/A $1,639 $2,399 $3,773
EQ/JPMorgan Core Bond N/A $1,505 $2,179 $3,330
EQ/JPMorgan Value Opportunities N/A $1,554 $2,261 $3,496
EQ/Legg Mason Value Equity N/A $1,587 $2,313 $3,602
EQ/Long Term Bond N/A $1,502 $2,175 $3,320
EQ/Lord Abbett Growth and Income N/A $1,598 $2,332 $3,641
EQ/Lord Abbett Large Cap Core N/A $1,642 $2,403 $3,783
EQ/Lord Abbett Mid Cap Value N/A $1,589 $2,318 $3,612
EQ/Marsico Focus N/A $1,619 $2,366 $3,707
EQ/MFS Emerging Growth Companies+ N/A $1,566 $2,280 $3,535
EQ/MFS Investors Trust+ N/A $1,554 $2,261 $3,496
EQ/Money Market N/A $1,396 $1,994 $2,958
EQ/Montag & Caldwell Growth N/A $1,598 $2,332 $3,641
EQ/Mutual Shares N/A $1,740 $2,563 $4,097
EQ/Oppenheimer Global N/A $1,986 $2,955 $4,844
EQ/Oppenheimer Main Street Opportunity** N/A $2,034 $3,031 $4,983
EQ/Oppenheimer Main Street Small Cap N/A $2,020 $3,009 $4,943
EQ/PIMCO Real Return N/A $1,546 $2,247 $3,467
EQ/Short Duration Bond N/A $1,499 $2,170 $3,310
EQ/Small Cap Value+ N/A $1,589 $2,318 $3,612
EQ/Small Company Growth+ N/A $1,674 $2,455 $3,886
EQ/Small Company Index N/A $1,455 $2,097 $3,161
EQ/TCW Equity++ N/A $1,613 $2,356 $3,688
EQ/Templeton Growth N/A $1,795 $2,651 $4,268
EQ/UBS Growth and Income N/A $1,601 $2,337 $3,650
EQ/Van Kampen Comstock N/A $1,578 $2,299 $3,574
EQ/Van Kampen Emerging Markets Equity N/A $1,775 $2,618 $4,205
EQ/Van Kampen Mid Cap Growth N/A $1,604 $2,342 $3,660
EQ/Wells Fargo Montgomery Small Cap++ N/A $1,700 $2,497 $3,969
- ------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- ------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ N/A $1,656 $2,427 $3,830
- --------------------------------------------------------------------------------------------------
If you do not surrender your contract at
the end of the applicable time period
- --------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- --------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- --------------------------------------------------------------------------------------------------
EQ/FI Mid Cap $330 $1,007 $1,707 $3,564
EQ/FI Mid Cap Value+ $333 $1,016 $1,722 $3,593
EQ/Franklin Income $377 $1,146 $1,933 $3,987
EQ/Franklin Small Cap Value $547 $1,634 $2,710 $5,357
EQ/Franklin Templeton Founding Strategy** $382 $1,161 $1,958 $4,033
EQ/GAMCO Mergers and Acquisitions $372 $1,130 $1,908 $3,941
EQ/GAMCO Small Company Value $339 $1,035 $1,752 $3,650
EQ/International Growth $369 $1,121 $1,893 $3,913
EQ/Janus Large Cap Growth++ $353 $1,075 $1,818 $3,773
EQ/JPMorgan Core Bond $305 $ 932 $1,585 $3,330
EQ/JPMorgan Value Opportunities $323 $ 985 $1,671 $3,496
EQ/Legg Mason Value Equity $334 $1,019 $1,727 $3,602
EQ/Long Term Bond $304 $ 929 $1,579 $3,320
EQ/Lord Abbett Growth and Income $338 $1,032 $1,747 $3,641
EQ/Lord Abbett Large Cap Core $354 $1,078 $1,823 $3,783
EQ/Lord Abbett Mid Cap Value $335 $1,022 $1,732 $3,612
EQ/Marsico Focus $346 $1,053 $1,783 $3,707
EQ/MFS Emerging Growth Companies+ $327 $ 998 $1,692 $3,535
EQ/MFS Investors Trust+ $323 $ 985 $1,671 $3,496
EQ/Money Market $266 $ 817 $1,394 $2,958
EQ/Montag & Caldwell Growth $338 $1,032 $1,747 $3,641
EQ/Mutual Shares $390 $1,182 $1,992 $4,097
EQ/Oppenheimer Global $480 $1,443 $2,410 $4,844
EQ/Oppenheimer Main Street Opportunity** $498 $1,494 $2,490 $4,983
EQ/Oppenheimer Main Street Small Cap $493 $1,479 $2,467 $4,943
EQ/PIMCO Real Return $319 $ 976 $1,656 $3,467
EQ/Short Duration Bond $303 $ 926 $1,574 $3,310
EQ/Small Cap Value+ $335 $1,022 $1,732 $3,612
EQ/Small Company Growth+ $366 $1,112 $1,878 $3,886
EQ/Small Company Index $287 $ 879 $1,497 $3,161
EQ/TCW Equity++ $344 $1,047 $1,773 $3,688
EQ/Templeton Growth $410 $1,240 $2,086 $4,268
EQ/UBS Growth and Income $339 $1,035 $1,752 $3,650
EQ/Van Kampen Comstock $331 $1,010 $1,712 $3,574
EQ/Van Kampen Emerging Markets Equity $402 $1,219 $2,052 $4,205
EQ/Van Kampen Mid Cap Growth $340 $1,038 $1,757 $3,660
EQ/Wells Fargo Montgomery Small Cap++ $375 $1,139 $1,923 $3,969
- -------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- -------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ $359 $1,093 $1,848 $3,830
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and benefits" later in this prospectus for the investment
option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned substitution or merger of this portfolio.
Fee table 25
EQUI-VEST(SM) SERIES 500 CONTRACTS
- ---------------------------------------------------------------------------------------------------
If you surrender your contract at the end
of the applicable time period
- ---------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- ---------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- ---------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 860 $1,519 $2,203 $3,379
AXA Conservative Allocation $ 840 $1,460 $2,107 $3,181
AXA Conservative-Plus Allocation $ 841 $1,463 $2,112 $3,191
AXA Moderate Allocation $ 822 $1,404 $2,009 $2,989
AXA Moderate-Plus Allocation $ 853 $1,499 $2,170 $3,310
Multimanager Aggressive Equity* $ 797 $1,330 $1,878 $2,730
Multimanager Core Bond* $ 819 $1,396 $1,994 $2,958
Multimanager Health Care* $ 884 $1,589 $2,318 $3,612
Multimanager High Yield* $ 793 $1,318 $1,857 $2,688
Multimanager International Equity* $ 869 $1,546 $2,247 $3,467
Multimanager Large Cap Core Equity* $ 851 $1,493 $2,160 $3,290
Multimanager Large Cap Growth* $ 853 $1,499 $2,170 $3,310
Multimanager Large Cap Value* $ 851 $1,493 $2,160 $3,290
Multimanager Mid Cap Growth* $ 872 $1,554 $2,261 $3,496
Multimanager Mid Cap Value* $ 875 $1,563 $2,275 $3,525
Multimanager Technology* $ 884 $1,589 $2,318 $3,612
Target 2015 Allocation $1,587 $3,503 $5,203 $8,368
Target 2025 Allocation $1,527 $3,352 $4,994 $8,094
Target 2035 Allocation $1,753 $3,911 $5,756 $9,035
Target 2045 Allocation $1,845 $4,131 $6,045 $9,352
- ---------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ---------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 777 $1,271 $1,773 $2,518
EQ/AllianceBernstein Growth and Income++ $ 785 $1,295 $1,815 $2,603
EQ/AllianceBernstein Intermediate Government Securities $ 781 $1,283 $1,794 $2,561
EQ/AllianceBernstein International $ 808 $1,363 $1,936 $2,845
EQ/AllianceBernstein Large Cap Growth $ 842 $1,466 $2,117 $3,201
EQ/AllianceBernstein Quality Bond $ 781 $1,283 $1,794 $2,561
EQ/AllianceBernstein Small Cap Growth $ 804 $1,351 $1,915 $2,803
EQ/AllianceBernstein Value++ $ 815 $1,384 $1,973 $2,917
EQ/Ariel Appreciation II $ 867 $1,540 $2,237 $3,448
EQ/AXA Rosenberg Value Long/Short Equity $1,024 $1,995 $2,969 $4,868
EQ/BlackRock Basic Value Equity* $ 811 $1,372 $1,952 $2,876
EQ/BlackRock International Value* $ 844 $1,472 $2,126 $3,221
EQ/Boston Advisors Equity Income $ 832 $1,434 $2,061 $3,090
EQ/Calvert Socially Responsible $ 832 $1,434 $2,061 $3,090
EQ/Capital Guardian Growth $ 823 $1,407 $2,014 $2,999
EQ/Capital Guardian International+ $ 845 $1,475 $2,131 $3,231
EQ/Capital Guardian Research $ 820 $1,398 $1,999 $2,968
EQ/Capital Guardian U.S. Equity++ $ 820 $1,398 $1,999 $2,968
EQ/Caywood-Scholl High Yield Bond $ 820 $1,398 $1,999 $2,968
EQ/Davis New York Venture** $ 900 $1,636 $2,394 $3,764
EQ/Equity 500 Index $ 755 $1,205 $1,656 $2,280
EQ/Evergreen International Bond $ 834 $1,443 $2,077 $3,121
EQ/Evergreen Omega $ 828 $1,422 $2,040 $3,050
- ----------------------------------------------------------------------------------------------------
If you annuitize at the end of
the applicable time period and select
a non-life contingent period certain
annuity option with less than ten years
- ----------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- ----------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- ----------------------------------------------------------------------------------------------------
AXA Aggressive Allocation N/A $1,519 $2,203 $3,379
AXA Conservative Allocation N/A $1,460 $2,107 $3,181
AXA Conservative-Plus Allocation N/A $1,463 $2,112 $3,191
AXA Moderate Allocation N/A $1,404 $2,009 $2,989
AXA Moderate-Plus Allocation N/A $1,499 $2,170 $3,310
Multimanager Aggressive Equity* N/A $1,330 $1,878 $2,730
Multimanager Core Bond* N/A $1,396 $1,994 $2,958
Multimanager Health Care* N/A $1,589 $2,318 $3,612
Multimanager High Yield* N/A $1,318 $1,857 $2,688
Multimanager International Equity* N/A $1,546 $2,247 $3,467
Multimanager Large Cap Core Equity* N/A $1,493 $2,160 $3,290
Multimanager Large Cap Growth* N/A $1,499 $2,170 $3,310
Multimanager Large Cap Value* N/A $1,493 $2,160 $3,290
Multimanager Mid Cap Growth* N/A $1,554 $2,261 $3,496
Multimanager Mid Cap Value* N/A $1,563 $2,275 $3,525
Multimanager Technology* N/A $1,589 $2,318 $3,612
Target 2015 Allocation N/A $3,503 $5,203 $8,368
Target 2025 Allocation N/A $3,352 $4,994 $8,094
Target 2035 Allocation N/A $3,911 $5,756 $9,035
Target 2045 Allocation N/A $4,131 $6,045 $9,352
- ----------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock N/A $1,271 $1,773 $2,518
EQ/AllianceBernstein Growth and Income++ N/A $1,295 $1,815 $2,603
EQ/AllianceBernstein Intermediate Government Securities N/A $1,283 $1,794 $2,561
EQ/AllianceBernstein International N/A $1,363 $1,936 $2,845
EQ/AllianceBernstein Large Cap Growth N/A $1,466 $2,117 $3,201
EQ/AllianceBernstein Quality Bond N/A $1,283 $1,794 $2,561
EQ/AllianceBernstein Small Cap Growth N/A $1,351 $1,915 $2,803
EQ/AllianceBernstein Value++ N/A $1,384 $1,973 $2,917
EQ/Ariel Appreciation II N/A $1,540 $2,237 $3,448
EQ/AXA Rosenberg Value Long/Short Equity N/A $1,995 $2,969 $4,868
EQ/BlackRock Basic Value Equity* N/A $1,372 $1,952 $2,876
EQ/BlackRock International Value* N/A $1,472 $2,126 $3,221
EQ/Boston Advisors Equity Income N/A $1,434 $2,061 $3,090
EQ/Calvert Socially Responsible N/A $1,434 $2,061 $3,090
EQ/Capital Guardian Growth N/A $1,407 $2,014 $2,999
EQ/Capital Guardian International+ N/A $1,475 $2,131 $3,231
EQ/Capital Guardian Research N/A $1,398 $1,999 $2,968
EQ/Capital Guardian U.S. Equity++ N/A $1,398 $1,999 $2,968
EQ/Caywood-Scholl High Yield Bond N/A $1,398 $1,999 $2,968
EQ/Davis New York Venture** N/A $1,636 $2,394 $3,764
EQ/Equity 500 Index N/A $1,205 $1,656 $2,280
EQ/Evergreen International Bond N/A $1,443 $2,077 $3,121
EQ/Evergreen Omega N/A $1,422 $2,040 $3,050
- --------------------------------------------------------------------------------------------------
If you do not surrender your
contract at the end of the
applicable time period
- --------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
AXA PREMIER VIP TRUST:
- --------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 310 $ 948 $1,610 $3,379
AXA Conservative Allocation $ 289 $ 886 $1,507 $3,181
AXA Conservative-Plus Allocation $ 290 $ 889 $1,513 $3,191
AXA Moderate Allocation $ 269 $ 826 $1,409 $2,989
AXA Moderate-Plus Allocation $ 303 $ 926 $1,574 $3,310
Multimanager Aggressive Equity* $ 243 $ 748 $1,278 $2,730
Multimanager Core Bond* $ 266 $ 817 $1,394 $2,958
Multimanager Health Care* $ 335 $1,022 $1,732 $3,612
Multimanager High Yield* $ 239 $ 735 $1,257 $2,688
Multimanager International Equity* $ 319 $ 976 $1,656 $3,467
Multimanager Large Cap Core Equity* $ 301 $ 920 $1,564 $3,290
Multimanager Large Cap Growth* $ 303 $ 926 $1,574 $3,310
Multimanager Large Cap Value* $ 301 $ 920 $1,564 $3,290
Multimanager Mid Cap Growth* $ 323 $ 985 $1,671 $3,496
Multimanager Mid Cap Value* $ 326 $ 994 $1,687 $3,525
Multimanager Technology* $ 335 $1,022 $1,732 $3,612
Target 2015 Allocation $1,078 $3,051 $4,802 $8,368
Target 2025 Allocation $1,015 $2,891 $4,579 $8,094
Target 2035 Allocation $1,253 $3,484 $5,391 $9,035
Target 2045 Allocation $1,351 $3,718 $5,699 $9,352
- --------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- --------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 222 $ 684 $1,173 $2,518
EQ/AllianceBernstein Growth and Income++ $ 230 $ 710 $1,215 $2,603
EQ/AllianceBernstein Intermediate Government Securities $ 226 $ 697 $1,194 $2,561
EQ/AllianceBernstein International $ 254 $ 782 $1,336 $2,845
EQ/AllianceBernstein Large Cap Growth $ 291 $ 892 $1,518 $3,201
EQ/AllianceBernstein Quality Bond $ 226 $ 697 $1,194 $2,561
EQ/AllianceBernstein Small Cap Growth $ 250 $ 770 $1,315 $2,803
EQ/AllianceBernstein Value++ $ 262 $ 804 $1,373 $2,917
EQ/Ariel Appreciation II $ 317 $ 970 $1,646 $3,448
EQ/AXA Rosenberg Value Long/Short Equity $ 483 $1,452 $2,424 $4,868
EQ/BlackRock Basic Value Equity* $ 258 $ 792 $1,352 $2,876
EQ/BlackRock International Value* $ 293 $ 898 $1,528 $3,221
EQ/Boston Advisors Equity Income $ 280 $ 857 $1,461 $3,090
EQ/Calvert Socially Responsible $ 280 $ 857 $1,461 $3,090
EQ/Capital Guardian Growth $ 270 $ 829 $1,414 $2,999
EQ/Capital Guardian International+ $ 294 $ 901 $1,533 $3,231
EQ/Capital Guardian Research $ 267 $ 820 $1,399 $2,968
EQ/Capital Guardian U.S. Equity++ $ 267 $ 820 $1,399 $2,968
EQ/Caywood-Scholl High Yield Bond $ 267 $ 820 $1,399 $2,968
EQ/Davis New York Venture** $ 352 $1,072 $1,813 $3,764
EQ/Equity 500 Index $ 199 $ 615 $1,056 $2,280
EQ/Evergreen International Bond $ 283 $ 867 $1,477 $3,121
EQ/Evergreen Omega $ 275 $ 845 $1,440 $3,050
26 Fee table
- --------------------------------------------------------------------------------------------------
If you surrender your contract at the end
of the applicable time period
- --------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- --------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- --------------------------------------------------------------------------------------------------
EQ/FI Mid Cap $ 825 $1,413 $2,025 $3,019
EQ/FI Mid Cap Value+ $ 828 $1,422 $2,040 $3,050
EQ/Franklin Income $ 869 $1,546 $2,247 $3,467
EQ/Franklin Small Cap Value $1,030 $2,012 $2,995 $4,918
EQ/Franklin Templeton Founding Strategy** $ 874 $1,560 $2,271 $3,516
EQ/GAMCO Mergers and Acquisitions $ 864 $1,531 $2,223 $3,418
EQ/GAMCO Small Company Value $ 833 $1,440 $2,071 $3,110
EQ/International Growth $ 861 $1,522 $2,208 $3,389
EQ/Janus Large Cap Growth++ $ 846 $1,478 $2,136 $3,241
EQ/JPMorgan Core Bond $ 801 $1,342 $1,899 $2,772
EQ/JPMorgan Value Opportunities $ 818 $1,393 $1,988 $2,948
EQ/Legg Mason Value Equity $ 829 $1,425 $2,045 $3,060
EQ/Long Term Bond $ 800 $1,339 $1,894 $2,761
EQ/Lord Abbett Growth and Income $ 832 $1,437 $2,066 $3,100
EQ/Lord Abbett Large Cap Core $ 847 $1,481 $2,141 $3,251
EQ/Lord Abbett Mid Cap Value $ 830 $1,428 $2,051 $3,070
EQ/Marsico Focus $ 839 $1,458 $2,102 $3,171
EQ/MFS Emerging Growth Companies+ $ 822 $1,404 $2,009 $2,989
EQ/MFS Investors Trust+ $ 818 $1,393 $1,988 $2,948
EQ/Money Market $ 764 $1,232 $1,704 $2,378
EQ/Montag & Caldwell Growth $ 832 $1,437 $2,066 $3,100
EQ/Mutual Shares $ 881 $1,581 $2,304 $3,583
EQ/Oppenheimer Global $ 967 $1,829 $2,706 $4,374
EQ/Oppenheimer Main Street Opportunity** $ 983 $1,878 $2,784 $4,522
EQ/Oppenheimer Main Street Small Cap $ 978 $1,864 $2,761 $4,479
EQ/PIMCO Real Return $ 815 $1,384 $1,973 $2,917
EQ/Short Duration Bond $ 799 $1,336 $1,889 $2,751
EQ/Small Cap Value+ $ 830 $1,428 $2,051 $3,070
EQ/Small Company Growth+ $ 858 $1,513 $2,194 $3,360
EQ/Small Company Index $ 784 $1,292 $1,810 $2,593
EQ/TCW Equity++ $ 837 $1,452 $2,092 $3,151
EQ/Templeton Growth $ 900 $1,636 $2,394 $3,764
EQ/UBS Growth and Income $ 833 $1,440 $2,071 $3,110
EQ/Van Kampen Comstock $ 826 $1,416 $2,030 $3,029
EQ/Van Kampen Emerging Markets Equity $ 893 $1,616 $2,361 $3,698
EQ/Van Kampen Mid Cap Growth $ 834 $1,443 $2,077 $3,121
EQ/Wells Fargo Montgomery Small Cap++ $ 867 $1,540 $2,237 $3,448
- -------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- -------------------------------------------------------------------------------------------------
U.S. Real Estate - Class II++ $ 852 $1,496 $2,165 $3,300
- --------------------------------------------------------------------------------------------------
If you annuitize at the end of
the applicable time period and select
a non-life contingent period certain
annuity option with less than ten years
- --------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- --------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- --------------------------------------------------------------------------------------------------
EQ/FI Mid Cap N/A $1,413 $2,025 $3,019
EQ/FI Mid Cap Value+ N/A $1,422 $2,040 $3,050
EQ/Franklin Income N/A $1,546 $2,247 $3,467
EQ/Franklin Small Cap Value N/A $2,012 $2,995 $4,918
EQ/Franklin Templeton Founding Strategy** N/A $1,560 $2,271 $3,516
EQ/GAMCO Mergers and Acquisitions N/A $1,531 $2,223 $3,418
EQ/GAMCO Small Company Value N/A $1,440 $2,071 $3,110
EQ/International Growth N/A $1,522 $2,208 $3,389
EQ/Janus Large Cap Growth++ N/A $1,478 $2,136 $3,241
EQ/JPMorgan Core Bond N/A $1,342 $1,899 $2,772
EQ/JPMorgan Value Opportunities N/A $1,393 $1,988 $2,948
EQ/Legg Mason Value Equity N/A $1,425 $2,045 $3,060
EQ/Long Term Bond N/A $1,339 $1,894 $2,761
EQ/Lord Abbett Growth and Income N/A $1,437 $2,066 $3,100
EQ/Lord Abbett Large Cap Core N/A $1,481 $2,141 $3,251
EQ/Lord Abbett Mid Cap Value N/A $1,428 $2,051 $3,070
EQ/Marsico Focus N/A $1,458 $2,102 $3,171
EQ/MFS Emerging Growth Companies+ N/A $1,404 $2,009 $2,989
EQ/MFS Investors Trust+ N/A $1,393 $1,988 $2,948
EQ/Money Market N/A $1,232 $1,704 $2,378
EQ/Montag & Caldwell Growth N/A $1,437 $2,066 $3,100
EQ/Mutual Shares N/A $1,581 $2,304 $3,583
EQ/Oppenheimer Global N/A $1,829 $2,706 $4,374
EQ/Oppenheimer Main Street Opportunity** N/A $1,878 $2,784 $4,522
EQ/Oppenheimer Main Street Small Cap N/A $1,864 $2,761 $4,479
EQ/PIMCO Real Return N/A $1,384 $1,973 $2,917
EQ/Short Duration Bond N/A $1,336 $1,889 $2,751
EQ/Small Cap Value+ N/A $1,428 $2,051 $3,070
EQ/Small Company Growth+ N/A $1,513 $2,194 $3,360
EQ/Small Company Index N/A $1,292 $1,810 $2,593
EQ/TCW Equity++ N/A $1,452 $2,092 $3,151
EQ/Templeton Growth N/A $1,636 $2,394 $3,764
EQ/UBS Growth and Income N/A $1,440 $2,071 $3,110
EQ/Van Kampen Comstock N/A $1,416 $2,030 $3,029
EQ/Van Kampen Emerging Markets Equity N/A $1,616 $2,361 $3,698
EQ/Van Kampen Mid Cap Growth N/A $1,443 $2,077 $3,121
EQ/Wells Fargo Montgomery Small Cap++ N/A $1,540 $2,237 $3,448
- --------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- --------------------------------------------------------------------------------------------------
U.S. Real Estate - Class II++ N/A $1,496 $2,165 $3,300
- --------------------------------------------------------------------------------------------------
If you surrender your contract at the end
of the applicable time period
- --------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- --------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- --------------------------------------------------------------------------------------------------
EQ/FI Mid Cap $272 $ 836 $1,425 $ 3,019*
EQ/FI Mid Cap Value+ $275 $ 845 $1,440 $ 3,050
EQ/Franklin Income $319 $ 976 $1,656 $ 3,467
EQ/Franklin Small Cap Value $489 $1,470 $2,452 $ 4,918
EQ/Franklin Templeton Founding Strategy** $325 $ 991 $1,682 $ 3,516
EQ/GAMCO Mergers and Acquisitions $314 $ 960 $1,631 $ 3,418
EQ/GAMCO Small Company Value $282 $ 864 $1,471 $ 3,110
EQ/International Growth $311 $ 951 $1,615 $ 3,389
EQ/Janus Large Cap Growth++ $295 $ 904 $1,538 $ 3,241
EQ/JPMorgan Core Bond $247 $ 760 $1,299 $ 2,772
EQ/JPMorgan Value Opportunities $265 $ 814 $1,388 $ 2,948
EQ/Legg Mason Value Equity $276 $ 848 $1,445 $ 3,060
EQ/Long Term Bond $246 $ 757 $1,294 $ 2,761
EQ/Lord Abbett Growth and Income $281 $ 861 $1,466 $ 3,100
EQ/Lord Abbett Large Cap Core $296 $ 907 $1,544 $ 3,251
EQ/Lord Abbett Mid Cap Value $278 $ 851 $1,451 $ 3,070
EQ/Marsico Focus $288 $ 882 $1,502 $ 3,171
EQ/MFS Emerging Growth Companies+ $269 $ 826 $1,409 $ 2,989
EQ/MFS Investors Trust+ $265 $ 814 $1,388 $ 2,948
EQ/Money Market $208 $ 643 $1,104 $ 2,378
EQ/Montag & Caldwell Growth $281 $ 861 $1,466 $ 3,100
EQ/Mutual Shares $332 $1,013 $1,717 $ 3,583
EQ/Oppenheimer Global $422 $1,277 $2,145 $ 4,374
EQ/Oppenheimer Main Street Opportunity** $440 $1,328 $2,227 $ 4,522
EQ/Oppenheimer Main Street Small Cap $435 $1,313 $2,203 $ 4,479
EQ/PIMCO Real Return $262 $ 804 $1,373 $ 2,917
EQ/Short Duration Bond $245 $ 754 $1,289 $ 2,751
EQ/Small Cap Value+ $278 $ 851 $1,451 $ 3,070
EQ/Small Company Growth+ $308 $ 942 $1,600 $ 3,360
EQ/Small Company Index $229 $ 706 $1,210 $ 2,593
EQ/TCW Equity++ $286 $ 876 $1,492 $ 3,151
EQ/Templeton Growth $352 $1,072 $1,813 $ 3,764
EQ/UBS Growth and Income $282 $ 864 $1,471 $ 3,110
EQ/Van Kampen Comstock $273 $ 839 $1,430 $ 3,029
EQ/Van Kampen Emerging Markets Equity $345 $1,050 $1,778 $ 3,698
EQ/Van Kampen Mid Cap Growth $283 $ 867 $1,477 $ 3,121
EQ/Wells Fargo Montgomery Small Cap++ $317 $ 970 $1,646 $ 3,448
- --------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- --------------------------------------------------------------------------------------------------
U.S. Real Estate - Class II++ $302 $ 923 $1,569 $ 3,300
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and benefits" later in this prospectus for the investment
option's former name.
** This investment option will be available on or about May 29, 2007, subject to
regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the planned
substitution or merger of this portfolio.
Fee table 27
CONDENSED FINANCIAL INFORMATION
Please see Appendix II at the end of this prospectus, for the unit values and
number of units outstanding as of the periods shown for each of the variable
investment options, available as of December 31, 2006.
28 Fee table
1. Contract features and benefits
- --------------------------------------------------------------------------------
In this prospectus, we use a "series" number when necessary to identify a
particular contract. Once you have purchased a contract, you can identify the
EQUI-VEST(SM) series you have by referring to your confirmation notice, or you
may contact your financial professional, or you may call our toll-free number.
HOW YOU CAN PURCHASE AND CONTRIBUTE TO YOUR CONTRACT
You may purchase a contract by making payments to us that we call
"contributions." We require a minimum contribution amount for each type and
series of contract purchased. The minimum contribution amount under our
automatic investment program is $20. We discuss the automatic investment
program under "About other methods of payment" in "More information" later in
this prospectus. The following table summarizes our rules regarding
contributions to your contract. Ages in the table refer to the age of the
annuitant.
- --------------------------------------------------------------------------------
The "annuitant" is the person who is the measuring life for determining
contract benefits. The annuitant is not necessarily the contract owner.
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Annuitant Minimum Source of Limitations on
Contract type issue ages contributions contributions contributions
- -----------------------------------------------------------------------------------------------------------------------------------
NQ 0-83 o $1,000 (initial), and/or $50 o After-tax money. Not applicable.
(additional) (all series) o Paid to us by check or transfer
of contract value in a tax
deferred exchange under Sec-
tion 1035 of the Internal
Revenue Code.
o Paid to us by an employer who
establishes a payroll deduction
program.
- -----------------------------------------------------------------------------------------------------------------------------------
Traditional IRA 0-83 o $20 (initial and/or additional) o "Regular" traditional IRA con- o Regular IRA contributions may
(series 100 and 200) tributions either made by you not exceed $4,000 for 2007;
o $50 (initial and/or additional) or paid to us by an employer and $5,000 for 2008.
(series 300 and 400) who establishes a payroll o No regular IRA contributions in
deduction program. the year you turn age 70-1/2
o Additional catch-up and thereafter.
contributions. o Rollover and direct transfer
o Eligible rollover distributions contributions after age 70-1/2
from TSA contracts or other must be net of required mini-
403(b) arrangements, qualified mum distributions.
plans and governmental o Although we accept rollover
employer EDC plans. and direct transfer contribu-
o Rollovers from another tradi- tions under the traditional IRA
tional individual retirement contracts, we intend that these
arrangement. contracts be used for ongoing
o Direct custodian-to-custodian regular contributions.
transfers from other traditional o Additional catch-up contribu-
individual retirement arrange- tions of up to $1,000 per
ments. calendar year where the owner
is at least age 50 but under
age 70-1/2 at any time during
the calendar year for which the
contribution is made.
- -----------------------------------------------------------------------------------------------------------------------------------
Contract features and benefits 29
- ------------------------------------------------------------------------------------------------------------------------------------
Annuitant Minimum Source of Limitations on
Contract type issue ages contributions contributions contributions
- ------------------------------------------------------------------------------------------------------------------------------------
Roth IRA and 0-83 o $20 (initial and/or additional) o Regular after-tax contributions o Regular Roth IRA contributions
Roth Advantage (series 100 and 200) either made by you or paid to may not exceed $4,000 for
o $50 (initial and/or additional) us by an employer who estab- 2007 and $5,000 for 2008.
(series 300, 400 and 500) lishes a payroll deduction o Contributions are subject to
program. income limits and other tax
o Additional catch-up rules. See "Contributions to
contributions. Roth IRAs" in "Tax informa-
o Rollovers from another Roth tion" later in this prospectus.
IRA. o Additional catch-up contribu-
o Rollovers from a "designated tions of up to $1,000 per
Roth contribution account" calendar year if the owner is at
under a 401(k) plan or 403(b) least age 50 at any time during
arrangement. the calendar year for which the
o Conversion rollovers from a contribution is made.
traditional IRA.
o Direct transfers from another
Roth IRA.
- ------------------------------------------------------------------------------------------------------------------------------------
QP IRA 0-83 o $1,000 additional (series 100 o Rollovers from a qualified o Rollover contributions after age
and 200) plan. 70-1/2 must be net of required
o $2,500 additional (series 300 o Rollovers from a TSA. minimum distributions.
and 400) o The EQUI-VEST(SM) QP IRA con- o "Regular" after-tax contribu-
tract is intended to be a tions are not permitted.
conduit IRA to be used prima-
rily for rollover contributions
from a qualified plan or TSA,
although we accept regular
IRA contributions (limits
described above under "tradi-
tional IRA").
- ------------------------------------------------------------------------------------------------------------------------------------
See "Tax information" later in this prospectus for a more detailed discussion
of sources of contributions and certain contribution limitations. We may refuse
to accept any contribution if the sum of all contributions under all
EQUI-VEST(SM) series and EQUI-VEST(SM) At Retirement(SM) contracts with the same
owner or annuitant would then total more than $1,500,000 ($500,000 for owners
or annuitants who are age 81 and older at contract issue). We may also refuse
to accept any contribution if the sum of all contributions under all AXA
Equitable annuity accumulation contracts with the same owner or annuitant would
then total more than $2,500,000.
For information on when contributions are credited see "Dates and prices at
which contract events occur" under "More information" later in this prospectus.
OWNER AND ANNUITANT REQUIREMENTS
Under NQ contracts, the annuitant can be different than the owner. Under any
type of IRA contract, the owner and annuitant must be the same person.
HOW YOU CAN MAKE YOUR CONTRIBUTIONS
Except as noted below, contributions must be made by check drawn on a U.S.
bank, in U.S. dollars, and made payable to AXA Equitable. We may also apply
contributions made pursuant to a 1035 tax-free exchange or a direct transfer.
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 our ability to collect the funds. We reserve the right to
reject a payment if it is received in an unacceptable form.
Additional contributions may also be made by wire transfer or our automatic
investment program. The methods of payment are discussed in detail under "About
other methods of payment" in "More information" later in this prospectus.
Your initial contribution must generally be accompanied by an application and
any other form we need to process the contribution. If any information is
missing or unclear, we will hold the contribution, whether received via check
or wire, in a non-interest bearing suspense account while we try to obtain that
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 specifically
direct us to keep your contribution until we receive the required information.
30 Contract features and benefits
Generally, you may make additional contributions at any time. You may do so in
single sum amounts, on a regular basis, or as your financial situation permits.
- --------------------------------------------------------------------------------
Our "business day" generally is any day on which the New York Stock Exchange is
open for trading. A business day does not include any day we choose not to open
due to emergency conditions. We may also close early due to emergency
conditions.
- --------------------------------------------------------------------------------
WHAT ARE YOUR INVESTMENT OPTIONS UNDER THE CONTRACT?
Your investment options are the variable investment options, the guaranteed
interest option and the fixed maturity options.
VARIABLE INVESTMENT OPTIONS
Your investment results in any one of the variable investment options will
depend on the investment performance of the underlying portfolios. You can lose
your principal when investing in the variable investment options. In periods of
poor market performance, the net return, after charges and expenses, may result
in negative yields, including for the EQ/Money Market variable investment
option. Listed below are the currently available portfolios, their investment
objectives, and their advisers.
- --------------------------------------------------------------------------------
You can choose from among the variable investment options, the guaranteed
interest option and the fixed maturity options.
- --------------------------------------------------------------------------------
Contract features and benefits 31
PORTFOLIOS OF THE TRUSTS
You should note that some portfolios have objectives and strategies that are
substantially similar to those of certain funds that are purchased directly
rather than under a variable insurance product such as EQUI-VEST(SM). These
portfolios may even have the same manager(s) and/or a similar name. However,
there are numerous factors that can contribute to differences in performance
between two investments, particularly over short periods of time. Such factors
include fees; the timing of stock purchases and sales; differences in fund cash
flows; and specific strategies employed by the portfolio manager.
The AXA Allocation portfolios offer contract owners a convenient opportunity to
invest in other portfolios that are managed and have been selected for
inclusion in the AXA Allocation portfolios by AXA Equitable. AXA Advisors, LLC,
an affiliated broker-dealer of AXA Equitable, may promote the benefits of such
portfolios to contract owners and/or suggest, incidental to the sale of this
contract, that contract owners consider whether allocating some or all of their
account value to such portfolios is consistent with their desired investment
objectives. In doing so, AXA Equitable, and/or its affiliates, may be subject
to conflicts of interest insofar as AXA Equitable may derive greater revenues
from the AXA Allocation portfolios than certain other portfolios available to
you under your contract. In addition, the AXA Allocation portfolios may enable
AXA Equitable to more efficiently manage AXA Equitable's financial risks
associated with certain guaranteed features. Please see "Allocating your
contributions" later in this section for more information about your role in
managing your allocations.
AXA Equitable serves as the investment manager of the portfolios of AXA Premier
VIP Trust and EQ Advisors Trust. For some portfolios, AXA Equitable has entered
into sub-advisory agreements with investment advisers (the "sub-advisers") to
carry out the day-to-day investment decisions for the portfolios. AXA Equitable
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 investment manager or sub-adviser(s), if
applicable, for each portfolio.
- ------------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
AXA AGGRESSIVE ALLOCATION Seeks long-term capital appreciation. o AXA Equitable
- ------------------------------------------------------------------------------------------------------------------------------------
AXA CONSERVATIVE ALLOCATION Seeks a high level of current income. o AXA Equitable
- ------------------------------------------------------------------------------------------------------------------------------------
AXA CONSERVATIVE-PLUS ALLOCATION Seeks current income and growth of capital, o AXA Equitable
with a greater emphasis on current income.
- ------------------------------------------------------------------------------------------------------------------------------------
AXA MODERATE ALLOCATION Seeks long-term capital appreciation and cur- o AXA Equitable
rent income.
- ------------------------------------------------------------------------------------------------------------------------------------
AXA MODERATE-PLUS ALLOCATION Seeks long-term capital appreciation and cur- o AXA Equitable
rent income, with a greater emphasis on capital
appreciation.
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER AGGRESSIVE EQUITY(1) Long-term growth of capital. o AllianceBernstein L.P.
o ClearBridge Advisors, LLC
o Legg Mason Capital Management, Inc.
o Marsico Capital Management, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER CORE BOND(2) To seek a balance of a high current income and o BlackRock Financial Management, Inc.
capital appreciation, consistent with a prudent o Pacific Investment Management Company
level of risk. LLC
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER HEALTH CARE(3) Long-term growth of capital. o A I M Capital Management, Inc.
o RCM Capital Management LLC
o Wellington Management Company, LLP
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER HIGH YIELD(4) High total return through a combination of o Pacific Investment Management Company
current income and capital appreciation. LLC
o Post Advisory Group, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER INTERNATIONAL EQUITY(5) Long-term growth of capital. o AllianceBernstein L.P.
o JPMorgan Investment Management Inc.
o Marsico Capital Management, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
32 Contract features and benefits
- ------------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER LARGE CAP CORE Long-term growth of capital. o AllianceBernstein L.P.
EQUITY(6)
o Janus Capital Management LLC
o Thornburg Investment Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER LARGE CAP GROWTH(7) Long-term growth of capital. o RCM Capital Management LLC
o TCW Investment Management Company
o T. Rowe Price Associates, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER LARGE CAP VALUE(8) Long-term growth of capital. o AllianceBernstein L.P.
o Institutional Capital LLC
o MFS Investment Management
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER MID CAP GROWTH(9) Long-term growth of capital. o AllianceBernstein L.P.
o Franklin Advisers, Inc.
o Provident Investment Counsel, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER MID CAP VALUE(10) Long-term growth of capital. o AXA Rosenberg Investment Management LLC
o TCW Investment Management Company
o Wellington Management Company, LLP
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER TECHNOLOGY(11) Long-term growth of capital. o Firsthand Capital Management, Inc.
o RCM Capital Management LLC
o Wellington Management Company, LLP
- ------------------------------------------------------------------------------------------------------------------------------------
TARGET 2015 ALLOCATION Seeks the highest total return over time consis- o AXA Equitable
tent with its asset mix. Total return includes
capital growth and income.
- ------------------------------------------------------------------------------------------------------------------------------------
TARGET 2025 ALLOCATION Seeks the highest total return over time consis- o AXA Equitable
tent with its asset mix. Total return includes
capital growth and income.
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TARGET 2035 ALLOCATION Seeks the highest total return over time consis- o AXA Equitable
tent with its asset mix. Total return includes
capital growth and income.
- ------------------------------------------------------------------------------------------------------------------------------------
TARGET 2045 ALLOCATION Seeks the highest total return over time consis- o AXA Equitable
tent with its asset mix. Total return includes
capital growth and income.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN COMMON STOCK Seeks to achieve long-term growth of capital. o AllianceBernstein L.P.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN GROWTH AND Seeks to provide a high total return. o AllianceBernstein L.P.
INCOME(++)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN INTERMEDIATE Seeks to achieve high current income consistent o AllianceBernstein L.P.
GOVERNMENT SECURITIES with relative stability of principal.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN INTERNATIONAL Seeks to achieve long-term growth of capital. o AllianceBernstein L.P.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN LARGE CAP Seeks to achieve long-term growth of capital. o AllianceBernstein L.P.
GROWTH
- ------------------------------------------------------------------------------------------------------------------------------------
Contract features and benefits 33
- ------------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN QUALITY BOND Seeks to achieve high current income
consistent with moderate risk to capital.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN SMALL CAP Seeks to achieve long-term growth of o AllianceBernstein L.P.
GROWTH capital.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN VALUE(++) Seeks capital appreciation. o AllianceBernstein L.P.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ARIEL APPRECIATION II Seeks long-term capital appreciation. o AllianceBernstein L.P.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/AXA ROSENBERG VALUE LONG/SHORT Seeks to increase value through bull markets o Ariel Capital Management, LLC
EQUITY and bear markets using strategies that are
designed to limit exposure to general equity
market risk.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/BLACKROCK BASIC VALUE EQUITY(12) Seeks capital appreciation and secondarily, o AXA Rosenberg Investment Management LLC
income.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/BLACKROCK INTERNATIONAL VALUE(13) Seeks to provide current income and long-term o BlackRock Investment Management, LLC
growth of income, accompanied by growth of
capital.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/BOSTON ADVISORS EQUITY INCOME Seeks a combination of growth and income to o BlackRock Investment Management -
achieve an above-average and consistent total International Limited
return.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/CALVERT SOCIALLY RESPONSIBLE Seeks long-term capital appreciation. o Boston Advisors, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/CAPITAL GUARDIAN GROWTH Seeks long-term growth of capital. o Calvert Asset Management Company, Inc.
o Bridgeway Capital Management, Inc.
o Capital Guardian Trust Company
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/CAPITAL GUARDIAN INTERNATIONAL(**) To achieve long-term growth of capital. o Capital Guardian Trust Company
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/CAPITAL GUARDIAN RESEARCH Seeks to achieve long-term growth of capital. o Capital Guardian Trust Company
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/CAPITAL GUARDIAN U.S. EQUITY(++) Seeks to achieve long-term growth of capital. o Capital Guardian Trust Company
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/CAYWOOD-SCHOLL HIGH YIELD BOND Seeks to maximize current income. o Caywood-Scholl Capital Management
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/DAVIS NEW YORK VENTURE(+) Seeks long-term growth of capital. o Davis Selected Advisers, L.P.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/EQUITY 500 INDEX Seeks a total return before expenses that o AllianceBernstein L.P.
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/EVERGREEN INTERNATIONAL BOND Seeks capital growth and current income. o Evergreen Investment Management
Company, LLC
o First International Fund Advisors
(dba "Evergreen International")
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/EVERGREEN OMEGA Seeks long-term capital growth. o Evergreen Investment Management
Company, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/FI MID CAP Seeks long-term growth of capital. o Fidelity Management & Research Company
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/FI MID CAP VALUE(**) Seeks long-term capital appreciation. o Fidelity Management & Research Company
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/FRANKLIN INCOME Seeks to maximize income while maintaining o Franklin Advisers, Inc.
prospects for capital appreciation.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/FRANKLIN SMALL CAP VALUE Seeks long-term total return. o Franklin Advisory Services, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
34 Contract features and benefits
- ------------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/FRANKLIN TEMPLETON FOUNDING Primarily seeks capital appreciation and sec- o AXA Equitable
STRATEGY(+) ondarily seeks income.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO MERGERS AND ACQUISITIONS Seeks to achieve capital appreciation. o GAMCO Asset Management Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO SMALL COMPANY VALUE Seeks to maximize capital appreciation. o GAMCO Asset Management Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/INTERNATIONAL GROWTH Seeks to achieve capital appreciation. o MFS Investment Management.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/JANUS LARGE CAP GROWTH(++) Seeks long-term growth of capital. o Janus Capital Management LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/JPMORGAN CORE BOND Seeks to provide a high total return consistent o JPMorgan Investment Management Inc.
with moderate risk to capital and maintenance
of liquidity.-
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/JPMORGAN VALUE OPPORTUNITIES Long-term capital appreciation. o JPMorgan Investment Management Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/LEGG MASON VALUE EQUITY Seeks long-term growth of capital. o Legg Mason Capital Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/LONG TERM BOND Seeks to maximize income and capital appre- o BlackRock Financial Management, Inc.
ciation through investment in long-maturity
debt obligations.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/LORD ABBETT GROWTH AND INCOME Capital appreciation and growth of income o Lord, Abbett & Co. LLC
without excessive fluctuation in market value.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/LORD ABBETT LARGE CAP CORE Capital appreciation and growth of income o Lord, Abbett & Co. LLC
with reasonable risk.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/LORD ABBETT MID CAP VALUE Capital appreciation. o Lord, Abbett & Co. LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MARSICO FOCUS Seeks long-term growth of capital. o Marsico Capital Management, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MFS EMERGING GROWTH Seeks to provide long-term capital growth. o MFS Investment Management
COMPANIES(**)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MFS INVESTORS TRUST(**) Seeks long-term growth of capital with a sec- o MFS Investment Management
ondary objective to seek reasonable current
income. For purposes of this Portfolio, the
words "reasonable current income" mean mod-
erate income.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MONEY MARKET Seeks to obtain a high level of current income, o The Dreyfus Corporation
preserve its assets and maintain liquidity.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MONTAG & CALDWELL GROWTH Seeks to achieve capital appreciation. o Montag & Caldwell, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MUTUAL SHARES Seeks capital appreciation, which may occa- o Franklin Mutual Advisers, LLC
sionally be short-term, and secondarily, income.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/OPPENHEIMER GLOBAL Seeks capital appreciation. o OppenheimerFunds, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/OPPENHEIMER MAIN STREET Seeks long-term capital appreciation. o OppenheimerFunds, Inc.
OPPORTUNITY(+)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/OPPENHEIMER MAIN STREET SMALL Seeks capital appreciation. o OppenheimerFunds, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/PIMCO REAL RETURN Seeks maximum real return consistent with o Pacific Investment Management Company,
preservation of real capital and prudent invest- LLC
ment management.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/SHORT DURATION BOND Seeks current income with reduced volatility of o BlackRock Financial Management, Inc.
principal.
- ------------------------------------------------------------------------------------------------------------------------------------
Contract features and benefits 35
- -----------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/SMALL CAP VALUE(**) Seeks capital appreciation. o Lazard Asset Management LLC
o Franklin Advisory Services, LLC
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/SMALL COMPANY GROWTH(**) Seeks to achieve capital appreciation. o Bear Stearns Asset Management Inc.
o Eagle Asset Management, Inc.
o Wells Capital Management, Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/SMALL COMPANY INDEX Seeks to replicate as closely as possible (before o AllianceBernstein L.P.
the deduction of portfolio expenses) the total
return of the Russell 2000 Index.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/TCW EQUITY(++) Seeks to achieve long-term capital apprecia- o TCW Investment Management Company
tion.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/TEMPLETON GROWTH Seeks long-term capital growth. o Templeton Global Advisors Limited
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/UBS GROWTH AND INCOME Seeks to achieve total return through capital o UBS Global Asset Management
appreciation with income as a secondary con- (Americas) Inc.
sideration.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/VAN KAMPEN COMSTOCK Capital growth and income. o Morgan Stanley Investment
Management, Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/VAN KAMPEN EMERGING MARKETS Seeks long-term capital appreciation. o Morgan Stanley Investment
EQUITY Management, Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/VAN KAMPEN MID CAP GROWTH Capital growth. o Morgan Stanley Investment
Management, Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/WELLS FARGO MONTGOMERY SMALL Seeks long-term capital appreciation. o Wells Capital Management Inc.
CAP(++)
- -----------------------------------------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS,
INC. Objective Investment Manager
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. REAL ESTATE -- CLASS II(++) Seeks to provide above average current income Van Kampen (is the name under which Morgan
and long-term capital appreciation by investing Stanley Investment Management, Inc. does
primarily in equity securities of companies in business in certain situations)
the U.S. real estate industry, including real
estate investment trusts.
- -----------------------------------------------------------------------------------------------------------------------------------
* This portfolio information reflects the portfolio's name change effective on
or about May 29, 2007, subject to regulatory approval. The chart below
reflects the portfolio's name in effect, until on or about May 29, 2007. The
number in the "FN" column corresponds with the number contained in the table
above.
- --------------------------------------------------------------------------------
FN Portfolio Name until May 29, 2007
- --------------------------------------------------------------------------------
(1) AXA Premier VIP Aggressive Equity
(2) AXA Premier VIP Core Bond
(3) AXA Premier VIP Health Care
(4) AXA Premier VIP High Yield
(5) AXA Premier VIP International Equity
(6) AXA Premier VIP Large Cap Core Equity
(7) AXA Premier VIP Large Cap Growth
(8) AXA Premier VIP Large Cap Value
(9) AXA Premier VIP Mid Cap Growth
(10) AXA Premier VIP Mid Cap Value
(11) AXA Premier VIP Technology
(12) EQ/Mercury Basic Value Equity
(13) EQ/Mercury International Value
- --------------------------------------------------------------------------------
** This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with this prospectus for more information.
+ This investment option will be available on or about May 29, 2007, subject to
regulatory approval.
++ Please see the supplement included with this prospectus regarding the planned
substitution or merger of this investment option, subject to regulatory
approval.
36 Contract features and benefits
You should consider the investment objectives, risks and charges and expenses
of the portfolios carefully before investing. The prospectuses for the Trusts
contain this and other important information about the portfolios. The
prospectuses 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 1 (800) 628-6673.
Contract features and benefits 37
GUARANTEED INTEREST OPTION
The guaranteed interest option is part of our general account and pays interest
at guaranteed rates. We discuss our general account in "More information" later
in this prospectus.
We assign an interest rate to each amount allocated to the guaranteed interest
option. This rate is guaranteed for a specified period. The rate may be
different depending upon certain factors including the type and series of your
contract and when the allocation is made. Therefore, different interest rates
may apply to different amounts in the guaranteed interest option.
We credit interest daily to amounts in the guaranteed interest option. There
are three levels of interest in effect at the same time in the guaranteed
interest option:
(1) the minimum interest rate guaranteed over the life of the contract,
(2) the annual minimum guaranteed interest rate for the calendar year, and
(3) the current interest rate.
We set current interest rates periodically, according to our procedures that we
have in effect at the time. All interest rates are effective annual rates, but
before deduction of annual administrative charges or any withdrawal charges.
Generally, the annual minimum guaranteed interest rate for 2007 is 3.0% or 4.0%
depending on the lifetime guaranteed minimum rate of your contract. Depending
on your contract type, contract series, and the state where your contract is
issued, the lifetime minimum guaranteed interest rate ranges from 1.0% to 3.0%
(may be 4.0% for series 100 NQ contracts in certain states). The lifetime
minimum guaranteed interest rate is shown in your contract. The annual minimum
guaranteed interest rate will never be less than the lifetime minimum
guaranteed interest rate. Check with your financial professional as to which
rate applies in your state and to your contract series. Current interest rates
will never be less than the annual minimum guaranteed interest rate.
FIXED MATURITY OPTIONS
We offer fixed maturity options with maturity dates generally ranging from one
to ten years (one to seven in Oregon). We will not accept allocations to a
fixed maturity option if on the date the contribution or transfer is to be
applied the rate to maturity is 3%. This means that at points in time there may
be no fixed maturity options available. You can allocate your contributions to
one or more of these fixed maturity options. However, you may not allocate more
than one contribution to any one fixed maturity option. These amounts become
part of a non-unitized separate account. They will accumulate interest at the
"rate to maturity" for each fixed maturity option. The total amount you
allocate to and accumulate in each fixed maturity option is called the "fixed
maturity amount." The fixed maturity options are not available for contracts
issued on or after August 13, 2001 in Washington. Your financial professional
can provide your state's approval status.
- --------------------------------------------------------------------------------
Fixed maturity options generally range from one to ten years to maturity.
- --------------------------------------------------------------------------------
The rate to maturity you will receive for each fixed maturity option is the
rate to maturity in effect for new contributions allocated to that fixed
maturity option on the date we apply your contribution.
On the maturity date of a fixed maturity option your fixed maturity amount,
assuming you have not made any withdrawals or transfers, will equal your
contribution to that fixed maturity option plus interest, at the rate to
maturity for that contribution. This is the fixed maturity option's "maturity
value." Before maturity, the current value we will report for your fixed
maturity amount will reflect a market value adjustment. Your current value will
reflect the market value adjustment that we would make if you were to withdraw
all of your fixed maturity amounts on the date of the report. We call this your
"market adjusted amount."
FIXED MATURITY OPTIONS AND MATURITY DATES. We currently offer fixed maturity
options ending on June 15th for maturity years ranging from one through ten.
Not all fixed maturity options will be available for annuitant ages 76 and
above. See "Allocating your contributions" below. As fixed maturity options
expire, we expect to add maturity years so that generally 10 (7 in Oregon)
fixed maturity options are available at any time.
We will not accept allocations to a fixed maturity option if on the date the
contribution is to be applied:
o you previously allocated a contribution or made a transfer to the same fixed
maturity option; or
o the rate to maturity is 3%; or
o the fixed maturity option's maturity date is within 45 days; or
o the fixed maturity option's maturity date is later than the date annuity
payments are to begin.
YOUR CHOICES AT THE MATURITY DATE. We will notify you at least 45 days before
each of your fixed maturity options is scheduled to mature. At that time, you
may choose to have one of the following take place on the maturity date, as
long as none of the conditions listed above or in "Allocating your
contributions," below would apply:
(a) transfer the maturity value into another available fixed maturity option, or
into any of the variable investment options; or
(b) withdraw the maturity value (there may be a withdrawal charge).
If we do not receive your choice on or before the fixed maturity option's
maturity date, we will automatically transfer your maturity value into the next
available fixed maturity option (or another investment option if we are
required to do so by any state regulation). As of February 15, 2007, the next
available maturity date was June 15, 2007 (see "About our fixed maturity
options" in "More information" later in this prospectus). We may change our
procedures in the future.
MARKET VALUE ADJUSTMENT. If you make any withdrawals (including transfers,
surrender or termination of your contract, or when we make deductions for
charges) from a fixed maturity option before it matures we will make a market
value adjustment, which will increase or decrease any fixed maturity amount you
have in that fixed maturity option. The amount of the adjustment will depend on
two factors:
(a) the difference between the rate to maturity that applies to the amount being
withdrawn and the rate to maturity in effect at that time for new
allocations to that same fixed maturity option, and
(b) the length of time remaining until the maturity date.
38 Contract features and benefits
In general, if interest rates rise from the time that you originally allocate
an amount to a fixed maturity option to the time that you take a withdrawal,
the market value adjustment will be negative. Likewise, if interest rates drop
at the end of that time, the market value adjustment will be positive. Also,
the amount of the market value adjustment, either up or down, will be greater
the longer the time remaining until the fixed maturity option's maturity date.
Therefore, it is possible that the market value adjustment could greatly reduce
your value in the fixed maturity options, particularly in the fixed maturity
options with later maturity dates.
We provide an illustration of the market adjusted amount of specified maturity
values, an explanation of how we calculate the market value adjustment, and
information concerning our general account and investments purchased with
amounts allocated to the fixed maturity options, in "More information" later in
this prospectus. Appendix III at the end of this prospectus provides an example
of how the market value adjustment is calculated.
SELECTING YOUR INVESTMENT METHOD
You must choose one of the following methods for selecting your investment
options:
o MAXIMUM INVESTMENT OPTIONS CHOICE. Under this method, you may allocate
contributions or transfer funds to any of the available investment options
listed in A and B in the investment options chart. You can make transfers
whenever you choose. However, there will be restrictions on the amount you
can transfer out of the guaranteed interest option listed in A.
o MAXIMUM TRANSFER FLEXIBILITY. Under this method, you may allocate
contributions or transfer funds to any of the available investment options
listed in A in the investment options chart and no transfer restrictions
will apply.
TEMPORARY REMOVAL OF TRANSFER RESTRICTIONS THAT APPLY TO THE INVESTMENT
METHODS. From time to time, we may remove certain restrictions that apply to
your investment method. If we do so, we will tell you. For example, if you
elect the "Maximum investment options choice" method, for a limited time, there
will be no restrictions on the amount you can transfer out of the guaranteed
interest option listed in group "A." If you elect the "Maximum transfer
flexibility" method, for a limited time, you will be able to use the fixed
income variable investment options listed in group "B" as well as the fixed
maturity options.
We will also tell you at least 45 days in advance of the day that we intend to
reimpose the transfer restrictions. When we reimpose the transfer restrictions,
if you elect the "Maximum investment options choice" method, limits on
transfers out of the guaranteed interest option will again apply. If you elect
the "Maximum transfer flexibility" method, you will no longer be permitted to
allocate new contributions to, or transfer amounts into the variable investment
options in group "B" (including through our rebalancing program) or the fixed
maturity options. However, amounts that are in any investment options that are
not available under "Maximum transfer flexibility" can remain in these options.
- -------------------------------------------------------------------------------
Investment Options
- -------------------------------------------------------------------------------
A
- -------------------------------------------------------------------------------
o Guaranteed Interest Option
- -------------------------------------------------------------------------------
Domestic stocks
- -------------------------------------------------------------------------------
o AXA Aggressive Allocation o EQ/Lord Abbett Mid Cap Value
o AXA Moderate-Plus Allocation o EQ/Marsico Focus
o EQ/AllianceBernstein Common Stock o EQ/MFS Emerging Growth Companies+
o EQ/AllianceBernstein Growth and o EQ/MFS Investors Trust+
Income++ o EQ/Montag & Caldwell Growth
o EQ/AllianceBernstein Large Cap o EQ/Mutual Shares
Growth o EQ/Oppenheimer Main Street
o EQ/AllianceBernstein Small Cap Opportunity**
Growth o EQ/Oppenheimer Main Street Small
o EQ/AllianceBernstein Value++ Cap
o EQ/Ariel Appreciation II o EQ/Small Cap Value+
o EQ/AXA Rosenberg Value Long/Short o EQ/Small Company Growth+
Equity o EQ/Small Company Index
o EQ/BlackRock Basic Value Equity* o EQ/TCW Equity++
o EQ/Boston Advisors Equity Income o EQ/Templeton Growth
o EQ/Calvert Socially Responsible o EQ/UBS Growth and Income
o EQ/Capital Guardian Growth o EQ/Van Kampen Comstock
o EQ/Capital Guardian Research o EQ/Van Kampen Mid Cap Growth
o EQ/Capital Guardian U.S. Equity++ o EQ/Wells Fargo Montgomery Small
o EQ/Davis New York Venture** Cap++
o EQ/Equity 500 Index o Multimanager Aggressive Equity*
o EQ/Evergreen Omega o Multimanager Health Care*
o EQ/FI Mid Cap o Multimanager Large Cap Core Equity*
o EQ/FI Mid Cap Value+ o Multimanager Large Cap Growth*
o EQ/Franklin Small Cap Value o Multimanager Large Cap Value*
o EQ/Franklin Templeton Founding o Multimanager Mid Cap Growth*
Strategy** o Multimanager Mid Cap Value*
o EQ/GAMCO Mergers and Acquisitions o Multimanager Technology*
o EQ/GAMCO Small Company Value o Target 2015 Allocation(1)
o EQ/Janus Large Cap Growth++ o Target 2025 Allocation(1)
o EQ/JPMorgan Value Opportunities o Target 2035 Allocation(1)
o EQ/Legg Mason Value Equity o Target 2045 Allocation(1)
o EQ/Lord Abbett Growth and Income o U.S. Real Estate--Class II++
o EQ/Lord Abbett Large Cap Core
- -------------------------------------------------------------------------------
International stocks
- -------------------------------------------------------------------------------
o EQ/AllianceBernstein International o EQ/Oppenheimer Global
o EQ/BlackRock International Value* o EQ/Van Kampen Emerging Markets
o EQ/Capital Guardian International+ Equity
o EQ/International Growth o Multimanager International Equity*
- -------------------------------------------------------------------------------
Balanced/hybrid
- -------------------------------------------------------------------------------
o AXA Moderate Allocation
- -------------------------------------------------------------------------------
Fixed income
- -------------------------------------------------------------------------------
o AXA Conservative Allocation o EQ/JPMorgan Core Bond
o AXA Conservative-Plus Allocation o EQ/Long Term Bond
o EQ/AllianceBernstein Intermediate o EQ/Money Market
Government Securities o EQ/PIMCO Real Return
o EQ/AllianceBernstein Quality Bond o EQ/Short Duration Bond
o EQ/Caywood-Scholl High Yield Bond o Multimanager Core Bond*
o EQ/Evergreen International Bond o Multimanager High Yield*
o EQ/Franklin Income
- -------------------------------------------------------------------------------
Fixed maturity options
- -------------------------------------------------------------------------------
The fixed maturity options are only available in states where approved. Transfer
restrictions apply as indicated above under "Fixed maturity options and maturity
dates."
(1) Since these investment options, collectively, the "Target Allocation
investment options," as they approach their respective target dates, and
thereafter, are expected to invest more heavily in fixed income securities,
we reserve the right to make them group "B" investment options at or after
their respective target dates. Please note that if you select the "Maximum
transfer flexibility" method, and have included any of the Target Allocation
investment options among your investment options, you will be deemed to have
changed to the "maximum investment options choice" method. If you select the
"maximum transfer flexibility" method but have not included any of the
Target Allocation investment options among your allocations, you will not be
changed to the alternate method but those options will no longer be
available to you.
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and benefits" earlier in this prospectus for the
investment option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
Contract features and benefits 39
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned substitution or merger of this investment option, subject to
regulatory approval.
ALLOCATING YOUR CONTRIBUTIONS
Once you have made your investment method choice, you may allocate your
contributions to one or more, or all of the investment options that you have
chosen, subject to any restrictions under the investment method you chose.
However, you may not allocate more than one contribution to any one fixed
maturity option. If the annuitant is age 76 or older, you may only allocate
contributions to fixed maturity options with maturities of five years or less.
Allocations must be in whole percentages and you may change your allocation
percentages at any time. However, the total of your allocations must equal
100%. Once your contributions are allocated to the investment options, they
become part of your account value. We discuss account value in "Determining
your contract's value," later in this prospectus. After your contract is
issued, you may request that we add or eliminate any variable investment
options that result in transfer restrictions. We reserve the right to deny your
request. See "Transferring your money among investment options" later in this
prospectus.
The contract is between you and AXA Equitable. The contract is not an
investment advisory account, and AXA Equitable is not providing any investment
advice or managing the allocations under your contract. In the absence of a
specific written arrangement to the contrary, you, as the owner of the
contract, have the sole authority to make investment allocations and other
decisions under the contract. Your AXA Advisors' financial professional is
acting as a broker-dealer registered representative, and is not authorized to
act as an investment advisor or to manage the allocations under your contract.
If your financial professional is a registered representative with a
broker-dealer other than AXA Advisors, you should speak with him/her regarding
any different arrangements that may apply.
YOUR RIGHT TO CANCEL WITHIN A CERTAIN NUMBER OF DAYS
If for any reason you are not satisfied with your contract, you may return it
to us for a refund. To exercise this cancellation right you must mail the
contract directly to our processing office within 10 days after you receive it.
In some states, this "free look" period may be longer.
For contributions allocated to the variable investment options, your refund
will equal your contributions, reflecting any investment gain or loss that also
reflects the daily charges we deduct. For contributions allocated to the
guaranteed interest option, your refund will equal the amount of the
contribution but will not include interest. For contributions allocated to the
fixed maturity options, your refund will equal the amount of the contribution
allocated to the fixed maturity options reflecting any positive or negative
market value adjustments. Some states require that we refund the full amount of
your contribution (not including any investment gain or loss, interest, or
market value adjustment). For an IRA contract returned to us within seven days
after you receive it, we are required to refund the full amount of your
contribution.
If you reside in the state of California and you are age 60 or older at the
time the contract is issued, you may return your variable annuity contract
within 30 days from the date that you receive it and receive a refund as
described below.
If you allocate your entire initial contribution to the EQ/Money Market option
(and/or guaranteed interest option), the amount of your refund will be equal to
your contribution less interest, unless you make a transfer, in which case the
amount of your refund will be equal to your account value on the date we
receive your request to cancel at our processing office. This amount could be
less than your initial amount. If you allocate any portion of your initial
contribution to the variable investment options (other than the EQ/Money Market
option) and/or fixed maturity options, your refund will be equal to your
account value on the date we receive your request to cancel at our processing
office.
We may require that you wait six months before you apply for a contract with us
again if:
o you cancel your contract during the free look period; or
o you change your mind before you receive your contract whether we have
received your contribution or not.
Please see "Tax information" later in this prospectus for possible consequences
of cancelling your contract.
In addition to the cancellation right described above, if you fully or
partially convert an existing traditional IRA contract to a Roth IRA or Roth
Advantage, you may cancel your Roth IRA or Roth Advantage contract and return
to a traditional IRA contract. Our processing office, or your financial
professional, can provide you with the cancellation instructions. Ask for the
form entitled "EQUI-VEST(SM) Roth IRA Re-Characterization Form."
40 Contract features and benefits
2. Determining your contract's value
- --------------------------------------------------------------------------------
YOUR ACCOUNT VALUE AND CASH VALUE
Your "account value" is the total of the: (i) values you have allocated to the
variable investment options; (ii) the guaranteed interest option; and (iii) the
market adjusted amounts you have in the fixed maturity options. These amounts
are subject to certain fees and charges discussed under "Charges and expenses"
later in this prospectus.
Your contract also has a "cash value." At any time before annuity payments
begin, your contract's cash value is equal to the account value, less: (i) any
applicable withdrawal charges and (ii) the total amount or a pro rata portion
of the annual administrative charge. Please see "Surrender of your contract to
receive its cash value" in "Accessing your money" later in this prospectus.
YOUR CONTRACT'S VALUE IN THE VARIABLE INVESTMENT OPTIONS
Each variable investment option invests in shares of a corresponding portfolio.
Your value in each variable investment option is measured by "units." The value
of your units will increase or decrease as though you had invested it in the
corresponding portfolio's shares directly. Your value, however, will be reduced
by the amount of the fees and charges that we deduct under the contract.
- --------------------------------------------------------------------------------
Units measure your value in each variable investment option.
- --------------------------------------------------------------------------------
The unit value for each variable investment option depends on the investment
performance of that option minus daily charges for mortality and expense risks
and other expenses. On any day, your value in any variable investment option
equals the number of units credited to that option, adjusted for any units
purchased for or deducted from your contract under that option, multiplied by
that day's value for one unit. The number of your contract units in any
variable investment option does not change unless they are:
(i) increased to reflect subsequent contributions;
(ii) decreased to reflect a withdrawal (plus applicable withdrawal charges);
or
(iii) increased to reflect a transfer into, or decreased to reflect a transfer
out of a variable investment option.
In addition, the annual administrative charge or third-party transfer or
exchange charge, will reduce the number of units credited to your contract. A
description of how unit values are calculated is found in the SAI.
YOUR CONTRACT'S VALUE IN THE GUARANTEED INTEREST OPTION
Your value in the guaranteed interest option at any time will equal: your
contributions and transfers to that option, plus interest, minus withdrawals
and transfers out of the option, and charges we deduct.
YOUR CONTRACT'S VALUE IN THE FIXED MATURITY OPTIONS
Your value in each fixed maturity option at any time before the maturity date
is the market adjusted amount in each option, which reflects withdrawals out of
the option and charges we deduct. This is equivalent to your fixed maturity
amount increased or decreased by the market value adjustment. Your value,
therefore, may be higher or lower than your contributions (less withdrawals)
accumulated at the rate to maturity. At the maturity date, your value in a
fixed maturity option will equal its maturity value, provided there have been
no withdrawals or transfers.
Determining your contract's value 41
3. Transferring your money among investment options
- --------------------------------------------------------------------------------
TRANSFERRING YOUR ACCOUNT VALUE
At any time before the date annuity payments are to begin, you can transfer
some or all of your account value among the investment options, subject to the
following:
o You must transfer at least $300 of account value or, if less, the entire
amount in the investment option. We may waive the $300 requirement.
o You may not transfer to a fixed maturity option in which you already have
value.
o You may not transfer to a fixed maturity option that has a rate to maturity
of 3%.
o If the annuitant is age 76 or older, you must limit your transfers to fixed
maturity options with maturities of five years or less. As of February 15,
2007, all maturities were available. You may not transfer to a fixed maturity
option if its maturity date is later than the date annuity payments are to
begin.
o If you make transfers out of a fixed maturity option other than at its
maturity date the transfer will cause a market value adjustment.
o If you choose the maximum investment options choice method for selecting
investment options (including if you have been deemed to have selected that
method as a result of a Target Allocation investment option in which you are
invested becoming a group "B" option as described under "Selecting your
investment method" in "Contract features and benefits" earlier in this
Prospectus) the maximum amount you may transfer in any contract year from the
guaranteed interest option to any other investment option is (a) 25% of the
amount you had in the guaranteed interest option on the last day of the prior
contract year or, if greater, (b) the total of all amounts you transferred
from the guaranteed interest option to any other investment option in the
prior contract year.
o If you transfer money from another financial institution into the guaranteed
interest option during your first contract year, and if you have selected the
maximum investment options method (including if you have been deemed to have
selected that method as a result of a Target Allocation investment option in
which you are invested becoming a group "B" option as described under
"Selecting your investment method" in "Contract features and benefits"
earlier in this Prospectus) you may, during the balance of that contract
year, transfer up to 25% of such initial guaranteed interest option balance
to any other investment option.
See Appendix I for transfer restrictions under Original Contracts.
Upon advance notice to you, we may change or establish additional restrictions
on transfers among the investment options, including limitations on the number,
frequency, or dollar amount of transfers. A transfer request does not change
your percentages for allocating current or future contributions among the
investment options. Our current transfer restrictions are set forth in the
"Disruptive transfer activity" section below.
You may request a transfer in writing or by telephone using TOPS or online
using EQAccess. You must send in all signed written requests directly to our
processing office. Transfer requests should specify:
(1) the contract number,
(2) the dollar amounts to be transferred, and
(3) the investment options to and from which you are transferring.
We will confirm all transfers in writing.
Please see "Allocating your contributions" in "Contract features and benefits"
for more information about your role in managing your allocations.
DISRUPTIVE TRANSFER ACTIVITY
You should note that the contract is not designed for professional "market
timing" organizations, or other organizations or individuals engaging in a
market timing strategy. The contract 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
42 Transferring your money among investment options
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 contract owners.
We offer investment options with underlying portfolios that are part of AXA
Premier VIP Trust and EQ Advisors Trust (the "affiliated trusts"), as well as
investment options with underlying portfolios of outside trusts with which AXA
Equitable has entered participation agreements (the "unaffiliated trusts" and,
collectively with the affiliated trusts, the "trusts"). The affiliated 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 affiliated trust obtains from us contract owner trading activity. The
affiliated 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 unaffiliated trust may have its
own policies and procedures regarding disruptive transfer activity. If an
unaffiliated trust advises us that there may be disruptive activity from one of
our contract owners, we will work with the unaffiliated trust to review
contract owner trading activity. In most cases, 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.
When a contract owner is identified as having engaged in a potentially
disruptive transfer under the contract for the first time, a letter is sent to
the contract owner explaining that there is a policy against disruptive
transfer activity and that if such activity continues certain transfer
privileges may be eliminated. If and when the contract owner is identified a
second time as engaged in potentially disruptive transfer activity under the
contract, we currently prohibit the use of voice, fax and automated transaction
services. We currently apply such action for the remaining life of each
affected contract. 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 contract owners uniformly.
We do not permit exceptions to our policies restricting disruptive transfer
activity.
It is possible that a trust may impose a redemption fee designed to discourage
frequent or disruptive trading by contract owners. As of the date of this
Prospectus, no trust available under the contract had 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 contract owner.
Contract owners should note that it is not always possible for us and the
underlying trusts to identify and prevent disruptive transfer activity. In
addition, because we do not monitor for all frequent trading at the separate
account level, contract 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
contract owners may be treated differently than others, resulting in the risk
that some contract 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.
AUTOMATIC TRANSFER OPTIONS
INVESTMENT SIMPLIFIER
You may choose from two automatic options for transferring amounts from the
guaranteed interest option to the variable investment options. The transfer
options are the "fixed-dollar option" and the "interest sweep." You may select
one or the other but not both. If you elect to use rebalancing option II
(discussed below), you may not choose either of the investment simplifier
options.
FIXED-DOLLAR OPTION. Under this option, you may elect to have a fixed-dollar
amount transferred out of the guaranteed interest option and into the variable
investment options of your choice on a monthly basis. You can specify the
number of monthly transfers or instruct us to continue to make monthly
transfers until all available amounts in the guaranteed interest option have
been transferred out.
In order to elect the fixed-dollar option, you must have a minimum of $5,000 in
the guaranteed interest option on the date we receive your election form at our
processing office. You also must elect to transfer at least $50 per month. The
fixed-dollar option is subject to the guaranteed interest option transfer
limitation described above.
INTEREST SWEEP. Under the interest sweep, we will make transfers on a monthly
basis from amounts in the guaranteed interest option. The amount we will
transfer will be the interest credited to amounts you have in the guaranteed
interest option from the last business day of the prior month to the last
business day of the current month. You must have at least $7,500 in the
guaranteed interest option on the date we receive your election and on the last
business day of each month thereafter to participate in the interest sweep
option.
See Appendix I for restrictions under Original Contracts.
The fixed-dollar option and interest sweep feature are forms of dollar-cost
averaging. Dollar-cost averaging allows you to gradually allocate amounts to
the variable investment options by periodically transferring approximately the
same dollar amount to the variable investment options you select. This will
cause you to purchase more units if the
Transferring your money among investment options 43
unit's value is low and fewer units if the unit's value is high. Therefore, you
may get a lower average cost per unit over the long term. This plan of
investing, however, does not guarantee that you will earn a profit or be
protected against losses.
WHEN YOUR PARTICIPATION IN THE INVESTMENT SIMPLIFIER WILL END. Your
participation in the investment simplifier option will end:
o Under the fixed-dollar option, when either the number of designated monthly
transfers have been completed or the amount you have available in the
guaranteed interest option has been transferred out.
o Under the interest sweep, when the amount you have in the guaranteed interest
option falls below $7,500 (determined on the last business day of the month)
for two months in a row.
o Under either option, on the date we receive at our processing office, your
written request to cancel automatic transfers, or on the date your contract
terminates.
REBALANCING YOUR ACCOUNT VALUE
Our rebalancing program offers two options that you can use to automatically
reallocate your account value. Option I permits reallocation among the variable
investment options only and option II permits reallocation among the variable
investment options and the guaranteed interest option. You must tell us:
(a) in whole percentages only, the percentage you want invested in each
variable investment option (and the guaranteed interest option, if
applicable), and
(b) how often you want the rebalancing to occur (quarterly, semiannually, or
annually).
While your rebalancing program is in effect, we will transfer amounts among
each variable investment option (and the guaranteed interest option, if
applicable), so that the percentage of your account value that you specify is
invested in each option at the end of each rebalancing date. Your entire
account value in the variable investment options (and guaranteed interest
option, if applicable) must be included in the rebalancing program. Transfer
restrictions out of the guaranteed interest option may apply in accordance with
the last two bullets under "Transferring your account value," above, in this
section. The initial transfer under the rebalancing program (based on your
account value as of the day before the program is established) is not permitted
to cause the transfer restrictions to be violated, and any rebalancing election
that would be a violation of the transfer restrictions will not be put into
effect. However, if the program can be established, once it is in effect, the
transfer restrictions will be waived for the rebalancing transfers.
- --------------------------------------------------------------------------------
Rebalancing does not assure a profit or protect against loss. You should
periodically review your allocation percentages as your needs change. You may
want to discuss the rebalancing program with your financial professional and/or
financial adviser before electing the program.
- --------------------------------------------------------------------------------
You may elect the rebalancing program at any time. To be eligible, you must
have (i) at least $5,000 of account value in the variable investment options
for option I, or (ii) at least $5,000 of account value in the variable
investment options and the guaranteed interest option, combined for option II.
Rebalancing is not available for amounts you have allocated in the fixed
maturity options.
If you elect to use option II, you may not choose either of the investment
simplifier automatic options.
If you request a transfer while the rebalancing program is in effect, we will
process the transfer as requested. The rebalancing program will then remain in
effect unless you request in writing that it be cancelled.
You may change your allocation instructions or cancel the program at any time.
44 Transferring your money among investment options
4. Accessing your money
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WITHDRAWING YOUR ACCOUNT VALUE
You have several ways to withdraw your account value before annuity payments
begin. The table below shows the methods available under each type of contract.
More information follows the table. For the tax consequences of taking
withdrawals, see "Tax information" later in this prospectus.
- --------------------------------------------------------------
Method of Withdrawal
- --------------------------------------------------------------
Minimum
Contract Partial Systematic distribution
- --------------------------------------------------------------
NQ Yes Yes No
traditional IRA Yes Yes Yes
QP IRA Yes Yes Yes
Roth Advantage Yes Yes No
Roth IRA Yes Yes No
- --------------------------------------------------------------
PARTIAL WITHDRAWALS
(All contracts)
You may take partial withdrawals from your account value at any time while the
annuitant is living and before annuity payments begin. The minimum amount you
may withdraw at any time is $300. If you request a withdrawal that leaves you
with an account value of less than $500, we may treat it as a request to
surrender the contract for its cash value. See "Surrender of your contract to
receive its cash value" below.
Partial withdrawals in excess of the 10% free withdrawal amount may be subject
to a withdrawal charge. (See "10% free withdrawal amount" in "Charges and
expenses" later in this prospectus.)
SYSTEMATIC WITHDRAWALS
(All contracts)
If you have at least $20,000 of account value in the variable investment
options and the guaranteed interest option, you may take systematic withdrawals
on a monthly or quarterly basis. The minimum amount you may take for each
withdrawal is $250. We will make the withdrawal on any day of the month that
you select as long as it is not later than the 28th day of the month. If you do
not select a date, your withdrawals will be made on the first day of the month.
A check for the amount of the withdrawal will be mailed to you or, if you
prefer, we will electronically transfer the money to your checking or savings
account.
You may withdraw either the amount of interest earned in the guaranteed
interest option or a fixed-dollar amount from either the variable investment
options or the guaranteed interest option. If you elect the interest option, a
minimum of $20,000 must be maintained in the guaranteed interest option. If you
elect the fixed-dollar option, you do not have to maintain a minimum amount.
If you choose to have a fixed dollar amount taken from the variable investment
options, you may elect to have the amount of the withdrawal subtracted from
your account value in one of three ways:
(1) pro rata from more than one variable investment option (without using up
your total value in those options); or
(2) pro rata from more than one variable investment option (until your value in
those options is used up); or
(3) you may specify a dollar amount from only one variable investment option.
You can cancel the systematic withdrawal option at any time.
Amounts withdrawn in excess of the 10% free withdrawal amount may be subject to
a withdrawal charge.
LIFETIME MINIMUM DISTRIBUTION WITHDRAWALS
(Traditional IRA and QP IRA contracts -- See "Tax information" later in this
prospectus)
We offer our "required minimum distribution (RMD) automatic withdrawal option"
to help you meet lifetime required minimum distributions under federal income
tax rules. This is not the exclusive way for you to meet these rules. After
consultation with your tax adviser, you may decide to compute required minimum
distributions yourself and request partial withdrawals. In such a case, a
withdrawal charge may apply if your withdrawal exceeds the free withdrawal
amount. You may choose instead an annuity payout option. Before electing an
account-based withdrawal option, please refer to "Required minimum
distributions" under "Individual Retirement Arrangements ("IRAs")" in "Tax
information" later in this prospectus. Also, the actuarial present value of
additional contract benefits must be added to the account value in calculating
required minimum distribution withdrawals, which could increase the amount
required to be withdrawn. For this purpose additional annuity contract benefits
may include enhanced death benefits.
You may elect our RMD automatic withdrawal option in the year in which you
reach age 70-1/2 or in any later year. To elect this option, you must have
account value in the variable investment options and the guaranteed interest
option of at least $2,000. The minimum amount we will pay out is $300, or if
less, your account value. If your account value is less than $500 after the
withdrawal, we may terminate your contract and pay you its cash value.
Currently, minimum distribution withdrawal payments will be made annually.
Accessing your money 45
Currently, we do not impose a withdrawal charge on minimum distribution
withdrawals if you are enrolled in our required minimum distribution automatic
withdrawal option. The minimum distribution withdrawal will be taken into
account in determining if any subsequent withdrawal taken in the same contract
year exceeds the 10% free withdrawal amount.
- --------------------------------------------------------------------------------
We will send to traditional IRA and QP IRA owners a form outlining the minimum
distribution options available in the year you reach age 70--1/2 (if you have
not begun your annuity payments before that time).
- --------------------------------------------------------------------------------
HOW WITHDRAWALS ARE TAKEN FROM YOUR ACCOUNT VALUE
Unless you specify otherwise, we will subtract your withdrawals on a pro rata
basis from your values in the investment options. A market value adjustment
will apply if withdrawals are taken from the fixed maturity options.
AUTOMATIC DEPOSIT SERVICE
If you are receiving required minimum distribution payments from a traditional
IRA or QP IRA contract, you may use our automatic deposit service.
Under this service, we will automatically deposit the required minimum
distribution payment from your traditional IRA or QP IRA contract directly into
an EQUI-VEST(SM) NQ or Roth IRA or an EQUI-VEST(SM) Express (if available in
your state) NQ or Roth IRA contract, according to your allocation instructions.
Please note that you must have compensation or earned income for the year of the
contribution to make regular contributions to Roth IRAs. See "Tax information --
Roth IRAs" later in this prospectus.
DEPOSIT OPTION FOR NQ CONTRACTS ONLY
You can elect the deposit option for your benefit while you are alive, or for
the benefit of your beneficiary.
Proceeds from your NQ contract can be deposited with us for a period you select
(including one for as long as the annuitant lives). We will hold the amounts in
our general account. We will credit interest on the amounts at a guaranteed
rate for the specified period. We will pay out the interest on the amount
deposited at least once each year.
If you elect this option for your benefit, you deposit the amount with us that
you would otherwise apply to an annuity payout option. If you elect this option
for your beneficiary before the annuitant's death, death benefit proceeds can
be left on deposit with us subject to certain restrictions, instead of being
paid out to the beneficiary.
Other restrictions apply to the deposit option. Your financial professional can
provide more information about this option, or you may call our processing
office.
SURRENDER OF YOUR CONTRACT TO RECEIVE ITS CASH VALUE
You may surrender your contract to receive its cash value at any time while the
annuitant is living and before you begin to receive annuity payments. For a
surrender to be effective, we must receive your written request and your
contract at our processing office. We will determine your cash value on the
date we receive the required information. All benefits under the contract will
terminate as of that date.
You may receive your cash value in a single sum payment or apply it to one or
more of the annuity payout options. See "Your annuity payout options" below. We
will usually pay the cash value within seven calendar days, but we may delay
payment as described in "When to expect payments" below. For the tax
consequences of surrenders, see "Tax information" later in this prospectus.
TERMINATION
We may terminate your contract and pay you the cash value if:
(1) your account value is less than $500 and you have not made contributions to
your contract for a period of three years; or
(2) you request a partial withdrawal that reduces your account value to an
amount less than $500; or
(3) you have not made any contributions within 120 days from your contract
date.
WHEN TO EXPECT PAYMENTS
Generally, we will fulfill requests for payments out of the variable investment
options within seven calendar days after the date of the transaction to which
the request relates. These transactions may include applying proceeds to a
variable annuity payout option, payment of a death benefit, payment of any
amount you withdraw (less any withdrawal charge) and, upon surrender or
termination, payment of the cash value. We may postpone such payments or
applying 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 variable
investment option's assets is not reasonably practicable because of an
emergency, or
(3) the SEC, by order, permits us to defer payment to protect people remaining
in the variable investment options.
We can defer payment of any portion of your values in the guaranteed interest
option and the fixed maturity options (other than for death benefits) for up to
six months while you are living.
All payments are made by check and are mailed to you (or the payee named in a
tax-free exchange) by U.S. mail, unless you request that we use an express
delivery or wire transfer service at your expense.
YOUR ANNUITY PAYOUT OPTIONS
EQUI-VEST(SM) offers you several choices of annuity payout options. Some enable
you to receive fixed annuity payments and others enable you to receive variable
annuity payments.
You can choose from among the annuity payout options listed below. Restrictions
may apply, depending on the type of contract you own or the annuitant's age at
contract issue.
46 Accessing your money
ANNUITY PAYOUT OPTIONS
- ------------------------------------------------------------------------
Fixed annuity payout options o Life annuity
o Life annuity with period
certain
o Life annuity with refund
certain
o Period certain annuity
- ------------------------------------------------------------------------
Variable Immediate Annuity payout o Life annuity (not available in
options (described in a separate NY)
prospectus for this option) o Life annuity with period
certain
- ------------------------------------------------------------------------
o Life annuity: An annuity that guarantees payments for the rest of the
annuitant's life. Payments end with the last monthly payment before the
annuitant's death. Because there is no continuation of benefits following
the annuitant's death with this payout option, it provides the highest
monthly payment of any of the life annuity options, so long as the
annuitant is living.
o Life annuity with period certain: An annuity that guarantees payments for
the rest of the annuitant's life. If the annuitant dies before the end of a
selected period of time ("period certain"), payments continue to the
beneficiary for the balance of the period certain. The period certain
cannot extend beyond the annuitant's life expectancy or the joint life
expectancy of the annuitant and the joint annuitant. A life annuity with a
period certain is the form of annuity under the contracts that you will
receive if you do not elect a different payout option. In this case the
period certain will be based on the annuitant's age and will not exceed 10
years or the annuitant's life expectancy.
o Life annuity with refund certain: An annuity that guarantees payments for
the rest of the annuitant's life. If the annuitant dies before the amount
applied to purchase the annuity option has been recovered, payments to the
beneficiary will continue until that amount has been recovered. This payout
option is available only as a fixed annuity.
o Period certain annuity: An annuity that guarantees payments for a specific
period of time, usually 5, 10, 15, or 20 years. This 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. This payout option is available only as a fixed annuity.
The life annuity, life annuity with period certain, and life annuity with
refund certain payout options are available on a single life or joint and
survivor life basis. The joint and survivor life annuity guarantees payments
for the rest of the annuitant's life and, after the annuitant's death, to the
survivor for life. We may offer other payout options not outlined here. Your
financial professional can provide details.
FIXED ANNUITY PAYOUT OPTIONS
With fixed annuities, we guarantee fixed annuity payments that will be based
either on the tables of guaranteed annuity purchase factors in your contract or
on our then current annuity purchase factors, whichever is more favorable for
you.
VARIABLE IMMEDIATE ANNUITY PAYOUT OPTIONS
Variable Immediate Annuities are described in a separate prospectus that is
available from your financial professional. Before you select a Variable
Immediate Annuity payout option, you should read the prospectus which contains
important information that you should know.
Variable Immediate Annuities may be funded through your choice of available
variable investment options investing in portfolios of AXA Premier VIP Trust
and EQ Advisors Trust. The contract also offers a fixed income annuity payout
option that can be elected in combination with the variable income annuity
payout option. The amount of each variable income annuity payment will
fluctuate, depending upon the performance of the variable investment options,
and whether the actual rate of investment return is higher or lower than an
assumed base rate.
We may offer other payout options not outlined here. Your financial
professional can provide details.
SELECTING AN ANNUITY PAYOUT OPTION
When you select a payout option, we will issue you a separate written agreement
confirming your right to receive annuity payments. We require you to return
your contract before annuity payments begin. Unless you choose a different
payout option, we will pay annuity payments under a life annuity with a period
certain of 10 years. You choose whether these payments will be either fixed or
variable. The contract owner and annuitant must meet the issue age and payment
requirements.
You can choose the date annuity payments are to begin, but generally it may not
be earlier than thirteen months from the EQUI-VEST(SM) contract date. You can
change the date your annuity payments are to begin anytime before that date as
long as you do not choose a date later than the 28th day of any month or later
than your EQUI-VEST(SM) contract's maturity date. Your EQUI-VEST(SM) contract's
maturity date is the date by which you must either take a lump sum withdrawal
or select an annuity payout option. The maturity date is generally the
EQUI-VEST(SM) contract date anniversary that follows the annuitant's 90th
birthday. This may be different in some states.
Before your annuity payments are to begin, we will notify you by letter that
the annuity payout options are available. Once you have selected a payout
option and payments have begun, no change can be made, other than transfers
among the variable investment options if a variable immediate annuity is
selected.
We currently offer different payment frequencies on certain annuity payout
options. In general, the total annual payout will be lower for more frequent
payouts (such as monthly) because of the increased administrative expenses
associated with more frequent payouts. Also, in general, the longer the period
over which we expect to make payments, the lower will be your payment each
year.
The amount of the annuity payments will depend on:
(1) the amount applied to purchase the annuity;
(2) the type of annuity chosen, and whether it is fixed or variable;
(3) in the case of a life annuity, the annuitant's age (or the annuitant's and
joint annuitant's ages); and
Accessing your money 47
(4) in certain instances, the sex of the annuitant(s).
If, at the time you elect a payout option, the amount to be applied is less
than $2,000 or the initial payment under the form elected is less than $20
monthly, we reserve the right to pay the account value in a single sum rather
than as payments under the payout option chosen.
Please see Appendix IV later in this prospectus for state variations.
EQUI-VEST(SM) AT RETIREMENT(SM)
If you have a traditional IRA, Roth IRA, QP IRA, or NQ contract, you may be
eligible to convert your EQUI-VEST(SM) contract to a new EQUI-VEST(SM) At
Retirement(SM) contract. EQUI-VEST(SM) At Retirement(SM) is a deferred variable
annuity contract that offers living benefits (Guaranteed withdrawal benefit for
life or Guaranteed minimum income benefit) and enhanced death benefits. The
EQUI-VEST(SM) At Retirement(SM) contract has no withdrawal charges.
At the time of conversion, you must meet the following conditions in order to
qualify for this conversion offer. You must be between the ages of 55 and 85,
your contract must have an account value of at least $50,000, you must purchase
at least one of the living or enhanced death benefits, there can be no
withdrawal charges applicable under your existing EQUI-VEST(SM) contract, and no
rollover/direct transfer contributions can have been made to the existing
contract in the two contract years prior to the date you apply for the new
contract. The written application for the new EQUI-VEST(SM) At Retirement(SM)
contract must be received by our Processing Office no later than the close of
business on December 31, 2016 or such later date as we state in writing to you.
The EQUI-VEST(SM) At Retirement(SM) contract and its benefits, including the
charges for such benefits are described in a separate prospectus.
48 Accessing your money
5. Charges and expenses
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CHARGES THAT AXA EQUITABLE DEDUCTS
We deduct the following charges each day from the net assets of each variable
investment option. These charges are reflected in the unit values of each
variable investment option:
o A mortality and expense risks charge
o A charge for other expenses
We deduct the following charges from your account value. When we deduct these
charges from your variable investment options, we reduce the number of units
credited to your contract:
o On the last day of the contract year an annual administrative charge, if
applicable
o Charge for third-party transfer or exchange (series 300, 400 and 500 only)
o At the time you make certain withdrawals or surrender your contract, or your
contract is terminated -- a withdrawal charge, if applicable
o At the time annuity payments are to begin -- charges designed to approximate
certain taxes that may be imposed on us, such as premium taxes in your state.
An annuity administrative fee may also apply
More information about these charges appears below. The charges differ
depending on which contract series you purchase.
We will not increase these charges for the life of your contract, except as
noted below. We may reduce certain charges under group or sponsored
arrangements. See "Group or sponsored arrangements" below.
To help with your retirement planning, we may offer other annuities with
different charges, benefits and features. Please contact your financial
professional for more information.
CHARGES UNDER THE CONTRACTS
MORTALITY AND EXPENSE RISKS CHARGE
We deduct a daily charge from the net assets in each variable investment option
to compensate us for mortality and expense risks, including the death benefit.
The mortality risk we assume is the risk that annuitants as a group will live
for a longer time than our actuarial tables predict. If that happens, we would
be paying more in annuity benefits than we planned. For series 300, 400 and
500, we may change the actuarial basis for our guaranteed annuity payment
tables, but only for new contributions and only at five year intervals from the
contract date. Lastly, we assume a mortality risk to the extent that at the
time of death, the guaranteed death benefit exceeds the cash value of the
contract.
The expense risk we assume is the risk that it will cost us more to issue and
administer the contracts than we expect.
To the extent that the mortality and expense risk charges are not needed to
cover the actual expenses incurred, they may be considered an indirect
reimbursement for certain sales and promotional expenses relating to the
contracts.
For each series the daily charge is a percentage of net assets that is
equivalent to an annual rate of:
o 1.10% current and maximum in each variable investment option under series 300
contracts
o 1.10% current and 1.75% maximum in each variable investment option under
series 400 contracts
o 1.20% current and 1.75% maximum in each variable investment option under
series 500 contracts
o 0.56% current and 0.65% maximum under series 100 contracts, and 1.15% current
and 1.24% maximum under series 200 contracts in the EQ/AllianceBernstein
Common Stock and EQ/Money Market options
o 0.50% current and maximum under series 100 contracts, and 1.09% current and
maximum under series 200 contracts for all other variable investment options
CHARGE FOR OTHER EXPENSES
We deduct this daily charge from the net assets in each variable investment
option. This charge, together with the annual administrative charge described
below, is for providing administrative and financial accounting services under
the contracts.
The daily charge is equivalent to a maximum annual rate of:
(i) under series 300, 400 and 500 contracts, 0.25% of the net assets in each
variable investment option. For all variable investment options under
series 300 and 400 other than the AXA Moderate Allocation, Multimanager
Aggressive Equity*, EQ/AllianceBernstein Common Stock and EQ/Money Market
options, we currently deduct 0.24% of the net assets. We may, upon advance
notice to you, increase the charge to 0.25% of the net assets for these
variable investment options;
(ii) under series 100 contracts, 0.84% of the net assets in each variable
investment option. 0.60% of this charge is designed to reimburse us for
research and development costs and for administrative expenses that are
not covered by the annual administrative charge described below. The
remaining 0.24% is to reimburse us for the cost of financial accounting
services we provide under the contracts;
- ----------------------
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and benefits" earlier in this prospectus for the
investment option's former name.
Charges and expenses 49
(iii) under series 200 contracts, the charge for expenses and financial
accounting is 0.25% of the net asset value in each variable investment
option.
MAXIMUM TOTAL CHARGES
Under series 500 contracts, the total annual rate for the above charges is
1.45%. We may increase or decrease this total annual rate, but we may not
increase it above a maximum rate of 2.00%. We will only make any increase after
we have sent you advance notice. Any increase or decrease will apply only after
the date of the change. Any changes we make will reflect differences in costs
and anticipated expenses, and will not be unfairly discriminatory.
Total Separate Account A annual expenses of the variable investment options
(not including the Trusts fees and other expenses) are guaranteed not to exceed
a total annual rate of (i) 1.35% for series 300; (ii) 1.49% for series 100 and
200 for the EQ/AllianceBernstein Common Stock and EQ/Money Market options;
(iii) 1.34% for all the other options not listed in (ii) for series 100 and
200; and (iv) 2.00% for series 400.
Under series 100 and 200 contracts for the AXA Moderate Allocation,
Multimanager Aggressive Equity*, EQ/AllianceBernstein Common Stock and EQ/Money
Market options, the combined amount of the Separate Account A charges to these
variable investment options and Trust charges for investment advisory fees and
direct operating expenses may not exceed a total annual rate of 1.75% of the
value of the assets held in each of those variable investment options.
ANNUAL ADMINISTRATIVE CHARGE
We deduct an administrative charge from your account value on the last business
day of each contract year. We will deduct a pro rata portion of the charge if
you surrender your contract, elect an annuity payout option, or the annuitant
dies during the contract year. The charge is deducted pro rata from the
variable investment options and the guaranteed interest option. If those
amounts are insufficient, we will make up the required amounts from the fixed
maturity options to the extent you have value in those options. Charges
deducted from the fixed maturity options are considered withdrawals and, as
such, will result in a market value adjustment.
Under series 300, 400 and 500, during the first two contract years, the charge
is equal to $30 or, if less, 2% of your current account value plus any amount
previously withdrawn during the contract year. The charge is currently $30 for
contract years three and later. We may increase this charge if our
administrative costs rise, but the charge will never exceed $65 annually. We
waive the charge if your account value is at least $25,000 for an NQ contract
or $20,000 for an IRA contract. We reserve the right to deduct this charge on a
quarterly, rather than annual basis.
Under series 100 and 200, the charge is equal to $30 or, if less, 2% of the
current account value plus any amount previously withdrawn during that contract
year. We waive this charge if your account value is at least $10,000.
We currently waive the annual administrative charge that would otherwise be
deducted in the next contract year under any individually owned EQUI-VEST(SM)
contract/certificate having an account value that, when combined with the
account value of other EQUI-VEST(SM) contracts/certificates owned by the same
person, exceeds $100,000 in the aggregate (as determined in January of each
year). This does not apply to EQUI-VEST(SM) contracts/certificates owned by
different members of the same household. We may change or discontinue this
practice at any time without prior notice.
CHARGE FOR THIRD-PARTY TRANSFER OR EXCHANGE
Under series 300 (except in FL), 400 and 500 contracts, we impose a charge for
making a direct transfer of amounts from your contract to a third party, such
as in the case of a trustee-to-trustee transfer for an IRA contract, or if you
request that your contract be exchanged for a contract issued by another
insurance company. In either case, we will deduct from your account value any
withdrawal charge that applies and a charge of $25 for each direct transfer or
exchange. We reserve the right to increase this charge to a maximum of $65.
WITHDRAWAL CHARGE
A withdrawal charge may apply in three circumstances: (1) you make one or more
withdrawals during a contract year; (2) you surrender your contract to receive
its cash value; or (3) we terminate your contract. The amount of the charge
will depend on whether the free withdrawal amount applies, and the availability
of one or more exceptions.
In order to give you the exact dollar amount of the withdrawal you request, we
deduct the amount of the withdrawal and the amount of the withdrawal charge
from your account value. Any amount deducted to pay withdrawal charges is also
subject to a withdrawal charge. We deduct the withdrawal amount and the
withdrawal charge pro rata from the variable investment options and the
guaranteed interest option. If those amounts are insufficient, we will make up
the required amounts from the fixed maturity options. If we deduct all or a
portion of the withdrawal charge from the fixed maturity options, a market
value adjustment will apply. See "About our fixed maturity options" in "More
information" later in this prospectus.
We may reduce the withdrawal charge in order to comply with any state law
requirement. See "Contracts issued in New York -- fixed maturity options,"
below.
o For series 100 and 200 NQ contracts, all series 300, 400, and 500 contracts
The amount of the withdrawal charge we deduct is equal to 6% of contributions
withdrawn that were made in the current and five prior contract years measured
from the date of the withdrawal.
In the case of surrenders, we will pay you the greater of the following up to a
maximum of the account value:
o the account value after any withdrawal charge has been imposed (cash value),
or
o the 10% free withdrawal amount plus the contributions made before the current
and five prior participation years that have not
- ----------------------
* This is the investment option's new name effective on or about May 29,
2007, subject to regulatory approval. Please see "Portfolios of the
Trusts" in "Contract features and benefits" earlier in this prospectus
for the investment option's former name.
50 Charges and expenses
been previously withdrawn plus 94% of (a) the remaining account value,
minus (b) any administrative fees. Under series 100 and 200 NQ contracts,
if the annuitant is age 59 or older when the contract is issued, this
percentage will be 95% in the fifth contract year and 96% in the sixth
contract year. There is a reduction in the withdrawal charge for older
annuitants in the fifth and sixth contract years.
For purposes of calculating the withdrawal charge, amounts withdrawn up to the
10% free withdrawal amount are not considered a withdrawal of any contribution.
We also treat contributions that have been invested the longest as being
withdrawn first. We treat contributions as withdrawn before earnings for
purposes of calculating the withdrawal charge. However, the federal income tax
rules treat earnings under most NQ contracts as withdrawn first. See "Tax
information" later in this prospectus.
o For series 100 and 200 traditional IRA, QP IRA and Roth IRA
The withdrawal charge equals a percentage of the amount withdrawn. The
percentage that applies depends on the contract year in which the withdrawal is
made, according to the following table:
- ------------------------------------
Contract Year(s) Charge
- ------------------------------------
1 through 5 6%*
6 through 8 5
9 4
10 3
11 2
12 1
13 and later 0
- ------------------------------------
* This percentage may be reduced at older ages for certain contracts. Your AXA
Equitable financial professional can provide further details about the
contract series you own.
The total of all withdrawal charges assessed will not exceed 8% of all
contributions made during the current contract year and the nine contract years
before the withdrawal is made.
----------------------------------
We reserve the right to reduce or waive the withdrawal charge including
transfers to a traditional IRA, QP IRA and Roth IRA from another EQUI-VEST(SM)
contract. Any such charge will not be unfairly discriminatory. The withdrawal
charge may be reduced in order to comply with any state law requirement.
WHEN WITHDRAWAL CHARGES DO NOT APPLY
o 10% free withdrawal amount. Each contract year you can withdraw up to 10% of
your account value without paying a withdrawal charge. The 10% free
withdrawal amount is determined using your account value at the time you
request a withdrawal, minus any other withdrawals made during the contract
year. For series 100 and 200 traditional IRA and Roth IRA contracts, the 10%
free withdrawal amount described above will be available after the third
contract year or you attain age 59-1/2. (Currently we are waiving this
restriction.)
For existing contract owners, if you have QP IRA contract number 11933I (series
100), the 10% free withdrawal amount described above was available after the
third contract year. If you have QP IRA contract number 92QPI (series 200), the
free withdrawal amount was available in the first contract year.
o For series 100 and 200 contracts
(i) For NQ contracts, the withdrawal charge does not apply if:
o the annuitant dies and a death benefit is payable to the beneficiary; or
o we receive a properly completed election form providing for the account value
to be used to buy a life annuity payout option.
(ii) For a traditional IRA, QP IRA and Roth IRA the withdrawal charge does not
apply:
o after five contract years and the annuitant is at least age 59-1/2; or
o if you request a refund of an excess contribution within one month of the
date on which the contribution is made; or
o the annuitant dies and the death benefit is made available to the
beneficiary; or
o after five contract years and the annuitant is at least age 55 and the amount
withdrawn is used to purchase from us a period certain annuity that extends
beyond the annuitant's age 59-1/2 and allows no prepayment; or
o after three contract years and the amount withdrawn is used to purchase from
us a period certain annuity for a term of at least 10 years and allows no
prepayment; or
o if the amount withdrawn is applied to the election of a life contingent
annuity payout option.
o For series 300, 400 and 500 contracts
(i) DEATH OR PURCHASE OF ANNUITY. The withdrawal charge does not apply if:
(a) the annuitant dies and a death benefit is payable to the beneficiary; or
(b) we receive a properly completed election form providing for the account
value to be used to buy a life contingent annuity or a non-life annuity
with a period certain for a term of at least ten years.
(ii) DISABILITY, TERMINAL ILLNESS, OR CONFINEMENT TO NURSING HOME. The
withdrawal charge also does not apply if:
(a) The annuitant has qualified to receive Social Security disability benefits
as certified by the Social Security Administration; or
(b) We receive proof satisfactory to us (including certification by a licensed
physician) that the annuitant's life expectancy is six months or less; or
(c) The annuitant has been confined to a nursing home for more than 90 days (or
such other period, as required in your state) as verified by a licensed
physician. A nursing home for this purpose means one that is (a) approved
by Medicare as a provider of skilled nursing care service, or (b) licensed
as a skilled nursing home by the state or territory in which it is located
(it must be within the United States, Puerto Rico, U.S. Virgin Islands, or
Guam) and meets all of the following:
Charges and expenses 51
-- its main function is to provide skilled, intermediate, or custodial
nursing care;
-- it provides continuous room and board to three or more persons;
-- it is supervised by a registered nurse or licensed practical nurse;
-- it keeps daily medical records of each patient;
-- it controls and records all medications dispensed; and
-- its primary service is other than to provide housing for residents.
Some states may not permit us to waive the withdrawal charge in the above
circumstances, or may limit the circumstances for which the withdrawal charge
may be waived. Your financial professional can provide more information or you
may contact our processing office.
(iii) For traditional IRA, QP IRA and Roth IRA contracts the withdrawal charge
also does not apply:
o after six contract years if the annuitant is at least age 59-1/2; or
o if you request a refund of a contribution in excess of amounts allowed to be
contributed under the federal income tax rules within one month of the date
on which you made the contribution.
(iv) Under series 500 (Roth Advantage) contracts the withdrawal charge also
does not apply:
o after five contract years if the annuitant is at least age 59-1/2; or
o if you withdraw an amount which is less than or equal to 25% of the account
value at the time the withdrawal is requested, minus any amount previously
withdrawn during that contract year, and you use the withdrawal to pay
specified higher education expenses as defined in the federal income tax
rules. We must receive evidence satisfactory to us that such withdrawal is in
fact for such purpose; or
o after five contract years if the withdrawal is a "qualified first-time
homebuyer distribution" (special federal income tax definition; $10,000
lifetime total limit). We must receive evidence satisfactory to us that such
withdrawal is in fact for such purpose; or
o if you request a refund of a contribution in excess of amounts allowed to be
contributed under federal income tax rules within one month of the date on
which you made the contribution.
CONTRACTS ISSUED IN NEW YORK -- FIXED MATURITY OPTIONS (FOR SERIES 300-500)
For contracts issued in New York, the withdrawal charge that applies to
withdrawals taken from amounts in the fixed maturity options will never exceed
6% and will be determined by applying the New York Declining Scale ("declining
scale"). If you withdraw amounts that have been transferred from one fixed
maturity option to another, we use the New York Alternative Scale ("alternative
scale") if it produces a higher charge than the declining scale.
- -------------------------------------------------------
Declining scale Alternative scale
- -------------------------------------------------------
Year of investment Year of transfer within fixed
in fixed maturity maturity
option* option*
- -------------------------------------------------------
Within year 1 6% Within year 1 5%
2 6% 2 4%
3 5% 3 3%
4 4% 4 2%
5 3% 5 1%
6 2% After year 5 0%
- -------------------------------------------------------
After year 6 0% Not to exceed 1% times
the number of years
remaining in the fixed
maturity option, rounded
to the higher number of
years. In other words, if
4.3 years remain, it would
be a 5% charge.
- -------------------------------------------------------
* Measured from the contract date anniversary prior to the date of the
contribution or transfer.
In the following example we compare the withdrawal charge that would apply to a
withdrawal from a NQ or traditional IRA contract that has an account value of
$10,000; $8,000 from a contribution made three years ago and $2,000 from
positive investment performance.
o If you were to withdraw the total amount of the contribution within the first
six years after it was made, the withdrawal charge that generally applies
would be $480 (6% of $8,000). However, if when you made your contribution you
allocated it to a fixed maturity option, the withdrawal charge would be
lower. According to the declining scale method described above, the
withdrawal charge would be limited to 5% of the $8,000, or $400 in the third
year.
o The withdrawal charge may be different if when you made your contribution
three years ago, you allocated it to a fixed maturity option and then in the
third year, you transfer the amounts that apply to such contribution to a new
fixed maturity option. In this example we assume that there is one year
remaining in the new fixed maturity option. Because you made a transfer among
the fixed maturity options, the alternative scale may now apply. Based on
this alternative scale, a contribution that is transferred will be subject to
a 5% withdrawal charge if you withdraw that contribution in the same year
that you make the transfer. However, the withdrawal charge may not exceed 1%
for each year remaining in the new fixed maturity option. Since, in this
example, the time remaining in the new fixed maturity option is one year, the
withdrawal charge under the alternative scale would be limited to 1%. Because
New York regulations permit us to use the greater of the declining scale or
the alternative scale, the withdrawal charge would be 5%, or $400, based on
the declining scale.
o The withdrawal charge may not exceed the charge that would normally apply
under the contract. Use of a New York scale can only result in a lower
charge. If your contribution has been in the contract for more than six years
and therefore would not have a withdrawal charge associated with it, no
withdrawal charge would apply.
52 Charges and expenses
o If you take a withdrawal from an investment option other than the fixed
maturity options, the amount available for withdrawal without a withdrawal
charge is reduced. It will be reduced by the amount of the contribution in
the fixed maturity options to which no withdrawal charge applies.
o As of any date on which 50% or more of your account value is held in fixed
maturity options, the free withdrawal amount is zero.
For contracts issued in New York, you should consider that on the maturity date
of a fixed maturity option if we have not received your instructions for
allocation of your maturity value, we will transfer your maturity value to the
fixed maturity option scheduled to mature next. If we are not offering other
fixed maturity options, we will transfer your maturity value to the EQ/Money
Market option.
The potential for lower withdrawal charges for withdrawals from the fixed
maturity options and the potential for a lower free withdrawal amount than
those that would normally apply, should be taken into account when deciding
whether to allocate amounts to, or transfer amounts to or from, the fixed
maturity options.
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 premium taxes in your state. Generally, we deduct the charge from
the amount applied to provide an annuity payout option. The current tax charge
that might be imposed varies by jurisdiction and ranges from 0% to 3.5%.
VARIABLE IMMEDIATE ANNUITY PAYOUT OPTION ADMINISTRATIVE FEE
We deduct a fee of $350 from the amount to be applied to the Variable Immediate
Annuity payout option. This option may not be available at the time you elect
to begin receiving annuity payouts or it may have a different charge.
CHARGES THAT THE TRUSTS DEDUCT
The Trusts deduct charges for the following types of fees and expenses:
o Management fees ranging from 0.10% to 1.40%.
o 12b-1 fees of either 0.25% or 0.35% for Class IB/B and Class II shares.
o Operating expenses, such as trustees' fees, independent auditors' fees, legal
counsel fees, administrative service fees, custodian fees, and liability
insurance.
o Investment-related expenses, such as brokerage commissions.
These charges are reflected in the daily share price of each portfolio. Since
shares of each Trust are purchased at their net asset value, these fees and
expenses are, in effect, passed on to the variable investment options and are
reflected in their unit values. Certain portfolios available under the contract
in turn invest in shares of other portfolios of AXA Premier VIP Trust and EQ
Advisors Trust and/or shares of unaffiliated portfolios (collectively, the
"underlying portfolios"). The underlying portfolios each have their own fees
and expenses, including management fees, operating expenses, and investment
related expenses such as brokerage commissions. For more information about
these charges, please refer to the prospectuses for the Trusts.
GROUP OR SPONSORED ARRANGEMENTS
For certain group or sponsored arrangements, we may reduce the withdrawal
charge or the mortality and expense risks charge, or change the minimum initial
contribution requirements. We also may change the minimum death benefit. Group
arrangements include those in which a trustee or an employer, for example,
purchases contracts covering a group of individuals on a group basis. Group
arrangements are not available for traditional IRA, QP IRA and Roth IRA
contracts. Sponsored arrangements include those in which an employer allows us
to sell contracts to its employees or retirees on an individual basis.
Our costs for sales, administration, and mortality generally vary with the size
and stability of the group or sponsoring organization, among other factors. We
take all these factors into account when reducing charges. To qualify for
reduced charges, a group or sponsored arrangement must meet certain
requirements, such as requirements for size and number of years in existence.
Group or sponsored arrangements that have been set up solely to buy contracts
or that have been in existence less than six months will not qualify for
reduced charges.
We also may establish different rates to maturity for the fixed maturity
options under different classes of contracts for group or sponsored
arrangements.
We will make these and any similar reductions according to our rules in effect
when we approve a contract for issue. We may change these rules from time to
time. Any variation will reflect differences in costs or services and will not
be unfairly discriminatory.
Group or sponsored arrangements may be governed by federal income tax rules,
the Employee Retirement Income Security Act of 1974, or both. We make no
representations with regard to the impact of these and other applicable laws on
such programs. We recommend that employers, trustees, and others purchasing or
making contracts available for purchase under such programs seek the advice of
their own legal and benefits advisers.
OTHER DISTRIBUTION ARRANGEMENTS
We may reduce or eliminate charges when sales are made in a manner that results
in savings of sales and administrative expenses, such as sales through persons
who are compensated by clients for recommending investments and who receive no
commission or reduced commissions in connection with the sale of the contracts.
We will not permit a reduction or elimination of charges where it will be
unfairly discriminatory.
Charges and expenses 53
6. Payment of death benefit
- --------------------------------------------------------------------------------
YOUR BENEFICIARY AND PAYMENT OF BENEFIT
You designate your beneficiary when you apply for your contract. You may change
your beneficiary at any time. The change will be effective on the date the
written request for the change is received in our processing office. We are not
responsible for any beneficiary change request that we do not receive. We will
send you a written confirmation when we receive your request.
DEATH BENEFIT
The death benefit is equal to the greater of (i) your account value (without
adjustment for any otherwise applicable negative market value adjustment) as of
the date we receive satisfactory proof of the annuitant's death, any required
instructions for the method of payment, information and forms necessary to
effect payment or (ii) the "minimum death benefit." The minimum death benefit
is equal to your total contributions, adjusted for withdrawals, withdrawal
charges, and taxes that apply.
HOW WITHDRAWALS AFFECT THE MINIMUM DEATH BENEFIT
Depending upon contract series, contract date and the state where your contract
is issued, each withdrawal you make will reduce the amount of your current
minimum death benefit on a pro rata basis. Reduction on a pro rata basis means
that we calculate the percentage of your current account value that is being
withdrawn and we reduce your current minimum death benefit by that same
percentage. For example, if your account value is $30,000, and you withdraw
$12,000 you have withdrawn 40% of your account value. If your minimum death
benefit was $40,000 before the withdrawal, it would be reduced by $16,000
($40,000 x .40) and your new minimum death benefit after the withdrawal would
be $24,000 ($40,000-$16,000). Check with your financial professional.
EFFECT OF THE ANNUITANT'S DEATH
If the annuitant dies before the annuity payments begin, we will pay the death
benefit to your beneficiary.
Generally, the death of the annuitant terminates the contract. However, if you
are both the owner and the annuitant and your spouse is the sole primary
beneficiary, the contract can be continued as discussed below under "Successor
owner and annuitant". Only a spouse who is the sole primary beneficiary can be
a successor owner/ annuitant. A beneficiary may be able to have limited
ownership as discussed under "Beneficiary continuation option" below.
SUCCESSOR OWNER AND ANNUITANT: TRADITIONAL IRA, QP IRA, NQ AND ROTH IRA
CONTRACTS (MAY NOT BE AVAILABLE IN ALL STATES FOR SOME SERIES). If you are the
owner and annuitant and your spouse is the sole primary beneficiary, your
spouse may elect upon your death, to continue the contract as the
owner/annuitant and no death benefit is payable until the surviving spouse's
death. If your surviving spouse decides to continue the contract, as of the
date we receive satisfactory proof of death, any required instructions,
information and forms necessary to effect the successor owner/annuitant
feature, we will increase the account value to equal your minimum death
benefit, if such death benefit is greater than such account value. The increase
in the account value will be allocated to the investment options according to
the allocation percentages we have on file for your contract. Thereafter,
withdrawal charges will no longer apply to contributions made before your
death. Withdrawal charges will apply if additional contributions are made.
These additional contributions will be withdrawn only after all other amounts
have been withdrawn. For series 100 and 200 IRA contracts, withdrawal charges
will no longer apply and additional contributions may no longer be made. The
minimum death benefit will continue to apply.
WHEN AN NQ CONTRACT OWNER DIES BEFORE THE ANNUITANT
Under certain conditions after the original owner's death, the owner changes
for purposes of receiving federal tax law required distributions from your
contract. When you are not the annuitant under an NQ contract and you die
before annuity payments begin, unless you specify otherwise, we will
automatically make the beneficiary your successor owner. If you do not want
this beneficiary also to be the successor owner, you should name a specific
successor owner. You may name a successor at any time by sending satisfactory
notice to our processing office.
Unless the surviving spouse of the owner who has died is the successor owner
for this purpose, the entire interest in the contract must be distributed under
the following rules:
o The cash value of the contract must be fully paid to the successor owner (new
owner) within five years after your death.
o The successor owner may instead elect to receive the cash value as a life
annuity (or payments for a period certain of not longer than the new owner's
life expectancy). Payments must begin within one year after the non-annuitant
owner's death. Unless this alternative is elected, we will pay any cash value
five years after your death.
If the surviving spouse is the successor owner, the spouse may elect to
continue the contract. No distributions are required as long as the surviving
spouse and annuitant are living. The account value must be distributed no later
than 5 years after the spouse's death.
HOW DEATH BENEFIT PAYMENT IS MADE
We will pay the death benefit to the beneficiary in the form of the annuity
payout option you have chosen. If you have not chosen an annuity payout option
as of the time of the annuitant's death, the beneficiary will receive the death
benefit in a single sum. However, subject to any exceptions in the contract,
our rules and any applicable requirements under federal income tax rules, the
beneficiary may elect to apply the death benefit to one or more annuity payout
options we offer at the time. See "Your annuity payout options" under
"Accessing
54 Payment of death benefit
your money" earlier in this prospectus. Please note that any annuity payout
option chosen may not extend beyond the life expectancy of the beneficiary.
Single sum payments generally are paid through the AXA Equitable Access
Account, an interest bearing account with check writing privileges. The AXA
Equitable Access Account is part of AXA Equitable's general account.
Beneficiaries have immediate access to the proceeds by writing a check on the
account. We pay interest from the date the single sum is deposited into the
Access Account until the account is closed.
BENEFICIARY CONTINUATION OPTION FOR TRADITIONAL IRA, QP IRA, ROTH IRA AND ROTH
ADVANTAGE CONTRACTS
Upon your death under a traditional IRA, QP IRA, Roth IRA, or Roth Advantage
contract, your beneficiary may generally elect to keep the contract in your
name and receive distributions under the contract instead of receiving the
death benefit in a single sum. The beneficiary continuation option may not be
available in all states for some series.
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 increase the
account value to equal the applicable death benefit if such death benefit is
greater then such account value.
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 70-1/2, if such time is later. For
traditional IRA contracts 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 and Roth Advantage contracts. 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:
o The contract continues in your name for the benefit of your beneficiary.
o 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.
o 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.
o The minimum amount that is required in order to elect the beneficiary
continuation option is $5,000 for each beneficiary.
o The beneficiary may make transfers among the investment options, but no
additional contributions will be permitted.
o The minimum death benefit provision will no longer be in effect.
o The beneficiary may choose at any time to withdraw all or a portion of the
account value and no withdrawal charges will apply. Any partial withdrawal
must be at least $300.
o Your beneficiary will have the right to name a beneficiary to receive any
remaining interest in the contract.
o Upon the death of the 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 contract 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.
BENEFICIARY CONTINUATION OPTION FOR SERIES 400 NQ CONTRACTS ONLY
This feature (also known as inherited annuity), may only be elected when the NQ
contract owner dies before the date annuity payments are to begin, whether or
not the owner and the annuitant are the same person. If the owner and annuitant
are different and the owner dies before the annuitant, for purposes of this
discussion, "beneficiary" refers to the successor owner. For a discussion of
successor owner, see "When an NQ contract owner dies before the annuitant"
earlier in this section.
This feature must be elected within 9 months following the date 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.
Generally, payments will be made once a year to the beneficiary over the
beneficiary's life expectancy, determined on a term certain basis and in the
year payments start. These payments must begin no later than one year after the
date of your death and are referred to as "scheduled payments." The beneficiary
may choose the "5-year rule" instead of scheduled payments over life
expectancy. If the beneficiary chooses the 5-year rule, there will be no
scheduled payments. Under the 5-year rule, the beneficiary may take withdrawals
as desired, but the entire account value must be fully withdrawn by the fifth
anniversary of your death.
Under the beneficiary continuation option for NQ contracts (regardless of
whether the owner and annuitant are the same person):
o This feature is only available if the beneficiary is an individual. It is not
available for any entity such as a trust, even if all of the beneficiaries of
the trust are individuals.
o The contract continues in your name for the benefit of your beneficiary.
Payment of death benefit 55
o If there is more than one beneficiary, each beneficiary's share will be
separately accounted for. It will be distributed over the respective
beneficiary's own life expectancy, if scheduled payments are chosen.
o The minimum amount that is required in order to elect the beneficiary
continuation option is $5,000 for each beneficiary.
o The beneficiary may make transfers among the investment options but no
additional contributions will be permitted.
o The minimum death benefit will no longer be in effect.
o If the beneficiary chooses the "5-year rule," withdrawals may be made at any
time. If the beneficiary chooses scheduled payments, the beneficiary must
also choose between two potential withdrawal options at the time of election.
"Withdrawal Option 1" permits total surrender only. "Withdrawal Option 2"
permits the beneficiary to take withdrawals, in addition to scheduled
payments, at any time. See "Taxation of nonqualified annuities" in "Tax
information" later in this prospectus.
o Any partial withdrawal must be at least $300.
o Your beneficiary will have the right to name a beneficiary to receive any
remaining interest in the contract on the beneficiary's death.
o Upon the death of your beneficiary, the beneficiary that he or she has named
has the option to either continue taking scheduled payments based on the
remaining life expectancy of the deceased beneficiary (if scheduled payments
were chosen) or to receive any remaining interest in the contract in a lump
sum. We will pay any remaining interest in the contract in a lump sum if your
beneficiary elects the 5-year rule. 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.
If you are both the owner and annuitant:
o 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 increase the account value to equal the
applicable death benefit if such death benefit is greater than such account
value. The increase in account value will be allocated to the investment
options according to the allocation percentages we have on file for your
contract.
o No withdrawal charges will apply to any withdrawals by the beneficiary.
If the owner and annuitant are not the same person:
o If the beneficiary continuation option is elected, the beneficiary
automatically becomes the new annuitant of the contract, replacing the
existing annuitant.
o The account value will not be reset to the death benefit amount.
o The withdrawal charge schedule and free corridor amount on the contract will
continue to be applied to any withdrawal or surrender other than scheduled
payments.
o We do not impose a withdrawal charge on scheduled payments except if, when
added to any withdrawals previously taken in the same contract year,
including for this purpose a contract surrender, the total amount of
withdrawals and scheduled payments exceeds the free corridor amount. See
"Withdrawal charge" in "Charges and expenses" earlier in this prospectus.
If a contract is jointly owned:
o The surviving owner supersedes any other named beneficiary and may elect the
beneficiary continuation option.
o If the deceased joint owner was also the annuitant, see "If you are both the
owner and annuitant" above.
o If the deceased joint owner was not the annuitant, see "If the owner and
annuitant are not the same person" above.
56 Payment of death benefit
7. Tax information
- --------------------------------------------------------------------------------
OVERVIEW
In this part of the prospectus, we discuss the current federal income tax rules
that generally apply to EQUI-VEST(SM) contracts owned by United States
individual taxpayers. The tax rules can differ, depending on the type of
contract, whether NQ, traditional IRA, QP IRA, Roth IRA or Roth Advantage.
Therefore, we discuss the tax aspects of each type of contract separately.
Federal income tax rules include the United States laws in the Internal Revenue
Code, and Treasury Department Regulations and Internal Revenue Service ("IRS")
interpretations of the Internal Revenue Code. These tax rules may change
without notice. We cannot predict whether, when, or how these rules could
change. Any change could affect contracts 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 contracts.
Moreover, the tax aspects that apply to a particular person's contract 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
contract, rights or values under the contract, or payments under the contract,
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.
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 IRA annuity contract such as
this one, or an IRA custodial or trusteed account. 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 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 EQUI-VEST(SM)'s guaranteed minimum
death benefit, selection of variable investment options, provision of a
guaranteed interest option and choices of payout options, as well as the
features and benefits of other permissible funding vehicles and the relative
costs of annuities and other such arrangements. You should be aware that cost
may vary depending on the features and benefits made available and the charges
and expenses of the portfolios.
Beginning in 2006, 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. For this purpose additional annuity
contract benefits may include enhanced death benefits. You should consider the
potential implication of these Regulations before you purchase this annuity
contract.
TRANSFERS AMONG INVESTMENT OPTIONS
You can make transfers among investment options inside the contract without
triggering taxable income.
TAXATION OF NONQUALIFIED ANNUITIES
CONTRIBUTIONS
You may not deduct the amount of your contributions to a nonqualified annuity
contract.
CONTRACT EARNINGS
Generally, you are not taxed on contract earnings until you receive a
distribution from your contract, whether as a withdrawal or as an annuity
payment. However, earnings are taxable, even without a distribution:
o if a contract fails investment diversification requirements as specified in
federal income tax rules (these rules are based on or are similar to those
specified for mutual funds under securities laws);
o if you transfer a contract, for example, as a gift to someone other than your
spouse (or former spouse);
o if you use a contract as security for a loan (in this case, the amount
pledged will be treated as a distribution); and
o if the owner is other than an individual (such as a corporation, partnership,
trust, or other non-natural person). This provision does not apply to a trust
which is a mere agent or nominee for an individual, such as a grantor trust.
All nonqualified deferred annuity contracts that AXA Equitable and its
affiliates issue to you during the same calendar year are linked together and
treated as one contract for calculating the taxable amount of any distribution
from any of those contracts.
ANNUITY PAYMENTS
Once annuity payments begin, a portion of each payment is taxable as ordinary
income. You get back the remaining portion without paying taxes on it. This is
your "investment in the contract." Generally, your investment in the contract
equals the contributions you made, less any amounts you previously withdrew
that were not taxable.
For fixed annuity payments, the tax-free portion of each payment is determined
by (1) dividing your investment in the contract by the total amount you are
expected to receive out of the contract, and (2) multiplying the result by the
amount of the payment. For variable annuity
Tax information 57
payments, your tax-free portion of each payment is your investment in the
contract divided by the number of expected payments.
Once you have received the amount of your investment in the contract, all
payments after that are fully taxable. If payments under a life annuity stop
because the annuitant dies, there is an income tax deduction for any
unrecovered investment in the contract.
PAYMENTS MADE BEFORE ANNUITY PAYMENTS BEGIN
If you make withdrawals before annuity payments begin under your contract, they
are taxable to you as ordinary income if there are earnings in the contract.
Generally, earnings are your account value less your investment in the
contract. If you withdraw an amount which is more than the earnings in the
contract as of the date of the withdrawal, the balance of the distribution is
treated as a return of your investment in the contract and is not taxable.
CONTRACTS PURCHASED THROUGH EXCHANGES
You may purchase your NQ contract through an exchange of another contract.
Normally, exchanges of contracts are taxable events. The exchange will not be
taxable under Section 1035 of the Internal Revenue Code if:
o the contract that is the source of the funds you are using to purchase the NQ
contract is another nonqualified deferred annuity contract (or life insurance
or endowment contract).
o the owner and the annuitant are the same under the source contract and the
EQUI-VEST(SM) NQ contract. If you are using a life insurance or endowment
contract the owner and the insured must be the same on both sides of the
exchange transaction.
The tax basis, also referred to as your investment in the contract, of the
source contract carries over to the EQUI-VEST(SM) NQ contract.
An owner may direct the proceeds of a partial withdrawal from one nonqualified
deferred annuity contract to a different insurer to purchase a new nonqualified
deferred annuity contract on a tax-free basis. Special forms, agreements
between carriers, and provision of cost basis information may be required to
process this type of an exchange.
Section 1035 exchanges are generally not available after the death of the
owner.
SURRENDERS
If you surrender or cancel the contract, the distribution is taxable as
ordinary income (not capital gain) to the extent it exceeds your investment in
the contract.
DEATH BENEFIT PAYMENTS MADE TO A BENEFICIARY AFTER YOUR DEATH
For the rules applicable to death benefits, see "Payment of death benefit"
earlier in this prospectus. The tax treatment of a death benefit taken as a
single sum is generally the same as the tax treatment of a withdrawal from or
surrender of your contract. The tax treatment of a death benefit taken as
annuity payments is generally the same as the tax treatment of annuity payments
under your contract.
BENEFICIARY CONTINUATION OPTION
We have received a private letter ruling from the IRS regarding certain tax
consequences of scheduled payments under the beneficiary continuation option
for NQ contracts. See the discussion of the beneficiary continuation option for
NQ contracts earlier in this prospectus. Among other things, the IRS rules
that:
o scheduled payments under the beneficiary continuation option for NQ contracts
satisfy the death of owner rules of Section 72(s)(2) of the Code, regardless
of whether the beneficiary elects Withdrawal Option 1 or Withdrawal Option 2;
o scheduled payments, any additional withdrawals under Withdrawal Option 2, or
contract surrenders under Withdrawal Option 1 will only be taxable to the
beneficiary when amounts are actually paid, regardless of the Withdrawal
Option selected by the beneficiary;
o a beneficiary who irrevocably elects scheduled payments with Withdrawal
Option 1 will receive "excludable amount" tax treatment on scheduled
payments. See "Annuity payments" earlier in this section. If the beneficiary
elects to surrender the contract before all scheduled payments are paid, the
amount received upon surrender is a non-annuity payment taxable to the extent
it exceeds any remaining investment in the contract.
The ruling specifically does not address the taxation of any payments received
by a beneficiary electing Withdrawal Option 2 (whether scheduled payments or
any withdrawal that might be taken).
The tax treatment of a withdrawal after the death of the owner taken as a
single sum or taken as withdrawals under the 5-year rule is generally the same
as the tax treatment of a withdrawal from or surrender of your contract.
EARLY DISTRIBUTION PENALTY TAX
If you take distributions before you are age 59-1/2 a penalty tax of 10% of the
taxable portion of your distribution applies in addition to the income tax.
Some of the available exceptions to the pre-age 59-1/2 penalty tax include
distributions made:
o on or after your death; or
o because you are disabled (special federal income tax definition); or
o in the form of substantially equal periodic annuity payments for your life
(or life expectancy) or the joint lives (or joint life expectancy) of you and
a beneficiary, in accordance with IRS formulas.
INVESTOR CONTROL ISSUES
Under certain circumstances, the IRS has stated that you could be treated as
the owner (for tax purposes) of the assets of Separate Account A. If you were
treated as the owner, you would be taxed on income and gains attributable to
the shares of the underlying portfolios.
The circumstances that would lead to this tax treatment would be that, in the
opinion of the IRS, you could control the underlying investment of Separate
Account A. The IRS has said that the owners of variable annuities will not be
treated as owning the separate account assets provided the underlying
portfolios are restricted to variable life and
58 Tax information
annuity assets. The variable annuity owners must have the right only to choose
among the portfolios, and must have no right to direct the particular
investment decisions within the portfolios.
Although we believe that, under current IRS guidance, you would not be treated
as the owner of the assets of Separate Account A, there are some issues that
remain unclear. For example, the IRS has not issued any guidance as to whether
having a larger number of portfolios available, or an unlimited right to
transfer among them, could cause you to be treated as the owner. We do not know
whether the IRS will ever provide such guidance or whether such guidance, if
unfavorable, would apply retroactively to your contract. Furthermore, the IRS
could reverse its current guidance at any time. We reserve the right to modify
your contract as necessary to prevent you from being treated as the owner of
the assets of Separate Account A.
SPECIAL RULES FOR NQ CONTRACTS ISSUED IN PUERTO RICO
Income from NQ contracts we issue is U.S. source. A Puerto Rico resident is
subject to U.S. taxation on such U.S. source income. Only Puerto Rico source
income of Puerto Rico residents is excludable from U.S. taxation. Income from
NQ contracts is also subject to Puerto Rico tax. The calculation of the taxable
portion of amounts distributed from a contract may differ in the two
jurisdictions. Therefore, you might have to file both U.S. and Puerto Rico tax
returns, showing different amounts of income from the contract for each tax
return. Puerto Rico generally provides a credit against Puerto Rico tax for
U.S. tax paid. Depending on your personal situation and the timing of the
different tax liabilities, you may not be able to take full advantage of this
credit.
INDIVIDUAL RETIREMENT ARRANGEMENTS ("IRAS")
GENERAL
"IRA" stands for individual retirement arrangement. There are two basic types
of such arrangements, individual retirement accounts and individual retirement
annuities. In an individual retirement account, a trustee or custodian holds
the assets funding the account for the benefit of the IRA owner. The assets
typically include mutual funds and/or individual stocks and securities in a
custodial account, and certificates of deposit in a trusteed account. In an
individual retirement annuity, an insurance company issues an annuity contract
that serves as the IRA.
There are two basic types of IRAs, as follows:
o "traditional IRAs," typically funded on a pre-tax basis, including SEP-IRAs
and SIMPLE IRAs issued and funded in connection with employer-sponsored
retirement plans; and
o Roth IRAs, funded on an after-tax basis.
Regardless of the type of IRA, your ownership interest in the IRA cannot be
forfeited. You or your beneficiaries who survive you are the only ones who can
receive the IRA's benefits or payments. All types of IRAs qualify for tax
deferral, regardless of the funding vehicle selected.
You can hold your IRA assets in as many different accounts and annuities as you
would like, as long as you meet the rules for setting up and making
contributions to IRAs. However, if you own multiple IRAs, you may be required
to combine IRA values or contributions for tax purposes. For further
information about individual retirement arrangements, you can read Internal
Revenue Service Publication 590 ("Individual Retirement Arrangements (IRAs)").
This publication is usually updated annually, and can be obtained from any IRS
district office or the IRS website (www.irs.gov).
AXA Equitable designs its IRA contracts to qualify as "individual retirement
annuities" under Section 408(b) of the Internal Revenue Code. We offer the
EQUI-VEST(SM) contract in both traditional IRA and Roth IRA versions. This
prospectus contains the information that the IRS requires you to have before
you purchase an IRA. The first section covers some of the special tax rules
that apply to traditional IRAs. The next section covers Roth IRAs. The
disclosure generally assumes direct ownership of the individual retirement
annuity contract.
We describe the amount and types of charges that may apply to your
contributions under "Charges and expenses" earlier in this prospectus. We
describe the method of calculating payments under "Accessing your money"
earlier in this prospectus. We do not guarantee or project growth in a variable
income annuitization option payments (as opposed to payments from a fixed
income annuitization option).
We have received an opinion letter from the IRS approving the respective forms
of the series 400 EQUI-VEST(SM) traditional and Roth IRA contracts for use as
traditional and Roth IRA, respectively. We have not submitted to the IRS
requests for opinion letters to approve any other forms of series 100 -- 500
EQUI-VEST(SM) traditional IRA and Roth IRA for use as a traditional or Roth IRA,
respectively. This IRS approval is a determination only as to the form of the
annuity. It does not represent a determination of the merits of the annuity as
an investment. The contracts submitted for IRS approval do not include every
feature possibly available under the EQUI-VEST(SM) traditional and Roth IRA
contracts.
YOUR RIGHT TO CANCEL WITHIN A CERTAIN NUMBER OF DAYS
You can cancel any version of the EQUI-VEST(SM) IRA contract (traditional IRA or
Roth IRA) by following the directions under "Your right to cancel within a
certain number of days" in "Contract features and benefits" earlier in this
prospectus. You can cancel an EQUI-VEST(SM) Roth IRA contract issued as a result
of a full or partial conversion of an EQUI-VEST(SM) traditional IRA contract by
following the instructions in the "EQUI-VEST(SM) Roth IRA Re-Characterization
Form." The form is available from our processing office or your financial
professional. If you cancel a traditional IRA or Roth IRA contract, we may have
to withhold tax, and we must report the transaction to the IRS. A contract
cancellation could have an unfavorable tax impact.
TRADITIONAL INDIVIDUAL RETIREMENT ANNUITIES
(TRADITIONAL IRAS)
CONTRIBUTIONS TO TRADITIONAL IRAS. Generally, individuals may make three
different types of contributions to purchase a traditional IRA or as subsequent
contributions to an existing IRA:
o "regular" contributions out of earned income or compensation; or
o tax-free "rollover" contributions; or
o direct custodian-to-custodian transfers from other traditional IRAs ("direct
transfers").
Tax information 59
REGULAR CONTRIBUTIONS TO TRADITIONAL IRAS
LIMITS ON CONTRIBUTIONS. The "maximum regular contribution amount" for any
taxable year is the most that can be contributed to all of your IRAs
(traditional and Roth) as regular contributions for the particular taxable
year. The maximum regular contribution amount depends on age, earnings, and
year, among other things. Generally, $4,000 is the maximum amount that you may
contribute to all IRAs (including Roth IRAs) for 2007. For 2008, the amount is
$5,000. When your earnings are below $4,000, your earned income or compensation
for the year is the most you can contribute. This limit does not apply to
rollover contributions or direct custodian-to-custodian transfers into a
traditional IRA. You cannot make regular traditional IRA contributions for the
taxable year in which you reach age 70-1/2 or any taxable year after that.
If you reach age 50 before the close of the taxable year for which you are
making a regular contribution to your IRA, you may be eligible to make an
additional "catch up contribution" of up to $1,000 to your traditional IRA for
2007 and after.
SPECIAL RULES FOR SPOUSES. If you are married and file a joint income tax
return, you and your spouse may combine your compensation to determine the
amount of regular contributions you are permitted to make to traditional IRAs
(and Roth IRAs discussed below). Even if one spouse has no compensation, or
compensation under $4,000, married individuals filing jointly can contribute up
to $8,000 for 2007 to any combination of traditional IRAs and Roth IRAs. For
2008, the amount is $10,000. Any contributions to Roth IRAs reduce the ability
to contribute to traditional IRAs and vice versa. The maximum amount may be
less if earned income is less and the other spouse has made IRA contributions.
No more than a combined total of $4,000 can be contributed annually to either
spouse's traditional and Roth IRAs. Each spouse owns his or her traditional
IRAs and Roth IRAs even if the other spouse funded the contributions. A working
spouse age 70-1/2 or over can contribute up to the lesser of $4,000 or 100% of
"earned income" to a traditional IRA for a nonworking spouse until the year in
which the nonworking spouse reaches age 70-1/2. Catch-up contributions may be
made as described above for spouses who are at least age 50 but under age 70-1/2
at any time during the taxable year for which the contribution is being made.
DEDUCTIBILITY OF CONTRIBUTIONS. The amount of traditional IRA contributions
that you can deduct for a taxable year depends on whether you are covered by an
employer-sponsored-tax-favored retirement plan, as defined under special
federal income tax rules. Your Form W-2 will indicate whether or not you are
covered by such a retirement plan.
If you are not covered by a retirement plan during any part of the year, you
can make fully deductible contributions to your traditional IRAs for the
taxable year up to the maximum amount discussed above under "Limits on
contributions". That is, for 2007, your fully deductible contribution can be up
to $4,000 ($5,000 for 2008), or if less, your earned income. The dollar limit
is $5,000 for people eligible to make age 50-70-1/2 catch-up contributions for
2007 ($6,000 for 2008).
If you are covered by a retirement plan during any part of the year, and your
adjusted gross income (AGI) is below the lower dollar figure in a phase-out
range, you can make fully deductible contributions to your traditional IRAs.
If you are covered by a retirement plan during any part of the year, and your
AGI falls within a phase-out range, you can make partially deductible
contributions to your traditional IRAs.
If you are covered by a retirement plan during any part of the year, and your
AGI falls above the higher figure in the phase-out range, you may not deduct
any of your regular contributions to your traditional IRAs.
Cost of living indexing applies to the income limits to deductible
contributions beginning in 2007.
If you are single and covered by a retirement plan during any part of the
taxable year, the deduction for traditional IRA contributions phases out with
AGI between $50,000 and $60,000. (For 2007, AGI between $52,000 and $62,000,
after adjustment.)
If you are married and file a joint return, and you are covered by a retirement
plan during any part of the taxable year, the deduction for traditional IRA
contributions phases out with AGI between $80,000 and $100,000 in 2007. (For
2007, AGI between $83,000 and $103,000, after adjustment.)
Married individuals filing separately and living apart at all times are not
considered married for purposes of this deductible contribution calculation.
Generally, the active participation in an employer-sponsored retirement plan of
an individual is determined independently for each spouse. Where spouses have
"married filing jointly" status, however, the maximum deductible traditional
IRA contribution for an individual who is not an active participant (but whose
spouse is an active participant) is phased out for taxpayers with AGI of
between $150,000 and $160,000. (For 2007, AGI between $156,000 and $166,000,
after adjustment.)
To determine the deductible amount of the contribution for 2007, for example,
you determine AGI and subtract $52,000 if you are single, or $83,000 if you are
married and file a joint return with your spouse. The resulting amount is your
excess AGI. You then determine the limit on the deduction for traditional IRA
contributions using the following formula:
($10,000-excess AGI) times the maximum equals the adjusted
- --------------------- x regular = deductible
divided by $10,000 contribution amount contribution
for the year limit
discussed above
ADDITIONAL "SAVER'S CREDIT" FOR CONTRIBUTIONS TO A TRADITIONAL IRA OR ROTH IRA
You may be eligible for a nonrefundable income tax credit for contributions you
make to a traditional IRA or Roth IRA. If you qualify, you may take this credit
even though your traditional IRA contribution is already fully or partially
deductible. To take advantage of this "saver's credit" you must be age 18 or
over before the end of the taxable year for which the contribution is made, you
cannot be a full-time student or claimed as a dependent on another's tax
return, and your adjusted gross income cannot exceed $50,000 ($52,000 after
cost of living indexing beginning in 2007). The amount of the tax credit you
can get varies from 10% of your contribution to 50% of your contribution, and
60 Tax information
depends on your income tax filing status and your adjusted gross income. The
maximum annual contribution eligible for the saver's credit is $2,000. If you
and your spouse file a joint return, and each of you qualifies, each is
eligible for a maximum annual contribution of $2,000. Your saver's credit may
also be reduced if you take or have taken a taxable distribution from any plan
eligible for a saver's credit contribution -- even if you make a contribution
to one plan and take the distribution from another plan -- during the "testing
period." The "testing period" begins two years before the year for which you
make the contribution and ends when your tax return is due for the year for
which you make the contribution. Saver's-credit-eligible contributions may be
made to a 401(k) plan, 403(b) TSA, governmental employer 457(b) plan, SIMPLE
IRA, or SARSEP IRA, as well as a traditional IRA or Roth IRA.
NONDEDUCTIBLE REGULAR CONTRIBUTIONS. If you are not eligible to deduct part or
all of the traditional IRA contribution, you may still make nondeductible
contributions on which earnings will accumulate on a tax-deferred basis. The
combined deductible and nondeductible contributions to your traditional IRA (or
the nonworking spouse's traditional IRA) may not, however, exceed the maximum
dollar per person limit for the applicable taxable year ($4,000 for 2007 and
$5,000 for 2008). The dollar limit is $5,000 in 2007 ($6,000 for 2008) for
people eligible to make age 50-70-1/2 catch-up contributions. See "Excess
contributions" below. You must keep your own records of deductible and
nondeductible contributions in order to prevent double taxation on the
distribution of previously taxed amounts. See "Withdrawals, payments and
transfers of funds out of traditional IRAs" below.
If you are making nondeductible contributions in any taxable year, or you have
made nondeductible contributions to a traditional IRA in prior years and are
receiving distributions from any traditional IRA, you must file the required
information with the IRS. Moreover, if you are making nondeductible traditional
IRA contributions, you must retain all income tax returns and records
pertaining to such contributions until interests in all traditional IRAs are
fully distributed.
WHEN YOU CAN MAKE REGULAR CONTRIBUTIONS. If you file your tax returns on a
calendar year basis like most taxpayers, you have until the April 15 return
filing deadline (without extensions) of the following calendar year to make
your regular traditional IRA contributions for a tax year.
ROLLOVER AND TRANSFER CONTRIBUTIONS TO TRADITIONAL IRAS
Rollover contributions may be made to a traditional IRA from these "eligible
retirement plans":
o qualified plans;
o governmental employer 457(b) plans, also referred to as "governmental
employer EDC plans";
o TSAs (including Internal Revenue Code Section 403(b)(7) custodial accounts);
and
o other traditional IRAs.
Direct transfer contributions may only be made directly from one traditional
IRA to another.
Any amount contributed to a traditional IRA after you reach age 70-1/2 must be
net of your required minimum distribution for the year in which the rollover or
direct transfer contribution is made.
ROLLOVERS FROM "ELIGIBLE RETIREMENT PLANS" OTHER THAN TRADITIONAL IRAS
Your plan administrator will tell you whether or not your distribution is
eligible to be rolled over. Spousal beneficiaries and spousal alternate payees
under qualified domestic relations orders may roll over funds on the same basis
as the plan participant. Beginning in 2007, a non-spousal death beneficiary may
also be able to make rollover contributions to an individual retirement plan
under certain circumstances.
There are two ways to do rollovers:
o Do it yourself:
You actually receive a distribution that can be rolled over and you roll it
over to a traditional IRA within 60 days after the date you receive the
funds. The distribution from your eligible retirement plan will be net of
20% mandatory federal income tax withholding. If you want, you can replace
the withheld funds yourself and roll over the full amount.
o Direct rollover:
You tell the trustee or custodian of the eligible retirement plan to send
the distribution directly to your traditional IRA issuer. Direct rollovers
are not subject to mandatory federal income tax withholding.
All distributions from a TSA, qualified plan or governmental employer 457(b)
plan are eligible rollover distributions, unless the distribution is:
o "a required minimum distribution" after age 70-1/2 or retirement; or
o one of a series of substantially equal periodic payments made at least
annually for your life (or life expectancy) or the joint lives (or joint life
expectancies) of you and your designated beneficiary; or
o one of a series of substantially equal periodic payments made for a specified
period of 10 years or more; or
o a hardship withdrawal; or
o a corrective distribution that fits specified technical tax rules; or
o a loan that is treated as a distribution; or
o a death benefit payment to a beneficiary who is not your surviving spouse; or
o a qualified domestic relations order distribution to a beneficiary who is not
your current or former spouse.
You should discuss with your tax adviser whether you should consider rolling
over funds from one type of tax qualified retirement plan to another, because
the funds will generally be subject to the rules of the recipient plan. For
example, funds in a governmental employer 457(b) plan are not subject to the
additional 10% federal income tax penalty for premature distributions, but they
may become subject to this pen-
Tax information 61
alty if you roll the funds to a different type of eligible retirement plan,
such as a traditional IRA, and subsequently take a premature distribution.
ROLLOVERS OF AFTER-TAX CONTRIBUTIONS FROM ELIGIBLE RETIREMENT PLANS OTHER THAN
TRADITIONAL IRAS
Any non-Roth after-tax contributions you have made to a qualified plan or TSA
(but not a governmental employer 457(b) plan) may be rolled over to a
traditional IRA (either in a direct rollover or a rollover you do yourself).
When the recipient plan is a traditional IRA, you are responsible for
recordkeeping and calculating the taxable amount of any distributions you take
from that traditional IRA. See "Taxation of Payments" later in this prospectus
under "Withdrawals, payments and transfers of funds out of traditional IRAs."
After-tax contributions in a traditional IRA cannot be rolled over from your
traditional IRA into, or back into, a qualified plan, TSA or governmental
employer 457(b) plan.
ROLLOVERS FROM TRADITIONAL IRAS TO TRADITIONAL IRAS
You may roll over amounts from one traditional IRA to one or more of your other
traditional IRAs if you complete the transaction within 60 days after you
receive the funds. You may make such a rollover only once in every 12-month
period for the same funds. Trustee-to-trustee or custodian-to-custodian direct
transfers are not rollover transactions. You can make these more frequently
than once in every 12-month period.
SPOUSAL ROLLOVERS AND DIVORCE-RELATED DIRECT TRANSFERS
The surviving spousal beneficiary of a deceased individual can roll over funds
from, or directly transfer funds from, an inherited traditional IRA to one or
more other traditional IRAs. Beginning in 2007, a non-spousal death beneficiary
may also be able to make rollover contributions to an individual retirement
plan under certain circumstances. Also, in some cases, traditional IRAs can be
transferred on a tax-free basis between spouses or former spouses as a result
of a court ordered divorce or separation decree.
EXCESS CONTRIBUTIONS
Excess contributions to IRAs are subject to a 6% excise tax for the year in
which made and for each year after until withdrawn. The following are excess
contributions to IRAs:
o regular contributions of more than the maximum regular contribution amount
for the applicable taxable year; or
o regular contributions to a traditional IRA made after you reach age 70-1/2;
or
o rollover contributions of amounts which are not eligible to be rolled over,
for example, minimum distributions required to be made after age 70-1/2.
You can avoid the excise tax by withdrawing an excess contribution (rollover or
regular) before the due date (including extensions) for filing your federal
income tax return for the year. If it is an excess regular traditional IRA
contribution, you cannot take a tax deduction for the amount withdrawn. You do
not have to include the excess contribution withdrawn as part of your income.
It is also not subject to the 10% additional penalty tax on early
distributions, discussed below under "Early distribution penalty tax." You do
have to withdraw any earnings that are attributed to the excess contribution.
The withdrawn earnings would be included in your gross income and could be
subject to the 10% penalty tax.
Even after the due date for filing your return, you may withdraw an excess
rollover contribution, without income inclusion or 10% penalty, if:
(1) the rollover was from an eligible retirement plan to a traditional IRA;
(2) the excess contribution was due to incorrect information that the plan
provided; and
(3) you took no tax deduction for the excess contribution.
RECHARACTERIZATIONS
Amounts that have been contributed as traditional IRA funds may subsequently be
treated as Roth IRA funds. Special federal income tax rules allow you to change
your mind again and have amounts that are subsequently treated as Roth IRA
funds, once again treated as traditional IRA funds. You do this by using the
forms we prescribe. This is referred to as having "recharacterized" your
contribution.
WITHDRAWALS, PAYMENTS AND TRANSFERS OF FUNDS OUT OF TRADITIONAL IRAS
NO FEDERAL INCOME TAX LAW RESTRICTIONS ON WITHDRAWALS. You can withdraw any or
all of your funds from a traditional IRA at any time. You do not need to wait
for a special event like retirement.
TAXATION OF PAYMENTS. Earnings in traditional IRAs are not subject to federal
income tax until you or your beneficiary receive them. Taxable payments or
distributions include withdrawals from your contract, surrender of your
contract, and annuity payments from your contract. Death benefits are also
taxable.
Except as discussed below, the total amount of any distribution from a
traditional IRA must be included in your gross income as ordinary income. We
report all payments from traditional IRA contracts on IRS Form 1099-R as fully
taxable.
If you have ever made nondeductible IRA contributions to any traditional IRA
(it does not have to be to this particular traditional IRA contract), those
contributions are recovered tax free when you get distributions from any
traditional IRA. It is your responsibility to keep permanent tax records of all
of your nondeductible contributions to traditional IRAs so that you can
correctly report the taxable amount of any distribution on your own tax return.
At the end of any year in which you have received a distribution from any
traditional IRA, you calculate the ratio of your total nondeductible
traditional IRA contributions (less any amounts previously withdrawn tax free)
to the total account balances of all traditional IRAs you own at the end of the
year
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plus all traditional IRA distributions made during the year. Multiply this by
all distributions from the traditional IRA during the year to determine the
nontaxable portion of each distribution.
A distribution from a traditional IRA is not taxable if:
o the amount received is a withdrawal of excess contributions, as described
under "Excess contributions" above; or
o the entire amount received is rolled over to another traditional IRA or
other eligible retirement plan which agrees to accept the funds. (See
"Rollovers from eligible retirement plans other than traditional IRAs" under
"Rollover and transfer contributions to traditional IRAs" above.)
The following are eligible to receive rollovers of distributions from a
traditional IRA: a qualified plan, a TSA or a governmental employer EDC plan.
After-tax contributions in a traditional IRA cannot be rolled from your
traditional IRA into, or back into, a qualified plan, TSA or governmental
employer EDC plan. Before you decide to roll over a distribution from a
traditional IRA to another eligible retirement plan, you should check with the
administrator of that plan about whether the plan accepts rollovers and, if so,
the types its accepts. You should also check with the administrator of the
receiving plan about any documents required to be completed before it will
accept a rollover.
Distributions from a traditional IRA are not eligible for favorable ten-year
averaging and long-term capital gain treatment available under limited
circumstances for certain distributions from qualified plans. If you might be
eligible for such tax treatment from your qualified plan, you may be able to
preserve such tax treatment even though an eligible rollover from a qualified
plan is temporarily rolled into a "conduit IRA" before being rolled back into a
qualified plan. See your tax adviser.
The EQUI-VEST(SM) QP IRA is used as a conduit IRA if amounts are not commingled.
Certain distributions from IRAs in 2007 directly transferred to charitable
organizations may be tax-free to IRA owners who are age 70-1/2 or older.
REQUIRED MINIMUM DISTRIBUTIONS
BACKGROUND ON REGULATIONS -- REQUIRED MINIMUM DISTRIBUTIONS. Distributions must
be made from traditional IRAs according to rules contained in the Code and
Treasury Regulations. Beginning in 2006, certain provisions of the Treasury
Regulations require that the actuarial present value of additional annuity
contract benefits must be added to the dollar amount credited for purposes of
calculating certain types of required minimum distributions from individual
retirement annuity contracts. For this purpose additional annuity contract
benefits may include, but are not limited to, enhanced death benefits. This
could increase the amount required to be distributed from these contracts if
you take annual withdrawals instead of receiving annuity payments.
LIFETIME REQUIRED MINIMUM DISTRIBUTIONS. You must start taking annual
distributions from your traditional IRAs for the year in which you turn age
70-1/2.
WHEN YOU HAVE TO TAKE THE FIRST LIFETIME REQUIRED MINIMUM DISTRIBUTION. The
first required minimum distribution is for the calendar year in which you turn
age 70-1/2. You have the choice to take this first required minimum distribution
during the calendar year you actually reach age 70-1/2, or to delay taking it
until the first three-month period in the next calendar year (January 1 - April
1). Distributions must start no later than your "Required Beginning Date,"
which is April 1st of the calendar year after the calendar year in which you
turn age 70-1/2. If you choose to delay taking the first annual minimum
distribution, then you will have to take two minimum distributions in that year
- -- the delayed one for the first year and the one actually for that year. Once
minimum distributions begin, they must be made at some time each year.
HOW YOU CAN CALCULATE REQUIRED MINIMUM DISTRIBUTIONS. There are two approaches
to taking required minimum distributions -- "account-based" or "annuity-based."
ACCOUNT-BASED METHOD. If you choose an account-based method, you divide the
value of your traditional IRA as of December 31st of the past calendar year by
a number corresponding to your age from an IRS table. This gives you the
required minimum distribution amount for that particular IRA for that year. If
your spouse is your sole beneficiary and more than 10 years younger than you,
the dividing number you use may be from another IRS table and may produce a
smaller lifetime required minimum distribution amount. Regardless of the table
used, the required minimum distribution amount will vary each year as the
account value, the actuarial present value of additional annuity contract
benefits, if applicable, and the divisor change. If you initially choose an
account-based method, you may later apply your traditional IRA funds to a life
annuity-based payout with any certain period not exceeding remaining life
expectancy, determined in accordance with IRS tables.
ANNUITY-BASED METHOD. If you choose an annuity-based method, you do not have to
do annual calculations. You apply the account value to an annuity payout for
your life or the joint lives of you and a designated beneficiary, or for a
period certain not extending beyond applicable life expectancies, determined in
accordance with IRS tables.
DO YOU HAVE TO PICK THE SAME METHOD TO CALCULATE YOUR REQUIRED MINIMUM
DISTRIBUTIONS FOR ALL OF YOUR TRADITIONAL IRAS AND OTHER RETIREMENT PLANS? No.
If you want, you can choose a different method for each of your traditional
IRAs and other retirement plans. For example, you can choose an annuity payout
from one IRA, a different annuity payout from a qualified plan, and an
account-based annual withdrawal from another IRA.
WILL WE PAY YOU THE ANNUAL AMOUNT EVERY YEAR FROM YOUR TRADITIONAL IRA BASED ON
THE METHOD YOU CHOOSE? We will only pay you automatically if you affirmatively
select an annuity payout option or an account-based withdrawal option such as
our minimum distribution withdrawal option. If you do elect one of these
options, we will calculate the amount of the required minimum distribution
withdrawal
Tax information 63
for you, if you so request in writing. However, in that case you will be
responsible for asking us to pay the required minimum distribution withdrawal
to you.
Also, the IRS will let you calculate the required minimum distribution for each
traditional IRA that you maintain, using the method that you picked for that
particular IRA. You can add these required minimum distribution amount
calculations together. As long as the total amount you take out every year
satisfies your overall traditional IRA required minimum distribution amount,
you may choose to take your annual required minimum distribution from any one
or more traditional IRAs that you own.
WHAT IF YOU TAKE MORE THAN YOU NEED TO FOR ANY YEAR? The required minimum
distribution amount for your traditional IRAs is calculated on a year-by-year
basis. There are no carry-back or carry-forward provisions. Also, you cannot
apply required minimum distribution amounts you take from your qualified plans
to the amounts you have to take from your traditional IRAs and vice versa.
WHAT IF YOU TAKE LESS THAN YOU NEED TO FOR ANY YEAR? Your IRA could be
disqualified, and you could have to pay tax on the entire value. Even if your
IRA is not disqualified, you could have to pay a 50% penalty tax on the
shortfall (required amount for traditional IRAs less amount actually taken). It
is your responsibility to meet the required minimum distribution rules. We will
remind you when our records show that you are within the age group which must
take lifetime required minimum distributions. If you do not select a method
with us, we will assume you are taking your required minimum distribution from
another traditional IRA that you own.
WHAT ARE THE REQUIRED MINIMUM DISTRIBUTION PAYMENTS AFTER YOU DIE? These could
vary depending on whether you die before or after your Required Beginning Date
for lifetime required minimum distribution payments, and the status of your
beneficiary. The following assumes that you have not yet elected an
annuity-based payout at the time of your death. If you elect an annuity-based
payout, payments (if any) after your death must be made at least as rapidly as
when you were alive.
INDIVIDUAL BENEFICIARY. Regardless of whether your death occurs before or after
your Required Beginning Date, an individual death beneficiary calculates annual
post-death required minimum distribution payments based on the beneficiary's
life expectancy using the "term certain method." That is, he or she determines
his or her life expectancy using the IRS-provided life expectancy tables as of
the calendar year after the owner's death and reduces that number by one each
subsequent year.
If you die before your Required Beginning Date, the rules permit any individual
beneficiary, including a spousal beneficiary, to elect instead to apply the
"5-year rule." Under this rule, instead of annual payments having to be made
beginning with the first in the year following the owner's death, the entire
account must be distributed by the end of the calendar year which contains the
fifth anniversary of the owner's death. No distribution is required before that
fifth year.
SPOUSAL BENEFICIARY. If you die after your Required Beginning Date, and your
death beneficiary is your surviving spouse, your spouse has a number of
choices. Post-death distributions may be made over your spouse's single life
expectancy. Any amounts distributed after that surviving spouse's death are
made over the spouse's life expectancy calculated in the year of his/her death,
reduced by one for each subsequent year. In some circumstances, your surviving
spouse may elect to become the owner of the traditional IRA and halt
distributions until he or she reaches age 70-1/2, or roll over amounts from your
traditional IRA into his/her own traditional IRA or other eligible retirement
plan.
If you die before your Required Beginning Date, and the death beneficiary is
your surviving spouse, the rules permit the spouse to delay starting payments
over his/her life expectancy until the year in which you would have attained
age 70-1/2.
NON-INDIVIDUAL BENEFICIARY. If you die after your Required Beginning Date, and
your death beneficiary is a non-individual, such as the estate, the rules
permit the beneficiary to calculate post-death required minimum distribution
amounts based on the owner's life expectancy in the year of death. However,
note that we need an individual annuitant to keep an annuity contract in force.
If the beneficiary is not an individual, we must distribute amounts remaining
in the annuity contract after the death of the annuitant.
If you die before your Required Beginning Date for lifetime required minimum
distribution payments, and the death beneficiary is a non-individual, such as
the estate, the rules continue to apply the 5-year rule discussed above under
"Individual beneficiary." Please note that we need an individual annuitant to
keep an annuity contract in force. If the beneficiary is not an individual, we
must distribute amounts remaining in the annuity contract after the death of
the annuitant.
SUCCESSOR ANNUITANT AND OWNER
If your spouse is the sole primary beneficiary and elects to become the
successor annuitant and owner, no death benefit is payable until your surviving
spouse's death.
PAYMENTS TO A BENEFICIARY AFTER YOUR DEATH
IRA death benefits are taxed the same as IRA distributions.
BORROWING AND LOANS ARE PROHIBITED TRANSACTIONS
You cannot get loans from a traditional IRA. You cannot use a traditional IRA
as collateral for a loan or other obligation. If you borrow against your IRA or
use it as collateral, its tax-favored status will be lost as of the first day
of the tax year in which this prohibited event occurs. If this happens, you
must include the value of the traditional IRA in your federal gross income.
Also, the early distribution penalty tax of 10% may apply if you have not
reached age 59-1/2 before the first day of that tax year.
EARLY DISTRIBUTION PENALTY TAX
A penalty tax of 10% of the taxable portion of a distribution applies to
distributions from a traditional IRA made before you reach age 59-1/2. Some of
the available exceptions to the pre-age 59-1/2 penalty tax include distributions
made:
o on or after your death; or
64 Tax information
o because you are disabled (special federal income tax definition); or
o used to pay certain extraordinary medical expenses (special federal income
tax definition); or
o used to pay medical insurance premiums for unemployed individuals (special
federal income tax definition); or
o used to pay certain first-time home buyer expenses (special federal income
tax definition; $10,000 lifetime total limit for these distributions from
all your traditional and Roth IRAs); or
o used to pay certain higher education expenses (special federal income tax
definition); or
o in the form of substantially equal periodic payments made at least annually
over your life (or your life expectancy), or over the joint lives of you and
your beneficiary (or your joint life expectancy) using an IRS-approved
distribution method.
ROTH INDIVIDUAL RETIREMENT ANNUITIES ("ROTH IRAS")
This section of the prospectus covers some of the special tax rules that apply
to Roth IRAs. If the rules are the same as those that apply to the traditional
IRA, we will refer you to the same topic under "traditional IRAs."
The EQUI-VEST(SM) Roth IRA and Roth Advantage contracts are designed to qualify
as Roth individual retirement annuities under Sections 408A and 408(b) of the
Internal Revenue Code.
CONTRIBUTIONS TO ROTH IRAS
Individuals may make four different types of contributions to a Roth IRA:
o regular after-tax contributions out of earnings; or
o taxable rollover contributions from traditional IRAs ("conversion"
contributions); or
o tax-free rollover contributions from other Roth arrangements; or
o tax-free direct custodian-to-custodian transfers from other Roth IRAs
("direct transfers").
If you use the forms we require, we will also accept traditional IRA funds
which are subsequently recharacterized as Roth IRA funds following special
federal income tax rules.
Beginning in 2008, direct rollover contributions may be made from eligible
retirement plans to Roth IRAs under certain circumstances.
REGULAR CONTRIBUTIONS TO ROTH IRAS
LIMITS ON REGULAR CONTRIBUTIONS. The "maximum regular contribution amount" for
any taxable year is the most that can be contributed to all of your IRAs
(traditional and Roth) as regular contributions for the particular taxable
year. The maximum regular contribution amount depends on age, earnings, and
year, among other things. Generally, $4,000 is the maximum amount that you can
contribute to all IRAs (including Roth IRAs) for 2007 ($5,000 for 2008).. This
limit does not apply to rollover contributions or direct custodian-to-custodian
transfers into a Roth IRA. Any contributions to Roth IRAs reduce your ability
to contribute to traditional IRAs and vice versa. When your earnings are below
$4,000, your earned income or compensation for the year is the most you can
contribute. If you are married and file a joint income tax return, you and your
spouse may combine your compensation to determine the amount of regular
contributions you are permitted to make to Roth IRAs and traditional IRAs. See
the discussion above under traditional IRAs. If you or your spouse are at least
age 50 at any time during the taxable year for which you are making a regular
contribution, additional catch-up contributions totalling up to $1,000 can be
made for the taxable year 2007 and later years.
With a Roth IRA, you can make regular contributions when you reach 70-1/2, as
long as you have sufficient earnings. But, you cannot make contributions,
regardless of your age, for any year that your modified adjusted gross income
exceeds the following amounts (indexed for cost of living adjustment beginning
in 2007):
o your federal income tax filing status is "married filing jointly" and your
modified adjusted gross income is over $160,000 (for 2007, $166,000 after
adjustment); or,
o your federal income tax filing status is "single" and your modified adjusted
gross income is over $110,000 (for 2007, $114,000 after adjustment).
However, you can make regular Roth IRA contributions in reduced amounts when:
o your federal income tax filing status is "married filing jointly" and your
modified adjusted gross income is between $150,000 and $160,000 (for 2007,
between $156,000 and $166,000 after adjustment); or
o your federal income tax filing status is "single" and your modified adjusted
gross income is between $95,000 and $110,000 (for 2007, between $99,000 and
$114,000 after adjustment).
If you are married and filing separately and your modified adjusted gross
income is between $0 and $10,000, the amount of regular contributions you are
permitted to make is phased out. If your modified adjusted gross income is more
than $10,000 you cannot make a regular Roth IRA contribution.
WHEN YOU CAN MAKE CONTRIBUTIONS? Same as traditional IRAs.
DEDUCTIBILITY OF CONTRIBUTIONS. Roth IRA contributions are not tax deductible.
ROLLOVERS AND DIRECT TRANSFERS
WHAT IS THE DIFFERENCE BETWEEN ROLLOVER AND DIRECT TRANSFER TRANSACTIONS? The
difference between a rollover transaction and a direct transfer transaction is
the following. In a rollover transaction you actually take possession of the
funds rolled over, or are considered to have received them under tax law in the
case of a change from one type of plan to another. In a direct transfer
transaction, you never take possession of the funds, but direct the first Roth
IRA custodian, trustee, or issuer to transfer the first Roth IRA funds directly
to the recipient Roth IRA custodian, trustee or issuer. You can make direct
transfer transactions only between identical plan types (for example, Roth IRA
to Roth IRA). You can also make rollover transactions between identi-
Tax information 65
cal plan types. However, you can only use rollover transactions between
different plan types (for example, traditional IRA to Roth IRA).
You may make rollover contributions to a Roth IRA from these sources only:
o another Roth IRA ("tax-free rollover contribution");
o another traditional IRA, including a SEP-IRA or SIMPLE IRA (after a two-year
rollover limitation period for SIMPLE IRA funds), in a taxable conversion
rollover ("conversion contribution");
o you may not make contributions to a Roth IRA from a qualified plan under
section 401(a) of the Internal Revenue Code, a TSA under section 403(b) of
the Internal Revenue Code or any other eligible retirement plan until 2008.
You may make rollover contributions from a "designated Roth contribution
account" under a 401(k) plan or a 403(b) arrangement which permits
designated Roth elective deferral contributions to be made.
You may make direct transfer contributions to a Roth IRA only from another Roth
IRA.
You may make both Roth IRA to Roth IRA rollover transactions and Roth IRA to
Roth IRA direct transfer transactions. This can be accomplished on a completely
tax-free basis. However, you may make Roth IRA to Roth IRA rollover
transactions only once in any 12-month period for the same funds.
Trustee-to-trustee or custodian-to-custodian direct transfers can be made more
frequently than once a year. Also, if you send us the rollover contribution to
apply it to a Roth IRA, you must do so within 60 days after you receive the
proceeds from the original IRA to get rollover treatment.
The surviving spousal beneficiary of a deceased individual can roll over or
directly transfer an inherited Roth IRA to one or more other Roth IRAs. In some
cases, Roth IRAs can be transferred on a tax-free basis between spouses or
former spouses as a result of a court-ordered divorce or separation decree.
CONVERSION CONTRIBUTIONS TO ROTH IRAS
In a conversion rollover transaction, you withdraw (or are considered to have
withdrawn) all or a portion of funds from a traditional IRA you maintain and
convert it to a Roth IRA within 60 days after you receive (or are considered to
have received) the traditional IRA proceeds. Unlike a rollover from a
traditional IRA to another traditional IRA, the conversion rollover transaction
is not tax-free. Instead, the distribution from the traditional IRA is
generally fully taxable. For this reason, we are required to withhold 10%
federal income tax from the amount converted unless you elect out of such
withholding. If you have ever made nondeductible regular IRA contributions to
any traditional IRA -- whether or not it is the traditional IRA you are
converting -- a pro rata portion of the distribution is tax free.
There is, however, no early distribution penalty tax on the traditional IRA
withdrawal that you are converting to a Roth IRA, even if you are under age
59-1/2.
You cannot make conversion contributions to a Roth IRA for any taxable year in
which your modified adjusted gross income exceeds $100,000. For this purpose,
your modified adjusted gross income is calculated without the gross income
stemming from the traditional IRA conversion. Modified adjusted gross income
for this purpose excludes any lifetime required minimum distribution from a
traditional IRA. You also cannot make conversion contributions to a Roth IRA
for any taxable year in which your federal income tax filing status is "married
filing separately."
The following rules apply until 2010: you cannot make conversion contributions
to a Roth IRA to the extent that the funds in your traditional IRA are subject
to the annual required minimum distribution rule applicable to traditional IRAs
beginning at age 70-1/2.
You cannot convert and reconvert an amount during the same taxable year, or if
later, during the 30-day period following a recharacterization. If you
reconvert during either of these periods, it will be a failed Roth IRA
conversion. The IRS and Treasury have recently issued Proposed and Temporary
Treasury Regulations addressing the valuation of annuity contracts funding
traditional IRAs in the conversion to Roth IRAs. Although these Regulations are
not clear, they could require an individual's gross income on the conversion of
a traditional IRA to Roth IRA to be measured using various actuarial methods
and not as if the annuity contract funding the traditional IRA had been
surrendered at the time of conversion. This could increase the amount reported
as includible in certain circumstances.
RECHARACTERIZATIONS
You may be able to treat a contribution made to one type of IRA as having been
made to a different type of IRA. This is called recharacterizing the
contribution.
HOW TO RECHARACTERIZE. To recharacterize a contribution, you generally must
have the contribution transferred from the first IRA (the one to which it was
made) to the second IRA in a deemed trustee-to-trustee transfer. If the
transfer is made by the due date (including extensions) for your tax return for
the year during which the contribution was made, you can elect to treat the
contribution as having been originally made to the second IRA instead of to the
first IRA. It will be treated as having been made to the second IRA on the same
date that it was actually made to the first IRA. You must report the
recharacterization, and must treat the contribution as having been made to the
second IRA, instead of the first IRA, on your tax return for the year during
which the contribution was made.
The contribution will not be treated as having been made to the second IRA
unless the transfer includes any net income allocable to the contribution. You
can take into account any loss on the contribution while it was in the IRA when
calculating the amount that must be transferred. If there was a loss, the net
income you must transfer may be a negative amount.
No deduction is allowed for the contribution to the first IRA and any net
income transferred with the recharacterized contribution is treated as earned
in the second IRA. The contribution will not be treated as having been made to
the second IRA to the extent any deduction was allowed with respect to the
contribution to the first IRA.
For recharacterization purposes, a distribution from a traditional IRA that is
received in one tax year and rolled over into a Roth IRA in the next year, but
still within 60 days of the distribution from the tradi-
For recharacterization purposes, a distribution from a traditional IRA that is
received in one tax year and rolled over into a Roth IRA in the next year, but
still within 60 days of the distribution from the tradi-
66 Tax information
tional IRA, is treated as a contribution to the Roth IRA in the year of the
distribution from the traditional IRA.
To recharacterize a contribution you must use our forms.
The recharacterization of a contribution is not treated as a rollover for
purposes of the 12-month limitation period described above. This rule applies
even if the contribution would have been treated as a rollover contribution by
the second IRA if it had been made directly to the second IRA rather than as a
result of a recharacterization of a contribution to the first IRA.
WITHDRAWALS, PAYMENTS AND TRANSFERS OF FUNDS OUT OF ROTH IRAS
NO FEDERAL INCOME TAX LAW RESTRICTIONS ON WITHDRAWALS. You can withdraw any or
all of your funds from a Roth IRA at any time; you do not need to wait for a
special event like retirement.
DISTRIBUTIONS FROM ROTH IRAS
Distributions include withdrawals from your contract, surrender and termination
of your contract, and annuity payments from your contract. Death benefits are
also distributions.
You must keep your own records of regular and conversion contributions to all
Roth IRAs to assure appropriate taxation. You may have to file information on
your contributions to and distributions from any Roth IRA on your tax return.
You may have to retain all income tax returns and records pertaining to such
contributions and distributions until your interests in all Roth IRAs are
distributed.
Like traditional IRAs, taxable distributions from a Roth IRA are not entitled
to the special favorable ten-year averaging and long-term capital gain
treatment available in limited cases to certain distributions from qualified
plans.
The following distributions from Roth IRAs are free of income tax:
o Rollovers from a Roth IRA to another Roth IRA;
o Direct transfers from a Roth IRA to another Roth IRA;
o Qualified distributions from Roth IRA; and
o Return of excess contributions or amounts recharacterized to a traditional
IRA.
QUALIFIED DISTRIBUTIONS FROM ROTH IRAS. Qualified distributions from Roth IRAs
made because of one of the following four qualifying events or reasons are not
includable in income:
o you are age 59-1/2 or older; or
o you die; or
o you become disabled (special federal income tax definition); or
o your distribution is a "qualified first-time homebuyer distribution"
(special federal income tax definition; $10,000 lifetime total limit for
these distributions from all of your traditional and Roth IRAs).
You also have to meet a five-year aging period. A qualified distribution is any
distribution made after the five-taxable-year period beginning with the first
taxable year for which you made any contribution to any Roth IRA (whether or
not the one from which the distribution is being made).
NONQUALIFIED DISTRIBUTIONS FROM ROTH IRAS. Nonqualified distributions from Roth
IRAs are distributions that do not meet both the qualifying event and five-year
aging period tests described above. If you receive such a distribution, part of
it may be taxable. For purposes of determining the correct tax treatment of
distributions (other than the withdrawal of excess contributions and the
earnings on them), there is a set order in which contributions (including
conversion contributions) and earnings are considered to be distributed from
your Roth IRA. The order of distributions is as follows:
(1) Regular contributions.
(2) Conversion contributions, on a first-in-first-out basis (generally, total
conversions from the earliest year first). These conversion contributions
are taken into account as follows:
(a) Taxable portion (the amount required to be included in gross income
because of conversion) first, and then the
(b) Nontaxable portion.
(3) Earnings on contributions.
Rollover contributions from other Roth IRAs are disregarded for this purpose.
To determine the taxable amounts distributed, distributions and contributions
are aggregated or grouped together as follows:
(1) All distributions made during the year from all Roth IRAs you maintain --
with any custodian or issuer -- are added together.
(2) All regular contributions made during and for the year (contributions made
after the close of the year, but before the due date of your return) are
added together. This total is added to the total undistributed regular
contributions made in prior years.
(3) All conversion contributions made during the year are added together. For
purposes of the ordering rules, in the case of any conversion in which the
conversion distribution is made in 2007 and the conversion contribution is
made in 2008, the conversion contribution is treated as contributed prior
to the other conversion contributions made in 2008.
Any recharacterized contributions that end up in a Roth IRA are added to the
appropriate contribution group for the year that the original contribution
would have been taken into account if it had been made directly to the Roth
IRA.
Any recharacterized contribution that ends up in an IRA other than a Roth IRA
is disregarded for the purpose of grouping both contributions and
distributions. Any amount withdrawn to correct an excess contribution
(including the earnings withdrawn) is also disregarded for this purpose.
REQUIRED MINIMUM DISTRIBUTIONS DURING LIFE
Lifetime required minimum distributions do not apply.
REQUIRED MINIMUM DISTRIBUTIONS AT DEATH
Same as traditional IRA under "What are the required minimum distribution
payments after you die?"
Tax information 67
PAYMENTS TO A BENEFICIARY AFTER YOUR DEATH
Distributions to a beneficiary generally receive the same tax treatment as if
the distribution had been made to you.
BORROWING AND LOANS ARE PROHIBITED TRANSACTIONS
Same as traditional IRA.
EXCESS CONTRIBUTIONS
Generally, the same as traditional IRA, except that regular contributions made
after age 70-1/2 are not excess contributions.
Excess rollover contributions to Roth IRAs are contributions not eligible to be
rolled over (for example, conversion contributions from a traditional IRA if
your modified adjusted gross income is in excess of $100,000 in the conversion
year).
You can withdraw or recharacterize any contribution to a Roth IRA before the
due date (including extensions) for filing your federal income tax return for
the tax year. If you do this, you must also withdraw or recharacterize any
earnings attributable to the contribution.
EARLY DISTRIBUTION PENALTY TAX
Same as traditional IRA.
ILLUSTRATION OF GUARANTEED INTEREST RATES
In the following two tables, we provide information that the IRS requires us to
furnish to prospective IRA contract owners. In the tables we illustrate the
1.00% minimum guaranteed interest rate for contributions we assume are
allocated entirely to the guaranteed interest option under series 300 and 400.
(The rate may be higher in your state.) We assume no withdrawals or transfers
were made under the contract. In Table II we assume a single initial
contribution of $1,000, and no additional contributions. We also assume no
withdrawals or transfers. The guaranteed interest rate, which can range from
1.00% to 3.00% (4.00% for NQ in some states), is in the contract.
The values shown assume the withdrawal charge applies. These values reflect the
effect of the annual administrative charge deducted at the end of each contract
year in which the account value is less than $20,000.
To find the appropriate value for the end of the contract year at any
particular age, you subtract the age (nearest birthday) at issue of the
contract from the current age and find the corresponding year in the table.
Years that correspond to a current age over 70, should be ignored, unless the
contract is a Roth IRA.
You should consider the information shown in the tables in light of your
present age. Also, with respect to Table I, you should consider your ability to
contribute $1,000 annually. Any change in the amounts contributed annually in
Table I, or in the amount of the single contribution in Table II would, of
course, change the results shown.
68 Tax information
Table I guaranteed minimum interest rate of 1.00% (the rate may be
higher in your state)
TABLE I
ACCOUNT VALUES AND CASH VALUES
(ASSUMING $1,000 CONTRIBUTIONS MADE ANNUALLY AT THE BEGINNING
OF THE CONTRACT YEAR)
1.00% Minimum Guarantee 1.00% Minimum Guarantee
- ---------------------------------------- ------------------------------------------
Contract Account Cash Contract Account Cash
Year End Value Value Year End Value Value
1 $ 989.80 $ 936.35 26 $ 29,196.26 $ 28,836.26
2 $ 1,979.70 $ 1,872.79 27 $ 30,498.22 $ 30,138.22
3 $ 2,979.49 $ 2,818.60 28 $ 31,813.20 $ 31,453.20
4 $ 3,989.29 $ 3,773.87 29 $ 33,141.33 $ 32,781.33
5 $ 5,009.18 $ 4,738.69 30 $ 34,482.75 $ 34,122.75
6 $ 6,039.27 $ 5,713.15 31 $ 35,837.57 $ 35,477.57
7 $ 7,079.67 $ 6,719.67 32 $ 37,205.95 $ 36,845.95
8 $ 8,130.46 $ 7,770.46 33 $ 38,588.01 $ 38,228.01
9 $ 9,191.77 $ 8,831.77 34 $ 39,983.89 $ 39,623.89
10 $ 10,263.69 $ 9,903.69 35 $ 41,393.73 $ 41,033.73
11 $ 11,346.32 $ 10,986.32 36 $ 42,817.67 $ 42,457.67
12 $ 12,439.79 $ 12,079.79 37 $ 44,255.84 $ 43,895.84
13 $ 13,544.18 $ 13,184.18 38 $ 45,708.40 $ 45,348.40
14 $ 14,659.63 $ 14,299.63 39 $ 47,175.49 $ 46,815.49
15 $ 15,786.22 $ 15,426.22 40 $ 48,657.24 $ 48,297.24
16 $ 16,924.08 $ 16,564.08 41 $ 50,153.81 $ 49,793.81
17 $ 18,073.33 $ 17,713.33 42 $ 51,665.35 $ 51,305.35
18 $ 19,234.06 $ 18,874.06 43 $ 53,192.00 $ 52,832.00
19 $ 20,436.40 $ 20,076.40 44 $ 54,733.92 $ 54,373.92
20 $ 21,650.76 $ 21,290.76 45 $ 56,291.26 $ 55,931.26
21 $ 22,877.27 $ 22,517.27 46 $ 57,864.18 $ 57,504.18
22 $ 24,116.04 $ 23,756.04 47 $ 59,452.82 $ 59,092.82
23 $ 25,367.20 $ 25,007.20 48 $ 61,057.35 $ 60,697.35
24 $ 26,630.88 $ 26,270.88 49 $ 62,677.92 $ 62,317.92
25 $ 27,907.18 $ 27,547.18 50 $ 64,314.70 $ 63,954.70
Table II guaranteed minimum interest rate of 1.00% (the rate may be
higher in your state)
TABLE II
ACCOUNT VALUES AND CASH VALUES
(ASSUMING A SINGLE CONTRIBUTION OF $1,000 AND NO FURTHER CONTRIBUTION)
1.00% Minimum Guarantee 1.00% Minimum Guarantee
- ------------------------------------ ------------------------------------
Contract Account Cash Contract Account Cash
Year End Value Value Year End Value Value
1 $ 989.80 $ 936.35 26 $ 434.76 $ 434.76
2 $ 979.70 $ 926.80 27 $ 409.11 $ 409.11
3 $ 959.50 $ 907.69 28 $ 383.20 $ 383.20
4 $ 939.10 $ 888.38 29 $ 357.03 $ 357.03
5 $ 918.49 $ 868.89 30 $ 330.60 $ 330.60
6 $ 897.67 $ 849.20 31 $ 303.91 $ 303.91
7 $ 876.65 $ 876.65 32 $ 276.95 $ 276.95
8 $ 855.42 $ 855.42 33 $ 249.72 $ 249.72
9 $ 833.97 $ 833.97 34 $ 222.21 $ 222.21
10 $ 812.31 $ 812.31 35 $ 194.44 $ 194.44
11 $ 790.43 $ 790.43 36 $ 166.38 $ 166.38
12 $ 768.34 $ 768.34 37 $ 138.04 $ 138.04
13 $ 746.02 $ 746.02 38 $ 109.42 $ 109.42
14 $ 723.48 $ 723.48 39 $ 80.52 $ 80.52
15 $ 700.71 $ 700.71 40 $ 51.32 $ 51.32
16 $ 677.72 $ 677.72 41 $ 21.84 $ 21.84
17 $ 654.50 $ 654.50 42 $ 0.00 $ 0.00
18 $ 631.04 $ 631.04 43 $ 0.00 $ 0.00
19 $ 607.35 $ 607.35 44 $ 0.00 $ 0.00
20 $ 583.43 $ 583.43 45 $ 0.00 $ 0.00
21 $ 559.26 $ 559.26 46 $ 0.00 $ 0.00
22 $ 534.85 $ 534.85 47 $ 0.00 $ 0.00
23 $ 510.20 $ 510.20 48 $ 0.00 $ 0.00
24 $ 485.31 $ 485.31 49 $ 0.00 $ 0.00
25 $ 460.16 $ 460.16 50 $ 0.00 $ 0.00
Taxinformation 69
FEDERAL AND STATE INCOME TAX WITHHOLDING AND INFORMATION REPORTING
We must withhold federal income tax from distributions from annuity contracts.
You may be able to elect out of this income tax withholding in some cases.
Generally, we do not have to withhold if your distributions are not taxable.
The rate of withholding will depend on the type of distribution and, in certain
cases, the amount of your distribution. Any income tax withheld is a credit
against your income tax liability. If you do not have sufficient income tax
withheld or do not make sufficient estimated income tax payments, you may incur
penalties under the estimated income tax rules.
You must file your request not to withhold in writing before the payment or
distribution is made. Our processing office will provide forms for this
purpose. You cannot elect out of withholding unless you provide us with your
correct Taxpayer Identification Number and a United States residence address.
You cannot elect out of withholding if we are sending the payment out of the
United States.
You should note the following special situations:
o We might have to withhold and/or report on amounts we pay under a free look
or cancellation.
o We are generally required to withhold on conversion rollovers of
traditional IRAs to Roth IRAs, as it is considered a withdrawal from the
traditional IRA and is taxable.
o We are required to withhold on the gross amount of a distribution from a
Roth IRA to the extent it is reasonable for us to believe that a
distribution is includable in your gross income. This may result in tax
being withheld even though the Roth IRA distribution is ultimately not
taxable. You can elect out of withholding as described below.
Special withholding rules apply to foreign recipients and United States
citizens residing outside the United States. We do not discuss these rules here
in detail. However, we may require additional documentation in the case of
payments made to non-United States persons and United States persons living
abroad prior to processing any requested transaction.
Certain states have indicated that state income tax withholding will also apply
to payments from the contracts made to residents. In some states, you may elect
out of state withholding, even if federal withholding applies. Generally, an
election out of federal withholding will also be considered an election out of
state withholding. If you need more information concerning a particular state
or any required forms, call our processing office at the toll-free number.
FEDERAL INCOME TAX WITHHOLDING ON PERIODIC ANNUITY PAYMENTS
We withhold differently on "periodic" and "non-periodic" payments. For a
periodic annuity payment, for example, unless you specify a different number of
withholding exemptions, we withhold assuming that you are married and claiming
three withholding exemptions. If you do not give us your correct Taxpayer
Identification Number, we withhold as if you are single with no exemptions.
Based on the assumption that you are married and claiming three withholding
exemptions, if you receive less than $18,240 in periodic annuity payments in
2007 your payments will generally be exempt from federal income tax
withholding. You could specify a different choice of withholding exemption or
request that tax be withheld. Your withholding election remains effective
unless and until you revoke it. You may revoke or change your withholding
election at any time.
FEDERAL INCOME TAX WITHHOLDING ON NON-PERIODIC ANNUITY PAYMENTS (WITHDRAWALS)
For a non-periodic distribution (total surrender, termination, or partial
withdrawal), we generally withhold at a flat 10% rate. We apply that rate to
the taxable amount in the case of nonqualified contracts, and to the payment
amount in the case of traditional IRAs and Roth IRAs, where it is reasonable to
assume an amount is includable in gross income.
IMPACT OF TAXES TO AXA EQUITABLE
The contracts provide that we may charge Separate Account A for taxes. We do
not now, but may in the future set up reserves for such taxes.
70 Tax information
8. More information
- --------------------------------------------------------------------------------
ABOUT OUR SEPARATE ACCOUNT A
Each variable investment option is a subaccount of our Separate Account A. We
established Separate Account A in 1968 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 variable investment options for
owners of our variable annuity contracts. We are the legal owner of all of the
assets in Separate Account A and may withdraw any amounts that exceed our
reserves and other liabilities with respect to variable investment options
under our contracts. The results of Separate Account A's operations are
accounted for without regard to AXA Equitable's other operations. The amount of
some of our obligations under the contracts is based on the assets in Separate
Account A. However, the obligations themselves are obligations of AXA
Equitable.
Separate Account A is registered under the Investment Company Act of 1940 and
is registered and classified under that act as a "unit investment trust." The
SEC, however, does not manage or supervise AXA Equitable or Separate Account A.
Although Separate Account A is registered, the SEC does not monitor the
activity of Separate Account A 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 1940.
Each subaccount (variable investment option) within Separate Account A invests
solely in Class IA/A, Class IB/B or Class II shares issued by the corresponding
portfolio of its Trust.
We reserve the right subject to compliance with laws that apply:
(1) to add variable investment options to, or to remove variable investment
options from, Separate Account A, or to add other separate accounts;
(2) to combine any two or more variable investment options;
(3) to transfer the assets we determine to be the shares of the class of
contracts to which the contracts belong from any variable investment option
to another variable investment option;
(4) to operate Separate Account A or any variable investment option 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 A or a
variable investment option directly);
(5) to deregister Separate Account A under the Investment Company Act of 1940;
(6) to restrict or eliminate any voting rights as to Separate Account A;
(7) to cause one or more variable investment options 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 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
The Trusts are registered under the Investment Company Act of 1940. They are
classified as "open-end management investment companies," more commonly called
mutual funds. Each Trust issues different shares relating to each portfolio.
The Trusts do not impose sales charges or "loads" for buying and selling their
shares. All dividends and other distributions on the Trust's shares are
reinvested in full. The Board of Trustees or Board of Directors, as applicable,
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 relating to its Class IB/B or Class II shares and other aspects
of its operations, appear in the prospectuses for each Trust, which generally
accompany this prospectus or in their respective SAIs, which are available upon
request.
ABOUT OUR FIXED MATURITY OPTIONS
RATES TO MATURITY AND PRICE PER $100 OF MATURITY VALUE
We can determine the amount required to be allocated to one or more fixed
maturity options in order to produce specified maturity values. For example, we
can tell you how much you need to allocate per $100 of maturity value.
The rates to maturity are determined weekly. The rates in the table below are
illustrative only and will most likely differ from the rates applicable at time
of purchase. Current rates to maturity can be obtained through TOPS or EQAccess
or from your financial professional.
The rates to maturity for new allocations as of February 15, 2007 and the
related price per $100 of maturity value were as shown below:
More information 71
Fixed Maturity
Options with
June 15th Rate to Price
Maturity Date of Maturity as of Per $100 of
Maturity Year February 15, 2007 Maturity Value
2007 3.70% $ 98.81
2008 3.75% $ 95.22
2009 3.80% $ 91.67
2010 3.85% $ 88.17
2011 3.90% $ 84.73
2012 3.95% $ 81.33
2013 4.10% $ 77.53
2014* 4.15% $ 74.21
2015* 4.20% $ 70.97
2016* 4.30% $ 67.50
*
Not available in Oregon.
HOW WE DETERMINE THE MARKET VALUE ADJUSTMENT
We use the following procedure to calculate the market value adjustment (up or
down) we make if you withdraw all of your value from a fixed maturity option
before its maturity date.
(1) We determine the market adjusted amount on the date of the withdrawal as
follows:
(a) We determine the fixed maturity amount that would be payable on the
maturity date, using the rate to maturity for the fixed maturity option.
(b) We determine the period remaining in your fixed maturity option (based
on the withdrawal date) and convert it to fractional years based on a
365-day year. For example, three years and 12 days becomes 3.0329.
(c) We determine the current rate to maturity that applies on the withdrawal
date to new allocations to the same fixed maturity option.
(d) We determine the present value of the fixed maturity amount payable at
the maturity date, using the period determined in (b) and the rate
determined in (c).
(2) We determine the fixed maturity amount as of the current date.
(3) We subtract (2) from the result in (1)(d). The result is the market value
adjustment applicable to such fixed maturity option, which may be positive
or negative.
- --------------------------------------------------------------------------------
Your market adjusted amount is the present value of the maturity value
discounted at the rate to maturity in effect for new contributions to that same
fixed maturity option on the date of the calculation.
- --------------------------------------------------------------------------------
If you withdraw only a portion of the amount in a fixed maturity option, the
market value adjustment will be a percentage of the market value adjustment
that would have applied if you had withdrawn the entire value in that fixed
maturity option. This percentage is equal to the percentage of the value in the
fixed maturity option that you are withdrawing. Any withdrawal charges that are
deducted from a fixed maturity option will result in a market value adjustment
calculated in the same way. See Appendix III at the end of this prospectus for
an example.
For purposes of calculating the rate to maturity for new allocations to a fixed
maturity option (see (1)(c) above), we use the rate we have in effect for new
allocations to that fixed maturity option. We use this rate even if new
allocations to that option would not be accepted at that time. This rate will
not be less than 3%. If we do not have a rate to maturity in effect for a fixed
maturity option to which the "current rate to maturity" in (1)(c) above would
apply, we will use the rate at the next closest maturity date. If we are no
longer offering new fixed maturity options, the "current rate to maturity" will
be determined in accordance with our procedures then in effect. We reserve the
right to add up to 0.50% to the current rate in (1)(c) above for purposes of
calculating the market value adjustment only.
INVESTMENTS UNDER THE FIXED MATURITY OPTIONS
Amounts allocated to the fixed maturity options are held in a "nonunitized"
separate account we have established under the New York Insurance Law. This
separate account provides an additional measure of assurance that we will make
full payment of amounts due under the fixed maturity options. Under New York
Insurance Law, the portion of the separate account's assets equal to the
reserves and other contract liabilities relating to the contracts are not
chargeable with liabilities from any other business we may conduct. We own the
assets of the separate account, as well as any favorable investment performance
on those assets. You do not participate in the performance of the assets held
in this separate account. We may, subject to state law that applies, transfer
all assets allocated to the separate account to our general account. We
guarantee all benefits relating to your value in the fixed maturity options,
regardless of whether assets supporting fixed maturity options are held in a
separate account or our general account.
We have no specific formula for establishing the rates to maturity for the
fixed maturity options. We expect the rates to be influenced by, but not
necessarily correspond to, among other things, the yields that we can expect to
realize on the separate account's investments from time to time. Our current
plans are to invest in fixed-income obligations, including corporate bonds,
mortgage-backed and asset-backed securities and government and agency issues
having durations in the aggregate consistent with those of the fixed maturity
options.
Although the above generally describes our plans for investing the assets
supporting our obligations under the fixed maturity options under the
contracts, we are not obligated to invest those assets according to any
particular plan except as we may be required to by state insurance laws. We
will not determine the rates to maturity we establish by the performance of the
nonunitized separate account.
ABOUT THE GENERAL ACCOUNT
Our general account supports all of our policy and contract guarantees,
including those that apply to the guaranteed interest option and the fixed
maturity options, as well as our general obligations.
The general account is subject to regulation and supervision by the Insurance
Department of the State of New York and to the insurance laws and regulations
of all jurisdictions where we are authorized to do business. Interests under
the contracts in the general account have not been registered and are not
required to be registered under the Secu-
72 More information
rities 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 1940. The market value
adjustment interests under the contracts which are held in a separate account
are issued by AXA Equitable and are registered under the Securities Act of
1933. The contract is a "covered security" under 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 the general account, however, may be subject to certain provisions of the
federal securities laws relating to the accuracy and completeness of statements
made in prospectuses.
ABOUT OTHER METHODS OF PAYMENT
AUTOMATIC INVESTMENT PROGRAM -- FOR NQ, TRADITIONAL IRA, ROTH IRA AND ROTH
ADVANTAGE CONTRACTS
You may use our automatic investment program, or "AIP," to have a specified
amount automatically deducted from a bank checking or savings account, money
market checking or savings account, or credit union checking or savings account
and contributed as an additional contribution into an NQ, traditional IRA, Roth
IRA and Roth Advantage contracts on a monthly basis. For all forms of IRAs,
your contributions are subject to the limits and conditions on contributions
described in "Tax information" earlier in this prospectus.
AIP additional contributions may be allocated to any of the variable investment
options and the guaranteed interest option, but not the fixed maturity options.
Our minimum contribution amount requirement is $20. You choose the day of the
month you wish to have your account debited. However, you may not choose a date
later than the 28th day of the month.
You may cancel AIP at any time by notifying our processing office. We are not
responsible for any debits made to your account before the time written notice
of cancellation is received at our processing office.
PAYROLL DEDUCTION PROGRAM. You can authorize your employer to remit your NQ,
traditional or Roth IRA contributions to us if your employer has a payroll
deduction program. Those contributions are still your contributions, not your
employer's.
WIRE TRANSFERS. You may also send your contributions by wire transfer from your
bank.
DATES AND PRICES AT WHICH CONTRACT EVENTS OCCUR
We describe below the general rules for when, and at what prices, events under
your contract 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 generally is any day on which the New York Stock Exchange is
open for trading. A business day does not include any day we choose not to open
due to emergency conditions. We may also close early due to emergency
conditions. Our business day generally ends at 4:00 p.m., Eastern Time for
purposes of determining the date when contributions are applied and any other
transaction requests are processed. Contributions will be applied and any other
transaction requests will be processed when they are received along with all
the required information unless another date applies as indicated below.
o 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.
o When a charge is to be deducted on a contract date anniversary that is a
non-business day, we will deduct the charge on the next business day.
CONTRIBUTIONS, TRANSFERS, WITHDRAWALS AND SURRENDERS
o Contributions allocated to the variable investment options are invested at
the unit value next determined after the receipt of the contribution.
o Contributions allocated to a fixed maturity option will receive the rate to
maturity in effect for that fixed maturity option on that business day.
o Contributions allocated to the guaranteed interest option will receive the
guaranteed interest rate in effect on that business day.
o If a fixed maturity option is scheduled to mature on June 15th and June 15th
is a non-business day, that fixed maturity option will mature on the prior
business day.
o Transfers to or from variable investment options will be made at the unit
value next determined after the receipt of the transfer request.
o Transfers to the guaranteed interest option will receive the guaranteed
interest rate in effect on that business day.
o Transfers to a fixed maturity option will receive the rate to maturity in
effect for that fixed maturity option on that business day.
o Transfers out of a fixed maturity option will be at the market adjusted
amount on that business day.
o For the fixed-dollar option, the first monthly transfer will occur on the
last business day of the month in which we receive your election form at our
processing office.
o For the interest sweep, the first monthly transfer will occur on the last
business day of the month following the month that we receive your election
form at our processing office.
o Quarterly rebalancing will be processed on a calendar year basis. Semiannual
or annual rebalancing will be processed on the first business day of the
month. Rebalancing will not be done retroactively.
o Requests for withdrawals or surrenders will occur on the business day that
we receive the information that we require.
ABOUT YOUR VOTING RIGHTS
As the owner of shares of the Trusts we have the right to vote on certain
matters involving the portfolios, such as:
More information 73
o the election of trustees; or
o the formal approval of independent auditors selected for each Trust; or
o any other matters described in each prospectus for the Trusts or requiring a
shareholders' vote under the Investment Company Act of 1940.
We will give contract owners the opportunity to instruct us how to vote the
number of shares attributable to their contracts if a shareholder vote is
taken. If we do not receive instructions in time from all contract 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 contract owners vote.
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 contract owners 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 contract owners, we
will see to it that appropriate action is taken to do so.
SEPARATE ACCOUNT A VOTING RIGHTS
If actions relating to Separate Account A require contract owner approval,
contract owners will be entitled to one vote for each unit they have in the
variable investment options. Each contract owner who has elected a variable
annuity payout option may cast the number of votes equal to the dollar amount
of reserves we are holding for that annuity in a variable investment option
divided by the annuity unit value for that option. We will cast votes
attributable to any amounts we have in the variable investment options in the
same proportion as votes cast by contract 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 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 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 A, nor would any of these
proceedings be likely to have a material adverse effect upon Separate Account
A, our ability to meet our obligations under the contracts, or the distribution
of the contracts.
FINANCIAL STATEMENTS
The financial statements of Separate Account A, as well as the consolidated
financial statements of AXA Equitable, are in the SAI. The SAI is available
free of charge. You may request one by writing our processing office or calling
1 (800) 628-6673.
TRANSFERS OF OWNERSHIP, COLLATERAL ASSIGNMENTS, LOANS, AND BORROWING
You can transfer ownership of an NQ contract at any time before annuity
payments begin. We will continue to treat you as the owner until we receive
written notification of any change at our processing office. In some cases, an
assignment or change of ownership may have adverse tax consequences. See "Tax
information" earlier in this prospectus.
You cannot assign or transfer ownership of a traditional IRA, QP IRA or Roth
IRA contract except by surrender to us.
You cannot assign your contract as collateral or security for a loan. Loans are
also not available under your contract. For limited transfers of ownership
after the owner's death see "Beneficiary continuation option" in "Payment of
death benefit" earlier in this prospectus. You may direct the transfer of the
values under your traditional IRA and Roth IRA contract to another similar
arrangement.
DISTRIBUTION OF THE CONTRACTS
The contracts are distributed by both AXA Advisors, LLC ("AXA Advisors") and
AXA Distributors, LLC ("AXA Distributors") (together, the "Distributors"). The
Distributors serve as principal underwriters of Separate Account A. The
offering of the contracts is intended to be continuous.
AXA Advisors is an affiliate of AXA Equitable, and AXA Distributors is an
indirect wholly owned subsidiary of AXA Equitable. The Distributors are under
the common control of AXA Financial, Inc. Their principal business address is
1290 Avenue of the Americas, New York, NY 10104. The Distributors are
registered with the SEC as broker-dealers and are members of the National
Association of Securities Dealers, Inc. ("NASD"). Both broker-dealers also act
as distributors for other AXA Equitable life and annuity products.
The contracts are sold by financial professionals of AXA Advisors and its
affiliates. The contracts are also sold by financial professionals of both
affiliated and unaffiliated broker-dealers that have entered into selling
agreements with the Distributors ("Selling broker-dealers").
AXA Equitable pays compensation to both Distributors based on contracts sold.
Compensation paid to AXA Advisors is based on contributions made on the
contracts sold through AXA Advisors ("contribution-based compensation") and
will generally not exceed 8.5% of total contributions. AXA Advisors, in turn,
may pay a portion of the contribution-based compensation received from AXA
Equitable on the sale of a contract to the AXA Advisors financial professional
and/or Selling
74 More information
broker-dealer making the sale. In some instances, a financial professional or
Selling broker-dealer may elect to receive reduced contribution-based
compensation on a contract in combination with ongoing annual compensation of
up to 0.60% of the account value of the contract sold ("asset-based
compensation"). Total compensation paid to a financial professional or a
Selling broker-dealer electing to receive both contribution-based and
asset-based compensation could over time exceed the total compensation that
would otherwise be paid on the basis of contributions alone. The
contribution-based and asset-based compensation paid by AXA Advisors varies
among financial professionals and among Selling broker-dealers.
Contribution-based compensation paid by AXA Equitable to AXA Distributors on
sales of AXA Equitable contracts by its Selling broker-dealers will generally
not exceed 6.5% of the total contributions made under the contracts. AXA
Distributors, in turn, pays the contribution-based compensation it receives on
the sale of a contract to the Selling broker-dealer making the sale. In some
instances, the Selling broker-dealer may elect to receive reduced
contribution-based compensation on the sale of a contract in combination with
annual asset-based compensation of up to 0.60% of contract account value. If a
Selling broker-dealer elects to receive reduced contribution-based compensation
on a contract, the contribution-based compensation which AXA Equitable pays to
AXA Distributors will be reduced by the same amount and AXA Equitable will pay
AXA Distributors asset-based compensation on the contract equal to the
asset-based compensation which AXA Distributors pays to the Selling
broker-dealer. Total compensation paid to a Selling broker-dealer electing to
receive both contribution-based and asset-based compensation could over time
exceed the total compensation that would otherwise be paid on the basis of
contributions alone. The contribution-based and asset-based compensation paid
by AXA Distributors varies among Selling broker-dealers. AXA Distributors also
receives compensation and reimbursement for its marketing services under the
terms of its distribution agreement with AXA Equitable.
The Distributors may pay certain affiliated and/or unaffiliated Selling
broker-dealers and other financial intermediaries additional compensation in
recognition of certain expenses that may be incurred by them or on their behalf.
The Distributors may also pay certain broker-dealers or other financial
intermediaries additional compensation for enhanced marketing opportunities and
other services (commonly referred to as "marketing allowances"). Services for
which such payments are made may include, but are not limited to, the preferred
placement of AXA Equitable and/or EQUI-VEST(SM) on a company and/or product
list; sales personnel training; product training; business reporting;
technological support; due diligence and related costs; advertising, marketing
and related services; conferences; and/or other support services, including some
that may benefit the contract owner. Payments may be based on the amount of
assets or purchase payments attributable to contracts sold through a Selling
broker-dealer or, in the case of conference support, such payments may be a
fixed amount. The Distributors may also make fixed payments to Selling
broker-dealers in connection with the initiation of a new relationship or the
introduction of a new product. These payments may serve as an incentive for
Selling broker-dealers to promote the sale of particular products. Additionally,
as an incentive for financial professionals of Selling broker-dealers to promote
the sale of AXA Equitable products, the Distributors may increase the sales
compensation paid to the Selling broker-dealer for a period of time (commonly
referred to as "compensation enhancements"). Marketing allowances and sales
incentives are made out of the Distributors' assets. Not all Selling
broker-dealers receive these kinds of payments. For more information about any
such arrangements, ask your financial professional.
The Distributors receive 12b-1 fees from certain portfolios for providing
certain distribution and/or shareholder support services. The Distributors or
their affiliates may also receive payments from the advisers of the portfolios
or their affiliates to help defray expenses for sales meetings or seminar
sponsorships that may relate to the contracts and/or the advisers' respective
portfolios. In connection with portfolios offered through unaffiliated
insurance trusts, the Distributors or their affiliates may also receive other
payments from the advisers of the portfolios or their affiliates for providing
distribution, administrative and/or shareholder support services.
In an effort to promote the sale of our products, AXA Advisors may provide its
financial professionals and managerial personnel with a higher percentage of
sales commissions and/or cash compensation for the sale of an affiliated
variable product than it would the sale of an unaffiliated product. Such
practice is known as providing "differential compensation." AXA Advisors may
provide other forms of compensation to its financial professionals, including
health and retirement benefits. In addition, managerial personnel may receive
expense reimbursements, marketing allowances and commission-based payments
known as "overrides." Certain components of the compensation of financial
professionals who are managers are based on the sale of affiliated variable
products. Managers earn higher compensation (and credits toward awards and
bonuses) if those they manage sell more affiliated variable products. For tax
reasons, AXA Advisors financial professionals qualify for health and retirement
benefits based solely on their sales of our affiliated products.
These payments and differential compensation (together, the "payments") can
vary in amount based on the applicable product and/or entity or individual
involved. As with any incentive, such payments may cause the financial
professional to show preference in recommending the purchase or sale of AXA
Equitable products. However, under applicable rules of the NASD, AXA Advisors
may only recommend to you products that they reasonably believe are suitable
for you based on facts that you have disclosed as to your other security
holdings, financial situation and needs. In making any recommendation,
financial professionals of AXA Advisors may nonetheless face conflicts of
interest because of the differences in compensation from one product category
to another, and because of differences in compensation between products in the
same category.
In addition, AXA Advisors may offer sales incentive programs to financial
professionals who meet specified production levels for the sale of both
affiliated and unaffiliated products which provide non-cash compensation such
as stock options awards and/or stock appreciation rights, expense-paid trips,
expense-paid educational seminars and merchandise.
More information 75
Although AXA Equitable takes all of its costs into account in establishing the
level of fees and expenses in its products, any contribution-based and
asset-based compensation paid by AXA Equitable to the Distributors will not
result in any separate charge to you under your contract. All payments made
will be in compliance with all applicable NASD rules and other laws and
regulations.
76 More information
9. Incorporation of certain documents by reference
- --------------------------------------------------------------------------------
AXA Equitable's Annual Report on Form 10-K for the period ended December 31,
2006 (the "Annual Report") is considered to be part of this Prospectus because
it is incorporated by reference. AXA Equitable intends to send owners account
statements and other such legally-required reports. AXA Equitable does not
anticipate such reports will include periodic financial statements or
information concerning AXA Equitable.
AXA Equitable files reports and other information with the SEC, as required by
law. You may read and copy this information at the SEC's public reference
facilities at Room 1580, 100 F Street, NE, Washington, DC 20549, or by
accessing the SEC's website at www.sec.gov. The public may obtain information
on the operation of the Public Reference Room by calling the SEC at
1-800-SEC-0330. Under the Securities Act of 1933, AXA Equitable has filed with
the SEC a registration statement relating to the Market Value Adjustment (the
"Registration Statement"). This prospectus has been filed as part of the
Registration Statement and does not contain all of the information set forth in
the Registration Statement. Please see the Registration Statement for
additional information concerning the Market Value Adjustment.
The Annual Report includes the audited consolidated financial statements of AXA
Equitable at December 31, 2006 and 2005 and for each of the three years in the
period ended December 31, 2006 (the "AXA Equitable Financial Statements"). The
AXA Equitable Financial Statements are included in the Annual Report and
incorporated by reference into this prospectus in reliance on the report of
PricewaterhouseCoopers LLP, an independent registered public accounting firm.
The AXA Equitable Financial Statements are also included in the Annual Report
and incorporated by reference into this prospectus in reliance on the reports
of KPMG LLP, an independent registered public accounting firm, on (i) the
consolidated financial statements of AllianceBernstein L.P. as of December 31,
2005 and for each of the years in the two-year period ended December 31, 2005,
and the December 31, 2005 financial statement schedule, and (ii) the financial
statements of AllianceBernstein Holding L.P. (together "AllianceBernstein",
formerly "Alliance") as of December 31, 2005 and for each of the years in the
two-year period ended December 31, 2005. The reports are given on the authority
of said firms as experts in auditing and accounting.
KPMG LLP was AllianceBernstein's independent registered public accounting firm
as of December 31, 2005 and for each of the years in the two-year period ended
December 31, 2005. On March 8, 2006, KPMG LLP was terminated, and
PricewaterhouseCoopers LLP was appointed as AllianceBernstein's independent
registered public accounting firm, as disclosed on AXA Equitable's Report on
Form 8-K filed on March 13, 2006. AllianceBernstein Corporation, an indirect
wholly owned subsidiary of AXA Equitable, is the general partner of both
AllianceBernstein L.P. and AllianceBernstein Holding L.P.
Any statement contained in a document that is or becomes part of this
prospectus, will be considered changed or replaced for purposes of this
prospectus if a statement contained in this prospectus changes or is replaced.
Any statement that is considered to be a part of this prospectus because of its
incorporation, will be considered changed or replaced for the purpose of this
prospectus if a statement contained in any other subsequently filed document
that is considered to be part of this prospectus changes or replaces that
statement. After that, only the statement that is changed or replaced will be
considered to be part of this prospectus.
We file our Exchange Act documents and reports, including our annual report on
Form 10-K and quarterly reports on Form 10-Q, electronically according to EDGAR
under CIK No. 0000727920. The SEC maintains a website that contains reports,
proxy and information statements and other information regarding registrants
that file electronically with the SEC. The address of the site is www.sec.gov.
Upon written or oral request, we will provide, free of charge, to each person
to whom this prospectus is delivered a copy of any or all of the documents
considered to be part of this prospectus because they are incorporated herein.
This does not include exhibits not specifically incorporated by reference into
the text of such documents. Requests for documents should be directed to AXA
Equitable Life Insurance Company, 1290 Avenue of the Americas, New York, New
York 10104. Attention: Corporate Secretary (telephone: (212) 554-1234).
Incorporation of certain documents by reference 77
Appendix I: Original Contracts
- --------------------------------------------------------------------------------
Original Contracts are EQUI-VEST(SM)contracts under which the contract owner has
not elected to add any additional variable investment options when they first
became available.
SELECTING YOUR INVESTMENT METHOD. If you own an original contract, only the
guaranteed interest option and the EQ/Money Market, AXA Moderate Allocation,
EQ/Alliance Common Stock and Multimanager Aggressive Equity* options are
available. In most cases, you may request that we add additional variable
investment options to your original contract. We reserve the right to deny your
request.
TRANSFERRING YOUR ACCOUNT VALUE. If you own an original contract, including
original contract owners who elect to amend their contract by selecting maximum
transfer flexibility, the EQ/Money Market option is always available. However,
we will not permit transfers into the EQ/Money Market option from any other
investment option. There will not be any other transfer limitations under your
original contract.
- -------------
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and ben efits" earlier in this prospectus for the
investment option's former name.
I-1 Appendix I: Original Contracts
Appendix II: Condensed financial information
- --------------------------------------------------------------------------------
The following tables show the accumulation unit values and the number of
outstanding units for each variable investment option under each contract
series at the last business day of the periods shown. The unit values and
number of units outstanding are for contracts offered under Separate Account A
with the same daily asset charge. The information presented is shown for the
past ten years, or from the first year the particular contracts were offered if
less than ten years ago.
SERIES 100 AND 200 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31,
2006 (DAILY ASSET CHARGE OF 1.34% OR 1.40%, DEPENDING UPON INVESTMENT OPTION).
- -------------------------------------------------------------------------------------------------------
For the years ending December 31,
-------------------------------------------------------
1997 1998 1999 2000 2001
- -------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
- -------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- -------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- -------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- -------------------------------------------------------------------------------------------------------
Unit value $ 38.66 $ 45.07 $ 52.39 $ 51.10 $ 49.61
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 26,036 24,361 22,434 20,413 19,822
- -------------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- -------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- -------------------------------------------------------------------------------------------------------
Unit value $ 90.75 $ 89.92 $ 105.59 $ 90.70 $ 67.13
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 28,030 25,634 20,946 18,138 16,058
- -------------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- -------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- -------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- -------------------------------------------------------------------------------------------------------
Unit value $160.74 $ 150.42 $ 143.43 $ 129.28 $ 128.74
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 831 1,164 998 800 770
- -------------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- -------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- -------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- -------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- -------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- -------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- -------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- -------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
For the years ending December 31,
-----------------------------------------------------------
2002 2003 2004 2005 2006
AXA Aggressive Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- $ 109.15 $ 120.39 $ 128.35 $ 149.30
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 8 50 122 364
- ----------------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- $ 102.15 $ 106.86 $ 108.01 $ 113.87
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 6 36 59 55
- ----------------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- $ 104.14 $ 110.71 $ 112.78 $ 121.01
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 5 44 112 222
- ----------------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value $ 42.91 $ 50.77 $ 55.12 $ 57.47 $ 63.00
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 23,382 21,629 20,412 19,656 18,359
- ----------------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- $ 107.96 $ 118.97 $ 125.20 $ 141.45
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 18 185 491 1,337
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- ----------------------------------------------------------------------------------------------------------
Unit value $ 47.48 $ 64.75 $ 72.04 $ 77.39 $ 80.76
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 13,832 12,726 11,587 10,645 9,159
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- ----------------------------------------------------------------------------------------------------------
Unit value $ 106.73 $ 109.24 $ 111.97 $ 112.40 $ 115.08
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 264 311 348 375 370
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- ----------------------------------------------------------------------------------------------------------
Unit value $ 78.98 $ 99.85 $ 110.46 $ 116.57 $ 120.91
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 101 182 238 274 291
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- ----------------------------------------------------------------------------------------------------------
Unit value $ 123.58 $ 149.82 $ 161.02 $ 164.14 $ 178.48
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 696 769 761 768 737
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- ----------------------------------------------------------------------------------------------------------
Unit value $ 78.07 $ 103.47 $ 120.36 $ 137.09 $ 169.50
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 82 150 268 321 430
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- ----------------------------------------------------------------------------------------------------------
Unit value $ 76.43 $ 96.62 $ 104.55 $ 110.09 $ 123.37
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 91 122 129 128 120
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- ----------------------------------------------------------------------------------------------------------
Unit value $ 67.87 $ 87.47 $ 92.04 $ 97.62 $ 96.42
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 138 219 256 267 257
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- ----------------------------------------------------------------------------------------------------------
Unit value $ 79.08 $ 102.28 $ 115.47 $ 122.01 $ 143.64
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 127 163 203 263 308
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- ----------------------------------------------------------------------------------------------------------
Unit value $ 62.00 $ 85.78 $ 94.55 $ 101.11 $ 109.36
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 211 417 530 556 547
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- ----------------------------------------------------------------------------------------------------------
Unit value $ 73.70 $ 102.24 $ 116.19 $ 123.06 $ 139.29
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 214 334 425 390 391
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- ----------------------------------------------------------------------------------------------------------
Unit value $ 56.63 $ 88.08 $ 91.24 $ 100.16 $ 106.03
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 53 211 989 901 838
- ----------------------------------------------------------------------------------------------------------
Appendix II: Condensed financial
information II-1
SERIES 100 AND 200 CONTRACTS (CONTINUED)
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31,
2006 (DAILY ASSET CHARGE OF 1.34% OR 1.40%, DEPENDING UPON INVESTMENT OPTION).
- -----------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
-----------------------------------------------------------
1997 1998 1999 2000 2001
EQ/AllianceBernstein Common Stock
- -----------------------------------------------------------------------------------------------------------------------
Unit value $ 253.68 $ 323.75 $ 399.74 $ 339.28 $ 299.82
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 17,386 17,231 16,705 15,685 14,197
- -----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- -----------------------------------------------------------------------------------------------------------------------
Unit value $ 179.30 $ 213.81 $ 250.31 $ 269.09 $ 262.05
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,800 2,475 3,095 3,352 3,789
- -----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate Government Securities
- -----------------------------------------------------------------------------------------------------------------------
Unit value $ 118.98 $ 126.48 $ 124.96 $ 134.60 $ 143.62
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 202 314 360 309 587
- -----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- -----------------------------------------------------------------------------------------------------------------------
Unit value $ 107.92 $ 117.72 $ 160.04 $ 121.54 $ 92.48
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 968 971 926 1,028 945
- -----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 116.36 $ 93.70 $ 70.28
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 887 2,596 2,788
- -----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- -----------------------------------------------------------------------------------------------------------------------
Unit value $ 121.30 $ 130.07 $ 125.76 $ 138.33 $ 147.79
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 283 557 622 566 899
- -----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- -----------------------------------------------------------------------------------------------------------------------
Unit value $ 125.55 $ 118.57 $ 149.64 $ 168.29 $ 144.40
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 488 1,101 976 1,895 1,988
- -----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- -----------------------------------------------------------------------------------------------------------------------
Unit Value -- -- -- -- $ 94.39
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1,544
- -----------------------------------------------------------------------------------------------------------------------
EQ/Ariel Appreciation II
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 107.58 $ 103.06 $ 86.73
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 4 15 33
- -----------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 106.78 $ 111.59 $ 107.86
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 8 44 95
- -----------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 101.64 $ 103.88 $ 100.43
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 13 34 96
- -----------------------------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- -----------------------------------------------------------------------------------------------------------------------
Unit value $ 214.66 $ 271.24 $ 322.15 $ 287.40 $ 249.66
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2,686 3,805 4,579 4,346 4,083
- -----------------------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
--------------------------------------------------------------
2002 2003 2004 2005 2006
- ------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 197.84 $ 292.96 $ 330.99 $ 341.80 $ 374.77
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 11,899 11,092 10,291 9,393 8,175
- ------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 204.07 $ 263.25 $ 292.64 $ 305.38 $ 358.06
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3,455 3,264 3,133 3,020 2,752
- ------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate Government Securities
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 154.25 $ 155.83 $ 157.11 $ 157.33 $ 160.48
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 915 788 674 613 532
- ------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 82.20 $ 109.83 $ 128.38 $ 146.39 $ 178.84
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 5,013 4,603 4,372 4,333 4,232
- ------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 47.74 $ 58.02 $ 62.04 $ 70.34 $ 69.04
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2,376 2,212 1,966 1,822 1,671
- ------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 157.39 $ 161.18 $ 165.40 $ 166.86 $ 171.37
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 950 827 737 726 670
- ------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 99.61 $ 138.85 $ 156.54 $ 172.65 $ 186.13
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,955 1,959 1,885 1,791 1,655
- ------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- ------------------------------------------------------------------------------------------------------------------------
Unit Value $ 80.42 $ 102.15 $ 114.33 $ 118.93 $ 142.44
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,981 2,115 2,287 2,451 2,714
- ------------------------------------------------------------------------------------------------------------------------
EQ/Ariel Appreciation II
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 103.63 $ 113.65
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 4 12
- ------------------------------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 99.46 $ 101.69 $ 107.86 $ 107.96
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 3 12 54 57
- ------------------------------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 106.97 $ 112.04 $ 128.19
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 33 232 292
- ------------------------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 62.93 $ 79.44 $ 81.19 $ 87.10 $ 90.43
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 57 89 118 143 167
- ------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 53.85 $ 65.86 $ 68.57 $ 71.11 $ 75.35
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 19 39 47 67 101
- ------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 67.65 $ 88.51 $ 99.21 $ 114.65 $ 134.89
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 61 175 316 437 534
- ------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 80.17 $ 104.00 $ 113.80 $ 119.08 $ 131.65
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,211 1,179 1,112 1,015 923
- ------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 75.63 $ 101.77 $ 109.77 $ 114.76 $ 124.50
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 375 573 660 684 674
- ------------------------------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 103.98 $ 110.75
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 29 87
- ------------------------------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 191.65 $ 242.29 $ 264.16 $ 272.79 $ 310.53
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3,648 3,539 3,393 3,219 2,920
- ------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 97.50 $ 99.48
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 4 46
- ------------------------------------------------------------------------------------------------------------------------
II-2 Appendix II: Condensed financial information
SERIES 100 AND 200 CONTRACTS (CONTINUED)
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31,
2006 (DAILY ASSET CHARGE OF 1.34% OR 1.40%, DEPENDING UPON INVESTMENT OPTION).
- --------------------------------------------------------------------------------------------------------
For the years ending December 31,
-------------------------------------------------------
1997 1998 1999 2000 2001
- --------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- --------------------------------------------------------------------------------------------------------
Unit value -- -- $ 106.57 $ 92.84 $ 76.01
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 5 18 33
- --------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 99.98 $ 85.41
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 86 420
- --------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- --------------------------------------------------------------------------------------------------------
Unit value $ 118.06 $ 104.82 $ 105.28 $ 109.21 $ 112.05
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 577 859 721 628 1,238
- --------------------------------------------------------------------------------------------------------
EQ/Franklin Income
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/International Growth
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 83.95 $ 63.80
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 165 464
- --------------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- --------------------------------------------------------------------------------------------------------
Unit value $ 115.17 $ 128.20 $ 124.26 $ 131.45 $ 120.85
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 250 581 648 521 532
- --------------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/Long Term Bond
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/Marsico Focus
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 105.89
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- --------------------------------------------------------------------------------------------------------
Unit value $ 115.97 $ 127.97 $ 149.82 $ 165.28 $ 172.07
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 145 444 617 634 1,044
- --------------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
For the years ending December 31,
- --------------------------------------------------------------------------------------------------------
2002 2003 2004 2005 2006
---------------------------------------------------------
EQ/Evergreen Omega
- --------------------------------------------------------------------------------------------------------
Unit value $ 56.98 $ 77.69 $ 82.05 $ 84.15 $ 87.90
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 55 125 206 204 185
- --------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- --------------------------------------------------------------------------------------------------------
Unit value $ 68.70 $ 97.34 $ 111.43 $ 116.94 $ 128.68
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 738 1,109 1,384 1,577 1,735
- --------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- --------------------------------------------------------------------------------------------------------
Unit value $ 94.29 $ 123.98 $ 144.14 $ 158.32 $ 175.70
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,835 1,967 2,096 2,279 2,273
- --------------------------------------------------------------------------------------------------------
EQ/Franklin Income
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 104.29
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 90
- --------------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 108.22
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 8
- --------------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 105.04 $ 116.29
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 15 39
- --------------------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- --------------------------------------------------------------------------------------------------------
Unit value -- -- $ 113.23 $ 116.54 $ 136.64
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 37 251 362
- --------------------------------------------------------------------------------------------------------
EQ/International Growth
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 115.00 $ 142.55
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 13 67
- --------------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- --------------------------------------------------------------------------------------------------------
Unit value $ 43.86 $ 54.47 $ 60.27 $ 63.79 $ 63.69
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 590 701 750 814 813
- --------------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- --------------------------------------------------------------------------------------------------------
Unit value $ 107.03 $ 109.16 $ 112.11 $ 113.06 $ 116.08
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 207 316 405 574 643
- --------------------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- --------------------------------------------------------------------------------------------------------
Unit value $ 96.50 $ 120.74 $ 132.08 $ 135.43 $ 160.85
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 484 448 414 382 362
- --------------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 106.40 $ 112.16
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 13 108
- --------------------------------------------------------------------------------------------------------
EQ/Long Term Bond
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 99.99 $ 100.45
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 71 113
- --------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 105.99 $ 122.57
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 11 75
- --------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 105.62 $ 117.43
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 13 25
- --------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 111.49 $ 123.96
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 67 23
- --------------------------------------------------------------------------------------------------------
EQ/Marsico Focus
- --------------------------------------------------------------------------------------------------------
Unit value $ 92.40 $ 119.55 $ 130.34 $ 142.37 $ 153.56
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 337 779 948 1,217 1,548
- --------------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- --------------------------------------------------------------------------------------------------------
Unit value $ 141.48 $ 183.13 $ 199.77 $ 202.92 $ 242.07
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,282 1,316 1,355 1,330 1,272
- --------------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- --------------------------------------------------------------------------------------------------------
Unit value $ 75.52 $ 95.40 $ 114.50 $ 125.21 $ 155.26
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 928 946 1,010 1,260 1,505
- --------------------------------------------------------------------------------------------------------
Appendix II: Condensed financial information II-3
SERIES 100 AND 200 CONTRACTS (CONTINUED)
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31,
2006 (DAILY ASSET CHARGE OF 1.34% OR 1.40%, DEPENDING UPON INVESTMENT OPTION).
- ----------------------------------------------------------------------------------------------------------
For the years ending December 31,
-----------------------------------------------------------
1997 1998 1999 2000 2001
- ----------------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- ----------------------------------------------------------------------------------------------------------
Unit value $ 121.34 $ 161.04 $ 275.93 $ 220.97 $ 143.76
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 256 1,090 2,427 3,720 3,422
- ----------------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 104.48 $ 102.37 $ 84.85
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 18 68 87
- ----------------------------------------------------------------------------------------------------------
EQ/Money Market
- ----------------------------------------------------------------------------------------------------------
Unit value $ 29.41 $ 30.55 $ 31.63 $ 33.15 $ 33.96
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 973 1,261 1,516 1,458 1,796
- ----------------------------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Mutual Shares
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Short Duration Bond
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Small Cap Value
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Small Company Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Small Company Index
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/TCW Equity
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- ----------------------------------------------------------------------------------------------------------
Unit value $ 79.41 $ 57.18 $ 110.43 $ 65.32 $ 61.12
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 109 217 590 926 850
- ----------------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
For the years ending December 31,
-----------------------------------------------------------
2002 2003 2004 2005 2006
- ----------------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- ----------------------------------------------------------------------------------------------------------
Unit value $ 93.15 $ 118.84 $ 132.05 $ 142.04 $ 151.04
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2,890 2,681 2,410 2,130 1,844
- ----------------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- ----------------------------------------------------------------------------------------------------------
Unit value $ 66.13 $ 79.62 $ 87.51 $ 92.55 $ 103.13
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 118 161 140 132 116
- ----------------------------------------------------------------------------------------------------------
EQ/Money Market
- ----------------------------------------------------------------------------------------------------------
Unit value $ 34.00 $ 33.81 $ 33.69 $ 34.19 $ 35.33
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,816 1,322 1,193 1,383 2,018
- ----------------------------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 104.66 $ 108.84 $ 115.92
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 17 23
- ----------------------------------------------------------------------------------------------------------
EQ/Mutual Shares
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 107.10
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 32
- ----------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 110.94
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 14
- ----------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 110.99
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 9
- ----------------------------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 99.35 $ 98.40
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 82 167
- ----------------------------------------------------------------------------------------------------------
EQ/Short Duration Bond
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 99.80 $ 102.36
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 13 47
- ----------------------------------------------------------------------------------------------------------
EQ/Small Cap Value
- ----------------------------------------------------------------------------------------------------------
Unit value $ 112.38 $ 152.31 $ 175.98 $ 181.76 $ 208.22
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 239 434 617 739 794
- ----------------------------------------------------------------------------------------------------------
EQ/Small Company Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 114.58 $ 121.52 $ 132.13
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 3 80 216
- ----------------------------------------------------------------------------------------------------------
EQ/Small Company Index
- ----------------------------------------------------------------------------------------------------------
Unit value $ 81.53 $ 117.33 $ 136.22 $ 140.12 $ 162.73
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 72 260 446 537 672
- ----------------------------------------------------------------------------------------------------------
EQ/TCW Equity
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 111.22 $ 114.11 $ 108.07
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 6 36 43
- ----------------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 107.58
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 30
- ----------------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 109.24 $ 117.48 $ 132.31
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 41 94
- ----------------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 104.29 $ 119.26
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 47 110
- ----------------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- ----------------------------------------------------------------------------------------------------------
Unit value $ 56.74 $ 87.28 $ 106.51 $ 139.53 $ 188.68
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 895 949 1,084 1,420 1,693
- ----------------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 123.74 $ 133.39
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 32 93
- ----------------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 119.05 $ 142.87
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 3 78
- ----------------------------------------------------------------------------------------------------------
II-4 Appendix II: Condensed financial information
SERIES 100 AND 200 CONTRACTS (CONTINUED)
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31,
2006 (DAILY ASSET CHARGE OF 1.34% OR 1.40%, DEPENDING UPON INVESTMENT OPTION).
- -------------------------------------------------------------------------------------------------------------
For the years ending December 31,
------------------------------------------------------------
1997 1998 1999 2000 2001 2002 2003
- -------------------------------------------------------------------------------------------------------------
Target 2015 Allocation
- -------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Target 2025 Allocation
- -------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Target 2035 Allocation
- -------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Target 2045 Allocation
- -------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- -------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- -- $ 106.81
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- -- 18
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
For the years ending December 31,
------------------------------------
2004 2005 2006
- -------------------------------------------------------------------------------------
Target 2015 Allocation
- -------------------------------------------------------------------------------------
Unit value -- -- $ 108.32
- -------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 11
- -------------------------------------------------------------------------------------
Target 2025 Allocation
- -------------------------------------------------------------------------------------
Unit value -- -- $ 109.27
- -------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 7
- -------------------------------------------------------------------------------------
Target 2035 Allocation
- -------------------------------------------------------------------------------------
Unit value -- -- $ 110.16
- -------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 4
- -------------------------------------------------------------------------------------
Target 2045 Allocation
- -------------------------------------------------------------------------------------
Unit value -- -- $ 110.95
- -------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 3
- -------------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- -------------------------------------------------------------------------------------
Unit value $ 143.40 $ 165.18 $ 224.36
- -------------------------------------------------------------------------------------
Number of units outstanding (000's) 288 435 601
- -------------------------------------------------------------------------------------
Appendix II: Condensed financial information II-5
SERIES 300 AND 400 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31,
2006 (DAILY ASSET CHARGE OF 1.34% OR 1.35% DEPENDING UPON THE INVESTMENT
OPTION).
- ----------------------------------------------------------------------------------------------------------------
For the years ending December 31,
----------------------------------------------------------
1996 1997 1998 1999 2000
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- ----------------------------------------------------------------------------------------------------------------
Unit value $ 119.26 $ 135.29 $ 157.63 $ 183.18 $ 178.32
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 548 655 752 854 846
- ----------------------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- ----------------------------------------------------------------------------------------------------------------
Unit value $ 149.41 $ 163.33 $ 161.59 $ 189.44 $ 162.34
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2,468 3,226 3,342 2,980 2,607
- ----------------------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- ----------------------------------------------------------------------------------------------------------------
Unit value $ 137.53 $ 160.74 $ 150.42 $ 143.43 $ 129.28
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 444 831 1,164 998 800
- ----------------------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- ----------------------------------------------------------------------------------------------------------------
Unit value $ 155.42 $ 198.12 $ 252.88 $ 312.31 $ 264.88
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3,457 4,765 5,808 6,502 6,233
- ----------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- ----------------------------------------------------------------------------------------------------------------
Unit value $ 143.37 $ 179.30 $ 213.81 $ 250.31 $ 269.09
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 975 1,800 2,475 3,095 3,352
- ----------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate Government
Securities
- ----------------------------------------------------------------------------------------------------------------
Unit value $ 112.40 $ 118.98 $ 126.48 $ 124.96 $ 134.60
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 146 202 314 360 309
- ----------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- ----------------------------------------------------------------------------------------------------------------
Unit value $ 112.83 $ 107.92 $ 117.72 $ 160.04 $ 121.54
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 763 968 971 926 1,028
- ----------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- ----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 116.36 $ 93.70
- ----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 887 2,596
- ----------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
------------------------------------------------------------------------
2001 2002 2003 2004 2005 2006
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 109.15 $ 120.39 $ 128.35 $ 149.30
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 8 50 122 364
- ------------------------------------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 102.15 $ 106.86 $ 108.01 $ 113.87
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 6 36 59 55
- ------------------------------------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 104.14 $ 110.71 $ 112.78 $ 121.01
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 5 44 112 222
- ------------------------------------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- ------------------------------------------------------------------------------------------------------------------------------
Unit value $ 172.66 $ 149.01 $ 175.55 $ 188.77 $ 195.64 $ 213.45
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,334 2,689 2,378 2,153 1,902 1,696
- ------------------------------------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 107.96 $ 118.97 $ 125.20 $ 141.45
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 18 185 491 1,337
- ------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- ------------------------------------------------------------------------------------------------------------------------------
Unit value $ 120.13 $ 84.51 $ 114.95 $ 127.42 $ 136.36 $ 141.76
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2,242 1,841 1,636 1,467 1,285 1,113
- ------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 106.73 $ 109.24 $ 111.97 $ 112.40 $ 115.08
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 264 316 348 375 370
- ------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 78.98 $ 99.85 $ 110.46 $ 116.57 $ 120.91
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 101 185 238 274 291
- ------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- ------------------------------------------------------------------------------------------------------------------------------
Unit value $ 128.74 $ 123.58 $ 149.82 $ 161.02 $ 164.14 $ 178.48
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 770 696 798 761 768 737
- ------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 78.07 $ 103.47 $ 120.36 $ 137.09 $ 169.50
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 82 152 268 321 430
- ------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 76.43 $ 96.62 $ 104.55 $ 110.09 $ 123.37
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 91 123 129 128 120
- ------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 67.87 $ 87.47 $ 92.04 $ 97.62 $ 96.42
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 138 221 256 267 257
- ------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 79.08 $ 102.28 $ 115.47 $ 122.01 $ 143.64
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 127 165 203 263 308
- ------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 62.00 $ 85.78 $ 94.55 $ 101.11 $ 109.36
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 211 421 530 556 547
- ------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 73.70 $ 102.24 $ 116.19 $ 123.06 $ 139.29
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 214 337 425 390 391
- ------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 56.63 $ 88.08 $ 91.24 $ 100.16 $ 106.03
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 53 212 989 901 838
- ------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- ------------------------------------------------------------------------------------------------------------------------------
Unit value $ 233.80 $ 154.15 $ 227.99 $ 257.31 $ 265.43 $ 290.56
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 5,579 4,418 4,024 3,627 3,126 2,645
- ------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- ------------------------------------------------------------------------------------------------------------------------------
Unit value $ 262.05 $ 204.07 $ 263.25 $ 292.64 $ 305.38 $ 358.06
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3,789 3,455 3,368 3,133 3,020 2,752
- ------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate Government
Securities
- ------------------------------------------------------------------------------------------------------------------------------
Unit value $ 143.62 $ 154.25 $ 155.83 $ 157.11 $ 157.33 $ 160.48
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 587 915 818 674 613 532
- ------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- ------------------------------------------------------------------------------------------------------------------------------
Unit value $ 92.48 $ 82.20 $ 109.83 $ 128.38 $ 146.39 $ 178.84
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 945 5,013 4,796 4,372 4,333 4,232
- ------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- ------------------------------------------------------------------------------------------------------------------------------
Unit value $ 70.28 $ 47.74 $ 58.02 $ 62.04 $ 70.34 $ 69.04
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2,788 2,376 2,254 1,966 1,822 1,671
- ------------------------------------------------------------------------------------------------------------------------------
II-6 Appendix II: Condensed financial information
SERIES 300 AND 400 CONTRACTS (CONTINUED)
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31,
2006 (DAILY ASSET CHARGE OF 1.34% OR 1.35% DEPENDING UPON THE INVESTMENT
OPTION).
- -----------------------------------------------------------------------------------------------------------------
For the years ending December 31,
-----------------------------------------------------------
1996 1997 1998 1999 2000
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- -----------------------------------------------------------------------------------------------------------------
Unit value $ 112.65 $ 121.30 $ 130.07 $ 125.76 $ 138.33
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 196 283 557 622 566
- -----------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- -----------------------------------------------------------------------------------------------------------------
Unit value -- $ 125.55 $ 118.57 $ 149.64 $ 168.29
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 488 1,101 976 1,895
- -----------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
EQ/Ariel Appreciation II
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 107.58 $ 103.06
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 4 15
- -----------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 106.78 $ 111.59
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 8 44
- -----------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 101.64 $ 103.88
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 13 34
- -----------------------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- -----------------------------------------------------------------------------------------------------------------
Unit value $ 164.12 $ 214.66 $ 271.24 $ 322.15 $ 287.40
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,486 2,686 3,805 4,579 4,346
- -----------------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 106.57 $ 92.84
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 5 18
- -----------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 99.98
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 86
- -----------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- -----------------------------------------------------------------------------------------------------------------
Unit value -- $ 118.06 $ 104.82 $ 105.28 $ 109.21
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 577 859 721 628
- -----------------------------------------------------------------------------------------------------------------
EQ/Franklin Income
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
--------------------------------------------------------------------------
2001 2002 2003 2004 2005 2006
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- ------------------------------------------------------------------------------------------------------------------------------
Unit value $ 147.79 $ 157.39 $ 161.18 $ 165.40 $ 166.86 $ 171.37
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 899 950 851 737 726 670
- ------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- ------------------------------------------------------------------------------------------------------------------------------
Unit value $ 144.40 $ 99.61 $ 138.85 $ 156.54 $ 172.65 $ 186.13
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,988 1,955 2,016 1,885 1,791 1,655
- ------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- ------------------------------------------------------------------------------------------------------------------------------
Unit value $ 94.39 $ 80.42 $ 102.15 $ 114.33 $ 118.93 $ 142.44
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,544 1,981 2,153 2,287 2,451 2,714
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Ariel Appreciation II
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 103.63 $ 113.65
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 4 12
- ------------------------------------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 99.46 $ 101.69 $ 107.86 $ 107.96
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 3 12 54 57
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 106.97 $ 112.04 $ 128.19
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 33 232 292
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- ------------------------------------------------------------------------------------------------------------------------------
Unit value $ 86.73 $ 62.93 $ 79.44 $ 81.19 $ 87.10 $ 90.43
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 33 57 89 118 143 167
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 53.85 $ 65.86 $ 68.57 $ 71.11 $ 75.35
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 19 41 47 67 101
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 67.65 $ 88.51 $ 99.21 $ 114.65 $ 134.89
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 61 177 316 437 534
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- ------------------------------------------------------------------------------------------------------------------------------
Unit value $ 107.86 $ 80.17 $ 104.00 $ 113.80 $ 119.08 $ 131.65
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 95 1,211 1,200 1,112 1,015 923
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- ------------------------------------------------------------------------------------------------------------------------------
Unit value $ 100.43 $ 75.63 $ 101.77 $ 109.77 $ 114.76 $ 124.50
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 96 375 579 660 684 674
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 103.98 $ 110.75
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 29 87
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- ------------------------------------------------------------------------------------------------------------------------------
Unit value $ 249.66 $ 191.65 $ 242.29 $ 264.16 $ 272.79 $ 310.53
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 4,083 3,648 3,658 3,393 3,219 2,920
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 97.50 $ 99.48
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 4 46
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- ------------------------------------------------------------------------------------------------------------------------------
Unit value $ 76.01 $ 56.98 $ 77.69 $ 82.05 $ 84.15 $ 87.90
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 33 55 127 206 204 185
- ------------------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- ------------------------------------------------------------------------------------------------------------------------------
Unit value $ 85.41 $ 68.70 $ 97.34 $ 111.43 $ 116.94 $ 128.68
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 420 738 1,117 1,384 1,577 1,735
- ------------------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- ------------------------------------------------------------------------------------------------------------------------------
Unit value $ 112.05 $ 94.29 $ 123.98 $ 144.14 $ 158.32 $ 175.70
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,238 1,835 2,002 2,096 2,279 2,273
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Franklin Income
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- $ 104.29
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- 90
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- $ 108.22
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- 8
- ------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 105.04 $ 116.29
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 15 39
- ------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 113.23 $ 116.54 $ 136.64
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 37 251 362
- ------------------------------------------------------------------------------------------------------------------------------
Appendix II: Condensed financial information II-7
SERIES 300 AND 400 CONTRACTS (CONTINUED) UNIT VALUES AND NUMBER OF UNITS
OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION, EXCEPT FOR THOSE OPTIONS
OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31, 2006 (DAILY ASSET CHARGE OF
1.34% OR 1.35% DEPENDING UPON THE INVESTMENT OPTION).
- -------------------------------------------------------------------------------------------------------------
For the years ending December 31,
-------------------------------------------------------------
1996 1997 1998 1999 2000
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
EQ/International Growth
- -------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- -------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 83.95
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 165
- -------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- -------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- -------------------------------------------------------------------------------------------------------------
Unit value -- $ 115.17 $ 128.20 $ 124.76 $ 131.45
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 250 581 648 521
- -------------------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- -------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
EQ/Long Term Bond
- -------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- -------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- -------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- -------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
EQ/Marsico Focus
- -------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- -------------------------------------------------------------------------------------------------------------
Unit value -- $ 115.97 $ 127.67 $ 149.82 $ 165.28
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 145 444 617 634
- -------------------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- -------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- -------------------------------------------------------------------------------------------------------------
Unit value -- $ 121.34 $ 161.04 $ 275.93 $ 220.97
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 256 1,090 2,427 3,720
- -------------------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- -------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 104.48 $ 102.37
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 18 68
- -------------------------------------------------------------------------------------------------------------
EQ/Money Market
- -------------------------------------------------------------------------------------------------------------
Unit value $ 111.21 $ 115.66 $ 120.19 $ 124.47 $ 130.47
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 165 146 262 360 297
- -------------------------------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- -------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
EQ/Mutual Shares
- -------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- -------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- -------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- -------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
EQ/Short Duration Bond
- -------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
-----------------------------------------------------------------------
2001 2002 2003 2004 2005 2006
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
EQ/International Growth
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 115.00 $ 142.55
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 13 67
- ----------------------------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 63.80 $ 43.86 $ 54.47 $ 60.27 $ 63.79 $ 63.69
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 464 581 710 750 814 813
- ----------------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- $ 107.03 $ 109.16 $ 112.11 $ 113.06 $ 116.08
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 207 318 405 574 643
- ----------------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 120.85 $ 96.50 $ 120.74 $ 132.08 $ 135.43 $ 160.85
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 532 484 454 414 382 362
- ----------------------------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 106.40 $ 112.16
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 13 108
- ----------------------------------------------------------------------------------------------------------------------
EQ/Long Term Bond
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 99.99 $ 100.45
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 71 113
- ----------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 105.99 $ 122.57
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 11 75
- ----------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 105.62 $ 117.43
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 13 25
- ----------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 111.49 $ 123.96
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 67 23
- ----------------------------------------------------------------------------------------------------------------------
EQ/Marsico Focus
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 105.89 $ 92.41 $ 119.55 $ 130.34 $ 142.37 $ 153.56
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 337 790 948 1,217 1,548
- ----------------------------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 172.07 $ 141.48 $ 183.13 $ 199.77 $ 202.92 $ 242.07
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,044 1,282 1,337 1,355 1,330 1,272
- ----------------------------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- $ 75.52 $ 95.40 $ 114.50 $ 125.21 $ 155.26
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 928 970 1,010 1,260 1,505
- ----------------------------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 143.76 $ 93.15 $ 118.84 $ 132.05 $ 142.04 $ 151.04
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3,422 2,890 2,741 2,410 2,130 1,844
- ----------------------------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 84.85 $ 66.13 $ 79.62 $ 87.51 $ 92.55 $ 103.13
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 87 118 162 140 132 116
- ----------------------------------------------------------------------------------------------------------------------
EQ/Money Market
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 133.66 $ 133.83 $ 133.10 $ 132.67 $ 135.29 $ 139.78
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 395 342 231 186 63 56
- ----------------------------------------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 104.66 $ 108.84 $ 115.92
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1 17 23
- ----------------------------------------------------------------------------------------------------------------------
EQ/Mutual Shares
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- $ 107.10
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- 32
- ----------------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- $ 110.94
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- 14
- ----------------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- $ 110.99
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- 9
- ----------------------------------------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 99.35 $ 98.40
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 82 167
- ----------------------------------------------------------------------------------------------------------------------
EQ/Short Duration Bond
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 99.80 $ 102.36
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 13 47
- ----------------------------------------------------------------------------------------------------------------------
II-8 Appendix II: Condensed financial information
SERIES 300 AND 400 CONTRACTS (CONTINUED) UNIT VALUES AND NUMBER OF UNITS
OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION, EXCEPT FOR THOSE OPTIONS
OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31, 2006 (DAILY ASSET CHARGE OF
1.34% OR 1.35% DEPENDING UPON THE INVESTMENT OPTION).
- -------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
------------------------------------------------------------------
1996 1997 1998 1999 2000 2001
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
EQ/Small Cap Value
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
EQ/Small Company Growth
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
EQ/Small Company Index
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
EQ/TCW Equity
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- -------------------------------------------------------------------------------------------------------------------
Unit value -- $ 79.41 $ 57.18 $ 110.43 $ 65.32 $ 61.12
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 109 217 590 926 850
- -------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Target 2015 Allocation
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Target 2025 Allocation
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Target 2035 Allocation
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Target 2045 Allocation
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
For the years ending December 31,
-----------------------------------------------------------
2002 2003 2004 2005 2006
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
EQ/Small Cap Value
- ----------------------------------------------------------------------------------------------------------
Unit value $ 112.38 $ 152.31 $ 175.98 $ 181.76 $ 208.22
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 239 445 617 739 794
- ----------------------------------------------------------------------------------------------------------
EQ/Small Company Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 114.58 $ 121.52 $ 132.13
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 3 80 216
- ----------------------------------------------------------------------------------------------------------
EQ/Small Company Index
- ----------------------------------------------------------------------------------------------------------
Unit value $ 81.53 $ 117.33 $ 136.22 $ 140.12 $ 162.73
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 72 261 446 537 672
- ----------------------------------------------------------------------------------------------------------
EQ/TCW Equity
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 111.22 $ 114.11 $ 108.07
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 6 36 43
- ----------------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 107.58
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 30
- ----------------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 109.24 $ 117.48 $ 132.31
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 41 92
- ----------------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 104.29 $ 119.26
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 47 110
- ----------------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- ----------------------------------------------------------------------------------------------------------
Unit value $ 56.74 $ 87.28 $ 106.51 $ 139.53 $ 188.68
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 895 971 1,084 1,420 1,693
- ----------------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 123.74 $ 133.39
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 32 93
- ----------------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 119.05 $ 142.87
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 3 78
- ----------------------------------------------------------------------------------------------------------
Target 2015 Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 108.32
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 11
- ----------------------------------------------------------------------------------------------------------
Target 2025 Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 109.27
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 7
- ----------------------------------------------------------------------------------------------------------
Target 2035 Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 110.16
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 4
- ----------------------------------------------------------------------------------------------------------
Target 2045 Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 110.95
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 3
- ----------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- ----------------------------------------------------------------------------------------------------------
Unit value -- $ 106.81 $ 143.40 $ 165.18 $ 224.36
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 18 288 435 601
- ----------------------------------------------------------------------------------------------------------
Appendix II: Condensed financial information II-9
SERIES 500 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31,
2006 (DAILY ASSET CHARGE OF 1.45%).
- ----------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
---------------------------------------------------------
1998 1999 2000 2001 2002
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 102.39 $ 118.86 $ 115.59 $ 111.81 $ 96.40
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 2 4 6
- ----------------------------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 90.25 $ 105.69 $ 90.49 $ 66.89 $ 47.01
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 4 4 5 5
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 106.61
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 78.89
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 89.20 $ 84.96 $ 76.49 $ 76.09 $ 72.96
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1 1 1
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 77.98
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 76.34
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 67.79
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 79.00
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 61.93
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 73.62
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 56.57
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 102.87 $ 126.91 $ 107.53 $ 94.82 $ 62.45
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 5 19 24 27 27
- ----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 102.73 $ 120.13 $ 129.00 $ 125.48 $ 97.61
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 4 5 6 7
- ----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate Government Securities
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 103.22 $ 101.96 $ 109.70 $ 116.92 $ 125.44
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- ----------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
For the years ending December 31,
--------------------------------------------------
2003 2004 2005 2006
- --------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
- --------------------------------------------------------------------------------------------------------------
Unit value $ 109.12 $ 120.22 $ 128.03 $ 148.76
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- --------------------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- --------------------------------------------------------------------------------------------------------------
Unit value $ 102.13 $ 106.71 $ 107.73 $ 112.94
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- --------------------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- --------------------------------------------------------------------------------------------------------------
Unit value $ 104.11 $ 110.56 $ 112.49 $ 120.58
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- --------------------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- --------------------------------------------------------------------------------------------------------------
Unit value $ 113.45 $ 121.87 $ 126.17 $ 137.52
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 6 6 5 4
- --------------------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- --------------------------------------------------------------------------------------------------------------
Unit value $ 107.93 $ 118.80 $ 124.89 $ 140.94
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- --------------------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- --------------------------------------------------------------------------------------------------------------
Unit value $ 63.87 $ 70.74 $ 75.62 $ 78.53
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 5 5 5 5
- --------------------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- --------------------------------------------------------------------------------------------------------------
Unit value $ 109.00 $ 111.59 $ 111.90 $ 114.44
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- --------------------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- --------------------------------------------------------------------------------------------------------------
Unit value $ 99.63 $ 110.09 $ 116.05 $ 120.24
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- --------------------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- --------------------------------------------------------------------------------------------------------------
Unit value $ 88.34 $ 94.85 $ 96.58 $ 104.89
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 1 1
- --------------------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- --------------------------------------------------------------------------------------------------------------
Unit value $ 103.24 $ 119.96 $ 136.48 $ 168.56
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- --------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- --------------------------------------------------------------------------------------------------------------
Unit value $ 96.40 $ 104.20 $ 109.60 $ 122.68
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- --------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- --------------------------------------------------------------------------------------------------------------
Unit value $ 87.27 $ 91.74 $ 97.18 $ 95.88
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- --------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- --------------------------------------------------------------------------------------------------------------
Unit value $ 102.05 $ 115.08 $ 121.47 $ 142.84
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- --------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- --------------------------------------------------------------------------------------------------------------
Unit value $ 85.59 $ 94.24 $ 100.66 $ 108.75
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- --------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- --------------------------------------------------------------------------------------------------------------
Unit value $ 102.01 $ 115.80 $ 122.51 $ 138.52
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- --------------------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- --------------------------------------------------------------------------------------------------------------
Unit value $ 87.89 $ 90.93 $ 99.71 $ 105.44
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1 1
- --------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- --------------------------------------------------------------------------------------------------------------
Unit value $ 92.27 $ 104.03 $ 107.21 $ 117.24
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 29 30 29 26
- --------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- --------------------------------------------------------------------------------------------------------------
Unit value $ 125.78 $ 139.67 $ 145.68 $ 170.51
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 7 7 7 6
- --------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate Government Securities
- --------------------------------------------------------------------------------------------------------------
Unit value $ 126.58 $ 127.48 $ 127.51 $ 129.92
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 -- --
- --------------------------------------------------------------------------------------------------------------
II-10 Appendix II: Condensed financial information
SERIES 500 CONTRACTS (CONTINUED)
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31,
2006 (DAILY ASSET CHARGE OF 1.45%).
- -------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
-------------------------------------------------------------
1998 1999 2000 2001 2002
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- -------------------------------------------------------------------------------------------------------------------
Unit value $ 93.00 $ 126.29 $ 95.81 $ 72.82 $ 64.65
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1 1 4
- -------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- -------------------------------------------------------------------------------------------------------------------
Unit value -- $ 116.32 $ 93.56 $ 70.10 $ 47.56
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 2 2
- -------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- -------------------------------------------------------------------------------------------------------------------
Unit value $103.62 $ 100.08 $ 109.96 $ 117.34 $ 124.83
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- -------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- -------------------------------------------------------------------------------------------------------------------
Unit value $ 86.93 $ 109.59 $ 123.11 $ 105.52 $ 72.71
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 2 -- 3
- -------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 100.70 $ 85.70
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1 1
- -------------------------------------------------------------------------------------------------------------------
EQ/Ariel Appreciation II
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 81.26
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 72.13
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 83.76
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- -------------------------------------------------------------------------------------------------------------------
Unit value -- $ 106.74 $ 111.42 $ 107.58 $ 79.87
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 3
- -------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- -------------------------------------------------------------------------------------------------------------------
Unit value -- $ 101.60 $ 103.72 $ 100.16 $ 75.34
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- -------------------------------------------------------------------------------------------------------------------
Unit value $103.68 $ 123.01 $ 109.62 $ 95.12 $ 72.93
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 9 10 11 12
- -------------------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- -------------------------------------------------------------------------------------------------------------------
Unit value -- $ 106.53 $ 93.33 $ 75.81 $ 56.76
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 99.95 $ 85.28 $ 68.53
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 13 --
- -------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- -------------------------------------------------------------------------------------------------------------------
Unit value $ 82.78 $ 83.05 $ 86.06 $ 88.20 $ 74.14
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1 1 2
- -------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
For the years ending December 31,
------------------------------------------------
2003 2004 2005 2006
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- --------------------------------------------------------------------------------------------------------
Unit value $ 86.29 $ 100.74 $ 114.75 $ 140.03
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 4 4 4 4
- --------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- --------------------------------------------------------------------------------------------------------
Unit value $ 57.74 $ 61.67 $ 69.86 $ 68.47
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 2 2 2
- --------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- --------------------------------------------------------------------------------------------------------
Unit value $ 127.69 $ 130.89 $ 131.90 $ 135.31
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- --------------------------------------------------------------------------------------------------------
Unit value $ 101.24 $ 114.00 $ 125.60 $ 135.25
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3 2 2 2
- --------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- --------------------------------------------------------------------------------------------------------
Unit value $ 108.74 $ 121.57 $ 126.32 $ 151.12
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 2 1 2
- --------------------------------------------------------------------------------------------------------
EQ/Ariel Appreciation II
- --------------------------------------------------------------------------------------------------------
Unit value -- -- $ 103.60 $ 113.50
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- --------------------------------------------------------------------------------------------------------
Unit value $ 99.43 $ 101.55 $ 107.59 $ 107.57
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- --------------------------------------------------------------------------------------------------------
Unit value -- $ 106.95 $ 111.88 $ 127.87
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- --------------------------------------------------------------------------------------------------------
Unit value $ 102.46 $ 104.60 $ 112.09 $ 116.25
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- --------------------------------------------------------------------------------------------------------
Unit value $ 88.12 $ 91.64 $ 94.93 $ 100.48
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- --------------------------------------------------------------------------------------------------------
Unit value $ 109.47 $ 122.57 $ 141.49 $ 166.28
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- --------------------------------------------------------------------------------------------------------
Unit value $ 103.50 $ 113.12 $ 118.23 $ 130.57
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3 3 3 2
- --------------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- --------------------------------------------------------------------------------------------------------
Unit value $ 101.27 $ 109.11 $ 113.95 $ 123.48
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- --------------------------------------------------------------------------------------------------------
Unit value -- -- $ 103.90 $ 110.55
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- --------------------------------------------------------------------------------------------------------
Unit value $ 92.10 $ 100.31 $ 103.47 $ 117.65
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 12 13 12 11
- --------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- --------------------------------------------------------------------------------------------------------
Unit value -- -- $ 97.47 $ 99.34
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- --------------------------------------------------------------------------------------------------------
Unit value $ 77.31 $ 81.56 $ 83.56 $ 87.18
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- --------------------------------------------------------------------------------------------------------
Unit value $ 96.98 $ 110.90 $ 116.25 $ 127.77
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1 1
- --------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- --------------------------------------------------------------------------------------------------------
Unit value $ 97.37 $ 113.08 $ 124.06 $ 137.53
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 2 2 2
- --------------------------------------------------------------------------------------------------------
Appendix II: Condensed financial information II-11
SERIES 500 CONTRACTS (CONTINUED)
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31,
2006 (DAILY ASSET CHARGE OF 1.45%).
- -----------------------------------------------------------------------------------------------------------
For the years ending December 31,
--------------------------------------------------------
1998 1999 2000 2001 2002
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
EQ/Franklin Income
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
EQ/International Growth
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 83.92 $ 63.71 $ 43.75
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 106.90
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- -----------------------------------------------------------------------------------------------------------
Unit value $ 100.48 $ 97.68 $ 102.80 $ 94.40 $ 75.30
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1 2 2
- -----------------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
EQ/Long Term Bond
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
EQ/Marsico Focus
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 105.94 $ 92.27
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- -----------------------------------------------------------------------------------------------------------
Unit value $ 97.80 $ 114.64 $ 126.32 $ 131.37 $ 107.89
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1 2 2
- -----------------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 82.38
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- -----------------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- -----------------------------------------------------------------------------------------------------------
Unit value $ 103.41 $ 177.00 $ 141.58 $ 92.01 $ 59.55
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 6 9 9 9
- -----------------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- -----------------------------------------------------------------------------------------------------------
Unit value -- $ 104.44 $ 102.22 $ 84.63 $ 65.88
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
EQ/Money Market
- -----------------------------------------------------------------------------------------------------------
Unit value $ 101.68 $ 105.20 $ 110.16 $ 112.74 $ 112.77
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
For the years ending December 31,
---------------------------------------------
2003 2004 2005 2006
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
EQ/Franklin Income
- ----------------------------------------------------------------------------------------------
Unit value -- -- -- $ 104.26
- ----------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- ----------------------------------------------------------------------------------------------
Unit value -- -- -- $ 108.18
- ----------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- ----------------------------------------------------------------------------------------------
Unit value -- -- $ 104.97 $ 116.08
- ----------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- ----------------------------------------------------------------------------------------------
Unit value -- $ 113.20 $ 116.38 $ 136.30
- ----------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------
EQ/International Growth
- ----------------------------------------------------------------------------------------------
Unit value -- -- 114.91 $ 142.29
- ----------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- ----------------------------------------------------------------------------------------------
Unit value $ 54.27 $ 59.97 $ 63.41 $ 63.23
- ----------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 -- --
- ----------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- ----------------------------------------------------------------------------------------------
Unit value $ 108.90 $ 111.72 $ 112.55 $ 115.42
- ----------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- ----------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- ----------------------------------------------------------------------------------------------
Unit value $ 94.11 $ 102.84 $ 105.33 $ 124.95
- ----------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 2 1 1
- ----------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- ----------------------------------------------------------------------------------------------
Unit value -- -- $ 106.38 $ 112.00
- ----------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------
EQ/Long Term Bond
- ----------------------------------------------------------------------------------------------
Unit value -- -- $ 99.92 $ 100.27
- ----------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- ----------------------------------------------------------------------------------------------
Unit value -- -- $ 105.91 $ 122.34
- ----------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- ----------------------------------------------------------------------------------------------
Unit value -- -- $ 91.36 $ 117.21
- ----------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- ----------------------------------------------------------------------------------------------
Unit value -- -- $ 111.40 $ 123.44
- ----------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------
EQ/Marsico Focus
- ----------------------------------------------------------------------------------------------
Unit value $ 119.25 $ 129.87 $ 141.69 $ 152.66
- ----------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- ----------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- ----------------------------------------------------------------------------------------------
Unit value $ 139.50 $ 152.01 $ 154.23 $ 183.78
- ----------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 2 2 2
- ----------------------------------------------------------------------------------------------
EQ/Mercury International Value
- ----------------------------------------------------------------------------------------------
Unit value $ 103.95 $ 124.61 $ 136.12 $ 168.61
- ----------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 1 1
- ----------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- ----------------------------------------------------------------------------------------------
Unit value $ 75.89 $ 84.23 $ 90.50 $ 96.13
- ----------------------------------------------------------------------------------------------
Number of units outstanding (000's) 9 9 9 8
- ----------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- ----------------------------------------------------------------------------------------------
Unit value $ 79.23 $ 86.99 $ 91.89 $ 102.29
- ----------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------
EQ/Money Market
- ----------------------------------------------------------------------------------------------
Unit value $ 112.04 $ 111.55 $ 113.11 $ 116.74
- ----------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------
II-12 Appendix II: Condensed financial information
SERIES 500 CONTRACTS (CONTINUED)
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31,
2006 (DAILY ASSET CHARGE OF 1.45%).
- ---------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
-------------------------------------------------------------------
1998 1999 2000 2001 2002 2003
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Mutual Shares
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Short Duration Bond
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Small Cap Value
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 87.78 $ 118.84
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Small Company Growth
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Small Company Index
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 81.43 $ 117.06
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/TCW Equity
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- ---------------------------------------------------------------------------------------------------------------------
Unit value $ 81.40 $ 157.03 $ 92.78 $ 86.72 $ 80.41 $ 123.57
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 1 1 1
- ---------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Target 2015 Allocation
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Target 2025 Allocation
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Target 2035 Allocation
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
For the years ending December 31,
----------------------------------
2004 2005 2006
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- -----------------------------------------------------------------------------------
Unit value $ 104.63 $ 108.69 $ 115.63
- -----------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -----------------------------------------------------------------------------------
EQ/Mutual Shares
- -----------------------------------------------------------------------------------
Unit value -- -- $ 107.10
- -----------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -----------------------------------------------------------------------------------
EQ/Oppenheimer Global
- -----------------------------------------------------------------------------------
Unit value -- -- $ 110.91
- -----------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -----------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- -----------------------------------------------------------------------------------
Unit value -- -- $ 110.95
- -----------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -----------------------------------------------------------------------------------
EQ/PIMCO Real Return
- -----------------------------------------------------------------------------------
Unit value -- $ 99.28 $ 98.22
- -----------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -----------------------------------------------------------------------------------
EQ/Short Duration Bond
- -----------------------------------------------------------------------------------
Unit value -- $ 99.72 $ 102.17
- -----------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -----------------------------------------------------------------------------------
EQ/Small Cap Value
- -----------------------------------------------------------------------------------
Unit value $ 137.16 $ 141.51 $ 161.93
- -----------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -----------------------------------------------------------------------------------
EQ/Small Company Growth
- -----------------------------------------------------------------------------------
Unit value $ 114.56 $ 121.35 $ 131.81
- -----------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -----------------------------------------------------------------------------------
EQ/Small Company Index
- -----------------------------------------------------------------------------------
Unit value $ 135.75 $ 139.49 $ 161.81
- -----------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -----------------------------------------------------------------------------------
EQ/TCW Equity
- -----------------------------------------------------------------------------------
Unit value $ 111.19 $ 113.95 $ 107.80
- -----------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -----------------------------------------------------------------------------------
EQ/Templeton Growth
- -----------------------------------------------------------------------------------
Unit value -- -- $ 107.54
- -----------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -----------------------------------------------------------------------------------
EQ/UBS Growth and Income
- -----------------------------------------------------------------------------------
Unit value $ 109.21 $ 117.32 $ 131.98
- -----------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -----------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- -----------------------------------------------------------------------------------
Unit value -- $ 104.21 $ 119.04
- -----------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -----------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- -----------------------------------------------------------------------------------
Unit value $ 150.61 $ 197.09 $ 266.22
- -----------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 1
- -----------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- -----------------------------------------------------------------------------------
Unit value -- $ 123.65 $ 133.14
- -----------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -----------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- -----------------------------------------------------------------------------------
Unit value -- $ 118.96 $ 142.60
- -----------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -----------------------------------------------------------------------------------
Target 2015 Allocation
- -----------------------------------------------------------------------------------
Unit value -- -- $ 108.28
- -----------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -----------------------------------------------------------------------------------
Target 2025 Allocation
- -----------------------------------------------------------------------------------
Unit value -- -- $ 109.23
- -----------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -----------------------------------------------------------------------------------
Target 2035 Allocation
- -----------------------------------------------------------------------------------
Unit value -- -- $ 110.12
- -----------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -----------------------------------------------------------------------------------
Appendix II: Condensed financial information II-13
SERIES 500 CONTRACTS (CONTINUED)
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31,
2006 (DAILY ASSET CHARGE OF 1.45%).
- ------------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
-----------------------------------------------------------------------------------
1998 1999 2000 2001 2002 2003 2004 2005 2006
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Target 2045 Allocation
- ------------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- -- -- -- $ 110.94
- ------------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- ------------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- $ 106.78 $ 143.20 $ 164.77 $ 223.55
- ------------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
II-14 Appendix II: Condensed financial information
Appendix III: Market value adjustment example
- --------------------------------------------------------------------------------
The example below shows how the market value adjustment would be determined and
how it would be applied to a withdrawal, assuming that $100,000 was allocated
on June 15, 2007 to a fixed maturity option with a maturity date of June 15,
2015 (eight years later) at a hypothetical rate to maturity of 7.00% (h),
resulting in a maturity value of $171,882 on the maturity date. We further
assume that a withdrawal of $50,000 is made four years later, on June 15,
2011.(a)
- -------------------------------------------------------------------------------------
Hypothetical assumed
rate to maturity(j)
on June 15, 2011
- -------------------------------------------------------------------------------------
5% 9%
- -------------------------------------------------------------------------------------
As of June 15, 2011 before withdrawal
- -------------------------------------------------------------------------------------
(1) market adjusted amount(b) $141,389 $121,737
- -------------------------------------------------------------------------------------
(2) fixed maturity amount(c) $131,104 $131,104
- -------------------------------------------------------------------------------------
(3) market value adjustment: (1) - (2) $ 10,285 $ (9,367)
- -------------------------------------------------------------------------------------
On June 15, 2011 after $50,000 withdrawal
- -------------------------------------------------------------------------------------
(4) portion of market value adjustment associated with the withdrawal:
- -------------------------------------------------------------------------------------
(3) x [$50,000/(1)] $ 3,637 $ (3,847)
- -------------------------------------------------------------------------------------
(5) portion of fixed maturity associated with the withdrawal:
- -------------------------------------------------------------------------------------
$50,000 - (4) $ 46,363 $ 53,847
- -------------------------------------------------------------------------------------
(6) market adjusted amount (1) - $50,000 $ 91,389 $ 71,737
- -------------------------------------------------------------------------------------
(7) fixed maturity amount: (2) - (5) $ 84,741 $ 77,257
- -------------------------------------------------------------------------------------
(8) maturity value (d) $111,099 $101,287
- -------------------------------------------------------------------------------------
You should note that in this example, if a withdrawal is made when rates have
increased from 7.00% to 9.00% (right column), a portion of a negative market
value adjustment is realized. On the other hand, if a withdrawal is made when
rates have decreased from 7.00% to 5.00% (left column), a portion of a positive
market value adjustment is realized.
* In Oregon, seven is the maximum materiality year.
Notes:
(a) Number of days from the withdrawal date to the maturity date = D = 1,461
(b) Market adjusted amount is based on the
following calculation:
Maturity value $ 171,882
---------------- = ----------------- where j is either 5% or 9%
(1+j)((D/365)) (1+j)((1,461/365))
(c) Fixed maturity amount is based on the following calculation:
Maturity value $ 171,882
---------------- = --------------------
(1+h)((D/365)) (1+0.07)((1,461/365))
(d) Maturity value is based on the following calculation:
Fixed maturity amount $84,741 or $77,257
--------------------- = ------------------
(1+h)((D/365)) (1+0.07)((1,461/365))
Appendix III: Market value adjustment example III-1
Appendix IV: State contract availability and/or variations of certain features
and benefits
- --------------------------------------------------------------------------------
STATES WHERE CERTAIN EQUI-VEST(SM) FEATURES AND/OR BENEFITS ARE NOT AVAILABLE OR
HAVE CERTAIN VARIATIONS TO FEATURES AND/OR BENEFITS:
Contract type/Series/
State Features and benefits Effective Date Availability or variation
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
New York See "Selecting an annuity payout In the second to last paragraph in this
option" in "Your annuity payout section, the second line in the
option" under "Accessing your paragraph "(1) the amount applied to
money" purchase the annuity;" is deleted in its
entirety and replaced with the
following:
(1) The amount applied to provide the
annuity will be: (a) the account
value for any life annuity form or
(b) the cash value for any period
certain annuity form except that,
if the period certain is more than
five years, the amount applied will
be no less than 95% of the account
value.
- -------------------------------------------------------------------------------------------------------------
IV-1 Appendix IV: State contract availability and/or variations of certain
features and benefits
Statement of additional information
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
Page
Who is AXA Equitable? 2
Calculation of annuity payments 2
Custodian and independent registered public accounting firm 2
Distribution of the contracts 3
Calculating unit values 3
Financial statements 3
How to Obtain an EQUI-VEST(SM) Statement of Additional Information for Separate
Account A
Call 1 (800) 628-6673 or send this request form to:
EQUI-VEST(SM)
Processing Office
AXA Equitable
P.O. Box 4956
Syracuse, NY 13221-4956
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Please send me an EQUI-VEST(SM) Statement of Additional Information dated
May 1, 2007.
(Combination variable and fixed deferred annuity)
- --------------------------------------------------------------------------------
Name:
- --------------------------------------------------------------------------------
Address:
- --------------------------------------------------------------------------------
City State Zip
888-1297 (5/07)
X1508
EQUI-VEST(SM) Express(SM)
A combination variable and fixed deferred annuity contract
PROSPECTUS DATED MAY 1, 2007
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 contract. You should read the prospectuses for each Trust which
contain important information about the portfolios.
- --------------------------------------------------------------------------------
WHAT IS EQUI-VEST(SM) EXPRESS(SM)
EQUI-VEST(SM) Express(SM) is a deferred annuity contract issued by AXA Equitable
Life Insurance Company. It provides for the accumulation of retirement savings
and for income. The contract also offers death benefit protection and a number
of payout options. You invest to accumulate value on a tax-deferred basis in
one or more of our variable investment options or in our fixed maturity options
("investment options"). This contract may not currently be available in all
states.
- --------------------------------------------------------------------------------
Variable investment options
Fixed income
- --------------------------------------------------------------------------------
o AXA Conservative Allocation(1) o EQ/JPMorgan Core Bond
o AXA Conservative-Plus Allocation(1) o EQ/Long Term Bond
o EQ/AllianceBernstein Intermediate o EQ/Money Market
Government Securities o EQ/PIMCO Real Return
o EQ/AllianceBernstein Quality Bond o EQ/Short Duration Bond
o EQ/Caywood-Scholl High Yield Bond o Multimanager Core Bond*
o EQ/Evergreen International Bond o Multimanager High Yield*
o EQ/Franklin Income
- --------------------------------------------------------------------------------
Domestic stocks
- --------------------------------------------------------------------------------
o AXA Aggressive Allocation(1) o EQ/Lord Abbett Mid Cap Value
o AXA Moderate-Plus Allocation(1) o EQ/Marsico Focus
o EQ/AllianceBernstein Common Stock o EQ/MFS Emerging Growth Companies+
o EQ/AllianceBernstein Growth and o EQ/MFS Investors Trust+
Income++ o EQ/Montag & Caldwell Growth
o EQ/AllianceBernstein Large Cap o EQ/Mutual Shares
Growth o EQ/Oppenheimer Main Street
o EQ/AllianceBernstein Small Cap Opportunity**
Growth o EQ/Oppenheimer Main Street Small
o EQ/AllianceBernstein Value Cap
o EQ/Ariel Apprecialtion II o EQ/Small Cap Value+
o EQ/AXA Rosenberg Value Long/Short o EQ/Small Company Growth+
Equity o EQ/Small Company Index
o EQ/BlackRock Basic Value Equity* o EQ/TCW Equity++
o EQ/Boston Advisors Equity Income o EQ/Templeton Growth
o EQ/Calvert Socially Responsible o EQ/UBS Growth and Income
o EQ/Capital Guardian Growth o EQ/Van Kampen Comstock
o EQ/Capital Guardian Research o EQ/Van Kampen Mid Cap Growth
o EQ/Capital Guardian U.S. Equity++ o EQ/Wells Fargo Montgomery Small
o EQ/Davis New York Venture** Cap++
o EQ/Equity 500 Index o Multimanager Aggressive Equity*
o EQ/Evergreen Omega o Multimanager Health Care*
o EQ/FI Mid Cap o Multimanager Large Cap Core Equity*
o EQ/FI Mid Cap Value+ o Multimanager Large Cap Growth*
o EQ/Franklin Small Cap Value o Multimanager Large Cap Value*
o EQ/Franklin Templeton Founding o Multimanager Mid Cap Growth*
Strategy** o Multimanager Mid Cap Value*
o EQ/GAMCO Mergers and Acquisitions o Multimanager Technology*
o EQ/GAMCO Small Company Value o Target 2015 Allocation
o EQ/Janus Large Cap Growth++ o Target 2025 Allocation
o EQ/JPMorgan Value Opportunities o Target 2035 Allocation
o EQ/Legg Mason Value Equity o Target 2045 Allocation
o EQ/Lord Abbett Growth and Income o U.S. Real Estate--Class II++
o EQ/Lord Abbett Large Cap Core
- --------------------------------------------------------------------------------
International stocks
- --------------------------------------------------------------------------------
o EQ/AllianceBernstein International o EQ/Oppenheimer Global
o EQ/BlackRock International Value* o EQ/Van Kampen Emerging Markets
o EQ/Capital Guardian International+ Equity
o EQ/International Growth o Multimanager International Equity*
- --------------------------------------------------------------------------------
Balanced/hybrid
- --------------------------------------------------------------------------------
o AXA Moderate Allocation(1)
- --------------------------------------------------------------------------------
(1) The "AXA Allocation" portfolios.(1)
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and benefits" later in this prospectus for the investment
option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supple ment included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned substitution or merger of this investment option, subject to
regulatory approval.
You may allocate amounts to any of the variable investment options. Each
variable investment option is a subaccount of Separate Account A. Each variable
investment option, in turn, invests in a corresponding securities portfolio of
either AXA Premier VIP Trust, EQ Advisors Trust, or The Universal Institutional
Funds, Inc., (the "Trusts"). Your investment results in a variable investment
option will depend on the investment performance of the related portfolio. You
may also allocate amounts to the fixed maturity options, which are discussed
later in this prospectus.
TYPES OF CONTRACTS. For existing and new contract owners, we offer the
contracts for use as:
o A nonqualified annuity ("NQ") for after-tax contributions only
o An individual retirement annuity ("IRA"), any of traditional IRA, Roth IRA
or Inherited IRA beneficiary continuation contracts ("Inherited IRA").
A minimum contribution of $50 ($5,000 for Inherited IRA) is required to
purchase a contract.
For existing contract owners only:
o QP IRA (Please see Appendix I -- these contracts are no longer available for
new purchasers.) Unless otherwise indicated, information for QP IRA is the
same as traditional IRA.
Registration statements relating to this offering have been filed with the
Securities and Exchange Commission ("SEC"). The statement of additional
information ("SAI") dated May 1, 2007, is a part of one of the registration
statements. The SAI is available free of charge. You may request one by writing
to our processing office at P.O. Box 4956, Syracuse, NY 13221-4956 or calling 1
(800) 628-6673. 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 www.sec.gov. The table of contents for the SAI appears at the back
of this prospectus.
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 contracts 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.
X01500
Series 700
(R-4/15)
Although this prospectus is primarily designed for potential purchasers of the
contract, you may have previously purchased a contract and are receiving this
prospectus as a current contract owner. If you are a current contract owner, you
should note that the options, features and charges of the contract may have
varied over time and may vary depending on your state. For more information
about the particular options, features and charges applicable to you, please
contact your financial professional and/or refer to your contract and/or see
Appendix I.
Contents of this prospectus
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
EQUI-VEST(SM) EXPRESS(SM)
- --------------------------------------------------------------------------------
Index of key words and phrases 5
Who is AXA Equitable? 6
How to reach us 7
EQUI-VEST(SM) ExpressSM at a glance -- key features 9
- --------------------------------------------------------------------------------
FEE TABLE 11
- --------------------------------------------------------------------------------
Examples 14
Condensed financial information 18
- --------------------------------------------------------------------------------
1. CONTRACT FEATURES AND BENEFITS 19
- --------------------------------------------------------------------------------
How you can purchase and contribute to your contract 19
Owner and annuitant requirements 21
How you can make your contributions 21
What are your investment options under the contract? 21
Portfolios of the Trusts 22
Allocating your contributions 28
Your right to cancel within a certain number of days 29
Inherited IRA beneficiary continuation contract 29
- --------------------------------------------------------------------------------
2. DETERMINING YOUR CONTRACT'S VALUE 31
- --------------------------------------------------------------------------------
Your account value and cash value 31
Your contract's value in the variable investment options 31
Your contract's value in the fixed maturity options 31
- --------------------------------------------------------------------------------
3. TRANSFERRING YOUR MONEY AMONG INVESTMENT OPTIONS 32
- --------------------------------------------------------------------------------
Transferring your account value 32
Disruptive transfer activity 32
Automatic transfer options 33
Rebalancing your account value 33
- ----------------------
"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 contract owner.
When we use the word "contract" it also includes certificates that are issued
under group contracts in some states.
Contents of this prospectus 3
- --------------------------------------------------------------------------------
4. ACCESSING YOUR MONEY 35
- --------------------------------------------------------------------------------
Withdrawing your account value 35
How withdrawals are taken from your account value 35
Surrender of your contract to receive its cash value 36
Termination 36
When to expect payments 36
Your annuity payout options 36
- --------------------------------------------------------------------------------
5. CHARGES AND EXPENSES 39
- --------------------------------------------------------------------------------
Charges that AXA Equitable deducts 39
Charges under the contracts 39
Charges that the Trusts deduct 40
Group or sponsored arrangements 40
Other distribution arrangements 41
- --------------------------------------------------------------------------------
6. PAYMENT OF DEATH BENEFIT 42
- --------------------------------------------------------------------------------
Your beneficiary and payment of benefit 42
How death benefit payment is made 43
Beneficiary continuation option 43
- --------------------------------------------------------------------------------
7. TAX INFORMATION 45
- --------------------------------------------------------------------------------
Overview 45
Buying a contract to fund a retirement arrangement 45
Transfers among investment options 45
Taxation of nonqualified annuities 45
Individual retirement arrangements ("IRAs") 47
Roth individual retirement annuities ("Roth IRAs") 53
Federal and state income tax withholding and
information reporting 56
Impact of taxes to AXA Equitable 57
- --------------------------------------------------------------------------------
8. MORE INFORMATION 58
- --------------------------------------------------------------------------------
About our Separate Account A 58
About the Trusts 58
About our fixed maturity options 58
About the general account 59
About other methods of payment 60
Dates and prices at which contract events occur 60
About your voting rights 60
About legal proceedings 61
Financial statements 61
Transfers of ownership, collateral assignments, loans,
and borrowing 61
Distribution of the contracts 61
- --------------------------------------------------------------------------------
9. INCORPORATION OF CERTAIN
DOCUMENTS BY REFERENCE 63
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
APPENDICES
- --------------------------------------------------------------------------------
I -- QP IRA contracts I-1
II -- Condensed financial information II-1
III -- Market value adjustment example III-1
IV -- State contract availability and/or variations of
certain features and benefits IV-1
- --------------------------------------------------------------------------------
STATEMENT OF ADDITIONAL INFORMATION
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
4 Contents of this prospectus
Index of key words and phrases
- --------------------------------------------------------------------------------
This index should help you locate more information on the terms used in this
prospectus.
Page
account value 31
annuitant 19
annuity payout options 36
beneficiary 42
beneficiary continuation option 43
business day 60
cash value 31
conduit IRA 51
contract date 10
contract date anniversary 10
contract year 10
contributions 19
contributions to Roth IRAs 53
regular contributions 53
rollovers and direct transfers 53
conversion contributions 54
contributions to traditional IRAs 47
regular contributions 48
rollovers and transfers 49
disruptive transfer activity 32
EQAccess 7
fixed maturity amount 28
fixed maturity options 28
IRA cover, 45
IRS 45
Inherited IRA cover, 29
investment options cover, 21
market adjusted amount 28
market timing 32
market value adjustment 28
maturity value 28
NQ cover, 42
partial withdrawals 35
portfolio cover
principal assurance allocation 28
processing office 7
QP IRA Appendix I
rate to maturity 28
regular contribution 48
Required Beginning Date 51
Roth IRA cover, 49
SAI cover
SEC cover
TOPS 7
traditional IRA cover, 47
Trusts cover, 58
unit 31
unit investment trust 58
variable investment options cover, 21
To make this prospectus easier to read, we sometimes use different words than
in the contract or supplemental materials. This is illustrated below. 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.
- --------------------------------------------------------------------------------
Prospectus Contract or Supplemental Materials
- --------------------------------------------------------------------------------
fixed maturity options Guarantee Periods or Fixed Maturity Accounts
variable investment options Investment Funds or Investment Divisions
account value Annuity Account Value
rate to maturity Guaranteed Rates
unit Accumulation unit
unit value Accumulation unit value
Index of key words and phrases 5
Who is AXA Equitable?
- --------------------------------------------------------------------------------
We are AXA Equitable Life Insurance Company ("AXA Equitable") (until 2004, The
Equitable Life Assurance Society of the United States), a New York stock life
insurance corporation. We have been doing business since 1859. AXA Equitable is
an indirect, wholly-owned subsidiary of AXA Financial, Inc., a holding company,
which is itself an indirect, wholly-owned subsidiary of AXA. AXA is a French
holding company for an international group of insurance and related financial
services companies. As the ultimate sole shareholder of AXA Equitable, and
under its other arrangements with AXA Equitable and AXA Equitable's parent, AXA
exercises significant influence over the operations and capital structure of
AXA Equitable and its parent. AXA holds its interest in AXA Equitable through a
number of other intermediate holding companies, including Oudinot
Participations, AXA America Holdings Inc. and AXA Financial Services, LLC. AXA
Equitable is obligated to pay all amounts that are promised to be paid under
the contracts. 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
$795 billion in assets as of December 31, 2006. 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 10104.
6 Who is AXA Equitable?
HOW TO REACH US
You may communicate with our processing office as 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.
- --------------------------------------------------------------------------------
FOR NQ AND IRA OWNERS WHO SEND CONTRIBUTIONS INDI-
VIDUALLY BY REGULAR MAIL:
- --------------------------------------------------------------------------------
AXA Equitable
EQUI-VEST(SM) Express(SM)
Individual Collections
P.O. Box 13459
Newark, NJ 07188-0459
- --------------------------------------------------------------------------------
FOR NQ AND IRA OWNERS WHO SEND CONTRIBUTIONS INDI-
VIDUALLY BY EXPRESS DELIVERY:
- --------------------------------------------------------------------------------
AXA Equitable
JPMorganChase
EQUI-VEST(SM) Lockbox #13459
4 Chase Metrotech Center (7th Floor)
Brooklyn, NY 11245-0001
Telephone number to be listed on express mail package
Attn: Extraction Supervisor, (718) 242-2992
- --------------------------------------------------------------------------------
FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR TRANS-
FERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT BY REGULAR
MAIL:
- --------------------------------------------------------------------------------
AXA Equitable
EQUI-VEST(SM) Processing Office
P.O. Box 4956
Syracuse, NY 13221-4956
- --------------------------------------------------------------------------------
FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR TRANS-
FERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT BY EXPRESS
DELIVERY:
- --------------------------------------------------------------------------------
AXA Equitable
EQUI-VEST(SM) Processing Office
100 Madison Street, Suite 1000
Syracuse, NY 13202
- --------------------------------------------------------------------------------
FOR NQ AND IRA CONTRIBUTIONS REMITTED BY EMPLOYERS
AND SENT BY REGULAR MAIL:
- --------------------------------------------------------------------------------
AXA Equitable
EQUI-VEST(SM) Express(SM)
Unit Annuity Collections
P.O. Box 13463
Newark, New Jersey 07188-0463
- --------------------------------------------------------------------------------
FOR NQ AND IRA CONTRIBUTIONS REMITTED BY EMPLOYERS
AND SENT BY EXPRESS DELIVERY:
- --------------------------------------------------------------------------------
AXA Equitable
JPMorganChase
EQUI-VEST(SM) Lockbox #13463
4 Chase Metrotech Center (7th Floor)
Brooklyn, NY 11245-0001
Telephone number to be listed on express mail package
Attn: Extraction Supervisor, (718) 242-2992
- --------------------------------------------------------------------------------
REPORTS WE PROVIDE:
- --------------------------------------------------------------------------------
o written confirmation of financial transactions;
o quarterly statements of your contract values as of the close of each calendar
quarter; and
o annual statement of your contract values as of your contract date anniversary.
- --------------------------------------------------------------------------------
TELEPHONE OPERATED PROGRAM SUPPORT ("TOPS") AND
EQACCESS SYSTEMS:
- --------------------------------------------------------------------------------
TOPS is designed to provide you with up-to-date information via touch-tone
telephone. EQAccess is designed to provide this information through the
Internet. You can obtain information on:
o your current account value;
o your current allocation percentages;
o the number of units you have in the variable investment options;
o rates to maturity for fixed maturity options;
o the daily unit values for the variable investment options; and
o performance information regarding the variable investment options (not
available through TOPS).
You can also:
o change your allocation percentages and/or transfer among the variable
investment options (not available for transfers to fixed maturity options);
and
o change your TOPS personal identification number ("PIN") (through TOPS only)
and your EQAccess password (through EQAccess only).
Under EQAccess only you can:
o make a contribution to your IRA or NQ annuity contract;
o elect to receive certain contract statements electronically;
o change your address; and
o access "Frequently Asked Questions" and certain service forms.
TOPS and EQAccess are normally available seven days a week, 24 hours a day. You
may use TOPS by calling toll free 1 (800) 755-7777. You may use EQAccess by
visiting our website at www.axaonline.com and clicking on EQAccess. Of course,
for reasons beyond our control, these services may sometimes be unavailable.
We have established procedures to reasonably confirm that the instructions
communicated by telephone or the Internet are genuine.
Who is AXA Equitable? 7
For example, we will require certain personal identification information before
we will act on telephone or Internet instructions and we will provide written
confirmation of your transfers. If we do not employ reasonable procedures to
confirm the genuineness of telephone or Internet instructions, we may be liable
for any losses arising out of any act or omission that constitutes negligence,
lack of good faith, or willful misconduct. In light of our procedures, we will
not be liable for following telephone or Internet instructions we reasonably
believe to be genuine.
We reserve the right to limit access to these services if we determine that you
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).
- --------------------------------------------------------------------------------
CUSTOMER SERVICE REPRESENTATIVE:
- --------------------------------------------------------------------------------
You may also use our toll-free number 1 (800) 628-6673 to speak with one of our
customer service representatives. Our customer service representatives are
available on each business day Monday through Thursday from 8:00 a.m. to 7:00
p.m., and on Friday until 5:00 p.m., Eastern Time.
Hearing or speech-impaired clients may call the AT&T National Relay Number at
(800) 855-2880 for information about your account. If you have a
Telecommunications Device for the Deaf (TDD), you may relay messages or
questions to our Customer Service Department at (800) 628-6673, Monday through
Thursday from 8:00 a.m. to 7:00 p.m., and on Friday until 5:00 p.m. Eastern
Time. AT&T personnel will communicate our reply back to you, via the TDD.
- --------------------------------------------------------------------------------
TOLL-FREE TELEPHONE SERVICE:
- --------------------------------------------------------------------------------
You may reach us toll-free by calling 1 (800) 841-0801 for a recording of daily
unit values for the variable investment options.
WE REQUIRE THAT THE FOLLOWING TYPES OF COMMUNICATIONS BE ON SPECIFIC FORMS WE
PROVIDE FOR THAT PURPOSE:
(1) conversion of your traditional IRA contract to a Roth IRA contract;
(2) cancellation of your Roth IRA contract and return to a traditional IRA
contract;
(3) election of the automatic investment program;
(4) election of general dollar-cost averaging;
(5) election of the rebalancing program;
(6) election of the automatic deposit service;
(7) election of the required minimum distribution automatic withdrawal option;
(8) election of the beneficiary continuation option;
(9) election of the principal assurance allocation;
(10) request for a transfer/rollover of assets or 1035 exchange to another
carrier; and
(11) Request for Direct Disbursement to Charitable Organization
WE ALSO HAVE SPECIFIC FORMS THAT WE RECOMMEND YOU USE FOR THE FOLLOWING TYPES
OF REQUESTS:
(1) address changes;
(2) beneficiary changes;
(3) transfers among investment options;
(4) change of ownership; and
(5) contract surrender and withdrawal requests.
TO CHANGE OR CANCEL ANY OF THE FOLLOWING WE REQUIRE WRITTEN NOTIFICATION
GENERALLY AT LEAST SEVEN CALENDAR DAYS BEFORE THE NEXT SCHEDULED TRANSACTION:
(1) automatic investment program;
(2) general dollar-cost averaging;
(3) rebalancing program;
(4) systematic withdrawals; and
(5) the date annuity payments are to begin.
You must sign and date all these requests. Any written request that is not on
one of our forms must include your name and your contract number along with
adequate details about the notice you wish to give or the action you wish us to
take.
SIGNATURES:
The proper person to sign forms, notices and requests would normally be the
owner. If there are joint owners, all must sign.
8 Who is AXA Equitable?
EQUI-VEST(SM) Express(SM) at a glance -- key features
- ------------------------------------------------------------------------------------------------------------------------------
Professional investment EQUI-VEST(SM) Express(SM) variable investment options invest in different portfolios managed by
management professional investment advisers.
- ------------------------------------------------------------------------------------------------------------------------------
Fixed maturity options o 10 fixed maturity options with maturities ranging from approximately 1 to 10 years.
o Each fixed maturity option offers a guarantee of principal and interest rate if you hold it to
maturity.
----------------------------------------------------------------------------------------------------
If you make any withdrawals (including transfers, surrender or termination of your contract or when we
make deductions for charges) from a fixed maturity option before it matures, we will make a market value
adjustment, which will increase or decrease any fixed maturity amount you have in that fixed maturity
option.
- ------------------------------------------------------------------------------------------------------------------------------
Tax advantages o On earnings inside the No tax until you make withdrawals from your contract or receive annuity
contract payments.
o On transfers inside the No tax on transfers among investment options.
contract
----------------------------------------------------------------------------------------------------
If you are purchasing an annuity contract as an Individual Retirement Annuity (IRA), 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.)
- ------------------------------------------------------------------------------------------------------------------------------
Contribution amounts o NQ, traditional IRA and Roth IRA: Minimum: $50 initial and additional ($20 under our automatic
investment program)
o Inherited IRA
$5,000 (initial) (minimum)
$1,000 (additional) (minimum)
o Maximum contribution limitations may apply. In general, contributions are limited to $1.5 million
under all EQUI-VEST(SM) series and EQUI-VEST(SM) At Retirement(SM) contracts with the same owner or
annuitant ($500,000 for owners or annuitants who are age 81 and older at contract issue)
- ------------------------------------------------------------------------------------------------------------------------------
Access to your money o Partial withdrawals
o Several withdrawal options on a periodic basis
o Contract surrender
You may incur a withdrawal charge for certain withdrawals or if you surrender your contract. You may
also incur income tax and a penalty tax.
- ------------------------------------------------------------------------------------------------------------------------------
Payout options o Fixed annuity payout options
o Variable Immediate Annuity payout options (as described in a separate prospectus for that option)
- ------------------------------------------------------------------------------------------------------------------------------
Additional features o General dollar-cost averaging
o Automatic investment program
o Account value rebalancing (quarterly, semiannually and annually)
o Principal assurance allocation
o No charge on transfers among investment options
o Minimum death benefit
- ------------------------------------------------------------------------------------------------------------------------------
EQUI-VEST(SM) Express(SM) at a glance -- key features 9
- --------------------------------------------------------------------------------
Fees and charges o Daily charges on amounts invested in the variable
investment options for mortality and expense risks and
other expenses at an annual rate of 0.95% (2.00%
maximum).
o $30 ($65 maximum), or, during the first two contract
years, 2% of your account value plus any amounts
previously withdrawn during the contract year, if
less; thereafter, $30 per year. If your account value
is $25,000 or more for NQ contracts (or $20,000 or
more for IRA contracts), we will not deduct the
charge. For individuals who own multiple contracts
with combined account values of over $100,000, this
charge may be waived. See "Annual administrative
charge" in "Charges and expenses" later in this
prospectus.
o Charge for third-party transfer (such as in the case
of a trustee-to-trustee transfer for an IRA contract)
or exchange (if your contract is exchanged for a
contract issued by another insurance company): $25
currently ($65 maximum) per occurrence.
o No sales charge deducted at the time you make
contributions.
o During the first seven contract years following each
contribution, a charge will be deducted from amounts
that you withdraw that exceed 10% of your account
value. We use the account value on the date of the
withdrawal to calculate the 10% amount available. The
charge begins at 7% in the first contract year
following each contribution. It declines each year to
1% in the seventh contract year. There is no
withdrawal charge in the eighth and later contract
years following a contribution.
------------------------------------------------------
The "contract date" is the effective date of a
contract. This usually is the business day we receive
the properly completed and signed application, along
with any other required documents, and your initial
contribution. Your contract date will be shown in your
contract. The 12-month period beginning on your
contract date and each 12-month period after that date
is a "contract year." The end of each 12-month period
is your "contract date anniversary." For example, if
your contract date is May 1, your contract date
anniversary is April 30.
------------------------------------------------------
o We deduct a charge designed to approximate certain
taxes that may be imposed on us, such as premium taxes
in your state. The charge is generally deducted from
the amount applied to an annuity payout option.
o We deduct a $350 annuity administrative fee from
amounts applied to purchase a Variable Immediate
Annuity payout option. This option is described in a
separate prospectus that is available from your
financial professional.
o Annual expenses of the Trusts' 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.
- --------------------------------------------------------------------------------
Annuitant issue ages 0-83 (0-70 for Inherited IRA)
- --------------------------------------------------------------------------------
THE ABOVE IS NOT A COMPLETE DESCRIPTION OF ALL MATERIAL PROVISIONS OF THE
CONTRACT. IN SOME CASES RESTRICTIONS OR EXCEPTIONS APPLY. RIGHTS ARE RESERVED
TO CHANGE OR WAIVE CERTAIN CHARGES WITHIN SPECIFIED LIMITS. ALSO, ALL FEATURES
OF THE CONTRACT, INCLUDING ALL VARIABLE INVESTMENT OPTIONS, ARE NOT NECESSARILY
AVAILABLE IN YOUR STATE OR AT CERTAIN AGES.
For more detailed information we urge you to read the contents of this
prospectus, as well as your contract. Please feel free to speak with your
financial professional or call us, if you have any questions. If for any reason
you are not satisfied with your contract, 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.
OTHER CONTRACTS
We offer a variety of fixed and variable annuity contracts. They may offer
features, including investment options, credits, fees and/or charges that are
different from those in the contracts offered by this prospectus. Not every
contract is offered through the same Selling broker-dealer. Some Selling
broker-dealers may not offer and/or limit the offering of certain features or
options, as well as limit the availability of the contracts, based on issue age
or other criteria established by the Selling broker-dealer. Upon request, your
financial professional can show you information regarding other AXA Equitable
annuity contracts that he or she distributes. You can also contact us to find
out more about the availability of any of the AXA Equitable annuity contracts.
You should work with your financial professional to decide whether an optional
benefit is appropriate for you based on a thorough analysis of your particular
insurance needs, financial objectives, investment goals, time horizons and risk
tolerance. Some Selling broker-dealers may limit their clients from purchasing
some optional benefits based upon the client's age.
10 EQUI-VEST(SM) Express(SM) at a glance -- key features
Fee table
- --------------------------------------------------------------------------------
The following tables describe the fees and expenses that you will pay when
buying, owning, and surrendering the contract. 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 that
you surrender the contract, make certain withdrawals, purchase a Variable
Immediate Annuity payout option or make certain transfers and exchanges.
Charges designed to approximate certain taxes that may be imposed on us, such
as premium taxes in your state, may also apply. Charges for certain features
shown in the fee table are mutually exclusive.
- ---------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your account value at the time you request certain transactions
- ---------------------------------------------------------------------------------------------------------------------------
Maximum withdrawal charge as a percentage of contributions withdrawn (deducted
if you surrender your contract or make certain withdrawals).(1) 7.00%
Charge if you elect a Variable Immediate Annuity payout option (which is described
in a separate prospectus for that option) $350
Charge for third-party transfer or exchange $65 maximum for each occurrence;
currently $25 for each
occurrence.
The next table describes the fees and expenses that you will pay periodically
during the time that you own the contract, not including underlying Trust
portfolio fees and expenses.
- ---------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your account value on each contract date anniversary
- ---------------------------------------------------------------------------------------------------------------------------
Maximum annual administrative charge:
If your account value on the last day of your contract year is less than $25,000
for NQ contracts (or less than $20,000 for IRA contracts) $65 ($30 current)(2)
If your account value on the last day of your contract year is $25,000 or more for
NQ contracts (or $20,000 or more for IRA contracts) $ 0
- ---------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your variable investment options expressed as an annual percentage of daily net assets
- ---------------------------------------------------------------------------------------------------------------------------
Separate account annual expenses:
Maximum Current
------- -------
Mortality and expense risk(3) 1.65% 0.70%
Other expenses 0.35% 0.25%
----- -----
Total Separate Account A annual expenses 2.00% 0.95%
- ---------------------------------------------------------------------------------------------------------------------------
You also bear your proportionate share of all fees and expenses paid by a
"portfolio" that corresponds to any variable investment option you are using.
This table shows the lowest and highest total operating expenses charged by any
of the portfolios that you will pay periodically during the time that you own
the contract. These fees and expenses are reflected in the portfolio's net asset
value each day. Therefore, they reduce the invest- ment return of the portfolio
and the related variable investment option. 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 2006 (expenses that are deducted Lowest Highest
from portfolio assets including management fees, 12b-1 fees, service fees, and/or ------ -------
other expenses)(4) 0.63% 11.36%
Fee table 11
This table shows the fees and expenses for 2006 as an annual percentage of each
portfolio's daily average net assets.
- ----------------------------------------------------------------------------------------------------
Manage- Other
Portfolio Name ment Fees(5) 12b-1 Fees(6) Expenses (7)
- ----------------------------------------------------------------------------------------------------
AXA Premier VIP Trust:
- ----------------------------------------------------------------------------------------------------
AXA Aggressive Allocation 0.10% 0.25% 0.18%
AXA Conservative Allocation 0.10% 0.25% 0.22%
AXA Conservative-Plus Allocation 0.10% 0.25% 0.18%
AXA Moderate Allocation 0.10% 0.25% 0.17%
AXA Moderate-Plus Allocation 0.10% 0.25% 0.17%
Multimanager Aggressive Equity* 0.61% 0.25% 0.19%
Multimanager Core Bond* 0.59% 0.25% 0.18%
Multimanager Health Care* 1.20% 0.25% 0.23%
Multimanager High Yield* 0.58% 0.25% 0.18%
Multimanager International Equity* 1.02% 0.25% 0.26%
Multimanager Large Cap Core Equity* 0.90% 0.25% 0.20%
Multimanager Large Cap Growth* 0.90% 0.25% 0.22%
Multimanager Large Cap Value* 0.88% 0.25% 0.22%
Multimanager Mid Cap Growth* 1.10% 0.25% 0.20%
Multimanager Mid Cap Value* 1.10% 0.25% 0.21%
Multimanager Technology* 1.20% 0.25% 0.23%
Target 2015 Allocation 0.10% 0.25% 7.88%
Target 2025 Allocation 0.10% 0.25% 7.29%
Target 2035 Allocation 0.10% 0.25% 9.56%
Target 2045 Allocation 0.10% 0.25% 10.49%
- ----------------------------------------------------------------------------------------------------
EQ Advisors Trust:
- ----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock 0.47% 0.25% 0.13%
EQ/AllianceBernstein Growth and Income++ 0.56% 0.25% 0.12%
EQ/AllianceBernstein Intermediate Government Securities 0.50% 0.25% 0.14%
EQ/AllianceBernstein International 0.71% 0.25% 0.20%
EQ/AllianceBernstein Large Cap Growth 0.90% 0.25% 0.11%
EQ/AllianceBernstein Quality Bond 0.50% 0.25% 0.14%
EQ/AllianceBernstein Small Cap Growth 0.74% 0.25% 0.13%
EQ/AllianceBernstein Value 0.60% 0.25% 0.13%
EQ/Ariel Appreciation II 0.75% 0.25% 0.51%
EQ/AXA Rosenberg Value Long/Short Equity 1.40% 0.25% 1.44%
EQ/BlackRock Basic Value Equity* 0.55% 0.25% 0.14%
EQ/BlackRock International Value* 0.82% 0.25% 0.21%
EQ/Boston Advisors Equity Income 0.75% 0.25% 0.15%
EQ/Calvert Socially Responsible 0.65% 0.25% 0.25%
EQ/Capital Guardian Growth 0.65% 0.25% 0.16%
EQ/Capital Guardian International+ 0.83% 0.25% 0.21%
EQ/Capital Guardian Research 0.65% 0.25% 0.13%
EQ/Capital Guardian U.S. Equity++ 0.64% 0.25% 0.14%
EQ/Caywood-Scholl High Yield Bond 0.60% 0.25% 0.18%
EQ/Davis New York Venture** 0.85% 0.25% 0.74%
EQ/Equity 500 Index 0.25% 0.25% 0.13%
EQ/Evergreen International Bond 0.70% 0.25% 0.23%
EQ/Evergreen Omega 0.65% 0.25% 0.21%
EQ/FI Mid Cap 0.68% 0.25% 0.15%
EQ/FI Mid Cap Value+ 0.73% 0.25% 0.13%
EQ/Franklin Income 0.90% 0.25% 0.38%
EQ/Franklin Small Cap Value 0.90% 0.25% 2.00%
EQ/Franklin Templeton Founding Strategy** 0.05% 0.25% 0.21%
EQ/GAMCO Mergers and Acquisitions 0.90% 0.25% 0.33%
EQ/GAMCO Small Company Value 0.78% 0.25% 0.14%
EQ/International Growth 0.85% 0.25% 0.35%
EQ/Janus Large Cap Growth++ 0.90% 0.25% 0.15%
EQ/JPMorgan Core Bond 0.44% 0.25% 0.15%
- ----------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
Acquired Net Total
Fund Total Annual Fee Waivers Annual
Fees and Expenses and/or Expenses
Expenses (Before Expense After
(Underlying Expense Reimburse- Expense
Portfolio Name Portfolios)(8) Limitations) ments(9) Limitations
- ------------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation 0.91% 1.44% ( 0.18)% 1.26%
AXA Conservative Allocation 0.67% 1.24% ( 0.22)% 1.02%
AXA Conservative-Plus Allocation 0.72% 1.25% ( 0.18)% 1.07%
AXA Moderate Allocation 0.78% 1.30% ( 0.17)% 1.13%
AXA Moderate-Plus Allocation 0.85% 1.37% ( 0.17)% 1.20%
Multimanager Aggressive Equity* -- 1.05% -- 1.05%
Multimanager Core Bond* -- 1.02% ( 0.07)% 0.95%
Multimanager Health Care* -- 1.68% 0.00% 1.68%
Multimanager High Yield* -- 1.01% -- 1.01%
Multimanager International Equity* -- 1.53% 0.00% 1.53%
Multimanager Large Cap Core Equity* -- 1.35% 0.00% 1.35%
Multimanager Large Cap Growth* -- 1.37% ( 0.02)% 1.35%
Multimanager Large Cap Value* -- 1.35% 0.00% 1.35%
Multimanager Mid Cap Growth* 0.01% 1.56% 0.00% 1.56%
Multimanager Mid Cap Value* 0.03% 1.59% 0.00% 1.59%
Multimanager Technology* -- 1.68% 0.00% 1.68%
Target 2015 Allocation 0.53% 8.76% ( 7.63)% 1.13%
Target 2025 Allocation 0.52% 8.16% ( 7.04)% 1.12%
Target 2035 Allocation 0.52% 10.43% ( 9.31)% 1.12%
Target 2045 Allocation 0.52% 11.36% (10.24)% 1.12%
- ------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust:
- ------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock -- 0.85% -- 0.85%
EQ/AllianceBernstein Growth and Income++ -- 0.93% -- 0.93%
EQ/AllianceBernstein Intermediate Government Securities -- 0.89% -- 0.89%
EQ/AllianceBernstein International -- 1.16% ( 0.06)% 1.10%
EQ/AllianceBernstein Large Cap Growth -- 1.26% ( 0.21)% 1.05%
EQ/AllianceBernstein Quality Bond -- 0.89% -- 0.89%
EQ/AllianceBernstein Small Cap Growth -- 1.12% -- 1.12%
EQ/AllianceBernstein Value -- 0.98% ( 0.03)% 0.95%
EQ/Ariel Appreciation II -- 1.51% ( 0.36)% 1.15%
EQ/AXA Rosenberg Value Long/Short Equity -- 3.09% ( 1.10)% 1.99%
EQ/BlackRock Basic Value Equity* -- 0.94% 0.00% 0.94%
EQ/BlackRock International Value* -- 1.28% ( 0.03)% 1.25%
EQ/Boston Advisors Equity Income -- 1.15% ( 0.10)% 1.05%
EQ/Calvert Socially Responsible -- 1.15% ( 0.10)% 1.05%
EQ/Capital Guardian Growth -- 1.06% ( 0.11)% 0.95%
EQ/Capital Guardian International+ -- 1.29% ( 0.09)% 1.20%
EQ/Capital Guardian Research -- 1.03% ( 0.08)% 0.95%
EQ/Capital Guardian U.S. Equity++ -- 1.03% ( 0.08)% 0.95%
EQ/Caywood-Scholl High Yield Bond -- 1.03% ( 0.03)% 1.00%
EQ/Davis New York Venture** -- 1.84% ( 0.54)% 1.30%
EQ/Equity 500 Index -- 0.63% -- 0.63%
EQ/Evergreen International Bond -- 1.18% ( 0.03)% 1.15%
EQ/Evergreen Omega -- 1.11% 0.00% 1.11%
EQ/FI Mid Cap -- 1.08% ( 0.08)% 1.00%
EQ/FI Mid Cap Value+ -- 1.11% ( 0.01)% 1.10%
EQ/Franklin Income -- 1.53% ( 0.23)% 1.30%
EQ/Franklin Small Cap Value -- 3.15% ( 1.85)% 1.30%
EQ/Franklin Templeton Founding Strategy** 1.07% 1.58% ( 0.11)% 1.47%
EQ/GAMCO Mergers and Acquisitions -- 1.48% ( 0.03)% 1.45%
EQ/GAMCO Small Company Value -- 1.17% 0.00% 1.17%
EQ/International Growth -- 1.45% 0.00% 1.45%
EQ/Janus Large Cap Growth++ -- 1.30% ( 0.15)% 1.15%
EQ/JPMorgan Core Bond -- 0.84% 0.00% 0.84%
- ------------------------------------------------------------------------------------------------------------------
12 Fee table
- -----------------------------------------------------------------------------------
Manage- Other
Portfolio Name ment Fees(5) 12b-1 Fees(6) Expenses (7)
- -----------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities 0.60% 0.25% 0.16%
EQ/Legg Mason Value Equity 0.65% 0.25% 0.22%
EQ/Long Term Bond 0.43% 0.25% 0.15%
EQ/Lord Abbett Growth and Income 0.65% 0.25% 0.26%
EQ/Lord Abbett Large Cap Core 0.65% 0.25% 0.41%
EQ/Lord Abbett Mid Cap Value 0.70% 0.25% 0.18%
EQ/Marsico Focus 0.85% 0.25% 0.13%
EQ/MFS Emerging Growth Companies+ 0.65% 0.25% 0.15%
EQ/MFS Investors Trust+ 0.60% 0.25% 0.16%
EQ/Money Market 0.33% 0.25% 0.14%
EQ/Montag & Caldwell Growth 0.75% 0.25% 0.16%
EQ/Mutual Shares 0.90% 0.25% 0.50%
EQ/Oppenheimer Global 0.95% 0.25% 1.30%
EQ/Oppenheimer Main Street Opportunity** 0.85% 0.25% 1.58%
EQ/Oppenheimer Main Street Small Cap 0.90% 0.25% 1.48%
EQ/PIMCO Real Return 0.55% 0.25% 0.18%
EQ/Short Duration Bond 0.43% 0.25% 0.14%
EQ/Small Cap Value+ 0.73% 0.25% 0.15%
EQ/Small Company Growth+ 1.00% 0.25% 0.17%
EQ/Small Company Index 0.25% 0.25% 0.16%
EQ/TCW Equity++ 0.80% 0.25% 0.16%
EQ/Templeton Growth 0.95% 0.25% 0.64%
EQ/UBS Growth and Income 0.75% 0.25% 0.17%
EQ/Van Kampen Comstock 0.65% 0.25% 0.19%
EQ/Van Kampen Emerging Markets Equity 1.12% 0.25% 0.40%
EQ/Van Kampen Mid Cap Growth 0.70% 0.25% 0.23%
EQ/Wells Fargo Montgomery Small Cap++ 0.85% 0.25% 0.41%
- -----------------------------------------------------------------------------------
The Universal Institutional Funds, Inc.:
- -----------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ 0.74% 0.35% 0.27%
- -----------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
Acquired Net Total
Fund Total Annual Fee Waivers Annual
Fees and Expenses and/or Expenses
Expenses (Before Expense After
(Underlying Expense Reimburse- Expense
Portfolio Name Portfolios)(8) Limitations) ments(9) Limitations
- ---------------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities -- 1.01% (0.06)% 0.95%
EQ/Legg Mason Value Equity -- 1.12% (0.12)% 1.00%
EQ/Long Term Bond -- 0.83% 0.00% 0.83%
EQ/Lord Abbett Growth and Income -- 1.16% (0.16)% 1.00%
EQ/Lord Abbett Large Cap Core -- 1.31% (0.31)% 1.00%
EQ/Lord Abbett Mid Cap Value -- 1.13% (0.08)% 1.05%
EQ/Marsico Focus -- 1.23% (0.08)% 1.15%
EQ/MFS Emerging Growth Companies+ -- 1.05% -- 1.05%
EQ/MFS Investors Trust+ -- 1.01% (0.06)% 0.95%
EQ/Money Market -- 0.72% -- 0.72%
EQ/Montag & Caldwell Growth -- 1.16% (0.01)% 1.15%
EQ/Mutual Shares -- 1.65% (0.35)% 1.30%
EQ/Oppenheimer Global 0.01% 2.51% (1.15)% 1.36%
EQ/Oppenheimer Main Street Opportunity** -- 2.68% (1.38)% 1.30%
EQ/Oppenheimer Main Street Small Cap -- 2.63% (1.33)% 1.30%
EQ/PIMCO Real Return -- 0.98% (0.08)% 0.90%
EQ/Short Duration Bond -- 0.82% 0.00% 0.82%
EQ/Small Cap Value+ -- 1.13% (0.03)% 1.10%
EQ/Small Company Growth+ -- 1.42% (0.12)% 1.30%
EQ/Small Company Index 0.01% 0.67% 0.00% 0.67%
EQ/TCW Equity++ -- 1.21% (0.06)% 1.15%
EQ/Templeton Growth -- 1.84% (0.49)% 1.35%
EQ/UBS Growth and Income -- 1.17% (0.12)% 1.05%
EQ/Van Kampen Comstock -- 1.09% (0.09)% 1.00%
EQ/Van Kampen Emerging Markets Equity -- 1.77% 0.00% 1.77%
EQ/Van Kampen Mid Cap Growth -- 1.18% (0.13)% 1.05%
EQ/Wells Fargo Montgomery Small Cap++ -- 1.51% (0.21)% 1.30%
- ---------------------------------------------------------------------------------------------------
The Universal Institutional Funds, Inc.:
- ---------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ -- 1.36% (0.10)% 1.26%
- ---------------------------------------------------------------------------------------------------
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and ben efits" later in this prospectus for the
investment option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with this prospectus for more information.
++ Please see the supplement included with the prospectus regarding the planned
substitution or merger of this portfolio.
Notes:
(1) Deducted upon a withdrawal of amounts in excess of the 10% free withdrawal
amount. Important exceptions and limitations may eliminate or reduce this
charge.
The withdrawal charge percentage we use is Contract
determined by the contract year in which you Year
make the withdrawal or surrender your 1 ....................7.00%
contract. For each contribution, we consider 2 ....................6.00%
the con- tract year in which we receive that 3 ....................5.00%
contribution to be "contract year 1") 4 ....................4.00%
5 ....................3.00%
6 ....................2.00%
7 ....................1.00%
8+ ...................0.00%
(2) During the first two contract years, this charge is equal to the lesser of
2% of your account value plus any prior withdrawals during the Contract year
or $30, if this charge applies.
(3) A portion of this charge is for providing the death benefit.
(4) "Total Annual Portfolio Operating Expenses" are based, in part, on estimated
amounts for options added during the fiscal year 2006 and for the underlying
portfolios.
(5) The management fees for each portfolio cannot be increased without a vote of
that portfolio's shareholders. See footnote (9) for any expense limitation
agreement information.
(6) Portfolio shares are all subject to fees imposed under the distribution
plans (the "Rule 12b-1 Plan") adopted by the Trusts pursuant to Rule 12b-1
under the Investment Company Act of 1940. For the portfolios of the AXA
Premier VIP Trust and the EQ Advisors Trust, the 12b-1 fees will not be
increased for the life of the contract.
(7) The amounts shown as "Other Expenses" will fluctuate from year to year
depending on actual expenses. See footnote (9) for any expense limitation
agreement information.
(8) Each of these variable investment options invests in a corresponding
portfolio of one of the Trusts or other unaffiliated investment companies.
Each portfolio, in turn, invests in shares of other portfolios of the Trusts
and/or shares of unaffiliated portfolios ("underlying portfolios"). Amounts
shown reflect each portfolio's pro rata share of the fees and expenses of
the underlying portfolio(s) in which it invests. The fees and expenses are
based on the respective weighted investment allocation as of 12/31/06. A
"--" indicates that the listed portfolio does not invest in underlying
portfolios.
(9) The amounts shown reflect any fee waivers and/or expense reimbursements that
apply to each portfolio. A "--" indicates that there is no expense
limitation in effect, and "0.00%" indicates that the expense limitation
arrangement did not result in a fee waiver or reimbursement. AXA Equitable,
the investment manager of AXA Premier VIP Trust and EQ Advisors Trust, has
entered into expense limitation agreements with respect to certain
portfolios, which are effective through April 30, 2008. Under these
agreements, AXA Equitable
Fee table 13
has agreed to waive or limit its fees and assume other expenses of certain
portfolios, if necessary, in an amount that limits such portfolio's Total
Annual Expenses (exclusive of interest, taxes, brokerage commissions,
capitalized expenditures, expenses of the underlying portfolios in which the
portfolio invests and extraordinary expenses) to not more than specified
amounts. Therefore, each portfolio may at a later date make a reimbursement
to AXA Equitable for any of the management fees waived or limited and other
expenses assumed and paid by AXA Equitable pursuant to the expense
limitation agreements provided that the portfolio's current annual operating
expenses do not exceed the operating expense limit determined for such
portfolio. Morgan Stanley Investment Management Inc., which does business in
certain instances as "Van Kampen," is the manager of The Universal
Institutional Funds, Inc. -- U.S. Real Estate Portfolio -- Class II, and has
voluntarily agreed to reduce its management fee and/or reimburse the
portfolio so that total annual operating expenses of the portfolio
(exclusive of investment related expenses, such as foreign country tax
expense and interest expense on amounts borrowed) are not more than
specified amounts. Additionally, the distributor of The Universal
Institutional Funds, Inc. has agreed to waive a portion of the 12b-1 fee for
Class II shares. Van Kampen and/or the fund's distributor reserves the right
to terminate any waiver and/or reimbursement at any time without notice. See
the prospectuses for each applicable underlying Trust for more information
about the arrangements. In addition, a portion of the brokerage commissions
of certain portfolios of AXA Premier VIP Trust and EQ Advisors Trust is used
to reduce the applicable portfolio's expenses. If the above table reflected
both the expense limitation arrangements plus the portion of the brokerage
commissions used to reduce portfolio expenses, the net expenses would be as
shown in the table below:
- --------------------------------------------------------------
Portfolio Name:
- --------------------------------------------------------------
Multimanager Aggressive Equity 1.03%
Multimanager Health Care 1.63%
Multimanager International Equity 1.52%
Multimanager Large Cap Core Equity 1.33%
Multimanager Large Cap Growth 1.33%
Multimanager Large Cap Value 1.31%
Multimanager Mid Cap Growth 1.52%
Multimanager Mid Cap Value 1.58%
Multimanager Technology 1.64%
EQ/AllianceBernstein Common Stock 0.83%
EQ/AllianceBernstein Growth and Income 0.92%
EQ/AllianceBernstein Large Cap Growth 1.03%
EQ/AllianceBernstein Small Cap Growth 1.11%
EQ/AllianceBernstein Value 0.94%
EQ/Ariel Appreciation II 1.01%
EQ/BlackRock Basic Value Equity 0.93%
EQ/Capital Guardian Growth 0.94%
EQ/Capital Guardian Research 0.94%
EQ/Capital Guardian U.S. Equity 0.94%
EQ/Davis New York Venture 1.27%
EQ/Evergreen Omega 1.05%
EQ/FI Mid Cap 0.97%
EQ/FI Mid Cap Value 1.09%
EQ/GAMCO Mergers and Acquisitions 1.37%
EQ/GAMCO Small Company Value 1.16%
EQ/Janus Large Cap Growth 1.14%
EQ/Legg Mason Value Equity 0.97%
EQ/Lord Abbett Growth and Income 0.99%
EQ/Lord Abbett Large Cap Core 0.99%
EQ/Marsico Focus 1.14%
EQ/MFS Emerging Growth Companies 1.03%
EQ/MFS Investors Trust 0.94%
EQ/Montag & Caldwell Growth 1.13%
EQ/Mutual Shares 1.30%
EQ/Small Cap Value 1.02%
EQ/UBS Growth and Income 1.03%
EQ/Van Kampen Comstock 0.99%
EQ/Van Kampen Emerging Markets Equity 1.75%
EQ/Van Kampen Mid Cap Growth 1.01%
EQ/Wells Fargo Montgomery Small Cap 1.20%
- --------------------------------------------------------------
EXAMPLES
These examples are intended to help you compare the cost of investing in the
contract with the cost of investing in other variable annuity contracts. These
costs include contract owner transaction expenses, contract fees, separate
account annual expenses, and underlying Trust fees and expenses (including
underlying portfolio fees and expenses). For a complete description of
portfolio charges and expenses, please see the prospectus for each Trust.
The examples below show the expenses that a hypothetical contract owner would
pay in the situations illustrated. The examples use an average annual
administrative charge based on charges paid in 2006, which results in an
estimated annual charge of 0.0505% of contract value.
The fixed maturity options are not covered by the fee table and examples.
However, the annual administrative charge, the withdrawal charge, the
third-party transfer or exchange charge, and the charge if you elect a Variable
Immediate Annuity payout option do apply to the fixed maturity options. A
market value adjustment (up or down) will apply as a result of a withdrawal,
transfer, or surrender of amounts from a fixed maturity option.
14 Fee table
These examples should not be considered a representation of past or future
expenses for any option. Actual expenses may be greater or less than those
shown. Similarly, the annual rate of return assumed in the examples is not an
estimate or guarantee of future investment performance.
The examples assume that you invest $10,000 in the contract for the time
periods indicated and that your investment has a 5% return each year. The
examples also assume (i) maximum contract charges rather than the lower current
expenses discussed in "Charges and expenses" later in this prospectus (except
the annual administrative charge which is described above); (ii) the total
annual expenses of the portfolios (before expense limitations) set forth in the
previous tables; and (iii) there is no waiver of the withdrawal charge.
Although your actual costs may be higher or lower, based on these assumptions,
your costs would be:
Fee table 15
- ----------------------------------------------------------------------------------------------------
If you surrender your contract at the end
of the applicable time period
1 year 3 years 5 years 10 years
- ----------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- ----------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $1,005 $1,582 $2,170 $3,892
AXA Conservative Allocation $ 985 $1,523 $2,072 $3,704
AXA Conservative-Plus Allocation $ 986 $1,526 $2,077 $3,713
AXA Moderate Allocation $ 991 $1,541 $2,102 $3,761
AXA Moderate-Plus Allocation $ 998 $1,561 $2,136 $3,826
Multimanager Aggressive Equity* $ 966 $1,467 $1,979 $3,522
Multimanager Core Bond* $ 963 $1,458 $1,964 $3,493
Multimanager Health Care* $1,028 $1,652 $2,285 $4,112
Multimanager High Yield* $ 962 $1,455 $1,959 $3,483
Multimanager International Equity* $1,014 $1,608 $2,213 $3,975
Multimanager Large Cap Core Equity* $ 996 $1,556 $2,126 $3,808
Multimanager Large Cap Growth* $ 998 $1,561 $2,136 $3,826
Multimanager Large Cap Value* $ 996 $1,556 $2,126 $3,808
Multimanager Mid Cap Growth* $1,017 $1,617 $2,228 $4,002
Multimanager Mid Cap Value* $1,019 $1,626 $2,242 $4,030
Multimanager Technology* $1,028 $1,652 $2,285 $4,112
Target 2015 Allocation $1,725 $3,562 $5,192 $8,597
Target 2025 Allocation $1,666 $3,412 $4,981 $8,340
Target 2035 Allocation $1,889 $3,969 $5,748 $9,223
Target 2045 Allocation $1,980 $4,189 $6,038 $9,519
- ----------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 947 $1,408 $1,880 $3,326
EQ/AllianceBernstein Growth and Income++ $ 955 $1,432 $1,920 $3,405
EQ/AllianceBernstein Intermediate Government Securities $ 951 $1,420 $1,900 $3,366
EQ/AllianceBernstein International $ 977 $1,500 $2,033 $3,628
EQ/AllianceBernstein Large Cap Growth $ 987 $1,529 $2,082 $3,723
EQ/AllianceBernstein Quality Bond $ 951 $1,420 $1,900 $3,366
EQ/AllianceBernstein Small Cap Growth $ 973 $1,488 $2,014 $3,589
EQ/AllianceBernstein Value $ 960 $1,447 $1,945 $3,454
EQ/Ariel Appreciation II $1,012 $1,602 $2,204 $3,956
EQ/AXA Rosenberg Value Long/Short Equity $1,167 $2,057 $2,941 $5,300
EQ/BlackRock Basic Value Equity* $ 956 $1,435 $1,925 $3,415
EQ/BlackRock International Value* $ 989 $1,535 $2,092 $3,742
EQ/Boston Advisors Equity Income $ 976 $1,497 $2,028 $3,618
EQ/Calvert Socially Responsible $ 976 $1,497 $2,028 $3,618
EQ/Capital Guardian Growth $ 967 $1,470 $1,984 $3,532
EQ/Capital Guardian International+ $ 990 $1,538 $2,097 $3,751
EQ/Capital Guardian Research $ 964 $1,461 $1,969 $3,503
EQ/Capital Guardian U.S. Equity++ $ 964 $1,461 $1,969 $3,503
EQ/Caywood-Scholl High Yield Bond $ 964 $1,461 $1,969 $3,503
EQ/Davis New York Venture** $1,044 $1,699 $2,362 $4,256
EQ/Equity 500 Index $ 925 $1,343 $1,769 $3,107
EQ/Evergreen International Bond $ 979 $1,506 $2,043 $3,647
EQ/Evergreen Omega $ 972 $1,485 $2,009 $3,580
EQ/FI Mid Cap $ 969 $1,476 $1,994 $3,551
- ----------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
If you annuitize at the end of the
applicable time period and select a non-life
contingent period certain annuity option
with less than ten years.
1 year 3 years 5 years 10 years
- ------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- ------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation N/A $1,582 $2,170 $3,892
AXA Conservative Allocation N/A $1,523 $2,072 $3,704
AXA Conservative-Plus Allocation N/A $1,526 $2,077 $3,713
AXA Moderate Allocation N/A $1,541 $2,102 $3,761
AXA Moderate-Plus Allocation N/A $1,561 $2,136 $3,826
Multimanager Aggressive Equity* N/A $1,467 $1,979 $3,522
Multimanager Core Bond* N/A $1,458 $1,964 $3,493
Multimanager Health Care* N/A $1,652 $2,285 $4,112
Multimanager High Yield* N/A $1,455 $1,959 $3,483
Multimanager International Equity* N/A $1,608 $2,213 $3,975
Multimanager Large Cap Core Equity* N/A $1,556 $2,126 $3,808
Multimanager Large Cap Growth* N/A $1,561 $2,136 $3,826
Multimanager Large Cap Value* N/A $1,556 $2,126 $3,808
Multimanager Mid Cap Growth* N/A $1,617 $2,228 $4,002
Multimanager Mid Cap Value* N/A $1,626 $2,242 $4,030
Multimanager Technology* N/A $1,652 $2,285 $4,112
Target 2015 Allocation N/A $3,562 $5,192 $8,597
Target 2025 Allocation N/A $3,412 $4,981 $8,340
Target 2035 Allocation N/A $3,969 $5,748 $9,223
Target 2045 Allocation N/A $4,189 $6,038 $9,519
- ------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock N/A $1,408 $1,880 $3,326
EQ/AllianceBernstein Growth and Income++ N/A $1,432 $1,920 $3,405
EQ/AllianceBernstein Intermediate Government Securities N/A $1,420 $1,900 $3,366
EQ/AllianceBernstein International N/A $1,500 $2,033 $3,628
EQ/AllianceBernstein Large Cap Growth N/A $1,529 $2,082 $3,723
EQ/AllianceBernstein Quality Bond N/A $1,420 $1,900 $3,366
EQ/AllianceBernstein Small Cap Growth N/A $1,488 $2,014 $3,589
EQ/AllianceBernstein Value N/A $1,447 $1,945 $3,454
EQ/Ariel Appreciation II N/A $1,602 $2,204 $3,956
EQ/AXA Rosenberg Value Long/Short Equity N/A $2,057 $2,941 $5,300
EQ/BlackRock Basic Value Equity* N/A $1,435 $1,925 $3,415
EQ/BlackRock International Value* N/A $1,535 $2,092 $3,742
EQ/Boston Advisors Equity Income N/A $1,497 $2,028 $3,618
EQ/Calvert Socially Responsible N/A $1,497 $2,028 $3,618
EQ/Capital Guardian Growth N/A $1,470 $1,984 $3,532
EQ/Capital Guardian International+ N/A $1,538 $2,097 $3,751
EQ/Capital Guardian Research N/A $1,461 $1,969 $3,503
EQ/Capital Guardian U.S. Equity++ N/A $1,461 $1,969 $3,503
EQ/Caywood-Scholl High Yield Bond N/A $1,461 $1,969 $3,503
EQ/Davis New York Venture** N/A $1,699 $2,362 $4,256
EQ/Equity 500 Index N/A $1,343 $1,769 $3,107
EQ/Evergreen International Bond N/A $1,506 $2,043 $3,647
EQ/Evergreen Omega N/A $1,485 $2,009 $3,580
EQ/FI Mid Cap N/A $1,476 $1,994 $3,551
- ------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
If you do not surrender your contract
at the end of the applicable time period
1 year 3 years 5 years 10 years
- -----------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- -----------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 366 $1,114 $1,881 $3,892
AXA Conservative Allocation $ 345 $1,052 $1,781 $3,704
AXA Conservative-Plus Allocation $ 346 $1,055 $1,786 $3,713
AXA Moderate Allocation $ 352 $1,071 $1,811 $3,761
AXA Moderate-Plus Allocation $ 359 $1,092 $1,846 $3,826
Multimanager Aggressive Equity* $ 325 $ 993 $1,685 $3,522
Multimanager Core Bond* $ 322 $ 984 $1,670 $3,493
Multimanager Health Care* $ 392 $1,187 $2,000 $4,112
Multimanager High Yield* $ 321 $ 981 $1,664 $3,483
Multimanager International Equity* $ 376 $1,141 $1,926 $3,975
Multimanager Large Cap Core Equity* $ 357 $1,086 $1,836 $3,808
Multimanager Large Cap Growth* $ 359 $1,092 $1,846 $3,826
Multimanager Large Cap Value* $ 357 $1,086 $1,836 $3,808
Multimanager Mid Cap Growth* $ 379 $1,151 $1,941 $4,002
Multimanager Mid Cap Value* $ 382 $1,160 $1,956 $4,030
Multimanager Technology* $ 392 $1,187 $2,000 $4,112
Target 2015 Allocation $1,135 $3,192 $4,997 $8,597
Target 2025 Allocation $1,072 $3,034 $4,779 $8,340
Target 2035 Allocation $1,310 $3,620 $5,571 $9,223
Target 2045 Allocation $1,407 $3,851 $5,871 $9,519
- -----------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 304 $ 931 $1,583 $3,326
EQ/AllianceBernstein Growth and Income++ $ 313 $ 956 $1,624 $3,405
EQ/AllianceBernstein Intermediate Government Securities $ 309 $ 944 $1,603 $3,366
EQ/AllianceBernstein International $ 337 $1,027 $1,741 $3,628
EQ/AllianceBernstein Large Cap Growth $ 347 $1,058 $1,791 $3,723
EQ/AllianceBernstein Quality Bond $ 309 $ 944 $1,603 $3,366
EQ/AllianceBernstein Small Cap Growth $ 333 $1,015 $1,720 $3,589
EQ/AllianceBernstein Value $ 318 $ 972 $1,649 $3,454
EQ/Ariel Appreciation II $ 374 $1,135 $1,916 $3,956
EQ/AXA Rosenberg Value Long/Short Equity $ 539 $1,612 $2,676 $5,300
EQ/BlackRock Basic Value Equity* $ 314 $ 959 $1,629 $3,415
EQ/BlackRock International Value* $ 350 $1,064 $1,801 $3,742
EQ/Boston Advisors Equity Income $ 336 $1,024 $1,735 $3,618
EQ/Calvert Socially Responsible $ 336 $1,024 $1,735 $3,618
EQ/Capital Guardian Growth $ 326 $ 996 $1,690 $3,532
EQ/Capital Guardian International+ $ 351 $1,068 $1,806 $3,751
EQ/Capital Guardian Research $ 323 $ 987 $1,675 $3,503
EQ/Capital Guardian U.S. Equity++ $ 323 $ 987 $1,675 $3,503
EQ/Caywood-Scholl High Yield Bond $ 323 $ 987 $1,675 $3,503
EQ/Davis New York Venture** $ 408 $1,236 $2,079 $4,256
EQ/Equity 500 Index $ 281 $ 863 $1,469 $3,107
EQ/Evergreen International Bond $ 339 $1,034 $1,751 $3,647
EQ/Evergreen Omega $ 332 $1,012 $1,715 $3,580
EQ/FI Mid Cap $ 329 $1,003 $1,700 $3,551
- -----------------------------------------------------------------------------------------------------
16 Fee table
- --------------------------------------------------------------------------------------
If you surrender your contract at the end
of the applicable time period
1 year 3 years 5 years 10 years
- --------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- --------------------------------------------------------------------------------------
EQ/FI Mid Cap Value+ $ 972 $1,485 $2,009 $3,580
EQ/Franklin Income $1,014 $1,608 $2,213 $3,975
EQ/Franklin Small Cap Value $1,173 $2,074 $2,968 $5,347
EQ/Franklin Templeton Founding Strategy** $1,019 $1,623 $2,237 $4,021
EQ/GAMCO Mergers and Acquisitions $1,009 $1,594 $2,189 $3,929
EQ/GAMCO Small Company Value $ 978 $1,503 $2,038 $3,637
EQ/International Growth $1,006 $1,585 $2,175 $3,901
EQ/Janus Large Cap Growth++ $ 991 $1,541 $2,102 $3,761
EQ/JPMorgan Core Bond $ 946 $1,405 $1,875 $3,317
EQ/JPMorgan Value Opportunities $ 962 $1,455 $1,959 $3,483
EQ/Legg Mason Value Equity $ 973 $1,488 $2,014 $3,589
EQ/Long Term Bond $ 945 $1,402 $1,870 $3,307
EQ/Lord Abbett Growth and Income $ 987 $1,529 $2,082 $3,723
EQ/Lord Abbett Large Cap Core $ 992 $1,544 $2,107 $3,770
EQ/Lord Abbett Mid Cap Value $ 974 $1,491 $2,019 $3,599
EQ/Marsico Focus $ 984 $1,520 $2,068 $3,694
EQ/MFS Emerging Growth Companies+ $ 966 $1,467 $1,979 $3,522
EQ/MFS Investors Trust+ $ 962 $1,455 $1,959 $3,483
EQ/Money Market $ 934 $1,369 $1,815 $3,197
EQ/Montag & Caldwell Growth $ 977 $1,500 $2,033 $3,628
EQ/Mutual Shares $1,025 $1,643 $2,271 $4,085
EQ/Oppenheimer Global $1,110 $1,892 $2,676 $4,832
EQ/Oppenheimer Main Street Opportunity** $1,127 $1,940 $2,755 $4,972
EQ/Oppenheimer Main Street Small Cap $1,122 $1,926 $2,732 $4,932
EQ/PIMCO Real Return $ 960 $1,447 $1,945 $3,454
EQ/Short Duration Bond $ 944 $1,399 $1,865 $3,297
EQ/Small Cap Value+ $ 974 $1,491 $2,019 $3,599
EQ/Small Company Growth+ $1,003 $1,576 $2,160 $3,873
EQ/Small Company Index $ 929 $1,355 $1,790 $3,147
EQ/TCW Equity++ $ 982 $1,514 $2,058 $3,675
EQ/Templeton Growth $1,044 $1,699 $2,362 $4,256
EQ/UBS Growth and Income $ 978 $1,503 $2,038 $3,637
EQ/Van Kampen Comstock $ 970 $1,479 $1,999 $3,560
EQ/Van Kampen Emerging Markets Equity $1,037 $1,678 $2,329 $4,193
EQ/Van Kampen Mid Cap Growth $ 979 $1,506 $2,043 $3,647
EQ/Wells Fargo Montgomery Small Cap++ $1,012 $1,602 $2,204 $3,956
- --------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- --------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ $ 997 $1,559 $2,131 $3,817
- --------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
If you annuitize at the end of the
applicable time period and select a non-life
contingent period certain annuity option
with less than ten years.
1 year 3 years 5 years 10 years
- ---------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ---------------------------------------------------------------------------------------
EQ/FI Mid Cap Value+ N/A $1,485 $2,009 $3,580
EQ/Franklin Income N/A $1,608 $2,213 $3,975
EQ/Franklin Small Cap Value N/A $2,074 $2,968 $5,347
EQ/Franklin Templeton Founding Strategy** N/A $1,623 $2,237 $4,021
EQ/GAMCO Mergers and Acquisitions N/A $1,594 $2,189 $3,929
EQ/GAMCO Small Company Value N/A $1,503 $2,038 $3,637
EQ/International Growth N/A $1,585 $2,175 $3,901
EQ/Janus Large Cap Growth++ N/A $1,541 $2,102 $3,761
EQ/JPMorgan Core Bond N/A $1,405 $1,875 $3,317
EQ/JPMorgan Value Opportunities N/A $1,455 $1,959 $3,483
EQ/Legg Mason Value Equity N/A $1,488 $2,014 $3,589
EQ/Long Term Bond N/A $1,402 $1,870 $3,307
EQ/Lord Abbett Growth and Income N/A $1,529 $2,082 $3,723
EQ/Lord Abbett Large Cap Core N/A $1,544 $2,107 $3,770
EQ/Lord Abbett Mid Cap Value N/A $1,491 $2,019 $3,599
EQ/Marsico Focus N/A $1,520 $2,068 $3,694
EQ/MFS Emerging Growth Companies+ N/A $1,467 $1,979 $3,522
EQ/MFS Investors Trust+ N/A $1,455 $1,959 $3,483
EQ/Money Market N/A $1,369 $1,815 $3,197
EQ/Montag & Caldwell Growth N/A $1,500 $2,033 $3,628
EQ/Mutual Shares N/A $1,643 $2,271 $4,085
EQ/Oppenheimer Global N/A $1,892 $2,676 $4,832
EQ/Oppenheimer Main Street Opportunity** N/A $1,940 $2,755 $4,972
EQ/Oppenheimer Main Street Small Cap N/A $1,926 $2,732 $4,932
EQ/PIMCO Real Return N/A $1,447 $1,945 $3,454
EQ/Short Duration Bond N/A $1,399 $1,865 $3,297
EQ/Small Cap Value+ N/A $1,491 $2,019 $3,599
EQ/Small Company Growth+ N/A $1,576 $2,160 $3,873
EQ/Small Company Index N/A $1,355 $1,790 $3,147
EQ/TCW Equity++ N/A $1,514 $2,058 $3,675
EQ/Templeton Growth N/A $1,699 $2,362 $4,256
EQ/UBS Growth and Income N/A $1,503 $2,038 $3,637
EQ/Van Kampen Comstock N/A $1,479 $1,999 $3,560
EQ/Van Kampen Emerging Markets Equity N/A $1,678 $2,329 $4,193
EQ/Van Kampen Mid Cap Growth N/A $1,506 $2,043 $3,647
EQ/Wells Fargo Montgomery Small Cap++ N/A $1,602 $2,204 $3,956
- ---------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- ---------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ N/A $1,559 $2,131 $3,817
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
If you do not surrender your contract at
the end of the applicable time period
1 year 3 years 5 years 10 years
- ---------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ---------------------------------------------------------------------------------------
EQ/FI Mid Cap Value+ $332 $1,012 $1,715 $3,580
EQ/Franklin Income $376 $1,141 $1,926 $3,975
EQ/Franklin Small Cap Value $546 $1,630 $2,704 $5,347
EQ/Franklin Templeton Founding Strategy** $381 $1,157 $1,951 $4,021
EQ/GAMCO Mergers and Acquisitions $371 $1,126 $1,901 $3,929
EQ/GAMCO Small Company Value $338 $1,030 $1,746 $3,637
EQ/International Growth $367 $1,117 $1,886 $3,901
EQ/Janus Large Cap Growth++ $352 $1,071 $1,811 $3,761
EQ/JPMorgan Core Bond $303 $ 928 $1,578 $3,317
EQ/JPMorgan Value Opportunities $321 $ 981 $1,664 $3,483
EQ/Legg Mason Value Equity $333 $1,015 $1,720 $3,589
EQ/Long Term Bond $302 $ 925 $1,572 $3,307
EQ/Lord Abbett Growth and Income $347 $1,058 $1,791 $3,723
EQ/Lord Abbett Large Cap Core $353 $1,074 $1,816 $3,770
EQ/Lord Abbett Mid Cap Value $334 $1,018 $1,725 $3,599
EQ/Marsico Focus $344 $1,049 $1,776 $3,694
EQ/MFS Emerging Growth Companies+ $325 $ 993 $1,685 $3,522
EQ/MFS Investors Trust+ $321 $ 981 $1,664 $3,483
EQ/Money Market $291 $ 891 $1,516 $3,197
EQ/Montag & Caldwell Growth $337 $1,027 $1,741 $3,628
EQ/Mutual Shares $388 $1,178 $1,986 $4,085
EQ/Oppenheimer Global $479 $1,439 $2,403 $4,832
EQ/Oppenheimer Main Street Opportunity** $496 $1,490 $2,484 $4,972
EQ/Oppenheimer Main Street Small Cap $491 $1,475 $2,460 $4,932
EQ/PIMCO Real Return $318 $ 972 $1,649 $3,454
EQ/Short Duration Bond $301 $ 922 $1,567 $3,297
EQ/Small Cap Value+ $334 $1,018 $1,725 $3,599
EQ/Small Company Growth+ $364 $1,108 $1,871 $3,873
EQ/Small Company Index $286 $ 875 $1,490 $3,147
EQ/TCW Equity++ $342 $1,043 $1,766 $3,675
EQ/Templeton Growth $408 $1,236 $2,079 $4,256
EQ/UBS Growth and Income $338 $1,030 $1,746 $3,637
EQ/Van Kampen Comstock $330 $1,006 $1,705 $3,560
EQ/Van Kampen Emerging Markets Equity $401 $1,215 $2,045 $4,193
EQ/Van Kampen Mid Cap Growth $339 $1,034 $1,751 $3,647
EQ/Wells Fargo Montgomery Small Cap++ $374 $1,135 $1,916 $3,956
- -------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- -------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ $358 $1,089 $1,841 $3,817
- -------------------------------------------------------------------------------------
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and benefits" later in this prospectus for the investment
option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned substitution or merger of this portfolio.
Fee table 17
CONDENSED FINANCIAL INFORMATION
Please see Appendix II at the end of this prospectus for the unit values and
the number of units outstanding as of the end of the period shown for each of
the variable investment options available as of December 31, 2006.
18 Fee table
1. Contract features and benefits
- --------------------------------------------------------------------------------
HOW YOU CAN PURCHASE AND CONTRIBUTE TO YOUR CONTRACT
You may purchase a contract by making payments to us that we call
"contributions." We require a minimum contribution amount to purchase a
contract. The minimum contribution amount under our automatic investment
program is $20. We discuss the automatic investment program under "About other
methods of payment" in "More information" later in this prospectus. The
following table summarizes our rules regarding contributions to your contract.
All ages in the table refer to the age of the annuitant named in the contract.
- --------------------------------------------------------------------------------
The "annuitant" is the person who is the measuring life for determining
contract benefits. The annuitant is not necessarily the contract owner.
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Available
Contract annuitant for Minimum Source of Limitations on
type issue ages contributions contributions contributions
- ------------------------------------------------------------------------------------------------------------------------------------
NQ 0 through 83 $50 (initial and additional) o After-tax money. o Additional contributions can
be made up to age 84.
o Paid to us by check or
transfer of contract value in
a tax deferred exchange
under Section 1035 of the
Internal Revenue Code.
o Paid to us by an employer
who establishes a payroll
deduction program.
- ------------------------------------------------------------------------------------------------------------------------------------
Traditional IRA 0 through 83 $50 (initial and additional) o "Regular" traditional IRA o Additional rollover contribu-
contributions either made tions can be made up to age
by you or paid to us by an 84.
employer who establishes a
payroll deduction program. o Regular IRA contributions
may not exceed $4,000 for
o Additional catch-up 2007 and $5,000 for 2008.
contributions.
o No regular IRA contributions
o Eligible rollover distribu- in the calendar year you turn
tions from TSA contracts or age 70-1/2 and thereafter.
other 403(b) arrangements,
qualified plans and govern- o Rollover and direct transfer
mental employer EDC contributions after age
plans. 70-1/2 must be net of
required minimum
o Rollovers from another distributions.
traditional individual
retire ment arrangement. o Although we accept rollover
and direct transfer contribu-
o Direct custodian-to- tions under the traditional
custodian transfers from IRA contracts, we intend
other traditional individual that these contracts be used
retirement arrangements. for ongoing regular
contributions.
o Additional catch-up contri-
butions of up to $1,000 per
calendar year where the
owner is at least age 50 but
under age 70-1/2 at any time
during the calendar year for
which the contribution is
made.
- ------------------------------------------------------------------------------------------------------------------------------------
Contract features and benefits 19
- ----------------------------------------------------------------------------------------------------------------------------------
Available
Contract for annuitant Minimum Source of Limitations on
type issue ages contributions contributions contributions
- ----------------------------------------------------------------------------------------------------------------------------------
Roth IRA 0 through 83 $50 (initial and additional) o Regular after-tax contribu- o Additional contributions can
tions either made by you or be made up to age 84.
paid to us by an employer
who establishes a payroll o Regular Roth IRA contribu-
deduction program. tions may not exceed
$4,000 for 2007 and
o Additional catch-up contri- $5,000 for 2008.
butions
o Contributions are subject to
o Rollovers from another income limits and other tax
Roth IRA. rules. See "Contributions to
Roth IRAs" in "Tax informa-
o Rollovers from a "desig- tion" later in this
nated Roth contribution prospectus.
account" under a 401(k)
plan or 403(b) arrange- o Additional catch-up contri-
ment. butions of up to $1,000 per
calendar year where the
o Conversion rollovers from a owner is at least age 50 at
traditional IRA. any time during the calendar
year for which the contribu-
o Direct transfers from tion is made.
another Roth IRA.
- ----------------------------------------------------------------------------------------------------------------------------------
Inherited IRA 0 through 70 $5,000 (initial) o Direct custodian-to- o Any additional contributions
(traditional IRA $1,000 (additional) custodian transfers of your must be from the same type
or Roth IRA) interest as death beneficiary of IRA of the same deceased
of the deceased owner's owner.
traditional individual retire-
ment arrangement or Roth o Non-spousal beneficiary
IRA to an IRA of the same direct rollover contributions
type. from qualified plans, 403(b)
arrangements and govern-
mental employer 457(b)
plans may be made to a
traditional inherited IRA
contract under specified
circumstances.
- ----------------------------------------------------------------------------------------------------------------------------------
See "Tax information" later in this prospectus for a more detailed discussion
of sources of contributions and certain contribution limitations. We may refuse
to accept any contribution if the sum of all contributions under all
EQUI-VEST(SM) series and EQUI-VEST(SM) At Retirement(SM) contracts with the same
owner or annuitant would then total more than $1,500,000 ($500,000 for owners
or annuitants who are 81 and older at contract issue). We may also refuse to
accept any contribution if the sum of all contributions under all AXA Equitable
annuity accumulation contracts with the same owner or annuitant would then
total more than $2,500,000.
For information on when contributions are credited, see "Dates and prices at
which contract events occur" in "More information" later in this prospectus.
20 Contract features and benefits
OWNER AND ANNUITANT REQUIREMENTS
Under NQ contracts, the annuitant can be different than the owner. A joint
owner may also be named. Only natural persons can be joint owners. This means
that an entity such as a corporation cannot be a joint owner.
Under traditional and Roth IRA contracts, the owner and annuitant must be the
same person. For owner and annuitant requirements for Inherited IRA, see
"Inherited IRA beneficiary continuation contract" later in this prospectus.
HOW YOU CAN MAKE YOUR CONTRIBUTIONS
Except as noted below, contributions must be made by check drawn on a U.S. bank
in U.S. dollars, and made payable to AXA Equitable. We may also apply
contributions made pursuant to a 1035 tax-free exchange or direct transfer. 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 our ability to collect the funds. We reserve the right to
reject a payment if it is received in an unacceptable form.
Subsequent contributions may also be made by wire transfer or our automatic
investment program. The methods of payment are discussed in detail under "About
other methods of payment" in "More information" later in this prospectus.
Your initial contribution must generally be accompanied by an application and
any other form we need to process the contributions. If any information is
missing or unclear, we will hold the contribution, whether received via check
or wire, in a non-interest bearing suspense account while we try to obtain that
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 specifically
direct us to keep your contribution until we receive the required information.
Generally, you may make subsequent contributions at any time. You may do so in
single sum amounts, on a regular basis, or as your financial situation permits.
- --------------------------------------------------------------------------------
Our "business day" generally is any day on which the New York Stock Exchange is
open for trading. A business day does not include any day we choose not to open
due to emergency conditions. We may also close early due to emergency
conditions.
- --------------------------------------------------------------------------------
WHAT ARE YOUR INVESTMENT OPTIONS UNDER THE CONTRACT?
Your investment options are the variable investment options and the fixed
maturity options.
VARIABLE INVESTMENT OPTIONS
Your investment results in any one of the variable investment options will
depend on the investment performance of the underlying portfolios. You can lose
your principal when investing in the variable investment options. In periods of
poor market performance, the net return, after charges and expenses, may result
in negative yields, including for the EQ/Money Market variable investment
option. Listed below are the currently available portfolios, their investment
objectives, and their advisers.
- --------------------------------------------------------------------------------
You can choose from among the variable investment options and fixed maturity
options.
- --------------------------------------------------------------------------------
Contract features and benefits 21
PORTFOLIOS OF THE TRUSTS
You should note that some portfolios have objectives and strategies that are
substantially similar to those of certain funds that are purchased directly
rather than under a variable insurance product such as EQUI-VEST(SM)
Express(SM). These portfolios may even have the same manager(s) and/or a similar
name. However, there are numerous factors that can contribute to differences in
performance between two investments, particularly over short periods of time.
Such factors include fees, the timing of stock purchases and sales; differences
in fund cash flows; and specific strategies employed by the portfolio manager.
The AXA Allocation portfolios offer contract owners a convenient opportunity to
invest in other portfolios that are managed and have been selected for
inclusion in the AXA Allocation portfolios by AXA Equitable. AXA Advisors, LLC,
an affiliated broker-dealer of AXA Equitable, may promote the benefits of such
portfolios to contract owners and/or suggest, incidental to the sale of this
contract, that contract owners consider whether allocating some or all of their
account value to such portfolios is consistent with their desired investment
objectives. In doing so, AXA Equitable, and/or its affiliates, may be subject
to conflicts of interest insofar as AXA Equitable may derive greater revenues
from the AXA Allocation portfolios than certain other portfolios available to
you under your contract. In addition, the AXA Allocation portfolios may enable
AXA Equitable to more efficiently manage AXA Equitable's financial risks
associated with certain guaranteed features. Please see "Allocating your
contributions" later in this section for more information about your role in
managing your allocations.
AXA Equitable serves as the investment manager of the portfolios of AXA Premier
VIP Trust and EQ Advisors Trust. For some portfolios, AXA Equitable 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, AXA
Equitable 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 investment manager or the
sub-adviser(s), as applicable, for each portfolio.
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AXA Premier VIP Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
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AXA AGGRESSIVE ALLOCATION Seeks long-term capital appreciation. o AXA Equitable
- ------------------------------------------------------------------------------------------------------------------------------------
AXA CONSERVATIVE ALLOCATION Seeks a high level of current income. o AXA Equitable
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AXA CONSERVATIVE-PLUS Seeks current income and growth of capital, with a o AXA Equitable
ALLOCATION greater emphasis on current income.
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AXA MODERATE ALLOCATION Seeks long-term capital appreciation and current income. o AXA Equitable
- ------------------------------------------------------------------------------------------------------------------------------------
AXA MODERATE-PLUS Seeks long-term capital appreciation and current income, o AXA Equitable
ALLOCATION with a greater emphasis on capital appreciation.
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MULTIMANAGER AGGRESSIVE Long-term growth of capital. o AllianceBernstein L.P.
EQUITY (1) o ClearBridge Advisors, LLC
o Legg Mason Capital Management, Inc.
o Marsico Capital Management, LLC
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MULTIMANAGER CORE BOND(2) To seek a balance of a high current income and capital o BlackRock Financial Management, Inc.
appreciation, consistent with a prudent level of risk. o Pacific Investment Management Company
LLC
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MULTIMANAGER HEALTH CARE(3) Long-term growth of capital. o A I M Capital Management, Inc.
o RCM Capital Management LLC
o Wellington Management Company, LLP
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MULTIMANAGER HIGH YIELD(4) High total return through a combination of current o Pacific Investment Management Company
income and capital appreciation. LLC
o Post Advisory Group, LLC
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MULTIMANAGER INTERNATIONAL Long-term growth of capital. o AllianceBernstein L.P.
EQUITY(5) o JPMorgan Investment Management Inc.
o Marsico Capital Management, LLC
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22 Contract features and benefits
- ------------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER LARGE CAP Long-term growth of capital. o AllianceBernstein L.P.
CORE EQUITY(6) o Janus Capital Management LLC
o Thornburg Investment Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER LARGE CAP Long-term growth of capital. o RCM Capital Management LLC
GROWTH(7) o TCW Investment Management Company
o T. Rowe Price Associates, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER LARGE CAP Long-term growth of capital. o AllianceBernstein L.P.
VALUE(8) o Institutional Capital LLC
o MFS Investment Management
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER MID CAP Long-term growth of capital. o AllianceBernstein L.P.
GROWTH(9) o Franklin Advisers, Inc.
o Provident Investment Counsel, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER MID CAP Long-term growth of capital. o AXA Rosenberg Investment Management LLC
VALUE(10) o TCW Investment Management Company
o Wellington Management Company, LLP
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER TECHNOLOGY(11) Long-term growth of capital. o Firsthand Capital Management, Inc.
o RCM Capital Management LLC
o Wellington Management Company, LLP
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TARGET 2015 ALLOCATION Seeks the highest total return over time consistent with o AXA Equitable
its asset mix. Total return includes capital growth and
income.
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TARGET 2025 ALLOCATION Seeks the highest total return over time consistent with o AXA Equitable
its asset mix. Total return includes capital growth and
income.
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TARGET 2035 ALLOCATION Seeks the highest total return over time consistent with o AXA Equitable
its asset mix. Total return includes capital growth and
income.
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TARGET 2045 ALLOCATION Seeks the highest total return over time consistent with o AXA Equitable
its asset mix. Total return includes capital growth and
income.
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EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN Seeks to achieve long-term growth of capital. o AllianceBernstein L.P.
COMMON STOCK
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN GROWTH Seeks to provide a high total return. o AllianceBernstein L.P.
AND INCOME(++)
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EQ/ALLIANCEBERNSTEIN Seeks to achieve high current income consistent with o AllianceBernstein L.P.
INTERMEDIATE GOVERNMENT relative stability of principal.
SECURITIES
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN Seeks to achieve long-term growth of capital. o AllianceBernstein L.P.
INTERNATIONAL
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Contract features and benefits 23
- ------------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN LARGE Seeks to achieve long-term growth of capital. o AllianceBernstein L.P.
CAP GROWTH
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EQ/ALLIANCEBERNSTEIN QUALITY Seeks to achieve high current income consistent with o AllianceBernstein L.P.
BOND moderate risk to capital.
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EQ/ALLIANCEBERNSTEIN SMALL Seeks to achieve long-term growth of capital. o AllianceBernstein L.P.
CAP GROWTH
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN VALUE Seeks capital appreciation. o AllianceBernstein L.P.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ARIEL APPRECIATION II Seeks long-term capital appreciation. o Ariel Capital Management, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/AXA ROSENBERG VALUE Seeks to increase value through bull markets and bear o AXA Rosenberg Investment Management LLC
LONG/SHORT EQUITY markets using strategies that are designed to limit expo-
sure to general equity market risk.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/BLACKROCK BASIC VALUE Seeks capital appreciation and secondarily, income. o BlackRock Investment Management, LLC
EQUITY(12)
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EQ/BLACKROCK INTERNATIONAL Seeks to provide current income and long-term growth of o BlackRock Investment Management Interna-
VALUE(13) income, accompanied by growth of capital. tional Limited
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/BOSTON ADVISORS EQUITY Seeks a combination of growth and income to achieve an o Boston Advisors, LLC
INCOME above-average and consistent total return.
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EQ/CALVERT SOCIALLY Seeks long-term capital appreciation. o Calvert Asset Management Company, Inc.
RESPONSIBLE o Bridgeway Capital Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/CAPITAL GUARDIAN GROWTH Seeks long-term growth of capital. o Capital Guardian Trust Company
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/CAPITAL GUARDIAN To achieve long-term growth of capital. o Capital Guardian Trust Company
INTERNATIONAL(**)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/CAPITAL GUARDIAN Seeks to achieve long-term growth of capital. o Capital Guardian Trust Company
RESEARCH
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/CAPITAL GUARDIAN U.S. Seeks to achieve long-term growth of capital. o Capital Guardian Trust Company
EQUITY
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/CAYWOOD-SCHOLL HIGH Seeks to maximize current income. o Caywood-Scholl Capital Management
YIELD BOND
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/DAVIS NEW YORK VENTURE(+) Seeks long-term growth of capital. o Davis Selected Advisers, L.P.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/EQUITY 500 INDEX Seeks a total return before expenses that approximates o AllianceBernstein L.P.
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/EVERGREEN INTERNATIONAL Seeks capital growth and current income. o Evergreen Investment Management
BOND Company, LLC
o First International Fund Advisors (dba
"Evergreen International")
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/EVERGREEN OMEGA Seeks long-term capital growth. o Evergreen Investment Management
Company, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/FI MID CAP Seeks long-term growth of capital. o Fidelity Management & Research Company
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/FI MID CAP VALUE(**) Seeks long-term capital appreciation. o Fidelity Management & Research Company
- ------------------------------------------------------------------------------------------------------------------------------------
24 Contract features and benefits
- ------------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/FRANKLIN INCOME Seeks to maximize income while maintaining prospects o Franklin Advisers, Inc.
for capital appreciation.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/FRANKLIN SMALL CAP VALUE Seeks long-term total return. o Franklin Advisory Services, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/FRANKLIN TEMPLETON Primarily seeks capital appreciation and secondarily seeks o AXA Equitable
FOUNDING STRATEGY(+) income.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO MERGERS AND Seeks to achieve capital appreciation. o GAMCO Asset Management Inc.
ACQUISITIONS
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO SMALL COMPANY Seeks to maximize capital appreciation. o GAMCO Asset Management Inc.
VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/INTERNATIONAL GROWTH Seeks to achieve capital appreciation. o MFS Investment Management.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/JANUS LARGE CAP GROWTH(++) Seeks long-term growth of capital. o Janus Capital Management LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/JPMORGAN CORE BOND Seeks to provide a high total return consistent with mod- o JPMorgan Investment Management Inc.
erate risk to capital and maintenance of liquidity.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/JPMORGAN VALUE Long-term capital appreciation. o JPMorgan Investment Management Inc.
OPPORTUNITIES
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/LEGG MASON VALUE EQUITY Seeks long-term growth of capital. o Legg Mason Capital Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/LONG TERM BOND Seeks to maximize income and capital appreciation o BlackRock Financial Management, Inc.
through investment in long-maturity debt obligations.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/LORD ABBETT GROWTH AND Capital appreciation and growth of income without o Lord, Abbett & Co. LLC
INCOME excessive fluctuation in market value.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/LORD ABBETT LARGE CAP Capital appreciation and growth of income with reason- o Lord, Abbett & Co. LLC
CORE able risk.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/LORD ABBETT MID CAP VALUE Capital appreciation. o Lord, Abbett & Co. LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MARSICO FOCUS Seeks long-term growth of capital. o Marsico Capital Management, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MFS EMERGING GROWTH Seeks to provide long-term capital growth. o MFS Investment Management
COMPANIES(**)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MFS INVESTORS TRUST(**) Seeks long-term growth of capital with a secondary o MFS Investment Management
objective to seek reasonable current income. For purposes
of this Portfolio, the words "reasonable current income"
mean moderate income.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MONEY MARKET Seeks to obtain a high level of current income, preserve o The Dreyfus Corporation
its assets and maintain liquidity.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MONTAG & CALDWELL Seeks to achieve capital appreciation. o Montag & Caldwell, Inc.
GROWTH
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MUTUAL SHARES Seeks capital appreciation, which may occasionally be o Franklin Mutual Advisers, LLC
short-term, and secondarily, income.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/OPPENHEIMER GLOBAL Seeks capital appreciation. o OppenheimerFunds, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/OPPENHEIMER MAIN STREET Seeks long-term capital appreciation. o OppenheimerFunds, Inc.
OPPORTUNITY(+)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/OPPENHEIMER MAIN STREET Seeks capital appreciation. o OppenheimerFunds, Inc.
SMALL CAP
- ------------------------------------------------------------------------------------------------------------------------------------
Contract features and benefits 25
- ------------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/PIMCO REAL RETURN Seeks maximum real return consistent with preservation o Pacific Investment Management Company,
of real capital and prudent investment management. LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/SHORT DURATION BOND Seeks current income with reduced volatility of principal. o BlackRock Financial Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/SMALL CAP VALUE(**) Seeks capital appreciation. o Lazard Asset Management LLC
o Franklin Advisory Services, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/SMALL COMPANY GROWTH(**) Seeks to achieve capital appreciation. o Bear Stearns Asset Management Inc.
o Eagle Asset Management, Inc.
o Wells Capital Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/SMALL COMPANY INDEX Seeks to replicate as closely as possible (before the o AllianceBernstein L.P.
deduction of portfolio expenses) the total return of the
Russell 2000 Index.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/TCW EQUITY(++) Seeks to achieve long-term capital appreciation. o TCW Investment Management Company
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/TEMPLETON GROWTH Seeks long-term capital growth. o Templeton Global Advisors Limited
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/UBS GROWTH AND INCOME Seeks to achieve total return through capital appreciation o UBS Global Asset Management
with income as a secondary consideration. (Americas) Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/VAN KAMPEN COMSTOCK Capital growth and income. o Morgan Stanley Investment
Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/VAN KAMPEN EMERGING Seeks long-term capital appreciation. o Morgan Stanley Investment
MARKETS EQUITY Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/VAN KAMPEN MID CAP Capital growth. o Morgan Stanley Investment
GROWTH Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/WELLS FARGO MONTGOMERY Seeks long-term capital appreciation. o Wells Capital Management, Inc.
SMALL CAP(++)
- ------------------------------------------------------------------------------------------------------------------------------------
The Universal Institutional
Funds, Inc.
Portfolio Name Objective Investment Manager
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. REAL ESTATE -- Seeks to provide above average current income and long- o Van Kampen (is the name under which Mor-
CLASS II(++) term capital appreciation by investing primarily in equity gan Stanley Investment Management, Inc.
securities of companies in the U.S. real estate industry, does business in certain situations)
including real estate investment trusts.
- ------------------------------------------------------------------------------------------------------------------------------------
(*) This portfolio information reflects the portfolio's name change effective
on or about May 29, 2007, subject to regulatory approval. The chart below
reflects the portfolio's name in effect, until on or about May 29, 2007.
The number in the "FN" column corresponds with the number contained in the
table above.
- ------------------------------------------------
FN Portfolio Name until May 29, 2007
- ------------------------------------------------
(1) AXA Premier VIP Aggressive Equity
- ------------------------------------------------
(2) AXA Premier VIP Core Bond
- ------------------------------------------------
(3) AXA Premier VIP Health Care
- ------------------------------------------------
(4) AXA Premier VIP High Yield
- ------------------------------------------------
(5) AXA Premier VIP International Equity
- ------------------------------------------------
(6) AXA Premier VIP Large Cap Core Equity
- ------------------------------------------------
(7) AXA Premier VIP Large Cap Growth
- ------------------------------------------------
(8) AXA Premier VIP Large Cap Value
- ------------------------------------------------
(9) AXA Premier VIP Mid Cap Growth
- ------------------------------------------------
(10) AXA Premier VIP Mid Cap Value
- ------------------------------------------------
(11) AXA Premier VIP Technology
- ------------------------------------------------
(12) EQ/Mercury Basic Value Equity
- ------------------------------------------------
(13) EQ/Mercury International Value
- ------------------------------------------------
(**) This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with this prospectus for more information.
26 Contract features and benefits
(+) This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
(++) Please see the supplement included with this prospectus regarding the
planned substitution or merger of this investment option, subject to
regulatory approval.
You should consider the investment objectives, risks and charges and expenses
of the portfolios carefully before investing. The prospectuses for the Trusts
contain this and other important information about the portfolios. The
prospectuses should be read carefully before investing. In order to obtain a
copy of the Trust prospectus that does not accompany this prospectus, you may
call one of our customer service representatives at 1 (800) 628-6673.
Contract features and benefits 27
FIXED MATURITY OPTIONS
We offer fixed maturity options with maturity dates generally ranging from one
to ten years. We will not accept allocations to a fixed maturity option if on
the date the contribution or transfer is to be applied the rate to maturity is
3%. This means that at points in time there may be no fixed maturity options
available. You can allocate your contributions to one or more of these fixed
maturity options. However, you may not allocate more than one contribution to
any one fixed maturity option. These amounts become part of a non-unitized
separate account. They will accumulate interest at the "rate to maturity" for
each fixed maturity option. The total amount you allocate to and accumulate in
each fixed maturity option is called the "fixed maturity amount." The fixed
maturity options are not available in contracts issued on or after August 13,
2001 in Washington.
- --------------------------------------------------------------------------------
Fixed maturity options generally range from one to ten years to maturity.
- --------------------------------------------------------------------------------
The rate to maturity you will receive for each fixed maturity option is the
rate to maturity in effect for new contributions allocated to that fixed
maturity option on the date we apply your contribution.
On the maturity date of a fixed maturity option, your fixed maturity amount,
assuming you have not made any withdrawals or transfers, will equal your
contribution to that fixed maturity option plus interest, at the rate to
maturity for that contribution. This is the fixed maturity option's "maturity
value." Before maturity, the current value we will report for your fixed
maturity amount will reflect a market value adjustment. Your current value will
reflect the market value adjustment that we would make if you were to withdraw
all of your fixed maturity amounts on the date of the report. We call this your
"market adjusted amount."
FIXED MATURITY OPTIONS AND MATURITY DATES. As of May 1, we currently offer
fixed maturity options ending on June 15th for maturity years ranging from one
through ten. Not all of the fixed maturity options will be available for
annuitants ages 76 and above. See "Allocating your contributions" below. As
fixed maturity options expire, we expect to add maturity years so that
generally 10 fixed maturity options are available at any time.
We will not accept allocations to a fixed maturity option if on the date the
contribution is to be applied:
o you previously allocated a contribution or made a transfer to the same fixed
maturity option; or
o the rate to maturity is 3%; or
o the fixed maturity option's maturity date is within 45 days; or
o the fixed maturity option's maturity date is later than the date annuity
payments are to begin.
YOUR CHOICES AT THE MATURITY DATE. We will notify you at least 45 days before
each of your fixed maturity options is scheduled to mature. At that time, you
may choose to have one of the following take place on the maturity date, as
long as none of the conditions listed above or in "Allocating your
contributions" below would apply:
(a) transfer the maturity value into another available fixed maturity option,
or into any of the variable investment options; or
(b) withdraw the maturity value (there may be a withdrawal charge).
If we do not receive your choice on or before the fixed maturity option's
maturity date, we will automatically transfer your maturity value into the next
available fixed maturity option (or another investment option if we are
required to do so by any state regulation). As of February 15, 2007 the next
available maturity date was June 15, 2007 (see "About our fixed maturity
options" in "More information" later in this prospectus). We may change our
procedures in the future.
MARKET VALUE ADJUSTMENT. If you make any withdrawals (including transfers,
surrender or termination of your contract, or when we make deductions for
charges) from a fixed maturity option before it matures, we will make a market
value adjustment, which will increase or decrease any fixed maturity amount you
have in that fixed maturity option. The amount of the adjustment will depend on
two factors:
(a) the difference between the rate to maturity that applies to the amount
being withdrawn and the rate to maturity in effect at that time for new
allocations to that same fixed maturity option, and
(b) the length of time remaining until the maturity date.
In general, if interest rates rise from the time that you originally allocate
an amount to a fixed maturity option to the time that you take a withdrawal,
the market value adjustment will be negative. Likewise, if interest rates drop
at the end of that time, the market value adjustment will be positive. Also,
the amount of the market value adjustment, either up or down, will be greater
the longer the time remaining until the fixed maturity option's maturity date.
Therefore, it is possible that the market value adjustment could greatly reduce
your value in the fixed maturity options, particularly in the fixed maturity
options with later maturity dates.
We provide an illustration of the market adjusted amount of specified maturity
values, an explanation of how we calculate the market value adjustment, and
information concerning our general account and investments purchased with
amounts allocated to the fixed maturity options, in "More information" later in
this prospectus. Appendix III at the end of this prospectus provides an example
of how the market value adjustment is calculated.
ALLOCATING YOUR CONTRIBUTIONS
You may choose from among two ways to allocate your contributions:
self-directed and principal assurance.
SELF-DIRECTED ALLOCATION
You may allocate your contributions to one or more, or all of the investment
options. However, you may not allocate more than one contribution to any one
fixed maturity option. If the annuitant is age 76 or older, you may only
allocate contributions to fixed maturity options with maturities of five years
or less. Allocations must be in whole percentages and you may change your
allocation percentages at any time. However, the total of your allocations must
equal 100%. Once your contributions are allocated to the investment options
they become part of your account value. We discuss account value in
"Determining your contract's value" later in this prospectus.
PRINCIPAL ASSURANCE ALLOCATION
Under this allocation program, you select a fixed maturity option and we
specify the portion of your initial contribution to be allocated to
28 Contract features and benefits
that fixed maturity option in an amount that will cause the maturity value to
equal the amount of your entire initial contribution on the fixed maturity
option's maturity date. The maturity date you select generally may not be later
than 10 years, or earlier than 7 years from your contract date. You allocate
the rest of your contribution to the variable investment options however you
choose.
For example, if your initial contribution is $10,000, and on February 15, 2007
you chose the fixed maturity option with a maturity date of June 15, 2016,
since the rate to maturity was 4.3% on February 15, 2007, we would have
allocated $6,750 to that fixed maturity option and the balance to your choice
of variable investment options. On the maturity date your value in the fixed
maturity option would be $10,000.
The principal assurance allocation is only available for annuitant ages 75 or
younger when the contract is issued. If you are purchasing an EQUI-VEST(SM)
Express traditional IRA contract, before you select a maturity year that would
extend beyond the year in which you will reach age 70-1/2, you should consider
whether your value in the variable investment options, or your other
traditional IRA funds, are sufficient to meet your required minimum
distributions. See "Tax information" later in this prospectus.
The contract is between you and AXA Equitable. The contract is not an
investment advisory account, and AXA Equitable is not providing any investment
advice or managing the allocations under your contract. In the absence of a
specific written arrangement to the contrary, you, as the owner of the
contract, have the sole authority to make investment allocations and other
decisions under the contract. Your AXA Advisors' financial professional is
acting as a broker-dealer registered representative, and is not authorized to
act as an investment advisor or to manage the allocations under your contract.
If your financial professional is a registered representative with a
broker-dealer other than AXA Advisors, you should speak with him/her regarding
any different arrangements that may apply.
YOUR RIGHT TO CANCEL WITHIN A CERTAIN NUMBER OF DAYS
If, for any reason, you are not satisfied with your contract, you may return it
to us for a refund. To exercise this cancellation right, you must mail the
contract directly to our processing office within 10 days after you receive it.
If state law requires, this "free look" period may be longer.
For contributions allocated to the variable investment options, your refund
will equal your contributions, reflecting any investment gain or loss that also
reflects the daily charges we deduct. For contributions allocated to the fixed
maturity options, your refund will equal the amount of the contribution
allocated to the fixed maturity options reflecting any positive or negative
market value adjustments. Some states require that we refund the full amount of
your contribution (not including any investment gain or loss, interest, or
market value adjustment). For an IRA contract returned to us within seven days
after you receive it, we are required to refund the full amount of your
contribution.
If you reside in the state of California and you are age 60 or older at the
time the contract is issued, you may return your variable annuity contract
within 30 days from the date that you receive it and receive a refund as
described below.
If you allocate your entire initial contribution to the EQ/Money Market option,
the amount of your refund will be equal to your contribution less interest,
unless you make a transfer, in which case the amount of your refund will be
equal to your account value on the date we receive your request to cancel at
our processing office. This amount could be less than your initial amount. If
you allocate any portion of your initial contribution to the variable
investment options (other than the EQ/Money Market option) and/or fixed
maturity options, your refund will be equal to your account value on the date
we receive your request to cancel at our processing office.
We may require that you wait six months before you apply for a contract with us
again if:
o you cancel your contract during the free look period; or
o you change your mind before you receive your contract whether we have
received your contribution or not.
Please see "Tax information" later in this prospectus for possible consequences
of cancelling your contract.
In addition to the cancellation right described above, if you fully or
partially convert an existing traditional IRA contract to a Roth IRA contract,
you may cancel your Roth IRA contract and return to a traditional IRA contract.
Our processing office, or your financial professional, can provide you with the
cancellation instructions. Ask for the form entitled "EQUI-VEST(SM) Roth IRA
Re-Characterization Form."
INHERITED IRA BENEFICIARY CONTINUATION CONTRACT
This contract is available to an individual beneficiary of a traditional IRA or
a Roth IRA where the deceased owner held the individual retirement account or
annuity (or Roth individual retirement account or annuity) with an insurance
company or financial institution other than AXA Equitable. The purpose of the
inherited IRA beneficiary continuation contract is to permit the beneficiary to
change the funding vehicle that the deceased owner selected ("original IRA")
while taking the required minimum distribution payments that must be made to
the beneficiary after the deceased owner's death. See the discussion of
required minimum distributions under "Tax Information". This contract is
intended only for beneficiaries who want to take payments at least annually
over their life expectancy. These payments generally must begin (or must have
begun) no later than December 31 of the calendar year following the year the
deceased owner died. This contract is not suitable for beneficiaries electing
the "5-year rule." See "Beneficiary continuation option for traditional IRA and
Roth IRA contracts" in "Payment of the death benefit" later in this prospectus.
You should discuss with your tax adviser your own personal situation.
The Inherited traditional IRA is also available to non-spousal beneficiaries of
deceased plan participants in qualified plans, 403(b) arrangements and
governmental employer 457(b) plans ("Applicable Plan(s)"). In this discussion,
unless otherwise indicated, references to "deceased owner" include "deceased
plan participant"; references to "original IRA" include "the deceased plan
participant's interest or ben-
Contract features and benefits 29
efit under the Applicable Plan", and references to "individual beneficiary of a
traditional IRA" include "individual non-spousal beneficiary under an
Applicable Plan."
The inherited IRA beneficiary continuation contract can only be purchased by a
direct transfer of the beneficiary's interest under the deceased owner's
original IRA. In the case of a non-spousal beneficiary under a deceased plan
participant's Applicable Plan, the Inherited traditional IRA can only be
purchased by a direct rollover of the death benefit under the Applicable Plan.
The owner of the inherited IRA beneficiary continuation contract is the
individual who is the beneficiary of the original IRA. (Certain trusts with
only individual beneficiaries will be treated as individuals for this purpose).
The contract must also contain the name of the deceased owner. In this
discussion, "you" refers to the owner of the inherited IRA beneficiary
continuation contract.
The inherited IRA beneficiary continuation contract can be purchased whether or
not the deceased owner had begun taking required minimum distribution payments
during his or her life from the original IRA or whether you had already begun
taking required minimum distribution payments of your interest as a beneficiary
from the deceased owner's original IRA. You should discuss with your own tax
adviser when payments must begin or must be made.
Under the inherited IRA beneficiary continuation contract:
o You must receive payments at least annually (but can elect to receive
payments monthly or quarterly). Payments are generally made over your life
expectancy determined in the calendar year after the deceased owner's death
and determined on a term certain basis.
o The beneficiary of the original IRA will be the annuitant under the
inherited IRA beneficiary continuation contract. In the case where the
beneficiary is a "See-Through Trust," the oldest beneficiary of the trust
will be the annuitant.
o An inherited IRA beneficiary continuation contract is not available for
annuitants over age 70.
o The initial contribution must be a direct transfer from the deceased owner's
original IRA and must be at least $5,000.
o Subsequent contributions of at least $1,000 are permitted, but must be
direct transfers of your interest as a beneficiary from another IRA with a
financial institution other than AXA Equitable, where the deceased owner is
the same as under the original IRA contract. A non-spousal beneficiary under
an Applicable Plan cannot make subsequent contributions to an Inherited
traditional IRA contract.
o You may make transfers among the investment options.
o You may choose at any time to withdraw all or a portion of the account
value. Any partial withdrawal must be at least $300. Withdrawal charges will
apply as described under "Withdrawal charge" in "Charges and expenses,"
later in this prospectus.
o The following features mentioned in the prospectus are not available under
the inherited IRA beneficiary continuation contract: successor
owner/annuitant, automatic investment program and systematic withdrawals.
o If you die, we will pay to a beneficiary that you choose the greater of the
account value or the minimum death benefit.
o Upon your death, your beneficiary has the option to continue taking required
minimum distributions based on your remaining life expectancy or to receive
any remaining interest in the contract 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. If your beneficiary elects to continue to
take distributions, we will increase the account value to equal the minimum
death benefit if such death benefit is greater than such account value as of
the date we receive satisfactory proof of death and any required
instructions, information and forms. The increase in account value will be
allocated to the investment options according to the allocation percentages
we have on file for your contract. Thereafter, withdrawal charges will no
longer apply.
30 Contract features and benefits
2. Determining your contract's value
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YOUR ACCOUNT VALUE AND CASH VALUE
Your "account value" is the total of the: (i) values you have in the variable
investment options and (ii) market adjusted amounts you have in the fixed
maturity options. These amounts are subject to certain fees and charges
discussed under "Charges and expenses" later in this prospectus.
Your contract also has a "cash value." At any time before annuity payments
begin, your contract's cash value is equal to the account value less: (i) any
applicable withdrawal charges and (ii) the total amount or a pro rata portion
of the annual administrative charge. Please see "Surrender of your contract to
receive its cash value" in "Accessing your money" later in this prospectus.
YOUR CONTRACT'S VALUE IN THE VARIABLE INVESTMENT OPTIONS
Each variable investment option invests in shares of a corresponding portfolio.
Your value in each variable investment option is measured by "units." The value
of your units will increase or decrease as though you had invested it in the
corresponding portfolio's shares directly. Your value, however, will be reduced
by the amount of the fees and charges that we deduct under the contract.
- --------------------------------------------------------------------------------
Units measure your value in each variable investment option.
- --------------------------------------------------------------------------------
The unit value for each variable investment option depends on the investment
performance of that option minus daily charges for mortality and expense risks
and other expenses. On any day, your value in any variable investment option
equals the number of units credited to that option, adjusted for any units
purchased for or deducted from your contract under that option, multiplied by
that day's value for one unit. The number of your contract units in any
variable investment option does not change unless they are:
(i) increased to reflect subsequent contributions;
(ii) decreased to reflect a withdrawal (plus applicable withdrawal charges); or
(iii) increased to reflect a transfer into, or decreased to reflect a transfer
out of a variable investment option.
In addition, when we deduct the annual administrative charge or third-party
transfer or exchange charge, we will reduce the number of units credited to
your contract. A description of how unit values are calculated is found in the
SAI.
YOUR CONTRACT'S VALUE IN THE FIXED MATURITY OPTIONS
Your value in each fixed maturity option at any time before the maturity date
is the market adjusted amount in each option, which reflects withdrawals out of
the option and charges we deduct. This is equivalent to your fixed maturity
amount increased or decreased by the market value adjustment. Your value,
therefore, may be higher or lower than your contributions (less withdrawals)
accumulated at the rate to maturity. At the maturity date, your value in a
fixed maturity option will equal its maturity value, provided there have been
no withdrawals or transfers.
Determining your contract's value 31
3. Transferring your money among investment options
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TRANSFERRING YOUR ACCOUNT VALUE
At any time before the date annuity payments are to begin, you can transfer
some or all of your account value among the investment options, subject to the
following:
o you must transfer at least $300 of account value or, if less, the entire
amount in the investment option. We may waive the $300 requirement.
o you may not transfer to a fixed maturity option in which you already have
value.
o You may not transfer to a fixed maturity option that has a rate to maturity
of 3%.
o if the annuitant is age 76 or older, you must limit your transfers to fixed
maturity options to those with maturities of five years or less. As of
February 15, 2007, all maturities were available.
o you may not transfer to a fixed maturity option if its maturity date is
later than the date annuity payments are to begin.
o if you make transfers out of a fixed maturity option other than at its
maturity date, the transfer will cause a market value adjustment.
Upon advance notice to you, we may change or establish additional restrictions
on transfers among the investment options, including limitations on the number,
frequency, or dollar amount of transfers. A transfer request does not change
your percentages for allocating current or future contributions among the
investment options. Our current transfer restrictions are set forth in the
"Disruptive transfer activity" section below.
You may request a transfer in writing, or by telephone using TOPS or on line
using EQAccess. You must send in all signed written requests directly to our
processing office. Transfer requests should specify:
(1) the contract number,
(2) the dollar amounts to be transferred, and
(3) the investment options to and from which you are transferring.
We will confirm all transfers in writing.
Please see "Allocating your contributions" in "Contract features and benefits"
for more information about your role in managing your allocations.
DISRUPTIVE TRANSFER ACTIVITY
You should note that the contract is not designed for professional "market
timing" organizations, or other organizations or individuals engaging in a
market timing strategy. The contract 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 contract owners.
We offer investment options with underlying portfolios that are part of AXA
Premier VIP Trust and EQ Advisors Trust (the "affiliated trusts"), as well as
investment options with underlying portfolios of outside trusts with which AXA
Equitable has entered participation agreements (the "unaffiliated trusts" and,
collectively with the affiliated trusts, the "trusts"). The affiliated 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
32 Transferring your money among investment options
when a portfolio's net inflows or outflows exceed an established monitoring
threshold, the affiliated trust obtains from us contract owner trading
activity. The affiliated 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 unaffiliated trust may
have its own policies and procedures regarding disruptive transfer activity. If
an unaffiliated trust advises us that there may be disruptive activity from one
of our contract owners, we will work with the unaffiliated trust to review
contract owner trading activity. In most cases, 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.
When a contract owner is identified as having engaged in a potentially
disruptive transfer under the contract for the first time, a letter is sent to
the contract owner explaining that there is a policy against disruptive
transfer activity and that if such activity continues certain transfer
privileges may be eliminated. If and when the contract owner is identified a
second time as engaged in potentially disruptive transfer activity under the
contract, we currently prohibit the use of voice, fax and automated transaction
services. We currently apply such action for the remaining life of each
affected contract. 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 contract owners uniformly.
We do not permit exceptions to our policies restricting disruptive transfer
activity.
It is possible that a trust may impose a redemption fee designed to discourage
frequent or disruptive trading by contract owners. As of the date of this
Prospectus, no trust available under the contract had 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 contract owner.
Contract owners should note that it is not always possible for us and the
underlying trusts to identify and prevent disruptive transfer activity. In
addition, because we do not monitor for all frequent trading at the separate
account level, contract 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
contract owners may be treated differently than others, resulting in the risk
that some contract 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.
AUTOMATIC TRANSFER OPTIONS
GENERAL DOLLAR-COST AVERAGING
Dollar-cost averaging allows you to gradually allocate amounts to the variable
investment options by periodically transferring approximately the same dollar
amount to the variable investment options you select. This will cause you to
purchase more units if the unit's value is low and fewer units if the unit's
value is high. Therefore, you may get a lower average cost per unit over the
long term. This plan of investing, however, does not guarantee that you will
earn a profit or be protected against losses.
The general dollar-cost averaging feature allows you to have amounts
automatically transferred from the EQ/Money Market option to the other variable
investment options on a monthly basis. In order to elect the general
dollar-cost averaging option you must have a minimum of $2,000 in the EQ/Money
Market option on the date we receive your election form at our processing
office. You can specify the number of monthly transfers or instruct us to
continue to make monthly transfers until all available amounts in the EQ/Money
Market option have been transferred out.
The minimum amount that we will transfer each month is $50. The maximum amount
we will transfer is equal to your value in the EQ/Money Market option at the
time the program is elected, divided by the number of transfers scheduled to be
made.
If, on any transfer date, your value in the EQ/Money Market option is equal to
or less than the amount you have elected to have transferred, the entire amount
will be transferred. General dollar-cost averaging will then end. You may
change the transfer amount once each contract year, or cancel this program at
any time.
You may not elect dollar-cost averaging if you are participating in the
rebalancing program.
REBALANCING YOUR ACCOUNT VALUE
We currently offer a rebalancing program that you can use to automatically
reallocate your account value among the variable investment options. You must
tell us:
(a) the percentage you want invested in each variable investment option (whole
percentages only), and
(b) how often you want the rebalancing to occur (quarterly, semiannually, or
annually).
While your rebalancing program is in effect, we will transfer amounts among
each variable investment option so that the percentage of your account value
that you specify is invested in each option at the end of each rebalancing
date. Your entire account value in the variable investment options must be
included in the rebalancing program.
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Rebalancing does not assure a profit or protect against loss. You should
periodically review your allocation percentages as your needs change. You may
want to discuss the rebalancing program with your financial professional and/or
financial adviser before electing the program.
- --------------------------------------------------------------------------------
You may elect the rebalancing program at any time. To be eligible, you must
have at least $5,000 of account value in the variable investment options. You
may also change your allocation instructions or cancel the program at any time.
If you request a transfer while the rebalancing program is in effect, we will
process the transfer as requested; the rebalancing program will remain in
effect unless you request that it be cancelled in writing.
Transferring your money among investment options 33
You may not elect the rebalancing program if you are participating in the
dollar-cost averaging program. Rebalancing is not available for amounts you
have allocated in the fixed maturity options.
34 Transferring your money among investment options
4. Accessing your money
- --------------------------------------------------------------------------------
WITHDRAWING YOUR ACCOUNT VALUE
You have several ways to withdraw your account value before annuity payments
begin. The table below shows the methods available under each type of contract.
More information follows the table. For the tax consequences of taking
withdrawals, see "Tax information" later in this prospectus.
- --------------------------------------------------------------
Method of Withdrawal
Minimum
Contract Partial Systematic distribution
- --------------------------------------------------------------
NQ Yes Yes No
traditional IRA Yes Yes Yes
Roth IRA Yes Yes No
- --------------------------------------------------------------
PARTIAL WITHDRAWALS
(All contracts)
You may take partial withdrawals from your account value at any time while the
annuitant is living and before annuity payments begin. The minimum amount you
may withdraw at any time is $300. If you request a withdrawal that leaves you
with an account value of less than $500, we may treat it as a request to
surrender the contract for its cash value. See "Surrender of your contract to
receive its cash value" below.
Partial withdrawals in excess of the 10% free withdrawal amount may be subject
to a withdrawal charge (see "10% free withdrawal amount" in "Charges and
expenses" later in this prospectus).
SYSTEMATIC WITHDRAWALS
(All contracts except inherited IRA)
If you have at least $20,000 of account value in the variable investment
options, you may take systematic withdrawals on a monthly or quarterly basis.
The minimum amount you may take for each withdrawal is $250. We will make the
withdrawals on any day of the month that you select as long as it is not later
than the 28th day of the month. If you do not select a date, your withdrawals
will be made on the first day of the month. A check for the amount of the
withdrawal will be mailed to you or, if you prefer, we will electronically
transfer the money to your checking or savings account.
You may withdraw a fixed-dollar amount from the variable investment options.
You do not have to maintain a minimum amount. You may elect to have the amount
of the withdrawal subtracted from your account value in one of three ways:
(1) pro rata from more than one variable investment option (without using up
your total value in those options); or
(2) pro rata from more than one variable investment option (until your value
in those options is used up); or
(3) you may specify a dollar amount from only one variable investment option.
You can cancel the systematic withdrawal option at any time.
Amounts withdrawn in excess of the 10% free withdrawal amount may be subject to
a withdrawal charge.
LIFETIME MINIMUM DISTRIBUTION WITHDRAWALS
(Traditional IRA contracts -- See "Tax information" later in this prospectus.)
We offer our "required minimum distribution (RMD) automatic withdrawal option"
to help you meet lifetime required minimum distributions under federal income
tax rules. This is not the exclusive way for you to meet these rules. After
consultation with your tax adviser, you may decide to compute required minimum
distributions yourself and request partial withdrawals. In such a case, a
withdrawal charge may apply if your withdrawal exceeds the free withdrawal
amount. You may choose instead an annuity payout option. Before electing an
account-based withdrawal option, please refer to "Required minimum
distributions" under "Individual Retirement Arrangements ("IRAs")" in "Tax
information" later in this prospectus. Also, the actuarial present value of
additional contract benefits must be added to the account value in calculating
required minimum distribution withdrawals, which could increase the amount
required to be withdrawn. For this purpose additional annuity contract benefits
may include enhanced death benefits.
You may elect our RMD automatic withdrawal option in the year in which you
reach age 70-1/2 or in any later year. To elect this option, you must have
account value in the variable investment options of at least $2,000. The
minimum amount we will pay out is $300, or if less, your account value. If your
account value is less than $500 after the withdrawal, we may terminate your
contract and pay you its cash value. Currently, minimum distribution withdrawal
payments will be made annually.
Currently, we do not impose a withdrawal charge on minimum distribution
withdrawals if you are enrolled in our required minimum distribution automatic
withdrawal option. The minimum distribution withdrawal will be taken into
account in determining if any subsequent withdrawal taken in the same contract
year exceeds the 10% free withdrawal amount.
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We will send to traditional IRA owners a form outlining the minimum
distribution options available in the year you reach age 70-1/2 (if you have
not begun your annuity payments before that time).
- --------------------------------------------------------------------------------
HOW WITHDRAWALS ARE TAKEN FROM YOUR ACCOUNT VALUE
Unless you specify otherwise, we will subtract your withdrawals on a pro rata
basis from your value in the investment options. A market value adjustment will
apply if withdrawals are taken from the fixed maturity options.
Accessing your money 35
AUTOMATIC DEPOSIT SERVICE
If you are receiving required minimum distribution payments from a traditional
IRA contract, you may use our automatic deposit service.
Under this service we will automatically deposit the required minimum
distribution payment from your traditional IRA contract directly into an
existing EQUI-VEST(SM) NQ or Roth IRA or an existing EQUI-VEST(SM) Express(SM)
NQ or Roth IRA contract according to your allocation instructions. Please note
that you must have compensation or earned income for the year of the
contribution to make regular contributions to Roth IRAs. See "Tax information"
later in this prospectus.
DEPOSIT OPTION FOR NQ CONTRACTS ONLY
You can elect the deposit option for your benefit while you are alive, or for
the benefit of your beneficiary.
Proceeds from your NQ contract can be deposited with us for a period you select
(including one for as long as the annuitant lives). We will hold the amounts in
our general account. We will credit interest on the amounts at a guaranteed
rate for the specified period. We will pay out the interest on the amount
deposited at least once each year.
If you elect this option for your benefit, you deposit the amount with us that
you would otherwise apply to an annuity payout option. If you elect this option
for your beneficiary before the annuitant's death, death benefit proceeds can
be left on deposit with us subject to certain restrictions, instead of being
paid out to the beneficiary.
Other restrictions apply to the deposit option. Your financial professional can
provide more information about this option, or you may call our processing
office.
SURRENDER OF YOUR CONTRACT TO RECEIVE ITS CASH VALUE
You may surrender your contract to receive its cash value at any time while the
annuitant is living and before you begin to receive annuity payments. For a
surrender to be effective, we must receive your written request and your
contract at our processing office. We will determine your cash value on the
date we receive the required information. All benefits under the contract will
terminate as of that date.
You may receive your cash value in a single sum payment or apply it to one or
more of the annuity payout options. See "Your annuity payout options" below. We
will usually pay the cash value within seven calendar days, but we may delay
payment as described in "When to expect payments" below. For the tax
consequences of surrenders, see "Tax information" later in this prospectus.
TERMINATION
We may terminate your contract and pay you the cash value if:
(1) your account value is less than $500 and you have not made contributions
to your contract for a period of three years; or
(2) you request a partial withdrawal that reduces your account value to an
amount less than $500; or
(3) you have not made any contributions within 120 days from your contract
date.
WHEN TO EXPECT PAYMENTS
Generally, we will fulfill requests for payments out of the variable investment
options within seven calendar days after the date of the transaction to which
the request relates. These transactions may include applying proceeds to a
variable annuity payout option, payment of a death benefit, payment of any
amount you withdraw (less any withdrawal charge) and, upon surrender or
termination, payment of the cash value. We may postpone such payments or
applying 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 variable
investment option's assets is not reasonably practicable because of an
emergency, or
(3) the SEC, by order, permits us to defer payment to protect people remaining
in the variable investment options.
We can defer payment of any portion of your values in the fixed maturity
options (other than for death benefits) for up to six months while you are
living.
All payments are made by check and are mailed to you (or the payee named in a
tax-free exchange) by U.S. mail, unless you request that we use an express
delivery or wire transfer service at your expense.
YOUR ANNUITY PAYOUT OPTIONS
EQUI-VEST(SM) Express(SM) offers you several choices of annuity payout options.
Some enable you to receive fixed annuity payments and others enable you to
receive variable annuity payments.
You can choose from among the annuity payout options listed below. Restrictions
may apply, depending on the type of contract you own and the annuitant's age at
contract issue.
ANNUITY PAYOUT OPTIONS
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Fixed annuity payout options o Life annuity
o Life annuity with period
certain
o Life annuity with refund
certain
o Period certain annuity
- --------------------------------------------------------------------
Variable Immediate Annuity payout o Life annuity (not available in
options (as described in a New York)
separate prospectus for this o Life annuity with period
option) certain
- --------------------------------------------------------------------
o Life annuity: An annuity that guarantees payments for the rest of the
annuitant's life. Payments end with the last monthly payment before the
annuitant's death. Because there is no continuation of benefits following
the annuitant's death with this payout option, it provides the highest
monthly payment of any of the life annuity options, so long as the annuitant
is living.
o Life annuity with period certain: An annuity that guarantees payments for
the rest of the annuitant's life. If the annuitant dies before the end of a
selected period of time ("period certain"), payments
36 Accessing your money
continue to the beneficiary for the balance of the period certain. The
period certain cannot extend beyond the annuitant's life expectancy or the
joint life expectancy of the annuitant and the joint annuitant. A life
annuity with period certain is the form of annuity under the contracts that
you will receive if you do not elect a different payout option. In this
case the period certain will be based on the annuitant's age and will not
exceed 10 years or the annuitant's life expectancy.
o Life annuity with refund certain: An annuity that guarantees payments for
the rest of the annuitant's life. If the annuitant dies before the amount
applied to purchase the annuity option has been recovered, payments to the
beneficiary will continue until that amount has been recovered. This payout
option is available only as a fixed annuity.
o Period certain annuity: An annuity that guarantees payments for a specific
period of time, usually 5, 10, 15, or 20 years. This 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. This payout option is available only as a fixed annuity.
The life annuity, life annuity with period certain, and life annuity with
refund certain payout options are available on a single life or joint and
survivor life basis. The joint and survivor life annuity guarantees payments
for the rest of the annuitant's life and, after the annuitant's death, payments
continue to the survivor. We may offer other payout options not outlined here.
Your financial professional can provide details.
FIXED ANNUITY PAYOUT OPTIONS
With fixed annuities, we guarantee fixed annuity payments that will be based
either on the tables of guaranteed annuity purchase factors in your contract or
on our then current annuity purchase factors, whichever is more favorable for
you.
VARIABLE IMMEDIATE ANNUITY PAYOUT OPTIONS
Variable Immediate Annuities are described in a separate prospectus that is
available from your financial professional. Before you select a Variable
Immediate Annuity payout option, you should read the prospectus which contains
important information that you should know.
Variable Immediate Annuities may be funded through your choice of available
variable investment options investing in portfolios of AXA Premier VIP Trust
and EQ Advisors Trust. The contract also offers a fixed income annuity payout
option that can be elected in combination with the variable income annuity
payout option. The amount of each variable income annuity payment will
fluctuate, depending upon the performance of the variable investment options,
and whether the actual rate of investment return is higher or lower than an
assumed base rate.
We may offer other payout options not outlined here. Your financial
professional can provide details.
SELECTING AN ANNUITY PAYOUT OPTION
When you select a payout option, we will issue you a separate written agreement
confirming your right to receive annuity payments. We require you to return
your contract before annuity payments begin. Unless you choose a different
payout option, we will pay annuity payments under a life annuity with a period
certain of 10 years. You choose whether these payments will be fixed or
variable. The contract owner and annuitant must meet the issue age and payment
requirements.
You can choose the date annuity payments are to begin, but generally it may not
be earlier than thirteen months from the EQUI-VEST(SM) contract date. You can
change the date your annuity payments are to begin anytime before that date as
long as you do not choose a date later than the 28th day of any month or later
than your contract's maturity date. Your contract's maturity date is the date
by which you must either take a lump sum withdrawal or select an annuity payout
option. The maturity date is generally the contract date anniversary that
follows the annuitant's 90th birthday.
Before your annuity payments are to begin, we will notify you by letter that
the annuity payout options are available. Once you have selected a payout
option and payments have begun, no change can be made other than transfers
among the variable investment options if a variable annuity is selected.
We currently offer different payment frequencies on certain annuity payout
options. In general, the total annual payout will be lower for more frequent
payouts (such as monthly) because of the increased administrative expenses
associated with more frequent payouts. Also, in general, the longer the period
over which we expect to make payments, the lower will be your payment each
year.
The amount of the annuity payments will depend on:
(1) the amount applied to purchase the annuity;
(2) the type of annuity chosen, and whether it is fixed or variable;
(3) in the case of a life annuity, the annuitant's age (or the annuitant's and
joint annuitant's ages); and
(4) in certain instances, the sex of the annuitant(s).
If, at the time you elect a payout option, the amount to be applied is less
than $2,000 or the initial payment under the form elected is less than $20
monthly, we reserve the right to pay the account value in a single sum rather
than as payments under the payout option chosen.
Please see Appendix IV later in this prospectus for state variations.
EQUI-VEST(SM) AT RETIREMENT(R)
If you have a traditional IRA, Roth IRA, QP IRA or NQ contract, you may be
eligible to convert your EQUI-VEST(SM) Express(SM) contract to a new
EQUI-VEST(SM) At Retirement(SM) contract. EQUI-VEST(SM) At Retirement(SM) is a
deferred variable annuity contract that offers living benefits (Guaranteed
withdrawal benefit for life or Guaranteed minimum income benefit) and enhanced
death benefits. The EQUI-VEST(SM) At Retirement(SM) contract has no withdrawal
charges.
At the time of conversion, you must meet the following conditions in order to
qualify for this conversion offer. You must be between the
Accessing your money 37
ages of 55 and 85, your contract must have an account value of at least $50,000,
you must purchase at least one of the living or enhanced death benefits, there
can be no withdrawal charges applicable under your existing EQUI-VEST(SM)
Express(SM) contract, and no rollover/direct transfer contributions can have
been made to the existing contract in the two contract years prior to the date
you apply for the new contract. The written application for the new
EQUI-VEST(SM) At Retirement(SM) contract must be received by our Processing
Office no later than the close of business on December 31, 2016 or such later
date as we state in writing to you. The EQUI-VEST(SM) At Retirement(SM) contract
and its benefits, including the charges for such benefits are described in a
separate prospectus.
38 Accessing your money
5. Charges and expenses
- --------------------------------------------------------------------------------
CHARGES THAT AXA EQUITABLE DEDUCTS
We deduct the following charges each day from the net assets of each variable
investment option. These charges are reflected in the unit values of each
variable investment option:
o A mortality and expense risks charge
o A charge for other expenses
We deduct the following charges from your account value. When we deduct these
charges from your variable investment options, we reduce the number of units
credited to your contract:
o on the last day of the contract year -- an annual administrative charge, if
applicable
o charge for third-party transfer or exchange
o at the time you make certain withdrawals or surrender your contract, or your
contract is terminated -- a withdrawal charge
o at the time annuity payments are to begin -- charges designed to approximate
certain taxes that may be imposed on us, such as premium taxes in your
state. An annuity administrative fee may also apply
More information about these charges appears below. We will not increase these
charges for the life of your contract, except as noted. We may reduce certain
charges under group or sponsored arrangements. See "Group or sponsored
arrangements" below.
To help with your retirement planning, we may offer other annuities with
different charges, benefits and features. Please contact your financial
professional for more information.
CHARGES UNDER THE CONTRACTS
MORTALITY AND EXPENSE RISKS CHARGE
We deduct a daily charge from the net assets in each variable investment option
to compensate us for mortality and expense risks, including the death benefit.
The daily charge is currently equivalent to an annual rate of 0.70% (1.65%
maximum) of the net assets in each variable investment option.
The mortality risk we assume is the risk that annuitants as a group will live
for a longer time than our actuarial tables predict. If that happens, we would
be paying more in annuity benefits than we planned. We also assume a risk that
the mortality assumptions reflected in our guaranteed annuity payment tables,
shown in each contract, will differ from actual mortality experience. We may
change the actuarial basis for our guaranteed annuity payment tables, but only
for new contributions and only at five year intervals from the contract date.
Lastly, we assume a mortality risk to the extent that at the time of death, the
death benefit exceeds the cash value of the contract. The expense risk we
assume is the risk that it will cost us more to issue and administer the
contracts than we expect.
To the extent that the mortality and expense risk charges are not needed to
cover the actual expenses incurred, they may be considered an indirect
reimbursement for certain sales and promotional expenses relating to the
contracts.
CHARGE FOR OTHER EXPENSES
We deduct this daily charge from the net assets in each variable investment
option. This charge, together with the annual administrative charge described
below, is for providing administrative and financial accounting services under
the contracts. The daily charge is currently equivalent to an annual rate of
0.25% (0.35% maximum) of net assets in each variable investment option.
The combined charge for mortality and expense risks and for other expenses is
guaranteed not to exceed a total annual rate of 2.00%.
ANNUAL ADMINISTRATIVE CHARGE
We deduct an administrative charge from your account value on the last business
day of each contract year. We will deduct a pro rata portion of the charge if
you surrender your contract, elect an annuity payout option, or the annuitant
dies during the contract year. We deduct the charge if your account value on
the last business day of the contract year is less than $25,000 under NQ
contracts and $20,000 under IRA contracts. If your account value on such date
is $25,000 or more for NQ ($20,000 or more for IRA) contracts, we do not deduct
the charge. During the first two contract years, the charge is equal to $30 or,
if less, 2% of your current account value plus any amount previously withdrawn
during the contract year. The charge is currently $30 for contract years three
and later. We may increase this charge if our administrative costs rise, but
the charge will never exceed $65 annually.
The charge is deducted pro rata from the variable investment options. If those
amounts are insufficient, we will make up the required amounts from the fixed
maturity options to the extent you have value in those options. Charges
deducted from the fixed maturity options are considered withdrawals, and as
such, will result in a market value adjustment.
We currently waive the annual administrative charge that would otherwise be
deducted in the next contract year under any individually owned EQUI-VEST(SM)
contract/certificate having an account value that, when combined with the
account value of other EQUI-VEST(SM) contracts/certificates owned by the same
person, exceeds $100,000 in the aggregate (as determined in January of each
year). This does not apply to EQUI-VEST(SM) contracts/certificates owned by
different members of the same household. We may change or discontinue this
practice at any time without prior notice.
CHARGE FOR THIRD-PARTY TRANSFER OR EXCHANGE
We impose a charge for making a direct transfer of amounts from your contract
to a third party, such as in the case of a trustee-to-trustee
Charges and expenses 39
transfer for an IRA contract, or if you request that your contract be exchanged
for a contract issued by another insurance company. In either case, we will
deduct from your account value any withdrawal charge that applies and a charge
of $25 for each direct transfer or exchange. We reserve the right to increase
this charge to a maximum of $65.
WITHDRAWAL CHARGE
A withdrawal charge may apply in three circumstances: (1) you make one or more
withdrawals during a contract year; (2) you surrender your contract to receive
its cash value; or (3) we terminate your contract. The amount of the charge
will depend on whether the free withdrawal amount applies, and the availability
of one or more exceptions.
The withdrawal charge equals a percentage of the contributions withdrawn. The
percentage that applies depends on how long each contribution has been invested
in the contract. We determine the withdrawal charge separately for each
contribution according to the following table:
- -----------------------------------------------------------------
Contract year
- -----------------------------------------------------------------
1 2 3 4 5 6 7 8+
- -----------------------------------------------------------------
Percentage of
contribution 7% 6% 5% 4% 3% 2% 1% 0%
- -----------------------------------------------------------------
For purposes of calculating the withdrawal charge, we treat the contract year
in which we receive a contribution as "contract year 1." Amounts withdrawn up
to the free withdrawal amount are not considered withdrawal of any
contribution. We also treat contributions that have been invested the longest
as being withdrawn first. We treat contributions as withdrawn before earnings
for purposes of calculating the withdrawal charge. However, federal income tax
rules treat earnings under most NQ contracts as withdrawn first. See "Tax
information" later in this prospectus. In the case of contract surrender, the
free withdrawal amount is taken into account when calculating the amount of the
withdrawal.
In order to give you the exact dollar amount of the withdrawal you request, we
deduct the amount of the withdrawal and the amount of the withdrawal charge
from your account value. Any amount deducted to pay withdrawal charges is also
subject to that same withdrawal charge percentage. We deduct the withdrawal
amount and the withdrawal charge pro rata from the variable investment options.
If those amounts are insufficient, we will make up the required amounts from
the fixed maturity options. If we deduct all or a portion of the withdrawal
charge from the fixed maturity options, a market value adjustment will apply.
See "About our fixed maturity options" in "More information" later in this
prospectus.
The withdrawal charge does not apply in the circumstances described below.
10% FREE WITHDRAWAL AMOUNT. Each contract year you can withdraw up to 10% of
your account value without paying a withdrawal charge. The 10% free withdrawal
amount is determined using your account value at the time you request a
withdrawal, minus any other withdrawals made during the contract year.
DEATH AND PURCHASE OF ANNUITY. The withdrawal charge does not apply if:
o the annuitant dies and a death benefit is payable to the beneficiary.
o we receive a properly completed election form providing for the account
value to be used to buy a life contingent annuity or a non-life annuity with
a period certain for a term of at least ten years.
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 premium taxes in your state. Generally, we deduct the charge from
the amount applied to provide an annuity payout option. The current tax charge
that might be imposed varies by jurisdiction and ranges from 0% to 3.5%.
VARIABLE IMMEDIATE ANNUITY PAYOUT OPTION ADMINISTRATIVE FEE
We deduct a fee of $350 from the amount to be applied to the Variable Immediate
Annuity payout option. This option may not be available at the time you elect
to begin receiving annuity payouts or it may have a different charge.
CHARGES THAT THE TRUSTS DEDUCT
The Trusts deduct charges for the following types of fees and expenses:
o Management fees ranging from 0.10% to 1.40%.
o 12b-1 fees of either 0.25% or 0.35%.
o Operating expenses, such as trustees' fees, independent auditors' fees,
legal counsel fees, administrative service fees, custodian fees, and
liability insurance.
o Investment-related expenses, such as brokerage commissions.
These charges are reflected in the daily share price of each portfolio. Since
shares of each Trust are purchased at their net asset value, these fees and
expenses are, in effect, passed on to the variable investment options and are
reflected in their unit values. Certain portfolios available under the contract
in turn invest in shares of other portfolios of AXA Premier VIP Trust and EQ
Advisors Trust and/or shares of unaffiliated portfolios (collectively, the
"underlying portfolios"). The underlying portfolios each have their own fees
and expenses, including management fees, operating expenses, and investment
related expenses such as brokerage commissions. For more information about
these charges, please refer to the prospectuses for the Trusts.
GROUP OR SPONSORED ARRANGEMENTS
For certain group or sponsored arrangements, we may reduce the withdrawal
charge or the mortality and expense risks charge, or change the minimum
contribution requirements. We also may change the minimum death benefit or
offer variable investment options that invest in shares of a Trust that are not
subject to the 12b-1 fee. Group arrangements include those in which a trustee
or an employer, for example, purchases contracts covering a group of
individuals on a group basis. Group arrangements are not available for
traditional IRA and Roth IRA contracts. Sponsored arrangements include those in
which an employer allows us to sell contracts to its employees or retirees on
an individual basis.
Our costs for sales, administration, and mortality generally vary with the size
and stability of the group or sponsoring organization, among other factors. We
take all these factors into account when reducing
40 Charges and expenses
charges. To qualify for reduced charges, a group or sponsored arrangement must
meet certain requirements, such as requirements for size and number of years in
existence. Group or sponsored arrangements that have been set up solely to buy
contracts or that have been in existence less than six months will not qualify
for reduced charges.
We also may establish different rates to maturity for the fixed maturity
options under different classes of contracts for group or sponsored
arrangements.
We will make these and any similar reductions according to our rules in effect
when we approve a contract for issue. We may change these rules from time to
time. Any variation will reflect differences in costs or services and will not
be unfairly discriminatory.
Group or sponsored arrangements may be governed by federal income tax rules,
the Employee Retirement Income Security Act of 1974, or both. We make no
representations with regard to the impact of these and other applicable laws on
such programs. We recommend that employers, trustees, and others purchasing or
making contracts available for purchase under such programs seek the advice of
their own legal and benefits advisers.
OTHER DISTRIBUTION ARRANGEMENTS
We may reduce or eliminate charges when sales are made in a manner that results
in savings of sales and administrative expenses, such as sales through persons
who are compensated by clients for recommending investments and who receive no
commission or reduced commissions in connection with the sale of the contracts.
We will not permit a reduction or elimination of charges where it will be
unfairly discriminatory.
Charges and expenses 41
6. Payment of death benefit
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YOUR BENEFICIARY AND PAYMENT OF BENEFIT
You designate your beneficiary when you apply for your contract. You may change
your beneficiary at any time. The change will be effective on the date the
written request for the change is received in our processing office. We are not
responsible for any beneficiary change request that we do not receive. We will
send you a written confirmation when we receive your request. Under jointly
owned contracts, the surviving owner is considered the beneficiary, and will
take the place of any other beneficiary.
DEATH BENEFIT
The death benefit is equal to the greater of (i) the account value (without
adjustment for any otherwise applicable negative market value adjustment) as of
the date we receive satisfactory proof of the annuitant's death, any required
instructions for the method of payment, information and forms necessary to
effect payment or (ii) the "minimum death benefit." The minimum death benefit
is equal to your total contributions, adjusted for withdrawals and any
withdrawal charges, and any taxes that apply.
HOW WITHDRAWALS AFFECT THE MINIMUM DEATH BENEFIT
Depending upon when and the state where your contract is issued, each
withdrawal you make will reduce the amount of your current minimum death
benefit on a pro rata basis. Reduction on a pro rata basis means that we
calculate the percentage of your current account value that is being withdrawn
and we reduce your current minimum death benefit by that same percentage. For
example, if your account value is $30,000, and you withdraw $12,000 you have
withdrawn 40% of your account value. If your minimum death benefit was $40,000
before the withdrawal, it would be reduced by $16,000 ($40,000 x .40) and your
new minimum death benefit after the withdrawal would be $24,000
($40,000-$16,000). Check with your financial professional.
EFFECT OF THE ANNUITANT'S DEATH
If the annuitant dies before the annuity payments begin, we will pay the death
benefit to your beneficiary.
Generally, the death of the annuitant terminates the contract. However, if you
are both the owner and the annuitant and your spouse is the sole primary
beneficiary or the joint owner, the contract can be continued as discussed
below under "Successor owner and annuitant." Only a spouse who is the sole
primary beneficiary can be successor owner/annuitant. A beneficiary may be able
to have limited ownership as discussed under "Beneficiary continuation option"
below.
SUCCESSOR OWNER AND ANNUITANT. For all contracts, your spouse can elect upon
your death to continue the contract as the owner/annuitant and no death benefit
is payable until the surviving spouse's death.
If your surviving spouse decides to continue the contract, then as of the date
we receive satisfactory proof of death, any required instructions, information
and forms necessary to effect the successor owner and annuitant feature, we
will increase the account value to equal your minimum death benefit if such
death benefit is greater than such account value. The increase in the account
value will be allocated to the investment options according to the allocation
percentages we have on file for your contract. Thereafter, withdrawal charges
will no longer apply to contributions made before your death. Withdrawal
charges will apply if additional contributions are made. These additional
contributions will be withdrawn only after all other amounts have been
withdrawn. The minimum death benefit will continue to apply.
WHEN AN NQ CONTRACT OWNER DIES BEFORE THE ANNUITANT
Under certain conditions, the owner changes after the original owner's death
for purposes of receiving federal tax law required distributions from the
contract. When you are not the annuitant under an NQ contract and you die
before annuity payments begin, unless you specify otherwise, we will
automatically make the beneficiary you name to receive the death benefit upon
the annuitant's death your successor owner. If you do not want this beneficiary
also to be the successor owner, you should name a specific successor owner. You
may name a successor owner at any time by sending satisfactory notice to our
processing office. If the contract is jointly owned and the first owner to die
is not the annuitant, the surviving owner becomes the sole contract owner. This
person will be considered the successor owner for purposes of the distribution
rules described in this section.
Unless the surviving spouse of the owner who has died (or in the case of a
joint ownership situation, the surviving spouse of the first owner to die) is
the successor owner for this purpose, the entire interest in the contract must
be distributed under the following rules:
o the cash value of the contract must be fully paid to the successor owner
(new owner) within five years after your death (or in a joint ownership
situation, the death of the first owner to die).
o the successor owner may instead elect to receive the cash value as a life
annuity (or payments for a period certain of not longer than the new owner's
life expectancy). Payments must begin within one year after the
non-annuitant owner's death. Unless this alternative is elected, we will pay
any cash value five years after your death (or the death of the first owner
to die).
If the surviving spouse is the successor owner or joint owner, the spouse may
elect to continue the contract. No distributions are required as long as the
surviving spouse and annuitant are living. An eligible successor owner,
including a surviving joint owner after the first owner dies, may elect the
beneficiary continuation option for NQ contracts discussed under "Beneficiary
continuation option" below. The account value must be distributed no later than
5 years after the spouse's death.
42 Payment of death benefit
HOW DEATH BENEFIT PAYMENT IS MADE
We will pay the death benefit to the beneficiary in the form of the annuity
payout option you have chosen. If you have not chosen an annuity payout option
as of the time of the annuitant's death, the beneficiary will receive the death
benefit in a single sum. However, subject to any exceptions in the contract,
our rules and any applicable requirements under federal income tax rules, the
beneficiary may elect to apply the death benefit to one or more annuity payout
options we offer at the time. See "Your annuity payout options" in "Accessing
your money" earlier in this prospectus. Please note that any annuity payout
option chosen may not extend beyond the life expectancy of the beneficiary.
Single sum payments generally are paid through the AXA Equitable Access
Account, an interest bearing account with check writing privileges. The AXA
Equitable Access Account is part of AXA Equitable's general account.
Beneficiaries have immediate access to the proceeds by writing a check on the
account. We pay interest from the date the single sum is deposited into the
Access Account until the account is closed.
BENEFICIARY CONTINUATION OPTION
This feature permits a designated individual, on the contract owner's death, to
maintain a contract in the deceased contract owner's name and receive
distributions under the contract, instead of receiving the death benefit in a
single sum. We make this option available to beneficiaries under traditional
IRA, Roth IRA and NQ contracts.
BENEFICIARY CONTINUATION OPTION FOR TRADITIONAL IRA AND ROTH IRA CONTRACTS
ONLY. 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 increase the
account value to equal the applicable death benefit if such death benefit is
greater than such account value. The increase in account value will be
allocated to the investment options according to the allocation percentages we
have on file for your contract.
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 70-1/2, if such time is later. For
traditional IRA contracts 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 contracts. 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 for IRA and Roth IRA contracts:
o The contract continues in your name for the benefit of your beneficiary.
o 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.
o 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.
o The minimum amount that is required in order to elect the beneficiary
continuation option is $5,000 for each beneficiary.
o The beneficiary may make transfers among the investment options but no
additional contributions will be permitted.
o The minimum death benefit will no longer be in effect.
o The beneficiary may choose at any time to withdraw all or a portion of the
account value and no withdrawal charges will apply.
o Any partial withdrawal must be at least $300.
o Your beneficiary will have the right to name a beneficiary to receive any
remaining interest in the contract.
o 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 contract 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.
BENEFICIARY CONTINUATION OPTION FOR NQ CONTRACTS ONLY. This feature, also known
as the Inherited annuity, may only be elected when the NQ contract owner dies
before the date annuity payments are to begin, whether or not the owner and the
annuitant are the same person. If the owner and annuitant are different and the
owner dies before the annuitant, for purposes of this discussion, "beneficiary"
refers to the successor owner. For a discussion of successor owner, see "When
an NQ contract owner dies before the annuitant" earlier in this section.
This feature must be elected within 9 months following the date 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.
Generally, payments will be made once a year to the beneficiary over the
beneficiary's life expectancy, determined on a term certain basis and in the
year payments start. These payments must begin no later than one year after the
date of your death and are referred to as "scheduled payments." The beneficiary
may choose the "5-year rule" instead of scheduled payments over life
expectancy. If the beneficiary chooses the 5-year rule, there will be no
scheduled payments. Under
Payment of death benefit 43
the 5-year rule, the beneficiary may take withdrawals as desired, but the
entire account value must be fully withdrawn by the fifth anniversary of your
death.
Under the beneficiary continuation option for NQ contracts (regardless of
whether the owner and annuitant are the same person):
o This feature is only available if the beneficiary is an individual. It is
not available for any entity such as a trust, even if all of the
beneficiaries of the trust are individuals.
o The contract continues in your name for the benefit of your beneficiary.
o If there is more than one beneficiary, each beneficiary's share will be
separately accounted for. It will be distributed over the respective
beneficiary's own life expectancy, if scheduled payments are chosen.
o The minimum amount that is required in order to elect the beneficiary
continuation option is $5,000 for each beneficiary.
o The beneficiary may make transfers among the investment options but no
additional contributions will be permitted.
o The minimum death benefit will no longer be in effect.
o If the beneficiary chooses the "5-year rule," withdrawals may be made at any
time. If the beneficiary chooses scheduled payments, the beneficiary must
also choose between two potential withdrawal options at the time of
election. "Withdrawal Option 1" permits total surrender only. "Withdrawal
Option 2" permits the beneficiary to take withdrawals, in addition to
scheduled payments, at any time. See "Taxation of nonqualified annuities" in
"Tax information" later in this prospectus.
o Any partial withdrawal must be at least $300.
o Your beneficiary will have the right to name a beneficiary to receive any
remaining interest in the contract on the beneficiary's death.
o Upon the death of your beneficiary, the beneficiary that he or she has named
has the option to either continue taking scheduled payments based on the
remaining life expectancy of the deceased beneficiary (if scheduled payments
were chosen) or to receive any remaining interest in the contract in a lump
sum. We will pay any remaining interest in the contract in a lump sum if
your beneficiary elects the 5-year rule. 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.
If you are both the owner and annuitant:
o 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 increase the account value to equal the
minimum death benefit if such death benefit is greater than such account
value. The increase in account value will be allocated to the investment
options according to the allocation percentages we have on file for your
contract.
o No withdrawal charges will apply to any withdrawals by the beneficiary.
If the owner and annuitant are not the same person:
o If the beneficiary continuation option is elected, the beneficiary
automatically becomes the new annuitant of the contract, replacing the
existing annuitant.
o The account value will not be reset to the death benefit amount.
o The withdrawal charge schedule and free corridor amount on the contract will
continue to be applied to any withdrawal or surrender other than scheduled
payments.
o We do not impose a withdrawal charge on scheduled payments except if, when
added to any withdrawals previously taken in the same contract year,
including for this purpose a contract surrender, the total amount of
withdrawals and scheduled payments exceeds the free corridor amount. See
"Withdrawal charge" in "Charges and expenses" earlier in this prospectus.
If a contract is jointly owned:
o The surviving owner supersedes any other named beneficiary and may elect the
beneficiary continuation option.
o If the deceased joint owner was also the annuitant, see "If you are both the
owner and annuitant" above.
o If the deceased joint owner was not the annuitant, see "If the owner and
annuitant are not the same person" above.
44 Payment of death benefit
7. Tax information
- --------------------------------------------------------------------------------
OVERVIEW
In this part of the prospectus, we discuss the current federal income tax rules
that generally apply to EQUI-VEST(SM) Express(SM) contracts owned by United
States individual taxpayers. The tax rules can differ, depending on the type of
contract, whether NQ, traditional IRA or Roth IRA. Therefore, we discuss the tax
aspects of each type of contract separately.
Federal income tax rules include the United States laws in the Internal Revenue
Code, and Treasury Department Regulations and Internal Revenue Service ("IRS")
interpretations of the Internal Revenue Code. These tax rules may change
without notice. We cannot predict whether, when, or how these rules could
change. Any change could affect contracts 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 contracts.
Moreover, the tax aspects that apply to a particular person's contract 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
contract, rights or values under the contract, or payments under the contract,
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.
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 IRA annuity contract such as
this one, or an IRA custodial or trusteed account. 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 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 the guaranteed minimum death
benefit, selection of variable investment options and fixed maturity options and
choices of payout options of EQUI-VEST(SM) Express(SM), as well as the features
and benefits of other permissible funding vehicles and the relative costs of
annuities and other such arrangements. You should be aware that cost may vary
depending on the features and benefits made available and the charges and
expenses of the portfolios you elect.
Beginning in 2006, 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. For this purpose additional annuity
contract benefits may include enhanced death benefits. You should consider the
potential implication of these Regulations before you purchase this annuity
contract.
TRANSFERS AMONG INVESTMENT OPTIONS
You can make transfers among investment options inside the contract without
triggering taxable income.
TAXATION OF NONQUALIFIED ANNUITIES
CONTRIBUTIONS
You may not deduct the amount of your contributions to a nonqualified annuity
contract.
CONTRACT EARNINGS
Generally, you are not taxed on contract earnings until you receive a
distribution from your contract, whether as a withdrawal or as an annuity
payment. However, earnings are taxable, even without a distribution:
o if a contract fails investment diversification requirements as specified in
federal income tax rules (these rules are based on or are similar to those
specified for mutual funds under securities laws);
o if you transfer a contract, for example, as a gift to someone other than
your spouse (or former spouse);
o if you use a contract as security for a loan (in this case, the amount
pledged will be treated as a distribution); and
o if the owner is other than an individual (such as a corporation,
partnership, trust, or other non-natural person). This provision does not
apply to a trust which is a mere agent or nominee for an individual, such as
a grantor trust.
All nonqualified deferred annuity contracts that AXA Equitable and its
affiliates issue to you during the same calendar year are linked together and
treated as one contract for calculating the taxable amount of any distribution
from any of those contracts.
ANNUITY PAYMENTS
Once annuity payments begin, a portion of each payment is taxable as ordinary
income. You get back the remaining portion without paying taxes on it. This is
your "investment in the contract." Generally, your investment in the contract
equals the contributions you made, less any amounts you previously withdrew
that were not taxable.
For fixed annuity payments, the tax-free portion of each payment is determined
by (1) dividing your investment in the contract by the total amount you are
expected to receive out of the contract, and (2) multiplying the result by the
amount of the payment. For variable annuity
Tax information 45
payments, your tax-free portion of each payment is your investment in the
contract divided by the number of expected payments.
Once you have received the amount of your investment in the contract, all
payments after that are fully taxable. If payments under a life annuity stop
because the annuitant dies, there is an income tax deduction for any
unrecovered investment in the contract.
PAYMENTS MADE BEFORE ANNUITY PAYMENTS BEGIN
If you make withdrawals before annuity payments begin under your contract, they
are taxable to you as ordinary income if there are earnings in the contract.
Generally, earnings are your account value less your investment in the
contract. If you withdraw an amount which is more than the earnings in the
contract as of the date of the withdrawal, the balance of the distribution is
treated as a return of your investment in the contract and is not taxable.
CONTRACTS PURCHASED THROUGH EXCHANGES
You may purchase your NQ contract through an exchange of another contract.
Normally, exchanges of contracts are taxable events. The exchange will not be
taxable under Section 1035 of the Internal Revenue Code if:
o the contract that is the source of the funds you are using to purchase the
NQ contract is another nonqualified deferred annuity contract (or life
insurance or endowment contract).
o the owner and the annuitant are the same under the source contract and the
EQUI-VEST(SM) Express(SM) NQ contract. If you are using a life insurance or
endowment contract the owner and the insured must be the same on both sides
of the exchange transaction.
The tax basis, also referred to as your investment in your contract of the
source contract carries over to the EQUI-VEST(SM) Express(SM) NQ contract.
An owner may direct the proceeds of a partial withdrawal from one nonqualified
deferred annuity contract to a different insurer to purchase a new nonqualified
deferred annuity contract on a tax-deferred basis. Special forms, agreements
between the carriers, and provision of cost basis information may be required
to process this type of exchange.
Section 1035, exchanges are generally not available after the death of the
owner.
SURRENDERS
If you surrender or cancel the contract, the distribution is taxable as
ordinary income (not capital gain) to the extent it exceeds your investment in
the contract.
BENEFICIARY CONTINUATION OPTION
We have received a private letter ruling from the IRS regarding certain tax
consequences of scheduled payments under the beneficiary continuation option
for NQ contracts. See the discussion of the beneficiary continuation option for
NQ contracts earlier in this prospectus. Among other things, the IRS rules
that:
o scheduled payments under the beneficiary continuation option for NQ
contracts satisfy the death of owner rules of Section 72(s)(2) of the Code,
regardless of whether the beneficiary elects Withdrawal Option 1 or
Withdrawal Option 2;
o scheduled payments, any additional withdrawals under With drawal Option 2,
or contract surrenders under Withdrawal Option 1 will only be taxable to the
beneficiary when amounts are actually paid, regardless of the Withdrawal
Option selected by the beneficiary;
o a beneficiary who irrevocably elects scheduled payments with Withdrawal
Option 1 will receive "excludable amount" tax treatment on scheduled
payments. See "Annuity payments" earlier in this section. If the beneficiary
elects to surrender the contract before all scheduled payments are paid, the
amount received upon surrender is a non-annuity payment taxable to the
extent it exceeds any remaining investment in the contract.
The ruling specifically does not address the taxation of any payments received
by a beneficiary electing Withdrawal Option 2 (whether scheduled payments or
any withdrawal that might be taken).
The tax treatment of a withdrawal after the death of the owner taken as a
single sum or taken as withdrawals under the 5-year rule is generally the same
as the tax treatment of a withdrawal from or surrender of your contract.
DEATH BENEFIT PAYMENTS MADE TO A BENEFICIARY AFTER YOUR DEATH
For the rules applicable to death benefits, see "Payment of death benefit"
earlier in this prospectus. The tax treatment of a death benefit taken as a
single sum is generally the same as the tax treatment of a withdrawal from or
surrender of your contract. The tax treatment of a death benefit taken as
annuity payments is generally the same as the tax treatment of annuity payments
under your contract.
EARLY DISTRIBUTION PENALTY TAX
If you take distributions before you are age 59-1/2 a penalty tax of 10% of the
taxable portion of your distribution applies in addition to the income tax.
Some of the available exceptions to the pre-age 59-1/2 penalty tax include
distributions made:
o on or after your death; or
o because you are disabled (special federal income tax definition); or
o in the form of substantially equal periodic annuity payments for your life
(or life expectancy) or the joint lives (or joint life expectancy) of you
and a beneficiary, in accordance with IRS formulas.
INVESTOR CONTROL ISSUES
Under certain circumstances, the IRS has stated that you could be treated as
the owner (for tax purposes) of the assets of Separate Account A. If you were
treated as the owner, you would be taxed on income and gains attributable to
the shares of the underlying portfolios.
The circumstances that would lead to this tax treatment would be that, in the
opinion of the IRS, you could control the underlying investment
46 Tax information
of Separate Account A. Recently, the IRS has said that the owners of variable
annuities will not be treated as owning the separate account assets provided
the underlying portfolios are restricted to variable life and annuity assets.
The variable annuity owners must have the right only to choose among the
portfolios, and must have no right to direct the particular investment
decisions within the portfolios.
Although we believe that, under current IRS guidance, you would not be treated
as the owner of the assets of Separate Account A, there are some issues that
remain unclear. For example, the IRS has not issued any guidance as to whether
having a larger number of portfolios available, or an unlimited right to
transfer among them, could cause you to be treated as the owner. We do not know
whether the IRS will ever provide such guidance or whether such guidance, if
unfavorable, would apply retroactively to your contract. Furthermore, the IRS
could reverse its current guidance at any time. We reserve the right to modify
your contract as necessary to prevent you from being treated as the owner of
the assets of Separate Account A.
SPECIAL RULES FOR NQ CONTRACTS ISSUED IN PUERTO RICO
Income from NQ contracts we issue is U.S. source. A Puerto Rico resident is
subject to U.S. taxation on such U.S. source income. Only Puerto Rico source
income of Puerto Rico residents is excludable from U.S. taxation. Income from
NQ contracts is also subject to Puerto Rico tax. The calculation of the taxable
portion of amounts distributed from a contract may differ in the two
jurisdictions. Therefore, you might have to file both U.S. and Puerto Rico tax
returns, showing different amounts of income from the contract for each tax
return. Puerto Rico generally provides a credit against Puerto Rico tax for
U.S. tax paid. Depending on your personal situation and the timing of the
different tax liabilities, you may not be able to take full advantage of this
credit.
INDIVIDUAL RETIREMENT ARRANGEMENTS ("IRAS")
GENERAL
"IRA" stands for individual retirement arrangement. There are two basic types
of such arrangements, individual retirement accounts and individual retirement
annuities. In an individual retirement account, a trustee or custodian holds
the assets funding the account for the benefit of the IRA owner. The assets
typically include mutual funds and/or individual stocks and securities in a
custodial account, and bank certificates of deposit in a trusteed account. In
an individual retirement annuity, an insurance company issues an annuity
contract that serves as the IRA.
There are two basic types of IRAs, as follows:
o traditional IRAs, typically funded on a pre-tax basis, including SEP IRAs
and SIMPLE IRAs issued and funded in connection with employer-sponsored
retirement plans.
o Roth IRAs, funded on an after-tax basis.
Regardless of the type of IRA, your ownership interest in the IRA cannot be
forfeited. You or your beneficiaries who survive you are the only ones who can
receive the IRA's benefits or payments. All types of IRAs qualify for tax
deferral, regardless of the funding vehicle selected.
You can hold your IRA assets in as many different accounts and annuities as you
would like, as long as you meet the rules for setting up and making
contributions to IRAs. However, if you own multiple IRAs, you may be required
to combine IRA values or contributions for tax purposes. For further
information about individual retirement arrangements, you can read Internal
Revenue Service Publication 590 ("Individual Retirement Arrangements (IRAs)").
This publication is usually updated annually, and can be obtained from any IRS
district office or the IRS website (www.irs.gov).
AXA Equitable designs its IRA contracts to qualify as "individual retirement
annuities" under Section 408(b) of the Internal Revenue Code. We offer the
EQUI-VEST(SM) Express(SM) contract in both traditional IRA and Roth IRA
versions. This prospectus contains the information that the IRS requires you to
have before you purchase an IRA. The first section covers some of the special
tax rules that apply to traditional IRAs. The next section covers Roth IRAs. The
disclosure generally assumes direct ownership of the individual retirement
annuity contracts.
We describe the amount and types of charges that may apply to your
contributions under "Charges and expenses" earlier in this prospectus. We
describe the method of calculating payments under "Accessing your money"
earlier in this prospectus. We do not guarantee or project growth in variable
income annuitization option payments (as opposed to payments from a fixed
income annuitization option).
We have received an opinion letter from the IRS approving the respective forms
of the EQUI-VEST(SM) Express(SM) traditional and Roth IRA contracts for use as a
traditional IRA and a Roth IRA, respectively. This IRS approval is a
determination only as to the form of the annuity. It does not represent a
determination of the merits of the annuity as an investment. The contracts
submitted for IRS approval do not include every feature possibly available
under the EQUI-VEST(SM) Express(SM) traditional and Roth IRA contracts.
AXA Equitable has applied for opinion letters from the IRS to approve the
respective forms of nearly identical versions of the Inherited IRA beneficiary
continuation contract for use as a traditional and Roth IRA, respectively. We
do not know if and when any such approval may be granted.
YOUR RIGHT TO CANCEL WITHIN A CERTAIN NUMBER OF DAYS
You can cancel any version of the EQUI-VEST(SM) Express(SM) IRA contract
(traditional IRA or Roth IRA) by following the directions under "Your right to
cancel within a certain number of days" in "Contract features and benefits"
earlier in this prospectus. You can cancel an EQUI-VEST(SM) Express(SM) Roth IRA
contract issued as a result of a full or partial conversion of any EQUI-VEST(SM)
Express(SM) traditional IRA contract by following the instructions in the
"EQUI-VEST(SM) Express(SM) Roth IRA Re-Characterization Form." The form is
available from our processing office or your financial professional. If you
cancel a traditional IRA, or Roth IRA contract, we may have to withhold tax,
and we must report the transaction to the IRS. A contract cancellation could
have an unfavorable tax impact.
TRADITIONAL INDIVIDUAL RETIREMENT ANNUITIES
(TRADITIONAL IRAS)
CONTRIBUTIONS TO TRADITIONAL IRAS. Generally, individuals may make three
different types of contributions to purchase a traditional IRA or as subsequent
contributions to an existing IRA:
Tax information 47
o "regular" contributions out of earned income or compensation; or
o tax-free "rollover" contributions; or
o direct custodian-to-custodian transfers from other traditional IRAs ("direct
transfers").
REGULAR CONTRIBUTIONS TO TRADITIONAL IRAS
LIMITS ON CONTRIBUTIONS. The "maximum regular contribution amount" for any
taxable year is the most that can be contributed to all of your IRAs
(traditional and Roth) as regular contributions for the particular taxable
year. The maximum regular contribution amount depends on age, earnings, and
year, among other things. Generally, $4,000 is the maximum amount that you may
contribute to all IRAs (including Roth IRAs) for 2007. For 2008, the amount is
$5,000. When your earnings are below $4,000 your earned income or compensation
for the year is the most you can contribute. This limit does not apply to
rollover contributions or direct custodian-to-custodian transfers into a
traditional IRA. You cannot make regular traditional IRA contributions for the
taxable year in which you reach age 70-1/2 or any taxable year after that.
If you reach age 50 before the close of the taxable year for which you are
making a regular contribution to your IRA, you may be eligible to make an
additional "catch up contribution" of up to $1,000 to your traditional IRA for
2007 and after.
SPECIAL RULES FOR SPOUSES. If you are married and file a joint income tax
return, you and your spouse may combine your compensation to determine the
amount of regular contributions you are permitted to make to traditional IRAs
(and Roth IRAs discussed below). Even if one spouse has no compensation, or
compensation under $4,000, married individuals filing jointly can contribute up
to $8,000 for 2007 to any combination of traditional IRAs and Roth IRAs. For
2008,the amount is $10,000. Any contributions to Roth IRAs reduce the ability
to contribute to traditional IRAs and vice versa. The maximum amount may be
less if earned income is less and the other spouse has made IRA contributions.
No more than a combined total of $4,000 can be contributed annually to either
spouse's traditional and Roth IRAs. Each spouse owns his or her traditional
IRAs and Roth IRAs even if the other spouse funded the contributions. A working
spouse age 70-1/2 or over can contribute up to the lesser of $4,000 or 100% of
"earned income" to a traditional IRA for a nonworking spouse until the year in
which the nonworking spouse reaches age 70-1/2. Catch-up contributions may be
made as described above for spouses who are at least age 50 but under age 70-1/2
at any time during the taxable year for which the contribution is being made.
DEDUCTIBILITY OF CONTRIBUTIONS. The amount of traditional IRA contributions
that you can deduct for a taxable year depends on whether you are covered by an
employer-sponsored-tax-favored retirement plan, as defined under special
federal income tax rules. Your Form W-2 will indicate whether or not you are
covered by such a retirement plan.
If you are not covered by a retirement plan during any part of the year, you
can make fully deductible contributions to your traditional IRAs for the
taxable year up to the maximum amount discussed above under "Limits on
contributions." That is, for 2007, your fully deductible contribution can be up
to $4,000 ($5,000 for 2008), or if less, your earned income. The dollar limit
is $5,000 for people eligible to make age 50-70-1/2 catch-up contributions for
2007 ($6,000 for 2008).
If you are covered by a retirement plan during any part of the year, and your
adjusted gross income (AGI) is below the lower dollar figure in a phase-out
range, you can make fully deductible contributions to your traditional IRAs.
If you are covered by a retirement plan during any part of the year, and your
AGI falls within a phase-out range, you can make partially deductible
contributions to your traditional IRAs.
If you are covered by a retirement plan during any part of the year, and your
AGI falls above the higher figure in the phase-out range, you may not deduct
any of your regular contributions to your traditional IRAs.
Cost of living indexing applies to the income limits to deductible
contributions beginning in 2007.
If you are single and covered by a retirement plan during any part of the
taxable year, the deduction for traditional IRA contributions phases out with
AGI between $50,000 and $60,000. (For 2007, AGI between $52,000 and $62,000
after adjustment.)
If you are married and file a joint return, and you are covered by a retirement
plan during any part of the taxable year, the deduction for traditional IRA
contributions phases out with AGI between $80,000 and $100,000 in 2007. (For
2007, AGI between $83,000 and $103,000 after adjustment.)
Married individuals filing separately and living apart at all times are not
considered married for purposes of this deductible contribution calculation.
Generally, the active participation in an employer-sponsored retirement plan of
an individual is determined independently for each spouse. Where spouses have
"married filing jointly" status, however, the maximum deductible traditional
IRA contribution for an individual who is not an active participant (but whose
spouse is an active participant) is phased out for taxpayers with AGI of
between $150,000 and $160,000. (For 2007, AGI between $156,000 and $166,000
after adjustment.)
To determine the deductible amount of the contribution for 2007, for example,
you determine AGI and subtract $52,000 if you are single, or $83,000 if you are
married and file a joint return with your spouse. The resulting amount is your
excess AGI. You then determine the limit on the deduction for traditional IRA
contributions using the following formula:
($10,000-excess AGI) times the maximum equals the adjusted
------------------- X regular contribution = deductible
divided by $10,000 amount for the year contribution
discussed above limit
ADDITIONAL "SAVER'S CREDIT" FOR CONTRIBUTIONS TO A TRADITIONAL IRA OR ROTH IRA
You may be eligible for a nonrefundable income tax credit for contributions you
make to a traditional IRA or Roth IRA. If you qualify, you may take this credit
even though your traditional IRA contribution is already fully or partially
deductible. To take advantage of this "saver's credit" you must be age 18 or
over before the end of the taxable year
48 Tax information
for which the contribution is made. You cannot be a full-time student or
claimed as a dependent on another's tax return, and your adjusted gross income
cannot exceed $50,000. ($52,000 after cost of living indexing beginning in
2007.) The amount of the tax credit you can get varies from 10% of your
contribution to 50% of your contribution, and depends on your income tax filing
status and your adjusted gross income. The maximum annual contribution eligible
for the saver's credit is $2,000. If you and your spouse file a joint return,
and each of you qualifies, each is eligible for a maximum annual contribution
of $2,000. Your saver's credit may also be reduced if you take or have taken a
taxable distribution from any plan eligible for a saver's credit contribution
- -- even if you make a contribution to one plan and take the distribution from
another plan -- during the "testing period." The "testing period" begins two
years before the year for which you make the contribution and ends when your
tax return is due for the year for which you make the contribution.
Saver's-credit-eligible contributions may be made to a 401(k) plan, 403(b) TSA,
governmental employer 457(b) plan, SIMPLE IRA, or SARSEP IRA, as well as a
traditional IRA or Roth IRA.
NONDEDUCTIBLE REGULAR CONTRIBUTIONS. If you are not eligible to deduct part or
all of the traditional IRA contribution, you may still make nondeductible
contributions on which earnings will accumulate on a tax-deferred basis. The
combined deductible and nondeductible contributions to your traditional IRA (or
the nonworking spouse's traditional IRA) may not, however, exceed the maximum
dollar per person limit for the applicable taxable year ($4,000 for 2007 and
$5,000 for 2008). The dollar limit is $5,000 in 2007 ($6,000 for 2008) for
people eligible to make age 50-70-1/2 "catch-up" contributions. See "Excess
contributions" below. You must keep your own records of deductible and
nondeductible contributions in order to prevent double taxation on the
distribution of previously taxed amounts. See "Withdrawals, payments and
transfers of funds out of traditional IRAs" below.
If you are making nondeductible contributions in any taxable year, or you have
made nondeductible contributions to a traditional IRA in prior years and are
receiving distributions from any traditional IRA, you must file the required
information with the IRS. Moreover, if you are making nondeductible traditional
IRA contributions, you must retain all income tax returns and records
pertaining to such contributions until interests in all traditional IRAs are
fully distributed.
WHEN YOU CAN MAKE REGULAR CONTRIBUTIONS. If you file your tax returns on a
calendar year basis like most taxpayers, you have until the April 15 return
filing deadline (without extensions) of the following calendar year to make
your regular traditional IRA contributions for a tax year.
ROLLOVER AND TRANSFER CONTRIBUTIONS TO TRADITIONAL IRAS
Rollover contributions may be made to a traditional IRA from these "eligible
retirement plans":
o qualified plans;
o governmental employer 457(b) plans, also referred to as "governmental
employer EDC plans";
o TSAs (including Internal Revenue Code Section 403(b)(7) custodial accounts);
and
o other traditional IRAs.
Direct transfer contributions may only be made directly from one traditional
IRA to another.
Any amount contributed to a traditional IRA after you reach age 70-1/2 must be
net of your required minimum distribution for the year in which the rollover or
direct transfer contribution is made.
ROLLOVERS FROM "ELIGIBLE RETIREMENT PLANS" OTHER THAN TRADITIONAL IRAS
Your plan administrator will tell you whether or not your distribution is
eligible to be rolled over. Spousal beneficiaries and spousal alternate payees
under qualified domestic relations orders may roll over funds on the same basis
as the plan participant. Beginning in 2007, a non-spousal death beneficiary may
also be able to make rollover contributions to an individual retirement plan
under certain circumstances.
There are two ways to do rollovers:
o Do it yourself:
You actually receive a distribution that can be rolled over and you roll it
over to a traditional IRA within 60 days after the date you receive the
funds. The distribution from your eligible retirement plan will be net of
20% mandatory federal income tax withholding. If you want, you can replace
the withheld funds yourself and roll over the full amount.
o Direct rollover:
You tell the trustee or custodian of the eligible retirement plan to send
the distribution directly to your traditional IRA issuer. Direct rollovers
are not subject to mandatory federal income tax withholding.
All distributions from a TSA, qualified plan or governmental employer 457(b)
plan are eligible rollover distributions, unless the distribution is:
o "a required minimum distribution" after age 70-1/2 or retirement; or
o one of a series of substantially equal periodic payments made at least
annually for your life (or life expectancy) or the joint lives (or joint
life expectancies) of you and your designated beneficiary; or
o one of a series of substantially equal periodic payments made for a
specified period of 10 years or more; or
o a hardship withdrawal; or
o a corrective distribution which fits specified technical tax rules; or
o a loan that is treated as a distribution; or
o a death benefit payment to a beneficiary who is not your surviving spouse;
or
o a qualified domestic relations order distribution to a beneficiary who is
not your current or former spouse.
You should discuss with your tax adviser whether you should consider rolling
over funds from one type of tax qualified retirement plan to another, because
the funds will generally be subject to the rules of the recipient plan. For
example, funds in a governmental employer 457(b) plan are not subject to the
additional 10% federal income tax penalty
Tax information 49
for premature distributions, but they may become subject to this penalty if you
roll the funds to a different type of eligible retirement plan, such as a
traditional IRA, and subsequently take a premature distribution.
ROLLOVERS OF AFTER-TAX CONTRIBUTIONS FROM ELIGIBLE RETIREMENT PLANS OTHER THAN
TRADITIONAL IRAS
Any non-Roth after-tax contributions you have made to a qualified plan or TSA
(but not a governmental employer 457(b) plan) may be rolled over to a
traditional IRA (either in a direct rollover or a rollover you do yourself).
When the recipient plan is a traditional IRA, you are responsible for
recordkeeping and calculating the taxable amount of any distributions you take
from that traditional IRA. See "Taxation of payments" later in this prospectus
under "Withdrawals, payments and transfers of funds out of traditional IRAs."
After-tax contributions in a traditional IRA cannot be rolled over from your
traditional IRA into, or back into, a qualified plan, TSA or governmental
employer 457(b) plan.
ROLLOVERS FROM TRADITIONAL IRAS TO TRADITIONAL IRAS
You may roll over amounts from one traditional IRA to one or more of your other
traditional IRAs if you complete the transaction within 60 days after you
receive the funds. You may make such a rollover only once in every 12-month
period for the same funds. Trustee-to-trustee or custodian-to-custodian direct
transfers are not rollover transactions. You can make these more frequently
than once in every 12-month period.
SPOUSAL ROLLOVERS AND DIVORCE-RELATED DIRECT TRANSFERS
The surviving spousal beneficiary of a deceased individual can roll over funds
from, or directly transfer funds from, an inherited traditional IRA to one or
more other traditional IRAs. Beginning in 2007, a non-spousal death beneficiary
may also be able to make rollover contributions to an individual retirement
plan under certain circumstances. Also, in some cases, traditional IRAs can be
transferred on a tax-free basis between spouses or former spouses as a result
of a court ordered divorce or separation decree.
EXCESS CONTRIBUTIONS
Excess contributions to IRAs are subject to a 6% excise tax for the year in
which made and for each year after until withdrawn. The following are excess
contributions to IRAs:
o regular contributions of more than the maximum regular contribution amount
for the applicable taxable year; or
o regular contributions to a traditional IRA made after you reach age 70-1/2;
or
o rollover contributions of amounts which are not eligible to be rolled over,
for example, minimum distributions required to be made after age 70-1/2.
You can avoid the excise tax by withdrawing an excess contribution (rollover or
regular) before the due date (including extensions) for filing your federal
income tax return for the year. If it is an excess regular traditional IRA
contribution, you cannot take a tax deduction for the amount withdrawn. You do
not have to include the excess contribution withdrawn as part of your income.
It is also not subject to the 10% additional penalty tax on early
distributions, discussed below under "Early distribution penalty tax." You do
have to withdraw any earnings that are attributed to the excess contribution.
The withdrawn earnings would be included in your gross income and could be
subject to the 10% penalty tax.
Even after the due date for filing your return, you may withdraw an excess
rollover contribution, without income inclusion or 10% penalty, if:
(1) the rollover was from an eligible retirement plan to a traditional IRA;
(2) the excess contribution was due to incorrect information that the plan
provided; and
(3) you took no tax deduction for the excess contribution.
RECHARACTERIZATIONS
Amounts that have been contributed as traditional IRA funds may subsequently be
treated as Roth IRA funds. Special federal income tax rules allow you to change
your mind again and have amounts that are subsequently treated as Roth IRA
funds, once again treated as traditional IRA funds. You do this by using the
forms we prescribe. This is referred to as having "recharacterized" your
contribution.
WITHDRAWALS, PAYMENTS AND TRANSFERS OF FUNDS OUT OF TRADITIONAL IRAS
NO FEDERAL INCOME TAX LAW RESTRICTIONS ON WITHDRAWALS. You can withdraw any or
all of your funds from a traditional IRA at any time. You do not need to wait
for a special event like retirement.
TAXATION OF PAYMENTS. Earnings in traditional IRAs are not subject to federal
income tax until you or your beneficiary receive them. Taxable payments or
distributions include withdrawals from your contract, surrender of your
contract, and annuity payments from your contract. Death benefits are also
taxable.
Except as discussed below, the total amount of any distribution from a
traditional IRA must be included in your gross income as ordinary income. We
report all payments from traditional IRA contracts on IRS Form 1099-R as fully
taxable.
If you have ever made nondeductible IRA contributions to any traditional IRA
(it does not have to be to this particular traditional IRA contract), those
contributions are recovered tax free when you get distributions from any
traditional IRA. It is your responsibility to keep permanent tax records of all
of your nondeductible contributions to traditional IRAs so that you can
correctly report the taxable amount of any distribution on your own tax return.
At the end of any year in which you have received a distribution from any
traditional IRA, you calculate the ratio of your total nondeductible
traditional IRA contributions (less any amounts previously withdrawn tax free)
to the total account balances of all traditional IRAs you own at the end of the
year plus all traditional IRA distributions made during the year. Multiply this
50 Tax information
by all distributions from the traditional IRA during the year to determine the
nontaxable portion of each distribution.
A distribution from a traditional IRA is not taxable if:
o the amount received is a withdrawal of excess contributions, as described
under "Excess contributions" above; or
o the entire amount received is rolled over to another traditional IRA or
other eligible retirement plan which agrees to accept the funds. (See
"Rollovers from eligible retirement plans other than traditional IRAs" under
"Rollover and transfer contributions to traditional IRAs" above.)
The following are eligible to receive rollovers of distributions from a
traditional IRA: a qualified plan, a TSA or a governmental employer 457 plan.
After-tax contributions in a traditional IRA cannot be rolled from your
traditional IRA into, or back into, a qualified plan, TSA or governmental
employer 457 plan. Before you decide to roll over a distribution from a
traditional IRA to another eligible retirement plan, you should check with the
administrator of that plan about whether the plan accepts rollovers and, if so,
the types it accepts. You should also check with the administrator of the
receiving plan about any documents required to be completed before it will
accept a rollover.
Distributions from a traditional IRA are not eligible for favorable ten-year
averaging and long-term capital gain treatment available under limited
circumstances for certain distributions from qualified plans. If you might be
eligible for such tax treatment from your qualified plan, you may be able to
preserve such tax treatment even though an eligible rollover from a qualified
plan is temporarily rolled into a "conduit IRA" before being rolled back into a
qualified plan. See your tax adviser.
Certain distributions from IRAs in 2007 directly transferred to charitable
organizations may be tax-free to IRA owners who are age 70-1/2. or older.
REQUIRED MINIMUM DISTRIBUTIONS
BACKGROUND ON REGULATIONS -- REQUIRED MINIMUM DISTRIBUTION.
Distributions must be made from traditional IRAs according to rules contained
in the Code and Treasury Regulations. Beginning in 2006, certain provisions of
the Treasury Regulations require that the actuarial present value of additional
annuity contract benefits must be added to the dollar amount credited for
purposes of calculating certain types of required minimum distributions from
individual retirement annuity contracts. For this purpose additional annuity
contract benefits may include enhanced death benefits. This could increase the
amount required to be distributed from these contracts if you take annual
withdrawals instead of receiving annuity payments.
LIFETIME REQUIRED MINIMUM DISTRIBUTIONS. You must start taking annual
distributions from your traditional IRAs for the year in which you turn age
70-1/2.
When you have to take the first lifetime required minimum distribution. The
first required minimum distribution is for the calendar year in which you turn
age 70-1/2. You have the choice to take this first required minimum distribution
during the calendar year you actually reach age 70-1/2, or to delay taking it
until the first three-month period in the next calendar year (January 1 - April
1). Distributions must start no later than your "Required Beginning Date,"
which is April 1st of the calendar year after the calendar year in which you
turn age 70-1/2. If you choose to delay taking the first annual minimum
distribution, then you will have to take two minimum distributions in that year
- -- the delayed one for the first year and the one actually for that year. Once
minimum distributions begin, they must be made at some time each year.
HOW YOU CAN CALCULATE REQUIRED MINIMUM DISTRIBUTIONS. There are two approaches
to taking required minimum distributions -- "account-based" or "annuity-based."
ACCOUNT-BASED METHOD. If you choose an account-based method, you divide the
value of your traditional IRA as of December 31st of the past calendar year by
a number corresponding to your age from an IRS table. This gives you the
required minimum distribution amount for that particular IRA for that year. If
your spouse is your sole beneficiary and more than 10 years younger than you,
the dividing number you use may be from another IRS table and may produce a
smaller lifetime required minimum distribution amount. Regardless of the table
used, the required minimum distribution amount will vary each year as the
account value, the actuarial present value of additional annuity contract
benefits, if applicable, and the divisor change. If you initially choose an
account-based method, you may later apply your traditional IRA funds to a life
annuity-based payout with any certain period not exceeding remaining life
expectancy, determined in accordance with IRS tables.
ANNUITY-BASED METHOD. If you choose an annuity-based method, you do not have to
do annual calculations. You apply the account value to an annuity payout for
your life or the joint lives of you and a designated beneficiary, or for a
period certain not extending beyond applicable life expectancies, determined in
accordance with IRS tables.
DO YOU HAVE TO PICK THE SAME METHOD TO CALCULATE YOUR REQUIRED MINIMUM
DISTRIBUTIONS FOR ALL OF YOUR TRADITIONAL IRAS AND OTHER RETIREMENT PLANS? No.
If you want, you can choose a different method for each of your traditional
IRAs and other retirement plans. For example, you can choose an annuity payout
from one IRA, a different annuity payout from a qualified plan, and an
account-based annual withdrawal from another IRA.
WILL WE PAY YOU THE ANNUAL AMOUNT EVERY YEAR FROM YOUR TRADITIONAL IRA BASED ON
THE METHOD YOU CHOOSE? We will only pay you automatically if you affirmatively
select an annuity payout option or an account-based withdrawal option such as
our minimum distribution withdrawal option. If you do not elect one of these
options, we will calculate the amount of the required minimum distribution
withdrawal for you, if you so request in writing. However, in that case you
will be responsible for asking us to pay the required minimum distribution
withdrawal to you.
Also, the IRS will let you calculate the required minimum distribution for each
traditional IRA that you maintain, using the method that you picked for that
particular IRA. You can add these required minimum distribution amount
calculations together. As long as the total amount
Tax information 51
you take out every year satisfies your overall traditional IRA required minimum
distribution amount, you may choose to take your annual required minimum
distribution from any one or more traditional IRAs that you own.
WHAT IF YOU TAKE MORE THAN YOU NEED TO FOR ANY YEAR? The required minimum
distribution amount for your traditional IRAs is calculated on a year-by-year
basis. There are no carry-back or carry-forward provisions. Also, you cannot
apply required minimum distribution amounts you take from your qualified plans
to the amounts you have to take from your traditional IRAs and vice versa.
WHAT IF YOU TAKE LESS THAN YOU NEED TO FOR ANY YEAR? Your IRA could be
disqualified, and you could have to pay tax on the entire value. Even if your
IRA is not disqualified, you could have to pay a 50% penalty tax on the
shortfall (required amount for traditional IRAs less amount actually taken). It
is your responsibility to meet the required minimum distribution rules. We will
remind you when our records show that you are within the age group which must
take lifetime required minimum distributions. If you do not select a method
with us, we will assume you are taking your required minimum distribution from
another traditional IRA that you own.
WHAT ARE THE REQUIRED MINIMUM DISTRIBUTION PAYMENTS AFTER YOU DIE? These could
vary depending on whether you die before or after your Required Beginning Date
for lifetime required minimum distribution payments, and the status of your
beneficiary. The following assumes that you have not yet elected an
annuity-based payout at the time of your death. If you elect an annuity-based
payout, payments (if any) after your death must be made at least as rapidly as
when you were alive.
INDIVIDUAL BENEFICIARY. Regardless of whether your death occurs before or after
your Required Beginning Date, an individual death beneficiary calculates annual
post-death required minimum distribution payments based on the beneficiary's
life expectancy using the "term certain method." That is, he or she determines
his or her life expectancy using the IRS-provided life expectancy tables as of
the calendar year after the owner's death and reduces that number by one each
subsequent year.
If you die before your Required Beginning Date, the rules permit any individual
beneficiary, including a spousal beneficiary, to elect instead to apply the
"5-year rule." Under this rule, instead of annual payments having to be made
beginning with the first in the year following the owner's death, the entire
account must be distributed by the end of the calendar year which contains the
fifth anniversary of the owner's death. No distribution is required before that
fifth year.
SPOUSAL BENEFICIARY. If you die after your Required Beginning Date, and your
death beneficiary is your surviving spouse, your spouse has a number of
choices. Post-death distributions may be made over your spouse's single life
expectancy. Any amounts distributed after that surviving spouse's death are
made over the spouse's life expectancy calculated in the year of his/her death,
reduced by one for each subsequent year. In some circumstances, your surviving
spouse may elect to become the owner of the traditional IRA and halt
distributions until he or she reaches age 70-1/2, or roll over amounts from your
traditional IRA into his/her own traditional IRA or other eligible retirement
plan.
If you die before your Required Beginning Date, and the death beneficiary is
your surviving spouse, the rules permit the spouse to delay starting payments
over his/her life expectancy until the year in which you would have attained
age 70-1/2.
NON-INDIVIDUAL BENEFICIARY. If you die after your Required Beginning Date, and
your death beneficiary is a non-individual, such as the estate, the rules
permit the beneficiary to calculate post-death required minimum distribution
amounts based on the owner's life expectancy in the year of death. However,
note that we need an individual annuitant to keep an annuity contract in force.
If the beneficiary is not an individual, we must distribute amounts remaining
in the annuity contract after the death of the annuitant.
If you die before your Required Beginning Date for lifetime required minimum
distribution payments, and the death beneficiary is a non-individual, such as
the estate, the rules continue to apply the 5-year rule discussed above under
"Individual beneficiary." Please note that we need an individual annuitant to
keep an annuity contract in force. If the beneficiary is not an individual, we
must distribute amounts remaining in the annuity contract after the death of
the annuitant.
SUCCESSOR OWNER AND ANNUITANT
If your spouse is the sole primary beneficiary and elects to become the
successor owner and annuitant, no death benefit is payable until your surviving
spouse's death.
PAYMENTS TO A BENEFICIARY AFTER YOUR DEATH
IRA death benefits are taxed the same as IRA distributions.
BORROWING AND LOANS ARE PROHIBITED TRANSACTIONS
You cannot get loans from a traditional IRA. You cannot use a traditional IRA
as collateral for a loan or other obligation. If you borrow against your IRA or
use it as collateral, its tax-favored status will be lost as of the first day
of the tax year in which this prohibited event occurs. If this happens, you
must include the value of the traditional IRA in your federal gross income.
Also, the early distribution penalty tax of 10% may apply if you have not
reached age 59-1/2 before the first day of that tax year.
EARLY DISTRIBUTION PENALTY TAX
A penalty tax of 10% of the taxable portion of a distribution applies to
distributions from a traditional IRA made before you reach age 59-1/2. Some of
the available exceptions to the pre-age 59-1/2 penalty tax include distributions
made:
o on or after your death; or
o because you are disabled (special federal income tax definition); or
o to pay for certain extraordinary medical expenses (special federal income
tax definition); or
o to pay medical insurance premiums for unemployed individuals (special
federal income tax definition); or
52 Tax information
o to pay certain first-time home buyer expenses (special federal income tax
definition); or
o to pay certain higher education expenses (special federal income tax
definition -- there is a $10,000 lifetime total limit for these
distributions from all your traditional and Roth IRAs); or
o in the form of substantially equal periodic payments made at least annually
over your life (or your life expectancy), or over the joint lives of you and
your beneficiary (or your joint life expectancy) using an IRS-approved
distribution method.
ROTH INDIVIDUAL RETIREMENT ANNUITIES
("ROTH IRAS")
This section of the prospectus covers some of the special tax rules that apply
to Roth IRAs. If the rules are the same as those that apply to the traditional
IRA, we will refer you to the same topic under "Traditional IRAs."
The EQUI-VEST(SM) Express(SM) Roth IRA contracts are designed to qualify as Roth
individual retirement annuities under Sections 408A(b) and 408(b) of the
Internal Revenue Code.
CONTRIBUTIONS TO ROTH IRAS
Individuals may make four different types of contributions to a Roth IRA:
o regular after-tax contributions out of earnings; or
o taxable rollover contributions from traditional IRAs ("conversion"
contributions); or
o tax-free rollover contributions from other Roth arrangements; or
o tax-free direct custodian-to-custodian transfers from other Roth IRAs
("direct transfers").
If you use the forms we require, we will also accept traditional IRA funds
which are subsequently recharacterized as Roth IRA funds following special
federal income tax rules.
Beginning in 2008, direct rollover contributions may be made from eligible
retirement plans to Roth IRAs under certain circumstances.
REGULAR CONTRIBUTIONS TO ROTH IRAS
LIMITS ON REGULAR CONTRIBUTIONS. The "maximum regular contribution amount" for
any taxable year is the most that can be contributed to all of your IRAs
(traditional and Roth) as regular contributions for the particular taxable
year. The maximum regular contribution amount depends on age, earnings, and
year, among other things. Generally, $4,000 is the maximum amount that you may
contribute to all IRAs (including Roth IRAs) for 2007 ($5,000 for 2008). This
limit does not apply to rollover contributions or direct custodian-to-custodian
transfers into a Roth IRA. Any contributions to Roth IRAs reduce the ability to
contribute to traditional IRAs and vice versa. When your earnings are below
$4,000, your earned income or compensation for the year is the most you can
contribute. If you are married and file a joint income tax return, you and your
spouse may combine your compensation to determine the amount of regular
contributions you are permitted to make to Roth IRAs and traditional IRAs. See
the discussion above under traditional IRAs. If you or your spouse are at least
age 50 at any time during the taxable year for which you are making a regular
contribution, additional catch-up contributions totalling up to $1,000 can be
made for the taxable year 2007 and later years.
With a Roth IRA, you can make regular contributions when you reach age 70-1/2,
as long as you have sufficient earnings. But, you cannot make contributions,
regardless of your age, for any year that your modified adjusted gross income
exceeds the following amounts (indexed for cost of living adjustment beginning
in 2007):
o your federal income tax filing status is "married filing jointly" and your
modified adjusted gross income is over $160,000 (for 2007, $166,000 after
adjustment);; or,
o your federal income tax filing status is "single" and your modified adjusted
gross income is over $110,000 (for 2007, $114,000 after adjustment).
However, you can make regular Roth IRA contributions in reduced amounts when:
o your federal income tax filing status is "married filing jointly" and your
modified adjusted gross income is between $150,000 and $160,000 (for 2007,
between $156,000 and $166,000 after adjustment); or
o your federal income tax filing status is "single" and your modified adjusted
gross income is between $95,000 and $110,000 (for 2007, between $99,000 and
$114,000 after adjustment).
If you are married and filing separately and your modified adjusted gross
income is between $0 and $10,000 the amount of regular contribution you are
permitted to make is phased out. If your modified adjusted gross income is more
than $10,000 you cannot make a regular Roth IRA contribution.
WHEN YOU CAN MAKE CONTRIBUTIONS? Same as traditional IRAs.
DEDUCTIBILITY OF CONTRIBUTIONS. Roth IRA contributions are not tax deductible.
ROLLOVERS AND DIRECT TRANSFERS
WHAT IS THE DIFFERENCE BETWEEN ROLLOVER AND DIRECT TRANSFER TRANSACTIONS? The
difference between a rollover transaction and a direct transfer transaction is
the following. In a rollover transaction you actually take possession of the
funds rolled over, or are considered to have received them under tax law in the
case of a change from one type of plan to another. In a direct transfer
transaction, you never take possession of the funds, but direct the first Roth
IRA custodian, trustee, or issuer to transfer the first Roth IRA funds directly
to the recipient Roth IRA custodian, trustee or issuer. You can make direct
transfer transactions only between identical plan types (for example, Roth IRA
to Roth IRA). You can also make rollover transactions between identical plan
types. However, you can only use rollover transactions between different plan
types (for example, traditional IRA to Roth IRA).
You may make rollover contributions to a Roth IRA from these sources only:
Tax information 53
o another Roth IRA ("tax-free rollover contribution");
o a "designated Roth contribution account" under a 401(k) plan or a 403(b)
arrangement;
o another traditional IRA, including a SEP-IRA or SIMPLE IRA (after a two-year
rollover limitation period for SIMPLE IRA funds), in a taxable conversion
rollover ("conversion contribution");
o you may not make contributions to a Roth IRA from a qualified plan under
section 401(a) of the Internal Revenue Code, a TSA under section 403(b) of
the Internal Revenue Code or any other eligible retirement plan until 2008.
You may make rollover contributions from a "designated Roth contribution
account" under a 401(k) plan or a 403(b) arrangement which permits
designated Roth elective deferral contributions to be made.
You may make direct transfer contributions to a Roth IRA only from another Roth
IRA.
You may make both Roth IRA to Roth IRA rollover transactions and Roth IRA to
Roth IRA direct transfer transactions. This can be accomplished on a completely
tax-free basis. However, you may make Roth IRA to Roth IRA rollover
transactions only once in any 12-month period for the same funds.
Trustee-to-trustee or custodian-to-custodian direct transfers can be made more
frequently than once a year. Also, if you send us the rollover contribution to
apply it to a Roth IRA, you must do so within 60 days after you receive the
proceeds from the original IRA to get rollover treatment.
The surviving spouse beneficiary of a deceased individual can roll over or
directly transfer an inherited Roth IRA to one or more other Roth IRAs. In some
cases, Roth IRAs can be transferred on a tax-free basis between spouses or
former spouses as a result of a court ordered divorce or separation decree.
CONVERSION CONTRIBUTIONS TO ROTH IRAS
In a conversion rollover transaction, you withdraw (or are considered to have
withdrawn) all or a portion of funds from a traditional IRA you maintain and
convert it to a Roth IRA within 60 days after you receive (or are considered to
have received) the traditional IRA proceeds. Unlike a rollover from a
traditional IRA to another traditional IRA, the conversion rollover transaction
is not tax-free. Instead, the distribution from the traditional IRA is
generally fully taxable. For this reason, we are required to withhold 10%
federal income tax from the amount converted unless you elect out of such
withholding. (If you have ever made nondeductible regular IRA contributions to
any traditional IRA -- whether or not it is the traditional IRA you are
converting -- a pro rata portion of the distribution is tax-free.)
There is, however, no early distribution penalty tax on the traditional IRA
withdrawal that you are converting to a Roth IRA, even if you are under age
59-1/2.
The following rules apply until 2010: you cannot make conversion contributions
to a Roth IRA for any taxable year in which your modified adjusted gross income
exceeds $100,000. For this purpose, your modified adjusted gross income is
calculated without the gross income stemming from the traditional IRA
conversion. Modified adjusted gross income for this purpose excludes any
lifetime required minimum distribution from a traditional IRA. You also cannot
make conversion contributions to a Roth IRA for any taxable year in which your
federal income tax filing status is "married filing separately."
You cannot make conversion contributions to a Roth IRA to the extent that the
funds in your traditional IRA are subject to the annual required minimum
distribution rule applicable to traditional IRAs beginning at age 70-1/2.
You cannot convert and reconvert an amount during the same taxable year, or if
later, during the 30-day period following a recharacterization. If you
reconvert during either of these periods, it will be a failed Roth IRA
conversion. The IRS and Treasury have recently issued Proposed and Temporary
Treasury Regulations addressing the valuation of annuity contracts funding
traditional IRAs in the conversion to Roth IRAs. Although these Regulations are
not clear, they could require an individual's gross income on the conversion of
a traditional IRA to Roth IRA to be measured using various actuarial methods
and not as if the annuity contract funding the traditional IRA had been
surrendered at the time of conversion. This could increase the amount reported
as includible in certain circumstances.
RECHARACTERIZATIONS
You may be able to treat a contribution made to one type of IRA as having been
made to a different type of IRA. This is called recharacterizing the
contribution.
HOW TO RECHARACTERIZE. To recharacterize a contribution, you generally must
have the contribution transferred from the first IRA (the one to which it was
made) to the second IRA in a deemed trustee-to-trustee transfer. If the
transfer is made by the due date (including extensions) for your tax return for
the year during which the contribution was made, you can elect to treat the
contribution as having been originally made to the second IRA instead of to the
first IRA. It will be treated as having been made to the second IRA on the same
date that it was actually made to the first IRA. You must report the
recharacterization, and must treat the contribution as having been made to the
second IRA, instead of the first IRA, on your tax return for the year during
which the contribution was made.
The contribution will not be treated as having been made to the second IRA
unless the transfer includes any net income allocable to the contribution. You
can take into account any loss on the contribution while it was in the IRA when
calculating the amount that must be transferred. If there was a loss, the net
income you must transfer may be a negative amount.
No deduction is allowed for the contribution to the first IRA and any net
income transferred with the recharacterized contribution is treated as earned
in the second IRA. The contribution will not be treated as having been made to
the second IRA to the extent any deduction was allowed with respect to the
contribution to the first IRA.
For recharacterization purposes, a distribution from a traditional IRA that is
received in one tax year and rolled over into a Roth IRA in the next year, but
still within 60 days of the distribution from the tradi-
For recharacterization purposes, a distribution from a traditional IRA that is
received in one tax year and rolled over into a Roth IRA in the next year, but
still within 60 days of the distribution from the tradi-
54 Tax information
tional IRA, is treated as a contribution to the Roth IRA in the year of the
distribution from the traditional IRA.
To recharacterize a contribution you must use our forms.
The recharacterization of a contribution is not treated as a rollover for
purposes of the 12 month limitation period described above. This rule applies
even if the contribution would have been treated as a rollover contribution by
the second IRA if it had been made directly to the second IRA rather than as a
result of a recharacterization of a contribution to the first IRA.
WITHDRAWALS, PAYMENTS AND TRANSFERS OF FUNDS OUT OF ROTH IRAS
NO FEDERAL INCOME TAX LAW RESTRICTIONS ON WITHDRAWALS. You can withdraw any or
all of your funds from a Roth IRA at any time; you do not need to wait for a
special event like retirement.
DISTRIBUTIONS FROM ROTH IRAS
Distributions include withdrawals from your contract, surrender and termination
of your contract and annuity payments from your contract. Death benefits are
also distributions.
You must keep your own records of regular and conversion contributions to all
Roth IRAs to assure appropriate taxation. You may have to file information on
your contributions to and distributions from any Roth IRA on your tax return.
You may have to retain all income tax returns and records pertaining to such
contributions and distributions until your interests in all Roth IRAs are
distributed.
Like traditional IRAs, taxable distributions from a Roth IRA are not entitled
to the special favorable ten-year averaging and long-term capital gain
treatment available in limited cases to certain distributions from qualified
plans.
The following distributions from Roth IRAs are free of income tax:
o Rollovers from a Roth IRA to another Roth IRA;
o Direct transfers from a Roth IRA to another Roth IRA;
o "Qualified distributions" from Roth IRAs; and
o return of excess contributions or amounts recharacterized to a traditional
IRA.
QUALIFIED DISTRIBUTIONS FROM ROTH IRAS
Qualified distributions from Roth IRAs made because of one of the following
four qualifying events or reasons are not includable in income:
o you are age 59-1/2 or older; or
o you die; or
o you become disabled (special federal income tax definition); or
o your distribution is a "qualified first-time homebuyer distribution"
(special federal income tax definition; $10,000 lifetime total limit for
these distributions from all of your traditional and Roth IRAs).
You also have to meet a five-year aging period. A qualified distribution is any
distribution made after the five-taxable year period beginning with the first
taxable year for which you made any contribution to any Roth IRA (whether or
not the one from which the distribution is being made).
NONQUALIFIED DISTRIBUTIONS FROM ROTH IRAS. Nonqualified distributions from Roth
IRAs are distributions that do not meet both the qualifying event and five-year
aging period tests described above. If you receive such a distribution, part of
it may be taxable. For purposes of determining the correct tax treatment of
distributions (other than the withdrawal of excess contributions and the
earnings on them), there is a set order in which contributions (including
conversion contributions) and earnings are considered to be distributed from
your Roth IRA. The order of distributions is as follows:
(1) Regular contributions
(2) Conversion contributions, on a first-in-first-out basis (generally, total
conversions from the earliest year first). These conversion contributions
are taken into account as follows:
(a) Taxable portion (the amount required to be included in gross income
because of conversion) first, and then the
(b) Nontaxable portion.
(3) Earnings on contributions.
Rollover contributions from other Roth IRAs are disregarded for this purpose.
Presumably rollover contributions from a "designated Roth contribution account"
under a 401(k) plan or a 403(b) arrangement will also be disregarded.
To determine the taxable amounts distributed, distributions and contributions
are aggregated or grouped and added together as follows:
(1) All distributions made during the year from all Roth IRAs you maintain --
within any custodian or issuer -- are added together.
(2) All regular contributions made during and for the year (contributions made
after the close of the year, but before the due date of your return) are
added together. This total is added to the total undistributed regular
contributions made in prior years.
(3) All conversion contributions made during the year are added together. For
purposes of the ordering rules in the case of any conversion in which the
conversion distribution is made in 2007 and the conversion contribution is
made in 2008, the conversion contribution is treated as contributed prior
to other conversion contributions made in 2008.
Any recharacterized contributions that end up in a Roth IRA are added to the
appropriate contribution group for the year that the original contribution
would have been taken into account if it had been made directly to the Roth
IRA.
Any recharacterized contribution that ends up in an IRA other than a Roth IRA
is disregarded for the purpose of grouping both contributions
Tax information 55
and distributions. Any amount withdrawn to correct an excess contribution
(including the earnings withdrawn) is also disregarded for this purpose.
REQUIRED MINIMUM DISTRIBUTIONS
Lifetime minimum distribution requirements do not apply.
REQUIRED MINIMUM DISTRIBUTIONS AT DEATH
Same as traditional IRA under "What are the required minimum distribution
payments after you die?"
PAYMENTS TO A BENEFICIARY AFTER YOUR DEATH
Distributions to a beneficiary generally receive the same tax treatment as if
the distribution had been made to you.
BORROWING AND LOANS ARE PROHIBITED TRANSACTIONS
Same as traditional IRA.
EXCESS CONTRIBUTIONS
Generally the same as traditional IRA, except that regular contributions made
after age 70-1/2 are not "excess contributions."
Excess rollover contributions to Roth IRAs are contributions not eligible to be
rolled over (for example, conversion contributions from a traditional IRA if
your modified adjusted gross income is in excess of $100,000 in the conversion
year).
You can withdraw or recharacterize any contribution to a Roth IRA before the
due date (including extensions) for filing your federal income tax return for
the tax year. If you do this, you must also withdraw or recharacterize any
earnings attributable to the contribution.
EARLY DISTRIBUTION PENALTY TAX
Same as traditional IRA.
FEDERAL AND STATE INCOME TAX WITHHOLDING AND INFORMATION REPORTING
We must withhold federal income tax from distributions from annuity contracts.
You may be able to elect out of this income tax withholding in some cases.
Generally, we do not have to withhold if your distributions are not taxable.
The rate of withholding will depend on the type of distribution and, in certain
cases, the amount of your distribution. Any income tax withheld is a credit
against your income tax liability. If you do not have sufficient income tax
withheld or do not make sufficient estimated income tax payments, you may incur
penalties under the estimated income tax rules.
You must file your request not to withhold in writing before the payment or
distribution is made. Our processing office will provide forms for this
purpose. You cannot elect out of withholding unless you provide us with your
correct Taxpayer Identification Number and a United States residence address.
You cannot elect out of withholding if we are sending the payment out of the
United States.
You should note the following special situations:
o we might have to withhold and/or report on amounts we pay under a free look
or cancellation.
o we are generally required to withhold on conversion rollovers of traditional
IRAs to Roth IRAs, as it is considered a withdrawal from the traditional IRA
and is taxable.
o we are required to withhold on the gross amount of a distribution from a
Roth IRA to the extent it is reasonable for us to believe that a
distribution is includable in your gross income. This may result in tax
being withheld even though the Roth IRA distribution is ultimately not
taxable. You can elect out of withholding as described below.
Special withholding rules apply to foreign recipients and United States
citizens residing outside the United States. We do not discuss these rules here
in detail. However, we may require additional documentation in the case of
payments made to non-United States persons and United States persons living
abroad prior to processing any requested transaction.
Certain states have indicated that state income tax withholding will also apply
to payments from the contracts made to residents. In some states, you may elect
out of state withholding, even if federal withholding applies. Generally, an
election out of federal withholding will also be considered an election out of
state withholding. If you need more information concerning a particular state
or any required forms, call our processing office at the toll-free number.
FEDERAL INCOME TAX WITHHOLDING ON PERIODIC ANNUITY PAYMENTS
We withhold differently on "periodic" and "non-periodic" payments. For a
periodic annuity payment, for example, unless you specify a different number of
withholding exemptions, we withhold assuming that you are married and claiming
three withholding exemptions. If you do not give us your correct Taxpayer
Identification Number, we withhold as if you are single with no exemptions.
Based on the assumption that you are married and claiming three withholding
exemptions, if you receive less than $18,240 in periodic annuity payments in
2007 your payments will generally be exempt from federal income tax
withholding. You could specify a different choice of withholding exemption or
request that tax be withheld. Your withholding election remains effective
unless and until you revoke it. You may revoke or change your withholding
election at any time.
FEDERAL INCOME TAX WITHHOLDING ON NON-PERIODIC ANNUITY PAYMENTS (WITHDRAWALS)
For a non-periodic distribution (total surrender, termination, or partial
withdrawal), we generally withhold at a flat 10% rate. We apply that rate to
the taxable amount in the case of nonqualified contracts, and
56 Tax information
to the payment amount in the case of traditional IRAs and Roth IRAs, where it
is reasonable to assume an amount is includable in gross income.
IMPACT OF TAXES TO AXA EQUITABLE
The contracts provide that we may charge Separate Account A for taxes. We do
not now, but may in the future set up reserves for such taxes.
Tax information 57
8. More information
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ABOUT OUR SEPARATE ACCOUNT A
Each variable investment option is a subaccount of our Separate Account A. We
established Separate Account A in 1968 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 variable investment options for
owners of our variable annuity contracts. We are the legal owner of all of the
assets in Separate Account A and may withdraw any amounts that exceed our
reserves and other liabilities with respect to variable investment options
under our contracts. The results of Separate Account A's operations are
accounted for without regard to AXA Equitable's other operations. The amount of
some of our obligations under the contracts is based on the assets in Separate
Account A. However, the obligations themselves are obligations of AXA
Equitable.
Separate Account A is registered under the Investment Company Act of 1940 and
is registered and classified under that act as a "unit investment trust." The
SEC, however, does not manage or supervise AXA Equitable or Separate Account A.
Although Separate Account A is registered, the SEC does not monitor the
activity of Separate Account A 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 1940.
Each subaccount (variable investment option) within Separate Account A that is
available under the contract invests solely in Class IB/B or Class II shares
issued by the corresponding portfolio of its Trust.
We reserve the right subject to compliance with laws that apply:
(1) to add variable investment options to, or to remove variable investment
options from, Separate Account A, or to add other separate accounts;
(2) to combine any two or more variable investment options;
(3) to transfer the assets we determine to be the shares of the class of
contracts to which the contracts belong from any variable investment
option to another variable investment option;
(4) to operate Separate Account A or any variable investment option 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 A or
a variable investment option directly);
(5) to deregister Separate Account A under the Investment Company Act of 1940;
(6) to restrict or eliminate any voting rights as to Separate Account A;
(7) to cause one or more variable investment options 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 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
The Trusts are registered under the Investment Company Act of 1940. They are
classified as "open-end management investment companies," more commonly called
mutual funds. Each Trust issues different shares relating to each of its
portfolios.
The Trusts do not impose sales charges or "loads" for buying and selling their
shares. All dividends and other distributions on the Trusts' shares are
reinvested in full. The Board of Trustees or Board of Directors, as applicable,
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 relating to its Class IB/B or Class II shares, and other
aspects of its operations, appears in the prospectuses for each Trust, which
generally accompany this prospectus, or in their respective SAIs, which are
available upon request.
ABOUT OUR FIXED MATURITY OPTIONS
RATES TO MATURITY AND PRICE PER $100 OF MATURITY VALUE
We can determine the amount required to be allocated to one or more fixed
maturity options in order to produce specified maturity values. For example, we
can tell you how much you need to allocate per $100 of maturity value.
The rates to maturity are determined weekly. The rates in the table below are
illustrative only and will most likely differ from the rates applicable at time
of purchase. Current rates to maturity can be obtained through TOPS or EQAccess
or from your financial professional.
The rates to maturity for new allocations as of February 15, 2007 and the
related price per $100 of maturity value were as shown below.
- --------------------------------------------------------------
Fixed Maturity
Options
with June 15th
Maturity Date Rate to Maturity as
of of Price Per $100 of
Maturity Year February 15, 2007 Maturity Value
- --------------------------------------------------------------
2007 3.70% $ 98.81
2008 3.75% $ 95.22
2009 3.80% $ 91.67
2010 3.85% $ 88.17
2011 3.90% $ 84.73
2012 3.95% $ 81.33
2013 4.10% $ 77.53
2014 4.15% $ 74.21
2015 4.20% $ 70.97
2016 4.30% $ 67.50
- --------------------------------------------------------------
58 More information
HOW WE DETERMINE THE MARKET VALUE ADJUSTMENT
We use the following procedure to calculate the market value adjustment (up or
down) we make if you withdraw all of your value from a fixed maturity option
before its maturity date.
(1) We determine the market adjusted amount on the date of the withdrawal as
follows:
(a) we determine the fixed maturity amount that would be payable on the
maturity date, using the rate to maturity for the fixed maturity
option.
(b) we determine the period remaining in your fixed maturity option
(based on the withdrawal date) and convert it to fractional years
based on a 365-day year. For example, three years and 12 days
becomes 3.0329.
(c) we determine the current rate to maturity that applies on the
withdrawal date to new allocations to the same fixed maturity
option.
(d) we determine the present value of the fixed maturity amount payable
at the maturity date, using the period determined in (b) and the
rate determined in (c).
(2) We determine the fixed maturity amount as of the current date.
(3) We subtract (2) from the result in (1)(d). The result is the market value
adjustment applicable to such fixed maturity option, which may be positive
or negative.
- --------------------------------------------------------------------------------
Your market adjusted amount is the present value of the maturity value
discounted at the rate to maturity in effect for new contributions to that same
fixed maturity option on the date of the calculation.
- --------------------------------------------------------------------------------
If you withdraw only a portion of the amount in a fixed maturity option, the
market value adjustment will be a percentage of the market value adjustment
that would have applied if you had withdrawn the entire value in that fixed
maturity option. This percentage is equal to the percentage of the value in the
fixed maturity option that you are withdrawing. Any withdrawal charges that are
deducted from a fixed maturity option will result in a market value adjustment
calculated in the same way. See Appendix III at the end of this prospectus for
an example.
For purposes of calculating the rate to maturity for new allocations to a fixed
maturity option (see (1)(c) above), we use the rate we have in effect for new
allocations to that fixed maturity option. We use this rate even if new
allocations to that option would not be accepted at that time. This rate will
not be less than 3%. If we do not have a rate to maturity in effect for a fixed
maturity option to which the "current rate to maturity" in (1)(c) above would
apply, we will use the rate at the next closest maturity date. If we are no
longer offering new fixed maturity options, the "current rate to maturity" will
be determined in accordance with our procedures then in effect. We reserve the
right to add up to 0.50% to the current rate in (1)(c) above for purposes of
calculating the market value adjustment only.
INVESTMENTS UNDER THE FIXED MATURITY OPTIONS
Amounts allocated to the fixed maturity options are held in a "nonunitized"
separate account we have established under the New York Insurance Law. This
separate account provides an additional measure of assurance that we will make
full payment of amounts due under the fixed maturity options. Under New York
Insurance Law, the portion of the separate account's assets equal to the
reserves and other contract liabilities relating to the contracts are not
chargeable with liabilities from any other business we may conduct. We own the
assets of the separate account, as well as any favorable investment performance
on those assets. You do not participate in the performance of the assets held
in this separate account. We may, subject to state law that applies, transfer
all assets allocated to the separate account to our general account. We
guarantee all benefits relating to your value in the fixed maturity options,
regardless of whether assets supporting fixed maturity options are held in a
separate account or our general account.
We have no specific formula for establishing the rates to maturity for the
fixed maturity options. We expect the rates to be influenced by, but not
necessarily correspond to, among other things, the yields that we can expect to
realize on the separate account's investments from time to time. Our current
plans are to invest in fixed-income obligations, including corporate bonds,
mortgage-backed and asset-backed securities and government and agency issues
having durations in the aggregate consistent with those of the fixed maturity
options.
Although the above generally describes our plans for investing the assets
supporting our obligations under the fixed maturity options under the
contracts, we are not obligated to invest those assets according to any
particular plan except as we may be required to by state insurance laws. We
will not determine the rates to maturity we establish by the performance of the
nonunitized separate account.
ABOUT THE GENERAL ACCOUNT
Our general account supports all of our policy and contract guarantees,
including those that apply to the fixed maturity options, as well as our
general obligations.
The general account is subject to regulation and supervision by the Insurance
Department of the State of New York and to the insurance laws and regulations
of all jurisdictions where we are authorized to do business. Interests under
the contracts 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 1940. The market value adjustment interests under the contracts,
which are held in a separate account, are issued by AXA Equitable and are
registered under the Securities Act of 1933. 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 the general account, however, may be subject to certain provisions of the
federal securities laws relating to the accuracy and completeness of statements
made in prospectuses.
More information 59
ABOUT OTHER METHODS OF PAYMENT
AUTOMATIC INVESTMENT PROGRAM -- FOR NQ, TRADITIONAL IRA, AND ROTH IRA CONTRACTS
You may use our automatic investment program, or "AIP," to have a specified
amount automatically deducted from a bank checking or savings account, money
market checking or savings account, or credit union checking or savings account
and contributed as an additional contribution into an NQ, traditional IRA, or
Roth IRA contract on a monthly basis. Contributions to all forms of IRAs are
subject to the limitations and requirements discussed in "Tax information"
earlier in this prospectus.
AIP additional contributions may be allocated to any of the variable investment
options but not the fixed maturity options. Our minimum contribution amount
requirement is $20. You choose the day of the month you wish to have your
account debited. However, you may not choose a date later than the 28th day of
the month.
You may cancel AIP at any time by notifying our processing office. We are not
responsible for any debits made to your account before the time written notice
of cancellation is received at our processing office.
PAYROLL DEDUCTION PROGRAM. You can authorize your employer to remit your NQ,
traditional IRA and Roth IRA contributions to us if your employer has a payroll
deduction program. Those contributions are still your contributions, not your
employer's.
WIRE TRANSFERS. You may also send your contributions by wire transfer from your
bank.
DATES AND PRICES AT WHICH CONTRACT EVENTS OCCUR
We describe below the general rules for when, and at what prices, events under
your contract 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 on which the New York Stock Exchange is
open for trading. A business day does not include any day we choose not to open
due to emergency conditions. We may also close early due to emergency
conditions. Our business day generally ends at 4:00 p.m., Eastern Time for
purposes of determining the date when contributions are applied and any other
transaction requests are processed. Contributions will be applied and any other
transaction requests will be processed when they are received along with all
the required information unless another date applies as indicated below.
o 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.
o When a charge is to be deducted on a contract date anniversary that is a
non-business day, we will deduct the charge on the next business day.
CONTRIBUTIONS, TRANSFERS, WITHDRAWALS AND SURRENDERS
o Contributions allocated to the variable investment options are invested at
the unit value next determined after the receipt of the contribution.
o Contributions allocated to a fixed maturity option will receive the rate to
maturity in effect for that fixed maturity option on that business day.
o If a fixed maturity option is scheduled to mature on June 15th and June 15th
is a non-business day, that fixed maturity option will mature on the prior
business day.
o Transfers to or from variable investment options will be made at the unit
value next determined after the receipt of the transfer request.
o Transfers to a fixed maturity option will receive the rate to maturity in
effect for that fixed maturity option on that business day.
o Transfers out of a fixed maturity option will be at the market adjusted
amount on that business day.
o For general dollar-cost averaging, the first monthly transfer will occur on
the last business day of the month in which we receive your election form at
our processing office.
o Quarterly rebalancing will be processed on a calendar year basis. Semiannual
or annual rebalancing will be processed on the first business day of the
month. Rebalancing will not be done retroactively.
o Requests for withdrawals or surrenders will occur on the business day that
we receive the information that we require.
ABOUT YOUR VOTING RIGHTS
As the owner of shares of the Trusts we have the right to vote on certain
matters involving the portfolios, such as:
o the election of trustees; or
o the formal approval of independent auditors selected for each Trust; or
o any other matters described in the prospectus for each Trust or requiring a
shareholders' vote under the Investment Company Act of 1940.
We will give contract owners the opportunity to instruct us how to vote the
number of shares attributable to their contracts if a shareholder vote is
taken. If we do not receive instructions in time from all contract 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 contract owners vote.
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
60 More information
our contract owners arising out of these arrangements. However, the Board of
Trustees or Directors of each Trust intend 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 contract owners, we will see to it that appropriate
action is taken to do so.
SEPARATE ACCOUNT A VOTING RIGHTS
If actions relating to Separate Account A require contract owner approval,
contract owners will be entitled to one vote for each unit they have in the
variable investment options. Each contract owner who has elected a variable
annuity payout option may cast the number of votes equal to the dollar amount
of reserves we are holding for that annuity in a variable investment option
divided by the annuity unit value for that option. We will cast votes
attributable to any amounts we have in the variable investment options in the
same proportion as votes cast by contract 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 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 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 A, nor would any of these
proceedings be likely to have a material adverse effect upon Separate Account
A, our ability to meet our obligations under the contracts, or the distribution
of the contracts.
FINANCIAL STATEMENTS
The financial statements of Separate Account A, as well as the consolidated
financial statements of AXA Equitable, are in the SAI. The SAI is available
free of charge. You may request one by writing to our processing office or
calling 1 (800) 628-6673.
TRANSFERS OF OWNERSHIP, COLLATERAL ASSIGNMENTS, LOANS, AND BORROWING
You can transfer ownership of an NQ contract at any time before annuity
payments begin. We will continue to treat you as the owner until we receive
written notification of any change at our processing office. In some cases, an
assignment or change of ownership may have adverse tax consequences. See "Tax
information" earlier in this prospectus.
You cannot assign or transfer ownership of a traditional IRA or Roth IRA
contract except by surrender to us.
You cannot assign your contract as collateral or security for a loan. Loans are
also not available under your contract. For limited transfers of ownership
after the owner's death see "Beneficiary continuation option" in "Payment of
death benefit" earlier in this prospectus. You may direct the transfer of the
values under your traditional IRA or Roth IRA contract to another similar
arrangement under federal income tax rules. In the case of such a transfer,
which involves a surrender of your contract, we will impose a withdrawal charge
if one applies.
DISTRIBUTION OF THE CONTRACTS
The contracts are distributed by both AXA Advisors, LLC ("AXA Advisors") and
AXA Distributors, LLC ("AXA Distributors") (together, the "Distributors"). The
Distributors serve as principal underwriters of Separate Account A. The
offering of the contracts is intended to be continuous.
AXA Advisors is an affiliate of AXA Equitable, and AXA Distributors is an
indirect wholly owned subsidiary of AXA Equitable. The Distributors are under
the common control of AXA Financial, Inc. Their principal business address is
1290 Avenue of the Americas, New York, NY 10104. The Distributors are
registered with the SEC as broker-dealers and are members of the National
Association of Securities Dealers, Inc. ("NASD"). Both broker-dealers also act
as distributors for other AXA Equitable life and annuity products.
The contracts are sold by financial professionals of AXA Advisors and its
affiliates. The contracts are also sold by financial professionals of both
affiliated and unaffiliated broker-dealers that have entered into selling
agreements with the Distributors ("Selling broker-dealers").
AXA Equitable pays compensation to both Distributors based on contracts sold.
Compensation paid to AXA Advisors is based on contributions made on the
contracts sold through AXA Advisors ("contribution-based compensation") and
will generally not exceed 8.5% of total contributions. AXA Advisors, in turn,
may pay a portion of the contribution-based compensation received from AXA
Equitable on the sale of a contract to the AXA Advisors financial professional
and/or Selling broker-dealer making the sale. In some instances, a financial
professional or Selling broker-dealer may elect to receive reduced
contribution-based compensation on a contract in combination with ongoing
annual compensation of up to 0.60% of the account value of the contract sold
("asset-based compensation"). Total compensation paid to a financial
professional or a Selling broker-dealer electing to receive both
contribution-based and asset-based compensation could over time exceed the
total compensation that would otherwise be paid on the basis of contributions
alone. The contribution-based and asset-based compensation paid by AXA Advisors
varies among financial professionals and among Selling broker-dealers.
Contribution-based compensation paid by AXA Equitable to AXA Distributors on
sales of AXA Equitable contracts by its Selling broker-dealers will generally
not exceed 6.5% of the total contributions made under the contracts. AXA
Distributors, in turn, pays the contribution-based compensation it receives on
the sale of a contract to the Selling broker-dealer making the sale. In some
instances, the Selling broker-dealer may elect to receive reduced
contribution-based compensation on the sale of a contract in combination with
annual asset-based compensation of up to 0.60% of contract account value. If a
Selling broker-dealer elects to receive reduced contribution-based compensation
on a contract, the contribution-based compensation which AXA Equitable
More information 61
pays to AXA Distributors will be reduced by the same amount and AXA Equitable
will pay AXA Distributors asset-based compensation on the contract equal to the
asset-based compensation which AXA Distributors pays to the Selling
broker-dealer. Total compensation paid to a Selling broker-dealer electing to
receive both contribution-based and asset-based compensation could over time
exceed the total compensation that would otherwise be paid on the basis of
contributions alone. The contribution-based and asset-based compensation paid
by AXA Distributors varies among Selling broker-dealers. AXA Distributors also
receives compensation and reimbursement for its marketing services under the
terms of its distribution agreement with AXA Equitable.
The Distributors may pay certain affiliated and/or unaffiliated Selling
broker-dealers and other financial intermediaries additional compensation in
recognition of certain expenses that may be incurred by them or on their
behalf. The Distributors may also pay certain broker-dealers or other financial
intermediaries additional compensation for enhanced marketing opportunities and
other services (commonly referred to as "marketing allowances"). Services for
which such payments are made may include, but are not limited to, the preferred
placement of AXA Equitable and/or EQUI-VEST(SM) Express on a company and/or
product list; sales personnel training; product training; business reporting;
technological support; due diligence and related costs; advertising, marketing
and related services; conferences; and/or other support services, including
some that may benefit the contract owner. Payments may be based on the amount
of assets or purchase payments attributable to contracts sold through a Selling
broker-dealer or, in the case of conference support, such payments may be a
fixed amount. The Distributors may also make fixed payments to Selling
broker-dealers in connection with the initiation of a new relationship or the
introduction of a new product. These payments may serve as an incentive for
Selling broker-dealers to promote the sale of particular products.
Additionally, as an incentive for financial professionals of Selling
broker-dealers to promote the sale of AXA Equitable products, the Distributors
may increase the sales compensation paid to the Selling broker-dealer for a
period of time (commonly referred to as "compensation enhancements"). Marketing
allowances and sales incentives are made out of the Distributors' assets. Not
all Selling broker-dealers receive these kinds of payments. For more
information about any such arrangements, ask your financial professional.
The Distributors receive 12b-1 fees from certain portfolios for providing
certain distribution and/or shareholder support services. The Distributors or
their affiliates may also receive payments from the advisers of the portfolios
or their affiliates to help defray expenses for sales meetings or seminar
sponsorships that may relate to the contracts and/or the advisers' respective
portfolios. In connection with portfolios offered through unaffiliated
insurance trusts, the Distributors or their affiliates may also receive other
payments from the advisers of the portfolios or their affiliates for providing
distribution, administrative and/or shareholder support services.
In an effort to promote the sale of our products, AXA Advisors may provide its
financial professionals and managerial personnel with a higher percentage of
sales commissions and/or cash compensation for the sale of an affiliated
variable product than it would the sale of an unaffiliated product. Such
practice is known as providing "differential compensation." AXA Advisors may
provide other forms of compensation to its financial professionals, including
health and retirement benefits. In addition, managerial personnel may receive
expense reimbursements, marketing allowances and commission-based payments
known as "overrides." Certain components of the compensation of financial
professionals who are managers are based on the sale of affiliated variable
products. Managers earn higher compensation (and credits toward awards and
bonuses) if those they manage sell more affiliated variable products. For tax
reasons, AXA Advisors financial professionals qualify for health and retirement
benefits based solely on their sales of our affiliated products.
These payments and differential compensation (together, the "payments") can
vary in amount based on the applicable product and/or entity or individual
involved. As with any incentive, such payments may cause the financial
professional to show preference in recommending the purchase or sale of AXA
Equitable products. However, under applicable rules of the NASD, AXA Advisors
may only recommend to you products that they reasonably believe are suitable
for you based on facts that you have disclosed as to your other security
holdings, financial situation and needs. In making any recommendation,
financial professionals of AXA Advisors may nonetheless face conflicts of
interest because of the differences in compensation from one product category
to another, and because of differences in compensation between products in the
same category.
In addition, AXA Advisors may offer sales incentive programs to financial
professionals who meet specified production levels for the sale of both
affiliated and unaffiliated products which provide non-cash compensation such
as stock options awards and/or stock appreciation rights, expense-paid trips,
expense-paid educational seminars and merchandise.
Although AXA Equitable takes all of its costs into account in establishing the
level of fees and expenses in its products, any contribution-based and
asset-based compensation paid by AXA Equitable to the Distributors will not
result in any separate charge to you under your contract. All payments made
will be in compliance with all applicable NASD rules and other laws and
regulations.
62 More information
9. Incorporation of certain documents by reference
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AXA Equitable's Annual Report on Form 10-K for the period ended December 31,
2006 (the "Annual Report") is considered to be part of this Prospectus because
it is incorporated by reference. AXA Equitable intends to send owners account
statements and other such legally-required reports. AXA Equitable does not
anticipate such reports will include periodic financial statements or
information concerning AXA Equitable.
AXA Equitable files reports and other information with the SEC, as required by
law. You may read and copy this information at the SEC's public reference
facilities at Room 1580, 100 F Street, NE, Washington, DC 20549, or by
accessing the SEC's website at www.sec.gov. The public may obtain information
on the operation of the Public Reference Room by calling the SEC at
1-800-SEC-0330. Under the Securities Act of 1933, AXA Equitable has filed with
the SEC a registration statement relating to the Market Value Adjustment (the
"Registration Statement"). This prospectus has been filed as part of the
Registration Statement and does not contain all of the information set forth in
the Registration Statement. Please see the Registration Statement for
additional information concerning the Market Value Adjustment.
The Annual Report includes the audited consolidated financial statements of AXA
Equitable at December 31, 2006 and 2005 and for each of the three years in the
period ended December 31, 2006 (the "AXA Equitable Financial Statements"). The
AXA Equitable Financial Statements are included in the Annual Report and
incorporated by reference into this prospectus in reliance on the report of
PricewaterhouseCoopers LLP, an independent registered public accounting firm.
The AXA Equitable Financial Statements are also included in the Annual Report
and incorporated by reference into this prospectus in reliance on the reports
of KPMG LLP, an independent registered public accounting firm, on (i) the
consolidated financial statements of AllianceBernstein L.P. as of December 31,
2005 and for each of the years in the two-year period ended December 31, 2005,
and the December 31, 2005 financial statement schedule, and (ii) the financial
statements of AllianceBernstein Holding L.P. (together "AllianceBernstein",
formerly "Alliance") as of December 31, 2005 and for each of the years in the
two-year period ended December 31, 2005. The reports are given on the authority
of said firms as experts in auditing and accounting.
KPMG LLP was AllianceBernstein's independent registered public accounting firm
as of December 31, 2005 and for each of the years in the two-year period ended
December 31, 2005. On March 8, 2006, KPMG LLP was terminated, and
PricewaterhouseCoopers LLP was appointed as AllianceBernstein's independent
registered public accounting firm, as disclosed on AXA Equitable's Report on
Form 8-K filed on March 13, 2006. AllianceBernstein Corporation, an indirect
wholly owned subsidiary of AXA Equitable, is the general partner of both
AllianceBernstein L.P. and AllianceBernstein Holding L.P.
Any statement contained in a document that is, or becomes part of this
prospectus, will be considered changed or replaced for purposes of this
prospectus if a statement contained in this prospectus changes or is replaced.
Any statement that is considered to be a part of this prospectus because of its
incorporation will be considered changed or replaced for the purpose of this
prospectus if a statement contained in any other subsequently filed document
that is considered to be part of this prospectus changes or replaces that
statement. After that, only the statement that is changed or replaced will be
considered to be part of this prospectus.
We file our Exchange Act documents and reports, including our Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q, electronically according to EDGAR
under CIK No. 0000727920. The SEC maintains a website that contains reports,
proxy and information statements and other information regarding registrants
that file electronically with the SEC. The address of the site is
http://www.sec.gov.
Upon written or oral request, we will provide, free of charge, to each person
to whom this prospectus is delivered a copy of any or all of the documents
considered to be part of this prospectus because they are incorporated herein.
This does not include exhibits not specifically incorporated by reference into
the text of such documents. Requests for documents should be directed to AXA
Equitable Life Insurance Company,1290 Avenue of the Americas, New York, New
York 10104. Attention: Corporate Secretary (telephone: (212) 554-1234).
Incorporation of certain documents by reference 63
Appendix I: QP IRA contracts
- --------------------------------------------------------------------------------
The following provides information on the features and benefits of QP IRA
contracts that are different than the features and benefits described in the
prospectus for traditional IRA contracts under EQUI-VEST(SM) Express. QP IRA
contracts are not available to new purchasers and this information is
applicable to existing contract holders only.
- ---------------------------------------------------------------------------------------------------------------------------
Features and benefits Availability or variation
- ---------------------------------------------------------------------------------------------------------------------------
Source of contributions o Rollovers from a qualified plan.
o Rollovers from a TSA.
o The QP IRA contract is intended to be a conduit IRA to be used primarily for
rollover contributions from a qualified plan or TSA, although we accept regular
IRA contributions (limits are described earlier in this prospectus under "Traditional
individual retirement annuities (traditional IRAs)") .
- ---------------------------------------------------------------------------------------------------------------------------
Minimum contributions $50 each rollover amount.
- ---------------------------------------------------------------------------------------------------------------------------
Limitations on contributions Rollover contributions after age 70-1/2 must be net of required minimum distributions.
- ---------------------------------------------------------------------------------------------------------------------------
Taxation of payments The QP IRA is used as a conduit IRA so that amounts are not commingled. If you are
Federal income tax withholding eligible for ten year averaging and long term capital gains treatment of distributions
from a qualified plan, you may be able to preserve such treatment even though an
eligible rollover from a qualified plan is temporarily rolled into a conduit IRA, such as
a QP IRA, before rolling it back into a qualified plan. See your tax adviser.
- ---------------------------------------------------------------------------------------------------------------------------
I-1 Appendix I: QP IRA contracts
Appendix II: Condensed financial information
- --------------------------------------------------------------------------------
The unit values and numbers of units outstanding shown below are for contracts
offered under Separate Account A with the same daily asset charge of 0.95%.
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE
INVESTMENT OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR
AFTER DECEMBER 31, 2006.
- -------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
---------------------------------------------------------------
1999 2000 2001 2002 2003
- -------------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
Unit value -- -- -- -- $ 109.26
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 102.25
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 104.25
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- -------------------------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- -------------------------------------------------------------------------------------------------------------------
Unit value $ 108.71 $ 105.98 $ 102.76 $ 88.83 $ 104.83
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 34 136 231 220
- -------------------------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 108.07
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 3
- -------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- -------------------------------------------------------------------------------------------------------------------
Unit value $ 112.33 $ 96.42 $ 71.46 $ 50.34 $ 68.57
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3 28 33 30 36
- -------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 107.15 $ 110.11
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 64 85
- -------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 79.29 $ 100.64
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 10 15
- -------------------------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- -------------------------------------------------------------------------------------------------------------------
Unit value $ 99.34 $ 89.64 $ 89.40 $ 85.94 $ 104.33
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 4 23 51 66 111
- -------------------------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 78.38 $ 104.29
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 24 40
- -------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 76.73 $ 97.38
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 11 13
- -------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
Unit value -- -- -- $ 68.14 $ 88.16
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 33 45
- -------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 79.40 $ 103.09
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 21 30
- -------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 62.24 $ 86.46
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 43 73
- -------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------
For the years ending December 31,
---------------------------------
2004 2005 2006
- ------------------------------------------------------------------------------------
AXA Aggressive Allocation
- ------------------------------------------------------------------------------------
Unit value $ 120.98 $ 129.49 $ 151.22
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) 10 23 63
- ------------------------------------------------------------------------------------
AXA Conservative Allocation
- ------------------------------------------------------------------------------------
Unit value $ 107.39 $108.97 $ 114.81
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) 8 10 19
- ------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- ------------------------------------------------------------------------------------
Unit value $ 111.26 $ 113.78 $ 122.57
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) 13 22 34
- ------------------------------------------------------------------------------------
AXA Moderate Allocation
- ------------------------------------------------------------------------------------
Unit value $ 112.89 $ 117.18 $ 128.05
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) 239 237 273
- ------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
Unit value $ 119.55 $ 126.32 $ 143.27
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) 36 105 237
- ------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- ------------------------------------------------------------------------------------
Unit value $ 76.14 $ 81.60 $ 84.96
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) 37 34 33
- ------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- ------------------------------------------------------------------------------------
Unit value $ 113.30 $ 114.19 $ 117.37
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) 112 105 107
- ------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- ------------------------------------------------------------------------------------
Unit value $ 111.78 $ 118.42 $ 123.32
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) 23 25 29
- ------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- ------------------------------------------------------------------------------------
Unit value $ 112.29 $ 114.63 $ 124.82
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) 137 156 156
- ------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- ------------------------------------------------------------------------------------
Unit value $ 121.79 $ 139.27 $ 172.87
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) 65 72 83
- ------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- ------------------------------------------------------------------------------------
Unit value $ 105.79 $ 111.84 $ 125.82
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) 13 14 12
- ------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- ------------------------------------------------------------------------------------
Unit value $ 93.14 $ 99.17 $ 98.34
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) 52 52 53
- ------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- ------------------------------------------------------------------------------------
Unit value $ 116.85 $ 123.95 $ 146.50
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) 38 43 59
- ------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- ------------------------------------------------------------------------------------
Unit value $ 95.68 $ 102.72 $ 111.53
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) 87 81 80
- ------------------------------------------------------------------------------------
Appendix II: Condensed financial information II-1
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE
INVESTMENT OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR
AFTER DECEMBER 31, 2006.
- -----------------------------------------------------------------------------------------------------------------
For the years ending December 31,
-------------------------------------------------------------
1999 2000 2001 2002 2003
- -----------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 73.99 $ 103.05
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 33 50
- -----------------------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 56.86 $ 88.78
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 4 14
- -----------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- -----------------------------------------------------------------------------------------------------------------
Unit value $ 111.02 $ 94.30 $ 83.37 $ 55.05 $ 81.55
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 25 296 387 365 407
- -----------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- -----------------------------------------------------------------------------------------------------------------
Unit value $ 103.87 $ 111.81 $ 109.04 $ 85.04 $ 109.86
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 14 145 300 316 309
- -----------------------------------------------------------------------------------------------------------------
AllianceBernstein Intermediate Government Securities
- -----------------------------------------------------------------------------------------------------------------
Unit value $ 100.40 $ 108.29 $ 115.71 $ 124.46 $ 125.92
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3 10 68 145 145
- -----------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- -----------------------------------------------------------------------------------------------------------------
Unit value $ 126.71 $ 96.46 $ 73.27 $ 65.24 $ 87.35
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 33 48 189 208
- -----------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- -----------------------------------------------------------------------------------------------------------------
Unit value $ 116.53 $ 94.20 $ 70.94 $ 48.38 $ 59.03
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 21 242 305 265 237
- -----------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- -----------------------------------------------------------------------------------------------------------------
Unit value $ 99.28 $ 109.43 $ 117.07 $ 124.85 $ 128.04
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 4 26 113 132 129
- -----------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- -----------------------------------------------------------------------------------------------------------------
Unit value $ 130.79 $ 147.23 $ 126.52 $ 87.42 $ 122.04
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 63 129 150 155
- -----------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 101.04 $ 86.43 $ 110.22
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 45 98 130
- -----------------------------------------------------------------------------------------------------------------
EQ/Ariel Appreciation II
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 99.56
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- -----------------------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 81.77 $ 103.63
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1 2
- -----------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 54.57 $ 67.01
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 4 7
- -----------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 84.22 $ 110.63
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 5 18
- -----------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- -----------------------------------------------------------------------------------------------------------------
Unit value $ 106.94 $ 112.19 $ 108.87 $ 81.24 $ 105.81
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 4 9 59 61
- -----------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
For the year s ending December 31 ,
---------------------------------------------
2004 2005 2006
AXA Premier VIP Mid Cap Value
- ------------------------------------------------------------------------------------------------------
Unit value $ 117.57 $ 125.01 $ 142.07
- ------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 64 60 57
- ------------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- ------------------------------------------------------------------------------------------------------
Unit value $ 92.32 $ 101.75 $ 108.14
- ------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 96 85 77
- ------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- ------------------------------------------------------------------------------------------------------
Unit value $ 92.18 $ 95.23 $ 104.41
- ------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 449 456 428
- ------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- ------------------------------------------------------------------------------------------------------
Unit value $ 122.30 $ 127.80 $ 150.07
- ------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 329 300 274
- ------------------------------------------------------------------------------------------------------
AllianceBernstein Intermediate Government
- ------------------------------------------------------------------------------------------------------
Securities
- ------------------------------------------------------------------------------------------------------
Unit value $ 127.14 $ 127.49 $ 130.22
- ------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 129 122 114
- ------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- ------------------------------------------------------------------------------------------------------
Unit value $ 102.24 $ 116.76 $ 142.86
- ------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 220 238 259
- ------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- ------------------------------------------------------------------------------------------------------
Unit value $ 63.37 $ 72.15 $ 71.07
- ------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 207 184 174
- ------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- ------------------------------------------------------------------------------------------------------
Unit value $ 131.58 $ 132.94 $ 136.71
- ------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 122 116 112
- ------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- ------------------------------------------------------------------------------------------------------
Unit value $ 137.78 $ 152.18 $ 164.31
- ------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 157 151 141
- ------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- ------------------------------------------------------------------------------------------------------
Unit value $ 123.84 $ 129.34 $ 155.52
- ------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 177 211 248
- ------------------------------------------------------------------------------------------------------
EQ/Ariel Appreciation II
- ------------------------------------------------------------------------------------------------------
Unit value -- $ 103.72 $ 114.21
- ------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 4
- ------------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- ------------------------------------------------------------------------------------------------------
Unit value $ 102.19 $ 108.82 $ 109.35
- ------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 9 12
- ------------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- ------------------------------------------------------------------------------------------------------
Unit value $ 107.07 $ 112.58 $ 129.31
- ------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 24 34
- ------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- ------------------------------------------------------------------------------------------------------
Unit value $ 106.33 $ 114.53 $ 119.37
- ------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 2 4
- ------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- ------------------------------------------------------------------------------------------------------
Unit value $ 70.04 $ 72.92 $ 77.58
- ------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 6 10 17
- ------------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- ------------------------------------------------------------------------------------------------------
Unit value $ 124.50 $ 144.44 $ 170.60
- ------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 38 49 53
- ------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- ------------------------------------------------------------------------------------------------------
Unit value $ 116.23 $ 122.10 $ 135.53
- ------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 68 66 58
- ------------------------------------------------------------------------------------------------------
II-2 Appendix II: Condensed financial information
- ----------------------------------------------------------------------------------------------------
For the years ending December 31,
----------------------------------------------------
1999 2000 2001 2002
- ----------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- ----------------------------------------------------------------------------------------------------
Unit value $ 101.79 $ 104.44 $ 101.37 $ 76.64
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 3 9 31
- ----------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- ----------------------------------------------------------------------------------------------------
Unit value -- -- -- --
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- ----------------------------------------------------------------------------------------------------
Unit value $ 106.17 $ 94.85 $ 82.52 $ 63.43
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 9 78 139 183
- ----------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- ----------------------------------------------------------------------------------------------------
Unit value -- -- -- --
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- ----------------------------------------------------------------------------------------------------
Unit value $ 106.73 $ 93.34 $ 76.72 $ 57.74
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 3 6
- ----------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- ----------------------------------------------------------------------------------------------------
Unit value -- $ 100.11 $ 85.86 $ 69.34
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 7 77 119
- ----------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- ----------------------------------------------------------------------------------------------------
Unit value $ 106.09 $ 110.49 $ 113.81 $ 96.15
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 13 105 163
- ----------------------------------------------------------------------------------------------------
EQ/Franklin Income
- ----------------------------------------------------------------------------------------------------
Unit value -- -- -- --
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- ----------------------------------------------------------------------------------------------------
Unit value -- -- -- --
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- ----------------------------------------------------------------------------------------------------
Unit value -- -- -- --
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- ----------------------------------------------------------------------------------------------------
Unit value -- -- -- --
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
EQ/International Growth
- ----------------------------------------------------------------------------------------------------
Unit value -- -- -- --
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- ----------------------------------------------------------------------------------------------------
Unit value -- $ 84.05 $ 64.14 $ 44.27
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 12 82 108
- ----------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- ----------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 107.49
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 35
- ----------------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- ----------------------------------------------------------------------------------------------------
Unit value $ 92.44 $ 97.78 $ 90.25 $ 72.36
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 6 13 16
- ----------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- ----------------------------------------------------------------------------------------------------
Unit value -- -- -- --
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
EQ/Long Term Bond
- ----------------------------------------------------------------------------------------------------
Unit value -- -- -- --
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
For the years ending December 31,
-----------------------------------------------
2003 2004 2005 2006
- -----------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- -----------------------------------------------------------------------------------------------
Unit value $ 103.54 $ 112.12 $ 117.68 $ 128.17
- -----------------------------------------------------------------------------------------------
Number of units outstanding (000's) 47 69 76 80
- -----------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- -----------------------------------------------------------------------------------------------
Unit value -- -- $ 104.25 $ 111.48
- -----------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 12 30
- -----------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- -----------------------------------------------------------------------------------------------
Unit value $ 80.31 $ 87.69 $ 90.68 $ 103.37
- -----------------------------------------------------------------------------------------------
Number of units outstanding (000's) 191 217 220 217
- -----------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- -----------------------------------------------------------------------------------------------
Unit value -- -- $ 97.59 $ 99.97
- -----------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 17
- -----------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- -----------------------------------------------------------------------------------------------
Unit value $ 79.04 $ 83.80 $ 86.29 $ 90.49
- -----------------------------------------------------------------------------------------------
Number of units outstanding (000's) 14 35 37 30
- -----------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- -----------------------------------------------------------------------------------------------
Unit value $ 98.63 $ 113.35 $ 119.43 $ 131.93
- -----------------------------------------------------------------------------------------------
Number of units outstanding (000's) 151 182 198 203
- -----------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- -----------------------------------------------------------------------------------------------
Unit value $ 126.92 $ 148.15 $ 163.36 $ 182.01
- -----------------------------------------------------------------------------------------------
Number of units outstanding (000's) 168 176 181 178
- -----------------------------------------------------------------------------------------------
EQ/Franklin Income
- -----------------------------------------------------------------------------------------------
Unit value -- -- -- $ 104.41
- -----------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 9
- -----------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- -----------------------------------------------------------------------------------------------
Unit value -- -- -- $ 108.35
- -----------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- -----------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- -----------------------------------------------------------------------------------------------
Unit value -- -- $ 105.32 $ 117.06
- -----------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 3 14
- -----------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- -----------------------------------------------------------------------------------------------
Unit value -- $ 113.33 $ 117.10 $ 137.84
- -----------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 3 26 38
- -----------------------------------------------------------------------------------------------
EQ/International Growth
- -----------------------------------------------------------------------------------------------
Unit value -- -- $ 115.30 $ 143.49
- -----------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 2 7
- -----------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- -----------------------------------------------------------------------------------------------
Unit value $ 55.19 $ 61.30 $ 65.15 $ 65.30
- -----------------------------------------------------------------------------------------------
Number of units outstanding (000's) 100 97 96 90
- -----------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- -----------------------------------------------------------------------------------------------
Unit value $ 110.05 $ 113.47 $ 114.89 $ 118.43
- -----------------------------------------------------------------------------------------------
Number of units outstanding (000's) 76 116 180 215
- -----------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- -----------------------------------------------------------------------------------------------
Unit value $ 90.88 $ 99.82 $ 102.75 $ 122.52
- -----------------------------------------------------------------------------------------------
Number of units outstanding (000's) 17 19 22 23
- -----------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- -----------------------------------------------------------------------------------------------
Unit value -- -- $ 106.50 $ 112.70
- -----------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 17
- -----------------------------------------------------------------------------------------------
EQ/Long Term Bond
- -----------------------------------------------------------------------------------------------
Unit value -- -- $ 100.26 $ 101.11
- -----------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 13 30
- -----------------------------------------------------------------------------------------------
Appendix II: Condensed financial information II-3
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE
INVESTMENT OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR
AFTER DECEMBER 31, 2006.
- --------------------------------------------------------------------------------------------------------------
For the years ending December 31,
----------------------------------------------------------
1999 2000 2001 2002 2003
EQ/Lord Abbett Growth and Income
- --------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- --------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- --------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------
EQ/Marsico Focus
- --------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 106.00 $ 92.86 $ 120.61
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 33 96
- --------------------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- --------------------------------------------------------------------------------------------------------------
Unit value $ 97.22 $ 107.68 $ 112.55 $ 92.90 $ 120.73
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 5 31 88 131 142
- --------------------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- --------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 76.53 $ 97.06
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 97 102
- --------------------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- --------------------------------------------------------------------------------------------------------------
Unit value $ 157.69 $ 126.78 $ 82.81 $ 53.87 $ 69.00
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 17 181 204 169 150
- --------------------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- --------------------------------------------------------------------------------------------------------------
Unit value $ 104.63 $ 102.92 $ 85.65 $ 67.01 $ 81.00
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 12 17 19 22
- --------------------------------------------------------------------------------------------------------------
EQ/Money Market
- --------------------------------------------------------------------------------------------------------------
Unit value $ 101.49 $ 106.56 $ 109.30 $ 109.60 $ 109.18
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 43 139 270 279 232
- --------------------------------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- --------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------
EQ/Mutual Shares
- --------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- --------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- --------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- --------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------
EQ/Short Duration Bond
- --------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------
EQSmall Cap Value
- --------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 89.87 $ 122.28
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 24 54
- --------------------------------------------------------------------------------------------------------------
EQ/Small Company Growth
- --------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------
For the years ending December 31,
----------------------------------
2004 2005 2006
EQ/Lord Abbett Growth and Income
- --------------------------------------------------------------------------------------
Unit value -- $ 106.27 $ 123.37
- --------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 8
- --------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- --------------------------------------------------------------------------------------
Unit value -- $ 105.89 $ 118.20
- --------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 3 4
- --------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- --------------------------------------------------------------------------------------
Unit value -- $ 111.78 $ 124.48
- --------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 13 22
- --------------------------------------------------------------------------------------
EQ/Marsico Focus
- --------------------------------------------------------------------------------------
Unit value $ 132.02 $ 144.77 $ 156.76
- --------------------------------------------------------------------------------------
Number of units outstanding (000's) 130 180 222
- --------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- --------------------------------------------------------------------------------------
Unit value $ 132.22 $ 134.83 $ 161.48
- --------------------------------------------------------------------------------------
Number of units outstanding (000's) 168 168 160
- --------------------------------------------------------------------------------------
EQ/Mercury International Value
- --------------------------------------------------------------------------------------
Unit value $ 116.95 $ 128.39 $ 159.84
- --------------------------------------------------------------------------------------
Number of units outstanding (000's) 114 159 179
- --------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- --------------------------------------------------------------------------------------
Unit value $ 76.97 $ 83.12 $ 88.74
- --------------------------------------------------------------------------------------
Number of units outstanding (000's) 139 124 110
- --------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- --------------------------------------------------------------------------------------
Unit value $ 89.38 $ 94.90 $ 106.17
- --------------------------------------------------------------------------------------
Number of units outstanding (000's) 20 16 12
- --------------------------------------------------------------------------------------
EQ/Money Market
- --------------------------------------------------------------------------------------
Unit value $ 108.98 $ 110.78 $ 114.65
- --------------------------------------------------------------------------------------
Number of units outstanding (000's) 174 159 187
- --------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- --------------------------------------------------------------------------------------
Unit value $ 104.75 $ 109.36 $ 116.94
- --------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 3 4
- --------------------------------------------------------------------------------------
EQ/Mutual Shares
- --------------------------------------------------------------------------------------
Unit value -- -- $ 107.23
- --------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 3
- --------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- --------------------------------------------------------------------------------------
Unit value -- -- $ 111.08
- --------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 3
- --------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- --------------------------------------------------------------------------------------
Unit value -- -- $ 111.12
- --------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- --------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- --------------------------------------------------------------------------------------
Unit value -- $ 99.61 $ 99.05
- --------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 32 75
- --------------------------------------------------------------------------------------
EQ/Short Duration Bond
- --------------------------------------------------------------------------------------
Unit value -- $ 100.06 $ 103.04
- --------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 6 13
- --------------------------------------------------------------------------------------
EQSmall Cap Value
- --------------------------------------------------------------------------------------
Unit value $ 141.84 $ 147.08 $ 169.16
- --------------------------------------------------------------------------------------
Number of units outstanding (000's) 81 95 100
- --------------------------------------------------------------------------------------
EQ/Small Company Growth
- --------------------------------------------------------------------------------------
Unit value $ 114.68 $ 122.10 $ 133.29
- --------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 14 30
- --------------------------------------------------------------------------------------
II-4 Appendix II: Condensed financial information
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE
INVESTMENT OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR
AFTER DECEMBER 31, 2006.
- ------------------------------------------------------------------------------------------------------------
For the years ending December 31,
--------------------------------------------------------
1999 2000 2001 2002 2003
- ------------------------------------------------------------------------------------------------------------
EQ/Small Company Index
- ------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 81.88 $ 118.30
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 9 22
- ------------------------------------------------------------------------------------------------------------
EQ/Small Company Value
- ------------------------------------------------------------------------------------------------------------
Unit value -- -- -- 89.87 122.28
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 24 54
- ------------------------------------------------------------------------------------------------------------
EQ/TCW Equity
- ------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- ------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- ------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- ------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- ------------------------------------------------------------------------------------------------------------
Unit value $ 147.71 $ 87.72 $ 82.40 $ 76.80 $ 118.61
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 28 35 39 45
- ------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- ------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- ------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------
Target 2015 Allocation
- ------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------
Target 2025 Allocation
- ------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------
Target 2035 Allocation
- ------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------
Target 2045 Allocation
- ------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- ------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 106.92
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- ------------------------------------------------------------------------------------------------------------
For the years ending December 31,
2004 2005 2006
EQ/Small Company Index
- ---------------------------------------------------------------------------------------
Unit value $ 137.88 $ 142.39 $ 166.02
- ---------------------------------------------------------------------------------------
Number of units outstanding (000's) 39 43 49
- ---------------------------------------------------------------------------------------
EQ/Small Company Value
- ---------------------------------------------------------------------------------------
Unit value 141.84 147.08 137.84
- ---------------------------------------------------------------------------------------
Number of units outstanding (000's) 81 95 38
- ---------------------------------------------------------------------------------------
EQ/TCW Equity
- ---------------------------------------------------------------------------------------
Unit value $ 111.32 $ 114.66 $ 109.01
- ---------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 8 7
- ---------------------------------------------------------------------------------------
EQ/Templeton Growth
- ---------------------------------------------------------------------------------------
Unit value -- -- $ 107.71
- ---------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 4
- ---------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- ---------------------------------------------------------------------------------------
Unit value $ 109.33 $ 118.05 $ 133.47
- ---------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 5 8
- ---------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- ---------------------------------------------------------------------------------------
Unit value -- $ 104.56 $ 120.04
- ---------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 8 18
- ---------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- ---------------------------------------------------------------------------------------
Unit value $ 145.31 $ 191.11 $ 259.45
- ---------------------------------------------------------------------------------------
Number of units outstanding (000's) 65 92 112
- ---------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- ---------------------------------------------------------------------------------------
Unit value -- $ 124.02 $ 134.27
- ---------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 10
- ---------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- ---------------------------------------------------------------------------------------
Unit value -- $ 119.36 $ 143.81
- ---------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 10
- ---------------------------------------------------------------------------------------
Target 2015 Allocation
- ---------------------------------------------------------------------------------------
Unit value -- -- $ 108.45
- ---------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ---------------------------------------------------------------------------------------
Target 2025 Allocation
- ---------------------------------------------------------------------------------------
Unit value -- -- $ 109.40
- ---------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ---------------------------------------------------------------------------------------
Target 2035 Allocation
- ---------------------------------------------------------------------------------------
Unit value -- -- $ 110.29
- ---------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ---------------------------------------------------------------------------------------
Target 2045 Allocation
- ---------------------------------------------------------------------------------------
Unit value -- -- $ 111.08
- ---------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ---------------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- ---------------------------------------------------------------------------------------
Unit value $ 144.10 $ 166.65 $ 227.25
- ---------------------------------------------------------------------------------------
Number of units outstanding (000's) 19 41 55
- ---------------------------------------------------------------------------------------
Appendix II: Condensed financial information II-5
Appendix III: Market value adjustment example
- --------------------------------------------------------------------------------
The example below shows how the market value adjustment would be determined and
how it would be applied to a withdrawal, assuming that $100,000 was allocated
on June 15, 2007 to a fixed maturity option with a maturity date of June 15,
2015 (eight years later) at a hypothetical rate to maturity of 7.00% (h),
resulting in a maturity value of $171,882 on the maturity date. We further
assume that a withdrawal of $50,000 is made four years later, on June 15,
2011.(a)
- -------------------------------------------------------------------------------------
Hypothetical assumed
rate to maturity(j)
on June 15, 2011
- -------------------------------------------------------------------------------------
5% 9%
- -------------------------------------------------------------------------------------
As of June 15, 2011 before withdrawal
- -------------------------------------------------------------------------------------
(1) market adjusted amount(b) $141,389 $121,737
- -------------------------------------------------------------------------------------
(2) fixed maturity amount(c) $131,104 $131,104
- -------------------------------------------------------------------------------------
(3) market value adjustment: (1) - (2) $ 10,285 $ (9,367)
- -------------------------------------------------------------------------------------
On June 15, 2011 after $50,000 withdrawal
- -------------------------------------------------------------------------------------
(4) portion of market value adjustment associated with the withdrawal:
- -------------------------------------------------------------------------------------
(3) x [$50,000/(1)] $ 3,637 $ (3,847)
- -------------------------------------------------------------------------------------
(5) portion of fixed maturity associated with the withdrawal:
- -------------------------------------------------------------------------------------
$50,000 - (4) $ 46,363 $ 53,847
- -------------------------------------------------------------------------------------
(6) market adjusted amount (1) - $50,000 $ 91,389 $ 71,737
- -------------------------------------------------------------------------------------
(7) fixed maturity amount: (2) - (5) $ 84,741 $ 77,257
- -------------------------------------------------------------------------------------
(8) maturity value (d) $111,099 $101,287
- -------------------------------------------------------------------------------------
You should note that in this example, if a withdrawal is made when rates have
increased from 7.00% to 9.00% (right column), a portion of a negative market
value adjustment is realized. On the other hand, if a withdrawal is made when
rates have decreased from 7.00% to 5.00% (left column), a portion of a positive
market value adjustment is realized.
Notes:
(a) Number of days from the withdrawal date to the maturity date = D = 1,461
(b) Market adjusted amount is based on the following calculation:
Maturity value $ 171,882
---------------- = ----------------- where j is either 5% or 9%
(1+j)((D/365)) (1+j)((1,461/365))
(c) Fixed maturity amount is based on the following calculation:
Maturity value $ 171,882
---------------- = --------------------
(1+h)((D/365)) (1+0.07)((1,461/365))
(d) Maturity value is based on the
following calculation:
Fixed maturity amount $84,741 or $77,257
--------------------- = ------------------
(1+h)((D/365)) (1+0.07)((1,461/365))
III-1 Appendix III: Market value adjustment example
Appendix IV: State contract availability and/or variations of certain features
and benefits
- --------------------------------------------------------------------------------
STATES WHERE CERTAIN EQUI-VEST(SM) EXPRESS(SM) FEATURES AND/OR BENEFITS ARE NOT
AVAILABLE OR HAVE CERTAIN VARIATIONS TO FEATURES AND/OR BENEFITS:
- -------------------------------------------------------------------------------------------------------------
Contract type/Series/
State Features and benefits Effective Date Availability or variation
- -------------------------------------------------------------------------------------------------------------
New York See "Selecting an annuity In the second to last paragraph in this
payout option" in "Your section, the second line in paragraph
annuity payout option" under "(1) the amount applied to purchase
"Accessing your money" the annuity;" is deleted in its entirety
and replaced with the following:
(1) The amount applied to provide the
annuity will be: (a) the account
value for any life annuity form or
(b) the cash value for any period
certain annuity form except that,
if the period certain is more than
five years, the amount applied will
be no less than 95% of the account
value.
- -------------------------------------------------------------------------------------------------------------
Appendix IV: State contract availability and/or variations of certain features
and benefits IV-1
Statement of additional information
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
Page
Who is AXA Equitable? 2
Calculation of annuity payments 2
Custodian and independent registered public accounting firm 2
Distribution of the contracts 3
Calculating unit values 3
Financial statements 3
How to obtain an EQUI-VEST(SM) Express(SM) Statement of Additional Information
for Separate Account A
Call 1 (800) 628-6673 or send this request form to:
EQUI-VEST(SM) Express(SM)
Processing Office
AXA Equitable
P.O. Box 4956
Syracuse, NY 13221-4956
- -
Please send me an EQUI-VEST(SM) Express(SM) Statement of Additional Information
dated May 1, 2007.
(Combination variable and fixed deferred annuity)
- --------------------------------------------------------------------------------
Name
- --------------------------------------------------------------------------------
Address
- --------------------------------------------------------------------------------
City State Zip
888-1298 (5/06)
X1496
EQUI-VEST(SM)
A combination variable and fixed deferred
annuity contract
PROSPECTUS DATED MAY 1, 2007
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 contract. You should read the prospectuses for each
Trust which contain important information about the portfolios.
- --------------------------------------------------------------------------------
WHAT IS EQUI-VEST(SM)?
EQUI-VEST(SM) is a deferred annuity contract issued by AXA Equitable Life
Insurance Company. It provides for the accumulation of retirement savings and
for income. The contract also offers death benefit protection and a number of
payout options. You invest to accumulate value on a tax-deferred basis in one
or more of our variable investment options, our guaranteed interest option or
in our fixed maturity options ("investment options"). This contract may not
currently be available in all states.
- ---------------------------------------------------------------------------
Variable investment options
- ---------------------------------------------------------------------------
Fixed income
- ---------------------------------------------------------------------------
o AXA Conservative Allocation(1) o EQ/JPMorgan Core Bond
o AXA Conservative-Plus Allocation(1) o EQ/Long Term Bond
o EQ/AllianceBernstein Intermediate o EQ/Money Market
Government Securities o EQ/PIMCO Real Return
o EQ/AllianceBernstein Quality Bond o EQ/Short Duration Bond
o EQ/Caywood-Scholl High Yield Bond o Multimanager Core Bond*
o EQ/Evergreen International Bond o Multimanager High Yield*
o EQ/Franklin Income
- ---------------------------------------------------------------------------
Domestic stocks
- ---------------------------------------------------------------------------
o AXA Aggressive Allocation(1) o EQ/Lord Abbett Mid Cap Value
o AXA Moderate-Plus Allocation(1) o EQ/Marsico Focus
o EQ/AllianceBernstein Common Stock o EQ/MFS Emerging Growth Companies+
o EQ/AllianceBernstein Growth and o EQ/MFS Investors Trust+
Income++ o EQ/Montag & Caldwell Growth
o EQ/AllianceBernstein Large Cap o EQ/Mutual Shares
Growth o EQ/Oppenheimer Main Street
o EQ/AllianceBernstein Small Cap Opportunity**
Growth o EQ/Oppenheimer Main Street Small
o EQ/AllianceBernstein Value Cap
o EQ/Ariel Appreciation II o EQ/Small Cap Value+
o EQ/AXA Rosenberg Value Long/Short o EQ/Small Company Growth+
Equity o EQ/Small Company Index
o EQ/BlackRock Basic Value Equity* o EQ/TCW Equity++
o EQ/Boston Advisors Equity Income o EQ/Templeton Growth
o EQ/Calvert Socially Responsible o EQ/UBS Growth and Income
o EQ/Capital Guardian Growth o EQ/Van Kampen Comstock
o EQ/Capital Guardian Research o EQ/Van Kampen Mid Cap Growth
o EQ/Capital Guardian U.S. Equity++ o EQ/Wells Fargo Montgomery Small
o EQ/Davis New York Venture** Cap++
o EQ/Equity 500 Index o Multimanager Aggressive Equity*
o EQ/Evergreen Omega o Multimanager Health Care*
o EQ/FI Mid Cap o Multimanager Large Cap Core Equity*
o EQ/FI Mid Cap Value+ o Multimanager Large Cap Growth*
o EQ/Franklin Small Cap Value o Multimanager Large Cap Value*
o EQ/Franklin Templeton Founding o Multimanager Mid Cap Growth*
Strategy** o Multimanager Mid Cap Value*
o EQ/GAMCO Mergers and Acquisitions o Multimanager Technology*
o EQ/GAMCO Small Company Value o Target 2015 Allocation
o EQ/Janus Large Cap Growth++ o Target 2025 Allocation
o EQ/JPMorgan Value Opportunities o Target 2035 Allocation
o EQ/Legg Mason Value Equity o Target 2045 Allocation
o EQ/Lord Abbett Growth and Income o U.S. Real Estate--Class II++
o EQ/Lord Abbett Large Cap Core
- ---------------------------------------------------------------------------
International stocks
- ---------------------------------------------------------------------------
o EQ/AllianceBernstein International o EQ/Oppenheimer Global
o EQ/BlackRock International Value* o EQ/Van Kampen Emerging Markets
o EQ/Capital Guardian International+ Equity
o EQ/International Growth o Multimanager International Equity*
- ---------------------------------------------------------------------------
Balanced/hybrid
- ---------------------------------------------------------------------------
o AXA Moderate Allocation(1)
- ---------------------------------------------------------------------------
(1) The AXA Allocation portfolios.
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and benefits" later in this prospectus for the investment
option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned sub stitution or merger of this investment option, subject to
regulatory approval.
You may allocate amounts to the variable investment options under your choice
of investment method subject to any restrictions. Each variable investment
option is a subaccount of Separate Account A. Each variable investment option,
in turn, invests in a corresponding securities portfolio of either EQ Advisors
Trust, AXA Premier VIP Trust, or The Universal Institutional Funds, Inc. (the
"Trusts"). Your investment results in a variable investment option will depend
on the investment performance of the related portfolio. You may also allocate
amounts to the guaranteed interest option and the fixed maturity options, which
are discussed later in this prospectus.
TYPES OF CONTRACTS. For existing and new contract owners, we offer the
contracts for use as:
o A nonqualified annuity ("NQ") for after-tax contributions only.
o An individual retirement annuity ("IRA"), any of traditional IRA, Roth IRA
or Inherited IRA beneficiary continuation contracts ("Inherited IRA").
A minimum contribution of $50 for IRAs ($5,000 for Inherited IRA) and $1,000
for NQ is required to purchase a contract.
For existing contract owners only:
o QP IRA (please see Appendix I -- these contracts are no longer available for
new purchasers). Unless otherwise indicated, information for QP IRA is the
same as traditional IRA.
Registration statements relating to this offering have been filed with the
Securities and Exchange Commission ("SEC"). The statement of additional
information ("SAI") dated May 1, 2007, is a part of one of the registration
statements. The SAI is available free of charge. You may request one by writing
to our processing office at P.O. Box 4956, Syracuse, NY 13221-4956 or calling
1(800) 628-6673. 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 www.sec.gov. The table of contents for the SAI appears at the back
of this prospectus.
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 contracts 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.
X01502 Series 800
Although this prospectus is primarily designed for potential purchasers of the
contract, you may have previously purchased a contract and are receiving this
prospectus as a current contract owner. If you are a current contract owner,
you should note that the options, features and charges of the contract may have
varied over time and may vary depending on your state. For more information
about the particular options, features and charges applicable to you, please
contact your financial professional and/or refer to your contract and/or see
Appendices I and V.
Contents of this prospectus
- --------------------------------------------------------------------------------
EQUI-VEST(SM)
- --------------------------------------------------------------------------------
Index of key words and phrases 5
Who is AXA Equitable? 6
How to reach us 7
EQUI-VEST(SM) at a glance -- key features 9
- --------------------------------------------------------------------------------
FEE TABLE 12
- --------------------------------------------------------------------------------
Examples 15
Condensed financial information 18
- --------------------------------------------------------------------------------
1. CONTRACT FEATURES AND BENEFITS 19
- --------------------------------------------------------------------------------
How you can purchase and contribute to your contract 19
Owner and annuitant requirements 21
How you can make your contributions 21
What are your investment options under the contract? 21
Portfolios of the Trusts 22
Selecting your investment method 29
Allocating your contributions 30
Your right to cancel within a certain number of days 30
Death benefit 31
Inherited IRA beneficiary continuation contract 31
- --------------------------------------------------------------------------------
2. DETERMINING YOUR CONTRACT'S VALUE 33
- --------------------------------------------------------------------------------
Your account value and cash value 33
Your contract's value in the variable investment options 33
Your contract's value in the guaranteed interest option 33
Your contract's value in the fixed maturity options 33
- ----------------------
"We," "our," and "us" refer to AXA Equitable. When we use the word "contract" it also
includes certificates that are issued under
When we address the reader of this prospectus group contracts in some states.
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
contract owner.
Contents of this prospectus 3
- --------------------------------------------------------------------------------
3. TRANSFERRING YOUR MONEY AMONG INVESTMENT
OPTIONS 34
- --------------------------------------------------------------------------------
Transferring your account value 34
Disruptive transfer activity 34
Automatic transfer options 35
Investment simplifier 35
Rebalancing your account value 36
- --------------------------------------------------------------------------------
4. ACCESSING YOUR MONEY 37
- --------------------------------------------------------------------------------
Withdrawing your account value 37
How withdrawals are taken from your account value 38
Surrender of your contract to receive its cash value 38
Termination 38
When to expect payments 38
Your annuity payout options 38
- --------------------------------------------------------------------------------
5. CHARGES AND EXPENSES 41
- --------------------------------------------------------------------------------
Charges that AXA Equitable deducts 41
Charges under the contracts 41
Charges that the Trusts deduct 44
Group or sponsored arrangements 44
Other distribution arrangements 44
- --------------------------------------------------------------------------------
6. PAYMENT OF DEATH BENEFIT 45
- --------------------------------------------------------------------------------
Your beneficiary and payment of benefit 45
How death benefit payment is made 45
Beneficiary continuation option 46
- --------------------------------------------------------------------------------
7. TAX INFORMATION 48
- --------------------------------------------------------------------------------
Overview 48
Buying a contract to fund a retirement arrangement 48
Transfers among investment options 48
Taxation of nonqualified annuities 48
Individual retirement arrangements ("IRAs") 50
Roth individual retirement annuities ("Roth IRAs") 56
Federal and state income tax withholding and
information reporting 61
Impact of taxes to AXA Equitable 61
- --------------------------------------------------------------------------------
8. MORE INFORMATION 62
- --------------------------------------------------------------------------------
About Separate Account A 62
About the Trusts 62
About our fixed maturity options 62
About the general account 63
About other methods of payment 64
Dates and prices at which contract events occur 64
About your voting rights 64
About legal proceedings 65
Financial statements 65
Transfers of ownership, collateral assignments, loans, and
borrowing 65
Distribution of the contracts 65
- --------------------------------------------------------------------------------
9. INCORPORATION OF CERTAIN DOCUMENTS
BY REFERENCE 67
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
APPENDICES
- --------------------------------------------------------------------------------
I -- QP IRA contracts I-1
II -- Condensed financial information II-1
III -- Market value adjustment example III-1
IV -- Death benefit example IV-1
V -- State contract availability and/or variations of
certain features and benefits V-1
- --------------------------------------------------------------------------------
STATEMENT OF ADDITIONAL INFORMATION
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
4 Contents of this prospectus
Index of key words and phrases
- --------------------------------------------------------------------------------
This index should help you locate more information on the terms used in this
prospectus.
Page
account value 33
annuitant 19
annuity payout options 38
beneficiary 45
beneficiary continuation option 46
business day 64
cash value 33
conduit IRA 54
contract date 10
contract date anniversary 10
contract year 10
contributions 19
Contributions to Roth IRAs 56
regular contribution 56
rollovers and direct transfers 56
conversion contributions 57
direct transfers 56
Contributions to traditional IRAs 50
regular contribution 51
rollovers and transfers 52
Disruptive transfer activity 34
EQAccess 7
fixed maturity amount 28
fixed maturity options 28
guaranteed interest option 28
Page
IRA cover, 48
IRS 48
Inherited IRA cover, 31
investment options cover, 21
market adjusted amount 28
market timing 34
market value adjustment 28
maturity value 28
NQ cover
partial withdrawals 37
portfolio cover
processing office 7
QP IRA Appendix I
ratcheted death benefit 31
rate to maturity 28
Required Beginning Date 54
Roth IRA cover, 50
SAI cover
SEC cover
TOPS 7
traditional IRA cover, 50
Trusts cover, 62
unit 33
unit investment trust 62
variable investment options cover, 21
To make this prospectus easier to read, we sometimes use different words than
in the contract or supplemental materials. This is illustrated below. 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.
- ------------------------------------------------------------------------------
Prospectus Contract or Supplemental Materials
- ------------------------------------------------------------------------------
fixed maturity options Guarantee Periods or Fixed Maturity Accounts
variable investment options Investment Funds or Investment Divisions
account value Annuity Account Value
rate to maturity Guaranteed Rates
guaranteed interest option Guaranteed Interest Account
unit Accumulation unit
unit value Accumulation unit value
- ------------------------------------------------------------------------------
Index of key words and phrases 5
Who is AXA Equitable?
- --------------------------------------------------------------------------------
We are AXA Equitable Life Insurance Company ("AXA Equitable") (until 2004, The
Equitable Life Assurance Society of the United States), a New York stock life
insurance corporation. We have been doing business since 1859. AXA Equitable is
an indirect, wholly-owned subsidiary of AXA Financial, Inc., a holding company,
which is itself an indirect, wholly-owned subsidiary of AXA. AXA is a French
holding company for an international group of insurance and related financial
services companies. As the ultimate sole shareholder of AXA Equitable, and
under its other arrangements with AXA Equitable and AXA Equitable's parent, AXA
exercises significant influence over the operations and capital structure of
AXA Equitable and its parent. AXA holds its interest in AXA Equitable through a
number of other intermediate holding companies, including Oudinot
Participations, AXA America Holdings Inc. and AXA Financial Services, LLC. AXA
Equitable is obligated to pay all amounts that are promised to be paid under
the contracts. 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
$795 billion in assets as of December 31, 2006. 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 10104.
6 Who is AXA Equitable?
HOW TO REACH US
You may communicate with our processing office as 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.
- --------------------------------------------------------------------------------
FOR NQ AND IRA OWNERS WHO SEND CONTRIBUTIONS
INDIVIDUALLY BY REGULAR MAIL:
- --------------------------------------------------------------------------------
AXA Equitable
EQUI-VEST(SM)
Individual Collections
P.O. Box 13459
Newark, NJ 07188-0459
- --------------------------------------------------------------------------------
FOR NQ AND IRA OWNERS WHO SEND CONTRIBUTIONS
INDIVIDUALLY BY EXPRESS DELIVERY:
- --------------------------------------------------------------------------------
JPMorganChase
EQUI-VEST(SM) Lockbox #13459
4 Chase Metrotech Center (7th Floor)
Brooklyn, NY 11245-0001
Telephone number to be used on express mail packages
Attn: Extraction Supervisor, (718) 242-2992
- --------------------------------------------------------------------------------
FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR
TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT
BY REGULAR MAIL:
- --------------------------------------------------------------------------------
AXA Equitable
EQUI-VEST(SM) Processing Office
P.O. Box 4956
Syracuse, NY 13221-4956
- --------------------------------------------------------------------------------
FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR
TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT
BY EXPRESS DELIVERY:
- --------------------------------------------------------------------------------
AXA Equitable
EQUI-VEST(SM) Processing Office
100 Madison Street, Suite 1000
Syracuse, NY 13202
- --------------------------------------------------------------------------------
FOR NQ AND IRA CONTRIBUTIONS REMITTED BY EMPLOYERS
AND SENT BY REGULAR MAIL:
- --------------------------------------------------------------------------------
AXA Equitable
EQUI-VEST(SM)
Unit Annuity Collections
P.O. Box 13463
Newark, New Jersey 07188-0463
- --------------------------------------------------------------------------------
FOR NQ AND IRA CONTRIBUTIONS REMITTED BY EMPLOYERS
AND SENT BY EXPRESS DELIVERY:
- --------------------------------------------------------------------------------
AXA Equitable
JPMorganChase
EQUI-VEST(SM) Lockbox #13463
4 Chase Metrotech (7th Floor)
Brooklyn, NY 11245-0001
Telephone number to be used on express mail packages
Attn: Extraction Supervisor, (718) 242-2992
- --------------------------------------------------------------------------------
REPORTS WE PROVIDE:
- --------------------------------------------------------------------------------
o written confirmation of financial transactions;
o quarterly statements of your contract values as of the close of each calendar
quarter; and
o annual statement of your contract values as of the contract date anniversary.
- --------------------------------------------------------------------------------
TELEPHONE OPERATED PROGRAM SUPPORT ("TOPS") AND
EQACCESS SYSTEMS:
- --------------------------------------------------------------------------------
TOPS is designed to provide you with up-to-date information via touch-tone
telephone. EQAccess is designed to provide this information through the
Internet. You can obtain information on:
o your current account value;
o your current allocation percentages;
o the number of units you have in the variable investment options;
o rates to maturity for the fixed maturity options;
o the daily unit values for the variable investment options; and
o performance information regarding the variable investment options (not
available through TOPS).
You can also:
o change your allocation percentages and/or transfer among the variable
investment options (not available for transfers to fixed maturity options)
and the guaranteed interest option; and
o change your TOPS personal identification number ("PIN") (through TOPS only)
and your EQAccess password (through EQAccess only).
Under TOPS only you can:
o elect the investment simplifier.
Under EQAccess only you can:
o make a contribution to your IRA or NQ annuity contract;
o elect to receive certain contract statements electronically;
o change your address; and
o access "Frequently Asked Questions" and certain service forms.
TOPS and EQAccess are normally available seven days a week, 24 hours a day. You
can use TOPS by calling toll-free 1-800-755-7777.
Who is AXA Equitable? 7
You may use EQAccess by visiting our website at www.axaonline.com and logging
in to access your account. Of course, for reasons beyond our control, these
services may sometimes be unavailable.
We have established procedures to reasonably confirm that the instructions
communicated by telephone or the Internet are genuine. For example, we will
require certain personal identification information before we will act on
telephone or Internet instructions and we will provide written confirmation of
your transfers. If we do not employ reasonable procedures to confirm the
genuineness of telephone or Internet instructions, we may be liable for any
losses arising out of any act or omission that constitutes negligence, lack of
good faith, or willful misconduct. In light of our procedures, we will not be
liable for following telephone or Internet instructions we reasonably believe
to be genuine.
We reserve the right to limit access to these services if we determine that you
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.)
- --------------------------------------------------------------------------------
CUSTOMER SERVICE REPRESENTATIVE:
- --------------------------------------------------------------------------------
You may also use our toll-free number 1 (800) 628-6673 to speak with one of our
customer service representatives. Our customer service representatives are
available on each business day Monday through Thursday from 8:00 a.m. to 7:00
p.m., and on Friday until 5:00 p.m., Eastern Time.
Hearing or speech-impaired clients may call the AT&T National Relay Number at
(800) 855-2880 for information about your account. If you have a
Telecommunications Device for the Deaf (TDD), you may relay messages or
questions to our Customer Service Department at (800) 628-6673, Monday through
Thursday from 8:00 a.m. to 7:00 p.m., and on Friday until 5:00 p.m. Eastern
Time. AT&T personnel will communicate our reply back to you, via the TDD.
- --------------------------------------------------------------------------------
TOLL FREE TELEPHONE SERVICE:
- --------------------------------------------------------------------------------
You may reach us toll-free by calling 1(800) 841-0801 for a recording of daily
unit values for the variable investment options.
WE REQUIRE THAT THE FOLLOWING TYPES OF COMMUNICATIONS BE ON SPECIFIC FORMS WE
PROVIDE FOR THAT PURPOSE:
(1) conversion of your traditional IRA to a Roth IRA contract;
(2) cancellation of your Roth IRA contract and return to a traditional IRA
contract;
(3) election of the automatic investment program;
(4) election of the investment simplifier;
(5) election of the automatic deposit service;
(6) election of the rebalancing program;
(7) election of the required minimum distribution automatic withdrawal option;
(8) election of the beneficiary continuation option;
(9) election of the principal assurance allocation;
(10) request for Direct Distribution to Charitable Organization; and
(11) request for a transfer/rollover of assets or 1035 exchange to another
carrier.
WE ALSO HAVE SPECIFIC FORMS THAT WE RECOMMEND YOU USE FOR THE FOLLOWING TYPES
OF REQUESTS:
(1) address changes;
(2) beneficiary changes;
(3) transfers among investment options;
(4) change of ownership; and
(5) contract surrender and withdrawal requests.
TO CHANGE OR CANCEL ANY OF THE FOLLOWING WE REQUIRE WRITTEN NOTIFICATION
GENERALLY AT LEAST SEVEN CALENDAR DAYS BEFORE THE NEXT SCHEDULED TRANSACTION:
(1) automatic investment program;
(2) investment simplifier;
(3) rebalancing program;
(4) systematic withdrawals; and
(5) the date annuity payments are to begin.
You must sign and date all these requests. Any written request that is not on
one of our forms must include your name and your contract number along with
adequate details about the notice you wish to give or the action you wish us to
take.
SIGNATURES:
The proper person to sign forms, notices and requests would normally be the
owner. If there are joint owners, all must sign.
8 Who is AXA Equitable?
EQUI-VEST(SM) at a glance -- key features
- -----------------------------------------------------------------------------------------------------------------------------------
Professional investment EQUI-VEST(SM) variable investment options invest in different portfolios managed by professional
management investment advisers.
- -----------------------------------------------------------------------------------------------------------------------------------
Guaranteed interest o Principal and interest guarantees
option
o Interest rates set periodically
- -----------------------------------------------------------------------------------------------------------------------------------
Fixed maturity options o 10 fixed maturity options with maturities ranging from approximately 1 to 10 years.
o Each fixed maturity option offers a guarantee of principal and interest rate if you hold it to
maturity.
---------------------------------------------------------------------------------------------------------
If you make any withdrawals (including transfers, surrender or termination of your
contract or when we make deductions for charges) from a fixed maturity option before it matures, we
will make a market value adjustment, which will increase or decrease any fixed maturity amount you
have in that fixed maturity option.
- -----------------------------------------------------------------------------------------------------------------------------------
Tax advantages o On earnings inside the No tax until you make withdrawals from your contract or receive annuity
contract payments.
o On transfers inside the No tax on transfers among investment options.
contract
--------------------------------------------------------------------------------------------------------
If you are purchasing an annuity contract as an Individual Retirement Annuity (IRA), 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.)
- -----------------------------------------------------------------------------------------------------------------------------------
Contribution amounts o NQ:
-- $1,000 (initial) or $50 (minimum initial for payroll deduction); $50 (minimum additional).
o Traditional IRA and Roth IRA:
-- $50 (minimum initial and minimum additional).
o For NQ, traditional IRA, and Roth IRA: $20 under our automatic investment program.
o Inherited IRA
-- $5,000 (minimum) $1,000 (minimum additional).
Maximum contribution limitations may apply. In general, contributions are limited to $1.5 million under
all EQUI-VEST(SM) series and EQUI-VEST(SM) At Retirement(SM) contracts with the same owner or annuitant
($500,000 for owners or annuitants who are age 81 and older at contract issue).
- -----------------------------------------------------------------------------------------------------------------------------------
Death benefit protection The contract provides a death benefit for the beneficiary should the annuitant die. The death benefit
is equal to
the account value or the standard death benefit, whichever is higher. However, if you elect the
ratcheted death
benefit, the death benefit is equal to the account value or the ratcheted death benefit, whichever is
higher.
- -----------------------------------------------------------------------------------------------------------------------------------
Access to your money o Partial withdrawals
o Several withdrawal options on a periodic basis
o Contract surrender
You may incur a withdrawal charge for certain withdrawals or if you surrender your contract. You may
also incur income tax and a penalty tax.
- -----------------------------------------------------------------------------------------------------------------------------------
Payout options o Fixed annuity payout options
o Variable Immediate Annuity payout options (described in a separate prospectus for that option)
- -----------------------------------------------------------------------------------------------------------------------------------
EQUI-VEST(SM) at a glance -- key features 9
- -----------------------------------------------------------------------------------------------------------------------------------
Additional features o Dollar-cost averaging by automatic transfers
-- Interest sweep option
-- Fixed-dollar option
o Automatic investment program
o Account value rebalancing (quarterly, semiannually, and annually)
o Principal assurance allocation
o No charge on transfers among investment options
o Waiver of withdrawal charge under certain circumstances
- ------------------------------------------------------------------------------------------------------------------------------------
Fees and charges o Daily charges on amounts invested in the variable investment options for mortality and expense risks
and other expenses at an annual rate of 1.20% (2.00% maximum).
o $30 ($65 maximum) or during the first two contract years 2% of your account value plus any amounts
previously withdrawn during the contract year, if less; thereafter, $30 per year. If your account
value is $25,000 or more for NQ contracts (or $20,000 or more for IRA contracts), we will not deduct
the charge. For individuals who own multiple contracts with combined account values of over $100,000,
this charge may be waived. See "Annual administrative charge" in "Charges and expenses," later in
this prospectus.
o Charge for third-party transfer (such as in the case of a trustee-to-trustee transfer for an IRA
contract) or exchange (if your contract is exchanged for a contract issued by another insurance
company) -- $25 current ($65 maximum) per occurrence.
o No sales charge deducted at the time you make contributions.
o We deduct a charge equal to 6% of contributions withdrawn if such contributions were made in the
current and five prior contract years. There is no charge in any contract year in which the amount of
the withdrawal does not exceed 15% of your account value as of the date of the withdrawal minus prior
withdrawals in that contract year. Under certain circumstances the withdrawal charge will be waived.
They are discussed in "Charges and expenses" later in this prospectus.
----------------------------------------------------------------------------------------------------------
The "contract date" is the effective date of a contract. This usually is the business day we receive the
properly completed and signed application, along with other required documents, and your initial
contribution. Your contract date will be shown in your contract. The 12-month period beginning on your
contract date and each 12-month period after that date is a "contract year." The end of each 12-month
period is your "contract date anniversary." For example, if your contract date is May 1, your contract
date anniversary is April 30."
----------------------------------------------------------------------------------------------------------
o We deduct an annual charge equal to 0.15% of the account value on each contract date anniversary if
you elect the optional ratcheted death benefit.
o We deduct a charge designed to approximate certain taxes that may be imposed on us, such as premium
taxes in your state. The charge is generally deducted from the amount applied to an annuity payout
option.
o We deduct an annuity administrative fee of $350 from amounts applied to a Variable Immediate Annuity
payout option. This option is described in a separate prospectus that is available from your
financial professional.
o Annual expenses of the Trusts' 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.
- -----------------------------------------------------------------------------------------------------------------------------------
Annuitant issue ages 0 - 85 (0 - 70 for Inherited IRA)
- -----------------------------------------------------------------------------------------------------------------------------------
THE ABOVE IS NOT A COMPLETE DESCRIPTION OF ALL MATERIAL PROVISIONS OF THE
CONTRACT. IN SOME CASES RESTRICTIONS OR EXCEPTIONS APPLY. RIGHTS ARE RESERVED
TO CHANGE OR WAIVE CERTAIN CHARGES WITHIN SPECIFIED LIMITS. ALSO, ALL FEATURES
OF THE CONTRACT, INCLUDING ALL VARIABLE INVESTMENT OPTIONS, ARE NOT NECESSARILY
AVAILABLE IN YOUR STATE OR AT CERTAIN AGES OR UNDER YOUR INVESTMENT METHOD (SEE
"SELECTING YOUR INVESTMENT METHOD" LATER IN THIS PROSPECTUS).
For more detailed information we urge you to read the contents of this
prospectus, as well as your contract. Please feel free to speak with your
financial professional or call us, if you have any questions. If for any reason
you are not satisfied with your contract, 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.
10 EQUI-VEST(SM) at a glance -- key features
OTHER CONTRACTS
We offer a variety of fixed and variable annuity contracts. They may offer
features, including investment options, credits, fees and/or charges that are
different from those in the contracts offered by this prospectus. Not every
contract is offered through the same Selling broker-dealer. Some Selling
broker-dealers may not offer and/or limit the offering of certain features or
options, as well as limit the availability of the contracts, based on issue age
or other criteria established by the Selling broker-dealer. Upon request, your
financial professional can show you information regarding other AXA Equitable
annuity contracts that he or she distributes. You can also contact us to find
out more about the availability of any of the AXA Equitable annuity contracts.
You should work with your financial professional to decide whether an optional
benefit is appropriate for you based on a thorough analysis of your particular
insurance needs, financial objectives, investment goals, time horizons and risk
tolerance. Some Selling broker-dealers may limit their clients from purchasing
some optional benefits based upon the client's age.
EQUI-VEST(SM) at a glance -- key features 11
Fee table
- -------------------------------------------------------------------------------
The following tables describe the fees and expenses that you will pay when
buying, owning, and surrendering the contract. 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 that
you surrender the contract, make certain withdrawals, purchase a Variable
Immediate Annuity payout option or make certain transfers and exchanges.
Charges designed to approximate certain taxes that may be imposed on us, such
as premium taxes in your state, may also apply. Charges for certain features
shown in the fee table are mutually exclusive.
- -----------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your account value at the time you request certain transactions
- -----------------------------------------------------------------------------------------------------------------------------
Maximum withdrawal charge as a percentage of contributions withdrawn (deducted
if you surrender your contract or make certain withdrawals).(1) 6.00%
Charge if you elect a Variable Immediate Annuity payout option (which is described
in a separate prospectus for that option) $350
Charge for third-party transfer or exchange $65 maximum for each occurrence;
currently $25 for each
occurrence.
The next table describes the fees and expenses that you will pay periodically during the
time that you own the contract, not including underlying Trust portfolio fees and expenses.
- -----------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your account value on each contract date anniversary
- -----------------------------------------------------------------------------------------------------------------------------
Maximum annual administrative charge:
If your account value is less than $25,000 for NQ contracts (or less than $20,000
for IRA contracts) on the last day of your contract year $65 ($30 current)(2)
If your account value is $25,000 or more for NQ contracts (or $20,000 or more
for IRA contracts) on the last day of your contract year $0
- -----------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your variable investment options expressed
- -----------------------------------------------------------------------------------------------------------------------------
as an annual percentage of daily net assets
Separate account annual expenses: Maximum Current
---- ----
Mortality and expense risk(3) 1.65% 0.95%
Other expenses 0.35% 0.25%
---- ----
Total Separate Account A annual expenses 2.00% 1.20%
- -----------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your account value each year if you elect the optional benefit
- -----------------------------------------------------------------------------------------------------------------------------
Ratcheted death benefit charge (as a percentage of your account value). (This
charge is deducted annually on each contract date anniversary.) 0.15%
You also bear your proportionate share of all fees and expenses paid by a "portfolio" that corresponds to any variable
investment option you are using. This table shows the lowest and highest total operating expenses charged by any of the
portfolios that you will pay periodically during the time that you own the contract. 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
variable investment option. 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 2006 (expenses that are deducted Lowest Highest
from portfolio assets including management fees, 12b-1 fees, service fees, and/or ------ -------
other expenses)(4) 0.63% 11.36%
12 Fee table
This table shows the fees and expenses for 2006 as an annual percentage of each
portfolio's daily average net assets.
- --------------------------------------------------------------------------------------
Manage- Other
ment 12b-1 expenses
Portfolio Name Fees(5) Fees(6) (7)
- --------------------------------------------------------------------------------------
AXA Premier VIP Trust:
- --------------------------------------------------------------------------------------
AXA Aggressive Allocation 0.10% 0.25% 0.18%
AXA Conservative Allocation 0.10% 0.25% 0.22%
AXA Conservative-Plus Allocation 0.10% 0.25% 0.18%
AXA Moderate Allocation 0.10% 0.25% 0.17%
AXA Moderate-Plus Allocation 0.10% 0.25% 0.17%
Multimanager Aggressive Equity* 0.61% 0.25% 0.19%
Multimanager Core Bond* 0.59% 0.25% 0.18%
Multimanager Health Care* 1.20% 0.25% 0.23%
Multimanager High Yield* 0.58% 0.25% 0.18%
Multimanager International Equity* 1.02% 0.25% 0.26%
Multimanager Large Cap Core Equity* 0.90% 0.25% 0.20%
Multimanager Large Cap Growth* 0.90% 0.25% 0.22%
Multimanager Large Cap Value* 0.88% 0.25% 0.22%
Multimanager Mid Cap Growth* 1.10% 0.25% 0.20%
Multimanager Mid Cap Value* 1.10% 0.25% 0.21%
Multimanager Technology* 1.20% 0.25% 0.23%
Target 2015 Allocation 0.10% 0.25% 7.88%
Target 2025 Allocation 0.10% 0.25% 7.29%
Target 2035 Allocation 0.10% 0.25% 9.56%
Target 2045 Allocation 0.10% 0.25% 10.49%
- --------------------------------------------------------------------------------------
EQ Advisors Trust:
- --------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock 0.47% 0.25% 0.13%
EQ/AllianceBernstein Growth and Income++ 0.56% 0.25% 0.12%
EQ/AllianceBernstein Intermediate Government Securities 0.50% 0.25% 0.14%
EQ/AllianceBernstein International 0.71% 0.25% 0.20%
EQ/AllianceBernstein Large Cap Growth 0.90% 0.25% 0.11%
EQ/AllianceBernstein Quality Bond 0.50% 0.25% 0.14%
EQ/AllianceBernstein Small Cap Growth 0.74% 0.25% 0.13%
EQ/AllianceBernstein Value 0.60% 0.25% 0.13%
EQ/Ariel Appreciation II 0.75% 0.25% 0.51%
EQ/AXA Rosenberg Value Long/Short Equity 1.40% 0.25% 1.44%
EQ/BlackRock Basic Value Equity* 0.55% 0.25% 0.14%
EQ/BlackRock International Value* 0.82% 0.25% 0.21%
EQ/Boston Advisors Equity Income 0.75% 0.25% 0.15%
EQ/Calvert Socially Responsible 0.65% 0.25% 0.25%
EQ/Capital Guardian Growth 0.65% 0.25% 0.16%
EQ/Capital Guardian International+ 0.83% 0.25% 0.21%
EQ/Capital Guardian Research 0.65% 0.25% 0.13%
EQ/Capital Guardian U.S. Equity++ 0.64% 0.25% 0.14%
EQ/Caywood-Scholl High Yield Bond 0.60% 0.25% 0.18%
EQ/Davis New York Venture** 0.85% 0.25% 0.74%
EQ/Equity 500 Index 0.25% 0.25% 0.13%
EQ/Evergreen International Bond 0.70% 0.25% 0.23%
EQ/Evergreen Omega 0.65% 0.25% 0.21%
EQ/FI Mid Cap 0.68% 0.25% 0.15%
EQ/FI Mid Cap Value+ 0.73% 0.25% 0.13%
EQ/Franklin Income 0.90% 0.25% 0.38%
EQ/Franklin Small Cap Value 0.90% 0.25% 2.00%
EQ/Franklin Templeton Founding Strategy** 0.05% 0.25% 0.21%
EQ/GAMCO Mergers and Acquisitions 0.90% 0.25% 0.33%
EQ/GAMCO Small Company Value 0.78% 0.25% 0.14%
EQ/International Growth 0.85% 0.25% 0.35%
EQ/Janus Large Cap Growth++ 0.90% 0.25% 0.15%
EQ/JPMorgan Core Bond 0.44% 0.25% 0.15%
EQ/JPMorgan Value Opportunities 0.60% 0.25% 0.16%
EQ/Legg Mason Value Equity 0.65% 0.25% 0.22%
- -------------------------------------------------------------------------------------------------------------
Total
Annual Net Total
Acquired Expenses Fee Waiv- Annual
Fund Fees (Before ers and/or Expenses
and Expenses Expense Expense After
(Underlying Limita- Reim- Expense
Portfolio Name Portfolios)(8) tions) bursements(9) Limitation
- -------------------------------------------------------------------------------------------------------------
AXA Premier VIP Trust:
- -------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation 0.91% 1.44% ( 0.18)% 1.26%
AXA Conservative Allocation 0.67% 1.24% ( 0.22)% 1.02%
AXA Conservative-Plus Allocation 0.72% 1.25% ( 0.18)% 1.07%
AXA Moderate Allocation 0.78% 1.30% ( 0.17)% 1.13%
AXA Moderate-Plus Allocation 0.85% 1.37% ( 0.17)% 1.20%
Multimanager Aggressive Equity* -- 1.05% -- 1.05%
Multimanager Core Bond* -- 1.02% ( 0.07)% 0.95%
Multimanager Health Care* -- 1.68% 0.00% 1.68%
Multimanager High Yield* -- 1.01% -- 1.01%
Multimanager International Equity* -- 1.53% 0.00% 1.53%
Multimanager Large Cap Core Equity* -- 1.35% 0.00% 1.35%
Multimanager Large Cap Growth* -- 1.37% ( 0.02)% 1.35%
Multimanager Large Cap Value* -- 1.35% 0.00% 1.35%
Multimanager Mid Cap Growth* 0.01% 1.56% 0.00% 1.56%
Multimanager Mid Cap Value* 0.03% 1.59% 0.00% 1.59%
Multimanager Technology* -- 1.68% 0.00% 1.68%
Target 2015 Allocation 0.53% 8.76% ( 7.63)% 1.13%
Target 2025 Allocation 0.52% 8.16% ( 7.04)% 1.12%
Target 2035 Allocation 0.52% 10.43% ( 9.31)% 1.12%
Target 2045 Allocation 0.52% 11.36% (10.24)% 1.12%
- -------------------------------------------------------------------------------------------------------------
EQ Advisors Trust:
- -------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock -- 0.85% -- 0.85%
EQ/AllianceBernstein Growth and Income++ -- 0.93% -- 0.93%
EQ/AllianceBernstein Intermediate Government Securities -- 0.89% -- 0.89%
EQ/AllianceBernstein International -- 1.16% ( 0.06)% 1.10%
EQ/AllianceBernstein Large Cap Growth -- 1.26% ( 0.21)% 1.05%
EQ/AllianceBernstein Quality Bond -- 0.89% -- 0.89%
EQ/AllianceBernstein Small Cap Growth -- 1.12% -- 1.12%
EQ/AllianceBernstein Value -- 0.98% ( 0.03)% 0.95%
EQ/Ariel Appreciation II -- 1.51% ( 0.36)% 1.15%
EQ/AXA Rosenberg Value Long/Short Equity -- 3.09% ( 1.10)% 1.99%
EQ/BlackRock Basic Value Equity* -- 0.94% 0.00% 0.94%
EQ/BlackRock International Value* -- 1.28% ( 0.03)% 1.25%
EQ/Boston Advisors Equity Income -- 1.15% ( 0.10)% 1.05%
EQ/Calvert Socially Responsible -- 1.15% ( 0.10)% 1.05%
EQ/Capital Guardian Growth -- 1.06% ( 0.11)% 0.95%
EQ/Capital Guardian International+ -- 1.29% ( 0.09)% 1.20%
EQ/Capital Guardian Research -- 1.03% ( 0.08)% 0.95%
EQ/Capital Guardian U.S. Equity++ -- 1.03% ( 0.08)% 0.95%
EQ/Caywood-Scholl High Yield Bond -- 1.03% ( 0.03)% 1.00%
EQ/Davis New York Venture** -- 1.84% ( 0.54)% 1.30%
EQ/Equity 500 Index -- 0.63% -- 0.63%
EQ/Evergreen International Bond -- 1.18% ( 0.03)% 1.15%
EQ/Evergreen Omega -- 1.11% 0.00% 1.11%
EQ/FI Mid Cap -- 1.08% ( 0.08)% 1.00%
EQ/FI Mid Cap Value+ -- 1.11% ( 0.01)% 1.10%
EQ/Franklin Income -- 1.53% ( 0.23)% 1.30%
EQ/Franklin Small Cap Value -- 3.15% ( 1.85)% 1.30%
EQ/Franklin Templeton Founding Strategy** 1.07% 1.58% ( 0.11)% 1.47%
EQ/GAMCO Mergers and Acquisitions -- 1.48% ( 0.03)% 1.45%
EQ/GAMCO Small Company Value -- 1.17% 0.00% 1.17%
EQ/International Growth -- 1.45% 0.00% 1.45%
EQ/Janus Large Cap Growth++ -- 1.30% ( 0.15)% 1.15%
EQ/JPMorgan Core Bond -- 0.84% 0.00% 0.84%
EQ/JPMorgan Value Opportunities -- 1.01% ( 0.06)% 0.95%
EQ/Legg Mason Value Equity -- 1.12% ( 0.12)% 1.00%
Fee table 13
- -------------------------------------------------------------------------
Manage- Other
ment 12b-1 expenses
Portfolio Name Fees(5) Fees(6) (7)
- -------------------------------------------------------------------------
EQ/Long Term Bond 0.43% 0.25% 0.15%
EQ/Lord Abbett Growth and Income 0.65% 0.25% 0.26%
EQ/Lord Abbett Large Cap Core 0.65% 0.25% 0.41%
EQ/Lord Abbett Mid Cap Value 0.70% 0.25% 0.18%
EQ/Marsico Focus 0.85% 0.25% 0.13%
EQ/MFS Emerging Growth Companies+ 0.65% 0.25% 0.15%
EQ/MFS Investors Trust+ 0.60% 0.25% 0.16%
EQ/Money Market 0.33% 0.25% 0.14%
EQ/Montag & Caldwell Growth 0.75% 0.25% 0.16%
EQ/Mutual Shares 0.90% 0.25% 0.50%
EQ/Oppenheimer Global 0.95% 0.25% 1.30%
EQ/Oppenheimer Main Street Opportunity** 0.85% 0.25% 1.58%
EQ/Oppenheimer Main Street Small Cap 0.90% 0.25% 1.48%
EQ/PIMCO Real Return 0.55% 0.25% 0.18%
EQ/Short Duration Bond 0.43% 0.25% 0.14%
EQ/Small Cap Value+ 0.73% 0.25% 0.15%
EQ/Small Company Growth++ 1.00% 0.25% 0.17%
EQ/Small Company Index 0.25% 0.25% 0.16%
EQ/TCW Equity++ 0.80% 0.25% 0.16%
EQ/Templeton Growth 0.95% 0.25% 0.64%
EQ/UBS Growth and Income 0.75% 0.25% 0.17%
EQ/Van Kampen Comstock 0.65% 0.25% 0.19%
EQ/Van Kampen Emerging Markets Equity 1.12% 0.25% 0.40%
EQ/Van Kampen Mid Cap Growth 0.70% 0.25% 0.23%
EQ/Wells Fargo Montgomery Small Cap++ 0.85% 0.25% 0.41%
- -------------------------------------------------------------------------
The Universal Institutional Funds, Inc.:
- -------------------------------------------------------------------------
U.S. Real Estate - Class II++ 0.74% 0.35% 0.27%
- -------------------------------------------------------------------------------------------------
Total
Annual Net Total
Acquired Expenses Fee Waiv- Annual
Fund Fees (Before ers and/or Expenses
and Expenses Expense Expense After
(Underlying Limita- Reim- Expense
Portfolio Name Portfolios)(8) tions) bursements(9) Limitations
- -------------------------------------------------------------------------------------------------
EQ/Long Term Bond -- 0.83% 0.00% 0.83%
EQ/Lord Abbett Growth and Income -- 1.16% (0.16)% 1.00%
EQ/Lord Abbett Large Cap Core -- 1.31% (0.31)% 1.00%
EQ/Lord Abbett Mid Cap Value -- 1.13% (0.08)% 1.05%
EQ/Marsico Focus -- 1.23% (0.08)% 1.15%
EQ/MFS Emerging Growth Companies+ -- 1.05% -- 1.05%
EQ/MFS Investors Trust+ -- 1.01% (0.06)% 0.95%
EQ/Money Market -- 0.72% -- 0.72%
EQ/Montag & Caldwell Growth -- 1.16% (0.01)% 1.15%
EQ/Mutual Shares -- 1.65% (0.35)% 1.30%
EQ/Oppenheimer Global 0.01% 2.51% (1.15)% 1.36%
EQ/Oppenheimer Main Street Opportunity** -- 2.68% (1.38)% 1.30%
EQ/Oppenheimer Main Street Small Cap -- 2.63% (1.33)% 1.30%
EQ/PIMCO Real Return -- 0.98% (0.08)% 0.90%
EQ/Short Duration Bond -- 0.82% 0.00% 0.82%
EQ/Small Cap Value+ -- 1.13% (0.03)% 1.10%
EQ/Small Company Growth++ -- 1.42% (0.12)% 1.30%
EQ/Small Company Index 0.01% 0.67% 0.00% 0.67%
EQ/TCW Equity++ -- 1.21% (0.06)% 1.15%
EQ/Templeton Growth -- 1.84% (0.49)% 1.35%
EQ/UBS Growth and Income -- 1.17% (0.12)% 1.05%
EQ/Van Kampen Comstock -- 1.09% (0.09)% 1.00%
EQ/Van Kampen Emerging Markets Equity -- 1.77% 0.00% 1.77%
EQ/Van Kampen Mid Cap Growth -- 1.18% (0.13)% 1.05%
EQ/Wells Fargo Montgomery Small Cap++ -- 1.51% (0.21)% 1.30%
- -------------------------------------------------------------------------------------------------
The Universal Institutional Funds, Inc.:
- -------------------------------------------------------------------------------------------------
U.S. Real Estate - Class II++ -- 1.36% (0.10)% 1.26%
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"About the portfolios of the Trusts" later in this prospectus for the
investment option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned substitution or merger of this portfolio.
Notes:
(1) This charge applies to any contribution withdrawn attributable to the
current and five prior contract years measured from the date of the
withdrawal. This charge is deducted upon a withdrawal of amounts in excess
of the 15% free withdrawal amount. Important exceptions and limitations may
eliminate or reduce this charge.
(2) During the first two contract years, this charge, if it applies, is equal to
the lesser of $30 or 2% of your account value plus any amount previously
withdrawn during the contract year.
(3) A portion of this charge is for providing the standard death benefit.
(4) "Total Annual Portfolio Operating Expenses" are based, in part, on estimated
amounts for options added during the fiscal year 2006 and for the underlying
portfolios.
(5) The management fees for each portfolio cannot be increased without a vote of
that portfolio's shareholders. See footnote (9) for any expense limitation
agreement information.
(6) Portfolio shares are all subject to fees imposed under the distribution
plans (the "Rule 12b-1 Plan") adopted by the Trusts pursuant to Rule 12b-1
under the Investment Company Act of 1940. For the portfolios of the AXA
Premier VIP Trust and the EQ Advisors Trust, the 12b-1 fees will not be
increased for the life of the contract.
(7) The amounts shown as "Other Expenses" will fluctuate from year to year
depending on actual expenses. See footnote (9) for any expense limitation
agreement information.
(8) Each of these variable investment options invests in a corresponding
portfolio of one of the Trusts or other unaffiliated investment companies.
Each portfolio, in turn, invests in shares of other portfolios of the Trusts
and/or shares of unaffiliated portfolios ("underlying portfolios"). Amounts
shown reflect each portfolio's pro rata share of the fees and expenses of
the underlying portfolio(s) in which it invests. The fees and expenses are
based on the respective weighted investment allocation as of 12/31/06. A
"--" indicates that the listed portfolio does not invest in underlying
portfolios.
(9) The amounts shown reflect any fee waivers and/or expense reimbursements that
apply to each portfolio. A "--" indicates that there is no expense
limitation in effect, and "0.00%" indicates that the expense limitation
arrangement did not result in a fee waiver or reimbursement. AXA Equitable,
the investment manager of AXA Premier VIP Trust and EQ Advisors Trust, has
entered into expense limitation agreements with respect to certain
portfolios, which are effective through April 30, 2008 for AXA Premier VIP
Trust and for EQ Advisors Trust. Under these agreements, AXA Equitable has
agreed to waive or limit its fees and assume other expenses of certain
portfolios, if necessary, in an amount that limits such portfolio's Total
Annual Expenses (exclusive of interest, taxes, brokerage commissions,
capitalized expenditures, expenses of the underlying portfolios in which the
portfolio invests and extraordinary expenses) to not more than specified
amounts. Therefore, each portfolio may at a later date make a reimbursement
to AXA Equitable for any of the management fees waived or limited and other
expenses assumed and paid by AXA Equitable pursuant to the expense
limitation agreements provided that the portfolio's current annual operating
expenses do not exceed the operating expense limit determined for such
portfolio. Morgan Stanley Investment Management Inc., which does business in
certain instances as "Van Kampen," is the manager of The Universal
Institutional Funds, Inc. -- U.S. Real Estate Portfolio -- Class II, and has
voluntarily agreed to reduce its management fee and/or reimburse the
portfolio so that total annual operating expenses of the portfolio
(exclusive of investment related expenses, such as foreign country tax
expense and interest expense on amounts borrowed) are not more than
specified amounts. Additionally, the distributor of The Universal
Institutional Funds, Inc. has agreed to waive a portion of the 12b-1 fee for
Class II shares. Van Kampen and/or the fund's distributor reserves the right
to terminate any waiver and/or reimbursement at any time without notice. See
the prospectuses for each applicable underlying Trust for more information
about the arrangements. In addition, a portion of the brokerage commissions
of certain
14 Fee table
portfolios of AXA Premier VIP Trust and EQ Advisors Trust is used to reduce the
applicable portfolio's expenses. If the above table reflected both the expense
limitation arrangements plus the portion of the brokerage commissions used to
reduce portfolio expenses, the net expenses would be as shown in the table
below:
- --------------------------------------------------------
Portfolio Name:
- --------------------------------------------------------
Multimanager Aggressive Equity 1.03%
Multimanager Health Care 1.63%
Multimanager International Equity 1.52%
Multimanager Large Cap Core Equity 1.33%
Multimanager Large Cap Growth 1.33%
Multimanager Large Cap Value 1.31%
Multimanager Mid Cap Growth 1.52%
Multimanager Mid Cap Value 1.58%
Multimanager Technology 1.64%
EQ/AllianceBernstein Common Stock 0.83%
EQ/AllianceBernstein Growth and Income 0.92%
EQ/AllianceBernstein Large Cap Growth 1.03%
EQ/AllianceBernstein Small Cap Growth 1.11%
EQ/AllianceBernstein Value 0.94%
EQ/Ariel Appreciation II 1.01%
EQ/BlackRock Basic Value Equity 0.93%
EQ/Capital Guardian Growth 0.94%
EQ/Capital Guardian Research 0.94%
EQ/Capital Guardian U.S. Equity 0.94%
EQ/Davis New York Venture 1.27%
EQ/Evergreen Omega 1.05%
EQ/FI Mid Cap 0.97%
EQ/FI Mid Cap Value 1.09%
EQ/GAMCO Mergers and Acquisitions 1.37%
EQ/GAMCO Small Company Value 1.16%
EQ/Janus Large Cap Growth 1.14%
EQ/Legg Mason Value Equity 0.97%
EQ/Lord Abbett Growth and Income 0.99%
EQ/Lord Abbett Large Cap Core 0.99%
EQ/Marsico Focus 1.14%
EQ/MFS Emerging Growth Companies 1.03%
EQ/MFS Investors Trust 0.94%
EQ/Montag & Caldwell Growth 1.13%
EQ/Mutual Shares 1.30%
EQ/Small Cap Value 1.02%
EQ/UBS Growth and Income 1.03%
EQ/Van Kampen Comstock 0.99%
EQ/Van Kampen Emerging Markets Equity 1.75%
EQ/Van Kampen Mid Cap Growth 1.01%
EQ/Wells Fargo Montgomery Small Cap 1.20%
- --------------------------------------------------------
EXAMPLES
These examples are intended to help you compare the cost of investing in the
contract with the cost of investing in other variable annuity contracts. These
costs include contract owner transaction expenses, contract fees, separate
account annual expenses, and underlying Trust fees and expenses (including
underlying portfolio fees and expenses). For a complete description of
portfolio charges and expenses, please see the prospectus for each Trust.
The examples below show the expenses that a hypothetical contract owner would
pay in the situations illustrated. The examples use an average annual
administrative charge based on charges paid in 2006, which results in an
estimated annual charge of 0.0547% of contract value.
The fixed maturity options and the guaranteed interest option are not covered
by the fee table and examples. However, the annual administrative charge, the
withdrawal charge, the third-party transfer or exchange charge, and the charge
if you elect a Variable Immediate Annuity payout option do apply to the fixed
maturity options and the guaranteed interest option. A market value adjustment
(up or down) will apply as a result of a withdrawal, transfer, or surrender of
amounts from a fixed maturity option.
These examples should not be considered a representation of past or future
expenses for any option. Actual expenses may be greater or less than those
shown. Similarly, the annual rate of return assumed in the examples is not an
estimate or guarantee of future investment performance.
The examples assume that you invest $10,000 in the contract for the time
periods indicated and that your investment has a 5% return each year. The
examples also assume (i) maximum contract charges rather than the lower current
expenses discussed in "Charges and expenses" later in this prospectus (except
the annual administrative charge which is described above); (ii) the total
annual expenses of the portfolios (before expense limitations) set forth in the
previous tables; (iii) that the ratcheted death benefit has been elected; and
(iv) there is no waiver of the withdrawal charge. Although your actual costs
may be higher or lower, based on these assumptions, your costs would be:
Fee table 15
- ----------------------------------------------------------------------------------------------------
If you surrender your contract at the end
of the applicable time period
- ----------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- ----------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- ----------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 884 $1,646 $2,428 $3,895
AXA Conservative Allocation $ 864 $1,587 $2,334 $3,708
AXA Conservative-Plus Allocation $ 865 $1,590 $2,338 $3,717
AXA Moderate Allocation $ 870 $1,605 $2,362 $3,764
AXA Moderate-Plus Allocation $ 877 $1,625 $2,395 $3,830
Multimanager Aggressive Equity* $ 845 $1,532 $2,243 $3,526
Multimanager Core Bond* $ 842 $1,523 $2,228 $3,497
Multimanager Health Care* $ 907 $1,715 $2,541 $4,116
Multimanager High Yield* $ 841 $1,520 $2,224 $3,487
Multimanager International Equity* $ 893 $1,672 $2,470 $3,979
Multimanager Large Cap Core Equity* $ 875 $1,619 $2,386 $3,811
Multimanager Large Cap Growth* $ 877 $1,625 $2,395 $3,830
Multimanager Large Cap Value* $ 875 $1,619 $2,386 $3,811
Multimanager Mid Cap Growth* $ 895 $1,680 $2,485 $4,006
Multimanager Mid Cap Value* $ 898 $1,689 $2,499 $4,034
Multimanager Technology* $ 907 $1,715 $2,541 $4,116
Target 2015 Allocation $1,613 $3,612 $5,366 $8,599
Target 2025 Allocation $1,553 $3,463 $5,161 $8,342
Target 2035 Allocation $1,779 $4,017 $5,906 $9,224
Target 2045 Allocation $1,871 $4,235 $6,189 $9,520
- ----------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 825 $1,473 $2,147 $3,330
EQ/AllianceBernstein Growth and Income++ $ 833 $1,496 $2,185 $3,409
EQ/AllianceBernstein Intermediate Government Securities $ 829 $1,485 $2,166 $3,370
EQ/AllianceBernstein International $ 856 $1,564 $2,295 $3,632
EQ/AllianceBernstein Large Cap Growth $ 866 $1,593 $2,343 $3,727
EQ/AllianceBernstein Quality Bond $ 829 $1,485 $2,166 $3,370
EQ/AllianceBernstein Small Cap Growth $ 852 $1,552 $2,276 $3,593
EQ/AllianceBernstein Value $ 838 $1,511 $2,209 $3,458
EQ/Ariel Appreciation II $ 891 $1,666 $2,461 $3,960
EQ/AXA Rosenberg Value Long/Short Equity $1,048 $2,117 $3,178 $5,303
EQ/BlackRock Basic Value Equity* $ 834 $1,499 $2,190 $3,419
EQ/BlackRock International Value* $ 868 $1,599 $2,352 $3,746
EQ/Boston Advisors Equity Income $ 855 $1,561 $2,291 $3,622
EQ/Calvert Socially Responsible $ 855 $1,561 $2,291 $3,622
EQ/Capital Guardian Growth $ 846 $1,535 $2,248 $3,535
EQ/Capital Guardian International+ $ 869 $1,602 $2,357 $3,755
EQ/Capital Guardian Research $ 843 $1,526 $2,233 $3,506
EQ/Capital Guardian U.S. Equity++ $ 843 $1,526 $2,233 $3,506
EQ/Caywood-Scholl High Yield Bond $ 843 $1,526 $2,233 $3,506
EQ/Davis New York Venture** $ 923 $1,761 $2,615 $4,259
EQ/Equity 500 Index $ 803 $1,408 $2,040 $3,111
EQ/Evergreen International Bond $ 858 $1,570 $2,305 $3,651
EQ/Evergreen Omega $ 851 $1,549 $2,272 $3,584
EQ/FI Mid Cap $ 848 $1,540 $2,257 $3,555
- ---------------------------------------------------------------------------------------------------------
If you annuitize at the end of the applicable time
period and select a non-life contingent period
certain annuity option with less than ten years.
- ---------------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- ---------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- ---------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation N/A $1,646 $2,428 $3,895
AXA Conservative Allocation N/A $1,587 $2,334 $3,708
AXA Conservative-Plus Allocation N/A $1,590 $2,338 $3,717
AXA Moderate Allocation N/A $1,605 $2,362 $3,764
AXA Moderate-Plus Allocation N/A $1,625 $2,395 $3,830
Multimanager Aggressive Equity* N/A $1,532 $2,243 $3,526
Multimanager Core Bond* N/A $1,523 $2,228 $3,497
Multimanager Health Care* N/A $1,715 $2,541 $4,116
Multimanager High Yield* N/A $1,520 $2,224 $3,487
Multimanager International Equity* N/A $1,672 $2,470 $3,979
Multimanager Large Cap Core Equity* N/A $1,619 $2,386 $3,811
Multimanager Large Cap Growth* N/A $1,625 $2,395 $3,830
Multimanager Large Cap Value* N/A $1,619 $2,386 $3,811
Multimanager Mid Cap Growth* N/A $1,680 $2,485 $4,006
Multimanager Mid Cap Value* N/A $1,689 $2,499 $4,034
Multimanager Technology* N/A $1,715 $2,541 $4,116
Target 2015 Allocation N/A $3,612 $5,366 $8,599
Target 2025 Allocation N/A $3,463 $5,161 $8,342
Target 2035 Allocation N/A $4,017 $5,906 $9,224
Target 2045 Allocation N/A $4,235 $6,189 $9,520
- ---------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ---------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock N/A $1,473 $2,147 $3,330
EQ/AllianceBernstein Growth and Income++ N/A $1,496 $2,185 $3,409
EQ/AllianceBernstein Intermediate Government Securities N/A $1,485 $2,166 $3,370
EQ/AllianceBernstein International N/A $1,564 $2,295 $3,632
EQ/AllianceBernstein Large Cap Growth N/A $1,593 $2,343 $3,727
EQ/AllianceBernstein Quality Bond N/A $1,485 $2,166 $3,370
EQ/AllianceBernstein Small Cap Growth N/A $1,552 $2,276 $3,593
EQ/AllianceBernstein Value N/A $1,511 $2,209 $3,458
EQ/Ariel Appreciation II N/A $1,666 $2,461 $3,960
EQ/AXA Rosenberg Value Long/Short Equity N/A $2,117 $3,178 $5,303
EQ/BlackRock Basic Value Equity* N/A $1,499 $2,190 $3,419
EQ/BlackRock International Value* N/A $1,599 $2,352 $3,746
EQ/Boston Advisors Equity Income N/A $1,561 $2,291 $3,622
EQ/Calvert Socially Responsible N/A $1,561 $2,291 $3,622
EQ/Capital Guardian Growth N/A $1,535 $2,248 $3,535
EQ/Capital Guardian International+ N/A $1,602 $2,357 $3,755
EQ/Capital Guardian Research N/A $1,526 $2,233 $3,506
EQ/Capital Guardian U.S. Equity++ N/A $1,526 $2,233 $3,506
EQ/Caywood-Scholl High Yield Bond N/A $1,526 $2,233 $3,506
EQ/Davis New York Venture** N/A $1,761 $2,615 $4,259
EQ/Equity 500 Index N/A $1,408 $2,040 $3,111
EQ/Evergreen International Bond N/A $1,570 $2,305 $3,651
EQ/Evergreen Omega N/A $1,549 $2,272 $3,584
EQ/FI Mid Cap N/A $1,540 $2,257 $3,555
- ----------------------------------------------------------------------------------------------------
If you do not surrender your contract at the
end of the applicable time period
- ----------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST: 1 year 3 years 5 years 10 years
- ----------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 367 $1,115 $1,883 $3,895
AXA Conservative Allocation $ 346 $1,053 $1,783 $3,708
AXA Conservative-Plus Allocation $ 347 $1,056 $1,788 $3,717
AXA Moderate Allocation $ 352 $1,072 $1,813 $3,764
AXA Moderate-Plus Allocation $ 359 $1,093 $1,848 $3,830
Multimanager Aggressive Equity* $ 326 $ 995 $1,687 $3,526
Multimanager Core Bond* $ 323 $ 985 $1,672 $3,497
Multimanager Health Care* $ 392 $1,189 $2,002 $4,116
Multimanager High Yield* $ 322 $ 982 $1,667 $3,487
Multimanager International Equity* $ 376 $1,143 $1,928 $3,979
Multimanager Large Cap Core Equity* $ 357 $1,087 $1,838 $3,811
Multimanager Large Cap Growth* $ 359 $1,093 $1,848 $3,830
Multimanager Large Cap Value* $ 357 $1,087 $1,838 $3,811
Multimanager Mid Cap Growth* $ 379 $1,152 $1,943 $4,006
Multimanager Mid Cap Value* $ 382 $1,161 $1,958 $4,034
Multimanager Technology* $ 392 $1,189 $2,002 $4,116
Target 2015 Allocation $1,135 $3,193 $4,998 $8,599
Target 2025 Allocation $1,072 $3,035 $4,781 $8,342
Target 2035 Allocation $1,310 $3,621 $5,572 $9,224
Target 2045 Allocation $1,408 $3,852 $5,872 $9,520
- ----------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 305 $ 932 $1,585 $3,330
EQ/AllianceBernstein Growth and Income++ $ 313 $ 957 $1,626 $3,409
EQ/AllianceBernstein Intermediate Government Securities $ 309 $ 945 $1,605 $3,370
EQ/AllianceBernstein International $ 337 $1,029 $1,743 $3,632
EQ/AllianceBernstein Large Cap Growth $ 348 $1,060 $1,793 $3,727
EQ/AllianceBernstein Quality Bond $ 309 $ 945 $1,605 $3,370
EQ/AllianceBernstein Small Cap Growth $ 333 $1,016 $1,722 $3,593
EQ/AllianceBernstein Value $ 318 $ 973 $1,651 $3,458
EQ/Ariel Appreciation II $ 374 $1,136 $1,918 $3,960
EQ/AXA Rosenberg Value Long/Short Equity $ 540 $1,613 $2,678 $5,303
EQ/BlackRock Basic Value Equity* $ 314 $ 960 $1,631 $3,419
EQ/BlackRock International Value* $ 350 $1,066 $1,803 $3,746
EQ/Boston Advisors Equity Income $ 336 $1,026 $1,738 $3,622
EQ/Calvert Socially Responsible $ 336 $1,026 $1,738 $3,622
EQ/Capital Guardian Growth $ 327 $ 998 $1,692 $3,535
EQ/Capital Guardian International+ $ 351 $1,069 $1,808 $3,755
EQ/Capital Guardian Research $ 324 $ 988 $1,677 $3,506
EQ/Capital Guardian U.S. Equity++ $ 324 $ 988 $1,677 $3,506
EQ/Caywood-Scholl High Yield Bond $ 324 $ 988 $1,677 $3,506
EQ/Davis New York Venture** $ 409 $1,237 $2,081 $4,259
EQ/Equity 500 Index $ 282 $ 864 $1,472 $3,111
EQ/Evergreen International Bond $ 339 $1,035 $1,753 $3,651
EQ/Evergreen Omega $ 332 $1,013 $1,717 $3,584
EQ/FI Mid Cap $ 329 $1,004 $1,702 $3,555
- ----------------------------------------------------------------------------------------------------
16 Fee table
- --------------------------------------------------------------------------------------------------
If you surrender your contract at the end
of the applicable time period
- --------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- --------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- --------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value+ $ 851 $1,549 $2,272 $3,584
EQ/Franklin Income $ 893 $1,672 $2,470 $3,979
EQ/Franklin Small Cap Value $1,054 $2,134 $3,204 $5,350
EQ/Franklin Templeton Founding Strategy** $ 897 $1,686 $2,494 $4,024
EQ/GAMCO Mergers and Acquisitions $ 888 $1,657 $2,447 $3,932
EQ/GAMCO Small Company Value $ 857 $1,567 $2,300 $3,641
EQ/International Growth $ 885 $1,649 $2,433 $3,905
EQ/Janus Large Cap Growth++ $ 870 $1,605 $2,362 $3,764
EQ/JPMorgan Core Bond $ 824 $1,470 $2,142 $3,321
EQ/JPMorgan Value Opportunities $ 841 $1,520 $2,224 $3,487
EQ/Legg Mason Value Equity $ 852 $1,552 $2,276 $3,593
EQ/Long Term Bond $ 823 $1,467 $2,137 $3,311
EQ/Lord Abbett Growth and Income $ 866 $1,593 $2,343 $3,727
EQ/Lord Abbett Large Cap Core $ 871 $1,608 $2,367 $3,774
EQ/Lord Abbett Mid Cap Value $ 853 $1,555 $2,281 $3,603
EQ/Marsico Focus $ 863 $1,584 $2,329 $3,698
EQ/MFS Emerging Growth Companies+ $ 845 $1,532 $2,243 $3,526
EQ/MFS Investors Trust+ $ 841 $1,520 $2,224 $3,487
EQ/Money Market $ 812 $1,435 $2,084 $3,201
EQ/Montag & Caldwell Growth $ 856 $1,564 $2,295 $3,632
EQ/Mutual Shares $ 904 $1,707 $2,527 $4,088
EQ/Oppenheimer Global $ 990 $1,953 $2,921 $4,836
EQ/Oppenheimer Main Street Opportunity** $1,007 $2,002 $2,997 $4,976
EQ/Oppenheimer Main Street Small Cap $1,002 $1,987 $2,974 $4,935
EQ/PIMCO Real Return $ 838 $1,511 $2,209 $3,458
EQ/Short Duration Bond $ 822 $1,464 $2,132 $3,301
EQ/Small Cap Value+ $ 853 $1,555 $2,281 $3,603
EQ/Small Company Growth+ $ 882 $1,640 $2,419 $3,877
EQ/Small Company Index $ 807 $1,420 $2,059 $3,151
EQ/TCW Equity++ $ 861 $1,579 $2,319 $3,679
EQ/Templeton Growth $ 923 $1,761 $2,615 $4,259
EQ/UBS Growth and Income $ 857 $1,567 $2,300 $3,641
EQ/Van Kampen Comstock $ 849 $1,543 $2,262 $3,564
EQ/Van Kampen Emerging Markets Equity $ 916 $1,741 $2,583 $4,197
EQ/Van Kampen Mid Cap Growth $ 858 $1,570 $2,305 $3,651
EQ/Wells Fargo Montgomery Small Cap++ $ 891 $1,666 $2,461 $3,960
- --------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- --------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ $ 876 $1,622 $2,390 $3,821
- ----------------------------------------------------------------------------------------------------
If you annuitize at the end of the
applicable time period and select a non-life
contingent period certain annuity option
with less than ten years.
- ----------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- ----------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ----------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value+ N/A $1,549 $2,272 $3,584
EQ/Franklin Income N/A $1,672 $2,470 $3,979
EQ/Franklin Small Cap Value N/A $2,134 $3,204 $5,350
EQ/Franklin Templeton Founding Strategy** N/A $1,686 $2,494 $4,024
EQ/GAMCO Mergers and Acquisitions N/A $1,657 $2,447 $3,932
EQ/GAMCO Small Company Value N/A $1,567 $2,300 $3,641
EQ/International Growth N/A $1,649 $2,433 $3,905
EQ/Janus Large Cap Growth++ N/A $1,605 $2,362 $3,764
EQ/JPMorgan Core Bond N/A $1,470 $2,142 $3,321
EQ/JPMorgan Value Opportunities N/A $1,520 $2,224 $3,487
EQ/Legg Mason Value Equity N/A $1,552 $2,276 $3,593
EQ/Long Term Bond N/A $1,467 $2,137 $3,311
EQ/Lord Abbett Growth and Income N/A $1,593 $2,343 $3,727
EQ/Lord Abbett Large Cap Core N/A $1,608 $2,367 $3,774
EQ/Lord Abbett Mid Cap Value N/A $1,555 $2,281 $3,603
EQ/Marsico Focus N/A $1,584 $2,329 $3,698
EQ/MFS Emerging Growth Companies+ N/A $1,532 $2,243 $3,526
EQ/MFS Investors Trust+ N/A $1,520 $2,224 $3,487
EQ/Money Market N/A $1,435 $2,084 $3,201
EQ/Montag & Caldwell Growth N/A $1,564 $2,295 $3,632
EQ/Mutual Shares N/A $1,707 $2,527 $4,088
EQ/Oppenheimer Global N/A $1,953 $2,921 $4,836
EQ/Oppenheimer Main Street Opportunity** N/A $2,002 $2,997 $4,976
EQ/Oppenheimer Main Street Small Cap N/A $1,987 $2,974 $4,935
EQ/PIMCO Real Return N/A $1,511 $2,209 $3,458
EQ/Short Duration Bond N/A $1,464 $2,132 $3,301
EQ/Small Cap Value+ N/A $1,555 $2,281 $3,603
EQ/Small Company Growth+ N/A $1,640 $2,419 $3,877
EQ/Small Company Index N/A $1,420 $2,059 $3,151
EQ/TCW Equity++ N/A $1,579 $2,319 $3,679
EQ/Templeton Growth N/A $1,761 $2,615 $4,259
EQ/UBS Growth and Income N/A $1,567 $2,300 $3,641
EQ/Van Kampen Comstock N/A $1,543 $2,262 $3,564
EQ/Van Kampen Emerging Markets Equity N/A $1,741 $2,583 $4,197
EQ/Van Kampen Mid Cap Growth N/A $1,570 $2,305 $3,651
EQ/Wells Fargo Montgomery Small Cap++ N/A $1,666 $2,461 $3,960
- ----------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- ----------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ N/A $1,622 $2,390 $3,821
- --------------------------------------------------------------------------------------------------
If you do not surrender your contract at
the end of the applicable time period
- --------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- --------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- --------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value+ $332 $1,013 $1,717 $3,584
EQ/Franklin Income $376 $1,143 $1,928 $3,979
EQ/Franklin Small Cap Value $546 $1,631 $2,706 $5,350
EQ/Franklin Templeton Founding Strategy** $381 $1,158 $1,953 $4,024
EQ/GAMCO Mergers and Acquisitions $371 $1,127 $1,903 $3,932
EQ/GAMCO Small Company Value $338 $1,032 $1,748 $3,641
EQ/International Growth $368 $1,118 $1,888 $3,905
EQ/Janus Large Cap Growth++ $352 $1,072 $1,813 $3,764
EQ/JPMorgan Core Bond $304 $ 929 $1,580 $3,321
EQ/JPMorgan Value Opportunities $322 $ 982 $1,667 $3,487
EQ/Legg Mason Value Equity $333 $1,016 $1,722 $3,593
EQ/Long Term Bond $303 $ 926 $1,575 $3,311
EQ/Lord Abbett Growth and Income $348 $1,060 $1,793 $3,727
EQ/Lord Abbett Large Cap Core $353 $1,075 $1,818 $3,774
EQ/Lord Abbett Mid Cap Value $334 $1,019 $1,727 $3,603
EQ/Marsico Focus $345 $1,050 $1,778 $3,698
EQ/MFS Emerging Growth Companies+ $326 $ 995 $1,687 $3,526
EQ/MFS Investors Trust+ $322 $ 982 $1,667 $3,487
EQ/Money Market $291 $ 892 $1,518 $3,201
EQ/Montag & Caldwell Growth $337 $1,029 $1,743 $3,632
EQ/Mutual Shares $389 $1,179 $1,988 $4,088
EQ/Oppenheimer Global $479 $1,440 $2,405 $4,836
EQ/Oppenheimer Main Street Opportunity** $497 $1,491 $2,486 $4,976
EQ/Oppenheimer Main Street Small Cap $492 $1,476 $2,462 $4,935
EQ/PIMCO Real Return $318 $ 973 $1,651 $3,458
EQ/Short Duration Bond $302 $ 923 $1,569 $3,301
EQ/Small Cap Value+ $334 $1,019 $1,727 $3,603
EQ/Small Company Growth+ $365 $1,109 $1,873 $3,877
EQ/Small Company Index $286 $ 876 $1,492 $3,151
EQ/TCW Equity++ $343 $1,044 $1,768 $3,679
EQ/Templeton Growth $409 $1,237 $2,081 $4,259
EQ/UBS Growth and Income $338 $1,032 $1,748 $3,641
EQ/Van Kampen Comstock $330 $1,007 $1,707 $3,564
EQ/Van Kampen Emerging Markets Equity $401 $1,216 $2,047 $4,197
EQ/Van Kampen Mid Cap Growth $339 $1,035 $1,753 $3,651
EQ/Wells Fargo Montgomery Small Cap++ $374 $1,136 $1,918 $3,960
- --------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- --------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ $358 $1,090 $1,843 $3,821
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"About the Portfolios of the Trusts" later in this prospectus for the
investment option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned substitution or merger of this portfolio, subject to regulatory
approval.
Fee table 17
CONDENSED FINANCIAL INFORMATION
Please see Appendix II at the end of this prospectus for the unit values and the
number of units outstanding as of the end of the periods shown for each of the
variable investment options available as of December 31, 2006.
18 Fee table
1. Contract features and benefits
- --------------------------------------------------------------------------------
HOW YOU CAN PURCHASE AND CONTRIBUTE TO YOUR CONTRACT
You may purchase a contract by making payments to us that we call
"contributions." We require a minimum contribution amount for each type of
contract purchased. The minimum contribution amount under our automatic
investment program is $20. We discuss the automatic investment program under
"About other methods of payment" in "More information" later in this prospectus.
The following table summarizes our rules regarding contributions to your
contract. All ages in the table refer to the age of the annuitant named in the
contract.
- --------------------------------------------------------------------------------
The "annuitant" is the person who is the measuring life for determining
contract benefits. The annuitant is not necessarily the contract owner.
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Available for
annuitant issue Minimum Source of Limitations on
Contract type ages contributions contributions contributions
- -----------------------------------------------------------------------------------------------------------------------------------
NQ 0 through 85 $1,000 (initial) o After-tax money. o For annuitants up to age 83 at
$50 (additional) contract issue, additional
o Paid to us by check or transfer contributions may be made up to
of contract value in a tax age 84.
deferred exchange under Section
1035 of the Internal Revenue o For annuitants age 84 through
Code. 85 at contract issue,
additional contributions may be
o Paid to us by an employer who made up to one year beyond the
establishes a payroll annuitant's issue age.
deduction program.
- -----------------------------------------------------------------------------------------------------------------------------------
Traditional IRA 0 through 85 $50 (initial and o "Regular" traditional IRA o For annuitants up to age 83 at
additional) contributions either made by contract issue, additional
you or paid to us by an contributions (rollover or
employer who establishes a direct transfer) may be made up
payroll deduction program. to age 84.
o Additional catch-up
contributions. o For annuitants age 84 through
85 at contract issue,
o Eligible rollover distributions additional contributions
from contracts or other 403(b) (rollover or direct transfer)
arrangements, qualified plans may be made TSA up to one year
and governmental employer EDC beyond the annuitant's issue
plans. age.
o Rollovers from another o Regular IRA contributions may
traditional individual not exceed $4,000 for 2007 and
retirement arrangement. $5,000 for 2008.
o Direct custodian-to-custodian o No regular IRA contributions in
transfers from other the calendar year you turn
traditional individual retire- age 70-1/2 and thereafter.
ment arrangements.
o Rollover and direct transfer
contributions after age 70-1/2
must be net of required minimum
distributions.
o Although we accept rollover and
direct transfer contributions
under the traditional IRA
contracts, we intend that these
contracts be used for ongoing
regular contributions.
o Additional catch-up
contributions of up to $1,000
per calendar year if the owner
is at least age 50 but under
age 70-1/2 at any time during
the calendar year for which the
contribution is made.
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Contract features and benefits 19
- -----------------------------------------------------------------------------------------------------------------------------------
Available for
annuitant issue Minimum Source of Limitations on
Contract type ages contributions contributions contributions
- -----------------------------------------------------------------------------------------------------------------------------------
Roth IRA 0 through 85 $50 (initial and o Regular after-tax contributions o For annuitants up to age 83 at
additional) either made by you or paid to contract issue, additional
us by an employer who contributions may be made up to
establishes a payroll deduction age 84.
program.
o For annuitants age 84 through
o Rollovers from another Roth 85 at contract issue,
IRA. additional contributions may be
made up to one year beyond the
o Rollovers from a "designated annuitant's issue age.
Roth contribution account"
under a 401(k) plan or 403(b) o Regular Roth IRA contributions
arrangement. may not exceed $4,000 for 2007
and $5,000 for 2008.
o Conversion rollovers from a
traditional IRA. o Contributions are subject to
income limits and other tax
o Direct transfers from another rules. See "Contributions to
Roth IRA. Roth IRAs -- Tax information"
later in this prospectus.
o Additional catch-up
contributions. o Additional catch-up
contributions of up to $1,000
per calendar year if the owner
is at least age 50 at any time
during the calendar year for
which the contribution is made.
- -----------------------------------------------------------------------------------------------------------------------------------
Inherited IRA 0 through 70 o $5,000 o Direct custodian-to-custodian o Any additional contributions
(traditional IRA (initial) transfers of your interest as must be from the same type of
or Roth IRA) death beneficiary of the IRA of the same deceased owner.
o $1,000 deceased owner's traditional
(additional) individual retirement o Non-spousal beneficiary direct
arrangement or Roth rollover contributions from
IRA to an IRA of the same type. qualified plans, 403(b)
arrangements and governmental
employer 457(b) plans may be
made to a traditional inherited
IRA contract under specified
circumstances.
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See "Tax information" later in this prospectus for a more detailed discussion
of sources of contributions and certain contribution limitations. We may refuse
to accept any contribution if the sum of all contributions under all
EQUI-VEST(SM) series and EQUI-VEST(SM) At Retirement(SM) contracts with the same
owner or annuitant would then total more than $1,500,000 ($500,000 for owners
or annuitants who are 81 and older at contract issue). We may also refuse to
accept any contribution if the sum of all contributions under all AXA Equitable
annuity accumulation contracts with the same owner or annuitant would then
total more than $2,500,000.
For information on when contributions are credited, see "Dates and prices at
which contract events occur" under "More information" later in this prospectus.
20 Contract features and benefits
OWNER AND ANNUITANT REQUIREMENTS
Under NQ contracts, the annuitant can be different than the owner. A joint
owner may also be named. Only natural persons can be joint owners. This means
that an entity such as a corporation cannot be a joint owner.
Under traditional and Roth IRA contracts, the owner and annuitant must be the
same person. For owner and annuitant requirements for Inherited IRA, see
"Inherited IRA beneficiary continuation contract" later in this prospectus.
HOW YOU CAN MAKE YOUR CONTRIBUTIONS
Except as noted below, contributions must be made by check drawn on a U.S.
bank, in U.S. dollars, and made payable to AXA Equitable. We may also apply
contributions made pursuant to a 1035 tax-free exchange or a direct transfer.
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 our ability to collect the funds. We reserve the right to
reject a payment if it is received in an unacceptable form.
Additional contributions may also be made by wire transfer or our automatic
investment program. The methods of payment are discussed in detail under "About
other methods of payment" in "More information" later in this prospectus.
Your initial contribution must generally be accompanied by an application and
any other form we need to process the contribution. If any information is
missing or unclear, we will hold the contribution, whether received via check
or wire, in a non-interest bearing suspense account while we try to obtain that
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 specifically
direct us to keep your contribution until we receive the required information.
Generally, you may make additional contributions at any time. You may do so in
single sum amounts, on a regular basis, or as your financial situation permits.
- --------------------------------------------------------------------------------
Our "business day" generally is any day on which the New York Stock Exchange is
open for trading. A business day does not include any day we choose not to open
due to emergency conditions. We may also close early due to emergency
conditions.
- --------------------------------------------------------------------------------
WHAT ARE YOUR INVESTMENT OPTIONS UNDER THE CONTRACT?
Your investment options are the variable investment options, the guaranteed
interest option and the fixed maturity options.
VARIABLE INVESTMENT OPTIONS
Your investment results in any one of the variable investment options will
depend on the investment performance of the underlying portfolios. You can lose
your principal when investing in the variable investment options. In periods of
poor market performance, the net return, after charges and expenses, may result
in negative yields, including for the EQ/Money Market variable investment
option. Listed below are the currently available portfolios, their investment
objectives, and their advisers.
- --------------------------------------------------------------------------------
You can choose from among the variable investment options, the guaranteed
interest option and the fixed maturity options.
- --------------------------------------------------------------------------------
Contract features and benefits 21
PORTFOLIOS OF THE TRUSTS
You should note that some portfolios have objectives and strategies that are
substantially similar to those of certain funds that are purchased directly
rather than under a variable insurance product such as EQUI-VEST(SM). These
portfolios may even have the same manager(s) and/or a similar name. However,
there are numerous factors that can contribute to differences in performance
between two investments, particularly over short periods of time. Such factors
include fees; the timing of stock purchases and sales; differences in fund cash
flows; and specific strategies employed by the portfolio manager.
The AXA Allocation portfolios offer contract owners a convenient opportunity to
invest in other portfolios that are managed and have been selected for
inclusion in the AXA Allocation portfolios by AXA Equitable. AXA Advisors, LLC,
an affiliated broker-dealer of AXA Equitable, may promote the benefits of such
portfolios to contract owners and/or suggest, incidental to the sale of this
contract, that contract owners consider whether allocating some or all of their
account value to such portfolios is consistent with their desired investment
objectives. In doing so, AXA Equitable, and/or its affiliates, may be subject
to conflicts of interest insofar as AXA Equitable may derive greater revenues
from the AXA Allocation portfolios than certain other portfolios available to
you under your contract. In addition, the AXA Allocation portfolios may enable
AXA Equitable to more efficiently manage AXA Equitable's financial risks
associated with certain guaranteed features. Please see "Allocating your
contributions" later in this section for more information about your role in
managing your allocations.
AXA Equitable serves as the investment manager of the portfolios of AXA Premier
VIP Trust and EQ Advisors Trust. For some portfolios, AXA Equitable 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, AXA
Equitable 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 investment manager or
sub-adviser(s), as applicable, for each portfolio.
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AXA Premier VIP Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
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AXA AGGRESSIVE ALLOCATION Seeks long-term capital appreciation. o AXA Equitable
- ------------------------------------------------------------------------------------------------------------------------------------
AXA CONSERVATIVE ALLOCATION Seeks a high level of current income. o AXA Equitable
- ------------------------------------------------------------------------------------------------------------------------------------
AXA CONSERVATIVE-PLUS Seeks current income and growth of capital, with a o AXA Equitable
ALLOCATION greater emphasis on current income.
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AXA MODERATE ALLOCATION Seeks long-term capital appreciation and current income. o AXA Equitable-
- ------------------------------------------------------------------------------------------------------------------------------------
AXA MODERATE-PLUS Seeks long-term capital appreciation and current income, o AXA Equitable
ALLOCATION with a greater emphasis on capital appreciation.
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER AGGRESSIVE Long-term growth of capital. o AllianceBernstein L.P.
EQUITY(1)
o ClearBridge Advisors, LLC
o Legg Mason Capital Management, Inc.
o Marsico Capital Management, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER CORE BOND(2) To seek a balance of a high current income and capital o BlackRock Financial Management, Inc.
appreciation, consistent with a prudent level of risk.
o Pacific Investment Management Company
LLC
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER HEALTH CARE(3) Long-term growth of capital. o A I M Capital Management, Inc.
o RCM Capital Management LLC
o Wellington Management Company, LLP
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER HIGH YIELD(4) High total return through a combination of current o Pacific Investment Management Company
income and capital appreciation. LLC
o Post Advisory Group, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER INTERNATIONAL Long-term growth of capital. o AllianceBernstein L.P.
EQUITY(5)
o JPMorgan Investment Management Inc.
o Marsico Capital Management, LLC
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22 Contract features and benefits
- ------------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER LARGE CAP Long-term growth of capital. o AllianceBernstein L.P.
CORE EQUITY(6)
o Janus Capital Management LLC
o Thornburg Investment Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER LARGE CAP Long-term growth of capital. o RCM Capital Management LLC
GROWTH(7)
o TCW Investment Management Company
o T. Rowe Price Associates, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER LARGE CAP Long-term growth of capital. o AllianceBernstein L.P.
VALUE(8)
o Institutional Capital LLC
o MFS Investment Management
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER MID CAP Long-term growth of capital. o AllianceBernstein L.P.
GROWTH(9)
o Franklin Advisers, Inc.
o Provident Investment Counsel, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER MID CAP Long-term growth of capital. o AXA Rosenberg Investment Management LLC
VALUE(10)
o TCW Investment Management Company
o Wellington Management Company, LLP
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER TECHNOLOGY(11) Long-term growth of capital. o Firsthand Capital Management, Inc.
o RCM Capital Management LLC
o Wellington Management Company, LLP
- ------------------------------------------------------------------------------------------------------------------------------------
TARGET 2015 ALLOCATION Seeks the highest total return over time consistent with o AXA Equitable
its asset mix. Total return includes capital growth and
income.
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TARGET 2025 ALLOCATION Seeks the highest total return over time consistent with o AXA Equitable
its asset mix. Total return includes capital growth and
income.
- ------------------------------------------------------------------------------------------------------------------------------------
TARGET 2035 ALLOCATION Seeks the highest total return over time consistent with o AXA Equitable
its asset mix. Total return includes capital growth and
income.
- ------------------------------------------------------------------------------------------------------------------------------------
TARGET 2045 ALLOCATION Seeks the highest total return over time consistent with o AXA Equitable
its asset mix. Total return includes capital growth and
income.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN COM- Seeks to achieve long-term growth of capital. o AllianceBernstein L.P.
MON STOCK
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN GROWTH Seeks to provide a high total return. o AllianceBernstein L.P.
AND INCOME(++)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN INTER- Seeks to achieve high current income consistent with o AllianceBernstein L.P.
MEDIATE GOVERNMENT relative stability of principal.
SECURITIES
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN INTER- Seeks to achieve long-term growth of capital. o AllianceBernstein L.P.
NATIONAL
- ------------------------------------------------------------------------------------------------------------------------------------
Contract features and benefits 23
- -----------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN LARGE Seeks to achieve long-term growth of capital. o AllianceBernstein L.P.
CAP GROWTH
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN QUALITY Seeks to achieve high current income consistent with o AllianceBernstein L.P.
BOND moderate risk to capital.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN SMALL Seeks to achieve long-term growth of capital. o AllianceBernstein L.P.
CAP GROWTH
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN VALUE Seeks capital appreciation. o AllianceBernstein L.P.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/ARIEL APPRECIATION II Seeks long-term capital appreciation. o Ariel Capital Management, LLC
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/AXA ROSENBERG VALUE Seeks to increase value through bull markets and bear o AXA Rosenberg Investment Management LLC
LONG/SHORT EQUITY markets using strategies that are designed to limit
exposure to general equity market risk.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/BLACKROCK BASIC VALUE Seeks capital appreciation and secondarily, income. o BlackRock Investment Management, LLC
EQUITY(12)
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/BLACKROCK INTERNATIONAL Seeks to provide current income and long-term o BlackRock Investment Management Interna-
VALUE(13) growth of income, accompanied by growth of capital. tional Limited
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/BOSTON ADVISORS EQUITY Seeks a combination of growth and income to achieve o Boston Advisors, LLC
INCOME an above-average and consistent total return.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/CALVERT SOCIALLY Seeks long-term capital appreciation. o Calvert Asset Management Company, Inc.
RESPONSIBLE o Bridgeway Capital Management, Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/CAPITAL GUARDIAN GROWTH Seeks long-term growth of capital. o Capital Guardian Trust Company
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/CAPITAL GUARDIAN To achieve long-term growth of capital. o Capital Guardian Trust Company
INTERNATIONAL(**)
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/CAPITAL GUARDIAN Seeks to achieve long-term growth of capital. o Capital Guardian Trust Company
RESEARCH
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/CAPITAL GUARDIAN U.S. Seeks to achieve long-term growth of capital. o Capital Guardian Trust Company
EQUITY(++)
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/CAYWOOD-SCHOLL HIGH Seeks to maximize current income. o Caywood-Scholl Capital Management
YIELD BOND
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/DAVIS NEW YORK VENTURE(+) Seeks long-term growth of capital. o Davis Selected Advisers, L.P.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/EQUITY 500 INDEX Seeks a total return before expenses that approximates o AllianceBernstein L.P.
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/EVERGREEN INTERNATIONAL Seeks capital growth and current income. o Evergreen Investment Management
BOND Company, LLC
o First International Fund Advisors (dba
"Evergreen International")
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/EVERGREEN OMEGA Seeks long-term capital growth. o Evergreen Investment Management
Company, LLC
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/FI MID CAP Seeks long-term growth of capital. o Fidelity Management & Research Company
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/FI MID CAP VALUE(**) Seeks long-term capital appreciation. o Fidelity Management & Research Company
- -----------------------------------------------------------------------------------------------------------------------------------
24 Contract features and benefits
- ------------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/FRANKLIN INCOME Seeks to maximize income while maintaining prospects o Franklin Advisers, Inc.
for capital appreciation.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/FRANKLIN SMALL CAP VALUE Seeks long-term total return. o Franklin Advisory Services, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/FRANKLIN TEMPLETON Primarily seeks capital appreciation and secondarily seeks o AXA Equitable
FOUNDING STRATEGY(+) income.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO MERGERS AND Seeks to achieve capital appreciation. o GAMCO Asset Management Inc.
ACQUISITIONS
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO SMALL COMPANY Seeks to maximize capital appreciation. o GAMCO Asset Management Inc.
VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/INTERNATIONAL GROWTH Seeks to achieve capital appreciation. o MFS Investment Management.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/JANUS LARGE CAP GROWTH(++) Seeks long-term growth of capital. o Janus Capital Management LLC(++)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/JPMORGAN CORE BOND Seeks to provide a high total return consistent with mod- o JPMorgan Investment Management Inc.
erate risk to capital and maintenance of liquidity.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/JPMORGAN VALUE Long-term capital appreciation. o JPMorgan Investment Management Inc.
OPPORTUNITIES
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/LEGG MASON VALUE EQUITY Seeks long-term growth of capital. o Legg Mason Capital Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/LONG TERM BOND Seeks to maximize income and capital appreciation o BlackRock Financial Management, Inc.
through investment in long-maturity debt obligations.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/LORD ABBETT GROWTH AND Capital appreciation and growth of income without o Lord, Abbett & Co. LLC
INCOME excessive fluctuation in market value.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/LORD ABBETT LARGE CAP Capital appreciation and growth of income with reason- o Lord, Abbett & Co. LLC
CORE able risk.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/LORD ABBETT MID CAP VALUE Capital appreciation. o Lord, Abbett & Co. LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MARSICO FOCUS Seeks long-term growth of capital. o Marsico Capital Management, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MFS EMERGING GROWTH Seeks to provide long-term capital growth. o MFS Investment Management
COMPANIES(**)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MFS INVESTORS TRUST(**) Seeks long-term growth of capital with a secondary o MFS Investment Management
objective to seek reasonable current income. For purposes
of this Portfolio, the words "reasonable current income"
mean moderate income.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MONEY MARKET Seeks to obtain a high level of current income, preserve o The Dreyfus Corporation
its assets and maintain liquidity.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MONTAG & CALDWELL Seeks to achieve capital appreciation. o Montag & Caldwell, Inc.
GROWTH
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MUTUAL SHARES Seeks capital appreciation, which may occasionally be o Franklin Mutual Advisers, LLC
short-term, and secondarily, income.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/OPPENHEIMER GLOBAL Seeks capital appreciation. o OppenheimerFunds, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/OPPENHEIMER MAIN STREET Seeks long-term capital appreciation. o OppenheimerFunds, Inc.
OPPORTUNITY(+)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/OPPENHEIMER MAIN STREET Seeks capital appreciation. o OppenheimerFunds, Inc.
SMALL CAP
- ------------------------------------------------------------------------------------------------------------------------------------
Contract features and benefits 25
- ------------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/PIMCO REAL RETURN Seeks maximum real return consistent with preservation o Pacific Investment Management Company,
of real capital and prudent investment management. LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/SHORT DURATION BOND Seeks current income with reduced volatility of principal. o BlackRock Financial Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/SMALL CAP VALUE(**) Seeks capital appreciation. o Lazard Asset Management LLC
o Franklin Advisory Services, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/SMALL COMPANY GROWTH(**) Seeks to achieve capital appreciation. o Bear Stearns Asset Management Inc.
o Eagle Asset Management, Inc.
o Wells Capital Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/SMALL COMPANY INDEX Seeks to replicate as closely as possible (before the o AllianceBernstein L.P.
deduction of portfolio expenses) the total return of the
Russell 2000 Index.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/TCW EQUITY(++) Seeks to achieve long-term capital appreciation. o TCW Investment Management Company
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/TEMPLETON GROWTH Seeks long-term capital growth. o Templeton Global Advisors Limited
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/UBS GROWTH AND INCOME Seeks to achieve total return through capital appreciation o UBS Global Asset Management
with income as a secondary consideration. (Americas) Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/VAN KAMPEN COMSTOCK Capital growth and income. o Morgan Stanley Investment
Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/VAN KAMPEN EMERGING Seeks long-term capital appreciation. o Morgan Stanley Investment
MARKETS EQUITY Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/VAN KAMPEN MID CAP Capital growth. o Morgan Stanley Investment
GROWTH Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/WELLS FARGO MONTGOMERY Seeks long-term capital appreciation. o Wells Capital Management, Inc.
SMALL CAP(++)
- ------------------------------------------------------------------------------------------------------------------------------------
The Universal Institutional
Funds, Inc.
Portfolio Name Objective Investment Manager
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. REAL ESTATE -- Seeks to provide above average current income and long-
CLASS II(++) term capital appreciation by investing primarily in equity o Van Kampen (is the name under which
securities of companies in the U.S. real estate industry, Morgan Stanley Investment Management,
including real estate investment trusts. Inc. does business in certain
situations)
- ------------------------------------------------------------------------------------------------------------------------------------
(*) This portfolio information reflects the portfolio's name change effective
on or about May 29, 2007, subject to regulatory approval. The chart below
reflects the portfolio's name in effect, until on or about May 29, 2007.
The number in the "FN" column corresponds with the number contained in the
table above.
- -------------------------------------------------
FN Portfolio Name until May 29, 2007
- -------------------------------------------------
(1) AXA Premier VIP Aggressive Equity
(2) AXA Premier VIP Core Bond
(3) AXA Premier VIP Health Care
(4) AXA Premier VIP High Yield
(5) AXA Premier VIP International Equity
(6) AXA Premier VIP Large Cap Core Equity
(7) AXA Premier VIP Large Cap Growth
(8) AXA Premier VIP Large Cap Value
(9) AXA Premier VIP Mid Cap Growth
(10) AXA Premier VIP Mid Cap Value
(11) AXA Premier VIP Technology
(12) EQ/Mercury Basic Value Equity
(13) EQ/Mercury International Value
- -------------------------------------------------
(**) This investment option's name, investment objective and sub-adviser(s)
will change on or about May 29, 2007, subject to regulatory approval. See
the supplement included with this prospectus for more information.
26 Contract features and benefits
(+) This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
(++) Please see the supplement included with this prospectus regarding the
planned substitution or merger of this investment option, subject to
regulatory approval.
You should consider the investment objectives, risks and charges and expenses
of the portfolios carefully before investing. The prospectuses for the Trusts
contain this and other important information about the portfolios. The
prospectuses 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 1 (800) 628-6673.
Contract features and benefits 27
GUARANTEED INTEREST OPTION
The guaranteed interest option is part of our general account and pays interest
at guaranteed rates. We discuss our general account under "More information"
later in this prospectus.
We assign an interest rate to each amount allocated to the guaranteed interest
option. This rate is guaranteed for a specified period. Therefore, different
interest rates may apply to different amounts in the guaranteed interest
option.
We credit interest daily to amounts in the guaranteed interest option. There
are three levels of interest in effect at the same time in the guaranteed
interest option:
(1) the minimum interest rate guaranteed over the life of the contract,
(2) the annual minimum guaranteed interest rate for the calendar year, and
(3) the current interest rate.
We set current interest rates periodically, according to our procedures that we
have in effect at the time. All interest rates are effective annual rates, but
before deduction of annual administrative charges or any withdrawal charges.
The annual minimum guaranteed interest rate for 2007 is 3.00%. Depending on the
state where your contract is issued, the lifetime minimum guaranteed interest
rate ranges from 1.0% to 3.0%. The lifetime minimum guaranteed interest rate is
shown in your contract. The annual minimum guaranteed interest rate will never
be less than the lifetime minimum guaranteed interest rate. Check with your
financial professional as to which rate applies in your state. Current rates
will never be less than the annual minimum guaranteed interest rate.
FIXED MATURITY OPTIONS
We offer fixed maturity options with maturity dates generally ranging from one
to ten years. We will not accept allocations to a fixed maturity option if on
the date the contribution or transfer is to be applied the rate to maturity is
3%. This means that at points in time there may be no fixed maturity options
available. You can allocate your contributions to one or more of these fixed
maturity options. However, you may not allocate more than one contribution to
any one fixed maturity option. These amounts become part of a non-unitized
separate account. They will accumulate interest at the "rate to maturity" for
each fixed maturity option. The total amount you allocate to and accumulate in
each fixed maturity option is called the "fixed maturity amount." The fixed
maturity options are not available in contracts issued on or after August 13,
2001 in Washington. For contracts issued in New York, see "Charges and
expenses" for information on withdrawal charges when amounts are allocated to
the fixed maturity options.
- --------------------------------------------------------------------------------
Fixed maturity options generally range from one to ten years to maturity.
- --------------------------------------------------------------------------------
The rate to maturity you will receive for each fixed maturity option is the
rate to maturity in effect for new contributions allocated to that fixed
maturity option on the date we apply your contribution.
On the maturity date of a fixed maturity option, your fixed maturity amount,
assuming you have not made any withdrawals or transfers, will equal your
contribution to that fixed maturity option plus interest, at the rate to
maturity for that contribution. This is the fixed maturity option's "maturity
value." Before maturity, the current value we will report for your fixed
maturity amount will reflect a market value adjustment. Your current value will
reflect the market value adjustment that we would make if you were to withdraw
all of your fixed maturity amounts on the date of the report. We call this your
"market adjusted amount."
FIXED MATURITY OPTIONS AND MATURITY DATES. We currently offer fixed maturity
options ending on June 15 for maturity years ranging from one through ten. Not
all of these fixed maturity options will be available for annuitant ages 76 and
above. See "Allocating your contributions" below. As fixed maturity options
expire, we expect to add maturity years so that generally 10 fixed maturity
options are available at any time.
We will not accept allocations to a fixed maturity option if on the date the
contribution is to be applied:
o you previously allocated a contribution or made a transfer to the same fixed
maturity option; or
o the rate to maturity is 3%; or
o the fixed maturity option's maturity date is within 45 days; or
o the fixed maturity option's maturity date is later than the date annuity
payments are to begin.
YOUR CHOICES AT THE MATURITY DATE. We will notify you at least 45 days before
each of your fixed maturity options is scheduled to mature. At that time, you
may choose to have one of the following take place on the maturity date, as
long as none of the conditions listed above or in "Allocating your
contributions," below would apply:
(a) transfer the maturity value into another available fixed maturity option,
or into any of the variable investment options; or
(b) withdraw the maturity value (there may be a withdrawal charge).
If we do not receive your choice on or before the fixed maturity option's
maturity date, we will automatically transfer your maturity value into the next
available fixed maturity option (or another investment option if we are
required to do so by any state regulation). As of February 15, 2007, the next
available maturity date was June 15, 2007 (see "About our fixed maturity
options" in "More Information," later in this prospectus). We may change our
procedures in the future.
MARKET VALUE ADJUSTMENT. If you make any withdrawals (including transfers,
surrender or termination of your contract, or when we make deductions for
charges) from a fixed maturity option before it matures we will make a market
value adjustment, which will increase or decrease any fixed maturity amount you
have in that fixed maturity option. The amount of the adjustment will depend on
two factors:
(a) the difference between the rate to maturity that applies to the amount
being withdrawn and the rate to maturity in effect at that time for new
allocations to that same fixed maturity option, and
(b) the length of time remaining until the maturity date.
28 Contract features and benefits
In general, if interest rates rise from the time that you originally allocate
an amount to a fixed maturity option to the time that you take a withdrawal,
the market value adjustment will be negative. Likewise, if interest rates drop
at the end of that time, the market value adjustment will be positive. Also,
the amount of the market value adjustment, either up or down, will be greater
the longer the time remaining until the fixed maturity option's maturity date.
Therefore, it is possible that the market value adjustment could greatly reduce
your value in the fixed maturity options, particularly in the fixed maturity
options with later maturity dates.
We provide an illustration of the market adjusted amount of specified maturity
values, an explanation of how we calculate the market value adjustment, and
information concerning our general account and investments purchased with
amounts allocated to the fixed maturity options, in "More information" later in
this prospectus. Appendix III at the end of this prospectus provides an example
of how the market value adjustment is calculated.
SELECTING YOUR INVESTMENT METHOD
You must choose one of the following methods for selecting your investment
options:
o MAXIMUM INVESTMENT OPTIONS CHOICE. Under this method, you may allocate
contributions or transfer funds to any of the available investment options
listed in A and B in the investment options chart. You can make transfers
whenever you choose. However, there will be restrictions on the amount you can
transfer out of the guaranteed interest option listed in A.
o MAXIMUM TRANSFER FLEXIBILITY. Under this method, you may allocate
contributions or transfer funds to any of the available investment options
listed in A in the investment options chart and no transfer restrictions will
apply.
TEMPORARY REMOVAL OF TRANSFER RESTRICTIONS THAT APPLY TO THE INVESTMENT
METHODS. From time to time, we may remove certain restrictions that apply to
your investment method. If we do so, we will tell you. For example, if you
elect the "Maximum investment options choice" method, for a limited time there
will be no restrictions on the amount you can transfer out of the guaranteed
interest option listed in group "A." If you elect the "Maximum transfer
flexibility" method, for a limited time you will be able to use the fixed
income variable investment options listed in group "B" as well as the fixed
maturity options.
We will also tell you at least 45 days in advance of the day that we intend to
reimpose the transfer restrictions. When we reimpose the transfer restrictions,
if you elect the "Maximum investment options choice" method, limits on
transfers out of the guaranteed interest option will again apply. If you elect
the "Maximum transfer flexibility" method, you will no longer be permitted to
allocate contributions to or transfer amounts into the variable investment
options in group "B" (including through our rebalancing program) or the fixed
maturity options. However, amounts that are in any investment options that are
not available under "Maximum transfer flexibility" can remain in these options.
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Investment Options
- ----------------------------------------------------------------------------------------
A
- ----------------------------------------------------------------------------------------
o Guaranteed Interest Option
- ----------------------------------------------------------------------------------------
Domestic stocks
- ----------------------------------------------------------------------------------------
o AXA Aggressive Allocation o EQ/Lord Abbett Large Cap Core
o AXA Moderate-Plus Allocation o EQ/Lord Abbett Mid Cap Value
o EQ/AllianceBernstein Common Stock o EQ/Marsico Focus
o EQ/AllianceBernstein Growth and o EQ/MFS Emerging Growth Companies+
Income++ o EQ/MFS Investors Trust+
o EQ/AllianceBernstein Large Cap o EQ/Montag & Caldwell Growth
Growth o EQ/Mutual Shares
o EQ/AllianceBernstein Small Cap o EQ/Oppenheimer Main Street
Growth Opportunity**
o EQ/AllianceBernstein Value o EQ/Oppenheimer Main Street Small
o EQ/Ariel Appreciation II Cap
o EQ/AXA Rosenberg Value Long/Short o EQ/Small Cap Value+
Equity o EQ/Small Company Growth+
o EQ/BlackRock Basic Value Equity* o EQ/Small Company Index
o EQ/Boston Advisors Equity Income o EQ/TCW Equity++
o EQ/Calvert Socially Responsible o EQ/Templeton Growth
o EQ/Capital Guardian Growth o EQ/UBS Growth and Income
o EQ/Capital Guardian Research o EQ/Van Kampen Comstock
o EQ/Capital Guardian U.S. Equity++ o EQ/Van Kampen Mid Cap Growth
o EQ/Davis New York Venture** o EQ/Wells Fargo Montgomery Small
o EQ/Equity 500 Index Cap++
o EQ/Evergreen Omega o Multimanager Aggressive Equity*
o EQ/FI Mid Cap o Multimanager Health Care*
o EQ/FI Mid Cap Value+ o Multimanager Large Cap Core Equity*
o EQ/Franklin Small Cap Value o Multimanager Large Cap Growth*
o EQ/Franklin Templeton Founding o Multimanager Large Cap Value*
Strategy** o Multimanager Mid Cap Growth*
o EQ/GAMCO Mergers and Acquisitions o Multimanager Mid Cap Value*
o EQ/GAMCO Small Company Value o Multimanager Technology*
o EQ/Janus Large Cap Growth++ o Target 2015 Allocation(1)
o EQ/JPMorgan Value Opportunities o Target 2025 Allocation(1)
o EQ/Legg Mason Value Equity o Target 2035 Allocation(1)
o EQ/Lord Abbett Growth and Income o Target 2045 Allocation(1)
o U.S. Real Estate--Class II++
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International stocks
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o EQ/AllianceBernstein International o EQ/Oppenheimer Global
o EQ/BlackRock International Value* o EQ/Van Kampen Emerging Markets
o EQ/Capital Guardian International+ Equity
o EQ/International Growth o Multimanager International Equity*
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Balanced/hybrid
- ----------------------------------------------------------------------------------------
o AXA Moderate Allocation
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B
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Fixed income
- ----------------------------------------------------------------------------------------
o AXA Conservative Allocation o EQ/JPMorgan Core Bond
o AXA Conservative-Plus Allocation o EQ/Long Term Bond
o EQ/AllianceBernstein Intermediate o EQ/Money Market
Government Securities o EQ/PIMCO Real Return
o EQ/AllianceBernstein Quality Bond o EQ/Short Duration Bond
o EQ/Caywood-Scholl High Yield Bond o Multimanager Core Bond*
o EQ/Evergreen International Bond o Multimanager High Yield*
o EQ/Franklin Income
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Fixed maturity options
- ----------------------------------------------------------------------------------------
Transfer restrictions apply as indicated above under "Fixed maturity
options and maturity dates." Fixed maturity options are only available in
states where approved.
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(1) Since these investment options, collectively, the "Target Allocation
investment options," as they approach their respective target dates, and
thereafter, are expected to invest more heavily in fixed income
securities, we reserve the right to make them group "B" investment options
at or after their respective target dates. Please note that if you select
the "Maximum transfer flexibility" method, and have included any of the
Target Allocation investment options among your investment options, you
will be deemed to have changed to the "maximum investment options choice"
method. If you select the "maximum transfer flexibility" method but have
not included any of the Target Allocation investment options among your
allocations, you will not be changed to the alternate method but those
options will no longer be available to you.
* This is the investment option's new name effective on or about May 29,
2007,
Contract features and benefits 29
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and benefits" earlier in this prospectus for the
investment option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s)
will change on or about May 29, 2007, subject to regulatory approval. See
the supplement included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned substitution or merger of this investment option, subject to
regulatory approval.
ALLOCATING YOUR CONTRIBUTIONS
Once you have made your investment method choice, you may allocate your
contributions to one or more, or all, of the investment options that you have
chosen, subject to any restrictions under the investment method you chose.
However, you may not allocate more than one contribution to any one fixed
maturity option. If the annuitant is age 76 or older, you may only allocate
contributions to fixed maturity options with maturities of five years or less.
Allocations must be in whole percentages and you may change your allocation
percentages at any time. However, the total of your allocations must equal
100%. Once your contributions are allocated to the investment options they
become part of your account value. We discuss account value in "Determining
your contract's value," later in this prospectus. After your contract is
issued, you may request that we add or eliminate any variable investment
options that result in transfer restrictions. We reserve the right to deny your
request. See "Transferring your money among investment options" later in this
prospectus.
The contract is between you and AXA Equitable. The contract is not an
investment advisory account, and AXA Equitable is not providing any investment
advice or managing the allocations under your contract. In the absence of a
specific written arrangement to the contrary, you, as the owner of the
contract, have the sole authority to make investment allocations and other
decisions under the contract. Your AXA Advisors financial professional is
acting as a broker-dealer registered representative, and is not authorized to
act as an investment advisor or to manage the allocations under your contract.
If your financial professional is a registered representative with a
broker-dealer other than AXA Advisors, you should speak with him/her regarding
any different arrangements that may apply.
o PRINCIPAL ASSURANCE ALLOCATION. Under this allocation program, you select a
fixed maturity option. We specify the portion of your initial contribution to
be allocated to that fixed maturity option in an amount that will cause the
maturity value to equal the amount of your entire initial contribution on the
fixed maturity option's maturity date. The maturity date you select generally
may not be later than 10 years, or earlier than 6 years from your contract
date. You allocate the rest of your contribution to the variable investment
options however you choose.
For example, if your initial contribution is $10,000, and on February 15, 2007
you chose the fixed maturity option with a maturity date of June 15, 2016,
since the rate to maturity was 4.30% on February 15, 2007, we would have
allocated $6,750 to that fixed maturity option and the balance to your choice
of variable investment options. On the maturity date your value in the fixed
maturity option would be $10,000.
The principal assurance allocation is only available for annuitant ages 75 or
younger when the contract is issued. If you are purchasing an EQUI-VEST
traditional IRA contract, before you select a maturity year that would extend
beyond the year in which you will reach age 70-1/2, you should consider whether
your value in the variable investment options, or your other traditional IRA
funds are sufficient to meet your required minimum distributions. See "Tax
information" later in this prospectus.
YOUR RIGHT TO CANCEL WITHIN A CERTAIN NUMBER OF DAYS
If for any reason you are not satisfied with your contract, you may return it
to us for a refund. To exercise this cancellation right you must mail the
contract directly to our processing office within 10 days after you receive it.
If state law requires, this "free look" period may be longer.
For contributions allocated to the variable investment options, your refund
will equal your contributions, reflecting any investment gain or loss that also
reflects the daily charges we deduct. For contributions allocated to the
guaranteed interest option, your refund will equal the amount of the
contributions but will not include interest. For contributions allocated to the
fixed maturity options, your refund will equal the amount of the contribution
allocated to the fixed maturity options reflecting any positive or negative
market value adjustments. Some states require that we refund the full amount of
your contribution (not including any investment gain or loss, interest, or
market value adjustment). For an IRA contract returned to us within seven days
after you receive it, we are required to refund the full amount of your
contribution.
If you reside in the state of California and you are age 60 or older at the
time the contract is issued, you may return your variable annuity contract
within 30 days from the date that you receive it and receive a refund as
described below.
If you allocate your entire initial contribution to the EQ/Money Market option
(and/or guaranteed interest option), the amount of your refund will be equal to
your contribution less interest, unless you make a transfer, in which case the
amount of your refund will be equal to your account value on the date we
receive your request to cancel at our processing office. This amount could be
less than your initial amount. If you allocate any portion of your initial
contribution to the variable investment options (other than the EQ/Money Market
option) and/or fixed maturity options, your refund will be equal to your
account value on the date we receive your request to cancel at our processing
office.
We may require that you wait six months before you apply for a contract with us
again if:
o you cancel your contract during the free look period; or
o you change your mind before you receive your contract whether we have
received your contribution or not.
30 Contract features and benefits
Please see "Tax information" later in this prospectus for possible consequences
of cancelling your contract.
In addition to the cancellation right described above, if you fully or
partially convert an existing traditional IRA contract to a Roth IRA contract,
you may cancel your Roth IRA contract and return to a traditional IRA contract.
Our processing office, or your financial professional, can provide you with the
cancellation instructions. Ask for the form entitled "EQUI-VEST(SM) Roth IRA
Re-Characterization Form."
DEATH BENEFIT
Your contract provides a death benefit. If you do not elect the ratcheted death
benefit described below, the death benefit is equal to the greater of (i) the
account value (without adjustment for any otherwise applicable negative market
value adjustment) as of the date we receive satisfactory proof of death, any
required instructions for the method of payment, information and forms
necessary to effect payment or (ii) the "standard death benefit." The standard
death benefit is equal to your total contributions, adjusted for withdrawals
and any withdrawal charges, and any taxes that apply. Depending upon the state
where your contract is issued, each withdrawal you make will reduce the amount
of your current standard death benefit on a pro rata basis, in the same manner
as described under "Ratcheted death benefit" below.
If you elect the ratcheted death benefit, the death benefit is equal to the
greater of:
(a) your account value (without any negative market value adjustment that
would otherwise apply) as of the date we receive satisfactory proof of the
annuitant's death, any required instructions for the method of payment,
information and forms necessary to effect payments or
(b) the ratcheted death benefit on the date of the annuitant's death, less any
subsequent withdrawals, withdrawal charges and taxes that apply.
RATCHETED DEATH BENEFIT
For an additional fee, you may elect the ratcheted death benefit. On the
contract date, your ratcheted death benefit equals your initial contribution.
Then, on each third contract date anniversary, until the annuitant is age 85,
we will determine your ratcheted death benefit by comparing your current
ratcheted death benefit to your account value on that third contract date
anniversary. If your account value is higher than your ratcheted death benefit,
we will increase your ratcheted death benefit to equal your account value. On
the other hand, if your account value on the third contract date anniversary is
less than your ratcheted death benefit, we will not adjust your ratcheted death
benefit either up or down.
If you make additional contributions, we will increase your current ratcheted
death benefit by the dollar amount of the contribution on the date the
contribution is allocated to your investment options. If you take a withdrawal
from your contract, we will adjust your death benefit on the date you take the
withdrawal.
Each withdrawal you make will reduce the amount of your current ratcheted death
benefit on a pro rata basis. Reduction on a pro rata basis means that we
calculate the percentage of your current account value that is being withdrawn
and we reduce your current ratcheted death benefit by that same percentage. For
example, if your account value is $30,000 and you withdraw $12,000, you have
withdrawn 40% of your account value. If your ratcheted death benefit was
$40,000 before the withdrawal, it would be reduced by $16,000 ($40,000 x .40)
and your new ratcheted death benefit after the withdrawal would be $24,000
($40,000 - $16,000). You may only elect the ratcheted death benefit at the time
you apply for a contract if the annuitant is not older than age 75 when the
contract is issued. Once you elect this benefit, you may not cancel it as long
as the contract is in effect.
See Appendix IV at the end of this prospectus for an example of how we
calculate the death benefit.
Before purchasing the ratcheted death benefit for your IRA contract, you and
your tax adviser should carefully consider the following. If you intend to
satisfy your lifetime Required Minimum Distribution ("RMD") requirements which
begin after age 70-1/2 for this contract by taking account-based withdrawals (as
opposed to receiving annuity payments), you should know that under the terms of
the annuity contract such withdrawals will reduce your ratcheted death benefit
and may have the effect of eliminating your ability to utilize the entire
benefit. Also, purchasing the ratcheted death benefit may increase the amount
of RMDs you are required to withdraw under the tax rules if you elect
withdrawals and not annuity payments. For more information see "Contract
features and benefits" and "Tax information" later in this prospectus.
INHERITED IRA BENEFICIARY CONTINUATION CONTRACT
This contract is available to an individual beneficiary of a traditional IRA or
a Roth IRA where the deceased owner held the individual retirement account or
annuity (or Roth individual retirement account or annuity) with an insurance
company or financial institution other than AXA Equitable. The purpose of the
inherited IRA beneficiary continuation contract is to permit the beneficiary to
change the funding vehicle that the deceased owner selected ("original IRA")
while taking the required minimum distribution payments that must be made to
the beneficiary after the deceased owner's death. See the discussion of
required minimum distributions under "Tax Information." This contract is
intended only for beneficiaries who want to take payments at least annually
over their life expectancy. These payments generally must begin (or must have
begun) no later than December 31 of the calendar year following the year the
deceased owner died. This contract is not suitable for beneficiaries electing
the "5-year rule." See "Beneficiary continuation option for traditional IRA and
Roth IRA contracts" in "Payment of the death benefit" later in this prospectus.
You should discuss with your tax adviser your own personal situation.
The Inherited traditional IRA is also available to non-spousal beneficiaries of
deceased plan participants in qualified plans, 403(b) arrangements and
governmental employer 457(b) plans ("Applicable Plan(s)"). In this discussion,
unless otherwise indicated, references to "deceased owner" include "deceased
plan participant"; references to "original IRA" include "the deceased plan
participant's interest or ben-
Contract features and benefits 31
efit under the Applicable Plan", and references to "individual beneficiary of a
traditional IRA" include "individual non-spousal beneficiary under an Applicable
Plan."
The inherited IRA beneficiary continuation contract can only be purchased by a
direct transfer of the beneficiary's interest under the deceased owner's
original IRA. In the case of a non-spousal beneficiary under a deceased plan
participant's Applicable Plan, the Inherited traditional IRA can only be
purchased by a direct rollover of the death benefit under the Applicable Plan.
The owner of the inherited IRA beneficiary continuation contract is the
individual who is the beneficiary of the original IRA. (Certain trusts with
only individual beneficiaries will be treated as individuals for this purpose).
The contract must also contain the name of the deceased owner. In this
discussion, "you" refers to the owner of the inherited IRA beneficiary
continuation contract.
The inherited IRA beneficiary continuation contract can be purchased whether or
not the deceased owner had begun taking required minimum distribution payments
during his or her life from the original IRA or whether you had already begun
taking required minimum distribution payments of your interest as a beneficiary
from the deceased owner's original IRA. You should discuss with your own tax
adviser when payments must begin or must be made.
Under the inherited IRA beneficiary continuation contract:
o You must receive payments at least annually (but can elect to receive
payments monthly or quarterly). Payments are generally made over your life
expectancy determined in the calendar year after the deceased owner's death
and determined on a term certain basis.
o The beneficiary of the original IRA will be the annuitant under the
inherited IRA beneficiary continuation contract. In the case where the
beneficiary is a "See Through Trust," the oldest beneficiary of the trust
will be the annuitant.
o An inherited IRA beneficiary continuation contract is not available for
annuitants over age 70.
o The initial contribution must be a direct transfer from the deceased owner's
original IRA and must be at least $5,000.
o Subsequent contributions of at least $1,000 are permitted, but must be
direct transfers of your interest as a beneficiary from another IRA with a
financial institution other than AXA Equitable, where the deceased owner is
the same as under the original IRA contract. A non-spousal beneficiary under
an Applicable Plan cannot make subsequent contributions to an Inherited
traditional IRA contract.
o You may make transfers among the investment options.
o You may choose at any time to withdraw all or a portion of the account
value. Any partial withdrawal must be at least $300. Withdrawal charges will
apply as described under "Withdrawal charge" in "Charges and expenses,"
later in this prospectus.
o The following features mentioned in the prospectus are not available under
the inherited IRA beneficiary continuation contract: successor
owner/annuitant, automatic investment program and systematic withdrawals.
o If you die, we will pay to a beneficiary that you choose the greater of the
account value or the applicable death benefit.
o Upon your death, your beneficiary has the option to continue taking required
minimum distributions based on your remaining life expectancy or to receive
any remaining interest in the contract 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. If your beneficiary elects to continue to
take distributions, we will increase the account value to equal the
applicable death benefit if such death benefit is greater than such account
value as of the date we receive satisfactory proof of death and any required
instructions, information and forms. The increase in account value will be
allocated to the investment options according to the allocation percentages
we have on file for your contract. Thereafter, withdrawal charges will no
longer apply. If you had elected the ratcheted death benefit, it will no
longer be in effect and charges for such benefit will stop.
32 Contract features and benefits
2. Determining your contract's value
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YOUR ACCOUNT VALUE AND CASH VALUE
Your "account value" is the total of the: (i) values you have in the variable
investment options; (ii) guaranteed interest option; and (iii) market adjusted
amounts you have in the fixed maturity options. These amounts are subject to
certain fees and charges discussed under "Charges and expenses" later in this
prospectus.
Your contract also has a "cash value." At any time before annuity payments
begin, your contract's cash value is equal to the account value less (i) any
withdrawal charge that may apply and (ii) the total amount or a pro rata
portion of the annual administrative charge. Please see "Surrender of your
contract to receive its cash value" in "Accessing your money" later in this
prospectus.
YOUR CONTRACT'S VALUE IN THE VARIABLE INVESTMENT OPTIONS
Each variable investment option invests in shares of a corresponding portfolio.
Your value in each variable investment option is measured by "units." The value
of your units will increase or decrease as though you had invested it in the
corresponding portfolio's shares directly. Your value, however, will be reduced
by the amount of the fees and charges that we deduct under the contract.
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Units measure your value in each variable investment option.
- --------------------------------------------------------------------------------
The unit value for each variable investment option depends on the investment
performance of that option minus daily charges for mortality and expense risks
and other expenses. On any day, your value in any variable investment option
equals the number of units credited to that option, adjusted for any units
purchased for or deducted from your contract under that option, multiplied by
that day's value for one unit. The number of your contract units in any
variable investment option does not change unless they are:
(i) increased to reflect subsequent contributions;
(ii) decreased to reflect a withdrawal (plus applicable withdrawal charges); or
(iii) increased to reflect a transfer into, or decreased to reflect a transfer
out of a variable investment option.
In addition, when we deduct the annual administrative charge, third-party
transfer or exchange charge, or the ratcheted death benefit charge, we will
reduce the number of units credited to your contract. A description of how unit
values are calculated is found in the SAI.
YOUR CONTRACT'S VALUE IN THE GUARANTEED INTEREST OPTION
Your value in the guaranteed interest option at any time will equal: your
contributions and transfers to that option, plus interest, minus withdrawals
and transfers out of the option, and charges we deduct.
YOUR CONTRACT'S VALUE IN THE FIXED MATURITY OPTIONS
Your value in each fixed maturity option at any time before the maturity date
is the market adjusted amount in each option, which reflects withdrawals out of
the option and charges we deduct. This is equivalent to your fixed maturity
amount increased or decreased by the market value adjustment. Your value,
therefore, may be higher or lower than your contributions (less withdrawals)
accumulated at the rate to maturity. At the maturity date, your value in a
fixed maturity option will equal its maturity value, provided there have been
no withdrawals or transfers.
Determining your contract's value 33
3. Transferring your money among investment options
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TRANSFERRING YOUR ACCOUNT VALUE
At any time before the date annuity payments are to begin, you can transfer
some or all of your account value among the investment options, subject to the
following:
o You must transfer at least $300 of account value or, if less, the entire
amount in the investment option. We may waive the $300 requirement.
o You may not transfer to a fixed maturity option in which you already have
value.
o You may not transfer to a fixed maturity option that has a rate to maturity
of 3%.
o If the annuitant is age 76 or older, you must limit your transfers to fixed
maturity options to those with maturities of five years or less. As of
February 15, 2007, all maturities were available. You may not transfer to a
fixed maturity option if its maturity date is later than the date annuity
payments are to begin.
o If you make transfers out of a fixed maturity option other than at its
maturity date the transfer will cause a market value adjustment.
o If you choose the maximum investment options choice method for selecting
investment options (including if you have been deemed to have selected that
method as a result of a Target Allocation investment option in which you are
invested becoming a group "B" option as described under "Selecting your
investment method" in "Contract features and benefits" earlier in this
prospectus) the maximum amount you may transfer in any contract year from
the guaranteed interest option to any other investment option is (a) 25% of
the amount you had in the guaranteed interest option on the last day of the
prior contract year or, if greater, (b) the total of all amounts you
transferred from the guaranteed interest option to any other investment
option in the prior contract year.
o If you transfer money from another financial institution into the guaranteed
interest option during your first contract year, and if you have selected
the maximum investment options method (including if you have been deemed to
have selected that method as a result of a Target Allocation investment
option in which you are invested becoming a group "B" option as described
under "Selecting your investment method" in "Contract features and benefits"
earlier in this prospectus) you may, during the balance of that contract
year, transfer up to 25% of such initial guaranteed interest option balance
to any other investment option.
Upon advance notice to you, we may change or establish additional restrictions
on transfers among the investment options, including limitations on the number,
frequency, or dollar amount of transfers. A transfer request does not change
your percentages for allocating current or future contributions among the
investment options. Our current transfer restrictions are set forth in the
"Disruptive transfer activity" section below.
You may request a transfer in writing or by telephone using TOPS or online
using EQAccess. You must send in all signed written requests directly to our
processing office. Transfer requests should specify:
(1) the contract number,
(2) the dollar amounts to be transferred, and
(3) the investment options to and from which you are transferring.
We will confirm all transfers in writing.
Please see "Allocating your contributions" in "Contract features and benefits"
for more information about your role in managing your allocations.
DISRUPTIVE TRANSFER ACTIVITY
You should note that the contract is not designed for professional "market
timing" organizations, or other organizations or individuals engaging in a
market timing strategy. The contract 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,
34 Transferring your money among investment options
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 contract owners.
We offer investment options with underlying portfolios that are part of AXA
Premier VIP Trust and EQ Advisors Trust (the "affiliated trusts"), as well as
investment options with underlying portfolios of outside trusts with which AXA
Equitable has entered participation agreements (the "unaffiliated trusts" and,
collectively with the affiliated trusts, the "trusts"). The affiliated 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 affiliated trust obtains from us contract owner trading activity. The
affiliated 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 unaffiliated trust may have its
own policies and procedures regarding disruptive transfer activity. If an
unaffiliated trust advises us that there may be disruptive activity from one of
our contract owners, we will work with the unaffiliated trust to review
contract owner trading activity. In most cases, 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.
When a contract owner is identified as having engaged in a potentially
disruptive transfer under the contract for the first time, a letter is sent to
the contract owner explaining that there is a policy against disruptive
transfer activity and that if such activity continues certain transfer
privileges may be eliminated. If and when the contract owner is identified a
second time as engaged in potentially disruptive transfer activity under the
contract, we currently prohibit the use of voice, fax and automated transaction
services. We currently apply such action for the remaining life of each
affected contract. 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 contract owners uniformly.
We do not permit exceptions to our policies restricting disruptive transfer
activity.
It is possible that a trust may impose a redemption fee designed to discourage
frequent or disruptive trading by contract owners. As of the date of this
Prospectus, no trust available under the contract had 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 contract owner.
Contract owners should note that it is not always possible for us and the
underlying trusts to identify and prevent disruptive transfer activity. In
addition, because we do not monitor for all frequent trading at the separate
account level, contract 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
contract owners may be treated differently than others, resulting in the risk
that some contract 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.
AUTOMATIC TRANSFER OPTIONS
INVESTMENT SIMPLIFIER
You may choose from two automatic options for transferring amounts from the
guaranteed interest option to the variable investment options. The transfer
options are the "fixed-dollar option" and the "interest sweep." You may select
one or the other, but not both. If you elect to use rebalancing option II
(discussed below), you may not choose either of the investment simplifier
options.
FIXED-DOLLAR OPTION. Under this option you may elect to have a fixed-dollar
amount transferred out of the guaranteed interest option and into the variable
investment options of your choice on a monthly basis. You can specify the
number of monthly transfers or instruct us to continue to make monthly
transfers until all available amounts in the guaranteed interest option have
been transferred out.
In order to elect the fixed-dollar option, you must have a minimum of $5,000 in
the guaranteed interest option on the date we receive your election form at our
processing office. You also must elect to transfer at least $50 per month. The
fixed-dollar option is subject to the guaranteed interest option transfer
limitation described above.
INTEREST SWEEP. Under the interest sweep, we will make transfers on a monthly
basis from amounts in the guaranteed interest option. The amount we will
transfer will be the interest credited to amounts you have in the guaranteed
interest option from the last business day of the prior month to the last
business day of the current month. You must have at least $7,500 in the
guaranteed interest option on the date we receive your election and on the last
business day of each month thereafter to participate in the interest sweep
option.
The fixed-dollar and the interest sweep options are forms of dollar-cost
averaging. Dollar-cost averaging allows you to gradually allocate amounts to
the variable investment options by periodically transferring approximately the
same dollar amount to the variable investment options you select. This will
cause you to purchase more units if the unit's value is low and fewer units if
the unit's value is high. Therefore, you may get a lower average cost per unit
over the long term. This plan of investing, however, does not guarantee that
you will earn a profit or be protected against losses.
Transferring your money among investment options 35
WHEN YOUR PARTICIPATION IN THE INVESTMENT SIMPLIFIER WILL END. Your
participation in the investment simplifier will end:
o Under the fixed-dollar option, when either the number of designated monthly
transfers have been completed or the amount you have available in the
guaranteed interest option has been transferred out.
o Under the interest sweep, when the amount you have in the guaranteed
interest option falls below $7,500 (determined on the last business day of
the month) for two months in a row.
o Under either option, on the date we receive at our processing office, your
written request to cancel automatic transfers, or on the date your contract
terminates.
REBALANCING YOUR ACCOUNT VALUE
Our rebalancing program offers two options that you can use to automatically
reallocate your account value. Option I permits reallocation among the variable
investment options only and option II permits reallocation among the variable
investment options and the guaranteed interest option. You must tell us:
(a) in whole percentages only, the percentage you want invested in each
variable investment option (and the guaranteed interest option, if
applicable), and
(b) how often you want the rebalancing to occur (quarterly, semiannually, or
annually).
While your rebalancing program is in effect, we will transfer amounts among the
variable investment options (and the guaranteed interest option, if
applicable), so that the percentage of your account value that you specify is
invested in each option at the end of each rebalancing date. Your entire
account value in the variable investment options (and guaranteed interest
option, if applicable) must be included in the rebalancing program. Transfer
restrictions out of the guaranteed interest option may apply in accordance with
the last two bullets under "Transferring your account value," above, in this
section. The initial transfer under the rebalancing program (based on your
account value as of the day before the program is established) is not permitted
to cause the transfer restrictions to be violated, and any rebalancing election
that would be a violation of the transfer restrictions will not be put into
effect. However, if the program can be established, once it is in effect the
transfer restrictions will be waived for the rebalancing transfers.
- --------------------------------------------------------------------------------
Rebalancing does not assure a profit or protect against loss. You should
periodically review your allocation percentages as your needs change. You may
want to discuss the rebalancing program with your financial professional and/or
financial adviser before electing the program.
- --------------------------------------------------------------------------------
You may elect the rebalancing program at any time. To be eligible, you must
have (i) at least $5,000 of account value in the variable investment options
for option I, or (ii) at least $5,000 of account value in the variable
investment options and the guaranteed interest option, combined for option II.
Rebalancing is not available for amounts you have allocated in the fixed
maturity options.
If you elect to use option II, you may not choose either of the investment
simplifier automatic options.
If you request a transfer while the rebalancing program is in effect, we will
process the transfer as requested. The rebalancing program will then remain in
effect unless you request in writing that it be cancelled.
You may change your allocation instructions or cancel the program at any time.
36 Transferring your money among investment options
4. Accessing your money
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WITHDRAWING YOUR ACCOUNT VALUE
You have several ways to withdraw your account value before annuity payments
begin. The table below shows the methods available under each type of contract.
More information follows the table. For the tax consequences of taking
withdrawals, see "Tax information" later in this prospectus.
- --------------------------------------------------------------
Method of Withdrawal
Minimum
Contract Partial Systematic distribution
- --------------------------------------------------------------
NQ Yes Yes No
traditional IRA Yes Yes Yes
Roth IRA Yes Yes No
- --------------------------------------------------------------
PARTIAL WITHDRAWALS
(All Contracts)
You may take partial withdrawals from your account value at any time while the
annuitant is living and before annuity payments begin. The minimum amount you
may withdraw at any time is $300. If you request a withdrawal that leaves you
with an account value of less than $500, we may treat it as a request to
surrender the contract for its cash value. See "Surrender of your contract to
receive its cash value" below.
Partial withdrawals in excess of the 15% free withdrawal amount may be subject
to a withdrawal charge (see "15% free withdrawal amount" in "Charges and
expenses" later in this prospectus).
SYSTEMATIC WITHDRAWALS
(All Contracts except inherited IRA)
If you have at least $20,000 of account value in the variable investment
options and the guaranteed interest option, you may take systematic withdrawals
on a monthly or quarterly basis. The minimum amount you may take for each
withdrawal is $250. We will make the withdrawals on any day of the month that
you select as long as it is not later than the 28th day of the month. If you do
not select a date, your withdrawals will be made on the first day of the month.
A check for the amount of the withdrawal will be mailed to you or, if you
prefer, we will electronically transfer the money to your checking or savings
account.
You may withdraw either the amount of interest earned in the guaranteed
interest option or a fixed-dollar amount from either the variable investment
options or the guaranteed interest option. If you elect the interest option, a
minimum of $20,000 must be maintained in the guaranteed interest option. If you
elect the fixed-dollar option, you do not have to maintain a minimum amount.
If you choose to have a fixed dollar amount taken from the variable investment
options, you may elect to have the amount of the withdrawal subtracted from
your account value in one of three ways:
(1) pro rata from more than one variable investment option (without using up
your total value in those options); or
(2) pro rata from more than one variable investment option (until your value
in those options is used up); or
(3) you may specify a dollar amount from only one variable investment option.
You can cancel the systematic withdrawal option at any time.
Amounts withdrawn in excess of the 15% free withdrawal amount may be subject to
a withdrawal charge.
LIFETIME MINIMUM DISTRIBUTION WITHDRAWALS
(Traditional IRA contracts -- See "Tax information" later in this prospectus)
We offer our "required minimum distribution (RMD) automatic withdrawal option"
to help you meet lifetime required minimum distributions under federal income
tax rules. This is not the exclusive way for you to meet these rules. After
consultation with your tax adviser, you may decide to compute required minimum
distributions yourself and request partial withdrawals. In such a case, a
withdrawal charge may apply if your withdrawal exceeds the free withdrawal
amount. You may choose instead an annuity payout option. Before electing an
account-based withdrawal option, please refer to "Required minimum
distributions" under "Individual retirement arrangements ("IRAs")" in "Tax
information" later in this prospectus. Also, the actuarial present value of
additional contract benefits must be added to the account value in calculating
required minimum distribution withdrawals, which could increase the amount
required to be withdrawn. For this purpose additional annuity contract benefits
may include enhanced death benefits.
You may elect our RMD automatic withdrawal option in the year in which you
reach age 70-1/2 or in any later year. To elect this option, you must have
account value in the variable investment options and the guaranteed interest
option of at least $2,000. The minimum amount we will pay out is $300, or if
less, your account value. If your account value is less than $500 after the
withdrawal, we may terminate your contract and pay you its cash value.
Currently, minimum distribution withdrawal payments will be made annually.
Currently, we do not impose a withdrawal charge on minimum distribution
withdrawals if you are enrolled in our required minimum distribution automatic
withdrawal option. The minimum distribution
Accessing your money 37
withdrawal will be taken into account in determining if any subsequent
withdrawal taken in the same contract year exceeds the 15% free withdrawal
amount.
- --------------------------------------------------------------------------------
We will send to traditional IRA owners a form outlining the minimum
distribution options available in the year you reach age 70--1/2 (if you have
not begun your annuity payments before that time).
- --------------------------------------------------------------------------------
HOW WITHDRAWALS ARE TAKEN FROM YOUR ACCOUNT VALUE
Unless you specify otherwise, we will subtract your withdrawals on a pro rata
basis from your values in the investment options. A market value adjustment
will apply if withdrawals are taken from the fixed maturity options.
AUTOMATIC DEPOSIT SERVICE
If you are receiving required minimum distribution payments from a traditional
IRA contract, you may use our automatic deposit service.
Under this service we will automatically deposit the required minimum
distribution payment from your traditional IRA contract directly into an
existing EQUI-VEST(SM) NQ or Roth IRA or an existing EQUI-VEST(SM) Express(SM)
NQ or Roth IRA contract according to your allocation instructions. Please note
that you must have compensation or earned income for the year of the
contribution to make regular contributions to Roth IRAs. See "Tax information"
later in this prospectus.
DEPOSIT OPTION FOR NQ CONTRACTS ONLY
You can elect the deposit option for your benefit while you are alive, or for
the benefit of your beneficiary.
Proceeds from your NQ contract can be deposited with us for a period you select
(including one for as long as the annuitant lives). We will hold the amounts in
our general account. We will credit interest on the amounts at a guaranteed
rate for the specified period. We will pay out the interest on the amount
deposited at least once each year.
If you elect this option for your benefit, you deposit the amount with us that
you would otherwise apply to an annuity payout option. If you elect this option
for your beneficiary before the annuitant's death, death benefit proceeds can
be left on deposit with us subject to certain restrictions, instead of being
paid out to the beneficiary.
Other restrictions apply to the deposit option. Your financial professional can
provide more information about this option, or you may call our processing
office.
SURRENDER OF YOUR CONTRACT TO RECEIVE ITS CASH VALUE
You may surrender your contract to receive its cash value at any time while the
annuitant is living and before you begin to receive annuity payments. For a
surrender to be effective, we must receive your written request and your
contract at our processing office. We will determine your cash value on the
date we receive the required information. All benefits under the contract will
terminate as of that date.
You may receive your cash value in a single sum payment or apply it to one or
more of the annuity payout options. See "Your annuity payout options" below. We
will usually pay the cash value within seven calendar days, but we may delay
payment as described in "When to expect payments" below. For the tax
consequences of surrenders, see "Tax information" later in this prospectus.
TERMINATION
We may terminate your contract and pay you the cash value if:
(1) your account value is less than $500 and you have not made contributions
to your contract for a period of three years; or
(2) you request a partial withdrawal that reduces your account value to an
amount less than $500; or
(3) you have not made any contributions within 120 days from your contract
date.
WHEN TO EXPECT PAYMENTS
Generally, we will fulfill requests for payments out of the variable investment
options within seven calendar days after the date of the transaction to which
the request relates. These transactions may include applying proceeds to a
variable annuity payout option, payment of a death benefit, payment of any
amount you withdraw (less any withdrawal charge) and, upon surrender or
termination, payment of the cash value. We may postpone such payments or
applying 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 variable
investment option's assets is not reasonably practicable because of an
emergency, or
(3) the SEC, by order, permits us to defer payment to protect people remaining
in the variable investment options.
We can defer payment of any portion of your values in the guaranteed interest
option and the fixed maturity options (other than for death benefits) for up to
six months while you are living. We also may defer payments for a reasonable
amount of time (not to exceed 15 days) while we are waiting for a contribution
check to clear.
All payments are made by check and are mailed to you (or the payee named in a
tax-free exchange) by U.S. mail, unless you request that we use an express
delivery or wire transfer service at your expense.
YOUR ANNUITY PAYOUT OPTIONS
EQUI-VEST(SM) offers you several choices of annuity payout options. Some enable
you to receive fixed annuity payments, and others enable you to receive
variable annuity payments.
You can choose from among the annuity payout options listed below. Restrictions
may apply, depending on the type of contract you own or the annuitant's age at
contract issue.
38 Accessing your money
ANNUITY PAYOUT OPTIONS
- -------------------------------------------------------------------------
Fixed annuity payout options o Life annuity
o Life annuity with period
certain
o Life annuity with refund
certain
o Period certain annuity
- -------------------------------------------------------------------------
Variable Immediate Annuity payout o Life annuity (not available in
options (as described in a sepa- New York)
rate prospectus for this option) o Life annuity with period
certain
- -------------------------------------------------------------------------
o Life annuity: An annuity that guarantees payments for the rest of the
annuitant's life. Payments end with the last monthly payment before the
annuitant's death. Because there is no continuation of benefits following
the annuitant's death with this payout option, it provides the highest
monthly payment of any of the life annuity options, so long as the annuitant
is living.
o Life annuity with period certain: An annuity that guarantees payments for
the rest of the annuitant's life. If the annuitant dies before the end of a
selected period of time ("period certain"), payments continue to the
beneficiary for the balance of the period certain. The period certain cannot
extend beyond the annuitant's life expectancy or the joint life expectancy
of the annuitant and the joint annuitant. A life annuity with a period
certain is the form of annuity under the contracts that you will receive if
you do not elect a different payout option. In this case, the period certain
will be based on the annuitant's age and will not exceed 10 years or the
annuitant's life expectancy.
o Life annuity with refund certain: An annuity that guarantees payments for
the rest of the annuitant's life. If the annuitant dies before the amount
applied to purchase the annuity option has been recovered, payments to the
beneficiary will continue until that amount has been recovered. This payout
option is available only as a fixed annuity.
o Period certain annuity: An annuity that guarantees payments for a specific
period of time, usually 5, 10, 15, or 20 years. This 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. This payout option is available only as a fixed annuity.
The life annuity, life annuity with period certain, and life annuity with
refund certain payout options are available on a single life or joint and
survivor life basis. The joint and survivor life annuity guarantees payments
for the rest of the annuitant's life and, after the annuitant's death, payments
continue to the survivor. We may offer other payout options not outlined here.
Your financial professional can provide details.
FIXED ANNUITY PAYOUT OPTIONS
With fixed annuities, we guarantee fixed annuity payments that will be based
either on the tables of guaranteed annuity purchase factors in your contract or
on our then current annuity purchase factors, whichever is more favorable for
you.
VARIABLE IMMEDIATE ANNUITY PAYOUT OPTIONS
Variable Immediate Annuities are described in a separate prospectus that is
available from your financial professional. Before you select a Variable
Immediate Annuity payout option, you should read the prospectus which contains
important information that you should know.
Variable Immediate Annuities may be funded through your choice of available
variable investment options investing in portfolios of EQ Advisors Trust and
AXA Premier VIP Trust. The contract also offers a fixed income annuity payout
option that can be elected in combination with the variable income annuity
payout option. The amount of each variable income annuity payment will
fluctuate, depending upon the performance of the variable investment options,
and whether the actual rate of investment return is higher or lower than an
assumed base rate.
We may offer other payout options not outlined here. Your financial
professional can provide details.
SELECTING AN ANNUITY PAYOUT OPTION
When you select a payout option, we will issue you a separate written agreement
confirming your right to receive annuity payments. We require you to return
your contract before annuity payments begin. Unless you choose a different
payout option, we will pay annuity payments under a life annuity with a period
certain of 10 years. You choose whether these payments will be fixed or
variable. The contract owner and annuitant must meet the issue age and payment
requirements.
You can choose the date annuity payments are to begin, but generally it may not
be earlier than thirteen months from the EQUI-VEST(SM) contract date. You can
change the date your annuity payments are to begin any time before that date as
long as you do not choose a date later than the 28th day of any month or later
than your contract's maturity date. Your contract's maturity date is the date
by which you must either take a lump sum withdrawal or select an annuity payout
option.
The maturity date is generally the contract date anniversary that follows the
annuitant's 95th birthday and for contracts issued in New York is:
(i) The contract date anniversary that follows the annuitant's 90th birthday
if the annuitant was not older than age 80 when the contract was issued;
and
(ii) The contract date anniversary that is 10 years after the date the contract
was issued if the annuitant was ages 81 through 85 when the contract was
issued.
Before the last date by which your annuity payments must begin, we will notify
you by letter. Once you have selected an annuity payout option and payments
have begun, no change can be made other than transfers among the variable
investment options if a variable annuity is selected.
We currently offer different payment frequencies on certain annuity payout
options. In general, the total annual payout will be lower for more frequent
payouts such (as monthly) because of the increased administrative expenses
associated with more frequent payouts. Also,
Accessing your money 39
in general, the longer the period over which we expect to make payments, the
lower will be your payment each year.
The amount of the annuity payments will depend on:
(1) the amount applied to purchase the annuity;
(2) the type of annuity chosen, and whether it is fixed or variable;
(3) in the case of a life annuity, the annuitant's age (or the annuitant's and
joint annuitant's ages); and
(4) in certain instances, the sex of the annuitant(s).
If, at the time you elect a payout option, the amount to be applied is less
than $2,000 or the initial payment under the form elected is less than $20
monthly, we reserve the right to pay the account value in a single sum rather
than as payments under the payout option chosen.
Please see Appendix V later in this prospectus for state variations.
EQUI-VEST(SM) AT RETIREMENT(SM)
If you have a traditional IRA, Roth IRA, QP IRA, or NQ contract, you may be
eligible to convert your EQUI-VEST(SM) contract to a new EQUI-VEST(SM) At
Retirement(SM) contract. EQUI-VEST(SM) At Retirement(SM) is a deferred variable
annuity contract that offers living benefits (Guaranteed withdrawal benefit for
life or Guaranteed minimum income benefit) and enhanced death benefits. The
EQUI-VEST(SM) At Retirement(SM) contract has no withdrawal charges.
At the time of conversion, you must meet the following conditions in order to
qualify for this conversion offer. You must be between the ages of 55 and 85,
your contract must have an account value of at least $50,000, you must purchase
at least one of the living or enhanced death benefits, there can be no
withdrawal charges applicable under your existing EQUI-VEST(SM) contract, and no
rollover/direct transfer contributions can have been made to the existing
contract in the two contract years prior to the date you apply for the new
contract. The written application for the new EQUI-VEST(SM) At Retirement(SM)
contract must be received by our Processing Office no later than the close of
business on December 31, 2016 or such later date as we state in writing to you.
The EQUI-VEST(SM) At Retirement(SM) contract and its benefits, including the
charges for such benefits are described in a separate prospectus.
40 Accessing your money
5. Charges and expenses
- --------------------------------------------------------------------------------
CHARGES THAT AXA EQUITABLE DEDUCTS
We deduct the following charges each day from the net assets of each variable
investment option. These charges are reflected in the unit values of each
variable investment option:
o A mortality and expense risks charge
o A charge for other expenses
We deduct the following charges from your account value. When we deduct these
charges from your variable investment options, we reduce the number of units
credited to your contract:
o On the last day of the contract year -- an annual administrative charge, if
applicable
o Charge for third-party transfer or exchange
o At the time you make certain withdrawals or surrender your contract, or your
contract is terminated -- a withdrawal charge, if applicable
o A ratcheted death benefit charge, if you elect the benefit
o At the time annuity payments are to begin -- charges designed to approximate
certain taxes that may be imposed on us, such as premium taxes in your
state. A variable immediate annuity administrative fee may also apply.
More information about these charges appears below.
We will not increase these charges for the life of your contract, except as
noted. We may reduce certain charges under group or sponsored arrangements. See
"Group or sponsored arrangements" below.
To help with your retirement planning, we may offer other annuities with
different charges, benefits and features. Please contact your financial
professional for more information.
CHARGES UNDER THE CONTRACTS
MORTALITY AND EXPENSE RISKS CHARGE
We deduct a daily charge from the net assets in each variable investment option
to compensate us for mortality and expense risks, including the standard death
benefit. The daily charge is currently equivalent to an annual rate of 0.95%
(1.65% maximum) of the net assets in each variable investment option.
The mortality risk we assume is that annuitants (as a group) will live for a
longer time than our actuarial tables predict. If that happens, we would be
paying more in annuity benefits than we planned. We also assume a risk that the
mortality assumptions reflected in our guaranteed annuity payment tables, shown
in each contract, will differ from actual mortality experience. We may change
the actuarial basis for our guaranteed annuity payment tables, but only for new
contributions and only at five year intervals from the contract date. Lastly,
we assume a mortality risk to the extent that at the time of death, the
guaranteed death benefit exceeds the cash value of the contract. The expense
risk we assume is that it will cost us more to issue and administer contracts
than we expect.
To the extent that the mortality and expense risk charges are not needed to
cover the actual expenses incurred, they may be considered an indirect
reimbursement for certain sales and promotional expenses relating to the
contracts.
CHARGE FOR OTHER EXPENSES
We deduct this daily charge from the net assets in each variable investment
option. This charge, together with the annual administrative charge described
below, is for providing administrative and financial accounting services under
the contracts. The daily charge is currently equivalent to an annual rate of
0.25% (0.35% maximum) of net assets in each variable investment option.
TOTAL MAXIMUM SEPARATE ACCOUNT A CHARGES
The current total annual rate for Separate Account A charges is 1.20%. We may
increase or decrease this total annual rate, but we may not increase it above a
maximum rate of 2.00%. Any increase will apply only after the date of the
change. Any changes we make will reflect differences in costs and anticipated
expenses, and will not be unfair or discriminatory.
ANNUAL ADMINISTRATIVE CHARGE
We deduct an administrative charge from your account value on the last business
day of each contract year. We will deduct a pro rata portion of the charge if
you surrender your contract, elect an annuity payout option, or the annuitant
dies during the contract year. We deduct the charge if your account value on
the last business day of the contract year, is less than $25,000 under NQ
contracts and $20,000 under IRA contracts. If your account value on such date
is $25,000 or more for NQ ($20,000 or more for IRA) contracts, we do not deduct
the charge. During the first two contract years, the charge is equal to $30 or,
if less, 2% of your current account value plus any amount previously withdrawn
during the contract year. The charge is currently $30 for contract years three
or later. We may increase this charge if our administrative costs rise, but the
charge will never exceed $65 annually. We reserve the right to deduct this
charge on a quarterly, rather than annual, basis.
The charge is deducted pro rata from the variable investment options and the
guaranteed interest option. If those amounts are insufficient, we will make up
the required amounts from the fixed maturity options to the extent you have
value in those options. Charges deducted from the fixed maturity options are
considered withdrawals and, as such, will result in a market value adjustment.
We currently waive the annual administrative charge that would otherwise be
deducted in the next contract year under any individually
Charges and expenses 41
owned EQUI-VEST(R) contract/certificate having an account value that, when
combined with the account value of other EQUI-VEST(R) contracts/certificates
owned by the same person, exceeds $100,000 in the aggregate (as determined in
January of each year). This does not apply to EQUI-VEST(R)
contracts/certificates owned by different members of the same household. We may
change or discontinue this practice at any time without prior notice.
CHARGE FOR THIRD-PARTY TRANSFER OR EXCHANGE
We impose a charge for making a direct transfer of amounts from your contract
to a third party, such as in the case of a trustee-to-trustee transfer for an
IRA contract, or if you request that your contract be exchanged for a contract
issued by another insurance company. In either case, we will deduct from your
account value any withdrawal charge that applies and a charge of $25 for each
direct transfer or exchange. We reserve the right to increase this charge to a
maximum of $65.
WITHDRAWAL CHARGE
A withdrawal charge may apply in three circumstances: (1) you make one or more
withdrawals during a contract year; (2) you surrender your contract to receive
its cash value; or (3) we terminate your contract. The amount of the charge
will depend on whether the free withdrawal amount applies, and the availability
of one or more exceptions.
In order to give you the exact dollar amount of the withdrawal you request, we
deduct the amount of the withdrawal and the amount of the withdrawal charge
from your account value. Any amount deducted to pay withdrawal charges is also
subject to a withdrawal charge. We deduct the withdrawal amount and the
withdrawal charge pro rata from the variable investment options and the
guaranteed interest option. If those amounts are insufficient, we will make up
the required amounts from the fixed maturity options. If we deduct all or a
portion of the withdrawal charge from the fixed maturity options, a market
value adjustment will apply. See "About our fixed maturity options" in "More
information" later in this prospectus.
The amount of the withdrawal charge we deduct is equal to 6% of any
contribution withdrawn attributable to contributions made during the current
and five prior contract years measured from the date of the withdrawal.
In the case of surrenders, we will pay you the greater of the following up to a
maximum of the account value:
o the account value after any withdrawal charge has been imposed (cash value),
or
o the 15% free withdrawal amount plus the contributions made before the
current and five prior participation years that have not been previously
withdrawn plus 94% of (a) the remaining account value, minus (b) any
administrative fees.
For purposes of calculating the withdrawal charge, amounts withdrawn up to the
free withdrawal amount are not considered a withdrawal of any contribution. We
also treat contributions that have been invested the longest as being withdrawn
first. We treat contributions as withdrawn before earnings for purposes of
calculating the withdrawal charge. However, the federal income tax rules treat
earnings under most NQ contracts as withdrawn first. See "Tax information"
later in this prospectus.
We may reduce the withdrawal charge in order to comply with any state law
requirement. See "Contracts issued in New York -- fixed maturity options"
below.
The withdrawal charge does not apply in the circumstances described below.
15% FREE WITHDRAWAL AMOUNT. Each contract year you can withdraw up to 15% of
your account value without paying a withdrawal charge. The 15% free withdrawal
amount is determined using your account value at the time you request a
withdrawal, minus any other withdrawals made during the contract year.
DEATH OR PURCHASE OF ANNUITY. The withdrawal charge does not apply if:
o the annuitant dies and a death benefit is payable to the beneficiary.
o we receive a properly completed election form providing for the account
value to be used to buy a life contingent annuity or a non-life annuity with
a period certain for a term of at least ten years.
DISABILITY, TERMINAL ILLNESS, OR CONFINEMENT TO NURSING HOME. The withdrawal
charge also does not apply if:
(i) The annuitant has qualified to receive Social Security disability benefits
as certified by the Social Security Administration; or
(ii) We receive proof satisfactory to us (including certification by a licensed
physician) that the annuitant's life expectancy is six months or less; or
(iii) The annuitant has been confined to a nursing home for more than 90 days
(or such other period, as required in your state) as verified by a
licensed physician. A nursing home for this purpose means one that is (a)
approved by Medicare as a provider of skilled nursing care service, or (b)
licensed as a skilled nursing home by the state or territory in which it
is located (it must be within the United States, Puerto Rico, U.S. Virgin
Islands, or Guam) and meets all of the following:
-- its main function is to provide skilled, intermediate, or custodial
nursing care;
-- it provides continuous room and board to three or more persons;
-- it is supervised by a registered nurse or licensed practical nurse;
-- it keeps daily medical records of each patient;
-- it controls and records all medications dispensed; and
-- its primary service is other than to provide housing for residents.
We reserve the right to impose a withdrawal charge, in accordance with your
contract and applicable state law, with respect to a contribution if the
condition as described in (i), (ii) or (iii) above existed at the time the
contribution was remitted, or if the condition began within the 12 month period
following remittance. Some states may not permit us to waive the withdrawal
charge in the above circumstances, or may limit the circumstances for which the
withdrawal charge may
42 Charges and expenses
be waived. Your financial professional can provide more information or you may
contact our processing office.
For traditional IRA and Roth IRA contracts, the withdrawal charge also does not
apply:
o after six contract years and the annuitant is at least age 59-1/2; or
o if you request a refund of a contribution in excess of amounts allowed to be
contributed under the federal income tax rules within one month of the date
on which you made the contribution.
CONTRACTS ISSUED IN NEW YORK -- FIXED MATURITY OPTIONS
For contracts issued in New York, the withdrawal charge that applies to
withdrawals taken from amounts in the fixed maturity options will never exceed
6% and will be determined by applying the New York Declining Scale ("declining
scale"). If you withdraw amounts that have been transferred from one fixed
maturity option to another, we use the New York Alternative Scale ("alternative
scale") if it produces a higher charge than the declining scale.
- -------------------------------------------------------
Declining scale Alternative scale
- -------------------------------------------------------
Year of investment Year of transfer within fixed
in fixed maturity maturity
option* option*
- -------------------------------------------------------
Within year 1 6% Within year 1 5%
- -------------------------------------------------------
2 6% 2 4%
- -------------------------------------------------------
3 5% 3 3%
- -------------------------------------------------------
4 4% 4 2%
- -------------------------------------------------------
5 3% 5 1%
- -------------------------------------------------------
6 2% After year 5 0%
- -------------------------------------------------------
After year 6 0% Not to exceed 1% times
the number of years
remaining in the fixed
maturity option, rounded
to the higher number of
years. In other words, if
4.3 years remain, it would
be a 5% charge.
- -------------------------------------------------------
* Measured from the contract date anniversary prior to the date of the
contribution or transfer.
In the following example we compare the withdrawal charge that would apply to a
withdrawal from a NQ or traditional IRA contract that has an account value of
$10,000; $8,000 from a contribution made three years ago and $2,000 from
positive investment performance.
o If you were to withdraw the total amount of the contribution within the
first six years after it was made, the withdrawal charge that generally
applies would be $480 (6% of $8,000). However, if when you made your
contribution you allocated it to a fixed maturity option, the withdrawal
charge would be lower. According to the declining scale method described
above, the withdrawal charge would be limited to 5% of the $8,000, or $400
in the third year.
o The withdrawal charge may be different if when you made your contribution
three years ago, you allocated it to a fixed maturity option and then in the
third year, you transfer the amounts that apply to such contribution to a
new fixed maturity option. In this example we assume that there is one year
remaining in the new fixed maturity option. Because you made a transfer
among the fixed maturity options, the alternative scale may now apply. Based
on this alternative scale, a contribution that is transferred will be
subject to a 5% withdrawal charge if you withdraw that contribution in the
same year that you make the transfer. However, the withdrawal charge may not
exceed 1% for each year remaining in the new fixed maturity option. Since,
in this example, the time remaining in the new fixed maturity option is one
year, the withdrawal charge under the alternative scale would be limited to
1%. Because New York regulations permit us to use the greater of the
declining scale or the alternative scale, the withdrawal charge would be 5%,
or $400, based on the declining scale.
o The withdrawal charge may not exceed the charge that would normally apply
under the contract. Use of a New York scale can only result in a lower
charge. If your contribution has been in the contract for more than six
years and therefore would not have a withdrawal charge associated with it,
no withdrawal charge would apply.
o If you take a withdrawal from an investment option other than the fixed
maturity options, the amount available for withdrawal without a withdrawal
charge is reduced. It will be reduced by the amount of the contribution in
the fixed maturity options to which no withdrawal charge applies.
o As of any date on which 50% or more of your account value is held in fixed
maturity options, the free withdrawal amount is zero.
For contracts issued in New York, you should consider that on the maturity date
of a fixed maturity option if we have not received your instructions for
allocation of your maturity value, we will transfer your maturity value to the
fixed maturity option scheduled to mature next. If we are not offering other
fixed maturity options, we will transfer your maturity value to the EQ/Money
Market option.
The potential for lower withdrawal charges for withdrawals from the fixed
maturity options and the potential for a lower free withdrawal amount than
those that would normally apply, should be taken into account when deciding
whether to allocate amounts to, or transfer amounts to or from, the fixed
maturity options.
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 premium taxes in your state. Generally, we deduct the charge from
the amount applied to provide an annuity payout option. The current tax charge
that might be imposed varies by jurisdiction and ranges from 0% to 3.5%.
VARIABLE IMMEDIATE ANNUITY PAYOUT OPTION ADMINISTRATIVE FEE
We deduct a fee of $350 from the amount to be applied to purchase a Variable
Immediate Annuity payout option. This option may not be available at the time
you elect to begin receiving annuity payouts or it may have a different charge.
OPTIONAL RATCHETED DEATH BENEFIT CHARGE
If you elect the optional ratcheted death benefit, we deduct a charge annually
from your account value on each contract date anniversary. The charge is equal
to 0.15% of your account value on the contract date anniversary.
Charges and expenses 43
The charge is deducted pro rata from the variable investment options and the
guaranteed interest option. If those amounts are insufficient, we will make up
the required amounts from the fixed maturity options to the extent you have
value in those options. Charges deducted from the fixed maturity options are
considered withdrawals and, as such, will result in a market value adjustment.
See "About our fixed maturity options" in "More information" later in this
prospectus.
CHARGES THAT THE TRUSTS DEDUCT
The Trusts deduct charges for the following types of fees and expenses:
o Management fees ranging from 0.10% to 1.40%.
o 12b-1 fees of either 0.25% or 0.35%.
o Operating expenses, such as trustees' fees, independent auditors' fees,
legal counsel fees, administrative service fees, custodian fees, and
liability insurance.
o Investment-related expenses, such as brokerage commissions.
These charges are reflected in the daily share price of each portfolio. Since
shares of each Trust are purchased at their net asset value, these fees and
expenses are, in effect, passed on to the variable investment options and are
reflected in their unit values. Certain portfolios available under the contract
in turn invest in shares of other portfolios of AXA Premier VIP Trust and EQ
Advisors Trust and/or shares of unaffiliated portfolios (collectively, the
"underlying portfolios"). The underlying portfolios each have their own fees
and expenses, including management fees, operating expenses, and investment
related expenses such as brokerage commissions. For more information about
these charges, please refer to the prospectuses for the Trusts. For more
information about these charges, please refer to the prospectuses for the
Trusts.
GROUP OR SPONSORED ARRANGEMENTS
For certain group or sponsored arrangements, we may reduce the withdrawal
charge or the mortality and expense risks charge, or change the minimum
contribution requirements. We also may change the minimum death benefit or
offer variable investment options that invest in shares of a Trust that are not
subject to the 12b-1 fee. Group arrangements include those in which a trustee
or an employer, for example, purchases contracts covering a group of
individuals on a group basis. Group arrangements are not available for
traditional IRA and Roth IRA contracts. Sponsored arrangements include those in
which an employer allows us to sell contracts to its employees or retirees on
an individual basis.
Our costs for sales, administration, and mortality generally vary with the size
and stability of the group or sponsoring organization, among other factors. We
take all these factors into account when reducing charges. To qualify for
reduced charges, a group or sponsored arrangement must meet certain
requirements, such as requirements for size and number of years in existence.
Group or sponsored arrangements that have been set up solely to buy contracts
or that have been in existence less than six months will not qualify for
reduced charges.
We also may establish different rates to maturity for the fixed maturity
options under different classes of contracts for group or sponsored
arrangements.
We will make these and any similar reductions according to our rules in effect
when we approve a contract for issue. We may change these rules from time to
time. Any variation will reflect differences in costs or services and will not
be unfairly discriminatory.
Group or sponsored arrangements may be governed by federal income tax rules,
the Employee Retirement Income Security Act of 1974, or both. We make no
representations with regard to the impact of these and other applicable laws on
such programs. We recommend that employers, trustees, and others purchasing or
making contracts available for purchase under such programs seek the advice of
their own legal and benefits advisers.
OTHER DISTRIBUTION ARRANGEMENTS
We may reduce or eliminate charges when sales are made in a manner that results
in savings of sales and administrative expenses, such as sales through persons
who are compensated by clients for recommending investments and who receive no
commission or reduced commissions in connection with the sale of the contracts.
We will not permit a reduction or elimination of charges where it will be
unfairly discriminatory.
44 Charges and expenses
6. Payment of death benefit
- --------------------------------------------------------------------------------
YOUR BENEFICIARY AND PAYMENT OF BENEFIT
You designate your beneficiary when you apply for your contract. You may change
your beneficiary at any time. The change will be effective on the date the
written request for the change is received in our processing office. We are not
responsible for any beneficiary change request that we do not receive. We will
send you a written confirmation when we receive your request. Under jointly
owned contracts, the surviving owner is considered the beneficiary, and will
take the place of any other beneficiary.
We determine the amount of the death benefit as of the date we receive
satisfactory proof of the annuitant's death, any required instructions for the
method of payment, information and forms necessary to effect payment. We
describe the death benefit in "Contract features and benefits" earlier in this
prospectus.
EFFECT OF THE ANNUITANT'S DEATH
If the annuitant dies before the annuity payments begin, we will pay the death
benefit to your beneficiary.
Generally, the death of the annuitant terminates the contract. However, if you
are both the owner and the annuitant and your spouse is the sole primary
beneficiary or the joint owner, the contract can be continued as discussed
below under "Successor owner and annuitant." Only a spouse who is the sole
primary beneficiary can be a successor owner/annuitant. A beneficiary may be
able to have limited ownership as discussed under "Beneficiary continuation
option" below.
SUCCESSOR OWNER AND ANNUITANT. For all contracts, your spouse can elect upon
your death to continue the contract as the owner/annuitant and no death benefit
is payable until the surviving spouse's death.
If your surviving spouse decides to continue the contract, then as of the date
we receive satisfactory proof of death, any required instructions, information
and forms necessary to effect the successor owner and annuitant feature, we
will increase the account value to equal your ratcheted (or minimum) death
benefit, if such death benefit is greater than such account value. The increase
in the account value will be allocated to the investment options according to
the allocation percentages we have on file for your contract. Thereafter,
withdrawal charges will no longer apply to contributions made before your
death. Withdrawal charges will apply if additional contributions are made.
These additional contributions will be withdrawn only after all other amounts
have been withdrawn. The minimum death benefit will continue to apply. In
determining whether the ratcheted death benefit, if elected, will continue to
grow, and to determine if contributions are permitted we will use your
surviving spouse's age as of the date the successor owner and annuitant feature
is effected.
WHEN AN NQ CONTRACT OWNER DIES BEFORE THE ANNUITANT
Under certain conditions the owner changes after the original owner's death for
purposes of receiving federal tax law required distributions from the contract.
When you are not the annuitant under an NQ contract and you die before annuity
payments begin, unless you specify otherwise, we will automatically make the
beneficiary you name to receive the death benefit upon the annuitant's death
your successor owner. If you do not want this beneficiary also to be the
successor owner, you should name a specific successor owner. You may name a
successor owner at any time by sending satisfactory notice to our processing
office. If the contract is jointly owned and the first owner to die is not the
annuitant, the surviving owner becomes the sole contract owner. This person
will be considered the successor owner for purposes of the distribution rules
described in this section.
Unless the surviving spouse of the owner who has died (or in the case of a
joint ownership situation, the surviving spouse of the first owner to die) is
the successor owner for this purpose, the entire interest in the contract must
be distributed under the following rules:
o The cash value of the contract must be fully paid to the successor owner
(new owner) within five years after your death (or in a joint ownership
situation, the death of the first owner to die).
o The successor owner may instead elect to receive the cash value as a life
annuity (or payments for a period certain of not longer than the new owner's
life expectancy). Payments must begin within one year after the
non-annuitant owner's death. Unless this alternative is elected, we will pay
any cash value five years after your death (or the death of the first owner
to die).
If the surviving spouse is the successor owner, the spouse may elect to
continue the contract. No distributions are required as long as the surviving
spouse and annuitant are living. An eligible successor owner, including a
surviving joint owner after the first owner dies, may elect the beneficiary
continuation option for NQ contracts discussed under "Beneficiary continuation
option" below. The account value must be distributed no later than 5 years
after the spouse's death.
HOW DEATH BENEFIT PAYMENT IS MADE
We will pay the death benefit to the beneficiary in the form of the annuity
payout option you have chosen. If you have not chosen an annuity payout option
as of the time of the annuitant's death, the beneficiary will receive the death
benefit in a single sum. However, subject to any exceptions in the contract,
our rules and any applicable requirements under federal income tax rules, the
beneficiary may elect to apply the death benefit to one or more annuity payout
options we offer at the time. See "Your annuity payout options" in "Accessing
your money" earlier in this prospectus. Please note that any annuity payout
option chosen may not extend beyond the life expectancy of the beneficiary.
Single sum payments generally are paid through the AXA Equitable Access
Account, an interest bearing account with check writing privileges. The AXA
Equitable Access Account is part of AXA Equitable's general account.
Beneficiaries have immediate access to the proceeds
Payment of death benefit 45
by writing a check on the account. We pay interest from the date the single sum
is deposited into the Access Account until the account is closed.
BENEFICIARY CONTINUATION OPTION
This feature permits a designated individual, on the contract owner's death, to
maintain a contract in the deceased contract owner's name and receive
distributions under the contract, instead of receiving the death benefit in a
single sum. We make this option available to beneficiaries under traditional
IRA, Roth IRA and NQ contracts.
BENEFICIARY CONTINUATION OPTION FOR TRADITIONAL IRA AND ROTH IRA CONTRACTS
ONLY. The beneficiary must elect this feature 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
increase the account value to equal the applicable death benefit if such death
benefit is greater than such account value. The increase in account value will
be allocated to the investment options according to the allocation percentages
we have on file for your contract.
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 70-1/2, if such time is later. For
traditional IRA contracts 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 contracts. 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 for IRA and Roth IRA contracts:
o The contract continues in your name for the benefit of your beneficiary.
o 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.
o 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.
o The minimum amount that is required in order to elect the beneficiary
continuation option is $5,000 for each beneficiary.
o The beneficiary may make transfers among the investment options but no
additional contributions will be permitted.
o The minimum death benefit or the ratcheted death benefit, if applicable
under the contract, will no longer be in effect and the charge for the
ratcheted death benefit will stop.
o The beneficiary may choose at any time to withdraw all or a portion of the
account value and no withdrawal charges will apply.
o Any partial withdrawal must be at least $300.
o Your beneficiary will have the right to name a beneficiary to receive any
remaining interest in the contract.
o 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 contract 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.
BENEFICIARY CONTINUATION OPTION FOR NQ CONTRACTS ONLY. This feature, also known
as the inherited annuity, may only be elected when the NQ contract owner dies
before the date annuity payments are to begin, whether or not the owner and the
annuitant are the same person. If the owner and annuitant are different and the
owner dies before the annuitant, for purposes of this discussion, "beneficiary"
refers to the successor owner. For a discussion of successor owner, see "When
an NQ contract owner dies before the annuitant" earlier in this section.
This feature must be elected within 9 months following the date 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.
Generally, payments will be made once a year to the beneficiary over the
beneficiary's life expectancy, determined on a term certain basis and in the
year payments start. These payments must begin no later than one year after the
date of your death and are referred to as "scheduled payments." The beneficiary
may choose the "5-year rule" instead of scheduled payments over life
expectancy. If the beneficiary chooses the 5-year rule, there will be no
scheduled payments. Under the 5-year rule, the beneficiary may take withdrawals
as desired, but the entire account value must be fully withdrawn by the fifth
anniversary of your death.
Under the beneficiary continuation option for NQ contracts (regardless of
whether the owner and annuitant are the same person):
o This feature is only available if the beneficiary is an individual. It is
not available for any entity such as a trust, even if all of the
beneficiaries of the trust are individuals.
o The contract continues in your name for the benefit of your beneficiary.
o If there is more than one beneficiary, each beneficiary's share will be
separately accounted for. It will be distributed over the respective
beneficiary's own life expectancy, if scheduled payments are chosen.
46 Payment of death benefit
o The minimum amount that is required in order to elect the beneficiary
continuation option is $5,000 for each beneficiary.
o The beneficiary may make transfers among the investment options but no
additional contributions will be permitted.
o The minimum death benefit or the ratcheted death benefit, if applicable
under your contract, will no longer be in effect and the charge for the
ratcheted death benefit will stop.
o If the beneficiary chooses the "5-year rule," withdrawals may be made at any
time. If the beneficiary chooses scheduled payments, the beneficiary must
also choose between two potential withdrawal options at the time of
election. "Withdrawal Option 1" permits total surrender only. "Withdrawal
Option 2" permits the beneficiary to take withdrawals, in addition to
scheduled payments, at any time. See "Taxation of nonqualified annuities" in
"Tax information" later in this prospectus.
o Any partial withdrawal must be at least $300.
o Your beneficiary will have the right to name a beneficiary to receive any
remaining interest in the contract on the beneficiary's death.
o Upon the death of your beneficiary, the beneficiary that he or she has named
has the option to either continue taking scheduled payments based on the
remaining life expectancy of the deceased beneficiary (if scheduled payments
were chosen) or to receive any remaining interest in the contract in a lump
sum. We will pay any remaining interest in the contract in a lump sum if
your beneficiary elects the 5-year rule. 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.
If you are both the owner and annuitant:
o 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 increase the account value to equal the
applicable death benefit if such death benefit is greater than such account
value. The increase in account value will be allocated to the investment
options according to the allocation percentages we have on file for your
contract.
o No withdrawal charges will apply to any withdrawals by the beneficiary.
If the owner and annuitant are not the same person:
o If the beneficiary continuation option is elected, the beneficiary
automatically becomes the new annuitant of the contract, replacing the
existing annuitant.
o The account value will not be reset to the death benefit amount.
o The withdrawal charge schedule and free corridor amount on the contract will
continue to be applied to any withdrawal or surrender other than scheduled
payments.
o We do not impose a withdrawal charge on scheduled payments except if, when
added to any withdrawals previously taken in the same contract year,
including for this purpose a contract surrender, the total amount of
withdrawals and scheduled payments exceeds the free corridor amount. See
"Withdrawal charge" in "Charges and expenses" earlier in this prospectus.
If a contract is jointly owned:
o The surviving owner supersedes any other named beneficiary and may elect the
beneficiary continuation option.
o If the deceased joint owner was also the annuitant, see "If you are both the
owner and annuitant" above.
o If the deceased joint owner was not the annuitant, see "If the owner and
annuitant are not the same person" above.
Payment of death benefit 47
7. Tax information
- --------------------------------------------------------------------------------
OVERVIEW
In this part of the prospectus, we discuss the current federal income tax rules
that generally apply to EQUI-VEST(SM) contracts owned by United States
individual taxpayers. The tax rules can differ, depending on the type of
contract, whether NQ, traditional IRA or Roth IRA. Therefore, we discuss the tax
aspects of each type of contract separately.
Federal income tax rules include the United States laws in the Internal Revenue
Code, and Treasury Department Regulations and Internal Revenue Service ("IRS")
interpretations of the Internal Revenue Code. These tax rules may change
without notice. We cannot predict whether, when, or how these rules could
change. Any change could affect contracts 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 contracts.
Moreover, the tax aspects that apply to a particular person's contract 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
contract, rights or values under the contract, or payments under the contract,
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.
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 annuity contract such as this
one, or an IRA, custodial or trusteed account. 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 qualified arrangement does not provide any tax deferral
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 EQUI-VEST(SM)'s choice of death
benefits, selection of variable investment options, provision of a guaranteed
interest option and choices of payout options, as well as the features and
benefits of other permissible funding vehicles and the relative costs of
annuities and other such arrangements. You should be aware that cost may vary
depending on the features and benefits made available and the charges and
expenses of the portfolios.
Beginning in 2006, 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. For this purpose, additional annuity
contract benefits may include enhanced death benefits. You should consider the
potential implication of these Regulations before you purchase this annuity
contract or purchase additional features under this annuity contract.
TRANSFERS AMONG INVESTMENT OPTIONS
You can make transfers among investment options inside the contract without
triggering taxable income.
TAXATION OF NONQUALIFIED ANNUITIES
CONTRIBUTIONS
You may not deduct the amount of your contributions to a nonqualified annuity
contract.
CONTRACT EARNINGS
Generally, you are not taxed on contract earnings until you receive a
distribution from your contract, whether as a withdrawal or as an annuity
payment. However, earnings are taxable, even without a distribution:
o if a contract fails investment diversification requirements as specified in
federal income tax rules (these rules are based on or are similar to those
specified for mutual funds under securities laws);
o if you transfer a contract, for example, as a gift to someone other than
your spouse (or former spouse);
o if you use a contract as security for a loan (in this case, the amount
pledged will be treated as a distribution); and
o if the owner is other than an individual (such as a corporation,
partnership, trust, or other non-natural person). This provision does not
apply to a trust which is a mere agent or nominee for an individual, such as
a grantor trust.
All nonqualified deferred annuity contracts that AXA Equitable and its
affiliates issue to you during the same calendar year are linked together and
treated as one contract for calculating the taxable amount of any distribution
from any of those contracts.
ANNUITY PAYMENTS
Once annuity payments begin, a portion of each payment is taxable as ordinary
income. You get back the remaining portion without paying taxes on it. This is
your "investment in the contract." Generally, your investment in the contract
equals the contributions you made, less any amounts you previously withdrew
that were not taxable.
For fixed annuity payments, the tax-free portion of each payment is determined
by (1) dividing your investment in the contract by the total amount you are
expected to receive out of the contract, and (2) multiplying the result by the
amount of the payment. For variable annuity
48 Tax information
payments, your tax-free portion of each payment is your investment in the
contract divided by the number of expected payments.
Once you have received the amount of your investment in the contract, all
payments after that are fully taxable. If payments under a life annuity stop
because the annuitant dies, there is an income tax deduction for any
unrecovered investment in the contract.
PAYMENTS MADE BEFORE ANNUITY PAYMENTS BEGIN
If you make withdrawals before annuity payments begin under your contract, they
are taxable to you as ordinary income if there are earnings in the contract.
Generally, earnings are your account value less your investment in the
contract. If you withdraw an amount which is more than the earnings in the
contract as of the date of the withdrawal, the balance of the distribution is
treated as a return of your investment in the contract and is not taxable.
CONTRACTS PURCHASED THROUGH EXCHANGES
You may purchase your NQ contract through an exchange of another contract.
Normally, exchanges of contracts are taxable events. The exchange will not be
taxable under Section 1035 of the Internal Revenue Code if:
o The contract that is the source of the funds you are using to purchase the
NQ contract is another nonqualified deferred annuity contract (or life
insurance or endowment contract).
o The owner and the annuitant are the same under the source contract and the
EQUI-VEST(SM) NQ contract. If you are using a life insurance or endowment
contract the owner and the insured must be the same on both sides of the
exchange transaction.
The tax basis, also referred to as your investment in the contract, of the
source contract carries over to the EQUI-VEST(SM) NQ contract.
An owner may direct the proceeds of a partial withdrawal from one nonqualified
deferred annuity contract to a different insurer to purchase a new nonqualified
deferred annuity contract on a tax-deferred basis. Special forms, agreement
between the carriers, and provision of cost basis information may be required
to process this type of an exchange.
Section 1035 exchanges are generally not available after the death of an owner.
SURRENDERS
If you surrender or cancel the contract, the distribution is taxable as
ordinary income (not capital gain) to the extent it exceeds your investment in
the contract.
DEATH BENEFIT PAYMENTS MADE TO A BENEFICIARY AFTER YOUR DEATH
For the rules applicable to death benefits, see "Payment of death benefit"
earlier in this prospectus. The tax treatment of a death benefit taken as a
single sum is generally the same as the tax treatment of a withdrawal from or
surrender of your contract. The tax treatment of a death benefit taken as
annuity payments is generally the same as the tax treatment of annuity payments
under your contract.
BENEFICIARY CONTINUATION OPTION
We have received a private letter ruling from the IRS regarding certain tax
consequences of scheduled payments under the beneficiary continuation option
for NQ contracts. See the discussion of the beneficiary continuation option for
NQ contracts earlier in this prospectus. Among other things, the IRS rules
that:
o scheduled payments under the beneficiary continuation option for NQ
contracts satisfy the death of owner rules of Section 72(s)(2) of the Code,
regardless of whether the beneficiary elects Withdrawal Option 1 or
Withdrawal Option 2;
o scheduled payments, any additional withdrawals under Withdrawal Option 2, or
contract surrenders under Withdrawal Option 1 will only be taxable to the
beneficiary when amounts are actually paid, regardless of the Withdrawal
Option selected by the beneficiary;
o a beneficiary who irrevocably elects scheduled payments with Withdrawal
Option 1 will receive "excludable amount" tax treatment on scheduled
payments. See "Annuity payments" earlier in this section. If the beneficiary
elects to surrender the contract before all scheduled payments are paid, the
amount received upon surrender is a non-annuity payment taxable to the
extent it exceeds any remaining investment in the contract.
The ruling specifically does not address the taxation of any payments received
by a beneficiary electing Withdrawal Option 2 (whether scheduled payments or
any withdrawal that might be taken).
The tax treatment of a withdrawal after the death of the owner taken as a
single sum or taken as withdrawals under the 5-year rule is generally the same
as the tax treatment of a withdrawal from or surrender of your contract.
EARLY DISTRIBUTION PENALTY TAX
If you take distributions before you are age 59-1/2 a penalty tax of 10% of the
taxable portion of your distribution applies in addition to the income tax.
Some of the available exceptions to the pre-age 59-1/2 penalty tax include
distributions made:
o on or after your death; or
o because you are disabled (special federal income tax definition); or
o in the form of substantially equal periodic annuity payments for your life
(or life expectancy) or the joint lives (or joint life expectancy) of you
and a beneficiary, in accordance with IRS formulas.
INVESTOR CONTROL ISSUES
Under certain circumstances, the IRS has stated that you could be treated as
the owner (for tax purposes) of the assets of Separate Account A. If you were
treated as the owner, you would be taxed on income and gains attributable to
the shares of the underlying portfolios.
The circumstances that would lead to this tax treatment would be that, in the
opinion of the IRS, you could control the underlying investment of Separate
Account A. The IRS has said that the owners of variable annuities will not be
treated as owning the separate account assets provided the underlying portfolios
are restricted to variable life
Tax information 49
and annuity assets. The variable annuity owners must have the right only to
choose among the portfolios, and must have no right to direct the particular
investment decisions within the portfolios.
Although we believe that, under current IRS guidance, you would not be treated
as the owner of the assets of Separate Account A, there are some issues that
remain unclear. For example, the IRS has not issued any guidance as to whether
having a large number of portfolios available, or an unlimited right to
transfer among them, could cause you to be treated as the owner. We do not know
whether the IRS will ever provide such guidance or whether such guidance, if
unfavorable, would apply retroactively to your contract. Furthermore, the IRS
could reverse its current guidance at any time. We reserve the right to modify
your contract as necessary to prevent you from being treated as the owner of
the assets of Separate Account A.
SPECIAL RULES FOR NQ CONTRACTS ISSUED IN PUERTO RICO
Income from NQ contracts we issue is U.S. source. A Puerto Rico resident is
subject to U.S. taxation on such U.S. source income. Only Puerto Rico source
income of Puerto Rico residents is excludable from U.S. taxation. Income from
NQ contracts is also subject to Puerto Rico tax. The calculation of the taxable
portion of amounts distributed from a contract may differ in the two
jurisdictions. Therefore, you might have to file both U.S. and Puerto Rico tax
returns, showing different amounts of income from the contract for each tax
return. Puerto Rico generally provides a credit against Puerto Rico tax for
U.S. tax paid. Depending on your personal situation and the timing of the
different tax liabilities, you may not be able to take full advantage of this
credit.
INDIVIDUAL RETIREMENT ARRANGEMENTS ("IRAS")
GENERAL
"IRA" stands for individual retirement arrangement. There are two basic types
of such arrangements, individual retirement accounts and individual retirement
annuities. In an individual retirement account, a trustee or custodian holds
the assets funding the account for the benefit of the IRA owner. The assets
typically include mutual funds and/ or individual stocks and securities in a
custodial account, and bank certificates of deposit in a trusteed account. In
an individual retirement annuity, an insurance company issues an annuity
contract that serves as the IRA.
There are two basic types of IRAs, as follows:
o "traditional IRAs," typically funded on a pre-tax basis, including SEP-IRAs
and SIMPLE IRAs issued and funded in connection with employer-sponsored
retirement plans.
o Roth IRAs, funded on an after-tax basis.
Regardless of the type of IRA, your ownership interest in the IRA cannot be
forfeited. You or your beneficiaries who survive you are the only ones who can
receive the IRA's benefits or payments. All types of IRAs qualify for tax
deferral, regardless of the funding vehicle selected.
You can hold your IRA assets in as many different accounts and annuities as you
would like, as long as you meet the rules for setting up and making
contributions to IRAs. However, if you own multiple IRAs, you may be required
to combine IRA values or contributions for tax purposes. For further
information about individual retirement arrangements, you can read Internal
Revenue Service Publication 590 ("Individual Retirement Arrangements (IRAs)").
This publication is usually updated annually, and can be obtained from any IRS
district office or the IRS website (www.irs.gov).
AXA Equitable designs its IRA contracts to qualify as "individual retirement
annuities" under Section 408(b) of the Internal Revenue Code. We offer the
EQUI-VEST(SM) contract in both traditional IRA and Roth IRA versions. This
prospectus contains the information that the IRS requires you to have before
you purchase an IRA. The first section covers some of the special tax rules
that apply to traditional IRAs. The next section covers Roth IRAs. The
disclosure generally assumes direct ownership of the individual retirement
annuity contracts.
We describe the amount and types of charges that may apply to your
contributions under "Charges and expenses" earlier in this prospectus. We
describe the method of calculating payments under "Accessing your money"
earlier in this prospectus. We do not guarantee or project growth in variable
income annuitization option payments (as opposed to payments from a fixed
income annuitization option).
We have received an opinion letter from the IRS approving the respective forms
of the EQUI-VEST(SM) traditional and Roth IRA contracts for use as a traditional
IRA and a Roth IRA, respectively. This IRS approval is a determination only as
to the form of the annuity. It does not represent a determination of the merits
of the annuity as an investment. The contracts submitted for IRS approval do
not include every feature possibly available under the EQUI-VEST(SM) traditional
and Roth IRA contracts.
AXA Equitable has applied for opinion letters from the IRS to approve the
respective forms of nearly identical versions of the Inherited IRA beneficiary
continuation contract for use as a traditional and Roth IRA, respectively. We
do not know if and when any such approval may be granted.
YOUR RIGHT TO CANCEL WITHIN A CERTAIN NUMBER OF DAYS
You can cancel any version of the EQUI-VEST(SM) IRA contract (traditional IRA or
Roth IRA) by following the directions under "Your right to cancel within a
certain number of days" under "Contract features and benefits" earlier in this
prospectus. You can cancel an EQUI-VEST(SM) Roth IRA contract issued as a result
of a full or partial conversion of any EQUI-VEST(SM) traditional IRA contract by
following the instructions in the "EQUI-VEST(SM) Roth IRA Re-Characterization
Form." The form is available from our processing office or your financial
professional. If you cancel a traditional IRA or Roth IRA contract, we may have
to withhold tax, and we must report the transaction to the IRS. A contract
cancellation could have an unfavorable tax impact.
TRADITIONAL INDIVIDUAL RETIREMENT ANNUITIES (TRADITIONAL IRAS)
CONTRIBUTIONS TO TRADITIONAL IRAS. Generally, individuals may make three
different types of contributions to purchase a traditional IRA or as subsequent
contributions to an existing IRA:
o "regular" contributions out of earned income or compensation; or
o tax-free "rollover" contributions; or
50 Tax information
o direct custodian-to-custodian transfers from other traditional IRAs ("direct
transfers").
REGULAR CONTRIBUTIONS TO TRADITIONAL IRAS.
LIMITS ON CONTRIBUTIONS. The "maximum regular contribution amount" for any
taxable year is the most that can be contributed to all of your IRAs
(traditional and Roth) as regular contributions for the particular taxable
year. The maximum regular contribution amount depends on age, earnings, and
year, among other things. Generally, $4,000 is the maximum amount that you may
contribute to all IRAs (including Roth IRAs) for 2007. For 2008, the amount is
$5,000. When your earnings are below $4,000, your earned income or compensation
for the year is the most you can contribute. This limit does not apply to
rollover contributions or direct custodian-to-custodian transfers into a
traditional IRA. You cannot make regular traditional IRA contributions for the
taxable year in which you reach age 70-1/2 or any taxable year after that.
If you reach age 50 before the close of the taxable year for which you are
making a regular contribution to your IRA, you may be eligible to make an
additional "catch up contribution" of up to $1,000 to your traditional IRA for
the taxable year 2007 and after.
SPECIAL RULES FOR SPOUSES. If you are married and file a joint income tax
return, you and your spouse may combine your compensation to determine the
amount of regular contributions you are permitted to make to traditional IRAs
(and Roth IRAs discussed below). Even if one spouse has no compensation, or
compensation under $4,000, married individuals filing jointly can contribute up
to $8,000 for 2007 to any combination of traditional IRAs and Roth IRAs. For
2008, the amount is $10,000. Any contributions to Roth IRAs reduce the ability
to contribute to traditional IRAs and vice versa. The maximum amount may be
less if earned income is less and the other spouse has made IRA contributions.
No more than a combined total of $4,000 can be contributed annually to either
spouse's traditional and Roth IRAs. Each spouse owns his or her traditional
IRAs and Roth IRAs even if the other spouse funded the contributions. A working
spouse age 70-1/2 or over can contribute up to the lesser of $4,000 or 100% of
"earned income" to a traditional IRA for a nonworking spouse until the year in
which the nonworking spouse reaches age 70-1/2. Catch-up contributions may be
made as described above for spouses who are at least age 50 but under age 70-1/2
at any time during the taxable year for which the contribution is being made.
DEDUCTIBILITY OF CONTRIBUTIONS. The amount of traditional IRA contributions
that you can deduct for a taxable year depends on whether you are covered by an
employer-sponsored-tax-favored retirement plan, as defined under special
federal income tax rules. Your Form W-2 will indicate whether or not you are
covered by such a retirement plan.
If you are not covered by a retirement plan during any part of the year, you
can make fully deductible contributions to your traditional IRAs for the
taxable year up to the maximum amount discussed above under "Limits on
contributions." That is, for 2007 your fully deductible contribution can be up
to $4,000, ($5,000 for 2008), or if less, your earned income. The dollar limit
is $5,000 for people eligible to make age 50-70-1/2 catch-up contributions for
2007 ($6,000 for 2008).
If you are covered by a retirement plan during any part of the year, and your
adjusted gross income (AGI) is below the lower dollar figure in a phase-out
range, you can make fully deductible contributions to your traditional IRAs.
If you are covered by a retirement plan during any part of the year, and your
AGI falls within a phase-out range, you can make partially deductible
contributions to your traditional IRAs.
If you are covered by a retirement plan during any part of the year, and your
AGI falls above the higher figure in the phase-out range, you may not deduct
any of your regular contributions to your traditional IRAs.
Cost of living indexing applies to the income limits to deductible
contributions beginning in 2007.
If you are single and covered by a retirement plan during any part of the
taxable year, the deduction for traditional IRA contributions phases out with
AGI between $50,000 and $60,000 (for 2007, AGI between $52,000 and $62,000
after adjustment.)
If you are married and file a joint return, and you are covered by a retirement
plan during any part of the taxable year, the deduction for traditional IRA
contributions phases out with AGI between $80,000 and $100,000 (for 2007, AGI
between $83,000 and $103,000 after adjustment).
Married individuals filing separately and living apart at all times are not
considered married for purposes of this deductible contribution calculation.
Generally, the active participation in an employer-sponsored retirement plan of
an individual is determined independently for each spouse. Where spouses have
"married filing jointly" status, however, the maximum deductible traditional
IRA contribution for an individual who is not an active participant (but whose
spouse is an active participant) is phased out for taxpayers with AGI of
between $150,000 and $160,000 (for 2007, AGI between $156,000 and $166,000
after adjustment.)
To determine the deductible amount of the contribution for 2007, for example,
you determine AGI and subtract $52,000 if you are single, or $83,000 if you are
married and file a joint return with your spouse. The resulting amount is your
excess AGI. You then determine the limit on the deduction for traditional IRA
contributions using the following formula:
($10,000-excess AGI) times the maximum equals the adjusted
------------------ x regular = deductible
divided by $10,000 contribution amount contribution for
for the year the year limit
discussed above
ADDITIONAL "SAVER'S CREDIT" FOR CONTRIBUTIONS TO A TRADITIONAL IRA OR ROTH IRA
You may be eligible for a nonrefundable income tax credit for contributions you
make to a traditional IRA or Roth IRA. If you qualify, you may take this credit
even though your traditional IRA contribution is already fully or partially
deductible. To take advantage of this "saver's credit" you must be age 18 or
over before the end of the taxable year for which the contribution is made. You
cannot be a full-time student or claimed as a dependent on another's tax
return, and your adjusted gross income cannot exceed $50,000 ($52,000 after
cost of living
Tax information 51
indexing beginning in 2007). The amount of the tax credit you can get varies
from 10% of your contribution to 50% of your contribution, and depends on your
income tax filing status and your adjusted gross income. The maximum annual
contribution eligible for the saver's credit is $2,000. If you and your spouse
file a joint return, and each of you qualifies, each is eligible for a maximum
annual contribution of $2,000. Your saver's credit may also be reduced if you
take or have taken a taxable distribution from any plan eligible for a saver's
credit contribution -- even if you make a contribution to one plan and take the
distribution from another plan -- during the "testing period." The "testing
period" begins two years before the year for which you make the contribution and
ends when your tax return is due for the year for which you make the
contribution. Saver's-credit-eligible contributions may be made to a 401(k)
plan, 403(b) TSA, governmental employer 457(b) plan, SIMPLE IRA, or SARSEP IRA,
as well as a traditional IRA or Roth IRA.
NONDEDUCTIBLE REGULAR CONTRIBUTIONS. If you are not eligible to deduct part or
all of the traditional IRA contribution, you may still make nondeductible
contributions on which earnings will accumulate on a tax-deferred basis. The
combined deductible and nondeductible contributions to your traditional IRA (or
the nonworking spouse's traditional IRA) may not, however, exceed the maximum
dollar per person limit for the applicable taxable year ($4,000 for 2007 and
$5,000 for 2008). The dollar limit is $5,000 in 2007 ($6,000 for 2008) for
people eligible to make age 50-70-1/2 catch-up contributions. See "Excess
contributions" below. You must keep your own records of deductible and
nondeductible contributions in order to prevent double taxation on the
distribution of previously taxed amounts. See "Withdrawals, payments and
transfers of funds out of traditional IRAs" below.
If you are making nondeductible contributions in any taxable year, or you have
made nondeductible contributions to a traditional IRA in prior years and are
receiving distributions from any traditional IRA, you must file the required
information with the IRS. Moreover, if you are making nondeductible traditional
IRA contributions, you must retain all income tax returns and records
pertaining to such contributions until interests in all traditional IRAs are
fully distributed.
WHEN YOU CAN MAKE REGULAR CONTRIBUTIONS. If you file your tax returns on a
calendar year basis like most taxpayers, you have until the April 15 return
filing deadline (without extensions) of the following calendar year to make
your regular traditional IRA contributions for a tax year.
ROLLOVER AND TRANSFER CONTRIBUTIONS TO TRADITIONAL IRAS
Rollover contributions may be made to a traditional IRA from these "eligible
retirement plans":
o qualified plans;
o governmental employer 457(b) plans, also referred to as "governmental
employer EDC plans";
o TSAs (including Internal Revenue Code Section 403(b)(7) custodial accounts);
and
o other traditional IRAs.
Direct transfer contributions may only be made directly from one traditional
IRA to another.
Any amount contributed to a traditional IRA after you reach age 70-1/2 must be
net of your required minimum distribution for the year in which the rollover or
direct transfer contribution is made.
ROLLOVERS FROM "ELIGIBLE RETIREMENT PLANS" OTHER THAN TRADITIONAL IRAS
Your plan administrator will tell you whether or not your distribution is
eligible to be rolled over. Spousal beneficiaries and spousal alternate payees
under qualified domestic relations orders may roll over funds on the same basis
as the plan participant. Beginning in 2007, a non-spousal death beneficiary may
also be able to make rollover contributions to an individual retirement plan
under certain circumstances.
There are two ways to do rollovers:
o Do it yourself:
You actually receive a distribution that can be rolled over and you roll it
over to a traditional IRA within 60 days after the date you receive the
funds. The distribution from your eligible retirement plan will be net of
20% mandatory federal income tax withholding. If you want, you can replace
the withheld funds yourself and roll over the full amount.
o Direct rollover:
You tell the trustee or custodian of the eligible retirement plan to send
the distribution directly to your traditional IRA issuer. Direct rollovers
are not subject to mandatory federal income tax withholding.
All distributions from a TSA, qualified plan or governmental employer 457(b)
plan are eligible rollover distributions, unless the distribution is:
o "a required minimum distribution" after age 70-1/2 or retirement; or
o one of a series of substantially equal periodic payments made at least
annually for your life (or life expectancy) or the joint lives (or joint
life expectancies) of you and your designated beneficiary; or
o one of a series of substantially equal periodic payments made for a
specified period of 10 years or more; or
o a hardship withdrawal; or
o a corrective distribution which fits specified technical tax rules; or
o a loan that is treated as a distribution; or
o a death benefit payment to a beneficiary who is not your surviving spouse;
or
o a qualified domestic relations order distribution to a beneficiary who is
not your current or former spouse.
You should discuss with your tax adviser whether you should consider rolling
over funds from one type of tax qualified retirement plan to another, because
the funds will generally be subject to the rules of the recipient plan. For
example, funds in a governmental employer 457(b) plan are not subject to the
additional 10% federal income tax penalty
52 Tax information
for premature distributions, but they may become subject to this penalty if you
roll the funds to a different type of eligible retirement plan, such as a
traditional IRA, and subsequently take a premature distribution.
ROLLOVERS OF AFTER-TAX CONTRIBUTIONS FROM ELIGIBLE RETIREMENT PLANS OTHER THAN
TRADITIONAL IRAS
Any non-Roth after-tax contributions you have made to a qualified plan or TSA
(but not a governmental employer 457(b) plan) may be rolled over to a
traditional IRA (either in a direct rollover or a rollover you do yourself).
When the recipient plan is a traditional IRA, you are responsible for
recordkeeping and calculating the taxable amount of any distributions you take
from that traditional IRA. See "Taxation of payments" later in this prospectus
under "Withdrawals, payments and transfers of funds out of traditional IRAs."
After-tax contributions in a traditional IRA cannot be rolled over from your
traditional IRA into, or back into, a qualified plan, TSA or governmental
employer 457(b) plan.
ROLLOVERS FROM TRADITIONAL IRAS TO TRADITIONAL IRAS
You may roll over amounts from one traditional IRA to one or more of your other
traditional IRAs if you complete the transaction within 60 days after you
receive the funds. You may make such a rollover only once in every 12-month
period for the same funds. Trustee-to-trustee or custodian-to-custodian direct
transfers are not rollover transactions. You can make these more frequently
than once in every 12-month period.
SPOUSAL ROLLOVER AND DIVORCE-RELATED DIRECT TRANSFERS
The surviving spousal beneficiary of a deceased individual can roll over funds
from, or directly transfer funds from, an inherited traditional IRA to one or
more other traditional IRAs. Beginning in 2007, a non-spousal death beneficiary
may also be able to make rollover contributions to an individual retirement
plan under certain circumstances. Also, in some cases, traditional IRAs can be
transferred on a tax-free basis between spouses or former spouses as a result
of a court ordered divorce or separation decree.
EXCESS CONTRIBUTIONS
Excess contributions to IRAs are subject to a 6% excise tax for the year in
which made and for each year after until withdrawn. The following are excess
contributions to IRAs:
o regular contributions of more than the maximum regular contribution amount
for the applicable taxable year; or
o regular contributions to a traditional IRA made after you reach age 70-1/2;
or
o rollover contributions of amounts which are not eligible to be rolled over,
for example, minimum distributions required to be made after age 70-1/2.
You can avoid the excise tax by withdrawing an excess contribution (rollover or
regular) before the due date (including extensions) for filing your federal
income tax return for the year. If it is an excess regular traditional IRA
contribution, you cannot take a tax deduction for the amount withdrawn. You do
not have to include the excess contribution withdrawn as part of your income.
It is also not subject to the 10% additional penalty tax on early
distributions, discussed below under "Early distribution penalty tax." You do
have to withdraw any earnings that are attributed to the excess contribution.
The withdrawn earnings would be included in your gross income and could be
subject to the 10% penalty tax.
Even after the due date for filing your return, you may withdraw an excess
rollover contribution, without income inclusion or 10% penalty, if:
(1) the rollover was from an eligible retirement plan to a traditional IRA;
(2) the excess contribution was due to incorrect information that the plan
provided; and
(3) you took no tax deduction for the excess contribution.
RECHARACTERIZATIONS
Amounts that have been contributed as traditional IRA funds may subsequently be
treated as Roth IRA funds. Special federal income tax rules allow you to change
your mind again and have amounts that are subsequently treated as Roth IRA
funds, once again treated as traditional IRA funds. You do this by using the
forms we prescribe. This is referred to as having "recharacterized" your
contribution.
WITHDRAWALS, PAYMENTS AND TRANSFERS OF FUNDS OUT OF TRADITIONAL IRAS
NO FEDERAL INCOME TAX LAW RESTRICTIONS ON WITHDRAWALS. You can withdraw any or
all of your funds from a traditional IRA at any time. You do not need to wait
for a special event like retirement.
TAXATION OF PAYMENTS. Earnings in traditional IRAs are not subject to federal
income tax until you or your beneficiary receive them. Taxable payments or
distributions include withdrawals from your contract, surrender of your
contract, and annuity payments from your contract. Death benefits are also
taxable.
Except as discussed below, the total amount of any distribution from a
traditional IRA must be included in your gross income as ordinary income. We
report all payments from traditional IRA contracts on IRS Form 1099-R as fully
taxable.
If you have ever made nondeductible IRA contributions to any traditional IRA
(it does not have to be to this particular traditional IRA contract), those
contributions are recovered tax free when you get distributions from any
traditional IRA. It is your responsibility to keep permanent tax records of all
of your nondeductible contributions to traditional IRAs so that you can
correctly report the taxable amount of any distribution on your own tax return.
At the end of any year in which you have received a distribution from any
traditional IRA, you calculate the ratio of your total nondeductible
traditional IRA contributions (less any amounts previously withdrawn tax free)
to the total account balances of all traditional IRAs you own at the end of the
year plus all traditional IRA distributions made during the year. Multiply this
Tax information 53
by all distributions from the traditional IRA during the year to determine the
nontaxable portion of each distribution.
A distribution from a traditional IRA is not taxable if:
o the amount received is a withdrawal of excess contributions, as described
under "Excess contributions" above; or
o the entire amount received is rolled over to another traditional IRA or
other eligible retirement plan which agrees to accept the funds. (See
"Rollovers from eligible retirement plans other than traditional IRAs" under
"Rollover and transfer contributions to traditional IRAs" above.)
The following are eligible to receive rollovers of distributions from a
traditional IRA: a qualified plan, a TSA or a governmental employer 457(b)
plan. After-tax contributions in a traditional IRA cannot be rolled from your
traditional IRA into, or back into, a qualified plan, TSA or governmental
employer 457(b) plan. Before you decide to roll over a distribution from a
traditional IRA to another eligible retirement plan, you should check with the
administrator of that plan about whether the plan accepts rollovers and, if so,
the types it accepts. You should also check with the administrator of the
receiving plan about any documents required to be completed before it will
accept a rollover.
Distributions from a traditional IRA are not eligible for favorable ten-year
averaging and long-term capital gain treatment available under limited
circumstances for certain distributions from qualified plans. If you might be
eligible for such tax treatment from your qualified plan, you may be able to
preserve such tax treatment even though an eligible rollover from a qualified
plan is temporarily rolled into a "conduit IRA" before being rolled back into a
qualified plan. See your tax adviser.
Certain distributions from IRAs in 2007 directly transferred to charitable
organizations may be tax-free to IRA owners who are age 70-1/2 or older.
REQUIRED MINIMUM DISTRIBUTIONS
BACKGROUND ON REGULATIONS -- REQUIRED MINIMUM DISTRIBUTIONS. Distributions must
be made from traditional IRAs according to rules contained in the Code and
Treasury Regulations. Beginning in 2006, certain provisions of the Treasury
Regulations require that the actuarial present value of additional annuity
contract benefits must be added to the dollar amount credited for purposes of
calculating certain types of required minimum distributions from individual
retirement annuity contracts. For this purpose additional annuity contract
benefits may include enhanced death benefits. This could increase the amount
required to be distributed from these contracts.
LIFETIME REQUIRED MINIMUM DISTRIBUTIONS. You must start taking annual
distributions from your traditional IRAs for the year in which you turn age
70-1/2.
WHEN YOU HAVE TO TAKE THE FIRST LIFETIME REQUIRED MINIMUM DISTRIBUTION. The
first required minimum distribution is for the calendar year in which you turn
age 70-1/2. You have the choice to take this first required minimum distribution
during the calendar year you actually reach age 70-1/2, or to delay taking it
until the first three-month period in the next calendar year (January 1 - April
1). Distributions must start no later than your "Required Beginning Date,"
which is April 1st of the calendar year after the calendar year in which you
turn age 70-1/2. If you choose to delay taking the first annual minimum
distribution, then you will have to take two minimum distributions in that year
- -- the delayed one for the first year and the one actually for that year. Once
minimum distributions begin, they must be made at some time each year.
HOW YOU CAN CALCULATE REQUIRED MINIMUM DISTRIBUTIONS. There are two approaches
to taking required minimum distributions -- "account-based" or "annuity-based."
ACCOUNT-BASED METHOD. If you choose an account-based method, you divide the
value of your traditional IRA as of December 31st of the past calendar year by
a number corresponding to your age from an IRS table. This gives you the
required minimum distribution amount for that particular IRA for that year. If
your spouse is your sole beneficiary and more than 10 years younger than you,
the dividing number you use may be from another IRS table and may produce a
smaller lifetime required minimum distribution amount. Regardless of the table
used, the required minimum distribution amount will vary each year as the
account value, the actuarial present value of additional annuity contract
benefits, if applicable, and the divisor change. If you initially choose an
account-based method, you may later apply your traditional IRA funds to a life
annuity-based payout with any certain period not exceeding remaining life
expectancy, determined in accordance with IRS tables.
ANNUITY-BASED METHOD. If you choose an annuity-based method, you do not have
to do annual calculations. You apply the account value to an annuity payout for
your life or the joint lives of you and a designated beneficiary, or for a
period certain not extending beyond applicable life expectancies, determined in
accordance with IRS tables.
DO YOU HAVE TO PICK THE SAME METHOD TO CALCULATE YOUR REQUIRED MINIMUM
DISTRIBUTIONS FOR ALL OF YOUR TRADITIONAL IRAS AND OTHER RETIREMENT PLANS? No.
If you want, you can choose a different method for each of your traditional
IRAs and other retirement plans. For example, you can choose an annuity payout
from one IRA, a different annuity payout from a qualified plan, and an
account-based annual withdrawal from another IRA.
WILL WE PAY YOU THE ANNUAL AMOUNT EVERY YEAR FROM YOUR TRADITIONAL IRA BASED ON
THE METHOD YOU CHOOSE? We will only pay you automatically if you affirmatively
select an annuity payout option or an account-based withdrawal option such as
our minimum distribution withdrawal option. If you do not elect one of these
options, we will calculate the amount of the required minimum distribution
withdrawal for you, if you so request in writing. However, in that case you
will be responsible for asking us to pay the required minimum distribution
withdrawal to you.
Also, the IRS will let you calculate the required minimum distribution for each
traditional IRA that you maintain, using the method that you picked for that
particular IRA. You can add these required minimum distribution amount
calculations together. As long as the total amount
54 Tax information
you take out every year satisfies your overall traditional IRA required minimum
distribution amount, you may choose to take your annual required minimum
distribution from any one or more traditional IRAs that you own.
WHAT IF YOU TAKE MORE THAN YOU NEED TO FOR ANY YEAR? The required minimum
distribution amount for your traditional IRAs is calculated on a year-by-year
basis. There are no carry-back or carry-forward provisions. Also, you cannot
apply required minimum distribution amounts you take from your qualified plans
to the amounts you have to take from your traditional IRAs and vice versa.
WHAT IF YOU TAKE LESS THAN YOU NEED TO FOR ANY YEAR? Your IRA could be
disqualified, and you could have to pay tax on the entire value. Even if your
IRA is not disqualified, you could have to pay a 50% penalty tax on the
shortfall (required amount for traditional IRAs less amount actually taken). It
is your responsibility to meet the required minimum distribution rules. We will
remind you when our records show that you are within the age group which must
take lifetime required minimum distributions. If you do not select a method
with us, we will assume you are taking your required minimum distribution from
another traditional IRA that you own.
WHAT ARE THE REQUIRED MINIMUM DISTRIBUTION PAYMENTS AFTER YOU DIE? These could
vary depending on whether you die before or after your Required Beginning Date
for lifetime required minimum distribution payments, and the status of your
beneficiary. The following assumes that you have not yet elected an
annuity-based payout at the time of your death. If you elect an annuity-based
payout, payments (if any) after your death must be made at least as rapidly as
when you were alive.
INDIVIDUAL BENEFICIARY. Regardless of whether your death occurs before or after
your Required Beginning Date, an individual death beneficiary calculates annual
post-death required minimum distribution payments based on the beneficiary's
life expectancy using the "term certain method." That is, he or she determines
his or her life expectancy using the IRS-provided life expectancy tables as of
the calendar year after the owner's death and reduces that number by one each
subsequent year.
If you die before your Required Beginning Date, the rules permit any individual
beneficiary, including a spousal beneficiary, to elect instead to apply the
"5-year rule." Under this rule, instead of annual payments having to be made
beginning with the first in the year following the owner's death, the entire
account must be distributed by the end of the calendar year which contains the
fifth anniversary of the owner's death. No distribution is required before that
fifth year.
SPOUSAL BENEFICIARY. If you die after your Required Beginning Date, and your
death beneficiary is your surviving spouse, your spouse has a number of
choices. Post-death distributions may be made over your spouse's single life
expectancy. Any amounts distributed after that surviving spouse's death are
made over the spouse's life expectancy calculated in the year of his/her death,
reduced by one for each subsequent year. In some circumstances, your surviving
spouse may elect to become the owner of the traditional IRA and halt
distributions until he or she reaches age 70-1/2, or roll over amounts from your
traditional IRA into his/her own traditional IRA or other eligible retirement
plan.
If you die before your Required Beginning Date, and the death beneficiary is
your surviving spouse, the rules permit the spouse to delay starting payments
over his/her life expectancy until the year in which you would have attained
age 70-1/2.
NON-INDIVIDUAL BENEFICIARY. If you die after your Required Beginning Date, and
your death beneficiary is a non-individual, such as the estate, the rules
permit the beneficiary to calculate post-death required minimum distribution
amounts based on the owner's life expectancy in the year of death. However,
note that we need an individual annuitant to keep an annuity contract in force.
If the beneficiary is not an individual, we must distribute amounts remaining
in the annuity contract after the death of the annuitant.
If you die before your Required Beginning Date for lifetime required minimum
distribution payments, and the death beneficiary is a non-individual, such as
the estate, the rules continue to apply the 5-year rule discussed above under
"Individual beneficiary." Please note that we need an individual annuitant to
keep an annuity contract in force. If the beneficiary is not an individual, we
must distribute amounts remaining in the annuity contract after the death of
the annuitant.
SUCCESSOR ANNUITANT AND OWNER
If your spouse is the sole primary beneficiary and elects to become the
successor annuitant and owner, no death benefit is payable until your surviving
spouse's death.
PAYMENTS TO A BENEFICIARY AFTER YOUR DEATH
IRA death benefits are taxed the same as IRA distributions.
BORROWING AND LOANS ARE PROHIBITED TRANSACTIONS
You cannot get loans from a traditional IRA. You cannot use a traditional IRA
as collateral for a loan or other obligation. If you borrow against your IRA or
use it as collateral, its tax-favored status will be lost as of the first day
of the tax year in which this prohibited event occurs. If this happens, you
must include the value of the traditional IRA in your federal gross income.
Also, the early distribution penalty tax of 10% may apply if you have not
reached age 59-1/2 before the first day of that tax year.
EARLY DISTRIBUTION PENALTY TAX
A penalty tax of 10% of the taxable portion of a distribution applies to
distributions from a traditional IRA made before you reach age 59-1/2. Some of
the available exceptions to the pre-age 59-1/2 penalty tax include distributions
made:
o on or after your death; or
o because you are disabled (special federal income tax definition); or
o used to pay certain extraordinary medical expenses (special federal income
tax definition); or
o used to pay medical insurance premiums for unemployed individuals (special
federal income tax definition); or
Tax information 55
o used to pay certain first-time home buyer expenses (special federal income
tax definition; $10,000 lifetime total limit for these distributions from
all your traditional and Roth IRAs); or
o used to pay certain higher education expenses (special federal income tax
definition); or
o in the form of substantially equal periodic payments made at least annually
over your life (or your life expectancy), or over the joint lives of you and
your beneficiary (or your joint life expectancy) using an IRS-approved
distribution method.
ROTH INDIVIDUAL RETIREMENT ANNUITIES ("ROTH IRAS")
This section of the prospectus covers some of the special tax rules that apply
to Roth IRAs. If the rules are the same as those that apply to the traditional
IRA, we will refer you to the same topic under "Traditional IRAs."
The EQUI-VEST(SM) Roth IRA contracts are designed to qualify as Roth individual
retirement annuities under Sections 408A(b) and 408(b) of the Internal Revenue
Code.
CONTRIBUTIONS TO ROTH IRAS
Individuals may make four different types of contributions to a Roth IRA:
o regular after-tax contributions out of earnings; or
o taxable rollover contributions from traditional IRAs ("conversion"
contributions); or
o tax-free rollover contributions from other Roth arrangements; or
o tax-free direct custodian-to-custodian transfers from other Roth IRAs
("direct transfers").
If you use the forms we require, we will also accept traditional IRA funds
which are subsequently recharacterized as Roth IRA funds following special
federal income tax rules.
Beginning in 2008, direct rollover contributions may be made from eligible
retirement plans to Roth IRAs under certain circumstances.
REGULAR CONTRIBUTIONS TO ROTH IRAS
LIMITS ON REGULAR CONTRIBUTIONS. The "maximum regular contribution amount" for
any taxable year is the most that can be contributed to all of your IRAs
(traditional and Roth) as regular contributions for the particular taxable
year. The maximum regular contribution amount depends on age, earnings, and
year, among other things. Generally, $4,000 is the maximum amount that you may
contribute to all IRAs (including Roth IRAs) for 2007 ($5,000 for 2008). This
limit does not apply to rollover contributions or direct custodian-to-custodian
transfers into a Roth IRA. Any contributions to Roth IRAs reduce your ability
to contribute to traditional IRAs and vice versa. When your earnings are below
$4,000, your earned income or compensation for the year is the most you can
contribute. If you are married and file a joint income tax return, you and your
spouse may combine your compensation to determine the amount of regular
contributions you are permitted to make to Roth IRAs and traditional IRAs. See
the discussion above under traditional IRAs. If you or your spouse are at least
age 50 at any time during the taxable year for which you are making a regular
contribution, additional catch-up contributions totalling up to $1,000 can be
made for the taxable year 2007, and later years.
With a Roth IRA, you can make regular contributions when you reach 70-1/2, as
long as you have sufficient earnings. But, you cannot make contributions,
regardless of your age, for any year that your modified adjusted gross income
exceeds the following amounts (indexed for cost of living adjustment beginning
in 2007):
o your federal income tax filing status is "married filing jointly" and your
modified adjusted gross income is over $160,000 (for 2007, $166,000 after
adjustment); or,
o your federal income tax filing status is "single" and your modified adjusted
gross income is over $110,000 (for 2007, $114,000 after adjustment).
However, you can make regular Roth IRA contributions in reduced amounts when:
o your federal income tax filing status is "married filing jointly" and your
modified adjusted gross income is between $150,000 and $160,000 (for 2007,
between $156,000 and $166,000 after adjustment); or
o your federal income tax filing status is "single" and your modified adjusted
gross income is between $95,000 and $110,000 (for 2007, between $99,000 and
$114,000 after adjustment).
If you are married and filing separately and your modified adjusted gross
income is between $0 and $10,000 the amount of regular contribution you are
permitted to make is phased out. If your modified adjusted gross income is more
than $10,000 you cannot make a regular Roth IRA contribution.
WHEN YOU CAN MAKE CONTRIBUTIONS? Same as traditional IRAs.
DEDUCTIBILITY OF CONTRIBUTIONS. Roth IRA contributions are not tax deductible.
ROLLOVERS AND DIRECT TRANSFERS
WHAT IS THE DIFFERENCE BETWEEN ROLLOVER AND DIRECT TRANSFER TRANSACTIONS? The
difference between a rollover transaction and a direct transfer transaction is
the following. In a rollover transaction you actually take possession of the
funds rolled over, or are considered to have received them under tax law in the
case of a change from one type of plan to another. In a direct transfer
transaction, you never take possession of the funds, but direct the first Roth
IRA custodian, trustee, or issuer to transfer the first Roth IRA funds directly
to the recipient Roth IRA custodian, trustee or issuer. You can make direct
transfer transactions only between identical plan types (for example, Roth IRA
to Roth IRA). You can also make rollover transactions between identical plan
types. However, you can only use rollover transactions between different plan
types (for example, traditional IRA to Roth IRA).
You may make rollover contributions to a Roth IRA from these sources only:
o another Roth IRA ("tax-free rollover contribution");
56 Tax information
o a "designated Roth contribution account" under a 401(k) plan or a 403(b)
arrangement:
o another traditional IRA, including a SEP-IRA or SIMPLE IRA (after a two-year
rollover limitation period for SIMPLE IRA funds) in a taxable "conversion"
rollover ("conversion contribution");
o you may not make contributions to a Roth IRA from a qualified plan under
Section 401(a) of the Internal Revenue Code or a TSA under Section 403(b) of
the Internal Revenue Code or any other eligible retirement plan until 2008.
You may make rollover contributions from a "designated Roth contribution
account" under a 401(k) plan or a 403(b) arrangement which permits
designated Roth elective deferral contributions to be made.
You may make direct transfer contributions to a Roth IRA only from another Roth
IRA.
You may make both Roth IRA to Roth IRA rollover transactions and Roth IRA to
Roth IRA direct transfer transactions. This can be accomplished on a completely
tax-free basis. However, you may make Roth IRA to Roth IRA rollover
transactions only once in any 12-month period for the same funds.
Trustee-to-trustee or custodian-to-custodian direct transfers can be made more
frequently than once a year. Also, if you send us the rollover contribution to
apply it to a Roth IRA, you must do so within 60 days after you receive the
proceeds from the original IRA to get rollover treatment.
The surviving spousal beneficiary of a deceased individual can roll over or
directly transfer an inherited Roth IRA to one or more other Roth IRAs. In some
cases, Roth IRAs can be transferred on a tax-free basis between spouses or
former spouses as a result of a court-ordered divorce or separation decree.
CONVERSION CONTRIBUTIONS TO ROTH IRAS
In a conversion rollover transaction, you withdraw (or are considered to have
withdrawn) all or a portion of funds from a traditional IRA you maintain and
convert it to a Roth IRA within 60 days after you receive (or are considered to
have received) the traditional IRA proceeds. Unlike a rollover from a
traditional IRA to another traditional IRA, the conversion rollover transaction
is not tax-free. Instead, the distribution from the traditional IRA is
generally fully taxable. For this reason, we are required to withhold 10%
federal income tax from the amount converted unless you elect out of such
withholding. (If you have ever made nondeductible regular IRA contributions to
any traditional IRA -- whether or not it is the traditional IRA you are
converting -- a pro rata portion of the distribution is tax-free.)
There is, however, no early distribution penalty tax on the traditional IRA
withdrawal that you are converting to a Roth IRA, even if you are under age
59-1/2.
The following rules apply until 2010: you cannot make conversion contributions
to a Roth IRA for any taxable year in which your modified adjusted gross income
exceeds $100,000. For this purpose, your modified adjusted gross income is
calculated without the gross income stemming from the traditional IRA
conversion. Modified adjusted gross income for this purpose excludes any
lifetime required minimum distribution from a traditional IRA. You also cannot
make conversion contributions to a Roth IRA for any taxable year in which your
federal income tax filing status is "married filing separately."
You cannot make conversion contributions to a Roth IRA to the extent that the
funds in your traditional IRA are subject to the annual required minimum
distribution rule applicable to traditional IRAs beginning at age 70-1/2.
You cannot convert and reconvert an amount during the same taxable year, or if
later, during the 30-day period following a recharacterization. If you
reconvert during either of these periods, it will be a failed Roth IRA
conversion. The IRS and Treasury have recently issued Proposed and Temporary
Treasury Regulations addressing the valuation of annuity contracts funding
traditional IRAs in the conversion to Roth IRAs. Although these Regulations are
not clear, they could require an individual's gross income on the conversion of
a traditional IRA to Roth IRA to be measured using various actuarial methods
and not as if the annuity contract funding the traditional IRA had been
surrendered at the time of conversion. This could increase the amount reported
as includible in certain circumstances.
RECHARACTERIZATIONS
You may be able to treat a contribution made to one type of IRA as having been
made to a different type of IRA. This is called recharacterizing the
contribution.
HOW TO RECHARACTERIZE. To recharacterize a contribution, you generally must
have the contribution transferred from the first IRA (the one to which it was
made) to the second IRA in a deemed trustee-to-trustee transfer. If the
transfer is made by the due date (including extensions) for your tax return for
the year during which the contribution was made, you can elect to treat the
contribution as having been originally made to the second IRA instead of to the
first IRA. It will be treated as having been made to the second IRA on the same
date that it was actually made to the first IRA. You must report the
recharacterization, and must treat the contribution as having been made to the
second IRA, instead of the first IRA, on your tax return for the year during
which the contribution was made.
The contribution will not be treated as having been made to the second IRA
unless the transfer includes any net income allocable to the contribution. You
can take into account any loss on the contribution while it was in the IRA when
calculating the amount that must be transferred. If there was a loss, the net
income you must transfer may be a negative amount.
No deduction is allowed for the contribution to the first IRA and any net
income transferred with the recharacterized contribution is treated as earned
in the second IRA. The contribution will not be treated as having been made to
the second IRA to the extent any deduction was allowed with respect to the
contribution to the first IRA.
For recharacterization purposes, a distribution from a traditional IRA that is
received in one tax year and rolled over into a Roth IRA in the next year, but
still within 60 days of the distribution from the traditional IRA, is treated
as a contribution to the Roth IRA in the year of the distribution from the
traditional IRA.
To recharacterize a contribution you must use our forms.
Tax information 57
The recharacterization of a contribution is not treated as a rollover for
purposes of the 12 month limitation period described above. This rule applies
even if the contribution would have been treated as a rollover contribution by
the second IRA if it had been made directly to the second IRA rather than as a
result of a recharacterization of a contribution to the first IRA.
WITHDRAWALS, PAYMENTS AND TRANSFERS OF FUNDS OUT OF ROTH IRAS
NO FEDERAL INCOME TAX LAW RESTRICTIONS ON WITHDRAWALS. You can withdraw any or
all of your funds from a Roth IRA at any time; you do not need to wait for a
special event like retirement.
DISTRIBUTIONS FROM ROTH IRAS
Distributions include withdrawals from your contract, surrender and termination
of your contract and annuity payments from your contract. Death benefits are
also distributions.
You must keep your own records of regular and conversion contributions to all
Roth IRAs to assure appropriate taxation. You may have to file information on
your contributions to and distributions from any Roth IRA on your tax return.
You may have to retain all income tax returns and records pertaining to such
contributions and distributions until your interests in all Roth IRAs are
distributed.
Like traditional IRAs, taxable distributions from a Roth IRA are not entitled
to the special favorable ten-year averaging and long-term capital gain
treatment available in limited cases to certain distributions from qualified
plans.
The following distributions from Roth IRAs are free of income tax:
o Rollovers from a Roth IRA to another Roth IRA;
o Direct transfers from a Roth IRA to another Roth IRA;
o Qualified distributions from a Roth IRA; and
o Return of excess contributions or amounts recharacterized to a traditional
IRA.
QUALIFIED DISTRIBUTIONS FROM ROTH IRAS
Qualified distributions from Roth IRAs made because of one of the following
four qualifying events or reasons are not includable in income:
o you are age 59-1/2 or older; or
o you die; or
o you become disabled (special federal income tax definition); or
o your distribution is a "qualified first-time homebuyer distribution"
(special federal income tax definition; $10,000 lifetime total limit for
these distributions from all of your traditional and Roth IRAs).
You also have to meet a five-year aging period. A qualified distribution is any
distribution made after the five-taxable-year period beginning with the first
taxable year for which you made any contribution to any Roth IRA (whether or
not the one from which the distribution is being made).
NONQUALIFIED DISTRIBUTIONS FROM ROTH IRAS
Nonqualified distributions from Roth IRAs are distributions that do not meet
both the qualifying event and five-year aging period tests described above. If
you receive such a distribution, part of it may be taxable. For purposes of
determining the correct tax treatment of distributions (other than the
withdrawal of excess contributions and the earnings on them), there is a set
order in which contributions (including conversion contributions) and earnings
are considered to be distributed from your Roth IRA. The order of distributions
is as follows:
(1) Regular contributions.
(2) Conversion contributions, on a first-in-first-out basis (generally, total
conversions from the earliest year first). These conversion contributions
are taken into account as follows:
(a) Taxable portion (the amount required to be included in gross income
because of conversion) first, and then the
(b) Nontaxable portion.
(3) Earnings on contributions.
Rollover contributions from other Roth IRAs are disregarded for this purpose.
To determine the taxable amounts distributed, distributions and contributions
are aggregated or grouped and added together as follows:
(1) All distributions made during the year from all Roth IRAs you maintain -
with any custodian or issuer - are added together.
(2) All regular contributions made during and for the year (contributions made
after the close of the year, but before the due date of your return) are
added together. This total is added to the total undistributed regular
contributions made in prior years.
(3) All conversion contributions made during the year are added together. For
purposes of the ordering rules, in the case of any conversion in which the
conversion distribution is made in 2007 and the conversion contribution is
made in 2008, the conversion contribution is treated as contributed prior
to the other conversion contributions made in 2008.
Any recharacterized contributions that end up in a Roth IRA are added to the
appropriate contribution group for the year that the original contribution
would have been taken into account if it had been made directly to the Roth
IRA.
Any recharacterized contribution that ends up in an IRA other than a Roth IRA
is disregarded for the purpose of grouping both contributions and
distributions. Any amount withdrawn to correct an excess contribution
(including the earnings withdrawn) is also disregarded for this purpose.
REQUIRED MINIMUM DISTRIBUTIONS
Lifetime required minimum distributions do not apply.
58 Tax information
REQUIRED MINIMUM DISTRIBUTION AT DEATH
Same as traditional IRA under "What are the required minimum distribution
payments after you die?"
PAYMENTS TO A BENEFICIARY AFTER YOUR DEATH
Distributions to a beneficiary generally receive the same tax treatment as if
the distribution had been made to you.
BORROWING AND LOANS ARE PROHIBITED TRANSACTIONS
Same as traditional IRA.
EXCESS CONTRIBUTIONS
Generally, the same as traditional IRA, except that regular contributions made
after age 70-1/2 are not "excess contributions."
Excess rollover contributions to Roth IRAs are contributions not eligible to be
rolled over (for example, conversion contributions from a traditional IRA if
your modified adjusted gross income is in excess of $100,000 in the conversion
year).
You can withdraw or recharacterize any contribution to a Roth IRA before the
due date (including extensions) for filing your federal income tax return for
the tax year. If you do this, you must also withdraw or recharacterize any
earnings attributable to the contribution.
EARLY DISTRIBUTION PENALTY TAX
Same as traditional IRA.
ILLUSTRATION OF GUARANTEED INTEREST RATES
In the following two tables, we provide information that the IRS requires us to
furnish to prospective IRA contract owners. In the tables we illustrate the
1.00% minimum guaranteed interest rate for contributions we assume are
allocated entirely to the guaranteed interest option. (The rate may be higher
in your state.) In Table I we assume a $1,000 contribution made annually on the
contract date and on each anniversary after that. In Table II we assume a
single initial contribution of $1,000, and no additional contributions. The
guaranteed interest rate, which can range from 1.00% to 3.00%, is in the
contract.
The account values shown reflect no withdrawal charges. The cash values shown
reflect the withdrawal charge that applies if you surrender your contract for
its cash value. In all cases we assume no transfers.
These values reflect the effect of the annual administrative charge deducted at
the end of each contract year in which the account value is less than $20,000.
To find the appropriate value for the end of the contract year at any
particular age, you subtract the age (nearest birthday) at issue of the
contract from the current age and find the corresponding year in the table.
Years that correspond to a current age over 70, should be ignored, unless the
contract is a Roth IRA.
You should consider the information shown in the tables in light of your
present age. Also, with respect to Table I, you should consider your ability to
contribute $1,000 annually. Any change in the amounts contributed annually in
Table I, or in the amount of the single contribution in Table II would, of
course, change the results shown.
Tax information 59
Table I at the guaranteed minimum rate of 1.00% (the rate may be higher in your
state)
TABLE I
ACCOUNT VALUES AND CASH VALUES
(ASSUMING $1,000 CONTRIBUTIONS MADE ANNUALLY AT THE BEGINNING OF THE CONTRACT
YEAR)
- ---------------------------------------- ------------------------------------------
1.00% Minimum Guarantee 1.00% Minimum Guarantee
- ---------------------------------------- ------------------------------------------
Contract Account Cash Contract Account Cash
Year End Value Value Year End Value Value
- ---------------------------------------- ------------------------------------------
1 $ 989.80 $ 936.35 26 $ 29,196.26 $ 28,836.26
- ---------------------------------------- ------------------------------------------
2 $ 1,979.70 $ 1,872.79 27 $ 30,498.22 $ 30,138.22
- ---------------------------------------- ------------------------------------------
3 $ 2,979.49 $ 2,818.60 28 $ 31,813.20 $ 31,453.20
- ---------------------------------------- ------------------------------------------
4 $ 3,989.29 $ 3,773.87 29 $ 33,141.33 $ 32,781.33
- ---------------------------------------- ------------------------------------------
5 $ 5,009.18 $ 4,738.69 30 $ 34,482.75 $ 34,122.75
- ---------------------------------------- ------------------------------------------
6 $ 6,039.27 $ 5,713.15 31 $ 35,837.57 $ 35,477.57
- ---------------------------------------- ------------------------------------------
7 $ 7,079.67 $ 6,719.67 32 $ 37,205.95 $ 36,845.95
- ---------------------------------------- ------------------------------------------
8 $ 8,130.46 $ 7,770.46 33 $ 38,588.01 $ 38,228.01
- ---------------------------------------- ------------------------------------------
9 $ 9,191.77 $ 8,831.77 34 $ 39,983.89 $ 39,623.89
- ---------------------------------------- ------------------------------------------
10 $ 10,263.69 $ 9,903.69 35 $ 41,393.73 $ 41,033.73
- ---------------------------------------- ------------------------------------------
11 $ 11,346.32 $ 10,986.32 36 $ 42,817.67 $ 42,457.67
- ---------------------------------------- ------------------------------------------
12 $ 12,439.79 $ 12,079.79 37 $ 44,255.84 $ 43,895.84
- ---------------------------------------- ------------------------------------------
13 $ 13,544.18 $ 13,184.18 38 $ 45,708.40 $ 45,348.40
- ---------------------------------------- ------------------------------------------
14 $ 14,659.63 $ 14,299.63 39 $ 47,175.49 $ 46,815.49
- ---------------------------------------- ------------------------------------------
15 $ 15,786.22 $ 15,426.22 40 $ 48,657.24 $ 48,297.24
- ---------------------------------------- ------------------------------------------
16 $ 16,924.08 $ 16,564.08 41 $ 50,153.81 $ 49,793.81
- ---------------------------------------- ------------------------------------------
17 $ 18,073.33 $ 17,713.33 42 $ 51,665.35 $ 51,305.35
- ---------------------------------------- ------------------------------------------
18 $ 19,234.06 $ 18,874.06 43 $ 53,192.00 $ 52,832.00
- ---------------------------------------- ------------------------------------------
19 $ 20,436.40 $ 20,076.40 44 $ 54,733.92 $ 54,373.92
- ---------------------------------------- ------------------------------------------
20 $ 21,650.76 $ 21,290.76 45 $ 56,291.26 $ 55,931.26
- ---------------------------------------- ------------------------------------------
21 $ 22,877.27 $ 22,517.27 46 $ 57,864.18 $ 57,504.18
- ---------------------------------------- ------------------------------------------
22 $ 24,116.04 $ 23,756.04 47 $ 59,452.82 $ 59,092.82
- ---------------------------------------- ------------------------------------------
23 $ 25,367.20 $ 25,007.20 48 $ 61,057.35 $ 60,697.35
- ---------------------------------------- ------------------------------------------
24 $ 26,630.88 $ 26,270.88 49 $ 62,677.92 $ 62,317.92
- ---------------------------------------- ------------------------------------------
25 $ 27,907.18 $ 27,547.18 50 $ 64,314.70 $ 63,954.70
- ---------------------------------------- ------------------------------------------
Table II at the guaranteed minimum rate of 1.00% (the rate may be higher in your
state)
TABLE II
ACCOUNT VALUES AND CASH VALUES
(ASSUMING A SINGLE CONTRIBUTION OF $1,000 AND NO FURTHER CONTRIBUTION)
- ------------------------------------ ------------------------------------
1.00% Minimum Guarantee 1.00% Minimum Guarantee
- ------------------------------------ ------------------------------------
Contract Account Cash Contract Account Cash
Year End Value Value Year End Value Value
- ---------------------------------------- --------------------------------
1 $ 989.80 $ 936.35 26 $ 434.76 $ 434.76
- ------------------------------------ ------------------------------------
2 $ 979.70 $ 926.80 27 $ 409.11 $ 409.11
- ------------------------------------ ------------------------------------
3 $ 959.50 $ 907.69 28 $ 383.20 $ 383.20
- ------------------------------------ ------------------------------------
4 $ 939.10 $ 888.38 29 $ 357.03 $ 357.03
- ------------------------------------ ------------------------------------
5 $ 918.49 $ 868.89 30 $ 330.60 $ 330.60
- ------------------------------------ ------------------------------------
6 $ 897.67 $ 849.20 31 $ 303.91 $ 303.91
- ------------------------------------ ------------------------------------
7 $ 876.65 $ 876.65 32 $ 276.95 $ 276.95
- ------------------------------------ ------------------------------------
8 $ 855.42 $ 855.42 33 $ 249.72 $ 249.72
- ------------------------------------ ------------------------------------
9 $ 833.97 $ 833.97 34 $ 222.21 $ 222.21
- ------------------------------------ ------------------------------------
10 $ 812.31 $ 812.31 35 $ 194.44 $ 194.44
- ------------------------------------ ------------------------------------
11 $ 790.43 $ 790.43 36 $ 166.38 $ 166.38
- ------------------------------------ ------------------------------------
12 $ 768.34 $ 768.34 37 $ 138.04 $ 138.04
- ------------------------------------ ------------------------------------
13 $ 746.02 $ 746.02 38 $ 109.42 $ 109.42
- ------------------------------------ ------------------------------------
14 $ 723.48 $ 723.48 39 $ 80.52 $ 80.52
- ------------------------------------ ------------------------------------
15 $ 700.71 $ 700.71 40 $ 51.32 $ 51.32
- ------------------------------------ ------------------------------------
16 $ 677.72 $ 677.72 41 $ 21.84 $ 21.84
- ------------------------------------ ------------------------------------
17 $ 654.50 $ 654.50 42 $ 0.00 $ 0.00
- ------------------------------------ ------------------------------------
18 $ 631.04 $ 631.04 43 $ 0.00 $ 0.00
- ------------------------------------ ------------------------------------
19 $ 607.35 $ 607.35 44 $ 0.00 $ 0.00
- ------------------------------------ ------------------------------------
20 $ 583.43 $ 583.43 45 $ 0.00 $ 0.00
- ------------------------------------ ------------------------------------
21 $ 559.26 $ 559.26 46 $ 0.00 $ 0.00
- ------------------------------------ ------------------------------------
22 $ 534.85 $ 534.85 47 $ 0.00 $ 0.00
- ------------------------------------ ------------------------------------
23 $ 510.20 $ 510.20 48 $ 0.00 $ 0.00
- ------------------------------------ ------------------------------------
24 $ 485.31 $ 485.31 49 $ 0.00 $ 0.00
- ------------------------------------ ------------------------------------
25 $ 460.16 $ 460.16 50 $ 0.00 $ 0.00
- ------------------------------------ ------------------------------------
60 Tax information
FEDERAL AND STATE INCOME TAX WITHHOLDING AND INFORMATION REPORTING
We must withhold federal income tax from distributions from annuity contracts.
You may be able to elect out of this income tax withholding in some cases.
Generally, we do not have to withhold if your distributions are not taxable.
The rate of withholding will depend on the type of distribution and, in certain
cases, the amount of your distribution. Any income tax withheld is a credit
against your income tax liability. If you do not have sufficient income tax
withheld or do not make sufficient estimated income tax payments, you may incur
penalties under the estimated income tax rules.
You must file your request not to withhold in writing before the payment or
distribution is made. Our processing office will provide forms for this
purpose. You cannot elect out of withholding unless you provide us with your
correct Taxpayer Identification Number and a United States residence address.
You cannot elect out of withholding if we are sending the payment out of the
United States.
You should note the following special situations:
o We might have to withhold and/or report on amounts we pay under a free look
or cancellation.
o We are generally required to withhold on conversion rollovers of traditional
IRAs to Roth IRAs, as it is considered a withdrawal from the traditional IRA
and is taxable.
o We are required to withhold on the gross amount of a distribution from a
Roth IRA to the extent it is reasonable for us to believe that a
distribution is includable in your gross income. This may result in tax
being withheld even though the Roth IRA distribution is ultimately not
taxable. You can elect out of withholding as described below.
Special withholding rules apply to foreign recipients and United States
citizens residing outside the United States. We do not discuss these rules here
in detail. However, we may require additional documentation in the case of
payments made to non-United States persons and United States persons living
abroad prior to processing any required transaction.
Certain states have indicated that state income tax withholding will also apply
to payments from the contracts made to residents. In some states, you may elect
out of state withholding, even if federal withholding applies. Generally, an
election out of federal withholding will also be considered an election out of
state withholding. If you need more information concerning a particular state
or any required forms, call our processing office at the toll-free number.
FEDERAL INCOME TAX WITHHOLDING ON PERIODIC ANNUITY PAYMENTS
We withhold differently on "periodic" and "non-periodic" payments. For a
periodic annuity payment, for example, unless you specify a different number of
withholding exemptions, we withhold assuming that you are married and claiming
three withholding exemptions. If you do not give us your correct Taxpayer
Identification Number, we withhold as if you are single with no exemptions.
Based on the assumption that you are married and claiming three withholding
exemptions, if you receive less than $18,240 in periodic annuity payments in
2007 your payments will generally be exempt from federal income tax
withholding. You could specify a different choice of withholding exemption or
request that tax be withheld. Your withholding election remains effective
unless and until you revoke it. You may revoke or change your withholding
election at any time.
FEDERAL INCOME TAX WITHHOLDING ON NON-PERIODIC ANNUITY PAYMENTS (WITHDRAWALS)
For a non-periodic distribution (total surrender, termination, or partial
withdrawal), we generally withhold at a flat 10% rate. We apply that rate to
the taxable amount in the case of nonqualified contracts, and to the payment
amount in the case of traditional IRAs and Roth IRAs, where it is reasonable to
assume an amount is includable in gross income.
IMPACT OF TAXES TO AXA EQUITABLE
The contracts provide that we may charge Separate Account A for taxes. We do
not now, but may in the future set up reserves for such taxes.
Tax information 61
8. More information
- --------------------------------------------------------------------------------
ABOUT OUR SEPARATE ACCOUNT A
Each variable investment option is a subaccount of our Separate Account A. We
established Separate Account A in 1968 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 variable investment options for
owners of our variable annuity contracts. We are the legal owner of all of the
assets in Separate Account A and may withdraw any amounts that exceed our
reserves and other liabilities with respect to variable investment options
under our contracts. The results of Separate Account A's operations are
accounted for without regard to AXA Equitable's other operations. The amount of
some of our obligations under the contracts is based on the assets in Separate
Account A. However, the obligations themselves are obligations of AXA
Equitable.
Separate Account A is registered under the Investment Company Act of 1940 and
is registered and classified under that act as a "unit investment trust." The
SEC, however, does not manage or supervise AXA Equitable or Separate Account A.
Although Separate Account A is registered, the SEC does not monitor the
activity of Separate Account A 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 1940.
Each subaccount (variable investment option) within Separate Account A that is
available under the contract invests solely in Class IB/B or Class II shares
issued by the corresponding portfolio of its Trust.
We reserve the right subject to compliance with laws that apply:
(1) to add variable investment options to, or to remove variable investment
options from, Separate Account A, or to add other separate accounts;
(2) to combine any two or more variable investment options;
(3) to transfer the assets we determine to be the shares of the class of
contracts to which the contracts belong from any variable investment
option to another variable investment option;
(4) to operate Separate Account A or any variable investment option 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 A or
a variable investment option directly);
(5) to deregister Separate Account A under the Investment Company Act of 1940;
(6) to restrict or eliminate any voting rights as to Separate Account A;
(7) to cause one or more variable investment options 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 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
The Trusts are registered under the Investment Company Act of 1940. They are
classified as "open-end management investment companies," more commonly called
mutual funds. Each Trust issues different shares relating to each of its
portfolios.
The Trusts do not impose sales charges or "loads" for buying and selling their
shares. All dividends and other distributions on the Trusts' shares are
reinvested in full. The Board of Trustees or Board of Directors, as applicable,
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 relating to the Class IB/B or Class II shares, and other
aspects of its operations, appears in the prospectuses for each Trust, which
generally accompany this prospectus, or in their respective SAIs, which are
available upon request.
ABOUT OUR FIXED MATURITY OPTIONS
RATES TO MATURITY AND PRICE PER $100 OF MATURITY VALUE
We can determine the amount required to be allocated to one or more fixed
maturity options in order to produce specified maturity values. For example, we
can tell you how much you need to allocate per $100 of maturity value.
The rates to maturity are determined weekly. The rates in the table below are
illustrative only and will most likely differ from the rates applicable at time
of purchase. Current rates to maturity can be obtained through TOPS or EQAccess
or from your financial professional.
The rates to maturity for new allocations as of February 15, 2007 and the
related price per $100 of maturity value were as shown below.
- ------------------------------------------------------------------------
Fixed Maturity Options
With June 15th
Maturity Date of Rate to Maturity as of Price Per $100 of
Maturity Year February 15, 2007 Maturity Value
- ------------------------------------------------------------------------
2007 3.70% $ 98.81
2008 3.75% $ 95.22
2009 3.80% $ 91.67
2010 3.85% $ 88.17
2011 3.90% $ 84.73
2012 3.95% $ 81.33
2013 4.10% $ 77.53
- ------------------------------------------------------------------------
62 More information
- ------------------------------------------------------------------------
Fixed Maturity Options
With June 15th
Maturity Date of Rate to Maturity as of Price Per $100 of
Maturity Year February 15, 2007 Maturity Value
- ------------------------------------------------------------------------
2014 4.15% $ 74.21
2015 4.20% $ 70.97
2016 4.30% $ 67.50
- ------------------------------------------------------------------------
HOW WE DETERMINE THE MARKET VALUE ADJUSTMENT
We use the following procedure to calculate the market value adjustment (up or
down) we make if you withdraw all of your value from a fixed maturity option
before its maturity date.
(1) We determine the market adjusted amount on the date of the withdrawal as
follows:
(a) We determine the fixed maturity amount that would be payable on the
maturity date, using the rate to maturity for the fixed maturity
option.
(b) We determine the period remaining in your fixed maturity option
(based on the withdrawal date) and convert it to fractional years
based on a 365-day year. For example, three years and 12 days
becomes 3.0329.
(c) We determine the current rate to maturity that applies on the
withdrawal date to new allocations to the same fixed maturity
option.
(d) We determine the present value of the fixed maturity amount payable
at the maturity date, using the period determined in (b) and the
rate determined in (c).
(2) We determine the fixed maturity amount as of the current date.
(3) We subtract (2) from the result in (1)(d). The result is the market value
adjustment applicable to such fixed maturity option, which may be positive
or negative.
- --------------------------------------------------------------------------------
Your market adjusted amount is the present value of the maturity value
discounted at the rate to maturity in effect for new contributions to that same
fixed maturity option on the date of the calculation.
- --------------------------------------------------------------------------------
If you withdraw only a portion of the amount in a fixed maturity option, the
market value adjustment will be a percentage of the market value adjustment
that would have applied if you had withdrawn the entire value in that fixed
maturity option. This percentage is equal to the percentage of the value in the
fixed maturity option that you are withdrawing. Any withdrawal charges that are
deducted from a fixed maturity option will result in a market value adjustment
calculated in the same way. See Appendix III at the end of this prospectus for
an example.
For purposes of calculating the rate to maturity for new allocations to a fixed
maturity option (see (1)(c) above), we use the rate we have in effect for new
allocations to that fixed maturity option. We use this rate even if new
allocations to that option would not be accepted at that time. This rate will
not be less than 3%. If we do not have a rate to maturity in effect for a fixed
maturity option to which the "current rate to maturity" in (1)(c) above would
apply, we will use the rate at the next closest maturity date. If we are no
longer offering new fixed maturity options, the "current rate to maturity" will
be determined in accordance with our procedures then in effect. We reserve the
right to add up to 0.50% to the current rate in (1)(c) above for purposes of
calculating the market value adjustment only.
INVESTMENTS UNDER THE FIXED MATURITY OPTIONS
Amounts allocated to the fixed maturity options are held in a "nonunitized"
separate account we have established under the New York Insurance Law. This
separate account provides an additional measure of assurance that we will make
full payment of amounts due under the fixed maturity options. Under New York
Insurance Law, the portion of the separate account's assets equal to the
reserves and other contract liabilities relating to the contracts are not
chargeable with liabilities from any other business we may conduct. We own the
assets of the separate account, as well as any favorable investment performance
on those assets. You do not participate in the performance of the assets held
in this separate account. We may, subject to state law that applies, transfer
all assets allocated to the separate account to our general account. We
guarantee all benefits relating to your value in the fixed maturity options,
regardless of whether assets supporting fixed maturity options are held in a
separate account or our general account.
We have no specific formula for establishing the rates to maturity for the
fixed maturity options. We expect the rates to be influenced by, but not
necessarily correspond to, among other things, the yields that we can expect to
realize on the separate account's investments from time to time. Our current
plans are to invest in fixed-income obligations, including corporate bonds,
mortgage-backed and asset-backed securities and government and agency issues
having durations in the aggregate consistent with those of the fixed maturity
options.
Although the above generally describes our plans for investing the assets
supporting our obligations under the fixed maturity options under the
contracts, we are not obligated to invest those assets according to any
particular plan except as we may be required to by state insurance laws. We
will not determine the rates to maturity we establish by the performance of the
nonunitized separate account.
ABOUT THE GENERAL ACCOUNT
Our general account supports all of our policy and contract guarantees,
including those that apply to the guaranteed interest option and the fixed
maturity options, as well as our general obligations.
The general account is subject to regulation and supervision by the Insurance
Department of the State of New York and to the insurance laws and regulations
of all jurisdictions where we are authorized to do business. Interests under
the contracts 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 1940. The market value adjustment interests under the contracts,
which are held in a separate account, are issued by AXA Equitable and are
registered under the Securities Act of 1933. The contract is a "covered
security" under the federal securities laws.
More information 63
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 the general account, however, may be subject to certain provisions of the
federal securities laws relating to the accuracy and completeness of statements
made in prospectuses.
ABOUT OTHER METHODS OF PAYMENT
AUTOMATIC INVESTMENT PROGRAM -- FOR NQ, TRADITIONAL IRA, AND ROTH IRA CONTRACTS
You may use our automatic investment program, or "AIP," to have a specified
amount automatically deducted from a bank checking or savings account, money
market checking or savings account, or credit union checking or savings account
and contributed as an additional contribution into an NQ, traditional IRA, or
Roth IRA contract on a monthly basis. For all forms of IRAs, your contributions
are subject to the limits and conditions on contributions described in "Tax
information" earlier in this prospectus.
AIP additional contributions may be allocated to any of the variable investment
options and the guaranteed interest option, but not the fixed maturity options.
Our minimum contribution amount
requirement is $20. You choose the day of the month you wish to have your
account debited. However, you may not choose a date later than the 28th day of
the month.
You may cancel AIP at any time by notifying our processing office. We are not
responsible for any debits made to your account before the time written notice
of cancellation is received at our processing office.
PAYROLL DEDUCTION PROGRAM. You can authorize your employer to remit your NQ,
traditional IRA or Roth IRA contributions to us if your employer has a payroll
deduction program. Those contributions are still your contributions, not your
employer's.
WIRE TRANSFERS. You may also send your contributions by wire transfer from your
bank.
DATES AND PRICES AT WHICH CONTRACT EVENTS OCCUR
We describe below the general rules for when, and at what prices, events under
your contract 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 generally is any day on which the New York Stock Exchange is
open for trading. A business day does not include any day we choose not to open
due to emergency conditions. We may also close early due to emergency
conditions. Our business day generally ends at 4:00 p.m., Eastern Time for
purposes of determining the date when contributions are applied and any other
transaction requests are processed. Contributions will be applied and any other
transaction requests will be processed when they are received along with all
the required information unless another date applies as indicated below.
o 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.
o When a charge is to be deducted on a contract date anniversary that is a
non-business day, we will deduct the charge on the next business day.
CONTRIBUTIONS, TRANSFERS, WITHDRAWALS AND SURRENDERS
o Contributions allocated to the variable investment options are invested at
the unit value next determined after the receipt of the contribution.
o Contributions allocated to a fixed maturity option will receive the rate to
maturity in effect for that fixed maturity option on that business day.
o Contributions allocated to the guaranteed interest option will receive the
guaranteed interest rate in effect on that business day.
o If a fixed maturity option is scheduled to mature on June 15th and June 15th
is a non-business day, that fixed maturity option will mature on the prior
business day.
o Transfers to or from variable investment options will be made at the unit
value next determined after the receipt of the transfer request.
o Transfers to the guaranteed interest option will receive the guaranteed
interest rate in effect on that business day.
o Transfers to a fixed maturity option will receive the rate to maturity in
effect for that fixed maturity option on that business day.
o Transfers out of a fixed maturity option will be at the market adjusted
amount on that business day.
o For the fixed-dollar option, the first monthly transfer will occur on the
last business day of the month in which we receive your election form at our
processing office.
o For the interest sweep, the first monthly transfer will occur on the last
business day of the month following the month that we receive your election
form at our processing office.
o Quarterly rebalancing will be processed on a calendar year basis. Semiannual
or annual rebalancing will be processed on the first business day of the
month. Rebalancing will not be done retroactively.
o Requests for withdrawals or surrenders will occur on the business day that
we receive the information that we require.
ABOUT YOUR VOTING RIGHTS
As the owner of shares of the Trusts we have the right to vote on certain
matters involving the portfolios, such as:
o the election of trustees; or
o the formal approval of independent auditors selected for each Trust; or
o any other matters described in each prospectus for the Trusts or requiring a
shareholders' vote under the Investment Company Act of 1940.
We will give contract owners the opportunity to instruct us how to vote the
number of shares attributable to their contracts if a shareholder vote is
taken. If we do not receive instructions in time from all
64 More information
contract 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 contract owners vote.
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 contract owners arising out of these
arrangements. However, the Board of Trustees or Directors of each Trust intend
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 contract owners, we
will see to it that appropriate action is taken to do so.
SEPARATE ACCOUNT A VOTING RIGHTS
If actions relating to Separate Account A require contract owner approval,
contract owners will be entitled to one vote for each unit they have in the
variable investment options. Each contract owner who has elected a variable
annuity payout option may cast the number of votes equal to the dollar amount
of reserves we are holding for that annuity in a variable investment option
divided by the annuity unit value for that option. We will cast votes
attributable to any amounts we have in the variable investment options in the
same proportion as votes cast by contract 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 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 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 A, nor would any of these
proceedings be likely to have a material adverse effect upon Separate Account
A, our ability to meet our obligations under the contracts, or the distribution
of the contracts.
FINANCIAL STATEMENTS
The financial statements of Separate Account A, as well as the consolidated
financial statements of AXA Equitable, are in the SAI. The SAI is available
free of charge. You may request one by writing to our processing office or
calling 1 (800) 628-6673.
TRANSFERS OF OWNERSHIP, COLLATERAL ASSIGNMENTS, LOANS, AND BORROWING
You can transfer ownership of an NQ contract at any time before annuity
payments begin. We will continue to treat you as the owner until we receive
written notification of any change at our processing office. In some cases, an
assignment or change of ownership may have adverse tax consequences. See "Tax
information" earlier in this prospectus.
You cannot assign or transfer ownership of a traditional IRA or Roth IRA
contract except by surrender to us.
You cannot assign your contract as collateral or security for a loan. Loans are
also not available under your contract. For limited transfers of ownership
after the owner's death see "Beneficiary continuation option" in "Payment of
death benefit" earlier in this prospectus. You may direct the transfer of the
values under your traditional IRA or Roth IRA contract to another similar
arrangement, under federal income tax rules. In the case of such a transfer, we
will impose a withdrawal charge if one applies.
DISTRIBUTION OF THE CONTRACTS
The contracts are distributed by both AXA Advisors, LLC ("AXA Advisors") and
AXA Distributors, LLC ("AXA Distributors") (together, the "Distributors"). The
Distributors serve as principal underwriters of Separate Account A The offering
of the contracts is intended to be continuous.
AXA Advisors is an affiliate of AXA Equitable, and AXA Distributors is an
indirect wholly owned subsidiary of AXA Equitable. The Distributors are under
the common control of AXA Financial, Inc. Their principal business address is
1290 Avenue of the Americas, New York, NY 10104. The Distributors are
registered with the SEC as broker-dealers and are members of the National
Association of Securities Dealers, Inc. ("NASD"). Both broker-dealers also act
as distributors for other AXA Equitable life and annuity products.
The contracts are sold by financial professionals of AXA Advisors and its
affiliates. The contracts are also sold by financial professionals of both
affiliated and unaffiliated broker-dealers that have entered into selling
agreements with the Distributors ("Selling broker-dealers").
AXA Equitable pays compensation to both Distributors based on contracts sold.
Compensation paid to AXA Advisors is based on contributions made on the
contracts sold through AXA Advisors ("contribution-based compensation") and
will generally not exceed 8.5% of total contributions. AXA Advisors, in turn,
may pay a portion of the contribution-based compensation received from AXA
Equitable on the sale of a contract to the AXA Advisors financial professional
and/or Selling broker-dealer making the sale. In some instances, a financial
professional or Selling broker-dealer may elect to receive reduced
contribution-based compensation on a contract in combination with ongoing
annual compensation of up to 0.60% of the account value of the contract sold
("asset-based compensation"). Total compensation paid to a financial
professional or a Selling broker-dealer electing to receive both
contribution-based and asset-based compensation could over time exceed the
total compensation that would otherwise be paid on the basis of contributions
alone. The contribution-based and asset-based compensation paid by AXA Advisors
varies among financial professionals and among Selling broker-dealers.
More information 65
Contribution-based compensation paid by AXA Equitable to AXA Distributors on
sales of AXA Equitable contracts by its Selling broker-dealers will generally
not exceed 6.5% of the total contributions made under the contracts. AXA
Distributors, in turn, pays the contribution-based compensation it receives on
the sale of a contract to the Selling broker-dealer making the sale. In some
instances, the Selling broker-dealer may elect to receive reduced
contribution-based compensation on the sale of a contract in combination with
annual asset-based compensation of up to 0.60% of contract account value. If a
Selling broker-dealer elects to receive reduced contribution-based compensation
on a contract, the contribution-based compensation which AXA Equitable pays to
AXA Distributors will be reduced by the same amount and AXA Equitable will pay
AXA Distributors asset-based compensation on the contract equal to the
asset-based compensation which AXA Distributors pays to the Selling
broker-dealer. Total compensation paid to a Selling broker-dealer electing to
receive both contribution-based and asset-based compensation could over time
exceed the total compensation that would otherwise be paid on the basis of
contributions alone. The contribution-based and asset-based compensation paid
by AXA Distributors varies among Selling broker-dealers. AXA Distributors also
receives compensation and reimbursement for its marketing services under the
terms of its distribution agreement with AXA Equitable.
The Distributors may pay certain affiliated and/or unaffiliated Selling
broker-dealers and other financial intermediaries additional compensation in
recognition of certain expenses that may be incurred by them or on their behalf.
The Distributors may also pay certain broker-dealers or other financial
intermediaries additional compensation for enhanced marketing opportunities and
other services (commonly referred to as "marketing allowances"). Services for
which such payments are made may include, but are not limited to, the preferred
placement of AXA Equitable and/or EQUI-VEST(SM) on a company and/or product
list; sales personnel training; product training; business reporting;
technological support; due diligence and related costs; advertising, marketing
and related services; conferences; and/or other support services, including some
that may benefit the contract owner. Payments may be based on the amount of
assets or purchase payments attributable to contracts sold through a Selling
broker-dealer or, in the case of conference support, such payments may be a
fixed amount. The Distributors may also make fixed payments to Selling
broker-dealers in connection with the initiation of a new relationship or the
introduction of a new product. These payments may serve as an incentive for
Selling broker-dealers to promote the sale of particular products. Additionally,
as an incentive for financial professionals of Selling broker-dealers to promote
the sale of AXA Equitable products, the Distributors may increase the sales
compensation paid to the Selling broker-dealer for a period of time (commonly
referred to as "compensation enhancements"). Marketing allowances and sales
incentives are made out of the Distributors' assets. Not all Selling
broker-dealers receive these kinds of payments. For more information about any
such arrangements, ask your financial professional.
The Distributors receive 12b-1 fees from certain portfolios for providing
certain distribution and/or shareholder support services. The Distributors or
their affiliates may also receive payments from the advisers of the portfolios
or their affiliates to help defray expenses for sales meetings or seminar
sponsorships that may relate to the contracts and/or the advisers' respective
portfolios. In connection with portfolios offered through unaffiliated
insurance trusts, the Distributors or their affiliates may also receive other
payments from the advisers of the portfolios or their affiliates for providing
distribution, administrative and/or shareholder support services.
In an effort to promote the sale of our products, AXA Advisors may provide its
financial professionals and managerial personnel with a higher percentage of
sales commissions and/or cash compensation for the sale of an affiliated
variable product than it would the sale of an unaffiliated product. Such
practice is known as providing "differential compensation." AXA Advisors may
provide other forms of compensation to its financial professionals, including
health and retirement benefits. In addition, managerial personnel may receive
expense reimbursements, marketing allowances and commission-based payments
known as "overrides." Certain components of the compensation of financial
professionals who are managers are based on the sale of affiliated variable
products. Managers earn higher compensation (and credits toward awards and
bonuses) if those they manage sell more affiliated variable products. For tax
reasons, AXA Advisors financial professionals qualify for health and retirement
benefits based solely on their sales of our affiliated products.
These payments and differential compensation (together, the "payments") can
vary in amount based on the applicable product and/or entity or individual
involved. As with any incentive, such payments may cause the financial
professional to show preference in recommending the purchase or sale of AXA
Equitable products. However, under applicable rules of the NASD, AXA Advisors
may only recommend to you products that they reasonably believe are suitable
for you based on facts that you have disclosed as to your other security
holdings, financial situation and needs. In making any recommendation,
financial professionals of AXA Advisors may nonetheless face conflicts of
interest because of the differences in compensation from one product category
to another, and because of differences in compensation between products in the
same category.
In addition, AXA Advisors may offer sales incentive programs to financial
professionals who meet specified production levels for the sale of both
affiliated and unaffiliated products which provide non-cash compensation such
as stock options awards and/or stock appreciation rights, expense-paid trips,
expense-paid educational seminars and merchandise.
Although AXA Equitable takes all of its costs into account in establishing the
level of fees and expenses in its products, any contribution-based and
asset-based compensation paid by AXA Equitable to the Distributors will not
result in any separate charge to you under your contract. All payments made
will be in compliance with all applicable NASD rules and other laws and
regulations.
66 More information
9. Incorporation of certain documents by reference
- --------------------------------------------------------------------------------
AXA Equitable's Annual Report on Form 10-K for the period ended December 31,
2006 (the "Annual Report") is considered to be part of this Prospectus because
it is incorporated by reference. AXA Equitable intends to send owners account
statements and other such legally-required reports. AXA Equitable does not
anticipate such reports will include periodic financial statements or
information concerning AXA Equitable.
AXA Equitable files reports and other information with the SEC, as required by
law. You may read and copy this information at the SEC's public reference
facilities at Room 1580, 100 F Street, NE, Washington, DC 20549, or by
accessing the SEC's website at www.sec.gov. The public may obtain information
on the operation of the Public Reference Room by calling the SEC at
1-800-SEC-0330. Under the Securities Act of 1933, AXA Equitable has filed with
the SEC a registration statement relating to the Market Value Adjustment (the
"Registration Statement"). This prospectus has been filed as part of the
Registration Statement and does not contain all of the information set forth in
the Registration Statement. Please see the Registration Statement for
additional information concerning the Market Value Adjustment.
The Annual Report includes the audited consolidated financial statements of AXA
Equitable at December 31, 2006 and 2005 and for each of the three years in the
period ended December 31, 2006 (the "AXA Equitable Financial Statements"). The
AXA Equitable Financial Statements are included in the Annual Report and
incorporated by reference into this prospectus in reliance on the report of
PricewaterhouseCoopers LLP, an independent registered public accounting firm.
The AXA Equitable Financial Statements are also included in the Annual Report
and incorporated by reference into this prospectus in reliance on the reports
of KPMG LLP, an independent registered public accounting firm, on (i) the
consolidated financial statements of AllianceBernstein L.P. as of December 31,
2005 and for each of the years in the two-year period ended December 31, 2005,
and the December 31, 2005 financial statement schedule, and (ii) the financial
statements of AllianceBernstein Holding L.P. (together "AllianceBernstein",
formerly "Alliance") as of December 31, 2005 and for each of the years in the
two-year period ended December 31, 2005. The reports are given on the authority
of said firms as experts in auditing and accounting.
KPMG LLP was AllianceBernstein's independent registered public accounting firm
as of December 31, 2005 and for each of the years in the two-year period ended
December 31, 2005. On March 8, 2006, KPMG LLP was terminated, and
PricewaterhouseCoopers LLP was appointed as AllianceBernstein's independent
registered public accounting firm, as disclosed on AXA Equitable's Report on
Form 8-K filed on March 13, 2006. AllianceBernstein Corporation, an indirect
wholly owned subsidiary of AXA Equitable, is the general partner of both
AllianceBernstein L.P. and AllianceBernstein Holding L.P.
Any statement contained in a document that is or becomes part of this
prospectus, will be considered changed or replaced for purposes of this
prospectus if a statement contained in this prospectus changes or is replaced.
Any statement that is considered to be a part of this prospectus because of its
incorporation, will be considered changed or replaced for the purpose of this
prospectus if a statement contained in any other subsequently filed document
that is considered to be part of this prospectus changes or replaces that
statement. After that, only the statement that is changed or replaced will be
considered to be part of this prospectus.
We file our Exchange Act documents and reports, including our annual Report on
Form 10-K and quarterly reports on Form 10-Q, electronically according to EDGAR
under CIK No. 0000727920. The SEC maintains a website that contains reports,
proxy and information statements and other information regarding registrants
that file electronically with the SEC. The address of the site is www.sec.gov.
Upon written or oral request, we will provide, free of charge, to each person
to whom this prospectus is delivered a copy of any or all of the documents
considered to be part of this prospectus because they are incorporated herein.
This does not include exhibits not specifically incorporated by reference into
the text of such documents. Requests for documents should be directed to AXA
Equitable Life Insurance Company, 1290 Avenue of the Americas, New York, New
York 10104. Attention: Corporate Secretary (telephone: (212) 554-1234).
Incorporation of certain documents by reference 67
Appendix I: QP IRA contracts
- --------------------------------------------------------------------------------
The following provides information on the features and benefits of QP IRA
contracts that are different than the features and benefits described in the
prospectus for traditional IRA contracts under EQUI-VEST(SM). QP IRA contracts
are not available to new purchasers and this information is applicable to
existing contract holders only.
- -----------------------------------------------------------------------------------------------------
Features and benefits Availability or variation
- -----------------------------------------------------------------------------------------------------
Source of contributions o Rollovers from a qualified plan.
o Rollovers from a TSA.
o The QP IRA contract is intended to be a conduit IRA to be used
primarily for rollover contributions from a qualified plan or
TSA, although we accept regular IRA contributions (limits are
described earlier in this prospectus under "Traditional
individual retirement annuities (traditional IRAs)").
- -----------------------------------------------------------------------------------------------------
Minimum contributions $2,500 each rollover amount.
- -----------------------------------------------------------------------------------------------------
Limitations on contributions Rollover contributions after age 70-1/2 must be net of required
minimum distributions.
- -----------------------------------------------------------------------------------------------------
Taxation of payments The QP IRA is used as a conduit IRA so that amounts are not
Federal income tax withholding commingled. If you are eligible for ten year averaging and long term
capital gains treatment of distributions from a qualified plan, you
may be able to preserve such treatment even though an eligible
rollover from a qualified plan is temporarily rolled into a conduit
IRA, such as a QP IRA, before rolling it back into a qualified plan.
See your tax adviser.
- -----------------------------------------------------------------------------------------------------
I-1 Appendix I: QP IRA contracts
Appendix II: Condensed financial information
- --------------------------------------------------------------------------------
The unit values and number of units outstanding shown below, as of December 31,
2006, are for contracts offered under Separate Account A with the same daily
asset charge of 1.20%.
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, 2006.
- -------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
---------------------------------------------------------------
1998 1999 2000 2001 2002
- -------------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- -------------------------------------------------------------------------------------------------------------------
Unit value $ 102.39 $ 118.86 $ 115.59 $ 111.79 $ 96.39
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 11 101 287 488
- -------------------------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- -------------------------------------------------------------------------------------------------------------------
Unit value $ 90.25 $ 105.70 $ 90.50 $ 66.90 $ 47.01
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 17 71 100 95
- -------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 106.88
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 83
- -------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 79.09
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 17
- -------------------------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- -------------------------------------------------------------------------------------------------------------------
Unit value $ 89.20 $ 84.97 $ 76.49 $ 76.09 $ 72.96
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 5 28 49 69
- -------------------------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 78.18
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 17
- -------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 76.54
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 21
- -------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 67.96
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 32
- -------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 79.20
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 32
- -------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- -------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 62.08
- -------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 43
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
For the years ending December 31,
-------------------------------------------------
2003 2004 2005 2006
- -------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
- -------------------------------------------------------------------------------------------------------
Unit value $ 109.19 $ 120.60 $ 128.76 $ 149.99
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 12 32 83
- -------------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- -------------------------------------------------------------------------------------------------------
Unit value $ 102.19 $ 107.05 $ 108.35 $ 113.87
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 31 42 55
- -------------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- -------------------------------------------------------------------------------------------------------
Unit value $ 104.18 $ 110.91 $ 113.14 $ 121.57
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3 21 44 80
- -------------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- -------------------------------------------------------------------------------------------------------
Unit value $ 113.46 $ 121.88 $ 126.19 $ 137.55
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 503 565 647 699
- -------------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- -------------------------------------------------------------------------------------------------------
Unit value $ 108.00 $ 119.18 $ 125.60 $ 142.10
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 50 122 290
- -------------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- -------------------------------------------------------------------------------------------------------
Unit value $ 63.88 $ 70.75 $ 75.63 $ 78.54
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 106 123 122 112
- -------------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- -------------------------------------------------------------------------------------------------------
Unit value $ 109.55 $ 112.44 $ 113.04 $ 115.90
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 100 106 121 111
- -------------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- -------------------------------------------------------------------------------------------------------
Unit value $ 100.13 $ 110.93 $ 117.23 $ 121.77
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 32 49 57 60
- -------------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- -------------------------------------------------------------------------------------------------------
Unit value $ 88.34 $ 94.85 $ 96.58 $ 104.90
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 130 179 218 218
- -------------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- -------------------------------------------------------------------------------------------------------
Unit value $ 103.76 $ 120.87 $ 137.87 $ 170.70
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 31 62 71 89
- -------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- -------------------------------------------------------------------------------------------------------
Unit value $ 96.89 $ 104.99 $ 110.72 $ 124.24
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 31 33 31 29
- -------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- -------------------------------------------------------------------------------------------------------
Unit value $ 87.71 $ 92.44 $ 98.17 $ 97.10
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 53 65 65 66
- -------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- -------------------------------------------------------------------------------------------------------
Unit value $ 102.57 $ 115.96 $ 122.70 $ 144.66
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 39 51 62 87
- -------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- -------------------------------------------------------------------------------------------------------
Unit value $ 86.02 $ 94.96 $ 101.69 $ 110.13
- -------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 94 125 122 116
- -------------------------------------------------------------------------------------------------------
Appendix II: Condensed financial
information II-1
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, 2006.
- ------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
---------------------------------------------------------
1998 1999 2000 2001 2002
- ------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 73.80
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 36
- ------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 56.71
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 9
- ------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 102.87 $ 126.92 $ 107.54 $ 94.83 $ 62.46
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 105 702 944 905
- ------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 102.73 $ 120.14 $ 129.01 $ 125.48 $ 97.62
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 37 262 526 600
- ------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate Government Securities
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 103.32 $ 101.97 $ 109.71 $ 116.93 $ 125.45
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 16 112 193
- ------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 93.00 $ 126.30 $ 95.90 $ 72.66 $ 64.53
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 3 36 45 272
- ------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 116.42 $ 93.88 $ 70.52 $ 47.97
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 36 350 438 383
- ------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 103.62 $ 100.07 $ 110.03 $ 117.42 $ 124.90
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 4 27 112 158
- ------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 86.94 $ 109.62 $ 123.09 $ 105.51 $ 72.72
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 98 166 206
- ------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 94.71 $ 80.81
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 71 173
- ------------------------------------------------------------------------------------------------------------------------
EQ/Ariel Appreciation II
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 107.64 $ 103.26 $ 87.02 $ 63.23
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 3
- ------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 54.11
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 5
- ------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
Unit value -- -- -- -- $ 67.97
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 12
- ------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 106.84 $ 111.80 $ 108.22 $ 80.55
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 9 31 130
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
------------------------------------------------
2003 2004 2005 2006
- ------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 102.53 $ 116.68 $ 123.75 $ 140.28
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 66 91 89 85
- ------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 88.33 $ 91.63 $ 100.73 $ 106.79
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 31 130 128 124
- ------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 92.29 $ 104.06 $ 107.24 $ 117.28
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,026 1,206 1,254 1,179
- ------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 125.79 $ 139.68 $ 145.60 $ 170.54
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 645 710 726 681
- ------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate Government Securities
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 126.60 $ 127.50 $ 127.54 $ 129.94
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 185 163 153 138
- ------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 86.19 $ 100.63 $ 114.63 $ 139.89
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 302 335 398 454
- ------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 58.38 $ 62.52 $ 70.99 $ 69.76
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 362 311 281 249
- ------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 127.77 $ 130.97 $ 131.99 $ 135.39
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 142 135 136 130
- ------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 101.26 $ 114.03 $ 125.63 $ 135.30
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 238 247 253 245
- ------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 102.78 $ 115.20 $ 120.01 $ 143.93
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 235 340 396 471
- ------------------------------------------------------------------------------------------------------------------
EQ/Ariel Appreciation II
- ------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 103.66 $ 113.85
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 12
- ------------------------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 99.49 $ 101.87 $ 108.21 $ 108.46
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 3 14 20
- ------------------------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- ------------------------------------------------------------------------------------------------------------------
Unit value -- $ 107.01 $ 112.23 $ 128.59
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 6 50 67
- ------------------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 79.94 $ 81.81 $ 87.90 $ 91.38
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 4 6 8 9
- ------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 66.27 $ 69.10 $ 71.76 $ 76.14
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 11 12 17 27
- ------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 89.06 $ 99.97 $ 115.69 $ 136.30
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 31 75 97 121
- ------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 104.65 $ 114.66 $ 120.15 $ 133.03
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 142 147 147 143
- ------------------------------------------------------------------------------------------------------------------
II-2 Appendix II: Condensed financial information
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, 2006.
- ----------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- ----------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 2002
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 101.69 $ 104.08 $ 100.76 $ 75.99
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 11 21 63
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 103.69 $ 123.02 $ 109.63 $ 95.13 $ 72.94
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 50 258 367 451
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 106.63 $ 93.02 $ 76.26 $ 57.25
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 3 10 16
- ----------------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 100.02 $ 85.57 $ 68.93
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 9 106 195
- ----------------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 82.88 $ 83.36 $ 86.60 $ 88.97 $ 74.98
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 14 126 261
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Franklin Income
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
EQ/International Growth
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 83.99 $ 63.92 $ 44.01
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 12 119 162
- ----------------------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 107.19
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 45
- ----------------------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 100.60 $ 98.04 $ 103.43 $ 95.23 $ 76.16
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 3 17 32 35
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Long Term Bond
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- ------------------------------------------------------------------------------------------------------------
2003 2004 2005 2006
- ------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- ------------------------------------------------------------------------------------------------------------
Unit value $ 102.40 $ 110.61 $ 115.80 $ 125.81
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 126 189 232 254
- ------------------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- ------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 104.07 $ 111.01
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 11 27
- ------------------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- ------------------------------------------------------------------------------------------------------------
Unit value $ 91.12 $ 100.33 $ 103.49 $ 117.68
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 536 628 666 652
- ------------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- ------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 97.53 $ 99.66
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 468 14
- ------------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- ------------------------------------------------------------------------------------------------------------
Unit value $ 78.17 $ 82.67 $ 84.92 $ 88.82
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 26 53 44 38
- ------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- ------------------------------------------------------------------------------------------------------------
Unit value $ 97.80 $ 112.12 $ 117.83 $ 129.84
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 301 399 468 494
- ------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- ------------------------------------------------------------------------------------------------------------
Unit value $ 98.72 $ 114.94 $ 126.82 $ 140.94
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 291 333 377 382
- ------------------------------------------------------------------------------------------------------------
EQ/Franklin Income
- ------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 104.34
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 22
- ------------------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- ------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 108.27
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 2
- ------------------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- ------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 105.14 $ 116.57
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 5 12
- ------------------------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- ------------------------------------------------------------------------------------------------------------
Unit value -- $ 113.27 $ 116.74 $ 137.07
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 7 62 80
- ------------------------------------------------------------------------------------------------------------
EQ/International Growth
- ------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 115.10 $ 142.89
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 3 14
- ------------------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- ------------------------------------------------------------------------------------------------------------
Unit value $ 54.73 $ 60.64 $ 64.28 $ 64.26
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 185 201 225 215
- ------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- ------------------------------------------------------------------------------------------------------------
Unit value $ 109.48 $ 112.60 $ 113.71 $ 116.91
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 72 95 130 144
- ------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- ------------------------------------------------------------------------------------------------------------
Unit value $ 95.42 $ 104.53 $ 108.48 $ 129.02
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 35 38 39 39
- ------------------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- ------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 106.44 $ 112.35
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 6 41
- ------------------------------------------------------------------------------------------------------------
EQ/Long Term Bond
- ------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 100.09 $ 100.69
- ------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 20 33
- ------------------------------------------------------------------------------------------------------------
Appendix II: Condensed financial
information II-3
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, 2006.
- ----------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- ----------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 2002
- ----------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
EQ/Marsico Focus
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 105.94 $ 92.57
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 47
- ----------------------------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 97.91 $ 115.06 $ 127.11 $ 132.52 $ 109.12
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 7 41 119 183
- ----------------------------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 75.88
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 74
- ----------------------------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- ----------------------------------------------------------------------------------------------------------------------
Unit value $103.53 $ 177.65 $ 142.46 $ 92.82 $ 60.23
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 36 288 316 265
- ----------------------------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- $ 104.53 $ 102.57 $ 85.14 $ 66.44
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 17 21 26
- ----------------------------------------------------------------------------------------------------------------------
EQ/Money Market
- ----------------------------------------------------------------------------------------------------------------------
Unit value $101.68 $ 105.21 $ 110.19 $ 112.74 $ 112.77
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 17 57 125 107
- ----------------------------------------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
EQ/Mutual Shares
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
EQ/Short Duration Bond
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
EQ/Small Cap Value
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 112.91
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 27
- ----------------------------------------------------------------------------------------------------------------------
EQ/Small Company Growth
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
For the years ending December 31,
- ----------------------------------------------------------------------------------------------------------
2003 2004 2005 2006
- ----------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 106.09 $ 122.86
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 3 10
- ----------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 105.72 $ 117.71
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 2 5
- ----------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 111.59 $ 123.96
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 14 23
- ----------------------------------------------------------------------------------------------------------
EQ/Marsico Focus
- ----------------------------------------------------------------------------------------------------------
Unit value $ 119.93 $ 130.94 $ 143.22 $ 154.70
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 133 180 241 295
- ----------------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- ----------------------------------------------------------------------------------------------------------
Unit value $ 141.44 $ 154.51 $ 158.36 $ 187.75
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 219 284 294 276
- ----------------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- ----------------------------------------------------------------------------------------------------------
Unit value $ 96.00 $ 115.37 $ 126.34 $ 156.89
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 85 120 197 231
- ----------------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- ----------------------------------------------------------------------------------------------------------
Unit value $ 76.94 $ 85.62 $ 92.23 $ 98.21
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 250 232 215 178
- ----------------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- ----------------------------------------------------------------------------------------------------------
Unit value $ 80.11 $ 88.18 $ 93.39 $ 104.21
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 31 32 31 28
- ----------------------------------------------------------------------------------------------------------
EQ/Money Market
- ----------------------------------------------------------------------------------------------------------
Unit value $ 112.05 $ 111.56 $ 113.12 $ 116.78
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 83 75 68 103
- ----------------------------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- $ 104.69 $ 109.03 $ 116.29
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 6 5
- ----------------------------------------------------------------------------------------------------------
EQ/Mutual Shares
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 107.15
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 8
- ----------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 110.99
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 3
- ----------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 111.04
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 3
- ----------------------------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 99.44 $ 98.64
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 35 56
- ----------------------------------------------------------------------------------------------------------
EQ/Short Duration Bond
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 99.89 $ 102.60
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 3 11
- ----------------------------------------------------------------------------------------------------------
EQ/Small Cap Value
- ----------------------------------------------------------------------------------------------------------
Unit value $ 153.26 $ 177.32 $ 183.41 $ 210.41
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 54 102 120 127
- ----------------------------------------------------------------------------------------------------------
EQ/Small Company Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- $ 114.62 $ 121.73 $ 132.55
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 26 50
- ----------------------------------------------------------------------------------------------------------
II-4 Appendix II: Condensed financial information
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, 2006.
- --------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- --------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 2002 2003
- --------------------------------------------------------------------------------------------------------------------------------
EQ/Small Company Index
- --------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 81.65 $ 117.68
- --------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 18 59
- --------------------------------------------------------------------------------------------------------------------------------
EQ/TCW Equity
- --------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- --------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- --------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- --------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- --------------------------------------------------------------------------------------------------------------------------------
Unit value $ 81.49 $ 157.61 $ 93.36 $ 87.48 $ 81.32 $ 125.29
- --------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 5 42 44 54 69
- --------------------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- --------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- --------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
Target 2015 Allocation
- --------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
Target 2025 Allocation
- --------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
Target 2035 Allocation
- --------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
Target 2045 Allocation
- --------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- --------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- $ 106.85
- --------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- 4
- --------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
For the years ending December 31,
------------------------------------
2004 2005 2006
- -----------------------------------------------------------------------------------------------------
EQ/Small Company Index
- -----------------------------------------------------------------------------------------------------
Unit value $ 136.81 $ 140.93 $ 163.91
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 104 133 167
- -----------------------------------------------------------------------------------------------------
EQ/TCW Equity
- -----------------------------------------------------------------------------------------------------
Unit value $ 111.26 $ 114.31 $ 108.40
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 26 30
- -----------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- -----------------------------------------------------------------------------------------------------
Unit value -- -- $ 107.63
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 11
- -----------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- -----------------------------------------------------------------------------------------------------
Unit value $ 109.27 $ 117.68 $ 132.73
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 21 46
- -----------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- -----------------------------------------------------------------------------------------------------
Unit value -- $ 104.39 $ 119.54
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 9 23
- -----------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- -----------------------------------------------------------------------------------------------------
Unit value $ 153.09 $ 200.85 $ 271.98
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 95 144 180
- -----------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- -----------------------------------------------------------------------------------------------------
Unit value -- $ 123.86 $ 133.70
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 4 12
- -----------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- -----------------------------------------------------------------------------------------------------
Unit value -- $ 119.16 $ 143.20
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 14
- -----------------------------------------------------------------------------------------------------
Target 2015 Allocation
- -----------------------------------------------------------------------------------------------------
Unit value -- -- $ 108.37
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -----------------------------------------------------------------------------------------------------
Target 2025 Allocation
- -----------------------------------------------------------------------------------------------------
Unit value -- -- $ 109.32
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 2
- -----------------------------------------------------------------------------------------------------
Target 2035 Allocation
- -----------------------------------------------------------------------------------------------------
Unit value -- -- $ 110.21
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
Target 2045 Allocation
- -----------------------------------------------------------------------------------------------------
Unit value -- -- $ 111.00
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -----------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- -----------------------------------------------------------------------------------------------------
Unit value $ 143.65 $ 165.70 $ 225.39
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 45 86 119
- -----------------------------------------------------------------------------------------------------
Appendix II: Condensed financial information II-5
Appendix III: Market value adjustment example
- --------------------------------------------------------------------------------
The example below shows how the market value adjustment would be determined and
how it would be applied to a withdrawal, assuming that $100,000 was allocated
on June 15, 2007 to a fixed maturity option with a maturity date of June 15,
2015 (eight years later) at a hypothetical rate to maturity of 7.00% (h),
resulting in a maturity value of $171,882 on the maturity date. We further
assume that a withdrawal of $50,000 is made four years later, on June 15,
2011.(a)
- -------------------------------------------------------------------------------------
Hypothetical assumed
rate to maturity(j)
on June 15, 2011
- -------------------------------------------------------------------------------------
5% 9%
- -------------------------------------------------------------------------------------
As of June 15, 2011 before withdrawal
- -------------------------------------------------------------------------------------
(1) market adjusted amount(b) $141,389 $121,737
- -------------------------------------------------------------------------------------
(2) fixed maturity amount(c) $131,104 $131,104
- -------------------------------------------------------------------------------------
(3) market value adjustment: (1) - (2) $ 10,285 $ (9,367)
- -------------------------------------------------------------------------------------
On June 15, 2011 after $50,000 withdrawal
- -------------------------------------------------------------------------------------
(4) portion of market value adjustment associated with the withdrawal:
- -------------------------------------------------------------------------------------
(3) x [$50,000/(1)] $ 3,637 $ (3,847)
- -------------------------------------------------------------------------------------
(5) portion of fixed maturity associated with the withdrawal:
- -------------------------------------------------------------------------------------
$50,000 - (4) $ 46,363 $ 53,847
- -------------------------------------------------------------------------------------
(6) market adjusted amount (1) - $50,000 $ 91,389 $ 71,737
- -------------------------------------------------------------------------------------
(7) fixed maturity amount: (2) - (5) $ 84,741 $ 77,257
- -------------------------------------------------------------------------------------
(8) maturity value (d) $111,099 $101,287
- -------------------------------------------------------------------------------------
You should note that in this example, if a withdrawal is made when rates have
increased from 7.00% to 9.00% (right column), a portion of a negative market
value adjustment is realized. On the other hand, if a withdrawal is made when
rates have decreased from 7.00% to 5.00% (left column), a portion of a positive
market value adjustment is realized.
Notes:
(a) Number of days from the withdrawal date to the maturity date = D = 1,461
(b) Market adjusted amount is based on the
following calculation:
Maturity value $ 171,882
---------------- = ----------------- where j is either 5% or 9%
(1+j)(D/365) (1+j)(1,461/365)
(c) Fixed maturity amount is based on the following calculation:
Maturity value $ 171,882
---------------- = --------------------
(1+h)((D/365)) (1+0.07)(1,461/365)
(d) Maturity value is based on the following calculation:
Fixed maturity amount $84,741 or $77,257
--------------------- = ------------------
(1+h)(D/365) (1+0.07)(1,461/365)
III-1 Appendix III: Market value adjustment example
Appendix IV: Death benefit example
- --------------------------------------------------------------------------------
If you do not elect the ratcheted death benefit, the death benefit is equal to
the account value or the standard death benefit (contributions, adjusted for
withdrawals, and any withdrawal charges and taxes that may apply), whichever
provides the highest amount. If you elect the ratcheted death benefit, the
death benefit is equal to the account value or the ratcheted death benefit,
whichever provides the highest amount.
The following illustrates the death benefit calculation. Assuming $100,000 is
allocated to the variable investment options, no additional contributions, no
transfers and no withdrawals, the death benefit for an annuitant age 45 would
be calculated as follows:
- ----------------------------------------------------------------------------------------------
End of contract year Account value(1) Contribution Ratcheted death benefit
- ----------------------------------------------------------------------------------------------
1 $ 105,000(2) $100,000 $ 100,000
- ----------------------------------------------------------------------------------------------
2 $ 115,500(2) $ 100,000
- ----------------------------------------------------------------------------------------------
3 $ 129,360(2) $ 129,360(2)
- ----------------------------------------------------------------------------------------------
4 $ 103,488 $ 129,360(3)
- ----------------------------------------------------------------------------------------------
5 $ 113,837 $ 129,360(3)
- ----------------------------------------------------------------------------------------------
6 $ 127,497 $ 129,360(3)
- ----------------------------------------------------------------------------------------------
7 $ 127,497 $ 129,360(3)
- ----------------------------------------------------------------------------------------------
8 $ 133,872(2) $ 129,360
- ----------------------------------------------------------------------------------------------
9 $ 147,259 $ 147,259(4)
- ----------------------------------------------------------------------------------------------
The account values for contract years 1 through 9 are based on hypothetical
rates of return of 5.00%, 10.00%, 12.00%, (20.00)%, 10.00%, 12.00%, 0.00%, 5%
and 10%. We are using these rates solely to illustrate how the benefit is
determined. The return rates bear no relationship to past or future investment
results.
(1) If the ratcheted death benefit was not elected, the death benefit on each
contract date anniversary would be equal to the account value, since it is
higher than the contribution.
(2) If the ratcheted death benefit was elected, at the end of contract years
1, 2, 3 and 8, the death benefit will be equal to the account value. Also
in year 3, the ratcheted death benefit is increased to equal the account
value.
(3) At the end of contract years 4, 5, 6 and 7, the death benefit would be
equal to the ratcheted death benefit since it is higher than the account
value. Also, at the end of contract year six, no adjustment would be made
to the ratcheted death benefit, since the ratcheted death benefit is
higher than the account value.
(4) At the end of contract year 9, the ratcheted death benefit would be
increased to the account value, since the account value on the contract
date anniversary is higher than the current ratcheted death benefit.
Appendix IV: Death benefit example IV-1
Appendix V: State contract availability and/or variations of certain features
and benefits
- --------------------------------------------------------------------------------
STATES WHERE CERTAIN EQUI-VEST(R) FEATURES AND/OR BENEFITS ARE NOT AVAILABLE OR
HAVE CERTAIN VARIATIONS TO FEATURES AND/OR BENEFITS:
- -----------------------------------------------------------------------------------------------------------------------------------
State Features / benefits / charges Availability / variation
- -----------------------------------------------------------------------------------------------------------------------------------
Connecticut Withdrawal charge During the first six contract years following a
The following See "Charges under the contracts -- withdrawal charge" in contribution, a withdrawal charge will be
change applies to "Charges and expenses." deducted from amounts you withdraw that exceed
contracts issued 15% of your account value (the free withdrawal
on or after amount). The withdrawal charge is equal to a
March 3, 2004. percentage of each contribution. The percentage
that applies depends on how long each
contribution has been invested in the contract.
We determine the withdrawal charge separately
for each contribution according to the following
schedule:
Contract year
-----------------------------------------------------------------
1 2 3 4 5 6 7 and later
-----------------------------------------------------------------
Percentage of 6 6 6 6 6 5 0
contribution
Certain other
exemptions apply.
- -----------------------------------------------------------------------------------------------------------------------------------
Massachusetts See "Disability, terminal illness or confinement to nursing The disability, terminal illness or
The following home" under "Withdrawal charge" in "Charges and confinement to a nursing home withdrawal
change applies to expenses" charge waiver is not available.
Traditional IRA,
Roth IRA and NQ
contracts issued
on or after
November 27,
2006.
- -----------------------------------------------------------------------------------------------------------------------------------
New York See "Selecting an annuity payout option" in "Your annuity In the second to last paragraph in this
payout option" under "Accessing your money" section, the second line in the paragraph
"(1) the amount applied to purchase the
annuity;" is deleted in its entirety and
replaced with the following:
(1) The amount applied to provide the
annuity will be: (a) the account value for
any life annuity form or (b) the cash
value for any period certain annuity form
except that, if the period certain is more
than five years, the amount applied will
be no less than 95% of the account value.
- -----------------------------------------------------------------------------------------------------------------------------------
Utah Withdrawal charge. During the first six contract years
For non-qualified See "Charges under the contracts--withdrawal charge" in following a contribution, a withdrawal
annuities, IRA, "Charges and expenses." charge will be deducted from amounts you
Roth IRA, Inherited withdraw that exceed 15% of your account
IRA and Roth value (the free withdrawal amount). The
Inherited IRA con- withdrawal charge is equal to a percentage
tracts issued on or of each contribution. The percentage that
after November applies depends on how long each
27, 2006. contribution has been invested in the
contract. We determine the withdrawal
charge separately for each contribution
according to the following schedule.
Contract year
-----------------------------------------------------------------
1 2 3 4 5 6 7 and later
-----------------------------------------------------------------
Percentage of 6 6 6 6 6 5 0
contribution
V-1 Appendix V: State contract availability and/or variations of certain
features and benefits
- ---------------------------------------------------------------------------------------------------------------------------------
State Features / benefits / charges Availability / variation
- ---------------------------------------------------------------------------------------------------------------------------------
Washington Fixed Maturity Option Not available
The following
changes apply to Ratcheted Death Benefit Not available
contracts issued
on or after See "Selecting an annuity payout option" in "Accessing your In the third paragraph, "New York" is
August 13, 2001. money" replaced with "Washington" and paragraph
(ii) is deleted and replaced with: (ii) if
the annuitant was age 81-85 when the
contract was issued, the contract
anniversary that follows the annuitant's
95th birthday.
See "Annual administrative charge" in "Charges and The second paragraph is deleted and
Expenses" replaced with: "The charge is deducted pro
rata from the variable investment options.
If your account value is allocated 100% to
the guaranteed interest option, the
charge will be waived.
See "Withdrawal charge" in "Charges and expenses" The second sentence of the third paragraph
is replaced with: "In the case of
surrenders, we will pay you the greater of
(i) the cash value or (ii) the free
withdrawal amount plus 94% (95% in the
fifth contract year if the annuitant was
age 60 or over when the contract was
issued) of the remaining account value.
See "Disability, terminal illness, or confinement to nursing The last paragraph and its first bullet
home" in "Charges and expenses" are replaced with the following:
"For NQ, traditional IRA and Roth IRA
contracts, the with- drawal charge also
does not apply in the following
circumstances:
o After five contract years and the
annuitant is at least age 59-1/2; or"
- ---------------------------------------------------------------------------------------------------------------------------------
Appendix V: State contract availability and/or
variations of certain features and benefits V-2
Statement of additional information
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
Page
Who is AXA Equitable? 2
Calculation of annuity payments 2
Custodian and independent registered public accounting firm 2
Distribution of the contracts 3
Calculating unit values 3
Financial statements 3
HOW TO OBTAIN AN EQUI-VEST(SM) STATEMENT OF ADDITIONAL INFORMATION FOR SEPARATE
ACCOUNT A
Call 1 (800) 628-6673 or send this request form to:
EQUI-VEST(R)
Processing Office
AXA Equitable
P.O. Box 4956
Syracuse, NY 13221-4956
- -
Please send me an EQUI-VEST(SM) Statement of Additional Information dated May 1,
2007.
(Combination variable and fixed deferred annuity)
- --------------------------------------------------------------------------------
Name
- --------------------------------------------------------------------------------
Address
- --------------------------------------------------------------------------------
City State Zip
SAI (05/07) X1497
EQUI-VEST(SM) STRATEGIES
A group flexible premium deferred variable annuity contract
PROSPECTUS DATED MAY 1, 2007
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 contract. You should read the prospectuses for each
Trust which contain important information about the portfolios.
- --------------------------------------------------------------------------------
WHAT IS EQUI-VEST(SM) STRATEGIES?
EQUI-VEST(SM) Strategies is a group-deferred annuity contract ("contract")
issued by AXA Equitable Life Insurance Company. Either the plan trustee or the
employer will be the EQUI-VEST(SM) Strategies contract holder. Certain rights
may be exercised by employees covered under an employer's plan (the
"participants"). These rights will be summarized in a participation certificate
("certificate") provided to each participant. EQUI-VEST(SM) Strategies provides
for the accumulation of retirement savings and for income. The contract also
offers death benefit protection and a number of payout options. You invest to
accumulate value on a tax-deferred basis in one or more of our variable
investment options and our guaranteed interest option or in our fixed maturity
options ("investment options").
You allocate amounts to the variable investment options selected by your
employer. Each variable investment option is a subaccount of Separate Account A.
Each variable investment option, in turn, invests in a corresponding securities
portfolio ("portfolio") of AXA Premier VIP Trust or EQ Advisors Trust. Your
investment results in a variable investment option will depend on the investment
performance of the related portfolio. You may also allocate amounts to the
guaranteed interest option and the fixed maturity options if your employer
elects to make them available under the contract. These investment options are
discussed later in this prospectus.
We offer the EQUI-VEST(SM) Strategies contract to fund certain Section 403(b)
("TSA") or governmental employer Section 457(b) plans ("EDC") (together
"plans"). The EQUI-VEST(SM) Strategies contract is available to plans that meet
our requirements, which may include requirements regarding plan vesting
provisions.
- --------------------------------------------------------------------------------
Variable investment options
Fixed income
- --------------------------------------------------------------------------------
o AXA Conservative Allocation(1) o EQ/JPMorgan Core Bond
o AXA Conservative-Plus Allocation(1) o EQ/Long Term Bond
o EQ/AllianceBernstein Intermediate o EQ/Money Market
Government Securities o EQ/PIMCO Real Return
o EQ/AllianceBernstein Quality Bond o EQ/Short Duration Bond
o EQ/Caywood-Scholl High Yield Bond o Multimanager Core Bond*
o EQ/Evergreen International Bond o Multimanager High Yield*
o EQ/Franklin Income
- --------------------------------------------------------------------------------
Domestic stocks
- --------------------------------------------------------------------------------
o AXA Aggressive Allocation(1) o EQ/Capital Guardian Research
o AXA Moderate-Plus Allocation(1) o EQ/Capital Guardian U.S. Equity++
o EQ/AllianceBernstein Common Stock o EQ/Davis New York Venture**
o EQ/AllianceBernstein Growth and o EQ/Equity 500 Index
Income++ o EQ/Evergreen Omega
o EQ/AllianceBernstein Large Cap o EQ/FI Mid Cap
Growth o EQ/FI Mid Cap Value+
o EQ/AllianceBernstein Small Cap o EQ/Franklin Small Cap Value
Growth o EQ/Franklin Templeton Founding
o EQ/AllianceBernstein Value++ Strategy**
o EQ/BlackRock Basic Value Equity* o EQ/GAMCO Mergers and Acquisitions
o EQ/Boston Advisors Equity Income o EQ/GAMCO Small Company Value
o EQ/Calvert Socially Responsible o EQ/Janus Large Cap Growth++
o EQ/Capital Guardian Growth
- --------------------------------------------------------------------------------
Domestic stocks (continued)
- --------------------------------------------------------------------------------
o EQ/JPMorgan Value Opportunities o EQ/UBS Growth and Income
o EQ/Legg Mason Value Equity o EQ/Van Kampen Comstock
o EQ/Lord Abbett Growth and Income o EQ/Van Kampen Mid Cap Growth
o EQ/Lord Abbett Large Cap Core o EQ/Wells Fargo Montgomery Small
o EQ/Lord Abbett Mid Cap Value Cap++
o EQ/Marsico Focus o Multimanager Aggressive Equity*
o EQ/MFS Emerging Growth Companies+ o Multimanager Health Care*
o EQ/MFS Investors Trust+ o Multimanager Large Cap Core Equity*
o EQ/Montag & Caldwell Growth o Multimanager Large Cap Growth*
o EQ/Mutual Shares o Multimanager Large Cap Value*
o EQ/Oppenheimer Main Street o Multimanager Mid Cap Growth*
Opportunity** o Multimanager Mid Cap Value*
o EQ/Oppenheimer Main Street Small o Multimanager Technology*
Cap o Target 2015 Allocation
o EQ/Small Cap Value+ o Target 2025 Allocation
o EQ/Small Company Growth+ o Target 2035 Allocation
o EQ/Small Company Index o Target 2045 Allocation
o EQ/TCW Equity++
o EQ/Templeton Growth
- --------------------------------------------------------------------------------
International stocks
- --------------------------------------------------------------------------------
o EQ/AllianceBernstein International o EQ/Oppenheimer Global
o EQ/BlackRock International Value* o EQ/Van Kampen Emerging Markets
o EQ/Capital Guardian International+ Equity
o EQ/International Growth o Multimanager International Equity*
- --------------------------------------------------------------------------------
Balanced/hybrid
- --------------------------------------------------------------------------------
o AXA Moderate Allocation(1)
- --------------------------------------------------------------------------------
(1) The AXA Allocation portfolios.
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and benefits" later in this prospectus for the investment
option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supple ment included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned substitution or merger of this investment option, subject to
regulatory approval.
Minimum contribution amounts of $20 may be made under the contract.
Registration statements relating to this offering have been filed with the
Securities and Exchange Commission ("SEC"). The statement of additional
information ("SAI") dated May 1, 2007, is a part of one of the registration
statements. The SAI is available free of charge. You may request one by writing
to our Processing Office at P.O. Box 4956, Syracuse, NY 13221-4956 or calling
(800) 628-6673. 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 www.sec.gov. The table of contents for the SAI appears at the back
of this prospectus.
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 contracts 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.
X01501
Contents of this prospectus
- --------------------------------------------------------------------------------
EQUI-VEST(SM) STRATEGIES
- --------------------------------------------------------------------------------
Index of key words and phrases 4
Who is AXA Equitable? 5
How to reach us 6
EQUI-VEST(SM) Strategies group annuity contract
at a glance -- key features 8
- --------------------------------------------------------------------------------
FEE TABLE 10
- --------------------------------------------------------------------------------
Examples: EQUI-VEST(SM) Strategies contracts 13
Condensed financial information 16
- --------------------------------------------------------------------------------
1. CONTRACT FEATURES AND BENEFITS 17
- --------------------------------------------------------------------------------
Contributions to your certificate 17
How EQUI-VEST(SM) Strategies is available 18
How contributions can be made 18
What are your investment options under the contract? 18
Portfolios of the Trusts 19
Selecting your investment method 25
ERISA considerations for employers 26
Allocating your contributions 26
Unallocated account 26
Death benefit 26
Your right to cancel within a certain number of days 27
- --------------------------------------------------------------------------------
2. DETERMINING YOUR CERTIFICATE'S VALUE 28
- --------------------------------------------------------------------------------
Your account value and cash value 28
Your certificate's value in the variable investment options 28
Your certificate's value in the guaranteed interest option 28
Your certificate's value in the fixed maturity options 28
- --------------------------------------------------------------------------------
3. TRANSFERRING YOUR MONEY AMONG
INVESTMENT OPTIONS 29
- --------------------------------------------------------------------------------
Transferring your account value 29
Disruptive transfer activity 29
Automatic transfer options 30
Investment simplifier 30
Rebalancing your account value 31
- ----------------------
"We," "our" and "us" refer to AXA Equitable.
When we address the reader of this prospectus with words such as word "you" and
"your," we mean the person who has the right or responsi bility that the
prospectus is discussing at that point. This is the participant.
When we use the word "contract" we mean the group contract issued to the plan
trustee or employer ("contract holder"). When we use the "certificate," we mean
the participation certificate that summarizes the rights of each participant
covered under the group contract.
2 Contents of this prospectus
- --------------------------------------------------------------------------------
4. ACCESSING YOUR MONEY 32
- --------------------------------------------------------------------------------
Withdrawing your account value 32
How withdrawals are taken from your account value 33
Loans 33
Termination of participation 33
Texas ORP participants 34
When to expect payments 34
Your annuity payout options 34
- --------------------------------------------------------------------------------
5. CHARGES AND EXPENSES 36
- --------------------------------------------------------------------------------
Charges under the contracts 36
Charges that the Trusts deduct 38
Variations in charges 38
- --------------------------------------------------------------------------------
6. PAYMENT OF DEATH BENEFIT 40
- --------------------------------------------------------------------------------
Your beneficiary and payment of benefit 40
How death benefit payment is made 40
Beneficiary continuation option 40
- --------------------------------------------------------------------------------
7. TAX INFORMATION 41
- --------------------------------------------------------------------------------
Tax information and ERISA matters 41
Choosing a contract to fund a retirement arrangement 41
Special rules for tax-favored retirement programs 41
Additional "Saver's Credit" for salary reduction contributions to
certain plans 41
Tax-sheltered annuity arrangements (TSAs) 42
Distributions from TSAs 43
Public employee deferred compensation plans (EDC Plans) 46
ERISA matters 48
Certain rules applicable to plans designed
to comply with Section 404(c) of ERISA 49
Federal and state income tax withholding and
information reporting 49
Federal income tax withholding on periodic annuity payments 49
Federal income tax withholding on non-periodic annuity
payments (withdrawals) 49
Mandatory withholding from TSA, governmental employer EDC
and qualified plan distributions 49
Impact of taxes to AXA Equitable 50
- --------------------------------------------------------------------------------
8. MORE INFORMATION 51
- --------------------------------------------------------------------------------
About our Separate Account A 51
About the Trusts 51
About our fixed maturity options 51
About the general account 52
Dates and prices at which certificate events occur 53
About your voting rights 53
About legal proceedings 54
Financial statements 54
Transfers of ownership, collateral assignments,
loans, and borrowing 54
Funding changes 54
Distribution of the contracts 54
- --------------------------------------------------------------------------------
9. INCORPORATION OF CERTAIN DOCUMENTS
BY REFERENCE 56
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
APPENDICES
- --------------------------------------------------------------------------------
I -- Condensed financial information I-1
II -- Market value adjustment example II-1
III -- Death benefit example III-1
IV -- State contract availability and/or variations
of certain features and benefits IV-1
- --------------------------------------------------------------------------------
STATEMENT OF ADDITIONAL INFORMATION
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
Contents of this prospectus 3
Index of key words and phrases
- --------------------------------------------------------------------------------
This index should help you locate more information on the terms used in this
prospectus.
Page
account value 28
annuity payout options 34
beneficiary 40
beneficiary continuation option 40
business day 53
cash value 28
certificate cover, 31
contract date 26
contract date anniversary 26
contract year 26
contributions 17
disruptive transfer activity 29
DOL 26
EDC cover
EQAccess 6
ERISA 26
elective deferral contributions 42
fixed maturity amount 24
fixed maturity option 24
guaranteed interest option 24
investment options cover, 18
market adjusted amount 24
Page
market timing 29
market value adjustment 24
maturity value 24
net loan interest charge 10
partial withdrawals 32
participant cover
participation date 9
participation date anniversary 9
participation year 9
portfolio 9
processing office 6
rate to maturity 24
Required Beginning Date 47
SAI cover
SEC cover
salary reduction contributions 41
TOPS 6
TSA cover
Trusts cover
unit 28
unit investment trust 51
variable investment options cover, 18
To make this prospectus easier to read, we sometimes use different words than
in the contract or supplemental materials. This is illustrated below. 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.
- --------------------------------------------------------------------------------
Prospectus Contract or Supplemental Materials
- --------------------------------------------------------------------------------
account value Annuity Account Value
unit Accumulation unit
unit value Accumulation unit value
- --------------------------------------------------------------------------------
4 Index of key words and phrases
Who is AXA Equitable?
- --------------------------------------------------------------------------------
We are AXA Equitable Life Insurance Company ("AXA Equitable") (until 2004, The
Equitable Life Assurance Society of the United States), a New York stock life
insurance corporation. We have been doing business since 1859. AXA Equitable is
an indirect, wholly-owned subsidiary of AXA Financial, Inc., a holding company,
which is itself an indirect, wholly-owned subsidiary of AXA. AXA is a French
holding company for an international group of insurance and related financial
services companies. As the ultimate sole shareholder of AXA Equitable, and
under its other arrangements with AXA Equitable and AXA Equitable's parent, AXA
exercises significant influence over the operations and capital structure of
AXA Equitable and its parent. AXA holds its interest in AXA Equitable through a
number of other intermediate holding companies, including Oudinot
Participations, AXA America Holdings Inc. and AXA Financial Services, LLC. AXA
Equitable is obligated to pay all amounts that are promised to be paid under
the contracts. 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
$795 billion in assets as of December 31, 2006. 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 10104.
Who is AXA Equitable? 5
HOW TO REACH US
You may communicate with our processing office as 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.
- --------------------------------------------------------------------------------
FOR CONTRIBUTIONS SENT BY REGULAR MAIL:
- --------------------------------------------------------------------------------
AXA Equitable
EQUI-VEST(SM)
Unit Annuity Lockbox
P.O. Box 13463
Newark, NJ 07188-0463
- --------------------------------------------------------------------------------
FOR TSA, GOVERNMENTAL EMPLOYER EDC AND CORPORATE
TRUSTEED LOAN REPAYMENTS SENT BY REGULAR MAIL:
- --------------------------------------------------------------------------------
AXA Equitable
EQUI-VEST(SM)
Loan Repayments Lockbox
P.O. Box 13496
Newark, NJ 07188-0496
- --------------------------------------------------------------------------------
FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR
TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT
BY REGULAR MAIL:
- --------------------------------------------------------------------------------
AXA Equitable
EQUI-VEST(SM) Processing Office
P.O. Box 4956
Syracuse, NY 13221-4956
- --------------------------------------------------------------------------------
FOR CONTRIBUTIONS SENT BY EXPRESS DELIVERY:
- --------------------------------------------------------------------------------
AXA Equitable
JPMorganChase
EQUI-VEST Lockbox #13463
4 Chase Metrotech Center (7th Floor)
Brooklyn, NY 11245-0001
Telephone number to be listed on express mail packages
Attn: Extraction Supervisor, (718) 242-2992
- --------------------------------------------------------------------------------
FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR
TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT
BY EXPRESS DELIVERY:
- --------------------------------------------------------------------------------
AXA Equitable
EQUI-VEST(SM) Processing Office
100 Madison Street, Suite 1000
Syracuse, NY 13202
- --------------------------------------------------------------------------------
REPORTS WE PROVIDE:
- --------------------------------------------------------------------------------
o written confirmation of financial transactions;
o quarterly statements of your certificate values as of the close of each
calendar quarter; and
o annual statement of your certificate values as of your participation date
anniversary.
- --------------------------------------------------------------------------------
TELEPHONE OPERATED PROGRAM SUPPORT ("TOPS") AND
EQACCESS SYSTEMS
- --------------------------------------------------------------------------------
TOPS is designed to provide you with up-to-date information via touch-tone
telephone. EQAccess is designed to provide this information through the
Internet. You can obtain information on:
o your current account value;
o your current allocation percentages;
o the number of units you have in the variable investment options;
o rates to maturity for fixed maturity options;
o the daily unit values for the variable investment options; and
o performance information regarding the variable investment options (not
available through TOPS).
You can also:
o change your allocation percentages and/or transfer among the variable
investment options and the guaranteed interest option (not available for
transfers to fixed maturity options); and
o change your TOPS personal identification number ("PIN") (through TOPS only)
and your EQAccess password (through EQAccess only).
Under TOPS only you can:
o elect the investment simplifier.
Under EQAccess only you can:
o elect to receive certain contract statements electronically;
o change your address; and
o access "Frequently Asked Questions" and certain service forms.
TOPS and EQAccess are normally available seven days a week, 24 hours a day. You
can use TOPS by calling toll free 1 (800) 755-7777. You may use EQAccess by
visiting our website at www.axaonline.com and logging in to access your
account. Of course, for reasons beyond our control, these services may
sometimes be unavailable.
We have established procedures to reasonably confirm that the instructions
communicated by telephone or the Internet are genuine. For example, we will
require certain personal identification information before we will act on
telephone or Internet instructions and we will provide written confirmation of
your transfers. If we do not employ reasonable procedures to confirm the
genuineness of telephone or Internet instructions, we may be liable for any
losses arising out of any act or omission that constitutes negligence, lack of
good faith or willful misconduct. In light of our procedures, we will not be
liable for following telephone or Internet instructions we reasonably believe
to be genuine.
6 Who is AXA Equitable?
We reserve the right to limit access to these services if we determine that you
engaged in disruptive transfer activity, such as "market timing" (see
"Disruptive transfer activity" in "Transferring your money among investment
options" later in this prospectus).
- --------------------------------------------------------------------------------
CUSTOMER SERVICE REPRESENTATIVE:
- --------------------------------------------------------------------------------
You may also use our toll-free number 1 (800) 628-6673 to speak with one of our
customer service representatives. Our customer service representatives are
available on each business day Monday through Thursday from 8:00 a.m. to 7:00
p.m., and on Friday until 5:00 p.m., Eastern Time.
Hearing or speech-impaired clients may call the AT&T National Relay Number at
(800) 855-2880 for information about your account. If you have a
Telecommunications Device for the Deaf (TDD), you may relay messages or
questions to our Customer Service Department at (800) 628-6673, Monday through
Thursday from 8:00 a.m. to 7:00 p.m., and on Friday until 5:00 p.m. Eastern
Time. AT&T personnel will communicate our reply back to you, via the TDD.
- --------------------------------------------------------------------------------
TOLL-FREE TELEPHONE SERVICE:
- --------------------------------------------------------------------------------
You may reach us toll-free by calling 1 (800) 841-0801 for a recording of daily
unit values for the variable investment options.
WE REQUIRE THAT THE FOLLOWING TYPES OF COMMUNICATIONS BE ON SPECIFIC FORMS WE
PROVIDE FOR THAT PURPOSE:
(1) election of the investment simplifier;
(2) election of the automatic deposit service (TSA certificates only);
(3) election of the rebalancing program;
(4) election of required minimum distribution automatic withdrawal option;
(5) election of beneficiary continuation option;
(6) transfer/rollover of assets to another carrier;
(7) request for a loan
(8) tax withholding election; and
(9) contract surrender and withdrawal requests.
WE ALSO HAVE SPECIFIC FORMS THAT WE RECOMMEND YOU USE FOR THE FOLLOWING TYPES
OF REQUESTS:
(1) address changes;
(2) beneficiary changes; and
(3) transfers among investment options.
TO CHANGE OR CANCEL ANY OF THE FOLLOWING WE REQUIRE WRITTEN NOTIFICATION
GENERALLY AT LEAST SEVEN CALENDAR DAYS BEFORE THE NEXT SCHEDULED TRANSACTION:
(1) investment simplifier;
(2) rebalancing program;
(3) systematic withdrawals; and
(4) the date annuity payments are to begin.
You must sign and date all these requests. Any written request that is not on
one of our forms must include your name and your contract number along with
adequate details about the notice you wish to give or the action you wish us to
take.
SIGNATURES:
The proper person to sign forms, notices and requests is the participant and in
some cases the employer, if the Plan requires it.
Who is AXA Equitable? 7
EQUI-VEST(SM) Strategies group annuity contract at a glance -- key features
- --------------------------------------------------------------------------------
Professional EQUI-VEST(SM) Strategies variable investment invest-
management ment options invest in different portfolios managed
by professional investment advisers.
- --------------------------------------------------------------------------------
Variable Investment The Variable Investment Options for which information
Options is provided in this prospectus are available under
the contract, subject to state regulatory approval
and availability under your employer's plan.
- --------------------------------------------------------------------------------
Guaranteed o Principal and interest guarantees
interest option o Interest rates set periodically
- --------------------------------------------------------------------------------
Fixed maturity o 10 fixed maturity options with maturities ranging
options from approximately 1 to 10 years.
o Each fixed maturity option offers a guarantee of
principal and interest rate if you hold it to
maturity.
-----------------------------------------------------
If you make any withdrawals (including transfers,
surrender or termination of your contract or when we
make deductions for charges) from a fixed maturity
option before it matures, we will make a market value
adjustment, which will increase or decrease any fixed
maturity amount you have in that fixed maturity
option.
- --------------------------------------------------------------------------------
Tax considerations o No tax on earnings inside the contract until you
make withdrawals from your certificate or receive
annuity payments.
o No tax on transfers among investment options inside
the contract.
-----------------------------------------------------
Because you are purchasing an annuity contract as a
Tax Sheltered Annuity (TSA), or to fund an eligible
government employer section 457(b) plan, employers
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, employers should consider whether
its features and benefits beyond tax deferral meet
participant's needs and goals. Employers may also
want to consider the relative features, benefits and
costs of these annuities with any other investment
that participants may use in connection with their
retirement plan or arrangement. Depending on the
participant's personal situation, the contract's
guaranteed benefits may have limited usefulness
because of required minimum distributions ("RMDs").
(For more information, see "Tax information," later
in this prospectus.)
- --------------------------------------------------------------------------------
Contribution amounts o $20 (minimum) each contribution
- --------------------------------------------------------------------------------
Access to your money o Partial withdrawals
o Several withdrawal options on a periodic basis
o Certificate surrender
Withdrawals are subject to the terms of the plan and
may be limited. You may incur a withdrawal charge for
certain withdrawals or if you surrender your
certificate. You may also incur income tax and a
penalty tax.
- --------------------------------------------------------------------------------
Death Benefit Protection o The contract provides a death benefit for the
beneficiary. The death benefit is equal to the
account value or the standard death benefit,
whichever is higher. However, if you elect the
enhanced death benefit, the death benefit is equal
to your account value or the enhanced death
benefit, whichever is higher.
- --------------------------------------------------------------------------------
Payout options o Fixed annuity payout options
o Variable Immediate Annuity payout options (describ-
ed in a separate prospectus for that option)
- --------------------------------------------------------------------------------
8 EQUI-VEST(SM) Strategies group annuity contract at a glance -- key features
- --------------------------------------------------------------------------------
Additional features o Dollar cost averaging by automatic transfers
-- Interest sweep option
-- Fixed dollar option
o Account value rebalancing (quarterly, semiannually,
and annually)
o No charge on transfers among investment options
o Waiver of withdrawal charge under certain
circumstances
- --------------------------------------------------------------------------------
Fees and Charges o Separate account charge deducted daily on amounts
invested in variable investment options: Varies by
employer group, annual rate ranges from 0.25% to
1.20%.
o Annual administrative charge: Varies by employer
group: current $30 ($65 maximum) or 2% of the
account value plus any amounts previously withdrawn
during the participation year, if less. The charge
is waived for account values equal or greater than
$25,000. For particular groups, the charge may be
waived or reduced for account values less than
$25,000.
o Charge for certain third-party transfers: $25
current ($65 maximum) per occurrence per
participant.
o No sales charge deducted at the time contributions
are made.
o Withdrawal charge: Varies by employer group, but
the maximum charge is 6% of the amount withdrawn,
with the percentage declining during the first ten
participation years. Under some group contracts,
withdrawal charges are only made for the first five
participation years, and under some group contracts
there is no withdrawal charge.
-----------------------------------------------------
The 12-month period beginning on the participant's
participation date and each 12-month period
thereafter is a "participation year." The
"participation date" means the earlier of (a) the
business day on which we issue a certificate to the
Plan participant under the EQUI-VEST(SM) Strategies
contract and (b) the business day on which the first
contribution for the Plan participant is received at
our processing office. For example, if your
participation date is May 1, your participation date
anniversary is April 30.
-----------------------------------------------------
o We deduct a charge designed to approximate certain
taxes that may be imposed on us, such as premium
taxes in your state. The charge is generally
deducted from the amount applied to an annuity
payout option.
o We deduct an annual charge equal to 0.15% of the
account value on each participation date
anniversary if you elect the enhanced death
benefit.
o We deduct a $350 annuity administrative fee from
amounts applied to a variable annuity payout
option. This option is described in a separate
prospectus that is available from your financial
professional.
o Annual expenses of the Trusts' 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.
- --------------------------------------------------------------------------------
Participant issue ages o 0-75
- --------------------------------------------------------------------------------
THE ABOVE IS NOT A COMPLETE DESCRIPTION OF ALL MATERIAL PROVISIONS OF YOUR
CERTIFICATE. IN SOME CASES RESTRICTIONS OR EXCEPTIONS APPLY, OR MAY BE IMPOSED
BY EMPLOYERS UNDER THEIR PLANS. WE RESERVE THE RIGHT TO CHANGE OR WAIVE CERTAIN
CHARGES WITHIN SPECIFIED LIMITS. ALSO, ALL FEATURES OF THE CONTRACT, ARE NOT
NECESSARILY AVAILABLE IN YOUR STATE OR AT CERTAIN AGES. YOUR EMPLOYER MAY ELECT
NOT TO OFFER ALL OF THE INVESTMENT OPTIONS UNDER THE CONTRACT THAT ARE
DESCRIBED IN THIS PROSPECTUS.
For more detailed information we urge you to read the contents of this
prospectus, as well as your certificate. Please feel free to speak with your
financial professional, or 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.
EQUI-VEST(SM) Strategies group annuity contract at a glance -- key features 9
Fee table
- --------------------------------------------------------------------------------
The following tables describe the fees and expenses that you will pay when
buying, owning, and surrendering an EQUI-VEST(SM) Strategies 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 that
you make certain withdrawals, surrender your certificate, purchase a Variable
Immediate Annuity payout option or make certain transfers and rollovers.
Charges designed to approximate certain taxes that may be imposed on us, such
as premium taxes in your state, may also apply. Charges for certain features
shown in the fee table are mutually exclusive.
- -----------------------------------------------------------------------------------------------------------------------
Charges we deduct from your account value at the time you request cer ain transactions
- -----------------------------------------------------------------------------------------------------------------------
Maximum withdrawal charge as a percentage of the amount with-
drawn (deducted when you surrender your certificate or make certain
withdrawals) 6.00%
- -----------------------------------------------------------------------------------------------------------------------
Charge if you elect a Variable Immediate Annuity payout option (which
is described in a separate prospectus for that option) $350
- -----------------------------------------------------------------------------------------------------------------------
Charge for third-party transfer or direct rollover $65 maximum per participant for each occurrence;
currently $25 per
participant for each occurrence.
- -----------------------------------------------------------------------------------------------------------------------
The next table describes the fees and expenses that you will pay periodically
during the time that you participate in the contract, not including underlying
Trust portfolio fees and expenses.
- -------------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your account value on each participation date anniversary
- -------------------------------------------------------------------------------------------------------------------------------
Maximum annual administrative charge The lesser of a current charge of $30 (maximum $65) or 2%
of your account value plus any prior withdrawals during the
participation year.
Net loan interest charge -- (calculated and deducted daily as a per-
centage of the outstanding loan amount) 2.00%(1)
- -------------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your variable investment options expressed as an annual percentage of daily net assets
- -------------------------------------------------------------------------------------------------------------------------------
Separate Account annual expenses(2) 0.25% to 1.20% (maximum)
- -------------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your account value each year if you elect the enhanced death benefit
- -------------------------------------------------------------------------------------------------------------------------------
Enhanced death benefit charge (as a percentage of your account
value) is deducted annually on each participation date anniversary 0.15% (maximum)
- -------------------------------------------------------------------------------------------------------------------------------
You also bear your proportionate share of all fees and expenses paid by a "portfolio" that corresponds to any variable investment
option you are using. This table shows the lowest and highest total operating expenses charged by any of the portfolios that you
will pay periodically during the time that you own your certificate. 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 variable investment option.
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 2006 (expenses Lowest Highest
that are deducted from portfolio assets including
management fees, 12b-1 fees, service fees, and/or other
expenses)(3) 0.38% 11.36%
- -------------------------------------------------------------------------------------------------------------------------------
10 Fee table
This table shows the fees and expenses for 2006 as an annual percentage of each
portfolio's daily average net assets.
- -------------------------------------------------------------------------------------
Management 12b-1 Other
Portfolio Name Fees(4) Fees(5) expenses(6)
- -------------------------------------------------------------------------------------
AXA Premier VIP Trust:
- -------------------------------------------------------------------------------------
AXA Aggressive Allocation 0.10% 0.25% 0.18%
AXA Conservative Allocation 0.10% 0.25% 0.22%
AXA Conservative-Plus Allocation 0.10% 0.25% 0.18%
AXA Moderate Allocation 0.10% -- 0.17%
AXA Moderate-Plus Allocation 0.10% 0.25% 0.17%
Multimanager Aggressive Equity* 0.61% -- 0.19%
Multimanager Core Bond* 0.59% 0.25% 0.18%
Multimanager Health Care* 1.20% 0.25% 0.23%
Multimanager High Yield* 0.58% -- 0.18%
Multimanager International Equity* 1.02% 0.25% 0.26%
Multimanager Large Cap Core Equity* 0.90% 0.25% 0.20%
Multimanager Large Cap Growth* 0.90% 0.25% 0.22%
Multimanager Large Cap Value* 0.88% 0.25% 0.22%
Multimanager Mid Cap Growth* 1.10% 0.25% 0.20%
Multimanager Mid Cap Value* 1.10% 0.25% 0.21%
Multimanager Technology* 1.20% 0.25% 0.23%
Target 2015 Allocation 0.10% 0.25% 7.88%
Target 2025 Allocation 0.10% 0.25% 7.29%
Target 2035 Allocation 0.10% 0.25% 9.56%
Target 2045 Allocation 0.10% 0.25% 10.49%
- -------------------------------------------------------------------------------------
EQ Advisors Trust:
- -------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock 0.47% -- 0.13%
EQ/AllianceBernstein Growth and Income++ 0.56% -- 0.12%
EQ/AllianceBernstein Intermediate Government
Securities 0.50% -- 0.14%
EQ/AllianceBernstein International 0.71% -- 0.20%
EQ/AllianceBernstein Large Cap Growth 0.90% 0.25% 0.11%
EQ/AllianceBernstein Quality Bond 0.50% -- 0.14%
EQ/AllianceBernstein Small Cap Growth 0.74% -- 0.13%
EQ/AllianceBernstein Value++ 0.60% 0.25% 0.13%
EQ/BlackRock Basic Value Equity* 0.55% 0.25% 0.14%
EQ/BlackRock International Value* 0.82% 0.25% 0.21%
EQ/Boston Advisors Equity Income 0.75% 0.25% 0.15%
EQ/Calvert Socially Responsible 0.65% 0.25% 0.25%
EQ/Capital Guardian Growth 0.65% 0.25% 0.16%
EQ/Capital Guardian International+ 0.83% 0.25% 0.21%
EQ/Capital Guardian Research 0.65% 0.25% 0.13%
EQ/Capital Guardian U.S. Equity++ 0.64% 0.25% 0.14%
EQ/Caywood-Scholl High Yield Bond 0.60% 0.25% 0.18%
EQ/Davis New York Venture** 0.85% 0.25% 0.74%
EQ/Equity 500 Index 0.25% -- 0.13%
EQ/Evergreen International Bond 0.70% 0.25% 0.23%
EQ/Evergreen Omega 0.65% 0.25% 0.21%
EQ/FI Mid Cap 0.68% 0.25% 0.15%
EQ/FI Mid Cap Value+ 0.73% 0.25% 0.13%
EQ/Franklin Income 0.90% 0.25% 0.38%
EQ/Franklin Small Cap Value 0.90% 0.25% 2.00%
EQ/Franklin Templeton Founding Strategy** 0.05% 0.25% 0.21%
EQ/GAMCO Mergers and Acquisitions 0.90% 0.25% 0.33%
EQ/GAMCO Small Company Value 0.78% 0.25% 0.14%
EQ/International Growth 0.85% 0.25% 0.35%
EQ/Janus Large Cap Growth++ 0.90% 0.25% 0.15%
EQ/JPMorgan Core Bond 0.44% 0.25% 0.15%
EQ/JPMorgan Value Opportunities 0.60% 0.25% 0.16%
EQ/Legg Mason Value Equity 0.65% 0.25% 0.22%
EQ/Long Term Bond 0.43% 0.25% 0.15%
- -------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
Acquired Total
Fund Fees Annual Net Total
and Expenses Annual
Expenses (Before Expenses
(Under- Expense Fee Waivers After
lying Limita- and/or Expense Expense
Portfolio Name Portfolios)(7) tions) Reimbursements(8) Limitations
- ------------------------------------------------------------------------------------------------------------
AXA Premier VIP Trust:
- ------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation 0.91% 1.44% ( 0.18)% 1.26%
AXA Conservative Allocation 0.67% 1.24% ( 0.22)% 1.02%
AXA Conservative-Plus Allocation 0.72% 1.25% ( 0.18)% 1.07%
AXA Moderate Allocation 0.78% 1.05% ( 0.17)% 0.88%
AXA Moderate-Plus Allocation 0.85% 1.37% ( 0.17)% 1.20%
Multimanager Aggressive Equity* -- 0.80% -- 0.80%
Multimanager Core Bond* -- 1.02% ( 0.07)% 0.95%
Multimanager Health Care* -- 1.68% 0.00% 1.68%
Multimanager High Yield* -- 0.76% -- 0.76%
Multimanager International Equity* -- 1.53% 0.00% 1.53%
Multimanager Large Cap Core Equity* -- 1.35% 0.00% 1.35%
Multimanager Large Cap Growth* -- 1.37% ( 0.02)% 1.35%
Multimanager Large Cap Value* -- 1.35% 0.00% 1.35%
Multimanager Mid Cap Growth* 0.01% 1.56% 0.00% 1.56%
Multimanager Mid Cap Value* 0.03% 1.59% 0.00% 1.59%
Multimanager Technology* -- 1.68% 0.00% 1.68%
Target 2015 Allocation 0.53% 8.76% ( 7.63)% 1.13%
Target 2025 Allocation 0.52% 8.16% ( 7.04)% 1.12%
Target 2035 Allocation 0.52% 10.43% ( 9.31)% 1.12%
Target 2045 Allocation 0.52% 11.36% (10.24)% 1.12%
- ------------------------------------------------------------------------------------------------------------
EQ Advisors Trust:
- ------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock -- 0.60% -- 0.60%
EQ/AllianceBernstein Growth and Income++ -- 0.68% -- 0.68%
EQ/AllianceBernstein Intermediate Government
Securities -- 0.64% -- 0.64%
EQ/AllianceBernstein International -- 0.91% ( 0.06)% 0.85%
EQ/AllianceBernstein Large Cap Growth -- 1.26% ( 0.21)% 1.05%
EQ/AllianceBernstein Quality Bond -- 0.64% -- 0.64%
EQ/AllianceBernstein Small Cap Growth -- 0.87% -- 0.87%
EQ/AllianceBernstein Value++ -- 0.98% ( 0.03)% 0.95%
EQ/BlackRock Basic Value Equity* -- 0.94% 0.00% 0.94%
EQ/BlackRock International Value* -- 1.28% ( 0.03)% 1.25%
EQ/Boston Advisors Equity Income -- 1.15% ( 0.10)% 1.05%
EQ/Calvert Socially Responsible -- 1.15% ( 0.10)% 1.05%
EQ/Capital Guardian Growth -- 1.06% ( 0.11)% 0.95%
EQ/Capital Guardian International+ -- 1.29% ( 0.09)% 1.20%
EQ/Capital Guardian Research -- 1.03% ( 0.08)% 0.95%
EQ/Capital Guardian U.S. Equity++ -- 1.03% ( 0.08)% 0.95%
EQ/Caywood-Scholl High Yield Bond -- 1.03% ( 0.03)% 1.00%
EQ/Davis New York Venture** -- 1.84% ( 0.54)% 1.30%
EQ/Equity 500 Index -- 0.38% -- 0.38%
EQ/Evergreen International Bond -- 1.18% ( 0.03)% 1.15%
EQ/Evergreen Omega -- 1.11% 0.00% 1.11%
EQ/FI Mid Cap -- 1.08% ( 0.08)% 1.00%
EQ/FI Mid Cap Value+ -- 1.11% ( 0.01)% 1.10%
EQ/Franklin Income -- 1.53% ( 0.23)% 1.30%
EQ/Franklin Small Cap Value -- 3.15% ( 1.85)% 1.30%
EQ/Franklin Templeton Founding Strategy** 1.07% 1.58% ( 0.11)% 1.47%
EQ/GAMCO Mergers and Acquisitions -- 1.48% ( 0.03)% 1.45%
EQ/GAMCO Small Company Value -- 1.17% 0.00% 1.17%
EQ/International Growth -- 1.45% 0.00% 1.45%
EQ/Janus Large Cap Growth++ -- 1.30% ( 0.15)% 1.15%
EQ/JPMorgan Core Bond -- 0.84% 0.00% 0.84%
EQ/JPMorgan Value Opportunities -- 1.01% ( 0.06)% 0.95%
EQ/Legg Mason Value Equity -- 1.12% ( 0.12)% 1.00%
EQ/Long Term Bond -- 0.83% 0.00% 0.83%
- ------------------------------------------------------------------------------------------------------------
Fee table 11
- --------------------------------------------------------------------------------
Management 12b-1 Other
Portfolio Name Fees(4) Fees(5) expenses(6)
- --------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income 0.65% 0.25% 0.26%
EQ/Lord Abbett Large Cap Core 0.65% 0.25% 0.41%
EQ/Lord Abbett Mid Cap Value 0.70% 0.25% 0.18%
EQ/Marsico Focus 0.85% 0.25% 0.13%
EQ/MFS Emerging Growth Companies+ 0.65% 0.25% 0.15%
EQ/MFS Investors Trust+ 0.60% 0.25% 0.16%
EQ/Money Market 0.33% -- 0.14%
EQ/Montag & Caldwell Growth 0.75% 0.25% 0.16%
EQ/Mutual Shares 0.90% 0.25% 0.50%
EQ/Oppenheimer Global 0.95% 0.25% 1.30%
EQ/Oppenheimer Main Street Opportunity** 0.85% 0.25% 1.58%
EQ/Oppenheimer Main Street Small Cap 0.90% 0.25% 1.48%
EQ/PIMCO Real Return 0.55% 0.25% 0.18%
EQ/Short Duration Bond 0.43% 0.25% 0.14%
EQ/Small Cap Value+ 0.73% 0.25% 0.15%
EQ/Small Company Growth+ 1.00% 0.25% 0.17%
EQ/Small Company Index 0.25% 0.25% 0.16%
EQ/TCW Equity++ 0.80% 0.25% 0.16%
EQ/Templeton Growth 0.95% 0.25% 0.64%
EQ/UBS Growth and Income 0.75% 0.25% 0.17%
EQ/Van Kampen Comstock 0.65% 0.25% 0.19%
EQ/Van Kampen Emerging Markets Equity 1.12% 0.25% 0.40%
EQ/Van Kampen Mid Cap Growth 0.70% 0.25% 0.23%
EQ/Wells Fargo Montgomery Small Cap++ 0.85% 0.25% 0.41%
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
Acquired Total
Fund Fees Annual Net Total
and Expenses Annual
Expenses (Before Expenses
(Under- Expense Fee Waivers After
lying Limita- and/or Expense Expense
Portfolio Name Portfolios)(7) tions) Reimbursements(8) Limitations
- -------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income -- 1.16% (0.16)% 1.00%
EQ/Lord Abbett Large Cap Core -- 1.31% (0.31)% 1.00%
EQ/Lord Abbett Mid Cap Value -- 1.13% (0.08)% 1.05%
EQ/Marsico Focus -- 1.23% (0.08)% 1.15%
EQ/MFS Emerging Growth Companies+ -- 1.05% -- 1.05%
EQ/MFS Investors Trust+ -- 1.01% (0.06)% 0.95%
EQ/Money Market -- 0.47% -- 0.47%
EQ/Montag & Caldwell Growth -- 1.16% (0.01)% 1.15%
EQ/Mutual Shares -- 1.65% (0.35)% 1.30%
EQ/Oppenheimer Global 0.01% 2.51% (1.15)% 1.36%
EQ/Oppenheimer Main Street Opportunity** -- 2.68% (1.38)% 1.30%
EQ/Oppenheimer Main Street Small Cap -- 2.63% (1.33)% 1.30%
EQ/PIMCO Real Return -- 0.98% (0.08)% 0.90%
EQ/Short Duration Bond -- 0.82% 0.00% 0.82%
EQ/Small Cap Value+ -- 1.13% (0.03)% 1.10%
EQ/Small Company Growth+ -- 1.42% (0.12)% 1.30%
EQ/Small Company Index 0.01% 0.67% 0.00% 0.67%
EQ/TCW Equity++ -- 1.21% (0.06)% 1.15%
EQ/Templeton Growth -- 1.84% (0.49)% 1.35%
EQ/UBS Growth and Income -- 1.17% (0.12)% 1.05%
EQ/Van Kampen Comstock -- 1.09% (0.09)% 1.00%
EQ/Van Kampen Emerging Markets Equity -- 1.77% 0.00% 1.77%
EQ/Van Kampen Mid Cap Growth -- 1.18% (0.13)% 1.05%
EQ/Wells Fargo Montgomery Small Cap++ -- 1.51% (0.21)% 1.30%
- -------------------------------------------------------------------------------------------------------
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and ben efits" later in this prospectus for the
investment option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned substitution or merger of this portfolio.
Notes:
(1) We charge interest on loans under your certificate but also credit you
interest on your loan reserve account. Our net loan interest charge is
determined by the excess between the interest rate we charge over the
interest rate we credit. See "Loans" under "Accessing your money" later in
this Prospectus for more information on how the loan interest is calculated
and for restrictions that may apply.
(2) For mortality and expense risks, and administrative and financial accounting
expenses. A portion of this charge is for providing the death benefit. For
contracts issued in Texas to public schools and open enrollment charter
schools (kindergarten through twelfth grade), the total Separate Account
charges and the total portfolio operating expenses of the Trusts when added
together are not permitted to exceed 2.75%.
(3) "Total Annual Portfolio Operating Expenses" are based, in part, on estimated
amounts for options added during the fiscal year 2006 and for the underlying
portfolios.
(4) The management fees for each portfolio cannot be increased without a vote of
that portfolio's shareholders. See footnote (8) for any expense limitation
agreement information.
(5) Portfolio shares are all subject to fees imposed under the distribution
plans (the "Rule 12b-1 Plan") adopted by the Trusts pursuant to Rule 12b-1
under the Investment Company Act of 1940. For the portfolios of the AXA
Premier VIP Trust and the EQ Advisors Trust, the 12b-1 fee will not be
increased for the life of the contracts. A "--" indicates that there is no
12b-1 Fee.
(6) The amounts shown as "Other Expenses" will fluctuate from year to year
depending on actual expenses. See footnote (8) for any expense limitation
agreement information.
(7) Each of these variable investment options invests in a corresponding
portfolio of one of the Trusts or other unaffiliated investment companies.
Each portfolio, in turn, invests in shares of other portfolios of the Trusts
and/or shares of unaffiliated portfolios ("underlying portfolios"). Amounts
shown reflect each portfolio's pro rata share of the fees and expenses of
the underlying portfolio(s) in which it invests. The fees and expenses are
based on the respected weighted investment allocation as of 12/31/06. A "--"
indicates that the listed portfolio does not invest in underlying
portfolios.
(8) The amounts shown reflect any fee waivers and/or expense reimbursements that
apply to each portfolio. A "--" indicates that there is no expense
limitation in effect, and "0.00%" indicates that the expense limitation
arrangement did not result in a fee waiver or reimbursement. AXA Equitable,
the investment manager of AXA Premier VIP Trust and EQ Advisors Trust, has
entered into expense limitation agreements with respect to certain
portfolios, which are effective through April 30, 2008. Under these
agreements, AXA Equitable has agreed to waive or limit its fees and assume
other expenses of certain portfolios, if necessary, in an amount that limits
such portfolio's Total Annual Expenses (exclusive of interest, taxes,
brokerage commissions, capitalized expenditures, expenses of the underlying
portfolios in which the portfolio invests and extraordinary expenses) to not
more than specified amounts. Therefore, each portfolio may at a later date
make a reimbursement to AXA Equitable for any of the management fees waived
or limited and other expenses assumed and paid by AXA Equitable pursuant to
the expense limitation agreements provided that the portfolio's current
annual operating expenses do not exceed the operating expense limit
determined for such portfolio. In addition, a portion of the brokerage
commissions of certain portfolios of AXA Premier VIP Trust and EQ Advisors
Trust is used to reduce the applicable portfolio's expenses. If the above
table reflected both the expense limitation arrangements plus the portion of
the brokerage commissions used to reduce portfolio expenses, the net
expenses would be as shown in the table below:
12 Fee table
- --------------------------------------------------------------------------------
Portfolio Name:
- --------------------------------------------------------------------------------
Multimanager Aggressive Equity 0.78%
Multimanager Health Care 1.63%
Multimanager International Equity 1.52%
Multimanager Large Cap Core Equity 1.33%
Multimanager Large Cap Growth 1.33%
Multimanager Large Cap Value 1.31%
Multimanager Mid Cap Growth 1.52%
Multimanager Mid Cap Value 1.58%
Multimanager Technology 1.64%
EQ/AllianceBernstein Common Stock 0.58%
EQ/AllianceBernstein Growth and Income 0.67%
EQ/AllianceBernstein Large Cap Growth 1.03%
EQ/AllianceBernstein Small Cap Growth 0.86%
EQ/AllianceBernstein Value 0.94%
EQ/BlackRock Basic Value Equity 0.93%
EQ/Capital Guardian Growth 0.94%
EQ/Capital Guardian Research 0.94%
EQ/Capital Guardian U.S. Equity 0.94%
EQ/Davis New York Venture 1.27%
EQ/Evergreen Omega 1.05%
EQ/FI Mid Cap 0.97%
EQ/FI Mid Cap Value 1.09%
EQ/GAMCO Mergers and Acquisitions 1.37%
EQ/GAMCO Small Company Value 1.16%
EQ/Janus Large Cap Growth 1.14%
EQ/Legg Mason Value Equity 0.97%
EQ/Lord Abbett Growth and Income 0.99%
EQ/Lord Abbett Large Cap Core 0.99%
EQ/Marsico Focus 1.14%
EQ/MFS Emerging Growth Companies 1.03%
EQ/MFS Investors Trust 0.94%
EQ/Montag & Caldwell Growth 1.13%
EQ/Mutual Shares 1.30%
EQ/Small Cap Value 1.02%
EQ/UBS Growth and Income 1.03%
EQ/Van Kampen Comstock 0.99%
EQ/Van Kampen Emerging Markets Equity 1.75%
EQ/Van Kampen Mid Cap Growth 1.01%
EQ/Wells Fargo Montgomery Small Cap 1.20%
- --------------------------------------------------------------------------------
EXAMPLES: EQUI-VEST(SM) STRATEGIES CONTRACTS
These examples are intended to help you compare the cost of investing in the
EQUI-VEST(SM) Strategies contract with the cost of investing in other variable
annuity contracts. These costs include contract owner transaction expenses,
contract fees, separate account annual expenses, and underlying Trust fees and
expenses (including underlying portfolio fees and expenses).
The examples below show the expenses that a hypothetical participant would pay
in the situations illustrated. The examples use an average annual
administrative charge based on charges paid in 2006, which results in an
estimated annual charge of 0.0645% of account value.
The fixed maturity options and the guaranteed interest option are not covered
by the fee table and examples. However, the withdrawal charge, the enhanced
death benefit charge, the third-party transfer or direct rollover charge and
the charge if you elect a Variable Immediate Annuity payout option do apply to
amounts in the fixed maturity options and the guaranteed interest option. A
market value adjustment (up or down) will apply as a result of a withdrawal,
transfer, or surrender of amounts from a fixed maturity option.
Please note that the charges that would apply under your certificate may be
lower if: (i) your participation is under a contract with lower Separate
Account charges; (ii) your certificate has no withdrawal charge or no longer
has a withdrawal charge, or has a lesser percentage withdrawal charge, or has a
shorter withdrawal charge period associated with it than is used in the
examples; or (iii) you have not elected the enhanced death benefit.
These examples should not be considered a representation of past or future
expenses for any option. Actual expenses may be greater or less than those
shown. Similarly, the annual rate of return assumed in the examples is not an
estimate or guarantee of future investment performance.
The examples assume that you invest $10,000 in the certificate for the time
periods indicated and that your investment has a 5% return each year. The
examples also assume (i) maximum contract charges rather than the lower current
expenses discussed in "Charges and expenses" later in this prospectus; (ii) the
total annual expenses of the portfolios (before expense limitations) set forth
in the previous tables; and (iii) that the enhanced death benefit has been
elected. Although your actual costs may be higher or lower, based on these
assumptions, your costs would be:
Fee table 13
- ------------------------------------------------------------------------------------------------------
If you surrender your contract at the end
of the
applicable time period
1 year 3 years 5 years 10 years
- ------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- ------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 849 $1,487 $2,150 $3,380
AXA Conservative Allocation $ 830 $1,428 $2,053 $3,182
AXA Conservative-Plus Allocation $ 831 $1,431 $2,058 $3,192
AXA Moderate Allocation $ 797 $1,330 $1,892 $2,846
AXA Moderate-Plus Allocation $ 842 $1,466 $2,117 $3,312
Multimanager Aggressive Equity* $ 772 $1,256 $1,767 $2,584
Multimanager Core Bond* $ 808 $1,363 $1,946 $2,959
Multimanager Health Care* $ 873 $1,557 $2,266 $3,613
Multimanager High Yield* $ 782 $1,286 $1,817 $2,689
Multimanager International Equity* $ 858 $1,513 $2,194 $3,468
Multimanager Large Cap Core Equity* $ 840 $1,460 $2,107 $3,292
Multimanager Large Cap Growth* $ 842 $1,466 $2,117 $3,312
Multimanager Large Cap Value* $ 840 $1,460 $2,107 $3,292
Multimanager Mid Cap Growth* $ 861 $1,522 $2,208 $3,498
Multimanager Mid Cap Value* $ 864 $1,531 $2,223 $3,527
Multimanager Technology* $ 873 $1,557 $2,266 $3,613
Target 2015 Allocation $1,576 $3,475 $5,165 $8,369
Target 2025 Allocation $1,516 $3,324 $4,955 $8,096
Target 2035 Allocation $1,742 $3,884 $5,721 $9,037
Target 2045 Allocation $1,834 $4,105 $6,012 $9,354
- ------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 752 $1,196 $1,667 $2,369
EQ/AllianceBernstein Growth and Income++ $ 774 $1,262 $1,777 $2,605
EQ/AllianceBernstein Intermediate Government Securities $ 770 $1,250 $1,757 $2,562
EQ/AllianceBernstein International $ 797 $1,330 $1,892 $2,846
EQ/AllianceBernstein Large Cap Growth $ 832 $1,434 $2,063 $3,202
EQ/AllianceBernstein Quality Bond $ 785 $1,295 $1,832 $2,721
EQ/AllianceBernstein Small Cap Growth $ 793 $1,318 $1,872 $2,804
EQ/AllianceBernstein Value++ $ 804 $1,351 $1,926 $2,918
EQ/BlackRock Basic Value Equity* $ 800 $1,339 $1,906 $2,877
EQ/BlackRock International Value* $ 833 $1,440 $2,073 $3,222
EQ/Boston Advisors Equity Income $ 821 $1,401 $2,010 $3,092
EQ/Calvert Socially Responsible $ 821 $1,401 $2,010 $3,092
EQ/Capital Guardian Growth $ 812 $1,375 $1,965 $3,000
EQ/Capital Guardian International+ $ 834 $1,443 $2,078 $3,232
EQ/Capital Guardian Research $ 809 $1,366 $1,951 $2,970
EQ/Capital Guardian U.S. Equity++ $ 809 $1,366 $1,951 $2,970
EQ/Caywood-Scholl High Yield Bond $ 809 $1,366 $1,951 $2,970
EQ/Davis New York Venture** $ 889 $1,604 $2,342 $3,765
EQ/Equity 500 Index $ 744 $1,172 $1,627 $2,282
EQ/Evergreen International Bond $ 824 $1,410 $2,024 $3,122
- ---------------------------------------------------------------------------------------------------------------------------
If you annuitize at the end of the If you do not
applicable time surrender your
period and select a non-life contingent contract at the end
period of
certain annuity option with less than ten the applicable time
years(1) period
1 year 3 years 5 years 10 years 1 year 3 years
- ---------------------------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- ---------------------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation N/A $1,487 $2,150 $3,380 $ 298 $ 914
AXA Conservative Allocation N/A $1,428 $2,053 $3,182 $ 278 $ 851
AXA Conservative-Plus Allocation N/A $1,431 $2,058 $3,192 $ 279 $ 854
AXA Moderate Allocation N/A $1,330 $1,892 $2,846 $ 243 $ 748
AXA Moderate-Plus Allocation N/A $1,466 $2,117 $3,312 $ 291 $ 892
Multimanager Aggressive Equity* N/A $1,256 $1,767 $2,584 $ 217 $ 669
Multimanager Core Bond* N/A $1,363 $1,946 $2,959 $ 254 $ 782
Multimanager Health Care* N/A $1,557 $2,266 $3,613 $ 324 $ 988
Multimanager High Yield* N/A $1,286 $1,817 $2,689 $ 227 $ 700
Multimanager International Equity* N/A $1,513 $2,194 $3,468 $ 308 $ 942
Multimanager Large Cap Core Equity* N/A $1,460 $2,107 $3,292 $ 289 $ 886
Multimanager Large Cap Growth* N/A $1,466 $2,117 $3,312 $ 291 $ 892
Multimanager Large Cap Value* N/A $1,460 $2,107 $3,292 $ 289 $ 886
Multimanager Mid Cap Growth* N/A $1,522 $2,208 $3,498 $ 311 $ 951
Multimanager Mid Cap Value* N/A $1,531 $2,223 $3,527 $ 314 $ 960
Multimanager Technology* N/A $1,557 $2,266 $3,613 $ 324 $ 988
Target 2015 Allocation N/A $3,475 $5,165 $8,369 $1,067 $3,022
Target 2025 Allocation N/A $3,324 $4,955 $8,096 $1,004 $2,862
Target 2035 Allocation N/A $3,884 $5,721 $9,037 $1,242 $3,456
Target 2045 Allocation N/A $4,105 $6,012 $9,354 $1,339 $3,690
- ---------------------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ---------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock N/A $1,196 $1,667 $2,369 $ 196 $ 605
EQ/AllianceBernstein Growth and Income++ N/A $1,262 $1,777 $2,605 $ 219 $ 675
EQ/AllianceBernstein Intermediate Government Securities N/A $1,250 $1,757 $2,562 $ 215 $ 662
EQ/AllianceBernstein International N/A $1,330 $1,892 $2,846 $ 243 $ 748
EQ/AllianceBernstein Large Cap Growth N/A $1,434 $2,063 $3,202 $ 280 $ 857
EQ/AllianceBernstein Quality Bond N/A $1,295 $1,832 $2,721 $ 230 $ 710
EQ/AllianceBernstein Small Cap Growth N/A $1,318 $1,872 $2,804 $ 239 $ 735
EQ/AllianceBernstein Value++ N/A $1,351 $1,926 $2,918 $ 250 $ 770
EQ/BlackRock Basic Value Equity* N/A $1,339 $1,906 $2,877 $ 246 $ 757
EQ/BlackRock International Value* N/A $1,440 $2,073 $3,222 $ 282 $ 864
EQ/Boston Advisors Equity Income N/A $1,401 $2,010 $3,092 $ 268 $ 823
EQ/Calvert Socially Responsible N/A $1,401 $2,010 $3,092 $ 268 $ 823
EQ/Capital Guardian Growth N/A $1,375 $1,965 $3,000 $ 259 $ 795
EQ/Capital Guardian International+ N/A $1,443 $2,078 $3,232 $ 283 $ 867
EQ/Capital Guardian Research N/A $1,366 $1,951 $2,970 $ 255 $ 785
EQ/Capital Guardian U.S. Equity++ N/A $1,366 $1,951 $2,970 $ 255 $ 785
EQ/Caywood-Scholl High Yield Bond N/A $1,366 $1,951 $2,970 $ 255 $ 785
EQ/Davis New York Venture** N/A $1,604 $2,342 $3,765 $ 340 $1,038
EQ/Equity 500 Index N/A $1,172 $1,627 $2,282 $ 187 $ 580
EQ/Evergreen International Bond N/A $1,410 $2,024 $3,122 $ 271 $ 832
- --------------------------------------------------------------------------------
If you do not
surrender your
the applicable time
period
5 years 10 years
- --------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- --------------------------------------------------------------------------------
AXA Aggressive Allocation $1,554 $3,271
AXA Conservative Allocation $1,451 $3,070
AXA Conservative-Plus Allocation $1,456 $3,080
AXA Moderate Allocation $1,278 $2,730
AXA Moderate-Plus Allocation $1,518 $3,201
Multimanager Aggressive Equity* $1,146 $2,465
Multimanager Core Bond* $1,336 $2,845
Multimanager Health Care* $1,676 $3,506
Multimanager High Yield* $1,199 $2,572
Multimanager International Equity* $1,600 $3,360
Multimanager Large Cap Core Equity* $1,507 $3,181
Multimanager Large Cap Growth* $1,518 $3,201
Multimanager Large Cap Value* $1,507 $3,181
Multimanager Mid Cap Growth* $1,615 $3,389
Multimanager Mid Cap Value* $1,631 $3,418
Multimanager Technology* $1,676 $3,506
Target 2015 Allocation $4,762 $8,319
Target 2025 Allocation $4,538 $8,042
Target 2035 Allocation $5,354 $8,995
Target 2045 Allocation $5,663 $9,316
- --------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- --------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $1,040 $2,247
EQ/AllianceBernstein Growth and Income++ $1,157 $2,486
EQ/AllianceBernstein Intermediate Government Securities $1,136 $2,443
EQ/AllianceBernstein International $1,278 $2,730
EQ/AllianceBernstein Large Cap Growth $1,461 $3,090
EQ/AllianceBernstein Quality Bond $1,215 $2,603
EQ/AllianceBernstein Small Cap Growth $1,257 $2,688
EQ/AllianceBernstein Value++ $1,315 $2,803
EQ/BlackRock Basic Value Equity* $1,294 $2,761
EQ/BlackRock International Value* $1,471 $3,110
EQ/Boston Advisors Equity Income $1,404 $2,978
EQ/Calvert Socially Responsible $1,404 $2,978
EQ/Capital Guardian Growth $1,357 $2,886
EQ/Capital Guardian International+ $1,477 $3,121
EQ/Capital Guardian Research $1,341 $2,855
EQ/Capital Guardian U.S. Equity++ $1,341 $2,855
EQ/Caywood-Scholl High Yield Bond $1,341 $2,855
EQ/Davis New York Venture** $1,757 $3,660
EQ/Equity 500 Index $ 997 $2,159
EQ/Evergreen International Bond $1,420 $3,009
- --------------------------------------------------------------------------------
14 Fee table
- ----------------------------------------------------------------------------------------
If you surrender your contract at the end
of the
applicable time period
1 year 3 years 5 years 10 years
- ----------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ----------------------------------------------------------------------------------------
EQ/Evergreen Omega $ 817 $1,390 $1,990 $3,051
EQ/FI Mid Cap $ 814 $1,381 $1,975 $3,021
EQ/FI Mid Cap Value $ 817 $1,390 $1,990 $3,051
EQ/Franklin Income $ 858 $1,513 $2,194 $3,468
EQ/Franklin Small Cap Value $1,019 $1,981 $2,946 $4,919
EQ/Franklin Templeton Founding Strategy** $ 863 $1,528 $2,218 $3,517
EQ/GAMCO Mergers and Acquisitions $ 853 $1,499 $2,170 $3,420
EQ/GAMCO Small Company Value $ 823 $1,407 $2,019 $3,112
EQ/International Growth $ 850 $1,490 $2,155 $3,390
EQ/Janus Large Cap Growth++ $ 835 $1,446 $2,083 $3,242
EQ/JPMorgan Core Bond $ 790 $1,309 $1,857 $2,773
EQ/JPMorgan Value Opportunities $ 807 $1,360 $1,941 $2,949
EQ/Legg Mason Value Equity $ 818 $1,393 $1,995 $3,061
EQ/Long Term Bond $ 789 $1,306 $1,852 $2,763
EQ/Lord Abbett Growth and Income $ 822 $1,404 $2,014 $3,102
EQ/Lord Abbett Large Cap Core $ 836 $1,449 $2,087 $3,252
EQ/Lord Abbett Mid Cap Value $ 819 $1,396 $2,000 $3,071
EQ/Marsico Focus $ 829 $1,425 $2,049 $3,172
EQ/MFS Emerging Growth Companies+ $ 811 $1,372 $1,961 $2,990
EQ/MFS Investors Trust+ $ 807 $1,360 $1,941 $2,949
EQ/Money Market $ 747 $1,181 $1,642 $2,315
EQ/Montag & Caldwell Growth $ 822 $1,404 $2,014 $3,102
EQ/Mutual Shares $ 870 $1,549 $2,251 $3,584
EQ/Oppenheimer Global $ 956 $1,798 $2,655 $4,375
EQ/Oppenheimer Main Street Opportunity** $ 972 $1,847 $2,733 $4,523
EQ/Oppenheimer Main Street Small Cap $ 967 $1,832 $2,710 $4,480
EQ/PIMCO Real Return $ 804 $1,351 $1,926 $2,918
EQ/Short Duration Bond $ 788 $1,303 $1,847 $2,752
EQ/Small Cap Value+ $ 819 $1,396 $2,000 $3,071
EQ/Small Company Growth+ $ 847 $1,481 $2,141 $3,361
EQ/Small Company Index $ 773 $1,259 $1,772 $2,594
EQ/TCW Equity++ $ 827 $1,419 $2,039 $3,152
EQ/Templeton Growth $ 889 $1,604 $2,342 $3,765
EQ/UBS Growth and Income $ 823 $1,407 $2,019 $3,112
EQ/Van Kampen Comstock $ 815 $1,384 $1,980 $3,031
EQ/Van Kampen Emerging Markets Equity $ 882 $1,584 $2,309 $3,699
EQ/Van Kampen Mid Cap Growth $ 824 $1,410 $2,024 $3,122
EQ/Wells Fargo Montgomery Small Cap++ $ 856 $1,508 $2,184 $3,449
- ----------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
If you annuitize at the end of the
applicable time
period and select a non-life contingent
period If you do not surrender your contract at
certain annuity option with less than ten the end of
years(1) the applicable time period
1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years
- ---------------------------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ---------------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega N/A $1,390 $1,990 $3,051 $264 $ 810 $1,383 $2,937
EQ/FI Mid Cap N/A $1,381 $1,975 $3,021 $261 $ 801 $1,367 $2,907
EQ/FI Mid Cap Value N/A $1,390 $1,990 $3,051 $264 $ 810 $1,383 $2,937
EQ/Franklin Income N/A $1,513 $2,194 $3,468 $308 $ 942 $1,600 $3,360
EQ/Franklin Small Cap Value N/A $1,981 $2,946 $4,919 $478 $1,437 $2,400 $4,827
EQ/Franklin Templeton Founding Strategy** N/A $1,528 $2,218 $3,517 $313 $ 957 $1,626 $3,409
EQ/GAMCO Mergers and Acquisitions N/A $1,499 $2,170 $3,420 $303 $ 926 $1,574 $3,310
EQ/GAMCO Small Company Value N/A $1,407 $2,019 $3,112 $270 $ 829 $1,414 $2,999
EQ/International Growth N/A $1,490 $2,155 $3,390 $300 $ 917 $1,559 $3,281
EQ/Janus Large Cap Growth++ N/A $1,446 $2,083 $3,242 $284 $ 870 $1,482 $3,131
EQ/JPMorgan Core Bond N/A $1,309 $1,857 $2,773 $236 $ 725 $1,242 $2,656
EQ/JPMorgan Value Opportunities N/A $1,360 $1,941 $2,949 $253 $ 779 $1,331 $2,834
EQ/Legg Mason Value Equity N/A $1,393 $1,995 $3,061 $265 $ 814 $1,388 $2,948
EQ/Long Term Bond N/A $1,306 $1,852 $2,763 $234 $ 722 $1,236 $2,646
EQ/Lord Abbett Growth and Income N/A $1,404 $2,014 $3,102 $269 $ 826 $1,409 $2,989
EQ/Lord Abbett Large Cap Core N/A $1,449 $2,087 $3,252 $285 $ 873 $1,487 $3,141
EQ/Lord Abbett Mid Cap Value N/A $1,396 $2,000 $3,071 $266 $ 817 $1,394 $2,958
EQ/Marsico Focus N/A $1,425 $2,049 $3,172 $276 $ 848 $1,445 $3,060
EQ/MFS Emerging Growth Companies+ N/A $1,372 $1,961 $2,990 $258 $ 792 $1,352 $2,876
EQ/MFS Investors Trust+ N/A $1,360 $1,941 $2,949 $253 $ 779 $1,331 $2,834
EQ/Money Market N/A $1,181 $1,642 $2,315 $190 $ 589 $1,013 $2,192
EQ/Montag & Caldwell Growth N/A $1,404 $2,014 $3,102 $269 $ 826 $1,409 $2,989
EQ/Mutual Shares N/A $1,549 $2,251 $3,584 $321 $ 979 $1,661 $3,477
EQ/Oppenheimer Global N/A $1,798 $2,655 $4,375 $411 $1,243 $2,091 $4,277
EQ/Oppenheimer Main Street Opportunity** N/A $1,847 $2,733 $4,523 $429 $1,295 $2,174 $4,426
EQ/Oppenheimer Main Street Small Cap N/A $1,832 $2,710 $4,480 $423 $1,280 $2,149 $4,383
EQ/PIMCO Real Return N/A $1,351 $1,926 $2,918 $250 $ 770 $1,315 $2,803
EQ/Short Duration Bond N/A $1,303 $1,847 $2,752 $233 $ 719 $1,231 $2,635
EQ/Small Cap Value+ N/A $1,396 $2,000 $3,071 $266 $ 817 $1,394 $2,958
EQ/Small Company Growth+ N/A $1,481 $2,141 $3,361 $296 $ 907 $1,544 $3,251
EQ/Small Company Index N/A $1,259 $1,772 $2,594 $218 $ 672 $1,152 $2,475
EQ/TCW Equity++ N/A $1,419 $2,039 $3,152 $274 $ 842 $1,435 $3,040
EQ/Templeton Growth N/A $1,604 $2,342 $3,765 $340 $1,038 $1,757 $3,660
EQ/UBS Growth and Income N/A $1,407 $2,019 $3,112 $270 $ 829 $1,414 $2,999
EQ/Van Kampen Comstock N/A $1,384 $1,980 $3,031 $262 $ 804 $1,373 $2,917
EQ/Van Kampen Emerging Markets Equity N/A $1,584 $2,309 $3,699 $333 $1,016 $1,722 $3,593
EQ/Van Kampen Mid Cap Growth N/A $1,410 $2,024 $3,122 $271 $ 832 $1,420 $3,009
EQ/Wells Fargo Montgomery Small Cap++ N/A $1,508 $2,184 $3,449 $306 $ 935 $1,590 $3,340
- ---------------------------------------------------------------------------------------------------------------------------------
(1) If a non-life contingent period certain annuity option of ten years or more
is chosen, a withdrawal charge would still apply if the annuity option is
chosen before three participation years have elapsed.
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and benefits" later in this prospectus for the investment
option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned substitution or merger of this portfolio.
Fee table 15
CONDENSED FINANCIAL INFORMATION
Please see Appendix I at the end of this prospectus for information about the
unit values and number of units outstanding as of the period shown for each of
the variable investment options available as of December 31, 2006.
16 Fee table
1. Contract features and benefits
- --------------------------------------------------------------------------------
CONTRIBUTIONS TO YOUR CERTIFICATE
Payments made to us are called "contributions." We require a minimum
contribution amount of $20. If the total annual contributions to a TSA contract
will be at least $200 annually, we may accept contributions of less than $20.
The following table summarizes our rules regarding contributions to your
certificate.
- ----------------------------------------------------------------------------------
Contract type Source of contributions
- ----------------------------------------------------------------------------------
TSA o Employer-remitted employee salary reduction and/or vari- ous
types of employer contributions.
o Additional "catch-up" contributions.
o Designated Roth contributions under Section 402A of the Code.
o Direct transfers from another contract or arrangement under
Section 403(b) of the Internal Revenue Code, complying with
IRS Revenue Ruling 90-24.
o Eligible rollover distributions from other 403(b) plans,
qualified plans, governmental employer EDC plans and
traditional IRAs, if permitted by the plan.
- ----------------------------------------------------------------------------------
Governmental o Employer-remitted employee salary reduction and/or employer
Employer EDC contributions.
o Additional "age 50 catch-up" contributions.
o If the plan permits, eligible rollover distributions from
other governmental employer EDC plans, 403(b) plans,
qualified plans and traditional IRAs.
- ----------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------
Contract type Limitations on contributions
- ----------------------------------------------------------------------------------
TSA o For 2007, maximum amount of employer and employee
contributions is generally the lesser of $45,000 or 100% of
compensation, with maximum salary reduction contribution of
$15,500.
o If employer's plan permits, an individual at least age 50 at
any time during 2007 can make up to $5,000 additional salary
reduction "catch-up" contributions.
o All salary reduction contributions (whether pre-tax or desig-
nated Roth) may not exceed the total maximum ($15,500 in 2007
and age 50 catch-up of $5,000).
o Rollover or direct transfer contributions after age 70-1/2 must
be net of any required minimum distributions.
o Different sources of contributions and earnings may be
subject to withdrawal restrictions.
o We currently do not accept rollovers or direct transfers of
funds from designated Roth accounts.
- ----------------------------------------------------------------------------------
Governmental o Contributions subject to plan limits. Maximum contribution
Employer EDC for 2007 is lesser of $15,500 or 100% of includible com-
pensation.
o If plan permits, an individual may make catch-up contribu-
tions for 3 years of service preceding plan retirement age,
2007 maximum is $31,000.
o If governmental employer EDC plan permits, an individual at
least age 50 at any time during 2007 can make up to $5,000
additional salary reduction "catch-up" contributions. This
must be coordinated with the "catch-up" contributions for 3
years of service preceding plan retirement age.
- ----------------------------------------------------------------------------------
See "Tax information" later in this prospectus for a more detailed discussion
of sources of contributions, certain contribution limitations and other tax
information.
For information on when contributions are credited see "Dates and prices at
which contract events occur" under "More information" later in this prospectus.
Contract features and benefits 17
HOW EQUI-VEST(SM) STRATEGIES IS AVAILABLE
The contract is offered to fund certain TSA and EDC plans. The plan trustee or
the employer will be the EQUI-VEST(SM) Strategies contract holder and
participants under the plans will be covered by the contract. The maximum issue
age for the participant is 75.
HOW CONTRIBUTIONS CAN BE MADE
Except as noted below, contributions must be made by check drawn on a U.S.
bank, in U.S. dollars and made payable to "AXA Equitable." We do not accept
third-party checks endorsed to us except for rollover contributions, or trustee
checks that involve no refund. All checks are subject to our ability to collect
the funds. We reserve the right to reject a payment if it is received in an
unacceptable form.
Your initial contribution must be preceded by an enrollment form and any other
form we need to process the contribution. If any information is missing or
unclear we will hold the contribution, whether received via check or wire, in a
non-interest bearing suspense account while we try to obtain that information.
If we are unable to obtain all the information we require within five business
days after we receive an incomplete enrollment form, we will inform the
financial professional submitting the enrollment form on your behalf. We will
then return the contribution to your employer unless you specifically direct us
to keep your contribution until we receive the required information.
- --------------------------------------------------------------------------------
Our "business day" generally is any day on which the New York Stock Exchange is
open for trading. A business day does not include any day we choose not to open
due to emergency conditions. We may also close early due to emergency
conditions.
- --------------------------------------------------------------------------------
WHAT ARE YOUR INVESTMENT OPTIONS UNDER THE CONTRACT?
Your investment options, subject to any employer plan limitations, are the
variable investment options, the guaranteed interest option, and the fixed
maturity options available under the investment method you or your employer
selects (see "Selecting your investment method," later in this prospectus).
VARIABLE INVESTMENT OPTIONS
Your investment results in any one of the variable investment options will
depend on the investment performance of the underlying portfolios. You can lose
your principal when investing in the variable investment options. In periods of
poor market performance, the net return, after charges and expenses, may result
in negative yields, including for the EQ/Money Market variable investment
option. Listed below are the currently available portfolios, their investment
objectives and their advisers.
- --------------------------------------------------------------------------------
You can choose from among the variable investment options, the guaranteed
interest option and fixed maturity options, subject to certain restrictions and
your employer's plan limitations.
- --------------------------------------------------------------------------------
18 Contract features and benefits
PORTFOLIOS OF THE TRUSTS
You should note that some portfolios have objectives and strategies that are
substantially similar to those of certain funds that are purchased directly
rather than under a variable insurance product such as the EQUI-VEST(SM)
Strategies contract. These portfolios may even have the same manager(s) and/or
a similar name. However, there are numerous factors that can contribute to
differences in performance between two investments, particularly over short
periods of time. Such factors may include fees; the timing of stock purchases
and sales; differences in fund cash flows; and specific strategies employed by
the portfolio manager.
The AXA Allocation portfolios offer participants a convenient opportunity to
invest in other portfolios that are managed and have been selected for
inclusion in the AXA Allocation portfolios by AXA Equitable. AXA Advisors, LLC,
an affiliated broker-dealer of AXA Equitable, 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. In doing so, AXA Equitable, and/or its affiliates, may be subject
to conflicts of interest insofar as AXA Equitable may derive greater revenues
from the AXA Allocation portfolios than certain other portfolios available to
you under your contract. In addition, the AXA Allocation portfolios may enable
AXA Equitable to more efficiently manage AXA Equitable's financial risks
associated with certain guaranteed features. Please see "Allocating your
contributions" later in this section for more information about your role in
managing your allocations.
AXA Equitable serves as the investment manager of the portfolios of AXA Premier
VIP Trust and EQ Advisors Trust. For some portfolios, AXA Equitable 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, AXA
Equitable 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 investment manager or
sub-adviser(s), as applicable, for each portfolio.
- --------------------------------------------------------------------------------------
AXA Premier VIP Trust
Portfolio Name(*) Objective
- --------------------------------------------------------------------------------------
AXA AGGRESSIVE ALLOCATION Seeks long-term capital appreciation.
AXA CONSERVATIVE ALLOCATION Seeks a high level of current income.
AXA CONSERVATIVE-PLUS Seeks current income and growth of capital, with a
ALLOCATION greater emphasis on current income.
AXA MODERATE ALLOCATION Seeks long-term capital appreciation and current income.
AXA MODERATE-PLUS Seeks long-term capital appreciation and current income,
ALLOCATION with a greater emphasis on capital appreciation.
MULTIMANAGER AGGRESSIVE Long-term growth of capital.
EQUITY(1)
MULTIMANAGER CORE BOND(2) To seek a balance of a high current income and capital
appreciation, consistent with a prudent level of risk.
MULTIMANAGER HEALTH CARE(3) Long-term growth of capital.
MULTIMANAGER HIGH YIELD(4) High total return through a combination of current
income and capital appreciation.
MULTIMANAGER INTERNATIONAL Long-term growth of capital.
EQUITY(5)
- --------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
AXA Premier VIP Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) applicable)
- --------------------------------------------------------------------------------
AXA AGGRESSIVE ALLOCATION o AXA Equitable
AXA CONSERVATIVE ALLOCATION o AXA Equitable
AXA CONSERVATIVE-PLUS o AXA Equitable
ALLOCATION
AXA MODERATE ALLOCATION o AXA Equitable
AXA MODERATE-PLUS o AXA Equitable
ALLOCATION
MULTIMANAGER AGGRESSIVE o AllianceBernstein L.P.
EQUITY(1)
o ClearBridge Advisors, LLC
o Legg Mason Capital Management, Inc.
o Marsico Capital Management, LLC
MULTIMANAGER CORE BOND(2) o BlackRock Financial Management, Inc.
o Pacific Investment Management Company
LLC
MULTIMANAGER HEALTH CARE(3) o A I M Capital Management, Inc.
o RCM Capital Management LLC
o Wellington Management Company, LLP
MULTIMANAGER HIGH YIELD(4) o Pacific Investment Management Company
LLC
o Post Advisory Group, LLC
MULTIMANAGER INTERNATIONAL o AllianceBernstein L.P.
EQUITY(5)
o JPMorgan Investment Management Inc.
o Marsico Capital Management, LLC
- --------------------------------------------------------------------------------
Contract features and benefits 19
- ---------------------------------------------------------------------------------------
AXA Premier VIP Trust
Portfolio Name(*) Objective
- ---------------------------------------------------------------------------------------
MULTIMANAGER LARGE CAP Long-term growth of capital.
CORE EQUITY(6)
MULTIMANAGER LARGE CAP Long-term growth of capital.
GROWTH(7)
MULTIMANAGER LARGE CAP Long-term growth of capital.
VALUE(8)
MULTIMANAGER MID CAP Long-term growth of capital.
GROWTH(9)
MULTIMANAGER MID CAP Long-term growth of capital.
VALUE(10)
MULTIMANAGER TECHNOLOGY(11) Long-term growth of capital.
TARGET 2015 ALLOCATION Seeks the highest total return over time consistent with
its asset mix. Total return includes capital growth and
income.
TARGET 2025 ALLOCATION Seeks the highest total return over time consistent with
its asset mix. Total return includes capital growth and
income.
TARGET 2035 ALLOCATION Seeks the highest total return over time consistent with
its asset mix. Total return includes capital growth and
income.
TARGET 2045 ALLOCATION Seeks the highest total return over time consistent with
its asset mix. Total return includes capital growth and
income.
- ---------------------------------------------------------------------------------------
EQ Advisors Trust
Portfolio Name(*) Objective
- ---------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN COM- Seeks to achieve long-term growth of capital.
MON STOCK
EQ/ALLIANCEBERNSTEIN GROWTH Seeks to provide a high total return.
AND INCOME++
EQ/ALLIANCEBERNSTEIN INTER- Seeks to achieve high current income consistent with
MEDIATE GOVERNMENT relative stability of principal.
SECURITIES
EQ/ALLIANCEBERNSTEIN INTER- Seeks to achieve long-term growth of capital.
NATIONAL
- ---------------------------------------------------------------------------------------
AXA Premier VIP Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) applicable)
- ---------------------------------------------------------------------------------------
MULTIMANAGER LARGE CAP o AllianceBernstein L.P.
CORE EQUITY(6) o Janus Capital Management LLC
o Thornburg Investment Management, Inc.
MULTIMANAGER LARGE CAP o RCM Capital Management LLC
GROWTH(7) o TCW Investment Management Company
o T. Rowe Price Associates, Inc.
MULTIMANAGER LARGE CAP o AllianceBernstein L.P.
VALUE(8) o Institutional Capital LLC
o MFS Investment Management
MULTIMANAGER MID CAP o AllianceBernstein L.P.
GROWTH(9) o Franklin Advisers, Inc.
o Provident Investment Counsel, Inc.
MULTIMANAGER MID CAP o AXA Rosenberg Investment Management LLC
VALUE(10) o TCW Investment Management Company
o Wellington Management Company, LLP
MULTIMANAGER TECHNOLOGY(11) o Firsthand Capital Management, Inc.
o RCM Capital Management LLC
o Wellington Management Company, LLP
TARGET 2015 ALLOCATION o AXA Equitable
TARGET 2025 ALLOCATION o AXA Equitable
TARGET 2035 ALLOCATION o AXA Equitable
TARGET 2045 ALLOCATION o AXA Equitable
- ---------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) applicable)
- ---------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN COM- o AllianceBernstein L.P.
MON STOCK
EQ/ALLIANCEBERNSTEIN GROWTH o AllianceBernstein L.P.
AND INCOME++
EQ/ALLIANCEBERNSTEIN INTER- o AllianceBernstein L.P.
MEDIATE GOVERNMENT
SECURITIES
EQ/ALLIANCEBERNSTEIN INTER- o AllianceBernstein L.P.
NATIONAL
20 Contract features and benefits
- -----------------------------------------------------------------------------------------
EQ Advisors Trust
Portfolio Name(*) Objective
- -----------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN LARGE Seeks to achieve long-term growth of capital.
CAP GROWTH
EQ/ALLIANCEBERNSTEIN QUALITY Seeks to achieve high current income consistent with
BOND moderate risk to capital.
EQ/ALLIANCEBERNSTEIN SMALL Seeks to achieve long-term growth of capital.
CAP GROWTH
EQ/ALLIANCEBERNSTEIN VALUE(++) Seeks capital appreciation.
EQ/BLACKROCK BASIC VALUE Seeks capital appreciation and secondarily, income.
EQUITY(12)
EQ/BLACKROCK INTERNATIONAL Seeks to provide current income and long-term growth of
VALUE(13) income, accompanied by growth of capital.
EQ/BOSTON ADVISORS EQUITY Seeks a combination of growth and income to achieve an
INCOME above-average and consistent total return.
EQ/CALVERT SOCIALLY Seeks long-term capital appreciation.
RESPONSIBLE
EQ/CAPITAL GUARDIAN GROWTH Seeks long-term growth of capital.
EQ/CAPITAL GUARDIAN To achieve long-term growth of capital.
INTERNATIONAL(**)
EQ/CAPITAL GUARDIAN Seeks to achieve long-term growth of capital.
RESEARCH
EQ/CAPITAL GUARDIAN U.S. Seeks to achieve long-term growth of capital.
EQUITY(++)
EQ/CAYWOOD-SCHOLL HIGH Seeks to maximize current income.
YIELD BOND
EQ/DAVIS NEW YORK VENTURE(+) Seeks long-term growth of capital.
EQ/EQUITY 500 INDEX Seeks 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 consis-
tent with that of the S&P 500 Index.
EQ/EVERGREEN INTERNATIONAL Seeks capital growth and current income.
BOND
EQ/EVERGREEN OMEGA Seeks long-term capital growth.
EQ/FI MID CAP Seeks long-term growth of capital.
EQ/FI MID CAP VALUE(**) Seeks long-term capital appreciation.
EQ/FRANKLIN INCOME Seeks to maximize income while maintaining prospects
for capital appreciation.
EQ/FRANKLIN SMALL CAP VALUE Seeks long-term total return.
- -----------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) applicable)
- -----------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN LARGE o AllianceBernstein L.P.
CAP GROWTH
EQ/ALLIANCEBERNSTEIN QUALITY o AllianceBernstein L.P.
BOND
EQ/ALLIANCEBERNSTEIN SMALL o AllianceBernstein L.P.
CAP GROWTH
EQ/ALLIANCEBERNSTEIN VALUE(++) o AllianceBernstein L.P.
o AXA Rosenberg Investment Management LLC
EQ/BLACKROCK BASIC VALUE o BlackRock Investment Management, LLC
EQUITY(12)
EQ/BLACKROCK INTERNATIONAL o BlackRock Investment Management Interna-
VALUE(13) tional Limited
EQ/BOSTON ADVISORS EQUITY o Boston Advisors, LLC
INCOME
EQ/CALVERT SOCIALLY o Calvert Asset Management Company, Inc.
RESPONSIBLE o Bridgeway Capital Management, Inc.
EQ/CAPITAL GUARDIAN GROWTH o Capital Guardian Trust Company
EQ/CAPITAL GUARDIAN o Capital Guardian Trust Company
INTERNATIONAL(**)
EQ/CAPITAL GUARDIAN o Capital Guardian Trust Company
RESEARCH
EQ/CAPITAL GUARDIAN U.S. o Capital Guardian Trust Company
EQUITY(++)
EQ/CAYWOOD-SCHOLL HIGH o Caywood-Scholl Capital Management
YIELD BOND
EQ/DAVIS NEW YORK VENTURE(+) o Davis Selected Advisers, L.P.
EQ/EQUITY 500 INDEX o AllianceBernstein L.P.
EQ/EVERGREEN INTERNATIONAL o Evergreen Investment Management
BOND Company, LLC
o First International Fund Advisors (dba
"Evergreen International")
EQ/EVERGREEN OMEGA o Evergreen Investment Management
Company, LLC
EQ/FI MID CAP o Fidelity Management & Research Company
EQ/FI MID CAP VALUE(**) o Fidelity Management & Research Company
EQ/FRANKLIN INCOME o Franklin Advisers, Inc.
EQ/FRANKLIN SMALL CAP VALUE o Franklin Advisory Services, LLC
- -----------------------------------------------------------------------------------------
Contract features and benefits 21
- ----------------------------------------------------------------------------------------------
EQ Advisors Trust
Portfolio Name(*) Objective
- ----------------------------------------------------------------------------------------------
EQ/FRANKLIN TEMPLETON Primarily seeks capital appreciation and secondarily seeks
FOUNDING STRATEGY(+) income.
EQ/GAMCO MERGERS AND Seeks to achieve capital appreciation.
ACQUISITIONS
EQ/GAMCO SMALL COMPANY Seeks to maximize capital appreciation.
VALUE
EQ/INTERNATIONAL GROWTH Seeks to achieve capital appreciation.
EQ/JANUS LARGE CAP GROWTH(++) Seeks long-term growth of capital.
EQ/JPMORGAN CORE BOND Seeks to provide a high total return consistent with mod-
erate risk to capital and maintenance of liquidity.
EQ/JPMORGAN VALUE Long-term capital appreciation.
OPPORTUNITIES
EQ/LEGG MASON VALUE EQUITY Seeks long-term growth of capital.
EQ/LONG TERM BOND Seeks to maximize income and capital appreciation
through investment in long-maturity debt obligations.
EQ/LORD ABBETT GROWTH AND Capital appreciation and growth of income without
INCOME excessive fluctuation in market value.
EQ/LORD ABBETT LARGE CAP Capital appreciation and growth of income with reason-
CORE able risk.
EQ/LORD ABBETT MID CAP VALUE Capital appreciation.
EQ/MARSICO FOCUS Seeks long-term growth of capital.
EQ/MFS EMERGING GROWTH Seeks to provide long-term capital growth.
COMPANIES(**)
EQ/MFS INVESTORS TRUST(**) Seeks long-term growth of capital with a secondary
objective to seek reasonable current income. For purposes
of this Portfolio, the words "reasonable current income"
mean moderate income.
EQ/MONEY MARKET Seeks to obtain a high level of current income, preserve
its assets and maintain liquidity.
EQ/MONTAG & CALDWELL Seeks to achieve capital appreciation.
GROWTH
EQ/MUTUAL SHARES Seeks capital appreciation, which may occasionally be
short-term, and secondarily, income.
EQ/OPPENHEIMER GLOBAL Seeks capital appreciation.
EQ/OPPENHEIMER MAIN STREET Seeks long-term capital appreciation.
OPPORTUNITY(+)
EQ/OPPENHEIMER MAIN STREET Seeks capital appreciation.
SMALL CAP
EQ/PIMCO REAL RETURN Seeks maximum real return consistent with preservation
of real capital and prudent investment management.
EQ/SHORT DURATION BOND Seeks current income with reduced volatility of principal.
- --------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) applicable)
- --------------------------------------------------------------------------------
EQ/FRANKLIN TEMPLETON o AXA Equitable
FOUNDING STRATEGY(+)
EQ/GAMCO MERGERS AND o GAMCO Asset Management Inc.
ACQUISITIONS
EQ/GAMCO SMALL COMPANY o GAMCO Asset Management Inc.
VALUE
EQ/INTERNATIONAL GROWTH o MFS Investment Management.
EQ/JANUS LARGE CAP GROWTH(++) o Janus Capital Management LLC
EQ/JPMORGAN CORE BOND o JPMorgan Investment Management Inc.
EQ/JPMORGAN VALUE o JPMorgan Investment Management Inc.
OPPORTUNITIES
EQ/LEGG MASON VALUE EQUITY o Legg Mason Capital Management, Inc.
EQ/LONG TERM BOND o BlackRock Financial Management, Inc.
EQ/LORD ABBETT GROWTH AND o Lord, Abbett & Co. LLC
INCOME
EQ/LORD ABBETT LARGE CAP o Lord, Abbett & Co. LLC
CORE
EQ/LORD ABBETT MID CAP VALUE o Lord, Abbett & Co. LLC
EQ/MARSICO FOCUS o Marsico Capital Management, LLC
EQ/MFS EMERGING GROWTH o MFS Investment Management
COMPANIES(**)
EQ/MFS INVESTORS TRUST(**) o MFS Investment Management
EQ/MONEY MARKET o The Dreyfus Corporation
EQ/MONTAG & CALDWELL o Montag & Caldwell, Inc.
GROWTH
EQ/MUTUAL SHARES o Franklin Mutual Advisers, LLC
EQ/OPPENHEIMER GLOBAL o OppenheimerFunds, Inc.
EQ/OPPENHEIMER MAIN STREET o OppenheimerFunds, Inc.
OPPORTUNITY(+)
EQ/OPPENHEIMER MAIN STREET o OppenheimerFunds, Inc.
SMALL CAP
EQ/PIMCO REAL RETURN o Pacific Investment Management Company,
LLC
EQ/SHORT DURATION BOND o BlackRock Financial Management, Inc.
- --------------------------------------------------------------------------------
22 Contract features and benefits
- ---------------------------------------------------------------------------------------
EQ Advisors Trust
Portfolio Name(*) Objective
- ---------------------------------------------------------------------------------------
EQ/SMALL CAP VALUE(**) Seeks capital appreciation.
EQ/SMALL COMPANY GROWTH(**) Seeks to achieve capital appreciation.
EQ/SMALL COMPANY INDEX Seeks to replicate as closely as possible (before the
deduction of portfolio expenses) the total return of the
Russell 2000 Index.
EQ/TCW EQUITY(++) Seeks to achieve long-term capital appreciation.
EQ/TEMPLETON GROWTH Seeks long-term capital growth.
EQ/UBS GROWTH AND INCOME Seeks to achieve total return through capital appreciation
with income as a secondary consideration.
EQ/VAN KAMPEN COMSTOCK Capital growth and income.
EQ/VAN KAMPEN EMERGING Seeks long-term capital appreciation.
MARKETS EQUITY
EQ/VAN KAMPEN MID CAP Capital growth.
GROWTH
EQ/WELLS FARGO MONTGOMERY Seeks long-term capital appreciation.
SMALL CAP(++)
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) applicable)
- ---------------------------------------------------------------------------------------
EQ/SMALL CAP VALUE(**) o Lazard Asset Management LLC
o Franklin Advisory Services, LLC
EQ/SMALL COMPANY GROWTH(**) o Bear Stearns Asset Management Inc.
o Eagle Asset Management, Inc.
o Wells Capital Management, Inc.
EQ/SMALL COMPANY INDEX o AllianceBernstein L.P.
EQ/TCW EQUITY(++) o TCW Investment Management Company
EQ/TEMPLETON GROWTH o Templeton Global Advisors Limited
EQ/UBS GROWTH AND INCOME o UBS Global Asset Management
(Americas) Inc.
EQ/VAN KAMPEN COMSTOCK o Morgan Stanley Investment
Management, Inc.
EQ/VAN KAMPEN EMERGING o Morgan Stanley Investment
MARKETS EQUITY Management, Inc.
EQ/VAN KAMPEN MID CAP o Morgan Stanley Investment
GROWTH Management, Inc.
EQ/WELLS FARGO MONTGOMERY o Wells Capital Management, Inc.
SMALL CAP(++)
- ---------------------------------------------------------------------------------------
(*) This portfolio information reflects the portfolio's name change effective on
or about May 29, 2007, subject to regulatory approval. The chart below
reflects the portfolio's name in effect, until on or about May 29, 2007. The
number in the "FN" column corresponds with the number contained in the table
above.
- --------------------------------------------------------------------------------
FN Portfolio Name until May 29, 2007
- --------------------------------------------------------------------------------
(1) AXA Premier VIP Aggressive Equity
(2) AXA Premier VIP Core Bond
(3) AXA Premier VIP Health Care
(4) AXA Premier VIP High Yield
(5) AXA Premier VIP International Equity
(6) AXA Premier VIP Large Cap Core Equity
(7) AXA Premier VIP Large Cap Growth
(8) AXA Premier VIP Large Cap Value
(9) AXA Premier VIP Mid Cap Growth
(10) AXA Premier VIP Mid Cap Value
(11) AXA Premier VIP Technology
(12) EQ/Mercury Basic Value Equity
(13) EQ/Mercury International Value
- --------------------------------------------------------------------------------
(**) This investment option's name, investment objective and sub-adviser(s)
will change on or about May 29, 2007, subject to regulatory approval. See
the supplement included with this prospectus for more information.
(+) This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
(++) Please see the supplement included with this prospectus regarding the
planned substitution or merger of this investment option, subject to
regulatory approval.
You should consider the investment objectives, risks and charges and expenses
of the portfolios carefully before investing. The prospectuses for the Trusts
contain this and other important information about the portfolios. The
prospectuses should be read carefully before investing.
Contract features and benefits 23
GUARANTEED INTEREST OPTION
The guaranteed interest option is part of our general account and pays interest
at guaranteed rates. We discuss our general account in "More information,"
later in this prospectus.
We credit interest daily to amounts in the guaranteed interest option. There
are three levels of interest in effect at the same time in the guaranteed
interest option:
(1) the minimum interest rate guaranteed over the life of the contract,
(2) the annual minimum guaranteed interest rate for the calendar year, and
(3) the current interest rate.
We set current interest rates periodically, according to our procedures that we
have in effect at the time. All interest rates are effective annual rates, but
before deduction of annual administrative charges or any withdrawal charges.
We assign an interest rate to each amount allocated to the guaranteed interest
option. This rate is guaranteed for a specified period.
The annual minimum guaranteed interest rate for 2007 is 3.00%. The lifetime
minimum guaranteed interest rate can range from 1.00% to 3.00% depending on the
calendar year in which your certificate is issued. The lifetime minimum
guaranteed interest rate is shown in your certificate. The annual minimum
guaranteed interest rate will never be less than the lifetime minimum
guaranteed interest rate. Current interest rates will never be less than the
annual minimum guaranteed interest rate.
FIXED MATURITY OPTIONS
We offer fixed maturity options with maturity dates generally ranging from one
to ten years. We will not accept allocations to a fixed maturity option if on
the date the contribution or transfer is to be applied the rate to maturity is
3%. This means that at points in time there may be no fixed maturity options
available. You can allocate your contributions to one or more of these fixed
maturity options. However, you may not allocate more than one contribution to
any one fixed maturity option. These amounts become part of a non-unitized
separate account. They will accumulate interest at the "rate to maturity" for
each fixed maturity option. The total amount you allocate to and accumulate in
each fixed maturity option is called the "fixed maturity amount."
- --------------------------------------------------------------------------------
Fixed maturity options generally range from one to ten years to maturity.
- --------------------------------------------------------------------------------
The rate to maturity you will receive for each fixed maturity option is the
rate to maturity in effect for new contributions allocated to that fixed
maturity option on the date we apply your contribution.
On the maturity date of a fixed maturity option, your fixed maturity amount,
assuming you have not made any withdrawals or transfers, will equal your
contribution to that fixed maturity option plus interest, at the rate to
maturity for that contribution. This is the fixed maturity option's "maturity
value." Before maturity, the current value we will report for your fixed
maturity amount will reflect a market value adjustment. Your current value will
reflect the market value adjustment that we would make if you were to withdraw
all of your fixed maturity amounts on the date of the report. We call this your
"market adjusted amount."
FIXED MATURITY OPTIONS AND MATURITY DATES. As of May 1, we currently offer
fixed maturity options ending on June 15th for maturity years ranging from one
through ten. Not all of these fixed maturity options will be available for
participants ages 76 and older. See "Allocating your contributions." As fixed
maturity options expire, we expect to add maturity options so that generally 10
fixed maturity options are available at any time.
We will not accept allocations to a fixed maturity option if on the date the
contribution is to be applied:
o you previously allocated a contribution or made a transfer to the same fixed
maturity option; or
o the rate to maturity is 3%; or
o the fixed maturity option's maturity date is within 45 days; or
o the fixed maturity option's maturity date is later than the date annuity
payments are to begin.
YOUR CHOICES AT THE MATURITY DATE. We will notify you at least 45 days before
each of your fixed maturity options is scheduled to mature. At that time, you
may choose to have one of the following take place on the maturity date, as
long as none of the conditions listed above or in "Allocating your
contributions," would apply:
(a) transfer the maturity value into another available fixed maturity option, or
into any of the variable investment options; or
(b) subject to plan restrictions, withdraw the maturity value (there may be a
withdrawal charge).
If we do not receive your choice on or before the fixed maturity option's
maturity date, we will automatically transfer your maturity value into the next
available fixed maturity option (or another investment option if we are
required to do so by any state regulation). As of February 15, 2007, the next
available maturity date was June 15, 2007 (see "About our fixed maturity
options" in "More information" later in this prospectus). We may change our
procedures in the future.
MARKET VALUE ADJUSTMENT. If you make any withdrawals (including transfers,
surrender or termination of your certificate or when we make deductions for
charges) from a fixed maturity option before it matures, we will make a market
value adjustment, which will increase or decrease any fixed maturity amount you
have in that fixed maturity option. The market value adjustment, positive or
negative, resulting from a withdrawal or transfer of a portion of the amount in
the fixed maturity option will be a percentage of the market value adjustment
that would apply if you were to withdraw the entire amount in that fixed
maturity option. The amount applied to an annuity payout option will reflect
the application of any applicable market value adjustment (either positive or
negative). We only apply a positive market value adjustment to the amount in
the fixed maturity option when calculating any death benefit proceeds under
your certificate. The amount of the adjustment will depend on two factors:
(a) the difference between the rate to maturity that applies to the amount being
withdrawn and the rate to maturity in effect at that time for new
allocations to that same fixed maturity option, and
24 Contract features and benefits
(b) the length of time remaining until the maturity date.
In general, if interest rates rise from the time that you originally allocate
an amount to a fixed maturity option to the time that you take a withdrawal,
the market value adjustment will be negative. Likewise, if interest rates drop
at the end of that time, the market value adjustment will be positive. Also,
the amount of the market value adjustment, either up or down, will be greater
the longer the time remaining until the fixed maturity option's maturity date.
Therefore, it is possible that the market value adjustment could greatly reduce
your value in the fixed maturity options, particularly in the fixed maturity
options with later maturity dates.
We provide an illustration of the market adjusted amount of specified maturity
values, an explanation of how we calculate the market value adjustment, and
information concerning our general account and investments purchased with
amounts allocated to the fixed maturity options, in "More information" later in
this prospectus. Appendix II at the end of this prospectus provides an example
of how the market value adjustment is calculated.
SELECTING YOUR INVESTMENT METHOD
Your employer or you must choose one of the following two methods for selecting
your investment options:
o Maximum investment options choice. Under this method, you may allocate
contributions or transfer funds to any of the available investment options
listed in A and B in the investment options chart. You can make transfers
whenever you choose. However, there will be restrictions on the amount you
can transfer out of the guaranteed interest option listed in A.
o Maximum transfer flexibility. Under this method, you may allocate
contributions or transfer funds to any of the available investment options
listed in A in the investment options chart and no transfer restrictions
will apply.
TEMPORARY REMOVAL OF TRANSFER RESTRICTIONS THAT APPLY TO THE INVESTMENT
METHODS. From time to time, we may remove certain restrictions that apply to
your investment method. If we do so, we will tell you. For example, if you
elect the "Maximum investment options choice" method, for a limited time there
will be no restrictions on the amount you could transfer out of the guaranteed
interest option listed in group "A." If you elect the "Maximum transfer
flexibility" method, for a limited time you will be able to use the fixed
income variable investment options listed in group "B" as well as the fixed
maturity options.
We will also tell you at least 45 days in advance of the day that we intend to
reimpose the transfer restrictions. When we reimpose the transfer restrictions,
if you elect the "Maximum investment options choice" method, limits on
transfers out of the guaranteed interest option will again apply. If you elect
the "Maximum transfer flexibility" method, you will no longer be permitted to
allocate new contributions to, or transfer amounts into, the variable
investment options in group B (including through our rebalancing program) or
the fixed maturity options. However, amounts that are in any investment options
that are not available under "Maximum transfer flexibility" can remain in these
options.
- -----------------------------------------------------------------------------------------------------------
Investment Options
A
- -----------------------------------------------------------------------------------------------------------
o Guaranteed Interest Option
- -----------------------------------------------------------------------------------------------------------
Domestic stocks
- -----------------------------------------------------------------------------------------------------------
o AXA Aggressive Allocation o EQ/Marsico Focus
o AXA Moderate-Plus Allocation o EQ/MFS Emerging Growth Companies+
o EQ/AllianceBernstein Common Stock o EQ/MFS Investors Trust+
o EQ/AllianceBerstein Growth and o EQ/Montag & Caldwell Growth
Income++ o EQ/Mutual Shares
o EQ/AllianceBernstein Large Cap o EQ/Oppenheimer Main Street
Growth Opportunity**
o EQ/AllianceBernstein Small Cap o EQ/Oppenheimer Main Street Small
Growth Cap
o EQ/AllianceBernstein Value++ o EQ/Small Cap Value+
o EQ/BlackRock Basic Value Equity* o EQ/Small Company Growth +
o EQ/Boston Advisors Equity Income o EQ/Small Company Index
o EQ/Calvert Socially Responsible o EQ/TCW Equity++
o EQ/Capital Guardian Growth o EQ/Templeton Growth
o EQ/Capital Guardian Research o EQ/UBS Growth and Income
o EQ/Capital Guardian U.S. Equity++ o EQ/Van Kampen Comstock
o EQ/David New York Venture** o EQ/Van Kampen Mid Cap Growth
o EQ/Equity 500 Index o EQ/Wells Fargo Montgomery Small
o EQ/Evergreen Omega Cap++
o EQ/FI Mid Cap o Multimanager Aggressive Equity*
o EQ/FI Mid Cap Value+ o Multimanager Health Care*
o EQ/Franklin Small Cap Value o Multimanager Large Cap Core Equity*
o EQ/Franklin Templeton Founding o Multimanager Large Cap Growth*
Strategy** o Multimanager Large Cap Value*
o EQ/GAMCO Mergers and Acquisitions o Multimanager Mid Cap Growth*
o EQ/GAMCO Small Company Value o Multimanager Mid Cap Value*
o EQ/Janus Large Cap Growth++ o Multimanager Technology*
o EQ/JPMorgan Value Opportunities o Target 2015 Allocation(1)
o EQ/Legg Mason Value Equity o Target 2025 Allocation(1)
o EQ/Lord Abbett Growth and Income o Target 2035 Allocation(1)
o EQ/Lord Abbett Large Cap Core o Target 2045 Allocation(1)
o EQ/Lord Abbett Mid Cap Value
- -----------------------------------------------------------------------------------------------------------
International Stocks
- -----------------------------------------------------------------------------------------------------------
o EQ/AllianceBernstein International o EQ/Oppenheimer Global
o EQ/BlackRock International Value* o EQ/Van Kampen Emerging Markets
o EQ/Capital Guardian International+ Equity
o EQ/International Growth o Multimanager International Equity*
- -----------------------------------------------------------------------------------------------------------
Balanced/hybrid
- -----------------------------------------------------------------------------------------------------------
o AXA Moderate Allocation
- -----------------------------------------------------------------------------------------------------------
B
- -----------------------------------------------------------------------------------------------------------
Fixed income
- -----------------------------------------------------------------------------------------------------------
o AXA Conservative Allocation o EQ/JPMorgan Core Bond
o AXA Conservative-Plus Allocation o EQ/Long Term Bond
o EQ/AllianceBernstein Intermediate o EQ/Money Market
Government Securities o EQ/PIMCO Real Return
o EQ/AllianceBernstein Quality Bond o EQ/Short Duration Bond
o EQ/Caywood-Scholl High Yield Bond o Multimanager Core Bond*
o EQ/Evergreen International Bond o Multimanager High Yield*
o EQ/Franklin Income
- -----------------------------------------------------------------------------------------------------------
Fixed maturity options
- -----------------------------------------------------------------------------------------------------------
The fixed maturity options are only available in states where approved.
Transfer restrictions apply as indicated above under "Fixed maturity
options and maturity dates."
(1) Since these investment options, collectively, the "Target Allocation
investment options," as they approach their respective target dates, and
thereafter, are expected to invest more heavily in fixed income securities,
we reserve the right to make them group "B" investment options at or after
their respective target dates. Please note that if you select the "Maximum
transfer flexibility" method, and have included any of the Target Allocation
investment options among your investment options, you will be deemed to have
changed to the "maximum investment options choice" method. If you select the
"maximum transfer flexibility" method but have not included any of the
Target Allocation investment options among your allocations, you will not be
changed to the alternate method but those options will no longer be
available to you.
Contract features and benefits 25
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and benefits" earlier in this prospectus for the
investment option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supple ment included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned substitution or merger of this investment option, subject to
regulatory approval.
ERISA CONSIDERATIONS FOR EMPLOYERS
If the employer's plan is intended to comply with the requirements of the
Employee Retirement Income Security Act of 1974 ("ERISA") Section 404(c), the
employer or the plan trustee must make sure that the investment options chosen
for the plan constitute a broad range of investment choices as required by the
Department of Labor's ("DOL") regulation under ERISA Section 404(c). See "Tax
information" later in this prospectus.
ALLOCATING YOUR CONTRIBUTIONS
Once your employer or you, whichever applies, have made your investment method
choice, you may allocate your contributions to one or more or all of the
investment options that have been chosen, subject to any restrictions under the
investment method. However, you may not allocate more than one contribution to
any one fixed maturity option. If you are age 76 or older, you may only
allocate contributions to fixed maturity options with maturities of five years
or less. Allocations must be in whole percentages and you may change your
allocation percentages at any time. However, the total of your allocations must
equal 100%. Once your contributions are allocated to the investment options,
they become a part of your account value. We discuss account value in
"Determining your certificate's value" later in this prospectus. After your
certificate is issued, either you or your employer may request that we add or
eliminate any variable investment options that result in transfer restrictions.
We reserve the right to deny such requests. See "Transferring your money among
investment options" later in this prospectus.
The group annuity contract that covers the qualified 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 AXA
Advisors financial professional is acting as a broker-dealer registered
representative, and is not authorized to act as an investment advisor or to
manage the allocations under your contract. If your financial professional is a
registered representative with a broker-dealer other than AXA Advisors, you
should speak with him/her regarding any different arrangements that may apply.
UNALLOCATED ACCOUNT
When we receive cash transferred from a prior funding vehicle, the transferred
amount will be credited as one lump sum to the plan's unallocated account. Any
amount held in the plan's unallocated account becomes part of our guaranteed
interest option and will be credited with interest at the rate applicable to
amounts held in the guaranteed interest option. The transferred amount will
remain in the plan's unallocated account until we have received all the
information we require, including properly completed forms, to effect a
transfer from the plan's unallocated account to a participant account. With
respect to each participant, we will allocate amounts to each participant's
account only after the employer provides instructions that are acceptable and
necessary in order to complete the allocation process. We reserve the right to
limit the period during which such instructions may be received to no more than
10 days from the initial transfer into the plan's unallocated account and to
return funds to the employer for which transfer information has not been timely
received in good order. In no event will we hold the transferred assets in the
unallocated account for more than 105 days from the contract date. Under no
circumstances will we be required to transfer to participant accounts an amount
in aggregate greater than the amount deposited by the employer plus such
interest as we credited to the unallocated account, unless otherwise expressly
agreed upon between the employer and us.
The employer is solely responsible for effectuating the asset transfers in
accordance with all applicable laws and regulations.
- --------------------------------------------------------------------------------
The "contract date" is the effective date of a contract. This usually is the
business day we receive the properly completed and signed employer application,
along with any other required documents. The contract date will be shown in the
contract. The 12-month period beginning on the contract date and each 12-month
period after that date is a "contract year." The end of each 12-month period is
the "contract date anniversary." For example, if your contract date is May 1,
your contract date anniversary is April 30.
- --------------------------------------------------------------------------------
DEATH BENEFIT
Your certificate provides a death benefit. If you do not elect the enhanced
death benefit described below, the death benefit is equal to the greater of (i)
your account value (less any outstanding loan and accrued loan interest) as of
the date we receive satisfactory proof of death, any required instructions for
the method of payment, information and forms necessary to effect payment, or
(ii) the standard death benefit. Your account value will include any positive
market value adjustment but will not include any negative market value
adjustment that would apply to a withdrawal. The standard death benefit is
equal to your total contributions, adjusted for withdrawals and any withdrawal
charges, any taxes that apply and less any outstanding loan balance (including
any accrued, but unpaid, interest).
ENHANCED DEATH BENEFIT
For an additional annual fee you may elect the enhanced death benefit.
You may elect the enhanced death benefit only at the time you apply to
participate under the EQUI-VEST(SM) Strategies contract. Additionally, to elect
this benefit, you must be younger than age 76 when participation under the
contract begins. Once you elect this benefit, you may not cancel it as long as
you continue participation in the contract.
If you elect the enhanced death benefit, the death benefit is equal to the
greater of:
(a) your account value (without any negative market value adjust-
26 Contract features and benefits
ment that would otherwise apply) as of the date we receive satisfactory
proof of your death, any required instructions for the method of payment,
information and forms necessary to effect payment (less any outstanding
loan and accrued loan interest); or
(b) the enhanced death benefit as of the date of your death.
On the participation date, your enhanced death benefit equals your initial
contribution. Then, on each third participation date anniversary until you are
age 85, we will determine your enhanced death benefit by comparing your current
enhanced death benefit to your account value. If your account value is higher
than your enhanced death benefit, we will increase your enhanced death benefit
to equal your account value. On the other hand, if your account value on any
third participation date anniversary is less than your enhanced death benefit,
we will not adjust your enhanced death benefit either up or down.
If you make additional contributions, we will increase your current enhanced
death benefit by the dollar amount of the contribution on the date the
contribution is allocated to your investment options. If you take a withdrawal
from your account value, we will adjust your enhanced death benefit on the date
you take the withdrawal. Appendix III at the end of this prospectus provides an
example of how the enhanced death benefit is calculated.
HOW WITHDRAWALS AFFECT THE STANDARD DEATH BENEFIT AND THE ENHANCED DEATH BENEFIT
Each withdrawal you make will reduce the amount of your current standard death
benefit or enhanced death benefit on a pro rata basis. Reduction on a pro rata
basis means that we calculate the percentage of your current account value that
is being withdrawn and we reduce your current standard death benefit or
enhanced death benefit by that same percentage. For example, if your account
value is $30,000 and you withdraw $12,000, you have withdrawn 40% of your
account value. If your enhanced death benefit was $40,000 before the
withdrawal, it would be reduced by $16,000 ($40,000 x .40) and your new
enhanced death benefit after the withdrawal would be $24,000 ($40,000-$16,000).
Before purchasing certain optional benefits such as the enhanced death benefit
for your certificate, you and your tax adviser should carefully consider the
following. If you intend to satisfy your lifetime required minimum distribution
("RMD") requirements which begin after age 70-1/2 for this certificate by taking
account-based withdrawals (as opposed to receiving annuity payments), you
should know that under the terms of the annuity contract such withdrawals will
reduce your optional benefits and may have the effect of eliminating your
ability to utilize the entire benefit. Also, purchasing certain optional
benefits may increase the amount of RMDs you are required to withdraw under the
tax rules if you elect withdrawals and not annuity payments. For more
information see "Tax information" 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.
For contributions allocated to the variable investment options, your refund
will equal the contributions, reflecting any investment gain or loss that also
reflects the daily charges we deduct. For contributions allocated to the
guaranteed interest option, the refund will equal the amount of the
contributions but will not include interest. For contributions allocated to the
fixed maturity options, the refund will equal the amount of the contribution
allocated to fixed maturity options reflecting any positive or negative market
value adjustments. For TSA and EDC contracts, your refund will also be less any
amounts in the loan reserve account. Some states require that we refund the
full amount of the contribution (not including any investment gain or loss, or
interest or market value adjustment).
If you reside in the state of California and you are age 60 and older at the
time the certificate is issued, you may return your certificate within 30 days
from the date that you receive it and receive a refund as described below.
If you allocate the entire initial contribution to the EQ/Money Market option
(and/or guaranteed interest option), the amount of the refund will be equal to
the contribution less interest, unless you make a transfer, in which case the
amount of the refund will be equal to your account value on the date we receive
your request to cancel at our processing office. This amount could be less than
your initial amount. If you allocate any portion of your initial contribution
to the variable investment options (other than the EQ/Money Market option)
and/or fixed maturity options, the refund will be equal to your account value
on the date we receive your request to cancel at our processing office.
We may require that you wait six months before you apply for a certificate with
us again if:
o you cancel your certificate during the free look period; or
o you change your mind before you receive your certificate whether we have
received your contribution or not.
Please see "Tax information" later in this prospectus for possible consequences
of canceling your certificate.
Contract features and benefits 27
2. Determining your certificate's value
- --------------------------------------------------------------------------------
YOUR ACCOUNT VALUE AND CASH VALUE
Your "account value" is the total of the: (i) values you have allocated to the
variable investment options; (ii) the guaranteed interest option; (iii) the
market adjusted amounts you have in the fixed maturity options; and (iv) if you
have taken a loan, amounts held in your loan reserve account. These amounts are
subject to certain fees and charges discussed in "Charges and expenses" later
in this prospectus.
Your certificate also has a "cash value." At any time before annuity payments
begin, your certificate's cash value is equal to the account value, less: (i)
any applicable withdrawal charges and (ii) the total amount or a pro rata
portion of the annual administrative charge, and (iii) any outstanding loan
plus accrued interest.
YOUR CERTIFICATE'S VALUE IN THE VARIABLE INVESTMENT OPTIONS
Each variable investment option invests in shares of a corresponding portfolio.
Your value in each variable investment option is measured by "units." The value
of your units will increase or decrease as though you had invested it in the
corresponding portfolio's shares directly. Your value, however, will be reduced
by the amount of the fees and charges that we deduct under the certificate.
- --------------------------------------------------------------------------------
Units measure your value in each variable investment option.
- --------------------------------------------------------------------------------
The unit value for each variable investment option depends on the investment
performance of that option minus daily charges for mortality and expense risks
and other expenses. On any day, your value in any variable investment option
equals the number of units credited to that option, adjusted for any units
purchased for or deducted from your certificate under that option, multiplied
by that day's value for one unit. The number of your certificate units in any
variable investment option does not change unless they are increased or
decreased to reflect additional contributions, withdrawals, withdrawal charges,
transfers and loans.
In addition, the annual administrative charge, enhanced death benefit charge or
third-party transfer or exchange charge, will reduce the number of units
credited to your certificate. A description of how unit values are calculated
is found in the SAI.
YOUR CERTIFICATE'S VALUE IN THE GUARANTEED INTEREST OPTION
Your value in the guaranteed interest option at any time will equal: your
contributions and transfers to that option, plus interest, minus withdrawals
and transfers out of the option, and charges we deduct.
YOUR CERTIFICATE'S VALUE IN THE FIXED MATURITY OPTIONS
Your value in each fixed maturity option at any time before the maturity date
is the market adjusted amount in each option, which reflects withdrawals out of
the option and charges we deduct. This is equivalent to your fixed maturity
amount increased or decreased by the market value adjustment. Your value,
therefore, may be higher or lower than your contributions (less withdrawals)
accumulated at the rate to maturity. At the maturity date, your value in the
fixed maturity option will equal its maturity value, provided there have been
no withdrawals or transfers.
28 Determining your certificate's value
3. Transferring your money among investment options
- --------------------------------------------------------------------------------
TRANSFERRING YOUR ACCOUNT VALUE
At any time before the date annuity payments are to begin, you can transfer
some or all of your account value among the investment options, subject to the
following:
o You must transfer at least $300 of account value or, if less, the entire
amount in the investment option. We may waive the $300 requirement.
o You may not transfer to a fixed maturity option in which you already have
value.
o You may not transfer to a fixed maturity option that has a rate to maturity
of 3%.
o If you are age 76 or older, you must limit your transfers to fixed maturity
options with maturities of five years or less. As of February 15, 2007, all
maturities were available.
o You may not transfer to a fixed maturity option if its maturity date is
later than the date annuity payments are to begin.
o If you make transfers out of a fixed maturity option other than at its
maturity date the transfer will cause a market value adjustment.
o If you choose the maximum investment options choice method for selecting
investment options (including if you have been deemed to have selected that
method as a result of a Target Allocation investment option in which you are
invested becoming a group "B" option as described under "Selecting your
investment method" in "Contract features and benefits" earlier in this
prospectus) the maximum amount you may transfer in any contract year from
the guaranteed interest option to any other investment option is (a) 25% of
the amount you had in the guaranteed interest option on the last day of the
prior contract year or, if greater, (b) the total of all amounts you
transferred from the guaranteed interest option to any other investment
option in the prior contract year.
o If you transfer money from another financial institution into the guaranteed
interest option during your first contract year, and if you have selected
the maximum investment options method (including if you have been deemed to
have selected that method as a result of a Target Allocation investment
option in which you are invested becoming a group "B" option as described
under "Selecting your investment method" in "Contract features and benefits"
earlier in this prospectus) you may, during the balance of that contract
year, transfer up to 25% of such initial guaranteed interest option balance
to any other investment option.
Upon advance notice we may change or establish additional restrictions on
transfers among the investment options, including limitations on the number,
frequency, or dollar amount of transfers. A transfer request does not change
your percentages for allocating current or future contributions among the
investment options. In addition to the restrictions described above, all
transfers are subject to our policies and procedures set forth in "Disruptive
transfer activity" below.
You may request a transfer in writing or by telephone using TOPS or online
using EQAccess. You must send all signed written requests directly to our
processing office. Transfer requests should specify:
(1) the certificate number,
(2) the dollar amounts to be transferred, and
(3) the investment options to and from which you are transferring.
You or the trustee or employer owner, whichever applies, can direct us to
transfer among the investment options.
We will confirm all transfers in writing.
Please see "Allocating your contributions" in "Contract features and benefits"
for more information about your role in managing your allocations.
DISRUPTIVE TRANSFER ACTIVITY
You should note that the contract is not designed for professional "market
timing" organizations, or other organizations or individuals engaging in a
market timing strategy. The contract 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
Transferring your money among investment options 29
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 contract owners/participants.
We offer investment options with underlying portfolios that are part of the AXA
Premier VIP Trust and EQ Advisors Trust (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/participant 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.
When a contract owner/participant is identified as having engaged in a
potentially disruptive transfer under the contract for the first time, a letter
is sent to the contract owner/participant explaining that there is a policy
against disruptive transfer activity and that if such activity continues
certain transfer privileges may be eliminated. If and when the contract
owner/participant is identified a second time as engaged in potentially
disruptive transfer activity under the contract, 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 contract owners/participants 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 contract owners/ participants. As
of the date of this prospectus, the trusts had not implemented such a fee. If a
redemption fee is implemented by the trusts, that fee, like any other trust
fee, will be borne by the contract owner/participant.
Contract owners/participants 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 on whose behalf we 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, contract 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 contract owners/participants may be treated differently
than others, resulting in the risk that some contract owners/participants 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.
AUTOMATIC TRANSFER OPTIONS
INVESTMENT SIMPLIFIER
You may choose from two automatic options for transferring amounts from the
guaranteed interest option to the variable investment options. The transfer
options are the "fixed-dollar option" and the "interest sweep." You may select
one or the other, but not both. If you elect to use rebalancing option II
(discussed below), you may not choose either of the investment simplifier
options.
FIXED-DOLLAR OPTION. Under this option you may elect to have a fixed-dollar
amount transferred out of the guaranteed interest option and into the variable
investment options of your choice on a monthly basis. You can specify the
number of monthly transfers or instruct us to continue to make monthly
transfers until all available amounts in the guaranteed interest option have
been transferred out.
In order to elect the fixed-dollar option, you must have a minimum of $5,000 in
the guaranteed interest option on the date we receive your election form at our
processing office. You also must elect to transfer at least $50 per month. The
fixed-dollar option is subject to the guaranteed interest option transfer
limitation described above under "Transferring your account value."
INTEREST SWEEP. Under the interest sweep, we will make transfers on a monthly
basis from amounts in the guaranteed interest option. The amount we will
transfer will be the interest credited to amounts you have in the guaranteed
interest option from the last business day of the prior month to the last
business day of the current month. You must have at least $7,500 in the
guaranteed interest option on the date we receive your election and on the last
business day of each month thereafter to participate in the interest sweep
option.
The fixed-dollar and interest sweep options are forms of dollar-cost averaging.
Dollar-cost averaging allows you to gradually allocate amounts to the variable
investment options by periodically transferring approximately the same dollar
amount to the variable investment options you select. This will cause you to
purchase more units if the unit's value is low and fewer units if the unit's
value is high. Therefore,
30 Transferring your money among investment options
you may get a lower average cost per unit over the long term. This plan of
investing, however, does not guarantee that you will earn a profit or be
protected against losses.
WHEN YOUR PARTICIPATION IN THE INVESTMENT SIMPLIFIER WILL END. Your
participation in the investment simplifier will end:
o Under the fixed-dollar option, when either the number of designated monthly
transfers have been completed or the amount you have available in the
guaranteed interest option has been transferred out.
o Under the interest sweep, when the amount you have in the guaranteed
interest option falls below $7,500 (determined on the last business day of
the month) for two months in a row.
o Under either option, on the date we receive at our processing office, your
written request to cancel automatic transfers, or on the date your
certificate terminates.
REBALANCING YOUR ACCOUNT VALUE
Our rebalancing program offers two options that you can use to automatically
reallocate your account value. Option I permits reallocation among the variable
investment options only and option II permits reallocation among the variable
investment options and the guaranteed interest option. You must tell us:
(a) in whole percentages only, the percentage you want invested in each variable
investment option (and the guaranteed interest option, if applicable), and
(b) how often you want the rebalancing to occur (quarterly, semian nually, or
annually).
While your rebalancing program is in effect, we will transfer amounts among
each variable investment option (and the guaranteed interest option, if
applicable), so that the percentage of your account value that you specify is
invested in each option at the end of each rebalancing date. Your entire
account value in the variable investment options (and guaranteed interest
option, if applicable) must be included in the rebalancing program. Transfer
restrictions out of the guaranteed interest option may apply in accordance with
the last two bullets under "Transferring your account value," above, in this
section. The initial transfer under the rebalancing program (based on your
account value as of the day before the program is established) is not permitted
to cause the transfer restrictions to be violated, and any rebalancing election
that would be a violation of the transfer restrictions will not be put into
effect. However, if the program can be established, once it is in effect, the
transfer restrictions will be waived for the rebalancing transfers.
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Rebalancing does not assure a profit or protect against loss. You should
periodically review your allocation percentages as your needs change. You may
want to discuss the rebalancing program with your financial professional before
electing the program.
- --------------------------------------------------------------------------------
You may elect the rebalancing program at any time. To be eligible, you must
have (i) at least $5,000 of account value in the variable investment options
for option I, or (ii) at least $5,000 of account value in the variable
investment options and the guaranteed interest option, combined for option II.
Rebalancing is not available for amounts you have allocated in the fixed
maturity options.
If you elect to use option II, you may not choose either of the investment
simplifier automatic options.
If you request a transfer while the rebalancing program is in effect, we will
process the transfer as requested. The rebalancing program will then remain in
effect unless you request in writing that it be cancelled.
You may change your allocation instructions or cancel the program at any time.
For certificates with outstanding loans only, on any rebalancing date where the
amount to be transferred from the guaranteed interest option would cause a
transfer from the loan reserve account (which is part of the guaranteed
interest option), the rebalancing program will be automatically cancelled. (See
"Loans" in "Accessing your money," later in this prospectus.)
Transferring your money among investment options 31
4. Accessing your money
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WITHDRAWING YOUR ACCOUNT VALUE
You have several ways to withdraw your account value before annuity payments
begin. The table below shows the methods available. EQUI-VEST(SM) Strategies TSA
participants may only withdraw amounts from their account value that are 100%
vested, subject to the employer's approval, plan rules and applicable laws.
(See "Forfeitures" below.) More information follows the table. For the tax
consequences of taking withdrawals, see "Tax information" later in this
prospectus.
FORFEITURES
A 403(b) plan may have a vesting schedule applicable to some or all employer
contributions. Forfeitures can arise when a TSA participant who is not fully
vested under a plan separates from service. TSA participants should consult the
plan administrator to learn more about the vesting schedule. When a forfeiture
occurs, we will withdraw any unvested portion of a TSA participant's account
value and deposit such amount in a forfeiture account in the contract. The plan
administrator must tell us the unvested balance. We allocate amounts in the
forfeiture account to the guaranteed interest option, unless otherwise agreed
to by the employer/trustee and us.
Forfeited account values may be reallocated to active plan participants in
accordance with the terms of the plan. Special rules apply to how the
withdrawal charge, if any, will apply when forfeitures have occurred. See
"Withdrawal charge" under "Charges and expenses" later in this prospectus.
METHOD OF WITHDRAWAL
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Partial Minimum
Contract withdrawal Systematic distribution
- --------------------------------------------------------------------------------
TSA yes(1)(3) yes(1)(2)(3) yes(2)(3)
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EDC yes(1)(2)(3) yes(1)(2)(3) yes(2)(3)
- --------------------------------------------------------------------------------
(1) Only if the certificate is not subject to withdrawal restrictions.
(2) Only if there are no outstanding loans.
(3) Requires or may require Plan Administrator's approval. See "Tax
information" later in this prospectus.
PARTIAL WITHDRAWALS AND TERMINATIONS
Subject to the terms of your employer's plan, your certificate and any
restrictions in federal income tax rules, you may take partial withdrawals from
your account value or terminate your certificate at any time while you are
living and before annuity payments begin. The minimum amount you may withdraw
at any time is $300. If your account value is less than $500 after a
withdrawal, we may terminate your certificate and pay you its cash value.
Partial withdrawals, or payments of remaining account value in excess of the
10% free withdrawal amount, may be subject to a withdrawal charge. (See "10%
free withdrawal amount" in "Charges and expenses" later in this prospectus.)
SYSTEMATIC WITHDRAWALS
If you have at least $20,000 of account value in the variable investment
options and the guaranteed interest option, you may take systematic withdrawals
on a monthly or quarterly basis. The minimum amount you may take for each
withdrawal is $250. We will make the withdrawal on any day of the month that
you select as long as it is not later than the 28th day of the month. If you do
not select a date, your withdrawals will be made on the first day of the month.
A check for the amount of the withdrawal will be mailed to you or, if you
prefer, we will electronically transfer the money to your checking account.
You may withdraw either the amount of interest earned in the guaranteed
interest option or a fixed-dollar amount from either the variable investment
options or the guaranteed interest option. If you elect the interest option, a
minimum of $20,000 must be maintained in the guaranteed interest option. If you
elect the fixed-dollar option, you do not have to maintain a minimum amount.
If you choose to have a fixed dollar amount taken from the variable investment
options, you may elect to have the amount of the withdrawal subtracted from
your account value in one of three ways:
(1) pro rata from more than one variable investment option (without using up
your total value in those options); or
(2) pro rata from more than one variable investment option (until your value in
those options is used up); or
(3) you may specify a dollar amount from only one variable investment option.
You may elect systematic withdrawals if:
o the plan permits it;
o your certificate is not subject to withdrawal restrictions; and
o your certificate does not have a loan outstanding.
You can cancel the systematic withdrawal option at any time.
Amounts withdrawn in excess of the 10% free withdrawal amount may be subject to
a withdrawal charge.
LIFETIME MINIMUM DISTRIBUTION WITHDRAWALS
(See "Tax information" later in this prospectus)
We offer our "required minimum distribution (RMD) automatic withdrawal option"
to help you meet lifetime required minimum distributions under federal income
tax rules. This is not the exclusive way for you to meet these rules. After
consultation with your tax adviser, you may decide to compute required minimum
distributions yourself and request partial withdrawals. In such a case, a
withdrawal charge may apply if your withdrawal exceeds the free withdrawal
amount. Before electing an account-based withdrawal option, please refer to
"Tax information," "Required minimum distributions" later in this prospectus.
You may choose instead an annuity payout option.
32 Accessing your money
The actuarial present value of additional contract benefits must be added to
the account value in calculating required minimum distribution withdrawals from
annuity contracts funding TSAs and other 403(b) arrangements and EDC or 457(b)
plans. For this purpose additional annuity contract benefits may include
enhanced death benefits.
You may elect our RMD automatic withdrawal option in the year in which you
reach age 70-1/2 or in any later year, subject to the terms of your plan, if
applicable. To elect this option, you must have an account value in the
variable investment options and the guaranteed interest option of at least
$2,000. The minimum amount we will pay out is $300, or if less, your account
value. If your account value is less than $500 after the withdrawal, we may
terminate your certificate and pay you its cash value. Currently, minimum
distribution withdrawal payments will be made annually. See the "Required
minimum distributions" section in "Tax information" later in this prospectus
for your specific type of retirement arrangement.
Currently, we do not impose a withdrawal charge on minimum distribution
withdrawals if you are enrolled in our required minimum distribution automatic
withdrawal option. The minimum distribution withdrawal will be taken into
account in determining if any subsequent withdrawal taken in the same
participation year exceeds the 10% free withdrawal amount.
You may not elect the minimum distribution option if you have an outstanding
loan under your certificate.
If you purchase your EQUI-VEST(SM) Strategies TSA certificate via a direct
transfer of funds from another 403(b) arrangement and you tell us at the time
of your purchase the amount of your December 31, 1986 account balance (if any)
you may postpone beginning lifetime required minimum distributions on these
pre-1987 funds. This rule also applies if you purchased your certificate before
December 31, 1986. Lifetime required minimum distributions on the pre-1987
account balance may be postponed to age 75 rather than having to start
following the later of your reaching age 70-1/2 or retiring.
Distributions from a qualified plan are subject to the provisions of the plan
document.
- --------------------------------------------------------------------------------
For certificates subject to minimum distribution requirements, we will send a
form outlining the distribution options available in the year you reach age
70-1/2 (if you have not begun your annuity payments before that time).
- --------------------------------------------------------------------
HOW WITHDRAWALS ARE TAKEN FROM YOUR ACCOUNT VALUE
Unless you specify otherwise, we will subtract your withdrawals on a pro rata
basis from your values in the investment options. A market value adjustment
will apply if withdrawals are taken from the fixed maturity options.
AUTOMATIC DEPOSIT SERVICE
If you are receiving required minimum distribution payments from a TSA
certificate you may use our automatic deposit service.
Under this service we will automatically deposit the required minimum
distribution payment from your TSA certificate directly into an existing
EQUI-VEST(SM) NQ or ROTH IRA or an existing EQUI-VEST(SM) Express NQ or ROTH IRA
contract according to your allocation instructions. Please note that you must
have compensation or earned income for the year of the contribution to make
regular contributions to Roth IRAs.
LOANS
If the plan permits, loans are available under a TSA plan, or governmental
employer EDC plan. Loans are subject to federal income tax limits and are also
subject to the limits of the plan. Federal income tax rule requirements apply
even if the plan is not subject to ERISA. You may borrow against your account
value. Also, ERISA rules may apply to loans under TSA certificates. Loans are
not available under any TSA or governmental employer EDC certificate when the
required minimum distribution automatic withdrawal option has been elected.
Loans will be available under the EQUI-VEST(SM) Strategies contract if requested
by the employer.
Before we make a loan, you must properly complete and sign a loan request form.
In the case of certain TSA certificates subject to ERISA, the written consent
of your spouse will be required to obtain a loan and the Plan Administrator
needs to sign the loan form. In the case of governmental employer EDC
certificates, the loan must be approved by your employer, plan trustee, or the
plan administrator as authorized under the governmental employer plan. Please
see the loan provisions stated in the certificate, read the terms and
conditions in the loan request form carefully and consult with a tax adviser
before taking a loan. Also, see Appendix IV later in this prospectus for any
state restrictions you may be subject to if you take a loan.
We permit only one loan to be outstanding at any time.
Loan reserve account When you take a loan, we will transfer to a "loan reserve
account", an amount equal to the sum of (a) and (b), where (a) is the loan
amount (which will earn interest at the "loan reserve account rate" while your
loan is outstanding), and (b) is 10% of the loan amount (which will earn
interest at the guaranteed interest rate while your loan is outstanding). We
will credit interest to the amount in the loan reserve account at a rate that
is 2% lower than the loan interest rate that applies for the time your loan is
outstanding. This excess of the interest rate that we charge is also referred
to as the "net loan interest charge." See the "Fee Table" for more information.
A loan will not be treated as a taxable distribution unless:
o it exceeds limits of federal income tax rules; or
o interest and principal are not paid when due; or
o in some instances, service with the employer terminates.
The tax consequences of failure to repay a loan when due are substantial, and
may result in severe restrictions on your ability to borrow amounts under any
plans of your employer in the future.
Loans are discussed further in "Tax information" later in this prospectus.
TERMINATION OF PARTICIPATION
Your participation under the EQUI-VEST(SM) Strategies contract may be terminated
by us and your account value paid to your employer if:
Accessing your money 33
(1) your account value is less than $500 and we have not received contributions
on your behalf for a period of three years;
(2) you request a partial withdrawal that reduces your account value to an
amount of less than $500;
(3) we have not received any contributions on your behalf within 120 days from
your participation date; or
(4) the plan is no longer qualified under the Code and the EQUI-VEST(SM)
Strategies contract is terminated by us.
We will deduct the amount of any outstanding loan balance and any applicable
withdrawal charge from the account value when we terminate your certificate.
The employer and, under certain circumstances, we may discontinue contributions
under the EQUI-VEST(SM) Strategies contract. Such discontinuance means that the
employer will not permit any further salary deferral or employer contributions
to be made under the contract. All other provisions of the contract remain in
effect.
The employer may terminate the contract by (i) transferring all the assets to
another contract or (ii) withdrawing the forfeiture account and directing us to
deal directly with the participants.
TEXAS ORP PARTICIPANTS
For participants in a Texas Optional Retirement Program, Texas law permits
withdrawals only after one of the following distributable events occur:
o turning age 70-1/2; or
o death; or
o retirement; or
o termination of employment in all Texas public institutions of higher
education.
To make a withdrawal, a properly completed written acknowledgment must be
received from the employer. If a distributable event occurs prior to your being
vested, any amounts provided by an employer's first-year matching contribution
will be refunded to the employer. We may change these provisions without your
consent, but only to the extent necessary to maintain compliance with any law
that applies.
WHEN TO EXPECT PAYMENTS
Generally, we will fulfill requests for payments out of the variable investment
options within seven calendar days after the date of the transaction to which
the request relates. These transactions may include applying proceeds to a
variable annuity payout option, payment of a death benefit, payment of any
amount you withdraw (less any withdrawal charge) and, upon contract
termination, payment of the cash value. We may postpone such payments or
applying 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 variable
investment option's assets is not reasonably practicable because of an
emergency, or
(3) the SEC, by order, permits us to defer payment to protect people remaining
in the variable investment options.
We can defer payment of any portion of your values in the guaranteed interest
option and the fixed maturity options (other than for death benefits) for up to
six months while you are living. We also may defer payments for a reasonable
amount of time (not to exceed 15 days) while we are waiting for a contribution
check to clear.
All payments are made by check and are mailed to you (or the payee named in a
tax-free exchange) by U.S. mail, unless you request that we use an express
delivery or wire transfer service at your expense.
YOUR ANNUITY PAYOUT OPTIONS
EQUI-VEST(SM) Strategies offers you several choices of annuity payout options.
Some enable you to receive fixed annuity payments and others enable you to
receive variable annuity payments.
You can choose from among the different forms of annuity payout options listed
below. Restrictions may apply, depending on the type of contract or your age at
certificate issue.
ANNUITY PAYOUT OPTIONS
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Fixed annuity payout options
o Life annuity
o Life annuity with period
certain
o Life annuity with refund
certain
o Period certain annuity
- --------------------------------------------------------------------------------
Variable Immediate Annuity payout
options (as described in a o Life annuity
separate prospectus for this
option) o Life annuity with period
certain
o Life annuity: An annuity that guarantees payments for the rest of your life.
Payments end with the last monthly payment before your death. Because there
is no continuation of benefits following your death with this payout option,
it provides the highest monthly payment of any of the life annuity options,
so long as you are living.
o Life annuity with period certain: An annuity that guarantees payments for
the rest of your life. If you die before the end of a selected period of
time ("period certain"), payments continue to the beneficiary for the
balance of the period certain. The period certain cannot extend beyond your
life expectancy or the joint life expectancy of you and the designated
beneficiary.
o Life annuity with refund certain: An annuity that guarantees payments for
the rest of your life. If you die before the amount applied to purchase the
annuity option has been recovered, payments to the beneficiary will continue
until that amount has been recovered. This payout option is available only
as a fixed annuity.
o Period certain annuity: An annuity that guarantees payments for a specific
period of time, usually 5, 10, 15, or 20 years. The guarantee period may not
exceed your life expectancy. This option does not guarantee payments for the
rest of your 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.
34 Accessing your money
The life annuity, life annuity with period certain, and life annuity with
refund certain payout options are available on a single life or joint and
survivor life basis. The joint and survivor life annuity guarantees payments
for the rest of your life and, after your death, payments continue to the
survivor. Generally, unless you elect otherwise with the written consent of the
spouse, this will be the form of annuity payment provided for married
participants under certain TSAs. We may offer other payout options not outlined
here. Your financial professional can provide details.
FIXED ANNUITY PAYOUT OPTION
With fixed annuities, we guarantee fixed annuity payments that will be based
either on the tables of guaranteed annuity payments in your certificate or on
our then current annuity rates, whichever is more favorable for you.
VARIABLE IMMEDIATE ANNUITY PAYOUT OPTIONS
Variable Immediate Annuities are described in a separate prospectus that is
available from your financial professional. Before you select a Variable
Immediate Annuity payout option, you should read the prospectus which contains
important information that you should know.
Variable Immediate Annuities may be funded through your choice of available
variable investment options investing in portfolios of AXA Premier VIP Trust
and EQ Advisors Trust. The EQUI-VEST(SM) Strategies contract also offers a fixed
income annuity payout option that can be elected in combination with the
variable income annuity payout option. The amount of each variable income
annuity payment will fluctuate, depending upon the performance of the variable
investment options and whether the actual rate of investment return is higher
or lower than an assumed base rate.
We may offer other payout options not outlined here. Your financial
professional can provide details.
THE AMOUNT APPLIED TO PURCHASE AN ANNUITY PAYOUT OPTION
The amount applied to purchase an annuity payout option varies, depending on
the annuity payout option that you choose, and the timing of your purchase as
it relates to any withdrawal charges. The amount applied to provide an annuity
payout option will reflect the application of a withdrawal charge (except in
those limited circumstances set forth in "Withdrawal charge," under "Charges
and Expenses" later in this prospectus. The amount applied to an annuity payout
option will reflect the application of any applicable market value adjustment.
See "Market value adjustment" under "Contract features and benefits" earlier in
this prospectus.
SELECTING AN ANNUITY PAYOUT OPTION
When you select a payout option, we will issue you a separate written agreement
confirming your right to receive annuity payments. We require you to return
your certificate before annuity payments begin. Unless you choose a different
payout option, we will pay annuity payments under a life annuity with a period
certain of 10 years. You choose whether these payments will be either fixed or
variable. You must meet the issue age and payment requirements.
You can choose the date annuity payments are to begin, but generally it may not
be earlier than thirteen months from the participation date. You can change the
date your annuity payments are to begin anytime before that date as long as you
do not choose a date later than the 28th day of any month or later than your
certificate's maturity date. Your certificate's maturity date is the date by
which you must either take a lump sum withdrawal or select an annuity payout
option. The maturity date is generally the participation date anniversary that
follows your 85th birthday. This may be different in some states.
Before your annuity payments are to begin, we will notify you by letter that
the annuity payout options are available. Once you have selected a payout
option and payments have begun, no change can be made, other than transfers
among the variable investment options if a variable annuity is selected.
We currently offer different payment frequencies on certain annuity payout
options. In general, the total annual payout will be lower for more frequent
payouts (such as monthly) because of the increased administrative expenses
associated with more frequent payouts. In general, the longer the period over
which we expect to make payments, the lower will be your payment for each year.
The amount of the annuity payments will depend on:
(1) the amount applied to purchase the annuity;
(2) the type of annuity chosen, and whether it is fixed or variable;
(3) in the case of a life annuity, your age (or your and the designated
beneficiary's ages);
(4) in the case of a period certain annuity, the period selected; and
(5) the frequency of the payments.
If, at the time you elect a payout option, the amount to be applied is less
than $2,000 or the initial payment under the form elected is less than $20
monthly, we reserve the right to pay the account value in a single sum rather
than as payments under the payout option chosen.
Accessing your money 35
5. Charges and expenses
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CHARGES UNDER THE CONTRACTS
CHARGE AGAINST THE SEPARATE ACCOUNT
We deduct this charge against the assets in the separate account to compensate
us for mortality and expense risks, as well as administrative and financial
accounting expenses under the contract. The charge is deducted daily at an
annual rate that can vary by group and by variable investment option between
0.25% to 1.20% of daily net assets attributable to all certificates under the
group contract. Contracts will generally have a charge of 1.20%, 0.90%, 0.70%,
0.50% or 0.25%.
Charges may be based on:
o the factors on which the mortality and expense risks charge and
administration charges are based, including the size and type of the group;
o the plan provisions which may provide, among other things, the level of
contributions including employer contributions and the frequency of benefit
payments;
o whether we will be the sole contract provider;
o the level of services provided by your financial professional; and
o our sales-related expenses.
The mortality risk we assume is the risk that participants as a group will live
for a longer time than our actuarial tables predict. If that happens, we would
be paying more in annuity benefits than we planned. We assume a mortality risk
to the extent that at the time of death, the guaranteed death benefit exceeds
the cash value of the certificate. The expense risk we assume is the risk that
it will cost us more to issue and administer the certificates than we expect.
To the extent that the mortality and expense risk charges are not needed to
cover the actual expenses incurred, they may be considered an indirect
reimbursement for certain sales and promotional expenses relating to the
contracts. A participant's certificate will set forth the applicable separate
account charge.
We will determine the separate account charge pursuant to our established
actuarial procedures, and will not discriminate unreasonably or unfairly
against participants under any EQUI-VEST(SM) Strategies contracts.
ANNUAL ADMINISTRATIVE CHARGE
We deduct an administrative charge from your account value on the last business
day of each participation year. We deduct the charge if your account value on
the last business day of the participation year is less than $25,000. If your
account value on such date is $25,000 or more, we do not deduct the charge. The
charge is equal to $30 or, if less, 2% of your account value plus any amounts
previously withdrawn during the participation year. We reserve the right to
increase this charge to a maximum of $65. For particular groups, the charge may
be waived or reduced for account values of less than $25,000 or the charge may
also be waived entirely.
We will deduct a pro rata portion of the charge if you surrender your
certificate, elect an annuity payout option or you die during the participation
year.
The charge is deducted pro rata from the variable investment options and the
guaranteed interest option. If those amounts are insufficient, we will make up
the required amounts from the fixed maturity options to the extent you have
value in those options. Charges deducted from the fixed maturity options are
considered withdrawals and, as such, will result in a market value adjustment.
Differences in this charge are due to variations in group characteristics
including the total amount of plan assets. The charge is designed primarily to
defray administrative expenses in connection with the issuing and daily
administration of the contracts. We will determine the applicability of this
charge pursuant to our established procedures, and will not discriminate
unreasonably or unfairly against participants under any EQUI-VEST(SM) Strategies
contracts.
CHARGE FOR THIRD-PARTY TRANSFER OR ROLLOVER
We may deduct a charge for third-party transfers. A third party transfer is
where you ask us to directly transfer or roll over funds from your certificate
to a permissible funding vehicle offered by another provider. The charge is
currently $25 ($65 maximum) per occurrence per participant. This charge will
also be imposed on each third-party transfer out of the contract's forfeiture
account into another permissible funding vehicle. This charge does not apply to
reallocations from the forfeiture account to participant certificates under the
contract. Transfers are subject to any required employer approval.
CHARGE FOR ENHANCED DEATH BENEFIT
If you elect the enhanced death benefit we deduct a charge annually from your
account value on each anniversary of your participation date. The charge is
currently equal to 0.15% of your account value.
The charge is deducted pro rata from the variable investment options and the
guaranteed interest option. If those amounts are insufficient, we will make up
the required amounts from the fixed maturity options to the extent you have
value in those options. Charges deducted from the fixed maturity options are
considered withdrawals and, as such, will result in a market value adjustment.
If your account value is insufficient to pay this charge, your certificate will
terminate without value and you will lose any applicable guaranteed benefits.
WITHDRAWAL CHARGE
A withdrawal charge of up to 6% may apply for up to the first 10 participation
years, as set forth in the contract and participation certificate. Differences
in the period for which and circumstances under which this charge applies are
due to the total amount of plan assets under the contract, the frequency of the
possible benefit payments as provided by the terms of the plan, other charges
and fees under the contract and the compensation paid in connection with the
36 Charges and expenses
sale of the contract. The period of and circumstances under which the withdrawal
charge applies will be determined pursuant to our established procedures, and
will not discriminate unreasonably or unfairly against participants under any
EQUI-VEST(SM) Strategies contracts.
As noted above, the withdrawal charge may vary from group to group. In general,
the withdrawal charge schedule is one of three options selected by the group.
Under some group contracts, the withdrawal charge is equal to 6% of the amount
withdrawn (or the defaulted loan amount, if applicable) from the participant's
account value during the first five participation years, 5% of the amount
withdrawn during the 6th participation year, 4% of the amount withdrawn during
the 7th participation year, 3% of the amount withdrawn during the 8th
participation year, 2% of the amount withdrawn during the 9th participation
year, and 1% of the amount withdrawn during the 10th participation year.
Under some group contracts, the withdrawal charge is equal to 6% of the amount
withdrawn (or the defaulted loan amount, if applicable) from the participant's
account value during the first four participation years and 5% of the amount
withdrawn during the 5th participation year. Under this schedule, there is no
withdrawal charge in the 6th and later participation years.
Under some group contracts, there is no withdrawal charge.
The withdrawal charge percentages may be different for certain group contracts,
including group contracts issued to certain schools in Texas and other states.
If your group contract is subject to a withdrawal charge, it will not apply
under the circumstances described as follows:
o each participation year you can withdraw up to 10% of your account value
without paying a withdrawal charge (10% free withdrawal amount). The 10%
free withdrawal amount is determined using your account value at the time
you request a withdrawal, minus any other withdrawals made during the
participation year; or
o after five participation years and you are at least age 59-1/2; or
o you request a refund of an excess contribution within one month of the date
on which the contribution is made; or
o you die and the death benefit is made available to the beneficiary; or
o after five participation years if you are at least age 55 and the amount
withdrawn is used to purchase from us a period certain annuity that extends
beyond your age 59-1/2 and allows no prepayment; or
o after three participation years and the amount withdrawn is used to purchase
from us a period certain annuity for a term of at least 10 years, and allows
no prepayment; or
o the amount withdrawn is applied to the election of a life contingent annuity
payout option; or
o the amount withdrawn is applied to the election of a period certain annuity
of at least 15 years, but not in excess of your life expectancy, that allows
no prepayment; or
o you have reached age 55 and have separated from service.
In addition, particular groups may receive one or more of the following
waivers:
(1) You sever from employment with your employer.
(2) The withdrawal is made to satisfy minimum distribution requirements.
(3) You elect a withdrawal that qualifies as a hardship or unforesee able
emergency withdrawal under the Code.
(4) You have qualified to receive Social Security disability benefits as
certified by the Social Security Administration or you are totally disabled.
Total disability is your incapacity, resulting from injury or disease, to
engage in any occupation for remuneration or profit. Such total disability
must be certified as having been continuous for a period of at least six
months prior to notice of claim and you must continue to be deemed totally
disabled.
Written notice of claim must be given to us during your lifetime and during
the period of total disability prior to each withdrawal. Along with the
Notice of Claim, you must submit acceptable proof of disability. Such proof
of disability must be either (a) evidence of Social Security disability
determination or (b) a statement from an independent U.S. licensed physician
stating that you meet the definition of total disability as stated above.
Such certification must be resubmitted every 12 months. Failure to furnish
proof of disability within the required time will not reduce any claim if it
was not reasonably possible to give proof within such time. Such proof must
be furnished as soon as reasonably possible and in no event, except in the
absence of legal capacity, later than one year from the time proof is
otherwise required.
(5) We receive proof satisfactory to us that your life expectancy is six months
or less (such proof must include, but is not limited to, certification by a
licensed physician).
(6) You are confined to a nursing home for more than 90 days (or such other
period, as required in your state) as verified by a licensed physician. A
nursing home for this purpose means one that is (a) approved by Medicare as
a provider of skilled nursing care service, or (b) licensed as a skilled
nursing home by the state or territory in which it is located (it must be
within the United States, Puerto Rico, U.S. Virgin Islands, or Guam) and
meets all of the following:
-- its main function is to provide skilled, intermediate, or custodial
nursing care;
-- it provides continuous room and board to three or more persons;
-- it is supervised by a registered nurse or licensed practical nurse;
-- it keeps daily medical records of each patient;
-- it controls and records all medications dispensed; and
-- its primary service is other than to provide housing for residents.
Charges and expenses 37
(7) The employer elects to move the plan assets to a different funding vehicle
after five contract years.
(8) The withdrawal is made to provide any annuity benefits that we offer as
requested by your employer.
The withdrawal charge will apply if the condition as described in items 4
through 6 above existed at the time participation under the contract began or
if the condition began within the 12 month period following such participation.
See Appendix IV, later in this prospectus for information on state availability
and variations with respect to this charge.
In instances where a withdrawal charge applies, other than where your
participation under the contract is terminated, in order to give you the exact
dollar amount of the withdrawal requested, we deduct the amount of the
withdrawal and the amount of the withdrawal charges from your account value.
Any amount deducted to pay withdrawal charges is also subject to a withdrawal
charge. We deduct the amount of the withdrawal and the withdrawal charge pro
rata from the variable investment options and from the guaranteed interest
option. If these amounts are insufficient we will make up the required amounts
from the fixed maturity options to the extent you have values in those options.
If we make up the required amounts from the fixed maturity options, a market
value adjustment will apply. In the case where you terminate participation
under the contract, we will pay your account value after the withdrawal charge
has been imposed (cash value).
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 premium taxes in your state. Generally, we deduct the charge from
the amount applied to provide an annuity payout option. The current tax charge
that might be imposed varies by jurisdiction and ranges from 0% to 1%.
VARIABLE IMMEDIATE ANNUITY PAYOUT OPTION ADMINISTRATIVE FEE
We deduct a fee of $350 from the amount to be applied to the Variable Immediate
Annuity payout option. This option may not be available at the time you elect
to begin receiving annuity payouts or it may have a different charge.
CHARGES THAT THE TRUSTS DEDUCT
The Trusts deduct charges for the following types of fees and expenses:
o Management fees ranging from 0.10% to 1.20%.
o 12b-1 fees of 0.25% for Class IB/B shares.
o Operating expenses, such as trustees' fees, independent auditors' fees,
legal counsel fees, administrative service fees, custodian fees, and
liability insurance.
o Investment-related expenses, such as brokerage commissions.
These charges are reflected in the daily share price of each portfolio. Since
shares of each Trust are purchased at their net asset value, these fees and
expenses are, in effect, passed on to the variable investment options and are
reflected in their unit values. Certain portfolios available under the contract
in turn invest in shares of other portfolios of AXA Premier VIP Trust and EQ
Advisors Trust and/or shares of unaffiliated portfolios (collectively, the
"underlying portfolios"). The underlying portfolios each have their own fees
and expenses, including management fees, operating expenses, and investment
related expenses such as brokerage commissions. For more information about
these charges, please refer to the prospectuses for the Trusts.
VARIATIONS IN CHARGES
For certain groups offered the EQUI-VEST(SM) Strategies contract, we may reduce
the withdrawal charges and/or separate account charges. We may also reduce or
waive the annual administrative charge. We may make other changes to the
EQUI-VEST(SM) Strategies contract, including a change in the standard death
benefit or the minimum initial contribution requirements; permitting additional
circumstances under which the withdrawal charge is waived; and/or establishing
different rates to maturity for the fixed maturity options.
Our costs for sales, administration and mortality may vary based on a number of
factors, including the size and type of group or sponsoring organization; the
level of services provided by us or your financial professional; if we will be
the sole contract provider; and the compensation we expect to pay the financial
professional in connection with the sale of the contract(s). We take all these
factors into account when reducing charges.
In order for a group to be considered for reduced charges, it generally must
meet certain requirements relative to existing and projected plan assets. We
determine the applicable charge reductions and benefit adjustments according to
our procedures in effect at the time we approve a group. We may change our
pricing procedures from time to time or the required level of assets a group
must have to be eligible for reduced charges.
From time to time, an employer group has an existing arrangement with us, under
which plan participants have individual contracts, and subsequently the
employer purchases a group contract from us for new contributions and new
participants only. Under these circumstances, we may make charge reductions or
benefit adjustments under the existing individual contracts in order to reflect
the same features, benefits and reduced costs as the group contract. We may
also make charge reductions or benefit adjustments under existing individual
contracts when an employer qualifies for a group contract but is unable to hold
a group contract. Our pricing procedures for new groups may vary from the
procedures we use for existing groups.
For both new and established groups or sponsored arrangements that have
formally requested a contract proposal from us, our prices may be negotiable.
Price variations may impact the financial professional's compensation. An
employer or plan administrator should ask about possible fee reductions or
contract adjustments based on its situation. It would be in your best interest
for your employer to formally request a contract proposal from us.
Any variation in charges, pricing or benefits will reflect differences in our
costs of selling the contracts and/or the contract services we or your
financial services professional provide and will not be unfairly
discriminatory.
38 Charges and expenses
Groups may be governed by federal income tax rules, ERISA or both. We make no
representations with regard to the impact of these and other applicable laws on
such programs. We recommend that employers, trustees and others purchasing or
making contracts available for purchase under such programs seek the advice of
their own legal and benefits advisers.
Charges and expenses 39
6. Payment of death benefit
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YOUR BENEFICIARY AND PAYMENT OF BENEFIT
You designate your beneficiary when you apply for your certificate. You may
change your beneficiary at any time. The change will be effective on the date
the written request for the change is received in our processing office. We are
not responsible for any beneficiary change request that we do not receive. We
will send you a written confirmation when we receive your request.
EFFECT OF YOUR DEATH
If you die before the annuity payments begin, we will pay the death benefit to
your beneficiary.
HOW DEATH BENEFIT PAYMENT IS MADE
We will pay the death benefit to the beneficiary in the form of the annuity
payout option you have chosen. If you have not chosen an annuity payout option
as of the time of your death, the beneficiary will receive the death benefit in
a single sum. However, subject to any exceptions in the contract, our rules and
applicable federal income tax rules, the beneficiary may elect to apply the
death benefit to one or more annuity payout options we offer at the time. See
"Your annuity payout options" under "Accessing your money" earlier in this
prospectus. Please note that you may elect only a life annuity or an annuity
that does not extend beyond the life expectancy of the beneficiary.
Single sum payments generally are paid through the AXA Equitable Access
Account, an interest bearing account with check writing privileges. The AXA
Equitable Access Account is part of AXA Equitable's general account.
Beneficiaries have immediate access to the proceeds by writing a check on the
account. We pay interest from the date the single sum is deposited into the
Access Account until the account is closed.
BENEFICIARY CONTINUATION OPTION
Upon your death, your beneficiary may generally elect to keep the certificate
in your name and receive distributions under the certificate instead of
receiving the death benefit in a single sum. 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 increase the account value to equal the applicable death
benefit if such death benefit is greater than such account value. The increase
in account value will be allocated to the investment options according to the
allocation percentages we have on file for your contract.
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 70-1/2, if such time is later. 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. 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:
o The certificate continues in your name for the benefit of your beneficiary.
o 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.
o 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.
o The minimum amount that is required in order to elect the beneficiary
continuation option is $5,000 for each beneficiary.
o The beneficiary may make transfers among the investment options, but no
additional contributions will be permitted.
o Loans will no longer be available.
o The standard death benefit and the enhanced death benefit provisions will no
longer be in effect.
o The beneficiary may choose at any time to withdraw all or a portion of the
account value and no withdrawal charges will apply.
o Any partial withdrawal must be at least $300.
o Your beneficiary will have the right to name a beneficiary to receive any
remaining interest in your certificate.
o 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.
40 Payment of death benefit
7. Tax information
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TAX INFORMATION AND ERISA MATTERS
OVERVIEW
This section of the prospectus discusses the current federal income tax rules
that generally apply to annuity contracts which may be used to fund certain
employer-sponsored retirement plans.
Federal income tax rules include the United States laws in the Internal Revenue
Code, and Treasury Department Regulations and Internal Revenue Service ("IRS")
interpretations of the Internal Revenue Code. These tax rules may change
without notice. We cannot predict whether, when, or how these rules could
change. Any change could affect contracts 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 plans or
contracts. Moreover, the tax aspects that apply to a particular employer's plan
or contract may vary depending on the facts applicable to that employer. 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.
Rights or values under plans or contracts or payments under the contracts, for
example, amounts due to beneficiaries, may be subject to federal or state gift,
estate or inheritance taxes. Employers should not rely only on this document,
but should consult their tax adviser before choosing EQUI-VEST(SM) Strategies.
CHOOSING A CONTRACT TO FUND A RETIREMENT ARRANGEMENT
Generally, there are two types of funding vehicles that are available for Code
Section 403(b) Arrangements: a 403(b) TSA annuity contract such as an
EQUI-VEST(SM) Strategies TSA or a 403(b)(7) custodial account. An EDC plan may
be funded by specified annuity contracts, custodial accounts or trustee
arrangements. How these arrangements work, including special rules applicable to
each, are described in the specific sections for each type of arrangement below.
Employers should be aware that the funding vehicle for a 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, employers should consider the annuity's features and benefits, such
as EQUI-VEST(SM) Strategies standard death benefit, enhanced death benefit,
selection of variable investment options, provision of a guaranteed interest
option and fixed maturity options and choices of payout options, as well as the
features and benefits of other permissible funding vehicles and the relative
costs of annuities and other such arrangements. Employers should be aware that
cost may vary depending on the features and benefits made available and the
charges and expenses of the portfolios.
Beginning in 2006, 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
annuity contracts funding 403(b) TSAs and 457 plans. For this purpose
additional annuity contract benefits may include, but are not limited to,
enhanced death benefits. Employers should consider the potential implication of
these Regulations before choosing this annuity contract.
SPECIAL RULES FOR TAX-FAVORED
RETIREMENT PROGRAMS
Employer-sponsored retirement plans can use annuity contracts to fund the plan
unless the plan specifically prohibits annuity contracts as a funding vehicle.
Federal income tax rules prescribe how a retirement plan qualifies for
tax-favored status and set requirements for plan features, including:
o participation and coverage;
o nondiscrimination;
o vesting and funding;
o limits on contributions, distributions, and benefits;
o withholding;
o reporting and disclosure; and
o penalties.
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State income tax rules covering contributions to and distributions from
employer-sponsored retirement programs may differ from federal income tax
rules. It is the responsibility of the employer, plan trustee and plan
administrator to satisfy federal income tax, state income tax and other state
rules and ERISA rules.
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ADDITIONAL "SAVER'S CREDIT" FOR SALARY REDUCTION CONTRIBUTIONS TO CERTAIN PLANS
You may be eligible for a nonrefundable income tax credit for salary reduction
contributions you make to a 403(b) TSA or governmental employer EDC plan. If
you qualify, you may take this credit even though your salary reduction
contribution is already excluded from tax. To take advantage of this "saver's
credit" you must be age 18 or over before the end of the taxable year for which
the contribution is made. You cannot be a full-time student or claimed as a
dependent on another's tax return, and your adjusted gross income cannot exceed
$50,000 ($52,000, as cost of living indexed beginning in 2007). The amount of
the tax credit you can get varies from 10% of your contribution to 50% of your
contribution, and depends on your income tax filing status and your adjusted
gross income. The maximum annual contribution eligible for the saver's credit
is $2,000. If you and your spouse file a joint return, and each of you
qualifies, each is eligible for a maximum annual contribution of $2,000. Your
saver's credit may
Tax information 41
also be reduced if you take or have taken a taxable distribution from any plan
eligible for a saver's credit contribution -- even if you make a contribution
to one plan and take the distribution from another plan -- during the "testing
period." The "testing period" begins two years before the year for which you
make the contribution and ends when your tax return is due for the year for
which you make contribution.
TAX-SHELTERED ANNUITY ARRANGEMENTS (TSAS)
Please Note: The following discussion reflects our understanding of some of the
current federal income tax rules applicable to Section 403(b) of the Code. The
IRS and Treasury have recently issued proposed regulations on Section 403(b) of
the Code. If finalized in their current form, these proposed regulations would
affect the establishment and operation of plans and arrangements under Section
403(b) of the Code, and the contracts issued to fund such plans. Please consult
your tax adviser concerning how these proposed regulations could affect
employers and participants.
GENERAL; SPECIAL EMPLOYER RULES
An employer eligible to maintain a TSA plan (also referred to as a "403(b)"
plan, program, or arrangement) for its employees may make contributions to
purchase a 403(b) funding vehicle for the benefit of the employee. These
contributions, if properly made, will not be currently taxable compensation to
the employee. Moreover, the employee will not be taxed on the earnings in the
403(b) funding vehicle until he/she takes distributions.
Generally, there are two types of funding vehicles available to fund 403(b)
arrangements: an annuity contract under Section 403(b)(1) of the Internal
Revenue Code or a custodial account that invests only in mutual funds and which
is treated as an annuity contract under section 403(b)(7) of the Code. Both
types of 403(b) arrangements qualify for tax deferral.
Two different types of employers are eligible to maintain 403(b) plans: public
schools and specified tax-exempt organizations under Section 501(c)(3) of the
Code.
CONTRIBUTIONS TO TSAS
There are three ways you can make contributions to this EQUI-VEST(SM) Strategies
TSA contract:
o annual contributions made through the employer's payroll; or
o a rollover from another eligible retirement plan; or
o a full or partial direct transfer of assets from another contract or
arrangement that meets the requirements of Section 403(b) of the Internal
Revenue Code by means of IRS Revenue Ruling 90-24 ("direct transfer").
ANNUAL CONTRIBUTIONS. Annual contributions to TSAs made through the employer's
payroll are limited. (Tax-free direct transfers from another 403(b) arrangement
or tax-deferred rollover contributions from another eligible retirement plan
are not subject to these annual contribution limits.) Commonly, some or all of
the contributions made to a TSA are made under a salary reduction agreement
between the employee and the employer. These contributions are called "salary
reduction contributions" or "elective deferral contributions" and are generally
made on a pre-tax basis. However, a TSA can also be wholly or partially funded
through non-elective employer contributions or contributions treated as
after-tax employee contributions. Beginning in 2006, if the employer's plan
permits, and as reported to us by the employer, an employee may designate some
or all of salary reduction contributions as "designated Roth contributions",
which are made on an after-tax basis to the 403(b) arrangement.
Some employer contributions may be subject to vesting under the employer's
plan.
The annual limit on employer and employee contributions on behalf of an
employee to defined contribution plans of an employer for 2007 is the lesser of
$45,000 (after adjustment for cost of living changes) or 100% of compensation.
When figuring out the contribution limit you have to:
o include reallocated forfeitures and voluntary nondeductible employee
contributions;
o include compensation from the employer in the form of elective deferrals and
excludible contributions under Code Section 457 EDC plans and "cafeteria"
plans. These are plans giving employees a choice between cash and deferred
benefits or specified excludible health and welfare benefits; and
o disregard compensation or earned income of more than a specified amount.
This amount is $225,000 for 2007. This amount may be further adjusted for
cost of living changes in future years.
"Salary reduction" or "elective deferral" contributions made under a 403(b)
plan or other cash or deferred arrangement are limited to $15,500 for 2007, and
may be further adjusted for cost of living changes in future years. This limit
applies to the total of all elective deferrals under all tax-favored plans in
which the individual participates, from all employers, for example, also
including salary reduction contributions under 401(k) plans. If the plan
permits, an individual who is at least age 50 at any time during 2007 can make
up to $5,000 additional salary reduction contributions for 2007.
Special provisions may allow certain participants with at least 15 years of
service to make "catch-up" contributions to compensate for smaller
contributions made in previous years.
If contributions to a TSA exceed the applicable limit in any year, the excess
will be taxable to the employee as ordinary income. In certain situations, we
may distribute excess contributions to avoid tax penalties.
Any excess deferral contributions which are not withdrawn by April 15th after
the year of the deferral may cause the contract to fail TSA rules.
ROLLOVER OR DIRECT TRANSFER CONTRIBUTIONS. Eligible rollover distributions from
403(b) plans, 401(a) qualified plans, governmental employer EDC plans and
traditional IRAs may be rolled over into other such plans. Therefore, you may
make rollover contributions to your EQUI-VEST(SM) Strategies TSA certificate
from these sources: qualified plans, governmental employer EDC plans, other TSAs
and 403(b) arrangements and traditional IRAs.
42 Tax information
Generally, you may make a rollover contribution to a TSA when you have a
distributable event from an existing TSA, qualified plan, or governmental
employer EDC plan as a result of your:
o termination of employment with the employer who provided the plan funds; or
o reaching age 59-1/2 even if you are still employed; or
o disability (special federal income tax definition).
You may be able to roll over pre-tax funds from your traditional IRA to your
TSA at any time.
Before you decide to roll over your payment to another employer plan, you
should check with the administrator of that plan about whether the plan accepts
rollovers and if so, the types of distributions it accepts. You should also
check with the administrator of the receiving plan about any documents required
to be completed before it will accept a rollover.
If the recipient plan separately accounts for funds rolled over from another
eligible retirement plan, the IRS has ruled that an exception is available in
certain situations to withdrawal restrictions that would otherwise apply to the
rollover contribution funds in the recipient plan.
ROLLOVERS OF AFTER-TAX CONTRIBUTIONS FROM CERTAIN ELIGIBLE RETIREMENT PLANS
NON-ROTH AFTER-TAX CONTRIBUTIONS. Any non-Roth after-tax contributions you have
made to a qualified plan or TSA (but not a governmental employer EDC plan) may
be directly rolled over to another qualified plan or TSA which agrees to do
required separate accounting. This can only be done in a direct rollover, not a
rollover you do yourself. After-tax contributions in a traditional IRA cannot
be rolled over from the traditional IRA into a qualified plan or TSA.
ROTH AFTER-TAX CONTRIBUTIONS. If the after-tax contributions are in a
"designated Roth account" under a 403(b) arrangement, they may be rolled over
to a designated Roth account under another 403(b) arrangement. They cannot be
rolled over to a non-Roth after-tax contribution account. You may not roll over
designated Roth account funds under a 401(k) plan to a 403(b) arrangement. You
may not roll over Roth IRA funds into a designated Roth account under a 403(b)
arrangement. We are not currently accepting rollovers of designated Roth
account funds from another 403(b) arrangement to EQUI-VEST(SM) Strategies TSA.
DIRECT TRANSFERS. A transfer occurs when changing the funding vehicle, even if
there is no distributable event. Under a direct transfer, you do not receive a
distribution. We accept direct transfers of TSA funds under Revenue Ruling
90-24 only if:
o you give us acceptable written documentation as to the source of the funds,
and
o the EQUI-VEST(SM) Strategies contract receiving the funds has provisions at
least as restrictive as the source contract.
Before you transfer funds to an EQUI-VEST(SM) Strategies TSA contract, you may
have to obtain your employer's authorization or demonstrate that you do not
need employer authorization. For example, the transferring TSA may be subject
to Title I of ERISA, if the employer makes matching contributions to salary
reduction contributions made by employees. In that case, the employer must
continue to approve distributions from the plan or contract.
We currently do not accept direct transfers of designated Roth account funds
under another 403(b) arrangement.
SPECIAL RULE FOR ROLLOVER OR DIRECT TRANSFER CONTRIBUTIONS AFTER AGE 70-1/2. Any
rollover or direct transfer contribution to an EQUI-VEST(SM) Strategies TSA must
be net of the required minimum distribution for the tax year if:
o you are or will be at least age 70-1/2 in the current calendar year, and
o you have retired from service with the employer who provided the funds to
purchase the TSA you are transferring or rolling over to the EQUI-VEST(SM)
Strategies TSA.
This rule applies regardless of whether the source of funds is a:
o rollover by check of the proceeds from another TSA or other eligible
retirement plan; or
o direct rollover from another TSA or other eligible retirement plan; or
o direct transfer under Revenue Ruling 90-24 from another TSA.
DISTRIBUTIONS FROM TSAS
GENERAL
Depending on the terms of the employer plan and your employment status, you may
have to get your employer's consent to take a loan or withdrawal.
WITHDRAWAL RESTRICTIONS. You may not be able to withdraw or take payment from
all or part of your TSA unless you reach age 59-1/2, die, become disabled
(special federal income tax definition), sever employment with the employer
which provided the funds for the TSA contract, or suffer financial hardship.
Hardship withdrawals are limited to the amount of your salary reduction
contributions without earnings. The plan may also impose withdrawal
restrictions on employer contributions and related earnings.
For amounts that were directly transferred to your certificate in a Revenue
Ruling 90-24 transfer from another 403(b) arrangement: If any portion of the
funds directly transferred to your TSA certificate is attributable to amounts
that you invested in a 403(b)(7) custodial account, such amounts, including
earnings, are subject to withdrawal restrictions. With respect to the portion
of the funds that were never invested in a 403(b)(7) custodial account, these
restrictions apply to the salary reduction (elective deferral) contributions to
a TSA annuity contract you made and any earnings on them. These restrictions do
not apply to the amount directly transferred to your TSA certificate that
represents your December 31, 1998, account balance attributable to a TSA
annuity contract and earnings. To take advantage of this grandfathering you
must properly notify us in writing at our processing office of your December
31, 1998, account balance if you have qualifying amounts transferred to your
TSA certificate. Account values attributable to employer contributions properly
reported to us at the time of transfer will not be subject to restriction,
unless required by the employer's plan.
Tax information 43
Withdrawals from TSA contracts with designated Roth contribution funds are
subject to existing restrictions on distributions from TSA contracts.
If the recipient plan separately accounts for funds rolled over from another
eligible retirement plan, the IRS has ruled that an exception is available in
certain situations to withdrawal restrictions that would otherwise apply to the
rollover contribution funds in the recipient plan.
TAX TREATMENT OF DISTRIBUTIONS FROM TSAS. Amounts held under TSAs are generally
not subject to federal income tax until benefits are distributed.
Distributions include withdrawals and annuity payments. Death benefits paid to
a beneficiary are also taxable distributions. Amounts distributed from TSAs are
includable in gross income as ordinary income, not capital gain. Distributions
from TSAs may be subject to 20% federal income tax withholding. See "Federal
and state income tax withholding and information reporting" below. In addition,
TSA distributions may be subject to additional tax penalties.
If you have made after-tax contributions, both non-Roth and designated Roth,
you will have a tax basis in your TSA certificate, which will be recovered
tax-free. Unless we have been provided acceptable documentation for the amounts
of any after-tax contributions to your TSA certificate, we assume that all
amounts distributed from your TSA certificate are pre-tax, and we withhold tax
and report accordingly.
Section 402A of the Code provides that a qualified distribution from a
designated Roth account is not includible in income. A qualified distribution
can only be made on specified events such as attaining age 59-1/2 or death.
Also, because there can be no qualified distribution until after the expiration
of a 5-year aging period beginning with the date an individual first makes a
designated Roth contribution to a designated Roth account under the applicable
retirement plan, the earliest a qualified distribution from a designated Roth
contribution account could be made is 2011. Therefore, earnings attributable to
a distribution from a designated Roth account may be includible in income.
DISTRIBUTIONS BEFORE ANNUITY PAYMENTS BEGIN. On a total surrender, the amount
received in excess of the investment in the contract is taxable. We will report
the total amount of the distribution. The amount of any partial distribution
from a TSA prior to the annuity starting date is generally taxable, except to
the extent that the distribution is treated as a withdrawal of after-tax
contributions. Distributions are normally treated as pro rata withdrawals of
after-tax contributions and earnings on those contributions. This treatment is
the same for non-qualified distributions from a designated Roth account under a
403(b) arrangement.
ANNUITY PAYMENTS. If you elect an annuity payout option, the nontaxable portion
of each payment is calculated by dividing your investment in the contract by an
expected return determined under an IRS table prescribed for qualified
annuities. The balance of each payment is fully taxable. The full amount of the
payments received after your investment in the contract is recovered is fully
taxable. If you (and your beneficiary under a joint and survivor annuity) die
before recovering the full investment in the contract, a deduction is allowed
on your (or your beneficiary's) final tax return.
PAYMENTS TO A BENEFICIARY AFTER YOUR DEATH. Death benefit distributions from a
TSA generally receive the same tax treatment as distributions during your
lifetime. In some instances, distributions from a TSA made to your surviving
spouse may be rolled over to a traditional IRA or other eligible retirement
plan. Beginning in 2007, a non-spousal death beneficiary may also be able to
make rollover contributions to an individual retirement plan under certain
circumstances.
Beginning in 2008, direct rollover contributions may be made from eligible
retirement plans to Roth IRAs under certain circumstances.
LOANS FROM TSAS. The following discussion also applies to loans under
governmental employer EDC plans. See "Public employee deferred compensation
plans (EDC Plans)" later in this prospectus.
If the plan permits, loans are available from a TSA plan. Loans are subject to
federal income tax limits and may also be subject to the limits of the plan
from which the funds came. Federal income tax rule requirements apply even if
the plan is not subject to ERISA. Please see Appendix IV later in this
prospectus for any state restrictions you may be subject to if you take a loan.
Loans are generally not treated as a taxable distribution. If the amount of the
loan exceeds permissible limits under federal income tax rules when made, the
amount of the excess is treated (solely for tax purposes) as a taxable
distribution. Additionally, if the loan is not repaid at least quarterly,
amortizing (paying down) interest and principal, the amount not repaid when due
will be treated as a taxable distribution. Finally, unpaid loans may become
taxable when the individual severs from employment with the employer which
provided the funds for the contract. In addition, the 10% early distribution
penalty tax may apply.
We report the entire unpaid balance of the loan (including unpaid interest) as
includable in income in the year of the default. The amount of the unpaid loan
balance is reported to the IRS on Form 1099-R as a distribution.
o The amount of a loan to a participant, when combined with all other loans to
the participant from all qualified plans of the employer, cannot exceed the
lesser of (1) the greater of $10,000 or 50% of the participant's
nonforfeitable accrued benefits, (2) $50,000 reduced by the excess (if any)
of the highest outstanding loan balance over the previous twelve months over
the outstanding loan balance of plan loans on the date the loan was made.
Governmental employer EDC plans and 403(b) plans are included in "all
qualified plans of the employer" for this purpose. Also, for the purposes of
calculating any subsequent loans which may be made under any plan of the
same employer, a defaulted loan is treated as still outstanding even after
the default is reported to the IRS. The amount treated as outstanding (which
limits any subsequent loan) includes interest on the unpaid balance.
o In general, the term of the loan cannot exceed five years unless the loan is
used to acquire the participant's primary residence. EQUI-VEST(SM)
Strategies TSA contracts have a term limit of 10 years for loans used to
acquire the participant's primary residence.
o All principal and interest must be amortized in substantially level payments
over the term of the loan, with payments being made at
44 Tax information
least quarterly. In very limited circumstances, the repayment obligation
may be temporarily suspended during a leave of absence.
TAX-DEFERRED ROLLOVERS AND DIRECT TRANSFERS. If withdrawal restrictions
discussed earlier do not apply, you may roll over any "eligible rollover
distribution" from a TSA into another eligible retirement plan which agrees to
accept the rollover. The rollover may be a direct rollover or a rollover you do
yourself within 60 days after you receive the distribution. To the extent
rolled over, it remains tax-deferred.
You may roll over a distribution of pre-tax funds from a TSA to any of the
following: a qualified plan, a governmental employer EDC plan, a traditional
IRA or a TSA. A spousal beneficiary may also roll over death benefits to any of
these. Beginning in 2007, a non-spousal death beneficiary may also be able to
make rollover contributions to an individual retirement plan under certain
circumstances.
Beginning in 2008, direct rollover contributions may be made from eligible
retirement plans to Roth IRAs under certain circumstances.
The recipient plan must agree to take the distribution. If you are rolling over
from a TSA to a governmental employer EDC plan, the recipient governmental
employer EDC plan must agree to separately account for the rolled-over funds.
The taxable portion of most distributions will be eligible for rollover.
However, federal income tax rules exclude certain distributions from rollover
treatment including (1) periodic payments for life or for a period of 10 years
or more, (2) hardship withdrawals and (3) any required minimum distributions
under federal income tax rules.
NON-ROTH AFTER-TAX CONTRIBUTIONS. Any non-Roth after-tax contributions you
have made to a TSA only may be directly rolled over to another qualified plan
or TSA which agrees to do required separate accounting. This can only be done
in a direct rollover, not a rollover you do yourself. You may roll over any
after-tax contributions you have made to a TSA to a traditional IRA (either in
a direct rollover or a rollover you do yourself). When the recipient plan is a
traditional IRA, you are responsible for recordkeeping and calculating the
taxable amount of any distributions you take from that traditional IRA.
After-tax contributions from a TSA which are rolled into a traditional IRA
cannot be rolled back into a qualified plan or TSA. After-tax contributions may
not be rolled into a governmental employer EDC plan.
ROTH AFTER-TAX CONTRIBUTIONS. Amounts attributable to "designated Roth
contributions" under a 403(b) arrangement may be rolled over only to a
designated Roth account under another 403(b) arrangement or a Roth IRA. They
cannot be rolled over to a non-Roth after-tax contribution account under a
403(b) arrangement or 401(k) plan. You may not roll over designated Roth
account funds under a 403(b) arrangement to a designated Roth account under a
401(k) plan.
Before you decide to roll over your payment to another employer plan, you
should check with the administrator of that plan about whether the plan accepts
rollovers and, if so, the types of distributions it accepts. You should also
check with the administrator of the receiving plan about any documents required
to be completed before it will accept a rollover. You should discuss with your
tax adviser the rules which may apply to the rolled over funds. For example,
distributions from a governmental employer EDC plan are generally not subject
to the additional 10% federal income tax penalty for pre-age 59-1/2
distributions, which applies to other types of retirement plans. If you roll
over funds from an eligible retirement plan which is not a governmental
employer EDC plan (qualified plan, TSA or traditional IRA) into a governmental
employer EDC plan, and you later take a distribution from the recipient
government employer EDC plan, those amounts generally remain subject to the
penalty.
You should check if the recipient plan separately accounts for funds rolled
over from another eligible retirement plan, as the IRS has ruled that an
exception is available in certain situations to withdrawal restrictions that
would otherwise apply to the rollover contribution funds in the recipient plan.
Direct transfers of TSA funds from one TSA to another under Revenue Ruling
90-24 are not distributions.
If there is a mandatory distribution provision in your employer's plan for
certain small amounts and you do not designate an eligible retirement plan to
receive such a mandatory distribution, Treasury Regulations require a
traditional IRA to be established on your behalf.
DISTRIBUTION REQUIREMENTS
TSAs are subject to required minimum distribution rules. See "Required minimum
distributions" later in this prospectus.
SPOUSAL CONSENT RULES
If ERISA rules apply to your TSA you will need to get spousal consent for
loans, withdrawals or other distributions if you are married when you request a
withdrawal type transaction under the TSA contract. In addition, unless you
elect otherwise with the written consent of your spouse, the retirement
benefits payable under the plan must be paid in the form of a qualified joint
and survivor annuity. A qualified joint and survivor annuity is payable for the
life of the participant with a survivor annuity for the life of the spouse in
an amount not less than one-half of the amount payable to the participant
during his or her lifetime. In addition, if you are married, the beneficiary
must be your spouse, unless your spouse consents in writing to the designation
of another beneficiary.
If you are married and you die before annuity payments have begun, payments
will be made to your surviving spouse in the form of a life annuity unless at
the time of your death a contrary election was in effect. However, your
surviving spouse may elect, before payments begin, to receive payments in any
form permitted under the terms of the employer's plan and the contract.
EARLY DISTRIBUTION PENALTY TAX
A penalty tax of 10% of the taxable portion of a distribution applies to
distributions from a TSA before you reach age 59-1/2. This is in addition to any
income tax. There are exceptions to the extra penalty tax. Some of the
available exceptions to the pre-age 59-1/2 penalty tax include distributions
made:
o on or after your death; or
o because you are disabled (special federal income tax definition); or
o to pay for certain extraordinary medical expenses (special federal income
tax definition); or
Tax information 45
o in any form of payout after you have separated from service (only if the
separation occurs during or after the calendar year you reach age 55); or
o in a payout in the form of substantially equal periodic payments made at
least annually over your life (or your life expectancy), or over the joint
lives of you and your beneficiary (or your joint life expectancies) using an
IRS-approved distribution method (only after you have separated from service
at any age).
PUBLIC EMPLOYEE DEFERRED COMPENSATION PLANS (EDC PLANS)
SPECIAL EMPLOYER AND OWNERSHIP RULES. Employers eligible to maintain EDC plans
under Section 457(b) of the Code include governmental entities such as states,
municipalities and state agencies (governmental employer). Since EQUI-VEST(SM)
Strategies(SM) is open only to governmental employer EDC plans no rules
applicable to tax-exempt employees are discussed.
An employer can fund its EDC plan in whole or in part with annuity contracts
purchased for participating employees and their beneficiaries. These employees
do not have to include in income the employer's contributions to purchase the
EDC contracts or any earnings until they actually receive funds from a
governmental employer EDC plan. The plan's assets must be held in trust for the
exclusive benefit of employees. An annuity contract can be a trust equivalent
if the contract includes the trust rules. Regardless of contract ownership, the
EDC plan may permit the employee to choose among various investment options.
CONTRIBUTION LIMITS. The maximum contribution for 2007 is the lesser of $15,500
or 100% of includible compensation.
Special rules may permit "catch-up" contributions during the three years
preceding normal retirement age under the EDC plan. If the plan provides for
catch-up contributions for any of the 3 years of service preceding the plan
retirement age, the maximum contribution for an individual eligible to make
such catch-up contributions is twice the otherwise applicable dollar limit, or
$31,000 for 2007.
If the plan permits, an individual at least age 50 at any time during 2007 may
be able to make up to $5,000 additional salary reduction contributions. An
individual must coordinate this "age 50" catch-up with the other "last 3 years
of service" catch up.
ROLLOVER CONTRIBUTIONS. Eligible rollover distributions of pre-tax funds from
403(b) plans (TSAs), 401(a) qualified plans, other governmental employer EDC
plans and traditional IRAs may be rolled over into other such plans. The
recipient plan must agree to take the distribution. If the source of the
eligible rollover distribution is not a governmental employer EDC plan and the
recipient plan is a governmental employer EDC plan, the recipient governmental
employer EDC plan must agree to separately account for the rolled-over funds.
Before you decide to roll over your payment to another employer plan, you
should check with the administrator of that plan about whether the plan accepts
rollovers and, if so, the types of distributions it accepts. You should also
check with the administrator of the receiving plan about any documents required
to be completed before it will accept a rollover.
You should discuss with your tax adviser whether you should consider rolling
over funds from one type of tax qualified retirement plan to another, because
the funds will generally be subject to the rules of the recipient plan. For
example, funds in a governmental employer EDC plan are not subject to the
additional 10% federal income tax penalty for premature distributions, but they
may become subject to this penalty if you roll the funds to a different type of
eligible retirement plan and subsequently take a premature distribution.
WITHDRAWAL LIMITS. In general, no amounts may be withdrawn from an EDC plan
prior to the calendar year in which the employee attains age 70-1/2, severs from
employment with the employer or is faced with an unforeseeable emergency.
Income or gains on contributions under an EDC plan are subject to federal
income tax when amounts are distributed to the employee or beneficiary. For
funds rolled over from another eligible retirement plan, the IRS has ruled that
an exception is available in certain situations to withdrawal restrictions that
would otherwise apply to the rollover contribution funds in the recipient plan,
because the funds are accounted for separately. Small amounts (up to $5,000)
may be taken out by the plan participant or forced out by the plan under
certain circumstances, even though the plan participant may still be working
and amounts would not otherwise be made available. Such a mandatory forced-out
distribution is an eligible rollover distribution. Treasury Regulations require
a direct rollover to a traditional IRA established for a plan participant who
does not affirmatively designate an eligible retirement plan to receive such a
mandatory distribution.
DISTRIBUTION REQUIREMENTS. EDC plans are subject to minimum distribution rules
similar to those that apply to TSAs. See "Required minimum distributions" later
in this prospectus. That is, distributions from EDC plans generally must start
no later than April 1st of the calendar year following the calendar year in
which the employee attains age 70-1/2 or retires from service with the employer
maintaining the EDC plan, whichever is later. Failure to make required
distributions may cause the disqualification of the EDC plan. Disqualification
may result in current taxation of EDC plan benefits. In addition, a 50% penalty
tax is imposed on the difference between the required distribution amount and
the amount actually distributed, if any. It is the plan administrator's
responsibility to see that minimum distributions from an EDC plan are made.
If the EDC plan provides, a deceased employee's beneficiary may be able to
elect to receive death benefits in installments instead of a lump sum, and the
payments will be taxed as they are received.
TAX TREATMENT OF DISTRIBUTIONS. The taxation of distributions from a
governmental employer EDC plan is generally the same as the tax treatment of
distributions from TSAs discussed earlier in this prospectus. That is, amounts
are generally not subject to tax until actually distributed and amounts may be
subject to 20% federal income tax withholding. See "Federal and State income
tax withholding and information reporting" later in this prospectus. However,
distributions from a governmental employer EDC plan are generally not subject
to the additional 10% federal income tax penalty for pre-age 59-1/2
distributions.
46 Tax information
TAX-DEFERRED ROLLOVERS. A participant in a governmental employer EDC plan, or
in certain cases, a beneficiary, may be able to roll over an eligible rollover
distribution from the plan to a traditional IRA, qualified plan or TSA, as well
as to another governmental employer EDC plan. The recipient plan must agree to
take the distribution.
If you roll over funds from a governmental employer EDC plan into a different
type of eligible retirement plan (qualified plan, TSA, or traditional IRA), any
subsequent distributions may be subject to the 10% federal income tax penalty
noted above. Before you decide to roll over your payment to another employer
plan, you should check with the administrator of that plan about whether the
plan accepts rollovers and, if so, the types of distributions it accepts. You
should also check with the administrator of the receiving plan about any
documents required to be completed before it will accept a rollover.
LOANS. Same as for TSAs. (See "Loans from TSAs" under "Distributions from TSAs"
earlier in this prospectus.)
BACKGROUND ON REGULATIONS--REQUIRED MINIMUM DISTRIBUTIONS
If you are a participant in a 403(b) plan or a governmental employer EDC plan,
the required minimum distribution rules force you to start calculating and
taking annual distributions from these tax-favored retirement plans and
arrangements by a specified date. The beginning date depends on the type of
plan or arrangement, and your age and retirement status. The distribution
requirements are designed to use up your interest in the plan over your life
expectancy. Whether the correct amount has been distributed is calculated on a
year-by-year basis; there are no provisions to allow amounts taken in excess of
the required amount to be carried back to other years.
Distributions must be made according to rules in the Code and Treasury
Regulations and the terms of the plan. Beginning in 2006, certain provisions of
the Treasury Regulations require that the actuarial present value of additional
annuity contract benefits must be added to the dollar amount credited for
purposes of calculating certain types of required minimum distributions from
annuity contracts funding tax qualified retirement plans, including 403(b) TSAs
and 457 plans. For this purpose additional annuity contract benefits may
include enhanced death benefits. If you take annual withdrawals instead of
receiving annuity payments, this could increase the amount required to be
distributed from these contracts.
LIFETIME REQUIRED MINIMUM DISTRIBUTIONS -- WHEN YOU HAVE TO TAKE THE FIRST
REQUIRED MINIMUM DISTRIBUTION
Generally, TSA and EDC plan participants must take the first required minimum
distribution for the calendar year in which the participant turns age 70-1/2.
However, TSA and EDC plan participants may be able to delay the start of
required minimum distributions for all or part of the account balance until
after age 70-1/2, as follows:
o For TSA and EDC plan participants who have not retired from service with the
employer who provided the funds for this TSA or EDC contract by the calendar
year the participant turns age 70-1/2, the required beginning date for
minimum distributions is extended to April 1st following the calendar year
of retirement.
o TSA plan participants may also delay the start of required minimum
distributions to age 75 of the portion of their account value attributable
to their December 31, 1986 TSA account balance, even if retired at age
70-1/2.
The first required minimum distribution is for the calendar year in which you
turn age 70-1/2, or the year you retire, if you are eligible for the delayed
start rule. You have the choice to take this first required minimum
distribution during the calendar year you turn 70-1/2 or retire or to delay
taking it until the first three-month period in the next calendar year (January
1 - April 1). Distributions must start no later than your "Required Beginning
Date," which is April 1st of the calendar year after the calendar year in which
you turn age 70-1/2 or retire if you are eligible for the delayed start rule. If
you choose to delay taking the first annual minimum distribution, then you will
have to take two minimum distributions in that year -- the delayed one for the
first year and the one actually for that year. Once minimum distributions
begin, they must be made at some time each year.
HOW YOU CALCULATE REQUIRED MINIMUM DISTRIBUTIONS
There are two approaches to taking required minimum distributions --
"account-based" or "annuity-based."
ACCOUNT-BASED METHOD. If you choose an "account-based" method, you divide the
value of your TSA or EDC as of December 31st of the past calendar year by a
number corresponding to your age from an IRS table to give you the required
minimum distribution amount for that particular plan or arrangement for that
year. If your spouse is your sole beneficiary and more than 10 years younger
than you, the dividing number you use may be from another IRS table and may
produce a smaller lifetime required minimum distribution amount. Regardless of
the table used, the required minimum distribution amount will vary each year as
the account value, the actuarial present value of additional annuity contract
benefits, if applicable, and the divisor change. If you initially choose an
account-based method, you may be able to later apply your funds to a life
annuity-based payout with any certain period not exceeding remaining life
expectancy, determined in accordance with IRS tables.
ANNUITY-BASED METHOD. If you choose an annuity-based method you do not have to
do annual calculations. You apply the account value to an annuity payout for
your life or the joint lives of you and a designated beneficiary, or for a
period certain not extending beyond applicable life expectancies, determined in
accordance with IRS tables.
DO YOU HAVE TO PICK THE SAME METHOD TO CALCULATE YOUR REQUIRED MINIMUM
DISTRIBUTIONS FOR ALL OF YOUR RETIREMENT PLANS?
No, if you want, you can choose a different method for each of your retirement
plans. For example, you can choose an annuity payout from your TSA certificate,
a different annuity payout from a qualified plan, and an account-based annual
withdrawal from another IRA.
WILL WE PAY YOU THE ANNUAL AMOUNT EVERY YEAR FROM YOUR CERTIFICATE BASED ON THE
METHOD YOU CHOOSE?
We will only pay you automatically if you affirmatively select an annuity
payout option or an account-based withdrawal option such as our required
minimum distribution (RMD) automatic withdrawal option.
Tax information 47
Otherwise, you will be responsible each year for asking us to pay the required
minimum distribution withdrawal to you.
The IRS will let you calculate the required minimum distribution for each TSA
that you maintain, using the method that you picked for that particular 403(b)
arrangement. You can add these required minimum distribution amount
calculations together. As long as the total amount you take out every year
satisfies your overall TSA required minimum distribution amount, you may choose
to take your annual required minimum distribution from any one or more TSA
contracts or custodial accounts that you own.
WHAT IF YOU TAKE MORE THAN YOU NEED TO FOR ANY YEAR?
The required minimum distribution amount for each of your plans and
arrangements is calculated on a year-by-year basis. There are no carry-back or
carry-forward provisions. Also, you cannot apply required minimum distribution
amounts you take from your qualified plans or TSAs to the amounts you have to
take from your traditional IRAs and vice-versa.
WHAT IF YOU TAKE LESS THAN YOU NEED TO FOR ANY YEAR?
Your plan or arrangement could be disqualified, and you could have to pay tax
on the entire value. Even if your plan or arrangement is not disqualified, you
could have to pay a 50% penalty tax on the shortfall (required amount less
amount actually taken). It is your responsibility to meet the required minimum
distribution rules. We will remind you when our records show that you are
within the age-group which must take lifetime required minimum distributions.
If this is a TSA and you do not select a method with us, we will assume you are
taking your required minimum distribution from another TSA contract or
custodial account that you own. Note that in the case of an EDC plan the
distribution must be taken annually from the EDC contract.
WHAT ARE THE REQUIRED MINIMUM DISTRIBUTION PAYMENTS AFTER YOU DIE? These could
vary, depending on whether you die before or after your Required Beginning Date
for lifetime required minimum distribution payments, and the status of your
beneficiary. The following assumes you have not yet elected an annuity-based
payout at the time of your death. If you elect an annuity-based payout,
payments (if any) after your death must be made at least as rapidly as when you
were alive.
INDIVIDUAL BENEFICIARY. Regardless of whether your death occurs before or after
your Required Beginning Date, an individual death beneficiary calculates annual
post-death required minimum distribution payments based on the beneficiary's
life expectancy using the "term certain method." That is, he or she determines
his or her life expectancy using the IRS-provided life expectancy tables as of
the calendar year after the owner's or the participant's death and reduces that
number by one each subsequent year.
If you die before your Required Beginning Date, the rules permit any individual
beneficiary, including a spousal beneficiary, to elect instead to apply the
"5-year rule." Under this rule, instead of annual payments having to be made
beginning with the first in the year following the owner's death, the entire
account must be distributed by the end of the calendar year which contains the
fifth anniversary of the owner's death. No distribution is required for a year
before that fifth year.
SPOUSAL BENEFICIARY. If you die after your Required Beginning Date, and your
death beneficiary is your surviving spouse, your spouse has a number of
choices. Post-death distributions may be made over your spouse's single life
expectancy. Any amounts distributed after that surviving spouse's death are
made over the spouse's life expectancy calculated in the year of his/her death,
reduced by one for each subsequent year.
If you die before your Required Beginning Date, and the death beneficiary is
your surviving spouse, the rules permit the spouse to delay starting payments
over his/her life expectancy until the year in which you would have attained
age 70-1/2. Rollovers to another eligible retirement plan, including a
traditional IRA, may be available to a surviving spouse death beneficiary.
NON-INDIVIDUAL BENEFICIARY. If you die after your Required Beginning Date, and
your death beneficiary is a non-individual such as the estate, the rules permit
the beneficiary to calculate the post-death required minimum distribution
amounts based on the owner's life expectancy in the year of death. However,
note that we need an individual participant to keep an annuity contract in
force. If the beneficiary is not an individual, we must distribute amounts
remaining in the annuity contract after the death of the participant.
If you die before your Required Beginning Date for lifetime required minimum
distribution payments and the death beneficiary is a non-individual such as the
estate, the rules continue to apply the 5-year rule discussed above under
"Individual beneficiary." Please note that we need an individual participant to
keep an annuity contract in force. If the beneficiary is not an individual, we
must distribute amounts remaining in the annuity contract after the death of
the participant.
ERISA MATTERS
ERISA rules are designed to save and protect qualified retirement plan assets
to be paid to plan participants when they retire.
Some TSAs may be subject to Title I of ERISA, generally dependent on the level
of employer involvement, for example, if the employer makes matching
contributions.
In addition, certain loan rules apply only to loans under ERISA plans:
o For contracts which are subject to ERISA, the trustee or sponsoring employer
is responsible for ensuring that any loan meets applicable DOL requirements.
It is the responsibility of the plan administrator, the trustee of the
qualified plan and/or the employer, and not AXA Equitable, to properly
administer any loan made to plan participants.
o With respect to specific loans made by the plan to a plan participant, the
plan administrator determines the interest rate, the maximum term consistent
with EQUI-VEST(SM) Strategies processing and all other terms and conditions
of the loan.
o Only 50% of the participant's vested account balance may serve as security
for a loan. To the extent that a participant borrows an
48 Tax information
amount which should be secured by more than 50% of the participant's vested
account balance, it is the responsibility of the trustee or plan
administrator to obtain the additional security.
o Each new or renewed loan must bear a reasonable rate of interest
commensurate with the interest rates charged by persons in the business of
lending money for loans that would be made under similar circumstances.
o Loans must be available to all plan participants, former participants (or
death beneficiaries of participants) who still have account balances under
the plan, and alternate payees on a reasonably equivalent basis.
o Plans subject to ERISA provide that the participant's spouse must consent in
writing to the loan.
CERTAIN RULES APPLICABLE TO PLANS DESIGNED TO COMPLY WITH SECTION 404(C) OF
ERISA
Section 404(c) of ERISA, and the related DOL regulation, provide that if a plan
participant or beneficiary exercises control over the assets in his or her plan
account, plan fiduciaries will not be liable for any loss that is the direct
and necessary result of the plan participant's or beneficiary's exercise of
control. As a result, if the plan complies with Section 404(c) and the DOL
regulation thereunder, the plan participant can make and is responsible for the
results of his or her own investment decisions.
Section 404(c) plans must provide, among other things, that a broad range of
investment choices are available to plan participants and beneficiaries and
must provide such plan participants and beneficiaries with enough information
to make informed investment decisions. Compliance with the Section 404(c)
regulation is completely voluntary by the plan sponsor and the plan sponsor may
choose not to comply with Section 404(c).
The EQUI-VEST(SM) Strategies TSA contracts provide the broad range of investment
choices and information needed in order to meet the requirements of the Section
404(c) regulation. If the plan is intended to be a Section 404(c) plan, it is,
however, the plan sponsor's responsibility to see that the requirements of the
DOL regulation are met. AXA Equitable and its financial professionals shall not
be responsible if a plan fails to meet the requirements of Section 404(c).
FEDERAL AND STATE INCOME TAX WITHHOLDING AND INFORMATION REPORTING
We must withhold federal income tax from distributions from annuity contracts.
You may be able to elect out of this income tax withholding in some cases.
Generally, we do not have to withhold if your distributions are not taxable.
The rate of withholding will depend on the type of distribution and, in certain
cases, the amount of your distribution. Any income tax withheld is a credit
against your income tax liability. If you do not have sufficient income tax
withheld or do not make sufficient estimated income tax payments, you may incur
penalties under the estimated income tax rules.
You must file your request not to withhold in writing before the payment or
distribution is made. Our processing office will provide forms for this
purpose. You cannot elect out of withholding unless you provide us with your
correct Taxpayer Identification Number and a United States residence address.
You cannot elect out of withholding if we are sending the payment out of the
United States.
We might have to withhold and/or report on amounts we pay under a free look or
cancellation.
Special withholding rules apply to foreign recipients and United States
citizens residing outside the United States. We do not discuss these rules here
in detail. However, we may require additional documentation in the case of
payments made to non-United States persons and United States persons living
abroad prior to processing any requested transaction.
Certain states have indicated that state income tax withholding will also apply
to payments from the contracts made to residents. In some states, you may elect
out of state withholding, even if federal withholding applies. Generally, an
election out of federal withholding will also be considered an election out of
state withholding. If you need more information concerning a particular state
or any required forms, call our processing office at the toll-free number.
FEDERAL INCOME TAX WITHHOLDING ON PERIODIC ANNUITY PAYMENTS
We withhold differently on "periodic" and "non-periodic" payments. For a
periodic annuity payment, for example, unless you specify a different number of
withholding exemptions, we withhold assuming that you are married and claiming
three withholding exemptions. If you do not give us your correct Taxpayer
Identification Number, we withhold as if you are single with no exemptions.
Based on the assumption that you are married and claiming three withholding
exemptions, if you receive less than $18,240 in periodic annuity payments in
2007 your payments will generally be exempt from federal income tax
withholding. You could specify a different choice of withholding exemption or
request that tax be withheld. Your withholding election remains effective
unless and until you revoke it. You may revoke or change your withholding
election at any time.
FEDERAL INCOME TAX WITHHOLDING ON NON-PERIODIC ANNUITY PAYMENTS (WITHDRAWALS)
For a non-periodic distribution (total surrender or partial withdrawal), and
any distribution from a TSA or governmental employer EDC plan which is not an
eligible rollover distribution we generally withhold at a flat 10% rate.
You cannot elect out of withholding if the payment is an "eligible rollover
distribution" from a TSA or governmental employer EDC plan. If a non-periodic
distribution from a TSA or governmental employer EDC plan is not an "eligible
rollover distribution" then the 10% withholding rate applies.
MANDATORY WITHHOLDING FROM TSA, GOVERNMENTAL EMPLOYER EDC AND QUALIFIED PLAN
DISTRIBUTIONS
Unless you have the distribution go directly to the new plan, eligible rollover
distributions from governmental employer EDC plans and
Tax information 49
TSAs are subject to mandatory 20% withholding. The plan administrator is
responsible for withholding from governmental employer EDC plan distributions.
An eligible rollover distribution from one of these eligible retirement plans
can be rolled over to another one of these eligible retirement plans or a
traditional IRA. All distributions from a TSA, governmental employer EDC plan
or qualified plan are eligible rollover distributions unless they are on the
following list of exceptions:
o any distributions which are "required minimum distributions" after age
70-1/2 or retirement; or
o hardship withdrawals; or
o substantially equal periodic payments made at least annually for your life
(or life expectancy) or the joint lives (or joint life expectancy) of you
and your designated beneficiary; or
o substantially equal periodic payments made for a specified period of 10
years or more; or
o corrective distributions which fit specified technical tax rules; or
o loans that are treated as distributions; or
o a death benefit payment to a beneficiary who is not your surviving spouse;
or
o a qualified domestic relations order distribution to a beneficiary who is
not your current spouse or former spouse.
A death benefit payment to your surviving spouse, or a qualified domestic
relations order distribution to your current or former spouse, may be a
distribution subject to mandatory 20% withholding.
IMPACT OF TAXES TO AXA EQUITABLE
The contracts provide that we may charge Separate Account A for taxes. We do
not now, but may in the future set up reserves for such taxes.
50 Tax information
8. More information
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ABOUT OUR SEPARATE ACCOUNT A
Each variable investment option is a subaccount of our Separate Account A. We
established Separate Account A in 1968 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 variable investment options for
owners of our variable annuity contracts. We are the legal owner of all of the
assets in Separate Account A and may withdraw any amounts that exceed our
reserves and other liabilities with respect to variable investment options
under our contracts. The results of Separate Account A's operations are
accounted for without regard to AXA Equitable's other operations. The amount of
some of our obligations under the contracts and certificates is based on the
assets in Separate Account A. However, the obligations themselves are
obligations of AXA Equitable.
Separate Account A is registered under the Investment Company Act of 1940 and
is registered and classified under that act as a "unit investment trust." The
SEC, however, does not manage or supervise AXA Equitable or Separate Account A.
Although Separate Account A is registered, the SEC does not monitor the
activity of Separate Account A 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 1940.
Each subaccount (variable investment option) within Separate Account A invests
solely in Class IA/A or Class IB/B shares issued by the corresponding portfolio
of its Trust.
We reserve the right subject to compliance with laws that apply:
(1) to add variable investment options to, or to remove variable investment
options from, Separate Account A, or to add other separate accounts;
(2) to combine any two or more variable investment options;
(3) to transfer the assets we determine to be the shares of the class of
contracts to which the contracts belong from any variable investment option
to another variable investment option;
(4) to operate Separate Account A or any variable investment option 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 A or a
variable investment option directly);
(5) to deregister Separate Account A under the Investment Company Act of 1940;
(6) to restrict or eliminate any voting rights as to Separate Account A;
(7) to cause one or more variable investment options to invest some or all of
their assets in one or more other trusts or investment companies; and
(8) to unilaterally change the contract and your certificate 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 and your certificate must be in writing and made by
our authorized officer. We will provide notice of any contract and certificate
changes.
ABOUT THE TRUSTS
The Trusts are registered under the Investment Company Act of 1940. They are
classified as "open-end management investment companies," more commonly called
mutual funds. Each Trust issues different shares relating to each portfolio.
The Trusts do not impose sales charges or "loads" for buying and selling their
shares. All dividends and other distributions on the Trusts' shares are
reinvested in full. The Board of Trustees or Board of Directors, as applicable,
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 relating to its Class IB/B shares, and other aspects of its
operations, appears in the prospectuses for each Trust, which generally
accompany this prospectus, or in their respective SAIs, which are available
upon request.
ABOUT OUR FIXED MATURITY OPTIONS
RATES TO MATURITY AND PRICE PER $100 OF MATURITY VALUE
We can determine the amount required to be allocated to one or more fixed
maturity options in order to produce specified maturity values. For example, we
can tell you how much you need to allocate per $100 of maturity value.
The rates to maturity are determined weekly. The rates in the table are
illustrative only and will most likely differ from the rates applicable at time
of purchase. Current rates to maturity can be obtained through TOPS or EQAccess
or from your financial professional.
The rates to maturity for new allocations as of February 15, 2007 and the
related price per $100 of maturity value were as shown below:
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Fixed Maturity Options
with June 15th Maturity Rate to Maturity as of Price Per $100 of
Date of Maturity Year February 15, 2007 Maturity Value
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2007 3.70% $ 98.81
2008 3.75% $ 95.22
2009 3.80% $ 91.67
2010 3.85% $ 88.17
2011 3.90% $ 84.73
2012 3.95% $ 81.33
2013 4.10% $ 77.53
2014 4.15% $ 74.21
2015 4.20% $ 70.97
2016 4.30% $ 67.50
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More information 51
HOW WE DETERMINE THE MARKET VALUE ADJUSTMENT
We use the following procedure to calculate the market value adjustment (up or
down) we make if you withdraw all of your value from a fixed maturity option
before its maturity date.
(1) We determine the market adjusted amount on the date of the withdrawal as
follows:
(a) We determine the fixed maturity amount that would be payable on the
maturity date, using the rate to maturity for the fixed maturity option.
(b) We determine the period remaining in your fixed maturity option (based
on the withdrawal date) and convert it to fractional years based on a
365-day year. For example, three years and 12 days becomes 3.0329.
(c) We determine the current rate to maturity that applies on the withdrawal
date to new allocations to the same fixed maturity option.
(d) We determine the present value of the fixed maturity amount payable at
the maturity date, using the period determined in (b) and the rate
determined in (c).
(2) We determine the fixed maturity amount as of the current date.
(3) We subtract (2) from the result in (1)(d). The result is the market value
adjustment applicable to such fixed maturity option, which may be positive
or negative.
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Your market adjusted amount is the present value of the maturity value
discounted at the rate to maturity in effect for new contributions to that same
fixed maturity option on the date of the calculation.
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If you withdraw only a portion of the amount in a fixed maturity option, the
market value adjustment will be a percentage of the market value adjustment
that would have applied if you had withdrawn the entire value in that fixed
maturity option. This percentage is equal to the percentage of the value in the
fixed maturity option that you are withdrawing. Any withdrawal charges that are
deducted from a fixed maturity option will result in a market value adjustment
calculated in the same way. See Appendix II later in this Prospectus for an
example.
For purposes of calculating the rate to maturity for new allocations to a fixed
maturity option (see (1)(c) above), we use the rate we have in effect for new
allocations to that fixed maturity option. We use this rate even if new
allocations to that option would not be accepted at that time. This rate will
not be less than 3%. If we do not have a rate to maturity in effect for a fixed
maturity option to which the "current rate to maturity" in (1)(c) above would
apply, we will use the rate at the next closest maturity date. If we are no
longer offering new fixed maturity options, the "current rate to maturity" will
be determined in accordance with our procedures then in effect. We reserve the
right to add up to 0.50% to the current rate in (1)(c) above for purposes of
calculating the market value adjustment only.
INVESTMENTS UNDER THE FIXED MATURITY OPTIONS
Amounts allocated to the fixed maturity options are held in a "nonunitized"
separate account we have established under the New York Insurance Law. This
separate account provides an additional measure of assurance that we will make
full payment of amounts due under the fixed maturity options. Under New York
Insurance Law, the portion of the separate account's assets equal to the
reserves and other contract liabilities relating to the contracts are not
chargeable with liabilities from any other business we may conduct. We own the
assets of the separate account, as well as any favorable investment performance
on those assets. You do not participate in the performance of the assets held
in this separate account. We may, subject to state law that applies, transfer
all assets allocated to the separate account to our general account. We
guarantee all benefits relating to your value in the fixed maturity options,
regardless of whether assets supporting fixed maturity options are held in a
separate account or our general account.
We have no specific formula for establishing the rates to maturity for the
fixed maturity options. We expect the rates to be influenced by, but not
necessarily correspond to, among other things, the yields that we can expect to
realize on the separate account's investments from time to time. Our current
plans are to invest in fixed-income obligations, including corporate bonds,
mortgage-backed and asset-backed securities and government and agency issues
having durations in the aggregate consistent with those of the fixed maturity
options.
Although the above generally describes our plans for investing the assets
supporting our obligations under the fixed maturity options under the
contracts, we are not obligated to invest those assets according to any
particular plan except as we may be required to by state insurance laws. We
will not determine the rates to maturity we establish by the performance of the
nonunitized separate account.
ABOUT THE GENERAL ACCOUNT
Our general account supports all of our policy and contract guarantees,
including those that apply to the guaranteed interest option and the fixed
maturity options as well as our general obligations.
The general account is subject to regulation and supervision by the Insurance
Department of the State of New York and to the insurance laws and regulations
of all jurisdictions where we are authorized to do business. The interests
under the contract in the general account are issued by AXA Equitable.
Interests 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 1940. The market value adjustment interests under the contracts, which are
held in a separate account, are issued by AXA Equitable and are registered
under the Securities Act of 1933. 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.
52 More information
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 generally is any day on which the New York Stock Exchange is
open for trading. A business day does not include any day we choose not to open
due to emergency conditions. We may also close early due to emergency
conditions. Our business day generally ends at 4:00 p.m., Eastern Time for
purposes of determining the date when contributions are applied and any other
transaction requests are processed. Contributions will be applied and any other
transaction requests will be processed when they are received along with all
the required information unless another date applies as indicated below.
o 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.
o When a charge is to be deducted on a contract date anniversary that is a
non-business day, we will deduct the charge on the next business day.
o Quarterly rebalancing will be processed on a calendar year basis. Semiannual
or annual rebalancing will be processed on the first business day of the
month. Rebalancing will not be done retroactively.
CONTRIBUTIONS, TRANSFERS, WITHDRAWALS AND SURRENDERS
o Contributions allocated to the variable investment options are invested at
the unit value next determined after the receipt of the contribution.
o Contributions allocated to a fixed maturity option will receive the rate to
maturity in effect for that fixed maturity option on that business day.
o Contributions allocated to the guaranteed interest option will receive the
guaranteed interest rate in effect on that business day.
o If a fixed maturity option is scheduled to mature on June 15th and June 15th
is a non-business day, that fixed maturity option will mature on the prior
business day.
o Transfers to or from variable investment options will be made at the unit
value next determined after the receipt of the transfer request.
o Transfers to the guaranteed interest option will receive the guaranteed
interest rate in effect on that business day.
o Transfers to a fixed maturity option will receive the rate to maturity in
effect for that fixed maturity option on that business day.
o Transfers out of a fixed maturity option will be at the market adjusted
amount on that business day.
o For the fixed-dollar option, the first monthly transfer will occur on the
last business day of the month in which we receive your election form at our
processing office.
o For the interest sweep, the first monthly transfer will occur on the last
business day of the month following the month that we receive your election
form at our processing office.
o Requests for withdrawals or surrenders will occur on the business day that
we receive the information that we require.
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:
o the election of trustees; or
o the formal approval of independent auditors selected for each Trust; or
o any other matters described in each prospectus for the Trusts or requiring a
shareholders' vote under the Investment Company Act of 1940.
We will give participants 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 participants, 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
participants vote.
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 participants arising out of these
arrangements. However, the Board of Trustees or Directors of each Trust intend
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 participants, we
will see to it that appropriate action is taken to do so.
SEPARATE ACCOUNT A VOTING RIGHTS
If actions relating to Separate Account A require participant approval,
participants will be entitled to one vote for each unit they have in the
variable investment options. Each participant who has elected a variable
annuity payout option may cast the number of votes equal to the dollar amount
of reserves we are holding for that annuity in a variable investment option
divided by the annuity unit value for that option. We will cast votes
attributable to any amounts we have in the variable investment options in the
same proportion as votes cast by participants.
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
More information 53
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 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 participant's interest in Separate Account A, nor would any of these
proceedings be likely to have a material adverse effect upon Separate Account
A, our ability to meet our obligations under the certificates, or the
distribution of the certificates.
FINANCIAL STATEMENTS
The financial statements of Separate Account A, as well as the consolidated
financial statements of AXA Equitable, are in the SAI. The SAI is available
free of charge. You may request one by writing our processing office or calling
1-800-628-6673.
TRANSFERS OF OWNERSHIP, COLLATERAL ASSIGNMENTS, LOANS, AND BORROWING
The owner may not assign a contract or certificate for any purpose.
You cannot assign a certificate as security for a loan or other obligation.
Loans from account value, however, are permitted unless restricted by the
employer.
FUNDING CHANGES
The employer or trustee can change the funding vehicle for the plan.
DISTRIBUTION OF THE CONTRACTS
The contracts are distributed by both AXA Advisors, LLC ("AXA Advisors") and
AXA Distributors, LLC ("AXA Distributors") (together, the "Distributors"). The
Distributors serve as principal underwriters of Separate Account A. The
offering of the contracts is intended to be continuous.
AXA Advisors is an affiliate of AXA Equitable, and AXA Distributors is an
indirect wholly owned subsidiary of AXA Equitable. The Distributors are under
the common control of AXA Financial, Inc. Their principal business address is
1290 Avenue of the Americas, New York, NY 10104. The Distributors are
registered with the SEC as broker-dealers and are members of the National
Association of Securities Dealers, Inc. ("NASD"). Both broker-dealers also act
as distributors for other AXA Equitable life and annuity products.
The contracts are sold by financial professionals of AXA Advisors and its
affiliates. The contracts are also sold by financial professionals of both
affiliated and unaffiliated broker-dealers that have entered into selling
agreements with the Distributors ("Selling broker-dealers").
AXA Equitable pays compensation to both Distributors based on contracts sold.
Compensation paid to AXA Advisors is based on contributions made on the
contracts sold through AXA Advisors ("contribution-based compensation") and
will generally not exceed 16.0% of total contributions. AXA Advisors, in turn,
may pay a portion of the contribution-based compensation received from AXA
Equitable on the sale of a contract to the AXA Advisors financial professional
and/or Selling broker-dealer making the sale. In some instances, a financial
professional or Selling broker-dealer may elect to receive reduced
contribution-based compensation on a contract in combination with ongoing
annual compensation of up to 0.70% of the account value of the contract sold
("asset-based compensation"). Total compensation paid to a financial
professional or a Selling broker-dealer electing to receive both
contribution-based and asset-based compensation could over time exceed the
total compensation that would otherwise be paid on the basis of contributions
alone. The contribution-based and asset-based compensation paid by AXA Advisors
varies among financial professionals and among Selling broker-dealers.
Contribution-based compensation paid by AXA Equitable to AXA Distributors on
sales of AXA Equitable contracts by its Selling broker-dealers will generally
not exceed 12.0% of the total contributions made under the contracts. AXA
Distributors, in turn, pays the contribution-based compensation it receives on
the sale of a contract to the Selling broker-dealer making the sale. In some
instances, the Selling broker-dealer may elect to receive reduced
contribution-based compensation on the sale of a contract in combination with
annual asset-based compensation of up to 0.35% of contract account value. If a
Selling broker-dealer elects to receive reduced contribution-based compensation
on a contract, the contribution-based compensation which AXA Equitable pays to
AXA Distributors will be reduced by the same amount and AXA Equitable will pay
AXA Distributors asset-based compensation on the contract equal to the
asset-based compensation which AXA Distributors pays to the Selling broker-
dealer. Total compensation paid to a Selling broker-dealer electing to receive
both contribution-based and asset-based compensation could over time exceed the
total compensation that would otherwise be paid on the basis of contributions
alone. The contribution-based and asset-based compensation paid by AXA
Distributors varies among Selling broker-dealers. AXA Distributors also
receives compensation and reimbursement for its marketing services under the
terms of its distribution agreement with AXA Equitable.
The Distributors may pay certain affiliated and/or unaffiliated Selling
broker-dealers and other financial intermediaries additional compensation in
recognition of certain expenses that may be incurred by them or on their
behalf. The Distributors may also pay certain broker-dealers or other financial
intermediaries additional compensation for enhanced marketing opportunities and
other services (commonly referred to as "marketing allowances"). Services for
which such payments are made may include, but are not limited to, the preferred
placement of AXA Equitable and/or EQUI-VEST(SM) Strategies on a company and/or
product list; sales personnel training; product training; business reporting;
technological support; due diligence and related costs; advertising, marketing
and related services; conferences; and/or other support services, including
some that may benefit the contract owner. Payments may be based on the amount
of assets or purchase payments attributable to contracts sold through a Selling
broker-dealer or, in the case of conference support, such payments may be a
fixed amount. The Distributors may also make fixed payments to Selling
broker-dealers in connection with the initiation of a new
54 More information
relationship or the introduction of a new product. These payments may serve as
an incentive for Selling broker-dealers to promote the sale of particular
products. Additionally, as an incentive for financial professionals of Selling
broker-dealers to promote the sale of AXA Equitable products, the Distributors
may increase the sales compensation paid to the Selling broker-dealer for a
period of time (commonly referred to as "compensation enhancements"). Marketing
allowances and sales incentives are made out of the Distributors' assets. Not
all Selling broker-dealers receive these kinds of payments. For more
information about any such arrangements, ask your financial professional.
The Distributors receive 12b-1 fees from certain portfolios for providing
certain distribution and/or shareholder support services. The Distributors or
their affiliates may also receive payments from the advisers of the portfolios
or their affiliates to help defray expenses for sales meetings or seminar
sponsorships that may relate to the contracts and/or the advisers' respective
portfolios.
In an effort to promote the sale of our products, AXA Advisors may provide its
financial professionals and managerial personnel with a higher percentage of
sales commissions and/or cash compensation for the sale of an affiliated
variable product than it would the sale of an unaffiliated product. Such
practice is known as providing "differential compensation." AXA Advisors may
provide other forms of compensation to its financial professionals, including
health and retirement benefits. In addition, managerial personnel may receive
expense reimbursements, marketing allowances and commission-based payments
known as "overrides." Certain components of the compensation of financial
professionals who are managers are based on the sale of affiliated variable
products. Managers earn higher compensation (and credits toward awards and
bonuses) if those they manage sell more affiliated variable products. For tax
reasons, AXA Advisors financial professionals qualify for health and retirement
benefits based solely on their sales of our affiliated products.
These payments and differential compensation (together, the "payments") can
vary in amount based on the applicable product and/or entity or individual
involved. As with any incentive, such payments may cause the financial
professional to show preference in recommending the purchase or sale of AXA
Equitable products. However, under applicable rules of the NASD, AXA Advisors
may only recommend to you products that they reasonably believe are suitable
for you based on facts that you have disclosed as to your other security
holdings, financial situation and needs. In making any recommendation,
financial professionals of AXA Advisors may nonetheless face conflicts of
interest because of the differences in compensation from one product category
to another, and because of differences in compensation between products in the
same category.
In addition, AXA Advisors may offer sales incentive programs to financial
professionals who meet specified production levels for the sale of both
affiliated and unaffiliated products which provide non-cash compensation such
as stock options awards and/or stock appreciation rights, expense-paid trips,
expense-paid educational seminars and merchandise.
Although AXA Equitable takes all of its costs into account in establishing the
level of fees and expenses in its products, any contribution-based and
asset-based compensation paid by AXA Equitable to the Distributors will not
result in any separate charge to you under your contract. All payments made
will be in compliance with all applicable NASD rules and other laws and
regulations.
More information 55
9. Incorporation of certain documents by reference
- --------------------------------------------------------------------------------
AXA Equitable's Annual Report on Form 10-K for the period ended December 31,
2006 (the "Annual Report") is considered to be part of this prospectus because
it is incorporated by reference. AXA Equitable intends to send owners account
statements and other such legally-required reports. AXA Equitable does not
anticipate such reports will include periodic financial statements or
information concerning AXA Equitable.
AXA Equitable files reports and other information with the SEC, as required by
law. You may read and copy this information at the SEC's public reference
facilities at Room 1580, 100 F Street, NE, Washington, DC 20549, or by
accessing the SEC's website at www.sec.gov. The public may obtain information
on the operation of the Public Reference Room by calling the SEC at
1-800-SEC-0330. Under the Securities Act of 1933, AXA Equitable has filed with
the SEC a registration statement relating to the Market Value Adjustment (the
"Registration Statement"). This prospectus has been filed as part of the
Registration Statement and does not contain all of the information set forth in
the Registration Statement. Please see the Registration Statement for
additional information concerning the Market Value Adjustment.
The Annual Report includes the audited consolidated financial statements of AXA
Equitable at December 31, 2006 and 2005 and for each of the three years in the
period ended December 31, 2006 (the "AXA Equitable Financial Statements"). The
AXA Equitable Financial Statements are included in the Annual Report and
incorporated by reference into this prospectus in reliance on the report of
PricewaterhouseCoopers LLP, an independent registered public accounting firm.
The AXA Equitable Financial Statements are also included in the Annual Report
and incorporated by reference into this prospectus in reliance on the reports
of KPMG LLP, an independent registered public accounting firm, on (i) the
consolidated financial statements of AllianceBernstein L.P. as of December 31,
2005 and for each of the years in the two-year period ended December 31, 2005,
and the December 31, 2005 financial statement schedule, and (ii) the financial
statements of AllianceBernstein Holding L.P. (together "AllianceBernstein",
formerly "Alliance") as of December 31, 2005 and for each of the years in the
two-year period ended December 31, 2005. The reports are given on the authority
of said firms as experts in auditing and accounting.
KPMG LLP was AllianceBernstein's independent registered public accounting firm
as of December 31, 2005 and for each of the years in the two-year period ended
December 31, 2005. On March 8, 2006, KPMG LLP was terminated, and
PricewaterhouseCoopers LLP was appointed as AllianceBernstein's independent
registered public accounting firm, as disclosed on AXA Equitable's Report on
Form 8-K filed on March 13, 2006. AllianceBernstein Corporation, an indirect
wholly owned subsidiary of AXA Equitable, is the general partner of both
AllianceBernstein L.P. and AllianceBernstein Holding L.P.
Any statement contained in a document that is or becomes part of this
prospectus, will be considered changed or replaced for purposes of this
prospectus if a statement contained in this prospectus changes or is replaced.
Any statement that is considered to be a part of this prospectus because of its
incorporation, will be considered changed or replaced for the purpose of this
prospectus if a statement contained in any other subsequently filed document
that is considered to be part of this prospectus changes or replaces that
statement. After that, only the statement that is changed or replaced will be
considered to be part of this prospectus.
We file our Exchange Act documents and reports, including our annual report on
Form 10-K and quarterly reports on Form 10-Q, electronically according to EDGAR
under CIK No. 0000727920. The SEC maintains a website that contains reports,
proxy and information statements and other information regarding registrants
that file electronically with the SEC. The address of the site is www.sec.gov.
Upon written or oral request, we will provide, free of charge, to each person
to whom this prospectus is delivered a copy of any or all of the documents
considered to be part of this prospectus because they are incorporated herein.
This does not include exhibits not specifically incorporated by reference into
the text of such documents. Requests for documents should be directed to AXA
Equitable Life Insurance Company, 1290 Avenue of the Americas, New York, New
York 10104. Attention: Corporate Secretary (telephone: (212) 554-1234).
56 Incorporation of certain documents by reference
Appendix I: Condensed financial information
- --------------------------------------------------------------------------------
The following tables show the accumulation unit values and the number of
outstanding units for each variable investment option at the last business day
of the periods shown. The unit values and number of units outstanding are for
contracts offered under Separate Account A with the same daily asset charge of
1.20% and 0.50%. The unit values and number of units outstanding for contracts
offered under Separate Account A with daily asset charges of 0.90% and 0.70%
are available in the Statement of Additional Information. To request a copy of
the Statement of Additional Information, please contact our Processing Office.
At the date of this Prospectus, unit values and number of units outstanding for
contracts offered under Separate Account A with an asset based charge of 0.25%
did not exist. The information presented is shown for the past ten years, or
from the first year the particular contracts were offered if less than ten
years ago.
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW, AS OF DECEMBER 31, 2006, ARE FOR CONTRACTS OFFERED
UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 1.20%.
- -----------------------------------------------------------------------------------------------------------------
For the years
ending December 31,
1998 1999 2000
- -----------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
Unit value -- -- --
Number of units outstanding (000's) -- -- --
AXA Conservative Allocation
Unit value -- -- --
Number of units outstanding (000's) -- -- --
AXA Conservative-Plus Allocation
Unit value -- -- --
Number of units outstanding (000's) -- -- --
AXA Moderate Allocation
Unit value -- -- --
Number of units outstanding (000's) -- -- --
AXA Moderate-Plus Allocation
Unit value -- -- --
Number of units outstanding (000's) -- -- --
AXA Premier VIP Aggressive Equity
Unit value -- -- --
Number of units outstanding (000's) -- -- --
AXA Premier VIP Core Bond
Unit value -- -- --
Number of units outstanding (000's) -- -- --
AXA Premier VIP Health Care
Unit value -- -- --
Number of units outstanding (000's) -- -- --
AXA Premier VIP High Yield
Unit value -- -- --
Number of units outstanding (000's) -- -- --
AXA Premier VIP International Equity
Unit value -- -- --
Number of units outstanding (000's) -- -- --
AXA Premier VIP Large Cap Core Equity
Unit value -- -- --
Number of units outstanding (000's) -- -- --
AXA Premier VIP Large Cap Growth
Unit value -- -- --
Number of units outstanding (000's) -- -- --
AXA Premier VIP Large Cap Value
Unit value -- -- --
Number of units outstanding (000's) -- -- --
- -----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
2001 2002 2003
- ----------------------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
Unit value -- -- $ 109.19
Number of units outstanding (000's) -- -- 1
AXA Conservative Allocation
Unit value -- -- $ 102.19
Number of units outstanding (000's) -- -- 2
AXA Conservative-Plus Allocation
Unit value -- -- $ 104.18
Number of units outstanding (000's) -- -- 3
AXA Moderate Allocation
Unit value -- -- --
Number of units outstanding (000's) -- -- --
AXA Moderate-Plus Allocation
Unit value -- -- $ 108.00
Number of units outstanding (000's) -- -- 2
AXA Premier VIP Aggressive Equity
Unit value -- -- --
Number of units outstanding (000's) -- -- --
AXA Premier VIP Core Bond
Unit value -- $ 106.88 $ 109.55
Number of units outstanding (000's) -- 83 100
AXA Premier VIP Health Care
Unit value -- $ 79.09 $ 100.13
Number of units outstanding (000's) -- 17 32
AXA Premier VIP High Yield
Unit value -- -- --
Number of units outstanding (000's) -- -- --
AXA Premier VIP International Equity
Unit value -- $ 78.18 $ 103.76
Number of units outstanding (000's) -- 17 31
AXA Premier VIP Large Cap Core Equity
Unit value -- $ 76.54 $ 96.89
Number of units outstanding (000's) -- 21 31
AXA Premier VIP Large Cap Growth
Unit value -- $ 67.96 $ 87.71
Number of units outstanding (000's) -- 32 53
AXA Premier VIP Large Cap Value
Unit value -- $ 79.20 $ 102.57
Number of units outstanding (000's) -- 32 39
- ----------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
2004 2005 2006
- -------------------------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
Unit value $ 120.60 $ 128.76 $ 149.99
Number of units outstanding (000's) 12 32 83
AXA Conservative Allocation
Unit value $ 107.05 $ 108.35 $ 113.87
Number of units outstanding (000's) 31 42 55
AXA Conservative-Plus Allocation
Unit value $ 110.91 $ 113.14 $ 121.57
Number of units outstanding (000's) 21 44 80
AXA Moderate Allocation
Unit value -- $ 165.24 $ 180.56
Number of units outstanding (000's) -- -- 3
AXA Moderate-Plus Allocation
Unit value $ 119.18 $ 125.60 $ 142.10
Number of units outstanding (000's) 50 122 290
AXA Premier VIP Aggressive Equity
Unit value -- $ 91.83 $ 95.60
Number of units outstanding (000's) -- -- --
AXA Premier VIP Core Bond
Unit value $ 112.44 $ 113.04 $ 115.90
Number of units outstanding (000's) 106 121 111
AXA Premier VIP Health Care
Unit value $ 110.93 $ 117.23 $ 121.77
Number of units outstanding (000's) 49 57 60
AXA Premier VIP High Yield
Unit value -- $ 123.10 $ 134.04
Number of units outstanding (000's) -- -- --
AXA Premier VIP International Equity
Unit value $ 120.87 $ 137.87 $ 170.70
Number of units outstanding (000's) 62 71 89
AXA Premier VIP Large Cap Core Equity
Unit value $ 104.99 $ 110.72 $ 124.24
Number of units outstanding (000's) 33 31 29
AXA Premier VIP Large Cap Growth
Unit value $ 92.44 $ 98.17 $ 97.10
Number of units outstanding (000's) 65 65 66
AXA Premier VIP Large Cap Value
Unit value $ 115.96 $ 122.70 $ 144.66
Number of units outstanding (000's) 51 62 87
- -------------------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information I-1
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW, AS OF DECEMBER 31, 2006, ARE FOR CONTRACTS OFFERED
UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 1.20%.
- -------------------------------------------------------------------------------------------------------------------------------
For the years ending
December 31,
1998 1999 2000
- -------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
Unit value -- -- --
Number of units outstanding (000's) -- -- --
AXA Premier VIP Mid Cap Value
Unit value -- -- --
Number of units outstanding (000's) -- -- --
AXA Premier VIP Technology
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein Common Stock
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein Growth and Income
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein Intermediate Government Securities
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein International
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein Large Cap Growth
Unit value -- $ 116.42 $ 93.88
Number of units outstanding (000's) -- 36 350
EQ/AllianceBernstein Quality Bond
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein Small Cap Growth
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein Value
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Boston Advisors Equity Income
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Calvert Socially Responsible
Unit value -- $ 107.64 $ 103.26
Number of units outstanding (000's) -- -- --
EQ/Capital Guardian Growth
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Capital Guardian International
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Capital Guardian Research
Unit value -- $ 106.84 $ 111.80
Number of units outstanding (000's) -- 1 9
EQ/Capital Guardian U.S. Equity
Unit value -- $ 101.69 $ 104.08
Number of units outstanding (000's) -- 1 11
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
2001 2002 2003
- -------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
Unit value -- $ 62.08 $ 86.02
Number of units outstanding (000's) -- 43 94
AXA Premier VIP Mid Cap Value
Unit value -- $ 73.80 $ 102.53
Number of units outstanding (000's) -- 36 66
AXA Premier VIP Technology
Unit value -- $ 56.71 $ 88.33
Number of units outstanding (000's) -- 9 31
EQ/AllianceBernstein Common Stock
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein Growth and Income
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein Intermediate Government Securities
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein International
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein Large Cap Growth
Unit value $ 70.52 $ 47.97 $ 58.38
Number of units outstanding (000's) 438 383 362
EQ/AllianceBernstein Quality Bond
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein Small Cap Growth
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein Value
Unit value $ 94.71 $ 80.81 $ 102.78
Number of units outstanding (000's) 71 173 235
EQ/Boston Advisors Equity Income
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Calvert Socially Responsible
Unit value $ 87.02 $ 63.23 $ 79.94
Number of units outstanding (000's) -- 3 4
EQ/Capital Guardian Growth
Unit value -- $ 54.11 $ 66.27
Number of units outstanding (000's) -- 5 11
EQ/Capital Guardian International
Unit value -- $ 67.97 $ 89.06
Number of units outstanding (000's) -- 12 31
EQ/Capital Guardian Research
Unit value $ 108.22 $ 80.55 $ 104.65
Number of units outstanding (000's) 31 130 142
EQ/Capital Guardian U.S. Equity
Unit value $ 100.76 $ 75.99 $ 102.40
Number of units outstanding (000's) 21 63 126
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
2004 2005 2006
- -------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
Unit value $ 94.96 $ 101.69 $ 110.13
Number of units outstanding (000's) 125 122 116
AXA Premier VIP Mid Cap Value
Unit value $ 116.68 $ 123.75 $ 140.28
Number of units outstanding (000's) 91 89 85
AXA Premier VIP Technology
Unit value $ 91.63 $ 100.73 $ 106.79
Number of units outstanding (000's) 130 128 124
EQ/AllianceBernstein Common Stock
Unit value -- $ 171.66 $ 188.20
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein Growth and Income
Unit value -- $ 215.74 $ 253.32
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein Intermediate Government Securities
Unit value -- $ 140.78 $ 143.80
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein International
Unit value -- $ 130.98 $ 160.24
Number of units outstanding (000's) -- -- 3
EQ/AllianceBernstein Large Cap Growth
Unit value $ 62.52 $ 70.99 $ 69.76
Number of units outstanding (000's) 311 281 249
EQ/AllianceBernstein Quality Bond
Unit value -- $ 149.02 $ 153.26
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein Small Cap Growth
Unit value -- $ 174.78 $ 188.69
Number of units outstanding (000's) -- -- 1
EQ/AllianceBernstein Value
Unit value $ 115.20 $ 120.01 $ 143.93
Number of units outstanding (000's) 340 396 471
EQ/Boston Advisors Equity Income
Unit value $ 107.01 $ 112.23 $ 128.59
Number of units outstanding (000's) 6 50 67
EQ/Calvert Socially Responsible
Unit value $ 81.81 $ 87.90 $ 91.39
Number of units outstanding (000's) 6 8 9
EQ/Capital Guardian Growth
Unit value $ 69.10 $ 71.76 $ 76.14
Number of units outstanding (000's) 12 17 27
EQ/Capital Guardian International
Unit value $ 99.97 $ 115.69 $ 136.30
Number of units outstanding (000's) 75 97 121
EQ/Capital Guardian Research
Unit value $ 114.66 $ 120.15 $ 133.03
Number of units outstanding (000's) 147 147 143
EQ/Capital Guardian U.S. Equity
Unit value $ 110.61 $ 115.80 $ 125.81
Number of units outstanding (000's) 189 -- 254
- -------------------------------------------------------------------------------------------------------------------------------
I-2 Appendix I: Condensed financial information
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW, AS OF DECEMBER 31, 2006, ARE FOR CONTRACTS OFFERED
UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 1.20%.
- -----------------------------------------------------------------------------------------------------------------
For the years
ending December 31,
1998 1999
- -----------------------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Equity 500 Index
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Evergreen International Bond
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Evergreen Omega
Unit value -- $ 106.63
Number of units outstanding (000's) -- --
EQ/FI Mid Cap
Unit value -- --
Number of units outstanding (000's) -- --
EQ/FI Mid Cap Value
Unit value $ 82.88 $ 83.36
Number of units outstanding (000's) -- 1
EQ/Franklin Income
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Franklin Small Cap Value
Unit value -- --
Number of units outstanding (000's) -- --
EQ/GAMCO Mergers and Acquisitions
Unit value -- --
Number of units outstanding (000's) -- --
EQ/GAMCO Small Company Value
Unit value -- --
Number of units outstanding (000's) -- --
EQ/International Growth
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Janus Large Cap Growth
Unit value -- --
Number of units outstanding (000's) -- --
EQ/JPMorgan Core Bond
Unit value -- --
Number of units outstanding (000's) -- --
EQ/JPMorgan Value Opportunities
Unit value $ 100.60 $ 98.04
Number of units outstanding (000's) -- 3
EQ/Legg Mason Value Equity
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Long Term Bond
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Lord Abbett Growth and Income
Unit value -- --
Number of units outstanding (000's) -- --
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
2000 2001 2002
- -----------------------------------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Equity 500 Index
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Evergreen International Bond
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Evergreen Omega
Unit value $ 93.02 $ 76.26 $ 57.25
Number of units outstanding (000's) 3 10 16
EQ/FI Mid Cap
Unit value $ 100.02 $ 85.57 $ 68.93
Number of units outstanding (000's) 9 106 195
EQ/FI Mid Cap Value
Unit value $ 86.60 $ 88.97 $ 74.98
Number of units outstanding (000's) 14 126 261
EQ/Franklin Income
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Franklin Small Cap Value
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/GAMCO Mergers and Acquisitions
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/GAMCO Small Company Value
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/International Growth
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Janus Large Cap Growth
Unit value $ 83.99 $ 63.92 $ 44.01
Number of units outstanding (000's) 12 119 162
EQ/JPMorgan Core Bond
Unit value -- -- $ 107.19
Number of units outstanding (000's) -- -- 45
EQ/JPMorgan Value Opportunities
Unit value $ 103.43 $ 95.23 $ 76.16
Number of units outstanding (000's) 17 32 35
EQ/Legg Mason Value Equity
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Long Term Bond
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Lord Abbett Growth and Income
Unit value -- -- --
Number of units outstanding (000's) -- -- --
- -----------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- ------------------------------------------------------------------------------------------------------------------------------
2003 2004 2005
EQ/Caywood-Scholl High Yield Bond
Unit value -- -- $ 104.07
Number of units outstanding (000's) -- -- 11
EQ/Equity 500 Index
Unit value -- -- $ 164.80
Number of units outstanding (000's) -- -- --
EQ/Evergreen International Bond
Unit value -- -- $ 97.53
Number of units outstanding (000's) -- -- --
EQ/Evergreen Omega
Unit value $ 78.17 $ 82.67 $ 84.92
Number of units outstanding (000's) 26 53 44
EQ/FI Mid Cap
Unit value $ 97.80 $ 112.12 $ 117.83
Number of units outstanding (000's) 301 399 --
EQ/FI Mid Cap Value
Unit value $ 98.72 $ 114.94 $ 126.82
Number of units outstanding (000's) 291 333 377
EQ/Franklin Income
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Franklin Small Cap Value
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/GAMCO Mergers and Acquisitions
Unit value -- -- $ 105.14
Number of units outstanding (000's) -- -- 5
EQ/GAMCO Small Company Value
Unit value -- $ 113.27 $ 116.74
Number of units outstanding (000's) -- 7 62
EQ/International Growth
Unit value -- -- $ 115.10
Number of units outstanding (000's) -- -- 3
EQ/Janus Large Cap Growth
Unit value $ 54.73 $ 60.64 $ 64.28
Number of units outstanding (000's) 185 201 225
EQ/JPMorgan Core Bond
Unit value $ 109.48 $ 112.60 $ 113.71
Number of units outstanding (000's) 72 95 130
EQ/JPMorgan Value Opportunities
Unit value $ 95.42 $ 104.53 $ 108.48
Number of units outstanding (000's) 35 38 39
EQ/Legg Mason Value Equity
Unit value -- -- $ 106.44
Number of units outstanding (000's) -- -- 6
EQ/Long Term Bond
Unit value -- -- $ 100.09
Number of units outstanding (000's) -- -- 20
EQ/Lord Abbett Growth and Income
Unit value -- -- $ 106.09
Number of units outstanding (000's) -- -- 3
- ------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
For the years ending December 31,
2006
- -----------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
Unit value $ 111.01
Number of units outstanding (000's) 27
EQ/Equity 500 Index
Unit value $ 187.87
Number of units outstanding (000's) 2
EQ/Evergreen International Bond
Unit value $ 99.66
Number of units outstanding (000's) 14
EQ/Evergreen Omega
Unit value $ 88.82
Number of units outstanding (000's) 38
EQ/FI Mid Cap
Unit value $ 129.84
Number of units outstanding (000's) 494
EQ/FI Mid Cap Value
Unit value $ 140.94
Number of units outstanding (000's) 382
EQ/Franklin Income
Unit value $ 104.34
Number of units outstanding (000's) 22
EQ/Franklin Small Cap Value
Unit value $ 108.27
Number of units outstanding (000's) 2
EQ/GAMCO Mergers and Acquisitions
Unit value $ 116.57
Number of units outstanding (000's) 12
EQ/GAMCO Small Company Value
Unit value $ 137.07
Number of units outstanding (000's) 80
EQ/International Growth
Unit value $ 142.89
Number of units outstanding (000's) 14
EQ/Janus Large Cap Growth
Unit value $ 64.26
Number of units outstanding (000's) 215
EQ/JPMorgan Core Bond
Unit value $ 116.91
Number of units outstanding (000's) 144
EQ/JPMorgan Value Opportunities
Unit value $ 129.02
Number of units outstanding (000's) 39
EQ/Legg Mason Value Equity
Unit value $ 112.35
Number of units outstanding (000's) 41
EQ/Long Term Bond
Unit value $ 100.69
Number of units outstanding (000's) 33
EQ/Lord Abbett Growth and Income
Unit value $ 122.86
Number of units outstanding (000's) 10
- -----------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information I-3
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW, AS OF DECEMBER 31, 2006, ARE FOR CONTRACTS OFFERED
UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 1.20%.
- ------------------------------------------------------------------------------------------------------------------
For the years
ending December 31,
1998 1999
- ------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Lord Abbett Mid Cap Value
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Marsico Focus
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Mercury Basic Value Equity
Unit value $ 97.91 $ 115.06
Number of units outstanding (000's) -- 7
EQ/Mercury International Value
Unit value -- --
Number of units outstanding (000's) -- --
EQ/MFS Emerging Growth Companies
Unit value -- --
Number of units outstanding (000's) -- --
EQ/MFS Investors Trust
Unit value -- $ 104.53
Number of units outstanding (000's) -- 2
EQ/Money Market
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Montag & Caldwell Growth
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Mutual Shares
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Oppenheimer Global
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Oppenheimer Main Street Small Cap
Unit value -- --
Number of units outstanding (000's) -- --
EQ/PIMCO Real Return
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Short Duration Bond
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Small Cap Value
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Small Company Growth
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Small Company Index
Unit value -- --
Number of units outstanding (000's) -- --
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- ------------------------------------------------------------------------------------------------------------------------------
2000 2001 2002
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Lord Abbett Mid Cap Value
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Marsico Focus
Unit value -- $ 105.94 $ 92.57
Number of units outstanding (000's) -- -- 47
EQ/Mercury Basic Value Equity
Unit value $ 127.11 $ 132.52 $ 109.12
Number of units outstanding (000's) 41 119 183
EQ/Mercury International Value
Unit value -- -- $ 75.88
Number of units outstanding (000's) -- -- 74
EQ/MFS Emerging Growth Companies
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/MFS Investors Trust
Unit value $ 102.57 $ 85.14 $ 66.44
Number of units outstanding (000's) 17 21 26
EQ/Money Market
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Montag & Caldwell Growth
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Mutual Shares
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Oppenheimer Global
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Oppenheimer Main Street Small Cap
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/PIMCO Real Return
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Short Duration Bond
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Small Cap Value
Unit value -- -- $ 112.91
Number of units outstanding (000's) -- -- 27
EQ/Small Company Growth
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Small Company Index
Unit value -- -- $ 81.65
Number of units outstanding (000's) -- -- 18
- ------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- -------------------------------------------------------------------------------------------------------------------------------
2003 2004 2005
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
Unit value -- -- $ 105.72
Number of units outstanding (000's) -- -- 2
EQ/Lord Abbett Mid Cap Value
Unit value -- -- $ 111.59
Number of units outstanding (000's) -- -- 14
EQ/Marsico Focus
Unit value $ 119.93 $ 130.94 $ 143.22
Number of units outstanding (000's) 133 180 241
EQ/Mercury Basic Value Equity
Unit value $ 141.44 $ 154.51 $ 157.16
Number of units outstanding (000's) 219 284 294
EQ/Mercury International Value
Unit value $ 96.00 $ 115.37 $ 126.34
Number of units outstanding (000's) 85 120 197
EQ/MFS Emerging Growth Companies
Unit value -- $ 89.15 $ 96.04
Number of units outstanding (000's) -- -- --
EQ/MFS Investors Trust
Unit value $ 80.11 $ 88.18 $ 93.39
Number of units outstanding (000's) 31 32 31
EQ/Money Market
Unit value -- $ 121.17 $ 123.17
Number of units outstanding (000's) -- -- --
EQ/Montag & Caldwell Growth
Unit value -- $ 104.69 $ 109.03
Number of units outstanding (000's) -- -- 6
EQ/Mutual Shares
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Oppenheimer Global
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Oppenheimer Main Street Small Cap
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/PIMCO Real Return
Unit value -- -- $ 99.44
Number of units outstanding (000's) -- -- 35
EQ/Short Duration Bond
Unit value -- -- $ 99.89
Number of units outstanding (000's) -- -- 3
EQ/Small Cap Value
Unit value $ 153.26 $ 177.32 $ 183.41
Number of units outstanding (000's) 54 102 120
EQ/Small Company Growth
Unit value -- $ 114.62 $ 121.73
Number of units outstanding (000's) -- 1 26
EQ/Small Company Index
Unit value $ 117.68 $ 136.81 $ 140.93
Number of units outstanding (000's) 59 104 133
- -------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- -----------------------------------------------------------------------------------------------------------------
2006
- -----------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
Unit value $ 117.71
Number of units outstanding (000's) 5
EQ/Lord Abbett Mid Cap Value
Unit value $ 123.96
Number of units outstanding (000's) 23
EQ/Marsico Focus
Unit value $ 154.70
Number of units outstanding (000's) 295
EQ/Mercury Basic Value Equity
Unit value $ 187.75
Number of units outstanding (000's) 276
EQ/Mercury International Value
Unit value $ 156.89
Number of units outstanding (000's) 231
EQ/MFS Emerging Growth Companies
Unit value $ 102.27
Number of units outstanding (000's) --
EQ/MFS Investors Trust
Unit value $ 104.21
Number of units outstanding (000's) 28
EQ/Money Market
Unit value $ 127.45
Number of units outstanding (000's) --
EQ/Montag & Caldwell Growth
Unit value $ 116.29
Number of units outstanding (000's) 5
EQ/Mutual Shares
Unit value $ 107.15
Number of units outstanding (000's) 8
EQ/Oppenheimer Global
Unit value $ 110.99
Number of units outstanding (000's) 3
EQ/Oppenheimer Main Street Small Cap
Unit value $ 111.04
Number of units outstanding (000's) 3
EQ/PIMCO Real Return
Unit value $ 98.64
Number of units outstanding (000's) 56
EQ/Short Duration Bond
Unit value $ 102.60
Number of units outstanding (000's) 11
EQ/Small Cap Value
Unit value $ 210.41
Number of units outstanding (000's) 127
EQ/Small Company Growth
Unit value $ 132.55
Number of units outstanding (000's) 50
EQ/Small Company Index
Unit value $ 163.91
Number of units outstanding (000's) 167
- -----------------------------------------------------------------------------------------------------------------
I-4 Appendix I: Condensed financial information
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW, AS OF DECEMBER 31, 2006, ARE FOR CONTRACTS OFFERED
UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 1.20%.
- ------------------------------------------------------------------------------------------------------------------
For the years
ending December 31,
- ------------------------------------------------------------------------------------------------------------------
1998 1999 2000
- ------------------------------------------------------------------------------------------------------------------
EQ/TCW Equity
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Templeton Growth
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/UBS Growth and Income
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Van Kampen Comstock
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Van Kampen Emerging Markets Equity
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Van Kampen Mid Cap Growth
Unit value -- -- --
Number of units outstanding (000's) -- -- --
EQ/Wells Fargo Montgomery Small Cap
Unit value -- -- --
Number of units outstanding (000's) -- -- --
Target 2015 Allocation
Unit value -- -- --
Number of units outstanding (000's) -- -- --
Target 2025 Allocation
Unit value -- -- --
Number of units outstanding (000's) -- -- --
Target 2035 Allocation
Unit value -- -- --
Number of units outstanding (000's) -- -- --
Target 2045 Allocation
Unit value -- -- --
Number of units outstanding (000's) -- -- --
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- ------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 2004
- ------------------------------------------------------------------------------------------------------------------------------
EQ/TCW Equity
Unit value -- -- -- $ 111.26
Number of units outstanding (000's) -- -- -- 2
EQ/Templeton Growth
Unit value -- -- -- --
Number of units outstanding (000's) -- -- -- --
EQ/UBS Growth and Income
Unit value -- -- -- $ 109.27
Number of units outstanding (000's) -- -- -- --
EQ/Van Kampen Comstock
Unit value -- -- -- --
Number of units outstanding (000's) -- -- -- --
EQ/Van Kampen Emerging Markets Equity
Unit value -- -- -- --
Number of units outstanding (000's) -- -- -- --
EQ/Van Kampen Mid Cap Growth
Unit value -- -- -- --
Number of units outstanding (000's) -- -- -- --
EQ/Wells Fargo Montgomery Small Cap
Unit value -- -- -- --
Number of units outstanding (000's) -- -- -- --
Target 2015 Allocation
Unit value -- -- -- --
Number of units outstanding (000's) -- -- -- --
Target 2025 Allocation
Unit value -- -- -- --
Number of units outstanding (000's) -- -- -- --
Target 2035 Allocation
Unit value -- -- -- --
Number of units outstanding (000's) -- -- -- --
Target 2045 Allocation
Unit value -- -- -- --
Number of units outstanding (000's) -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
For the years ending
December 31,
- -------------------------------------------------------------------------------------------------------------------
2005 2006
- -------------------------------------------------------------------------------------------------------------------
EQ/TCW Equity
Unit value $ 114.31 $ 108.40
Number of units outstanding (000's) 26 30
EQ/Templeton Growth
Unit value -- $ 107.73
Number of units outstanding (000's) -- 1
EQ/UBS Growth and Income
Unit value $ 117.68 $ 132.73
Number of units outstanding (000's) 21 46
EQ/Van Kampen Comstock
Unit value $ 104.39 $ 119.54
Number of units outstanding (000's) 9 23
EQ/Van Kampen Emerging Markets Equity
Unit value $ 212.68 $ 288.01
Number of units outstanding (000's) -- 1
EQ/Van Kampen Mid Cap Growth
Unit value $ 123.86 $ 133.70
Number of units outstanding (000's) 4 12
EQ/Wells Fargo Montgomery Small Cap
Unit value $ 119.16 $ 143.20
Number of units outstanding (000's) 1 14
Target 2015 Allocation
Unit value -- $ 108.37
Number of units outstanding (000's) -- --
Target 2025 Allocation
Unit value -- $ 109.32
Number of units outstanding (000's) -- 2
Target 2035 Allocation
Unit value -- $ 110.21
Number of units outstanding (000's) -- 1
Target 2045 Allocation
Unit value -- $ 110.99
Number of units outstanding (000's) -- --
- -------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information I-5
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW AS OF DECEMBER 31, 2006, ARE FOR CONTRACTS OFFERED
UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.50%.
- ------------------------------------------------------------------------------------------------------------------
For the years
ending December 31,
- ------------------------------------------------------------------------------------------------------------------
2002 2003
- ------------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
Unit value -- $ 109.38
Number of units outstanding (000's) -- --
AXA Conservative Allocation
Unit value -- $ 102.37
Number of units outstanding (000's) -- --
AXA Conservative-Plus Allocation
Unit value -- $ 104.36
Number of units outstanding (000's) -- --
AXA Moderate Allocation
Unit value -- --
Number of units outstanding (000's) -- --
AXA Moderate-Plus Allocation
Unit value -- $ 108.19
Number of units outstanding (000's) -- --
AXA Premier VIP Aggressive Equity
Unit value -- --
Number of units outstanding (000's) -- --
AXA Premier VIP Core Bond
Unit value $ 107.64 $ 111.11
Number of units outstanding (000's) -- --
AXA Premier VIP Health Care
Unit value $ 79.66 $ 101.56
Number of units outstanding (000's) -- --
AXA Premier VIP High Yield
Unit value -- --
Number of units outstanding (000's) -- --
AXA Premier VIP International Equity
Unit value $ 78.74 $ 105.24
Number of units outstanding (000's) -- --
AXA Premier VIP Large Cap Core Equity
Unit value $ 77.08 $ 98.27
Number of units outstanding (000's) -- --
AXA Premier VIP Large Cap Growth
Unit value $ 68.45 $ 88.96
Number of units outstanding (000's) -- --
AXA Premier VIP Large Cap Value
Unit value $ 79.76 $ 104.03
Number of units outstanding (000's) -- --
AXA Premier VIP Mid Cap Growth
Unit value $ 62.53 $ 87.24
Number of units outstanding (000's) -- --
AXA Premier VIP Mid Cap Value
Unit value $ 74.33 $ 103.99
Number of units outstanding (000's) -- --
AXA Premier VIP Technology
Unit value $ 57.12 $ 89.59
Number of units outstanding (000's) -- --
EQ/AllianceBernstein Common Stock
Unit value -- --
Number of units outstanding (000's) -- --
- ------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- --------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006
- --------------------------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
Unit value $ 121.67 $ 130.82 $ 153.46
Number of units outstanding (000's) -- -- --
AXA Conservative Allocation
Unit value $ 108.00 $ 110.08 $ 116.51
Number of units outstanding (000's) -- -- --
AXA Conservative-Plus Allocation
Unit value $ 111.89 $ 114.94 $ 124.39
Number of units outstanding (000's) -- -- --
AXA Moderate Allocation
Unit value -- -- $ 103.11
Number of units outstanding (000's) -- -- --
AXA Moderate-Plus Allocation
Unit value $ 120.23 $ 127.61 $ 145.39
Number of units outstanding (000's) -- -- --
AXA Premier VIP Aggressive Equity
Unit value -- -- $ 105.24
Number of units outstanding (000's) -- -- --
AXA Premier VIP Core Bond
Unit value $ 114.85 $ 116.28 $ 120.06
Number of units outstanding (000's) -- -- --
AXA Premier VIP Health Care
Unit value $ 113.31 $ 120.59 $ 126.14
Number of units outstanding (000's) -- -- --
AXA Premier VIP High Yield
Unit value -- -- $ 102.63
Number of units outstanding (000's) -- -- --
AXA Premier VIP International Equity
Unit value $ 123.46 $ 141.82 $ 176.83
Number of units outstanding (000's) -- -- --
AXA Premier VIP Large Cap Core Equity
Unit value $ 107.24 $ 113.89 $ 128.70
Number of units outstanding (000's) -- -- --
AXA Premier VIP Large Cap Growth
Unit value $ 94.42 $ 100.98 $ 100.59
Number of units outstanding (000's) -- -- --
AXA Premier VIP Large Cap Value
Unit value $ 118.45 $ 126.22 $ 149.85
Number of units outstanding (000's) -- -- --
AXA Premier VIP Mid Cap Growth
Unit value $ 96.99 $ 104.60 $ 114.09
Number of units outstanding (000's) -- -- --
AXA Premier VIP Mid Cap Value
Unit value $ 119.18 $ 127.30 $ 145.32
Number of units outstanding (000's) -- -- --
AXA Premier VIP Technology
Unit value $ 93.59 $ 103.61 $ 110.62
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein Common Stock
Unit value -- -- $ 104.17
Number of units outstanding (000's) -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
I-6 Appendix I: Condensed financial information
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW AS OF DECEMBER 31, 2006, ARE FOR CONTRACTS OFFERED
UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.50%.
- ------------------------------------------------------------------------------------------------------------------
For the years
ending December 31,
- ------------------------------------------------------------------------------------------------------------------
2002 2003
- ------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
Unit value -- --
Number of units outstanding (000's) -- --
EQ/AllianceBernstein Intermediate Government Securities
Unit value -- --
Number of units outstanding (000's) -- --
EQ/AllianceBernstein International
Unit value -- --
Number of units outstanding (000's) -- --
EQ/AllianceBernstein Large Cap Growth
Unit value $ 44.22 $ 54.21
Number of units outstanding (000's) -- --
EQ/AllianceBernstein Quality Bond
Unit value -- --
Number of units outstanding (000's) -- --
EQ/AllianceBernstein Small Cap Growth
Unit value -- --
Number of units outstanding (000's) -- --
EQ/AllianceBernstein Value
Unit value $ 89.18 $ 114.24
Number of units outstanding (000's) -- --
EQ/Boston Advisors Equity Income
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Calvert Socially Responsible
Unit value $ 57.22 $ 72.85
Number of units outstanding (000's) -- --
EQ/Capital Guardian Growth
Unit value $ 47.88 $ 59.05
Number of units outstanding (000's) -- --
EQ/Capital Guardian International
Unit value $ 61.65 $ 81.36
Number of units outstanding (000's) -- --
EQ/Capital Guardian Research
Unit value $ 73.83 $ 96.60
Number of units outstanding (000's) -- --
EQ/Capital Guardian U.S. Equity
Unit value $ 74.48 $ 101.08
Number of units outstanding (000's) -- --
EQ/Caywood-Scholl High Yield Bond
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Equity 500 Index
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Evergreen International Bond
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Evergreen Omega
Unit value $ 56.66 $ 77.91
Number of units outstanding (000's) -- --
- ------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- -----------------------------------------------------------------------------------------------------------------------------
2004 2005 2006
- -----------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
Unit value -- -- $ 104.53
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein Intermediate Government Securities
Unit value -- -- $ 100.44
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein International
Unit value -- -- $ 105.97
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein Large Cap Growth
Unit value $ 58.46 $ 66.85 $ 66.16
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein Quality Bond
Unit value -- -- $ 100.81
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein Small Cap Growth
Unit value -- -- $ 103.84
Number of units outstanding (000's) -- -- --
EQ/AllianceBernstein Value
Unit value $ 128.95 $ 135.28 $ 163.40
Number of units outstanding (000's) -- -- --
EQ/Boston Advisors Equity Income
Unit value $ 107.17 $ 113.20 $ 130.62
Number of units outstanding (000's) -- -- --
EQ/Calvert Socially Responsible
Unit value $ 75.08 $ 81.24 $ 85.06
Number of units outstanding (000's) -- -- --
EQ/Capital Guardian Growth
Unit value $ 62.01 $ 64.85 $ 69.30
Number of units outstanding (000's) -- -- --
EQ/Capital Guardian International
Unit value $ 91.97 $ 107.18 $ 127.17
Number of units outstanding (000's) -- -- --
EQ/Capital Guardian Research
Unit value $ 106.60 $ 112.49 $ 125.42
Number of units outstanding (000's) -- -- --
EQ/Capital Guardian U.S. Equity
Unit value $ 109.96 $ 115.93 $ 126.84
Number of units outstanding (000's) -- -- --
EQ/Caywood-Scholl High Yield Bond
Unit value -- $ 104.56 $ 112.32
Number of units outstanding (000's) -- -- --
EQ/Equity 500 Index
Unit value -- -- $ 103.22
Number of units outstanding (000's) -- -- --
EQ/Evergreen International Bond
Unit value -- $ 97.69 $ 100.53
Number of units outstanding (000's) -- -- --
EQ/Evergreen Omega
Unit value $ 82.98 $ 85.83 $ 90.42
Number of units outstanding (000's) -- -- --
- -----------------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information I-7
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW AS OF DECEMBER 31, 2006, ARE FOR CONTRACTS OFFERED
UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.50%.
- ------------------------------------------------------------------------------------------------------------------
For the years
ending December 31,
- ------------------------------------------------------------------------------------------------------------------
2002 2003
- ------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
Unit value $ 71.73 $ 102.49
Number of units outstanding (000's) -- --
EQ/FI Mid Cap Value
Unit value $ 95.25 $ 126.30
Number of units outstanding (000's) -- --
EQ/Franklin Income
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Franklin Small Cap Value
Unit value -- --
Number of units outstanding (000's) -- --
EQ/GAMCO Mergers and Acquisitions
Unit value -- --
Number of units outstanding (000's) -- --
EQ/GAMCO Small Company Value
Unit value -- --
Number of units outstanding (000's) -- --
EQ/International Growth
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Janus Large Cap Growth
Unit value $ 47.68 $ 59.71
Number of units outstanding (000's) -- --
EQ/JPMorgan Core Bond
Unit value $108.01 $ 111.09
Number of units outstanding (000's) -- --
EQ/JPMorgan Value Opportunities
Unit value $ 78.07 $ 98.51
Number of units outstanding (000's) -- --
EQ/Legg Mason Value Equity
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Long Term Bond
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Lord Abbett Growth and Income
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Lord Abbett Large Cap Core
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Lord Abbett Mid Cap Value
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Marsico Focus
Unit value $ 93.38 $ 121.84
Number of units outstanding (000's) -- --
EQ/Mercury Basic Value Equity
Unit value $ 88.81 $ 115.93
Number of units outstanding (000's) -- --
- ------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- -------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006
- -------------------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
Unit value $ 118.33 $ 125.23 $ 138.97
Number of units outstanding (000's) -- -- --
EQ/FI Mid Cap Value
Unit value $ 148.09 $ 164.04 $ 183.59
Number of units outstanding (000's) -- -- --
EQ/Franklin Income
Unit value -- -- $ 104.56
Number of units outstanding (000's) -- -- --
EQ/Franklin Small Cap Value
Unit value -- -- $ 108.50
Number of units outstanding (000's) -- -- --
EQ/GAMCO Mergers and Acquisitions
Unit value -- $ 105.64 $ 117.94
Number of units outstanding (000's) -- -- --
EQ/GAMCO Small Company Value
Unit value $ 113.44 $ 117.75 $ 139.30
Number of units outstanding (000's) -- -- --
EQ/International Growth
Unit value -- $ 115.64 $ 144.57
Number of units outstanding (000's) -- -- --
EQ/Janus Large Cap Growth
Unit value $ 66.62 $ 71.12 $ 71.61
Number of units outstanding (000's) -- -- --
EQ/JPMorgan Core Bond
Unit value $ 115.07 $ 117.03 $ 121.18
Number of units outstanding (000's) -- -- --
EQ/JPMorgan Value Opportunities
Unit value $ 108.69 $ 112.39 $ 134.61
Number of units outstanding (000's) -- -- --
EQ/Legg Mason Value Equity
Unit value -- $ 106.62 $ 113.34
Number of units outstanding (000's) -- -- --
EQ/Long Term Bond
Unit value -- $ 100.56 $ 101.88
Number of units outstanding (000's) -- -- --
EQ/Lord Abbett Growth and Income
Unit value -- $ 105.59 $ 124.31
Number of units outstanding (000's) -- -- --
EQ/Lord Abbett Large Cap Core
Unit value -- $ 106.21 $ 119.10
Number of units outstanding (000's) -- -- --
EQ/Lord Abbett Mid Cap Value
Unit value -- $ 112.11 $ 125.42
Number of units outstanding (000's) -- -- --
EQ/Marsico Focus
Unit value $ 133.98 $ 147.58 $ 160.53
Number of units outstanding (000's) -- -- --
EQ/Mercury Basic Value Equity
Unit value $ 127.54 $ 130.65 $ 157.18
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
I-8 Appendix I: Condensed financial information
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW AS OF DECEMBER 31, 2006, ARE FOR CONTRACTS OFFERED
UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.50%.
- ----------------------------------------------------------------------------------------------------------------
For the years
ending December 31,
- ----------------------------------------------------------------------------------------------------------------
2002 2003
- ----------------------------------------------------------------------------------------------------------------
EQ/Mercury International Value
Unit value $ 62.51 $ 79.64
Number of units outstanding (000's) -- --
EQ/MFS Emerging Growth Companies
Unit value $ 35.99 $ 46.31
Number of units outstanding (000's) -- --
EQ/MFS Investors Trust
Unit value $ 64.03 $ 77.76
Number of units outstanding (000's) -- --
EQ/Money Market
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Montag & Caldwell Growth
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Mutual Shares
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Oppenheimer Global
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Oppenheimer Main Street Small Cap
Unit value -- --
Number of units outstanding (000's) -- --
EQ/PIMCO Real Return
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Short Duration Bond
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Small Cap Value
Unit value $108.77 $ 148.68
Number of units outstanding (000's) -- --
EQ/Small Company Growth
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Small Company Index
Unit value $ 82.28 $ 119.41
Number of units outstanding (000's) -- --
EQ/TCW Equity
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Templeton Growth
Unit value -- --
Number of units outstanding (000's) -- --
EQ/UBS Growth and Income
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Van Kampen Comstock
Unit value -- --
Number of units outstanding (000's) -- --
- ----------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- ------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Mercury International Value
Unit value $ 96.39 $ 106.30 $ 132.94
Number of units outstanding (000's) -- -- --
EQ/MFS Emerging Growth Companies
Unit value $ 51.89 $ 56.29 $ 60.37
Number of units outstanding (000's) -- -- --
EQ/MFS Investors Trust
Unit value $ 86.19 $ 91.93 $ 103.30
Number of units outstanding (000's) -- -- --
EQ/Money Market
Unit value -- -- $ 100.76
Number of units outstanding (000's) -- -- --
EQ/Montag & Caldwell Growth
Unit value $ 104.85 $ 109.97 $ 118.12
Number of units outstanding (000's) -- -- --
EQ/Mutual Shares
Unit value -- -- $ 107.38
Number of units outstanding (000's) -- -- --
EQ/Oppenheimer Global
Unit value -- -- $ 111.23
Number of units outstanding (000's) -- -- --
EQ/Oppenheimer Main Street Small Cap
Unit value -- -- $ 111.28
Number of units outstanding (000's) -- -- --
EQ/PIMCO Real Return
Unit value -- $ 99.91 $ 99.80
Number of units outstanding (000's) -- -- --
EQ/Short Duration Bond
Unit value -- $ 100.36 $ 103.81
Number of units outstanding (000's) -- -- --
EQ/Small Cap Value
Unit value $ 173.24 $ 180.45 $ 208.48
Number of units outstanding (000's) -- -- --
EQ/Small Company Growth
Unit value $ 114.80 $ 122.78 $ 134.64
Number of units outstanding (000's) -- -- --
EQ/Small Company Index
Unit value $ 139.82 $ 145.04 $ 169.88
Number of units outstanding (000's) -- -- --
EQ/TCW Equity
Unit value $ 111.43 $ 115.29 $ 110.11
Number of units outstanding (000's) -- -- --
EQ/Templeton Growth
Unit value -- -- $ 107.79
Number of units outstanding (000's) -- -- --
EQ/UBS Growth and Income
Unit value $ 109.44 $ 118.70 $ 134.82
Number of units outstanding (000's) -- -- --
EQ/Van Kampen Comstock
Unit value -- $ 104.88 $ 120.95
Number of units outstanding (000's) -- -- --
Appendix I: Condensed financial information I-9
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW AS OF DECEMBER 31, 2006, ARE FOR CONTRACTS OFFERED
UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.50%.
- ------------------------------------------------------------------------------------------------------------------
For the years
ending December 31,
- ------------------------------------------------------------------------------------------------------------------
2002 2003
- ------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
Unit value $ 70.62 $ 109.56
Number of units outstanding (000's) -- --
EQ/Van Kampen Mid Cap Growth
Unit value -- --
Number of units outstanding (000's) -- --
EQ/Wells Fargo Montgomery Small Cap
Unit value -- --
Number of units outstanding (000's) -- --
Target 2015 Allocation
Unit value -- --
Number of units outstanding (000's) -- --
Target 2025 Allocation
Unit value -- --
Number of units outstanding (000's) -- --
Target 2035 Allocation
Unit value -- --
Number of units outstanding (000's) -- --
Target 2045 Allocation
Unit value -- --
Number of units outstanding (000's) -- --
- ------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- --------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006
- --------------------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
Unit value $ 134.82 $ 178.13 $ 242.92
Number of units outstanding (000's) -- -- --
EQ/Van Kampen Mid Cap Growth
Unit value -- $ 124.44 $ 135.28
Number of units outstanding (000's) -- -- --
EQ/Wells Fargo Montgomery Small Cap
Unit value -- $ 119.72 $ 144.89
Number of units outstanding (000's) -- -- --
Target 2015 Allocation
Unit value -- -- $ 108.60
Number of units outstanding (000's) -- -- --
Target 2025 Allocation
Unit value -- -- $ 109.56
Number of units outstanding (000's) -- -- --
Target 2035 Allocation
Unit value -- -- $ 110.45
Number of units outstanding (000's) -- -- --
Target 2045 Allocation
Unit value -- -- $ 111.24
Number of units outstanding (000's) -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
I-10 Appendix I: Condensed financial information
Appendix II: Market value adjustment example
- --------------------------------------------------------------------------------
The example below shows how the market value adjustment would be determined and
how it would be applied to a withdrawal, assuming that $100,000 was allocated
on June 15, 2007 to a fixed maturity option with a maturity date of June 15,
2015 (eight years later) at a hypothetical rate to maturity of 7.00% (h),
resulting in a maturity value of $171,882 on the maturity date. We further
assume that a withdrawal of $50,000 is made four years later, on June 15,
2011.(a)
- -------------------------------------------------------------------------------------
Hypothetical assumed
rate to maturity(j)
on June 15, 2011
- -------------------------------------------------------------------------------------
5% 9%
- -------------------------------------------------------------------------------------
As of June 15, 2011 before withdrawal
(1) market adjusted amount(b) $141,389 $121,737
(2) fixed maturity amount(c) $131,104 $131,104
(3) market value adjustment: (1) - (2) $ 10,285 $ (9,367)
On June 15, 2011 after $50,000 withdrawal
(4) portion of market value adjustment associated with the withdrawal:
3) x [$50,000/(1)] $ 3,637 $ (3,847)
(5) portion of fixed maturity associated with the withdrawal:
$50,000 - (4) $ 46,363 $ 53,847
(6) market adjusted amount (1) - $50,000 $ 91,389 $ 71,737
(7) fixed maturity amount: (2) - (5) $ 84,741 $ 77,257
(8) maturity value (d) $111,099 $101,287
- -------------------------------------------------------------------------------------
You should note that in this example, if a withdrawal is made when rates have
increased from 7.00% to 9.00% (right column), a portion of a negative market
value adjustment is realized. On the other hand, if a withdrawal is made when
rates have decreased from 7.00% to 5.00% (left column), a portion of a positive
market value adjustment is realized.
Notes:
(a) Number of days from the withdrawal date to the maturity date = D = 1,461
(b) Market adjusted amount is based on the following calculation:
Maturity value $171,882
________________ = __________________
where j is either 5% or 9%
(1+j)((D/365)) (1+j)((1,461/365))
(c) Fixed maturity amount is based on the following calculation:
Maturity value $171,882
________________ = _____________________
(1+h)((D/365)) (1+0.07)((1,461/365))
(d) Maturity value is based on the following calculation:
Fixed maturity amount $84,741 or $77,257
________________ = _____________________
(1+h)((D/365)) (1+0.07)((1,461/365))
Appendix II: Market value adjustment example II-1
Appendix III: Death benefit example
- --------------------------------------------------------------------------------
If you do not elect the enhanced death benefit, the death benefit is equal to
(i) your account value (without any negative market value adjustment), or (ii)
the standard death benefit, less any outstanding loan balance (including any
accrued, but unpaid loan interest). The standard death benefit is equal to your
total contributions, adjusted for withdrawals, including any withdrawal charges
and taxes that may apply. If you elect the enhanced death benefit, the death
benefit is equal to (i) the account value (without any negative market
adjustment that would otherwise apply), or (ii) the enhanced death benefit as
of the date of your death, whichever provides the highest amount.
Please see "Death benefit" under "Contract features and benefits" earlier in
this prospectus for more detailed information.
The following illustrates the death benefit calculation. Assuming $100,000 is
allocated to the variable investment options, no additional contributions, no
transfers and no loans or withdrawals, the death benefit for a participant age
45 would be calculated as follows:
- --------------------------------------------------------------------------------------------
End of participation
year Account value(1) Contribution Enhanced death benefit
- --------------------------------------------------------------------------------------------
1 $ 105,000(2) $100,000 $ 100,000
2 $ 115,500(2) $ 100,000
3 $ 129,360(2) $ 129,360 (2)
4 $ 103,488 $ 129,360(3)
5 $ 113,837 $ 129,360 (3)
6 $ 127,497 $ 129,360(3)
7 $ 127,497 $ 129,360 (3)
8 $ 133,872(2) $ 129,360
9 $ 147,259 $ 147,259 (4)
The account values for participation years 1 through 9 are based on
hypothetical rates of return of 5.00%, 10.00%, 12.00%, (20.00)%, 10.00%,
12.00%, 0.00%, 5% and 10%. We are using these rates solely to illustrate how
the benefit is determined. The return rates bear no relationship to past or
future investment results.
(1) If the enhanced death benefit was not elected, the death benefit on each
participation date anniversary would be equal to the account value, since
it is higher than the contribution.
(2) If the enhanced death benefit was elected, at the end of participation
years 1, 2, 3 and 8, the death benefit will be equal to the account value.
Also in participation year 3, the enhanced death benefit is increased to
equal the account value.
(3) At the end of participation years 4, 5, 6 and 7, the death benefit would be
equal to the enhanced death benefit since it is higher than the account
value. Also, at the end of participation year 6, no adjustment would be
made to the enhanced death benefit, since the enhanced death benefit is
higher than the account value.
(4) At the end of participation year 9, the enhanced death benefit would be
increased to the account value, since the account value on the
participation date anniversary is higher than the current enhanced death
benefit.
III-1 Appendix III: Death benefit example
Appendix IV: State contract availability and/or variations of certain features
and benefits
- --------------------------------------------------------------------------------
STATES WHERE CERTAIN EQUI-VEST(SM) STRATEGIES EMPLOYER-SPONSORED RETIREMENT
PROGRAMS FEATURES AND/OR BENEFITS ARE NOT AVAILABLE OR HAVE CERTAIN VARIATIONS
TO FEATURES AND/OR BENEFITS:
- ------------------------------------------------------------------------------------------------------------------------------------
Contract type/Series/
State Features and benefits Effective Date Availability or variation
- ------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS See "Withdrawal Charge" EDC 457 Contracts Waivers (4), (5), and (6) are not available.
in the "Charges under the
contract" section under
"Charges and expenses"
- ------------------------------------------------------------------------------------------------------------------------------------
MISSOURI See "Withdrawal Charge" All contract types and Waiver (4) regarding total disability is not available.
in the "Charges under the series.
contract" section under
"Charges and expenses"
- ------------------------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE See "Withdrawal Charge" All contract types and Waiver (6) regarding the definition of a nursing home
in the "Charges under the series. was changed to "(a) a provider of skilled nursing care ser-
contract" section under vice", while it only needs to "provide continuous room and
"Charges and expenses" board."
- ------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON See "Withdrawal Charge" All contract types and Waiver (6) regarding the definition of a nursing home is
in the "Charges under the series deleted, and replaced with the following:
contract" section under
"Charges and expenses" "A nursing home for this purpose means any home, place, or
institution which operates or maintains facilities providing
convalescent or chronic care, or both, for a period in excess
of twenty-four consecutive hours for three or more patients not
related by blood or marriage to the operator, who by reasons of
illness or infirmity, are unable to properly care for
themselves and as further defined in RCW 18.51.010"
- ------------------------------------------------------------------------------------------------------------------------------------
VERMONT See "Loans under TSA, Taking a loan in excess of Internal Revenue Code limits
governmental employer may result in adverse tax consequences. Please consult
EDC and Corporate Trust- your tax adviser before taking a loan that exceeds the
eed contracts" in Internal Revenue Code limits.
"Accessing your money"
- ------------------------------------------------------------------------------------------------------------------------------------
TEXAS See "Loans" in "Accessing TSA 403(b) Contracts Taking a loan in excess of the Internal Revenue Code
your money" limits may result in adverse tax consequences. Please
consult your tax adviser before taking a loan that
exceeds the Internal Revenue Code limits.
- ------------------------------------------------------------------------------------------------------------------------------------
Appendix IV: State contract availability and/or
variations of certain features and benefits IV-1
Statement of additional information
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
Page
Who is AXA Equitable? 2
Calculation of annuity payments 2
Custodian and independent registered public accounting firm 2
Distribution of the contracts 3
Calculating unit values 3
Condensed financial information 4
Financial statements 13
How to obtain an EQUI-VEST(SM) Strategies Statement of Additional Information
for Separate Account A
Call (800) 628-6673 or send this request form to:
EQUI-VEST(SM)
Employer Sponsored Programs
Processing Office
AXA Equitable
P.O. Box 4956
Syracuse, NY 13221-4956
- --------------------------------------------------------------------------------
Please send me an EQUI-VEST(SM) Strategies Statement of Additional Information
dated May 1, 2007
- --------------------------------------------------------------------------------
Name
- --------------------------------------------------------------------------------
Address
- --------------------------------------------------------------------------------
City State Zip
888-1297 (5/07)
X1498
EQUI-VEST(SM)
Employer-Sponsored Retirement Programs
PROSPECTUS DATED MAY 1, 2007
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 contract. You should read the prospectuses for each
Trust which contain important information about the portfolios.
- --------------------------------------------------------------------------------
WHAT IS EQUI-VEST(SM)?
EQUI-VEST(SM) is a deferred annuity contract issued by AXA Equitable Life
Insurance Company. It provides for the accumulation of retirement savings and
for income. The contract also offers death benefit protection and a number of
payout options. You invest to accumulate value on a tax-deferred basis in one or
more of our variable investment options and our guaranteed interest option or in
our fixed maturity options ("investment options"). Each of these contracts may
not currently be available in all states.
- --------------------------------------------------------------------------------
Variable investment options
- --------------------------------------------------------------------------------
Fixed income
- --------------------------------------------------------------------------------
o AXA Conservative Allocation(1) o EQ/JPMorgan Core Bond
o AXA Conservative-Plus Allocation(1) o EQ/Long Term Bond
o EQ/AllianceBernstein Intermediate o EQ/Money Market
Government Securities o EQ/PIMCO Real Return
o EQ/AllianceBernstein Quality Bond o EQ/Short Duration Bond
o EQ/Caywood-Scholl High Yield Bond o Multimanager Core Bond*
o EQ/Evergreen International Bond o Multimanager High Yield*
o EQ/Franklin Income
- --------------------------------------------------------------------------------
Domestic stocks
- --------------------------------------------------------------------------------
o AXA Aggressive Allocation(1) o EQ/Lord Abbett Mid Cap Value
o AXA Moderate-Plus Allocation(1) o EQ/Marsico Focus
o EQ/AllianceBernstein Common Stock o EQ/MFS Emerging Growth Companies+
o EQ/AllianceBernstein Growth and o EQ/MFS Investors Trust+
Income++ o EQ/Montag & Caldwell Growth
o EQ/AllianceBernstein Large Cap o EQ/Mutual Shares
Growth o EQ/Oppenheimer Main Street
o EQ/AllianceBernstein Small Cap Opportunity**
Growth o EQ/Oppenheimer Main Street Small
o EQ/AllianceBernstein Value++ Cap
o EQ/Ariel Appreciation II(2) o EQ/Small Cap Value+
o EQ/AXA Rosenberg Value Long/Short o EQ/Small Company Growth+
Equity(3) o EQ/Small Company Index
o EQ/BlackRock Basic Value Equity* o EQ/TCW Equity++
o EQ/Boston Advisors Equity Income o EQ/Templeton Growth
o EQ/Calvert Socially Responsible o EQ/UBS Growth and Income
o EQ/Capital Guardian Growth o EQ/Van Kampen Comstock
o EQ/Capital Guardian Research o EQ/Van Kampen Mid Cap Growth
o EQ/Capital Guardian U.S. Equity++ o EQ/Wells Fargo Montgomery Small
o EQ/Davis New York Venture** Cap++
o EQ/Equity 500 Index o Multimanager Aggressive Equity*
o EQ/Evergreen Omega o Multimanager Health Care*
o EQ/FI Mid Cap o Multimanager Large Cap Core Equity*
o EQ/FI Mid Cap Value+ o Multimanager Large Cap Growth*
o EQ/Franklin Small Cap Value o Multimanager Large Cap Value*
o EQ/Franklin Templeton Founding o Multimanager Mid Cap Growth*
Strategy** o Multimanager Mid Cap Value*
o EQ/GAMCO Mergers and Acquisitions o Multimanager Technology*
o EQ/GAMCO Small Company Value o Target 2015 Allocation
o EQ/Janus Large Cap Growth++ o Target 2025 Allocation
o EQ/JPMorgan Value Opportunities o Target 2035 Allocation
o EQ/Legg Mason Value Equity o Target 2045 Allocation
o EQ/Lord Abbett Growth and Income o U.S. Real Estate--Class II++
o EQ/Lord Abbett Large Cap Core
- --------------------------------------------------------------------------------
International stocks
- --------------------------------------------------------------------------------
o EQ/AllianceBernstein International o EQ/Oppenheimer Global
o EQ/BlackRock International Value* o EQ/Van Kampen Emerging Markets Equity
o EQ/Capital Guardian International+ o Multimanager International Equity*
o EQ/International Growth
- --------------------------------------------------------------------------------
Balanced/hybrid
- --------------------------------------------------------------------------------
o AXA Moderate Allocation(1)
- --------------------------------------------------------------------------------
(1) The AXA Allocation Portfolios.
(2) The EQ/Ariel Appreciation II option is not available under EDC and TSA
contracts.
(3) EQ/AXA Rosenberg Value Long/Short Equity option is not available for new con
tributions or incoming transfers for certain TSA contract owners in the
State of Texas. (See Appendix IV.)
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and benefits" later in this prospectus for the investment
option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned substitution or merger of this investment option, subject to
regulatory approval.
You allocate amounts to the variable investment options, under your choice of
investment method subject to any restrictions. Each variable investment option
is a subaccount of Separate Account A. Each variable investment option, in turn,
invests in a corresponding securities portfolio ("portfolio") of AXA Premier VIP
Trust, EQ Advisors Trust, or The Universal Institutional Funds, Inc., (the
"Trusts"). Your investment results in a variable investment option will depend
on the investment performance of the related portfolio. You may also allocate
amounts to the guaranteed interest option and the fixed maturity options, which
are discussed later in this prospectus.
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 contracts 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.
X01505
TYPES OF CONTRACTS. For existing and new contract owners, we offer different
"series" of contracts for use as:
Employer-funded traditional individual retirement annuities ("IRAs"):
o A simplified employee pension plan ("SEP") sponsored by an employer.
o SEPs funded by salary reduction arrangements ("SARSEPs") for plans
established by employers before January 1, 1997. Although we still issue
these contracts to employees whose employer's plans enrolled on this basis,
plans of this type are no longer available under EQUI-VEST(SM) to new
employer groups without existing plans.
o SIMPLE IRAs funded by employee salary reduction and employer contributions.
Other employer-sponsored contracts:
o Trusteed contracts to fund defined contribution "HR-10" or "Keogh" plans of
employers who are sole proprietorships, partnerships, or business trusts, or
plans of corporations, including non-profit organizations and states or
local governmental entities.
o Annuitant-Owned contracts to fund defined contribution HR-10 or Keogh plans.
o An Internal Revenue Code Section 403(b) Tax-Sheltered Annuity (basic "TSA")
for public schools and nonprofit entities under Internal Revenue Code
Section 501(c)(3).
o A TSA annuity issued to participants of TSA plans generally sponsored by
universities ("University TSA") that prohibits loans and has restrictions
not included in a basic TSA.
o To fund Internal Revenue Code Section 457 employee deferred compensation
("EDC") plans of state and municipal governments and tax-exempt
organizations.
Minimum contribution amounts of $20 may be made under the contract.
For existing contract owners only:
o Original contracts (see Appendix 1).
Registration statements relating to this offering have been filed with the
Securities and Exchange Commission ("SEC"). The statement of additional
information ("SAI") dated May 1, 2007, is a part of one of the registration
statements. The SAI is available free of charge. You may request one by writing
to our processing office at P.O. Box 4956, Syracuse, NY 13221-4956 or calling 1
(800) 628-6673. 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
www.sec.gov. The table of contents for the SAI appears at the back of this
prospectus.
Although this prospectus is primarily designed for potential purchasers of the
contract, you may have previously purchased a contract and are receiving this
prospectus as a current contract owner. If you are a current contract owner, you
should note that the options, features and charges of the contract may have
varied over time and may vary depending on your state. For more information
about the particular options, features and charges applicable to you, please
contact your financial professional and/or refer to your contract and/or see
Appendices I and IV.
Contents of this prospectus
- --------------------------------------------------------------------------------
EQUI-VEST(SM)
- --------------------------------------------------------------------------------
Index of key words and phrases 5
Who is AXA Equitable? 7
How to reach us 8
EQUI-VEST(SM) employer-sponsored retirement programs
at a glance -- key features 10
- -------------------------------------------------------------------------------
FEE TABLE 13
- -------------------------------------------------------------------------------
Examples 17
Examples: EQUI-VEST(SM) series 100 and 200 contracts 18
Examples: EQUI-VEST(SM) series 200 Trusteed contracts 20
Examples: EQUI-VEST(SM) series 300 contracts 22
Examples: EQUI-VEST(SM) series 400 contracts 24
Condensed financial information 26
- -------------------------------------------------------------------------------
1. CONTRACT FEATURES AND BENEFITS 27
- -------------------------------------------------------------------------------
How you can purchase and contribute to your contract 27
Owner and annuitant requirements 29
How you can make your contributions 29
What are your investment options under the contract? 29
Portfolios of the Trusts 30
Selecting your investment method 37
ERISA considerations for employers 38
Allocating your contributions 38
Your right to cancel within a certain number of days 38
- -------------------------------------------------------------------------------
2. DETERMINING YOUR CONTRACT'S VALUE 40
- -------------------------------------------------------------------------------
Your account value and cash value 40
Your contract's value in the variable investment options 40
Your contract's value in the guaranteed interest option 40
Your contract's value in the fixed maturity options 40
- -------------------------------------------------------------------------------
3. TRANSFERRING YOUR MONEY AMONG
INVESTMENT OPTIONS 41
- -------------------------------------------------------------------------------
Transferring your account value 41
Disruptive transfer activity 41
Automatic transfer options 42
Investment simplifier 42
Rebalancing your account value 43
- ----------------------
"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 contract owner.
When we use the word "contract" it also includes certificates that are issued
under group contracts in some states.
Contents of this prospectus 3
- --------------------------------------------------------------------------------
4. ACCESSING YOUR MONEY 44
- --------------------------------------------------------------------------------
Withdrawing your account value 44
How withdrawals are taken from your account value 45
Loans under TSA, governmental employer EDC and Corporate
Trusteed contracts 45
Termination 46
Texas ORP participants 46
When to expect payments 46
Your annuity payout options 46
- --------------------------------------------------------------------------------
5. CHARGES AND EXPENSES 48
- --------------------------------------------------------------------------------
Charges that AXA Equitable deducts 48
Charges under the contracts 48
For all contract series 52
Charges that the Trusts deduct 52
Variation in charges 53
- --------------------------------------------------------------------------------
6. PAYMENT OF DEATH BENEFIT 54
- --------------------------------------------------------------------------------
Your beneficiary and payment of benefit 54
How death benefit payment is made 54
Beneficiary continuation option (For TSAs, SEPs, SARSEP
and SIMPLE IRAs only) 54
- --------------------------------------------------------------------------------
7. TAX INFORMATION 56
- --------------------------------------------------------------------------------
Tax information and ERISA matters 56
Buying a contract to fund a retirement arrangement 56
Special rules for tax-favored retirement programs 56
Additional "Saver's Credit" for salary reduction contributions to
certain plans or a traditional IRA or Roth IRA 56
Qualified plans 57
Tax-sheltered annuity arrangements (TSAs) 57
Distributions from Qualified Plans and TSAs 59
Simplified Employee Pensions (SEPs) 61
SIMPLE IRAs (Savings Incentive Match Plan) 61
Public and tax-exempt organization employee
deferred compensation plans (EDC Plans) 62
Traditional Individual Retirement Annuities
(traditional IRAs) 63
ERISA matters 70
Certain rules applicable to plans designed
to comply with Section 404(c) of ERISA 71
Federal and state income tax withholding and
information reporting 71
Federal income tax withholding on periodic annuity payments 71
Federal income tax withholding on non-periodic annuity
payments (withdrawals) 71
Mandatory withholding from TSA, governmental employer EDC
and qualified plan distributions 72
Impact of taxes to AXA Equitable 72
- --------------------------------------------------------------------------------
8. MORE INFORMATION 73
- --------------------------------------------------------------------------------
About our Separate Account A 73
About the Trusts 73
About our fixed maturity options 73
About the general account 74
About other methods of payment 75
Dates and prices at which contract events occur 75
About your voting rights 75
About legal proceedings 76
Financial statements 76
Transfers of ownership, collateral assignments,
loans, and borrowing 76
Funding changes 76
Distribution of the contracts 76
- --------------------------------------------------------------------------------
9. INCORPORATION OF CERTAIN DOCUMENTS
BY REFERENCE 78
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
APPENDICES
- --------------------------------------------------------------------------------
I -- Original contracts I-1
II -- Condensed financial information II-1
III -- Market value adjustment example III-1
IV -- State contract availability and/or variations of
certain features and benefits IV-1
- --------------------------------------------------------------------------------
STATEMENT OF ADDITIONAL INFORMATION
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
4 Contents of this prospectus
Index of key words and phrases
- --------------------------------------------------------------------------------
This index should help you locate more information on the terms used in this
prospectus.
Page
account value 40
annuitant 38
annuity payout options 29
Annuitant-Owned HR-10 cover
beneficiary 54
beneficiary continuation option 54
business day 75
cash value 40
contract date 11
contract date anniversary 11
contract year 11
contributions 27
disruptive transfer activity 41
DOL 57
EDC cover
EQAccess 8
ERISA 38
elective deferral contributions 57
fixed maturity amount 36
fixed maturity option 36
guaranteed interest option 36
IRA cover
investment options cover, 29
market adjusted amount 36
Page
market timing 41
market value adjustment 37
maturity value 36
nonelective contribution 62
Original contracts Appendix I
partial withdrawals 44
portfolio cover
processing office 8
rate to maturity 36
Required Beginning Date 69
SAI cover
SEC cover
salary reduction contributions 56
SARSEP cover
SEP cover
SIMPLE IRA cover
TOPS 8
Trusteed contracts cover
TSA cover
Trusts cover
unit 40
unit investment trust 73
variable investment options cover, 29
To make this prospectus easier to read, we sometimes use different words than in
the contract or supplemental materials. This is illustrated below. 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.
------------------------------------------------------------------------------
Prospectus Contract or Supplemental Materials
------------------------------------------------------------------------------
fixed maturity options Guarantee Periods or Fixed Maturity Accounts
variable investment options Investment Funds or Investment Divisions
account value Annuity Account Value
rate to maturity Guaranteed Rates
guaranteed interest option Guaranteed Interest Account
unit Accumulation unit
unit value Accumulation unit value
------------------------------------------------------------------------------
Index of key words and phrases 5
In this prospectus, we use a "series" number when necessary to identify a
particular contract. We discuss four series of contracts. Once you have
purchased a contract you can identify the EQUI-VEST(SM) series you have by
referring to your confirmation notice, or you may contact your financial
professional, or you may call our toll-free number. The series designations are
as follows:
------------------------------------------------------------------------------
TSA, SEP, EDC, Annuitant-Owned series 100
HR-10 and Trusteed contracts.
This series is no longer available
for new purchasers except in NY and
NJ (for TSA, EDC and Trusteed).
------------------------------------------------------------------------------
TSA, EDC, Annuitant-Owned HR-10, series 200
Trusteed, SEP and SARSEP contracts.
This series is available for new
purchasers of TSA, EDC, Trusteed,
and Annuitant-Owned HR-10 contracts
in all states except in NY and NJ.
Also available for SEP and SARSEP
contracts in MD, OR and WA.
------------------------------------------------------------------------------
SEP and SARSEP contracts in all series 300
states except in MD, OR and WA.
------------------------------------------------------------------------------
SIMPLE IRA contracts in all approved series 400
states.
------------------------------------------------------------------------------
We also have contracts that we refer to as "Original contracts." These contracts
are no longer available for new purchasers. Any information about original
contracts which is different from the current series we offer can be found in
Appendix I, which will be referenced throughout this prospectus when it applies.
6 Index of key words and phrases
Who is AXA Equitable?
- --------------------------------------------------------------------------------
We are AXA Equitable Life Insurance Company ("AXA Equitable") (until 2004, The
Equitable Life Assurance Society of the United States), a New York stock life
insurance corporation. We have been doing business since 1859. AXA Equitable is
an indirect, wholly-owned subsidiary of AXA Financial, Inc., a holding company,
which is itself an indirect, wholly-owned subsidiary of AXA. AXA is a French
holding company for an international group of insurance and related financial
services companies. As the ultimate sole shareholder of AXA Equitable, and under
its other arrangements with AXA Equitable and AXA Equitable's parent, AXA
exercises significant influence over the operations and capital structure of AXA
Equitable and its parent. AXA holds its interest in AXA Equitable through a
number of other intermediate holding companies, including Oudinot
Participations, AXA America Holdings Inc. and AXA Financial Services, LLC. AXA
Equitable is obligated to pay all amounts that are promised to be paid under the
contracts. 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 $795
billion in assets as of December 31, 2006. 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 10104.
Who is AXA Equitable? 7
HOW TO REACH US
You may communicate with our processing office as 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.
- --------------------------------------------------------------------------------
FOR CONTRIBUTIONS SENT BY REGULAR MAIL:
- --------------------------------------------------------------------------------
AXA Equitable
EQUI-VEST(SM)
Unit Collections
P.O. Box 13463
Newark, NJ 07188-0463
- --------------------------------------------------------------------------------
FOR TSA, GOVERNMENTAL EMPLOYER EDC AND CORPORATE
TRUSTEED LOAN REPAYMENTS SENT BY REGULAR MAIL:
- --------------------------------------------------------------------------------
AXA Equitable
EQUI-VEST(SM) Loan Repayments Lockbox
P.O. Box 13496
Newark, NJ 07188-0496
- --------------------------------------------------------------------------------
FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR
TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT
BY REGULAR MAIL:
- --------------------------------------------------------------------------------
AXA Equitable
EQUI-VEST(SM) Processing Office
P.O. Box 4956
Syracuse, NY 13221-4956
- --------------------------------------------------------------------------------
FOR CONTRIBUTIONS SENT BY EXPRESS DELIVERY:
- --------------------------------------------------------------------------------
AXA Equitable
JPMorganChase
EQUI-VEST(SM) Lockbox #13463
4 Chase Metrotech Center (7th Floor)
Brooklyn, NY 11245-0001
Telephone number to be listed on express mail packages
Attn: Extraction Supervisor, (718) 242-2992
- --------------------------------------------------------------------------------
FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR
TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT
BY EXPRESS DELIVERY:
- --------------------------------------------------------------------------------
AXA Equitable
EQUI-VEST(SM) Processing Office
100 Madison Street, Suite 1000
Syracuse, NY 13202
- --------------------------------------------------------------------------------
REPORTS WE PROVIDE:
- --------------------------------------------------------------------------------
o written confirmation of financial transactions;
o quarterly statements of your contract values as of the close of each
calendar quarter; and
o annual statement of your contract values as of your contract date
anniversary.
- --------------------------------------------------------------------------------
TELEPHONE OPERATED PROGRAM SUPPORT ("TOPS") AND
EQACCESS SYSTEMS
- --------------------------------------------------------------------------------
TOPS is designed to provide you with up-to-date information via touch-tone
telephone. EQAccess is designed to provide this information through the
Internet. You can obtain information on:
o your current account value;
o your current allocation percentages;
o the number of units you have in the variable investment options;
o rates to maturity for fixed maturity options;
o the daily unit values for the variable investment options; and
o performance information regarding the variable investment options (not
available through TOPS).
You can also:
o change your allocation percentages and/or transfer among the variable
investment options and the guaranteed interest option (not available for
transfers to fixed maturity options); and
o change your TOPS personal identification number ("PIN") (through TOPS only)
and your EQAccess password (through EQAccess only).
Under TOPS only you can:
o elect the investment simplifier.
Under EQAccess only you can:
o elect to receive certain contract statements electronically;
o change your address; and
o access "Frequently Asked Questions" and certain service forms.
TOPS and EQAccess are normally available seven days a week, 24 hours a day. You
can use TOPS by calling toll free 1-800-755-7777. You may use EQAccess by
visiting our website at www.axaonline.com and logging in to access your account.
Of course, for reasons beyond our control, these services may sometimes be
unavailable.
We have established procedures to reasonably confirm that the instructions
communicated by telephone or the Internet are genuine. For example, we will
require certain personal identification information before we will act on
telephone or Internet instructions and we will provide written confirmation of
your transfers. If we do not employ reasonable procedures to confirm the
genuineness of telephone or Internet instructions, we may be liable for any
losses arising out of any act or omission that constitutes negligence, lack of
good faith or willful misconduct. In light of our procedures, we will not be
liable for following telephone or Internet instructions we reasonably believe to
be genuine.
8 Who is AXA Equitable?
We reserve the right to limit access to these services if we determine that you
engaged in disruptive transfer activity, such as "market timing" (see
"Disruptive transfer activity" in "Transferring your money among investment
options" later in this prospectus).
- --------------------------------------------------------------------------------
CUSTOMER SERVICE REPRESENTATIVE:
- --------------------------------------------------------------------------------
You may also use our toll-free number 1 (800) 628-6673 to speak with one of our
customer service representatives. Our customer service representatives are
available on each business day Monday through Thursday from 8:00 a.m. to 7:00
p.m., and on Friday until 5:00 p.m., Eastern Time.
Hearing or speech-impaired clients may call the AT&T National Relay Number at
(800) 855-2880 for information about your account. If you have a
Telecommunications Device for the Deaf (TDD), you may relay messages or
questions to our Customer Service Department at (800) 628-6673, Monday through
Thursday from 8:00 a.m. to 7:00 p.m., and on Friday until 5:00 p.m. Eastern
Time. AT&T personnel will communicate our reply back to you, via the TDD.
- --------------------------------------------------------------------------------
TOLL-FREE TELEPHONE SERVICE:
- --------------------------------------------------------------------------------
You may reach us toll-free by calling 1 (800) 841-0801 for a recording of daily
unit values for the variable investment options.
WE REQUIRE THAT THE FOLLOWING TYPES OF COMMUNICATIONS BE ON SPECIFIC FORMS WE
PROVIDE FOR THAT PURPOSE:
(1) election of the automatic investment program (not applicable to all
contracts);
(2) election of the investment simplifier;
(3) election of the automatic deposit service;
(4) election of the rebalancing program;
(5) election of required minimum distribution automatic withdrawal option;
(6) election of beneficiary continuation option (TSA, SEP, SARSEP, and SIMPLE
IRA contracts only);
(7) transfer/rollover of assets to another carrier;
(8) request for a loan (ERISA and non-ERISA TSA, governmental employer EDC
(subject to state availability) and Corporate Trusteed contracts);
(9) tax withholding election; and
(10) contract surrender and withdrawal requests.
WE ALSO HAVE SPECIFIC FORMS THAT WE RECOMMEND YOU USE FOR THE FOLLOWING TYPES OF
REQUESTS:
(1) address changes;
(2) beneficiary changes;
(3) transfers among investment options; and
(4) change of ownership (when applicable).
TO CHANGE OR CANCEL ANY OF THE FOLLOWING WE REQUIRE WRITTEN NOTIFICATION
GENERALLY AT LEAST SEVEN CALENDAR DAYS BEFORE THE NEXT SCHEDULED TRANSACTION:
(1) automatic investment program;
(2) investment simplifier;
(3) rebalancing program;
(4) systematic withdrawals; and
(5) the date annuity payments are to begin.
You must sign and date all these requests. Any written request that is not on
one of our forms must include your name and your contract number along with
adequate details about the notice you wish to give or the action you wish us to
take.
SIGNATURES:
The proper person to sign forms, notices and requests would normally be the
owner. For TSA, SEP, and SIMPLE IRA contracts we need the annuitant's signature
and in some cases the Plan Administrator's signature if the Plan requires it.
Who is AXA Equitable? 9
EQUI-VEST(SM) employer-sponsored retirement programs at a glance -- key features
- --------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Professional EQUI-VEST(SM)'s variable investment options invest in different portfolios managed by professional
investment investment advisers.
management
- -----------------------------------------------------------------------------------------------------------------------------------
Guaranteed o Principal and interest guarantees
interest option
o Interest rates set periodically
- -----------------------------------------------------------------------------------------------------------------------------------
Fixed maturity o 10 (7 in Oregon) fixed maturity options with maturities ranging from approximately 1 to 10 years (1
options to 7 in Oregon).
o Each fixed maturity option offers a guarantee of principal and interest rate if you hold it to
maturity.
--------------------------------------------------------------------------------------------------------
If you make any withdrawals (including transfers, surrender or termination of your contract or when we
make deductions for charges) from a fixed maturity option before it matures, we will make a market value
adjustment, which will increase or decrease any fixed maturity amount you have in that fixed maturity
option.
--------------------------------------------------------------------------------------------------------
Only available for contracts in states where approved.
- -----------------------------------------------------------------------------------------------------------------------------------
Tax advantages o On earnings inside the contract No tax until you make withdrawals from your contract or receive
annuity payments.
o On transfers inside No tax on transfers among investment options. the contract
--------------------------------------------------------------------------------------------------------
Because you are purchasing an annuity contract as a Tax Sheltered Annuity (TSA), 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.)
- -----------------------------------------------------------------------------------------------------------------------------------
Contribution amounts o $20 (minimum) each contribution
o Maximum contribution limitations may apply. In general, contributions are limited to $1.5 million
under all EQUI-VEST(SM) series and EQUI-VEST(SM) At Retirement(SM) contracts with the same owner or
annuitant ($500,000 for owners or annuitants who are age 81 and older at contract issue.)
- -----------------------------------------------------------------------------------------------------------------------------------
Access to your money o Partial withdrawals
o Several withdrawal options on a periodic basis
o Contract surrender
Withdrawals are subject to the terms of the plan and may be limited. You may incur a withdrawal charge
for certain withdrawals or if you surrender your contract. You may also incur income tax and a penalty
tax.
- -----------------------------------------------------------------------------------------------------------------------------------
Payout options o Fixed annuity payout options
o Variable Immediate Annuity payout options (described in a separate prospectus for that option)
- -----------------------------------------------------------------------------------------------------------------------------------
10 EQUI-VEST(SM) employer-sponsored retirement programs at a glance -- key
features
- -----------------------------------------------------------------------------------------------------------------------------------
Additional features o Dollar cost averaging by automatic transfers
-- Interest sweep option
-- Fixed dollar option
o Automatic investment program (not applicable to all contracts)
o Account value rebalancing (quarterly, semiannually, and annually)
o No charge on transfers among investment options
o Waiver of withdrawal charge under certain circumstances
o Minimum death benefit
- -----------------------------------------------------------------------------------------------------------------------------------
Fees and charges o Daily charge on amounts invested in variable investment options for mortality and expense risks and
other expenses at annual rates determined by contract series:
series 100 and 200 -- 1.34%; two options at 1.40%, currently (maximum of 1.49%).
series 300 and 400: 1.34%; four options at 1.35% (maximum of 2.00% for series 400).
o Annual administrative charge*:
series 100 and 200: $30 or 2% of the account value plus any amounts previously withdrawn during the
contract year, if less.
series 300 and 400: $30 ($65 maximum) during the first two contract years or 2% of the account value
plus any amounts previously withdrawn during the contract year, if less; $30 thereafter ($65
maximum).
* For individuals who own multiple contracts with combined account values over $100,000, this charge
may be waived. See "Annual administrative charge" in "Charges and expenses" later in this prospectus.
o Charge for third-party transfer (such as in the case of a trustee-to-trustee transfer for an IRA
contract) or exchange (if your contract is exchanged for a contract issued by another insurance
company):
series 100 and 200: none
series 300 and 400: $25 current per occurrence ($65 maximum).
o No sales charge deducted at the time you make contributions.
o Withdrawal charge:
-- series 300, 400, and Trusteed contracts under series 100 and 200: We deduct a charge equal to 6%
of contributions that have been withdrawn if such contributions were made in the current and five
prior contract years.
All SEP, SARSEP, TSA, EDC and Annuitant-owned HR-10 contracts under series 100 and 200: 6% of amount
withdrawn, generally declining for the first through 12th contract years. The total of all withdrawal
charges may not exceed 8% of all contributions made during a specified period before the withdrawal
is made.
There is no charge in any contract year in which the amount withdrawn does not exceed 10% of your
account value at the time of your withdrawal request minus prior withdrawals in that contract year.
Under certain circumstances the withdrawal charge will not apply. They are discussed in "Charges and
expenses" later in this prospectus.
--------------------------------------------------------------------------------------------------------
The "contract date" is the effective date of a contract. This usually is the business day we receive the
properly completed and signed application, along with any other required documents, and your initial
contribution. Your contract date will be shown in your contract. The 12-month period beginning on your
contract date and each 12-month period after that date is a "contract year." The end of each 12-month
period is your "contract date anniversary." For example if your contract date is May 1, your contract
date anniversary is April 30.
--------------------------------------------------------------------------------------------------------
o We deduct a charge designed to approximate certain taxes that may be imposed on us, such as premium
taxes in your state. The charge is generally deducted from the amount applied to an annuity payout
option.
o We deduct a $350 annuity administrative fee from amounts applied to a Variable Immediate Annuity
payout option. This option is described in a separate prospectus that is available from your
financial professional.
o Annual expenses of the Trusts' 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.
- -----------------------------------------------------------------------------------------------------------------------------------
THE ABOVE IS NOT A COMPLETE DESCRIPTION OF ALL MATERIAL PROVISIONS OF THE
CONTRACT. IN SOME CASES RESTRICTIONS OR EXCEPTIONS APPLY, OR MAY BE IMPOSED BY
EMPLOYERS UNDER THEIR PLANS. MAXIMUM EXPENSE LIMITATIONS APPLY TO CERTAIN
VARIABLE INVESTMENT OPTIONS, AND RIGHTS ARE RESERVED
EQUI-VEST(SM) employer-sponsored retirement programs at a glance -- key features
11
TO CHANGE OR WAIVE CERTAIN CHARGES WITHIN SPECIFIED LIMITS. ALSO, ALL FEATURES
OF THE CONTRACT, INCLUDING ALL VARIABLE INVESTMENT OPTIONS, ARE NOT NECESSARILY
AVAILABLE IN YOUR STATE OR AT CERTAIN AGES OR UNDER YOUR INVESTMENT METHOD (SEE
"SELECTING YOUR INVESTMENT METHOD" LATER IN THIS PROSPECTUS).
For more detailed information we urge you to read the contents of this
prospectus, as well as your contract. Please feel free to speak with your
financial professional, or call us, if you have any questions. If for any reason
you are not satisfied with your contract, 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.
OTHER CONTRACTS
We offer a variety of fixed and variable annuity contracts. They may offer
features, including investment options, credits, fees and/or charges that are
different from those in the contracts offered by this prospectus. Not every
contract is offered through the same Selling broker-dealer. Some Selling
broker-dealers may not offer and/or limit the offering of certain features or
options, as well as limit the availability of the contracts, based on issue age
or other criteria established by the Selling broker-dealer. Upon request, your
financial professional can show you information regarding other AXA Equitable
annuity contracts that he or she distributes. You can also contact us to find
out more about the availability of any of the AXA Equitable annuity contracts.
You should work with your financial professional to decide whether an optional
benefit is appropriate for you based on a thorough analysis of your particular
insurance needs, financial objectives, investment goals, time horizons and risk
tolerance. Some Selling broker-dealers may limit their clients from purchasing
some optional benefits based upon the client's age.
12 EQUI-VEST(SM) employer-sponsored retirement programs at a glance -- key
features
Fee table
- --------------------------------------------------------------------------------
The following tables describe the fees and expenses that you will pay when
buying, owning, and surrendering the contract. 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 that
you surrender the contract, make certain withdrawals, purchase a Variable
Immediate Annuity payout option or make certain transfers and exchanges. Charges
designed to approximate certain taxes that may be imposed on us, such as premium
taxes in your state, may also apply. Charges for certain features shown in the
fee table are mutually exclusive.
- -----------------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your account value at the time you request certain transactions
- -----------------------------------------------------------------------------------------------------------------------------------
Maximum withdrawal charge as a percentage of contributions,
or amounts with- drawn, depending on the contract and series
(deducted if you surrender your contract or make certain
withdrawals)(1) 6.00%
Charge if you elect a Variable Immediate Annuity payout
option (which is described in a separate prospectus for that
option) $350
Charge for third-party transfer or exchange series 100 and 200: none
series 300 and 400: $65 maximum for each
occurrence;
currently $25 for each occurrence.
The next table describes the fees and expenses that you will pay periodically
during the time that you own the contract, not including underlying Trust
portfolio fees and expenses.
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Charges we deduct from your account value on each contract date anniversary
- -----------------------------------------------------------------------------------------------------------------------------------
Annual administrative charge(2)
For series 100 and 200: The lesser of $30 or 2% of your account value,
plus any prior withdrawals during the contract
year.
For series 300 and 400: $65 maximum ($30 current)
Net Loan interest charge(3)--TSA, governmental employer EDC
and Corporate Trusted contracts (calculated and deducted
daily as a percentage of the outstanding loan amount): 2.00%.
- --------------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your variable investment options expressed as an annual percentage of daily net assets
- --------------------------------------------------------------------------------------------------------------------------------
Separate account EQ/AllianceBernstein
annual expenses: Common Stock All Other
EQ/Money Market Options VariableInvestment Options
----------------------- --------------------------
series 100 series 200 series 100 series 200 series 300 series 400
---------- ---------- ---------- ---------- ---------- ----------
Maximum mortality and expense risk(4) 0.65% 1.24% 0.50% 1.09% 1.10% 1.75%
(currently (currently (currently
0.56%) 1.15%) 1.10%)
Maximum other expenses(5) 0.84% 0.25% 0.84% 0.25% 0.25% 0.25%
(currently (currently
0.24%)(7) 0.24%)(7)
----- ----- ----- ----- --------- ----------
Maximum total Separate Account A annual 1.49% 1.49% 1.34% 1.34% 1.35% 2.00%
expenses(6) ===== ===== ===== ===== ========= ==========
(currently (currently (currently (currently
1.40%) 1.40%) 1.34%)(7) 1.34%)(7)
Fee table 13
You also bear your proportionate share of all fees and expenses paid by a
"portfolio" that corresponds to any variable investment option you are using.
This table shows the lowest and highest total operating expenses charged by any
of the portfolios that you will pay periodically during the time that you own
the contract. 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 variable investment option. 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 Lowest Highest
2006 (expenses that are deducted from ------ -------
portfolio assets including management fees, 0.38% 11.36%
12b-1 fees, service fees, and/or other
expenses)(8)
This table shows the fees and expenses for 2006 as an annual percentage of each
portfolio's daily average net assets.
- ------------------------------------------------------------------------------------------
Manage-
ment 12b-1 Other
Portfolio Name Fees(9) Fees(10) Expenses(11)
- ------------------------------------------------------------------------------------------
AXA Premier VIP Trust:
- ------------------------------------------------------------------------------------------
AXA Aggressive Allocation 0.10% 0.25% 0.18%
AXA Conservative Allocation 0.10% 0.25% 0.22%
AXA Conservative-Plus Allocation 0.10% 0.25% 0.18%
AXA Moderate Allocation 0.10% -- 0.17%
AXA Moderate-Plus Allocation 0.10% 0.25% 0.17%
Multimanager Aggressive Equity* 0.61% -- 0.19%
Multimanager Core Bond* 0.59% 0.25% 0.18%
Multimanager Health Care* 1.20% 0.25% 0.23%
Multimanager High Yield* 0.58% -- 0.18%
Multimanager International Equity* 1.02% 0.25% 0.26%
Multimanager Large Cap Core Equity* 0.90% 0.25% 0.20%
Multimanager Large Cap Growth* 0.90% 0.25% 0.22%
Multimanager Large Cap Value* 0.88% 0.25% 0.22%
Multimanager Mid Cap Growth* 1.10% 0.25% 0.20%
Multimanager Mid Cap Value* 1.10% 0.25% 0.21%
Multimanager Technology* 1.20% 0.25% 0.23%
Target 2015 Allocation 0.10% 0.25% 7.88%
Target 2025 Allocation 0.10% 0.25% 7.29%
Target 2035 Allocation 0.10% 0.25% 9.56%
Target 2045 Allocation 0.10% 0.25% 10.49%
- ------------------------------------------------------------------------------------------
EQ Advisors Trust:
- ------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock 0.47% -- 0.13%
EQ/AllianceBernstein Growth and Income++ 0.56% -- 0.12%
EQ/AllianceBernstein Intermediate Government Securities 0.50% -- 0.14%
EQ/AllianceBernstein International 0.71% -- 0.20%
EQ/AllianceBernstein Large Cap Growth 0.90% 0.25% 0.11%
EQ/AllianceBernstein Quality Bond 0.50% -- 0.14%
EQ/AllianceBernstein Small Cap Growth 0.74% -- 0.13%
EQ/AllianceBernstein Value++ 0.60% 0.25% 0.13%
EQ/Ariel Appreciation II(14) 0.75% 0.25% 0.51%
EQ/AXA Rosenberg Value Long/Short Equity 1.40% 0.25% 1.44%
EQ/BlackRock Basic Value Equity* 0.55% 0.25% 0.14%
EQ/BlackRock International Value* 0.82% 0.25% 0.21%
EQ/Boston Advisors Equity Income 0.75% 0.25% 0.15%
EQ/Calvert Socially Responsible 0.65% 0.25% 0.25%
EQ/Capital Guardian Growth 0.65% 0.25% 0.16%
EQ/Capital Guardian International+ 0.83% 0.25% 0.21%
EQ/Capital Guardian Research 0.65% 0.25% 0.13%
EQ/Capital Guardian U.S. Equity++ 0.64% 0.25% 0.14%
EQ/Caywood-Scholl High Yield Bond 0.60% 0.25% 0.18%
EQ/Davis New York Venture** 0.85% 0.25% 0.74%
EQ/Equity 500 Index 0.25% -- 0.13%
- ------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
Acquired Total
Fund Fees Annual Fee Net Total
and Expenses Waivers Annual
Expenses (Before and/or Expenses
(Underly- Expense Expense After
ing Port- Limita- Reimburse- Expense
folios)(12) tions) ments(13) Limitations
- ------------------------------------------------------------------------------------------------------------
Portfolio Name
- ------------------------------------------------------------------------------------------------------------
AXA Premier VIP Trust:
- ------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation 0.91% 1.44% (0.18)% 1.26%
AXA Conservative Allocation 0.67% 1.24% (0.22)% 1.02%
AXA Conservative-Plus Allocation 0.72% 1.25% (0.18)% 1.07%
AXA Moderate Allocation 0.78% 1.05% (0.17)% 0.88%
AXA Moderate-Plus Allocation 0.85% 1.37% (0.17)% 1.20%
Multimanager Aggressive Equity* -- 0.80% -- 0.80%
Multimanager Core Bond* -- 1.02% (0.07)% 0.95%
Multimanager Health Care* -- 1.68% 0.00% 1.68%
Multimanager High Yield* -- 0.76% -- 0.76%
Multimanager International Equity* -- 1.53% 0.00% 1.53%
Multimanager Large Cap Core Equity* -- 1.35% 0.00% 1.35%
Multimanager Large Cap Growth* -- 1.37% (0.02)% 1.35%
Multimanager Large Cap Value* -- 1.35% 0.00% 1.35%
Multimanager Mid Cap Growth* 0.01% 1.56% 0.00% 1.56%
Multimanager Mid Cap Value* 0.03% 1.59% 0.00% 1.59%
Multimanager Technology* -- 1.68% 0.00% 1.68%
Target 2015 Allocation 0.53% 8.76% (7.63)% 1.13%
Target 2025 Allocation 0.52% 8.16% (7.04)% 1.12%
Target 2035 Allocation 0.52% 10.43% (9.31)% 1.12%
Target 2045 Allocation 0.52% 11.36% (10.24)% 1.12%
- ------------------------------------------------------------------------------------------------------------
EQ Advisors Trust:
- ------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock -- 0.60% -- 0.60%
EQ/AllianceBernstein Growth and Income++ -- 0.68% -- 0.68%
EQ/AllianceBernstein Intermediate Government Securities -- 0.64% -- 0.64%
EQ/AllianceBernstein International -- 0.91% (0.06)% 0.85%
EQ/AllianceBernstein Large Cap Growth -- 1.26% (0.21)% 1.05%
EQ/AllianceBernstein Quality Bond -- 0.64% -- 0.64%
EQ/AllianceBernstein Small Cap Growth -- 0.87% -- 0.87%
EQ/AllianceBernstein Value++ -- 0.98% (0.03)% 0.95%
EQ/Ariel Appreciation II(14) -- 1.51% (0.36)% 1.15%
EQ/AXA Rosenberg Value Long/Short Equity -- 3.09% (1.10)% 1.99%
EQ/BlackRock Basic Value Equity* -- 0.94% 0.00% 0.94%
EQ/BlackRock International Value* -- 1.28% (0.03)% 1.25%
EQ/Boston Advisors Equity Income -- 1.15% (0.10)% 1.05%
EQ/Calvert Socially Responsible -- 1.15% (0.10)% 1.05%
EQ/Capital Guardian Growth -- 1.06% (0.11)% 0.95%
EQ/Capital Guardian International+ -- 1.29% (0.09)% 1.20%
EQ/Capital Guardian Research -- 1.03% (0.08)% 0.95%
EQ/Capital Guardian U.S. Equity++ -- 1.03% (0.08)% 0.95%
EQ/Caywood-Scholl High Yield Bond -- 1.03% (0.03)% 1.00%
EQ/Davis New York Venture** -- 1.84% (0.54)% 1.30%
EQ/Equity 500 Index -- 0.38% -- 0.38%
- ------------------------------------------------------------------------------------------------------------
14 Fee table
- ---------------------------------------------------------------------------------------------------
Manage-
ment 12b-1 Other
- ---------------------------------------------------------------------------------------------------
Portfolio Name Fees(9) Fees(10) Expenses(11)
- ---------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond 0.70% 0.25% 0.23%
EQ/Evergreen Omega 0.65% 0.25% 0.21%
EQ/FI Mid Cap 0.68% 0.25% 0.15%
EQ/FI Mid Cap Value+ 0.73% 0.25% 0.13%
EQ/Franklin Income 0.90% 0.25% 0.38%
EQ/Franklin Small Cap Value 0.90% 0.25% 2.00%
EQ/Franklin Templeton Founding Strategy** 0.05% 0.25% 0.21%
EQ/GAMCO Mergers and Acquisitions 0.90% 0.25% 0.33%
EQ/GAMCO Small Company Value 0.78% 0.25% 0.14%
EQ/International Growth 0.85% 0.25% 0.35%
EQ/Janus Large Cap Growth++ 0.90% 0.25% 0.15%
EQ/JPMorgan Core Bond 0.44% 0.25% 0.15%
EQ/JPMorgan Value Opportunities 0.60% 0.25% 0.16%
EQ/Legg Mason Value Equity 0.65% 0.25% 0.22%
EQ/Long Term Bond 0.43% 0.25% 0.15%
EQ/Lord Abbett Growth and Income 0.65% 0.25% 0.26%
EQ/Lord Abbett Large Cap Core 0.65% 0.25% 0.41%
EQ/Lord Abbett Mid Cap Value 0.70% 0.25% 0.18%
EQ/Marsico Focus 0.85% 0.25% 0.13%
EQ/MFS Emerging Growth Companies+ 0.65% 0.25% 0.15%
EQ/MFS Investors Trust+ 0.60% 0.25% 0.16%
EQ/Money Market 0.33% -- 0.14%
EQ/Montag & Caldwell Growth 0.75% 0.25% 0.16%
EQ/Mutual Shares 0.90% 0.25% 0.50%
EQ/Oppenheimer Global 0.95% 0.25% 1.30%
EQ/Oppenheimer Main Street Opportunity** 0.85% 0.25% 1.58%
EQ/Oppenheimer Main Street Small Cap 0.90% 0.25% 1.48%
EQ/PIMCO Real Return 0.55% 0.25% 0.18%
EQ/Short Duration Bond 0.43% 0.25% 0.14%
EQ/Small Cap Value+ 0.73% 0.25% 0.15%
EQ/Small Company Growth+ 1.00% 0.25% 0.17%
EQ/Small Company Index 0.25% 0.25% 0.16%
EQ/TCW Equity++ 0.80% 0.25% 0.16%
EQ/Templeton Growth 0.95% 0.25% 0.64%
EQ/UBS Growth and Income 0.75% 0.25% 0.17%
EQ/Van Kampen Comstock 0.65% 0.25% 0.19%
EQ/Van Kampen Emerging Markets Equity 1.12% 0.25% 0.40%
EQ/Van Kampen Mid Cap Growth 0.70% 0.25% 0.23%
EQ/Wells Fargo Montgomery Small Cap++ 0.85% 0.25% 0.41%
- ---------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- ---------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ 0.74% 0.35% 0.27%
- ---------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
Acquired Total
Fund Fees Annual Fee Net Total
and Expenses Waivers Annual
Expenses (Before and/or Expenses
(Underly- Expense Expense After
ing Port- Limita- Reimburse- Expense
folios)(12) tions) ments(13) Limitations
- ----------------------------------------------------------------------------------------------------------
Portfolio Name
- ----------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond -- 1.18% (0.03)% 1.15%
EQ/Evergreen Omega -- 1.11% 0.00% 1.11%
EQ/FI Mid Cap -- 1.08% (0.08)% 1.00%
EQ/FI Mid Cap Value+ -- 1.11% (0.01)% 1.10%
EQ/Franklin Income -- 1.53% (0.23)% 1.30%
EQ/Franklin Small Cap Value -- 3.15% (1.85)% 1.30%
EQ/Franklin Templeton Founding Strategy** 1.07% 1.58% (0.11)% 1.47%
EQ/GAMCO Mergers and Acquisitions -- 1.48% (0.03)% 1.45%
EQ/GAMCO Small Company Value -- 1.17% 0.00% 1.17%
EQ/International Growth -- 1.45% 0.00% 1.45%
EQ/Janus Large Cap Growth++ -- 1.30% (0.15)% 1.15%
EQ/JPMorgan Core Bond -- 0.84% 0.00% 0.84%
EQ/JPMorgan Value Opportunities -- 1.01% (0.06)% 0.95%
EQ/Legg Mason Value Equity -- 1.12% (0.12)% 1.00%
EQ/Long Term Bond -- 0.83% 0.00% 0.83%
EQ/Lord Abbett Growth and Income -- 1.16% (0.16)% 1.00%
EQ/Lord Abbett Large Cap Core -- 1.31% (0.31)% 1.00%
EQ/Lord Abbett Mid Cap Value -- 1.13% (0.08)% 1.05%
EQ/Marsico Focus -- 1.23% (0.08)% 1.15%
EQ/MFS Emerging Growth Companies+ -- 1.05% -- 1.05%
EQ/MFS Investors Trust+ -- 1.01% (0.06)% 0.95%
EQ/Money Market -- 0.47% -- 0.47%
EQ/Montag & Caldwell Growth -- 1.16% (0.01)% 1.15%
EQ/Mutual Shares -- 1.65% (0.35)% 1.30%
EQ/Oppenheimer Global 0.01% 2.51% (1.15)% 1.36%
EQ/Oppenheimer Main Street Opportunity** -- 2.68% (1.38)% 1.30%
EQ/Oppenheimer Main Street Small Cap -- 2.63% (1.33)% 1.30%
EQ/PIMCO Real Return -- 0.98% (0.08)% 0.90%
EQ/Short Duration Bond -- 0.82% 0.00% 0.82%
EQ/Small Cap Value+ -- 1.13% (0.03)% 1.10%
EQ/Small Company Growth+ -- 1.42% (0.12)% 1.30%
EQ/Small Company Index 0.01% 0.67% 0.00% 0.67%
EQ/TCW Equity++ -- 1.21% (0.06)% 1.15%
EQ/Templeton Growth -- 1.84% (0.49)% 1.35%
EQ/UBS Growth and Income -- 1.17% (0.12)% 1.05%
EQ/Van Kampen Comstock -- 1.09% (0.09)% 1.00%
EQ/Van Kampen Emerging Markets Equity -- 1.77% 0.00% 1.77%
EQ/Van Kampen Mid Cap Growth -- 1.18% (0.13)% 1.05%
EQ/Wells Fargo Montgomery Small Cap++ -- 1.51% (0.21)% 1.30%
- ----------------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- ----------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ -- 1.36% (0.10)% 1.26%
- ----------------------------------------------------------------------------------------------------------
* This is the investment option's new name effective on or about May 29,
2007, subject to regulatory approval. Please see "Portfolios of the
Trusts" in "Contract features and ben efits" later in this prospectus for
the investment option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s)
will change on or about May 29, 2007, subject to regulatory approval. See
the supplement included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned substitution or merger of this portfolio.
Notes:
(1) Important exceptions and limitations may eliminate or reduce this charge.
For a complete description of withdrawal charges, please see "Withdrawal
charges" in "Charges and expenses" later in this prospectus.
(2) For series 300 and 400 contracts, during the first two contract years,
this charge, if it applies, is equal to the lesser of $30 or 2% of your
account value plus any amount previously withdrawn during the contract
year. Thereafter, the charge is $30 for each contract year.
(3) We charge interest on loans under your contract but also credit you
interest on your loan reserve account. Our net loan interest charge is
determined by the excess between the interest rate we charge over the
interest rate we credit. See "Loans" under "Accessing your money" later in
this Prospectus for more information on how the loan interest is
calculated and for restrictions that may apply.
(4) A portion of this charge is for providing the death benefit.
Fee table 15
(5) For series 100 and 200 contracts, this charge is for financial accounting
and other administrative services relating to the contract.
(6) For series 100 and 200 contracts, the total Separate Account A annual
expenses of the variable investment options and total annual expenses of
the Trust when added together are not permitted to exceed an annual rate
of 1.75% for the AXA Moderate Allocation, Multimanager Aggressive Equity,
EQ/AllianceBernstein Common Stock, and EQ/Money Market options. Without
this expense limitation, the total annual expenses deducted from the
variable investment option plus the Trust's annual expenses for 2006 would
have been 2.15% for the AXA Moderate Allocation option; 2.14% for the
Multimanager Aggressive Equity option; 2.00% for the EQ/AllianceBernstein
Common Stock option; and 1.87% for the EQ/Money Market option.
(7) For all variable investment options other than AXA Moderate Allocation,
Multimanager Aggressive Equity, EQ/AllianceBernstein Common Stock and
EQ/Money Market.
(8) "Total Annual Portfolio Operating Expenses" are based, in part, on
estimated expense amounts for options added during the fiscal year 2006
and for the underlying portfolios.
(9) The management fees for each portfolio cannot be increased without a vote
of that portfolio's shareholders. See footnote (13) for any expense
limitation agreement information.
(10) Portfolio shares are subject to fees imposed under the distribution plans
(the "Rule 12b-1 Plan") adopted by the Trusts pursuant to Rule 12b-1 under
the Investment Company Act of 1940. For the portfolios of the AXA Premier
VIP Trust and the EQ Advisors Trust, the 12b-1 fees will not be increased
for the life of the contract. A "--" indicates that there is no Rule 12b-1
Plan in place for the portfolio shown.
(11) The amounts shown as "Other Expenses" will fluctuate from year to year
depending on actual expenses. See footnote (13) for any expense limitation
agreement information.
(12) Each of these variable investment options invests in a corresponding
portfolio of one of the Trusts or other unaffiliated investment companies.
Each portfolio, in turn, invests in shares of other portfolios of the
Trusts and/or shares of unaffiliated portfolios ("underlying portfolios").
Amounts shown reflect each portfolio's pro rata share of the fees and
expenses of the underlying portfolio(s) in which it invests. The fees and
expenses are based on the respective weighted investment allocation as of
12/31/06. A "--" indicates that the listed portfolio does not invest in
underlying portfolios.
(13) The amounts shown reflect any fee waivers and/or expense reimbursements
that apply to each portfolio. A "--" indicates that there is no expense
limitation in effect, and "0.00%" indicates that the expense limitation
arrangement did not result in a fee waiver or reimbursement. AXA
Equitable, the investment manager of AXA Premier VIP Trust and EQ Advisors
Trust, has entered into expense limitation agreements with respect to
certain portfolios, which are effective through April 30, 2008. Under
these agreements, AXA Equitable has agreed to waive or limit its fees and
assume other expenses of certain portfolios, if necessary, in an amount
that limits such portfolio's Total Annual Expenses (exclusive of interest,
taxes, brokerage commissions, capitalized expenditures, expenses of the
underlying portfolios in which the portfolio invests and extraordinary
expenses) to not more than specified amounts. Therefore, each portfolio
may at a later date make a reimbursement to AXA Equitable for any of the
management fees waived or limited and other expenses assumed and paid by
AXA Equitable pursuant to the expense limitation agreements provided that
the portfolio's current annual operating expenses do not exceed the
operating expense limit determined for such portfolio. Morgan Stanley
Investment Management Inc., which does business in certain instances as
"Van Kampen," is the manager of The Universal Institutional Funds, Inc. --
U.S. Real Estate Portfolio -- Class II, and has voluntarily agreed to
reduce its management fee and/or reimburse the portfolio so that total
annual operating expenses of the portfolio (exclusive of investment
related expenses, such as foreign country tax expense and interest expense
on amounts borrowed) are not more than specified amounts. Additionally,
the distributor of The Universal Institutional Funds, Inc. has agreed to
waive a portion of the 12b-1 fee for Class II shares. Van Kampen and/or
the fund's distributor reserves the right to terminate any waiver and/or
reimbursement at any time without notice. See the prospectus for each
applicable underlying Trust for more information about the arrangements.
In addition, a portion of the brokerage commissions of certain portfolios
of AXA Premier VIP Trust and EQ Advisors Trust is used to reduce the
applicable portfolio's expenses. If the above table reflected both the
expense limitation arrangements plus the portion of the brokerage
commissions used to reduce portfolio expenses, the net expenses would be
as shown in the table below:
-----------------------------------------------------------------------
Portfolio Name
-----------------------------------------------------------------------
Multimanager Aggressive Equity 0.78%
-----------------------------------------------------------------------
Multimanager Health Care 1.63%
-----------------------------------------------------------------------
Multimanager International Equity 1.52%
-----------------------------------------------------------------------
Multimanager Large Cap Core Equity 1.33%
-----------------------------------------------------------------------
Multimanager Large Cap Growth 1.33%
-----------------------------------------------------------------------
Multimanager Large Cap Value 1.31%
-----------------------------------------------------------------------
Multimanager Mid Cap Growth 1.52%
-----------------------------------------------------------------------
Multimanager Mid Cap Value 1.58%
-----------------------------------------------------------------------
Multimanager Technology 1.64%
-----------------------------------------------------------------------
EQ/AllianceBernstein Common Stock 0.58%
-----------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income 0.67%
-----------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth 1.03%
-----------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth 0.86%
-----------------------------------------------------------------------
EQ/AllianceBernstein Value 0.94%
-----------------------------------------------------------------------
EQ/Ariel Appreciation II 1.01%
-----------------------------------------------------------------------
EQ/BlackRock Basic Value Equity 0.93%
-----------------------------------------------------------------------
EQ/Capital Guardian Growth 0.94%
-----------------------------------------------------------------------
EQ/Capital Guardian Research 0.94%
-----------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity 0.94%
-----------------------------------------------------------------------
EQ/Davis New York Venture 1.27%
-----------------------------------------------------------------------
EQ/Evergreen Omega 1.05%
-----------------------------------------------------------------------
EQ/FI Mid Cap 0.97%
-----------------------------------------------------------------------
EQ/FI Mid Cap Value 1.09%
-----------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions 1.37%
-----------------------------------------------------------------------
EQ/GAMCO Small Company Value 1.16%
-----------------------------------------------------------------------
EQ/Janus Large Cap Growth 1.14%
-----------------------------------------------------------------------
EQ/Legg Mason Value Equity 0.97%
-----------------------------------------------------------------------
EQ/Lord Abbett Growth and Income 0.99%
-----------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core 0.99%
-----------------------------------------------------------------------
EQ/Marsico Focus 1.14%
-----------------------------------------------------------------------
EQ/MFS Emerging Growth Companies 1.03%
-----------------------------------------------------------------------
EQ/MFS Investors Trust 0.94%
-----------------------------------------------------------------------
16 Fee table
-----------------------------------------------------------------------
Portfolio Name
-----------------------------------------------------------------------
EQ/Montag & Caldwell Growth 1.13%
-----------------------------------------------------------------------
EQ/Mutual Shares 1.30%
-----------------------------------------------------------------------
EQ/Small Cap Value 1.02%
-----------------------------------------------------------------------
EQ/UBS Growth and Income 1.03%
-----------------------------------------------------------------------
EQ/Van Kampen Comstock 0.99%
-----------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity 1.75%
-----------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth 1.01%
-----------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap 1.20%
-----------------------------------------------------------------------
(14) The EQ/Ariel Appreciation II option is not available under EDC and TSA
contracts.
EXAMPLES
These examples are intended to help you compare the cost of investing in each
type of EQUI-VEST(SM) series contract with the cost of investing in other
variable annuity contracts. These costs include contract owner transaction
expenses, contract fees, separate account annual expenses, and underlying Trust
fees and expenses (including underlying portfolio fees and expenses). For a
complete description of portfolio charges and expenses, please see the
prospectus for each Trust.
The examples below show the expenses that a hypothetical contract owner would
pay in the situations illustrated. The examples use an average annual
administrative charge based on charges paid in 2006, which results in an
estimated annual charge of 0.0645% of contract value.
The fixed maturity options and the guaranteed interest option are not covered by
the fee table and examples. However, the annual administrative charge, the
withdrawal charge, the third-party transfer or exchange charge, and the charge
if you elect a Variable Immediate Annuity payout option do apply to the fixed
maturity options and the guaranteed interest option. A market value adjustment
(up or down) will apply as a result of a withdrawal, transfer, or surrender of
amounts from a fixed maturity option.
These examples should not be considered a representation of past or future
expenses for any option. Actual expenses may be greater or less than those
shown. Similarly, the annual rate of return assumed in the examples is not an
estimate or guarantee of future investment performance.
The examples assume that you invest $10,000 in the contract for the time periods
indicated and that your investment has a 5% return each year. The examples also
assume (i) maximum contract charges rather than the lower current expenses
discussed in "Charges and expenses" later in this prospectus (except the annual
administrative charge which is described above); (ii) the total annual expenses
of the portfolios (before expense limitations) set forth in the previous tables;
and (iii) there is no waiver of the withdrawal charge. Although your actual
costs may be higher or lower, based on these assumptions, your costs would be:
Fee table 17
EQUI-VEST(SM) SERIES 100 AND 200 CONTRACTS --
FOR TSA, UNIVERSITY TSA, SEP, SARSEP, EDC AND ANNUITANT-OWNED HR-10 CONTRACTS:
- -----------------------------------------------------------------------------------------------------------
If you surrender your contract at the end of the
applicable time period
------------------------------------------------
1 year 3 years 5 years 10 years
- -----------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- -----------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 849 $1,487 $2,150 $3,600
AXA Conservative Allocation $ 830 $1,428 $2,053 $3,406
AXA Conservative-Plus Allocation $ 831 $1,431 $2,058 $3,416
AXA Moderate Allocation $ 747 $1,181 $1,642 $2,559
AXA Moderate-Plus Allocation $ 842 $1,466 $2,117 $3,533
Multimanager Aggressive Equity* $ 747 $1,181 $1,642 $2,559
Multimanager Core Bond* $ 808 $1,363 $1,946 $3,189
Multimanager Health Care* $ 873 $1,557 $2,266 $3,828
Multimanager High Yield* $ 782 $1,286 $1,817 $2,925
Multimanager International Equity* $ 858 $1,513 $2,194 $3,686
Multimanager Large Cap Core Equity* $ 840 $1,460 $2,107 $3,514
Multimanager Large Cap Growth* $ 842 $1,466 $2,117 $3,533
Multimanager Large Cap Value* $ 840 $1,460 $2,107 $3,514
Multimanager Mid Cap Growth* $ 861 $1,522 $2,208 $3,715
Multimanager Mid Cap Value* $ 864 $1,531 $2,223 $3,743
Multimanager Technology* $ 873 $1,557 $2,266 $3,828
Target 2015 Allocation $1,576 $3,475 $5,165 $8,470
Target 2025 Allocation $1,516 $3,324 $4,955 $8,203
Target 2035 Allocation $1,742 $3,884 $5,721 $9,120
Target 2045 Allocation $1,834 $4,105 $6,012 $9,429
- -----------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -----------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 747 $1,181 $1,642 $2,559
EQ/AllianceBernstein Growth and Income++ $ 774 $1,262 $1,777 $2,842
EQ/AllianceBernstein Intermediate Government Securities $ 770 $1,250 $1,757 $2,801
EQ/AllianceBernstein International $ 797 $1,330 $1,892 $3,078
EQ/AllianceBernstein Large Cap Growth $ 832 $1,434 $2,063 $3,426
EQ/AllianceBernstein Quality Bond $ 785 $1,295 $1,832 $2,956
EQ/AllianceBernstein Small Cap Growth $ 793 $1,318 $1,872 $3,037
EQ/AllianceBernstein Value++ $ 804 $1,351 $1,926 $3,149
EQ/Ariel Appreciation II $ 856 $1,508 $2,184 $3,667
EQ/AXA Rosenberg Value Long/Short Equity $1,013 $1,964 $2,919 $5,055
EQ/BlackRock Basic Value Equity* $ 800 $1,339 $1,906 $3,108
EQ/BlackRock International Value* $ 833 $1,440 $2,073 $3,446
EQ/Boston Advisors Equity Income $ 821 $1,401 $2,010 $3,318
EQ/Calvert Socially Responsible $ 821 $1,401 $2,010 $3,318
EQ/Capital Guardian Growth $ 812 $1,375 $1,965 $3,229
EQ/Capital Guardian International+ $ 834 $1,443 $2,078 $3,455
EQ/Capital Guardian Research $ 809 $1,366 $1,951 $3,199
EQ/Capital Guardian U.S. Equity++ $ 809 $1,366 $1,951 $3,199
EQ/Caywood-Scholl High Yield Bond $ 809 $1,366 $1,951 $3,199
EQ/Davis New York Venture** $ 889 $1,604 $2,342 $3,976
EQ/Equity 500 Index $ 744 $1,172 $1,627 $2,527
- -----------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
If you annuitize at the end of the
applicable time period(1)
-------------------------------------------
1 year 3 years 5 years 10 years
- -------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- -------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation N/A $1,487 $2,150 $3,600
AXA Conservative Allocation N/A $1,428 $2,053 $3,406
AXA Conservative-Plus Allocation N/A $1,431 $2,058 $3,416
AXA Moderate Allocation N/A $1,181 $1,642 $2,559
AXA Moderate-Plus Allocation N/A $1,466 $2,117 $3,533
Multimanager Aggressive Equity* N/A $1,181 $1,642 $2,559
Multimanager Core Bond* N/A $1,363 $1,946 $3,189
Multimanager Health Care* N/A $1,557 $2,266 $3,828
Multimanager High Yield* N/A $1,286 $1,817 $2,925
Multimanager International Equity* N/A $1,513 $2,194 $3,686
Multimanager Large Cap Core Equity* N/A $1,460 $2,107 $3,514
Multimanager Large Cap Growth* N/A $1,466 $2,117 $3,533
Multimanager Large Cap Value* N/A $1,460 $2,107 $3,514
Multimanager Mid Cap Growth* N/A $1,522 $2,208 $3,715
Multimanager Mid Cap Value* N/A $1,531 $2,223 $3,743
Multimanager Technology* N/A $1,557 $2,266 $3,828
Target 2015 Allocation N/A $3,475 $5,165 $8,470
Target 2025 Allocation N/A $3,324 $4,955 $8,203
Target 2035 Allocation N/A $3,884 $5,721 $9,120
Target 2045 Allocation N/A $4,105 $6,012 $9,429
- -------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock N/A $1,181 $1,642 $2,559
EQ/AllianceBernstein Growth and Income++ N/A $1,262 $1,777 $2,842
EQ/AllianceBernstein Intermediate Government Securities N/A $1,250 $1,757 $2,801
EQ/AllianceBernstein International N/A $1,330 $1,892 $3,078
EQ/AllianceBernstein Large Cap Growth N/A $1,434 $2,063 $3,426
EQ/AllianceBernstein Quality Bond N/A $1,295 $1,832 $2,956
EQ/AllianceBernstein Small Cap Growth N/A $1,318 $1,872 $3,037
EQ/AllianceBernstein Value++ N/A $1,351 $1,926 $3,149
EQ/Ariel Appreciation II N/A $1,508 $2,184 $3,667
EQ/AXA Rosenberg Value Long/Short Equity N/A $1,964 $2,919 $5,055
EQ/BlackRock Basic Value Equity* N/A $1,339 $1,906 $3,108
EQ/BlackRock International Value* N/A $1,440 $2,073 $3,446
EQ/Boston Advisors Equity Income N/A $1,401 $2,010 $3,318
EQ/Calvert Socially Responsible N/A $1,401 $2,010 $3,318
EQ/Capital Guardian Growth N/A $1,375 $1,965 $3,229
EQ/Capital Guardian International+ N/A $1,443 $2,078 $3,455
EQ/Capital Guardian Research N/A $1,366 $1,951 $3,199
EQ/Capital Guardian U.S. Equity++ N/A $1,366 $1,951 $3,199
EQ/Caywood-Scholl High Yield Bond N/A $1,366 $1,951 $3,199
EQ/Davis New York Venture** N/A $1,604 $2,342 $3,976
EQ/Equity 500 Index N/A $1,172 $1,627 $2,527
- -------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
If you do not surrender your contract
at the end of the
applicable time period
-----------------------------------------------
1 year 3 years 5 years 10 years
- ----------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- ----------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 298 $ 914 $1,554 $3,271
AXA Conservative Allocation $ 278 $ 851 $1,451 $3,070
AXA Conservative-Plus Allocation $ 279 $ 854 $1,456 $3,080
AXA Moderate Allocation $ 190 $ 589 $1,013 $2,192
AXA Moderate-Plus Allocation $ 291 $ 892 $1,518 $3,201
Multimanager Aggressive Equity* $ 190 $ 589 $1,013 $2,192
Multimanager Core Bond* $ 254 $ 782 $1,336 $2,845
Multimanager Health Care* $ 324 $ 988 $1,676 $3,506
Multimanager High Yield* $ 227 $ 700 $1,199 $2,572
Multimanager International Equity* $ 308 $ 942 $1,600 $3,360
Multimanager Large Cap Core Equity* $ 289 $ 886 $1,507 $3,181
Multimanager Large Cap Growth* $ 291 $ 892 $1,518 $3,201
Multimanager Large Cap Value* $ 289 $ 886 $1,507 $3,181
Multimanager Mid Cap Growth* $ 311 $ 951 $1,615 $3,389
Multimanager Mid Cap Value* $ 314 $ 960 $1,631 $3,418
Multimanager Technology* $ 324 $ 988 $1,676 $3,506
Target 2015 Allocation $1,067 $3,022 $4,762 $8,319
Target 2025 Allocation $1,004 $2,862 $4,538 $8,042
Target 2035 Allocation $1,242 $3,456 $5,354 $8,995
Target 2045 Allocation $1,339 $3,690 $5,663 $9,316
- ----------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ----------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 190 $ 589 $1,013 $2,192
EQ/AllianceBernstein Growth and Income++ $ 219 $ 675 $1,157 $2,486
EQ/AllianceBernstein Intermediate Government Securities $ 215 $ 662 $1,136 $2,443
EQ/AllianceBernstein International $ 243 $ 748 $1,278 $2,730
EQ/AllianceBernstein Large Cap Growth $ 280 $ 857 $1,461 $3,090
EQ/AllianceBernstein Quality Bond $ 230 $ 710 $1,215 $2,603
EQ/AllianceBernstein Small Cap Growth $ 239 $ 735 $1,257 $2,688
EQ/AllianceBernstein Value++ $ 250 $ 770 $1,315 $2,803
EQ/Ariel Appreciation II $ 306 $ 935 $1,590 $3,340
EQ/AXA Rosenberg Value Long/Short Equity $ 472 $1,419 $2,372 $4,777
EQ/BlackRock Basic Value Equity* $ 246 $ 757 $1,294 $2,761
EQ/BlackRock International Value* $ 282 $ 864 $1,471 $3,110
EQ/Boston Advisors Equity Income $ 268 $ 823 $1,404 $2,978
EQ/Calvert Socially Responsible $ 268 $ 823 $1,404 $2,978
EQ/Capital Guardian Growth $ 259 $ 795 $1,357 $2,886
EQ/Capital Guardian International+ $ 283 $ 867 $1,477 $3,121
EQ/Capital Guardian Research $ 255 $ 785 $1,341 $2,855
EQ/Capital Guardian U.S. Equity++ $ 255 $ 785 $1,341 $2,855
EQ/Caywood-Scholl High Yield Bond $ 255 $ 785 $1,341 $2,855
EQ/Davis New York Venture** $ 340 $1,038 $1,757 $3,660
EQ/Equity 500 Index $ 187 $ 580 $ 997 $2,159
- ----------------------------------------------------------------------------------------------------------
18 Fee table
- ---------------------------------------------------------------------------------------------------------
If you surrender your contract at the end of the
applicable time period
---------------------------------------------------
1 year 3 years 5 years 10 years
- ---------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ---------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond $ 824 $1,410 $2,024 $3,348
EQ/Evergreen Omega $ 817 $1,390 $1,990 $3,278
EQ/FI Mid Cap $ 814 $1,381 $1,975 $3,249
EQ/FI Mid Cap Value+ $ 817 $1,390 $1,990 $3,278
EQ/Franklin Income $ 858 $1,513 $2,194 $3,686
EQ/Franklin Small Cap Value $1,019 $1,981 $2,946 $5,103
EQ/Franklin Templeton Founding Strategy** $ 863 $1,528 $2,218 $3,734
EQ/GAMCO Mergers and Acquisitions $ 853 $1,499 $2,170 $3,639
EQ/GAMCO Small Company Value $ 823 $1,407 $2,019 $3,338
EQ/International Growth $ 850 $1,490 $2,155 $3,610
EQ/Janus Large Cap Growth++ $ 835 $1,446 $2,083 $3,465
EQ/JPMorgan Core Bond $ 790 $1,309 $1,857 $3,007
EQ/JPMorgan Value Opportunities $ 807 $1,360 $1,941 $3,179
EQ/Legg Mason Value Equity $ 818 $1,393 $1,995 $3,288
EQ/Long Term Bond $ 789 $1,306 $1,852 $2,997
EQ/Lord Abbett Growth and Income $ 822 $1,404 $2,014 $3,328
EQ/Lord Abbett Large Cap Core $ 836 $1,449 $2,087 $3,475
EQ/Lord Abbett Mid Cap Value $ 819 $1,396 $2,000 $3,298
EQ/Marsico Focus $ 829 $1,425 $2,049 $3,397
EQ/MFS Emerging Growth Companies+ $ 811 $1,372 $1,961 $3,219
EQ/MFS Investors Trust+ $ 807 $1,360 $1,941 $3,179
EQ/Money Market $ 747 $1,181 $1,642 $2,559
EQ/Montag & Caldwell Growth $ 822 $1,404 $2,014 $3,328
EQ/Mutual Shares $ 870 $1,549 $2,251 $3,799
EQ/Oppenheimer Global $ 956 $1,798 $2,655 $4,572
EQ/Oppenheimer Main Street Opportunity** $ 972 $1,847 $2,733 $4,716
EQ/Oppenheimer Main Street Small Cap $ 967 $1,832 $2,710 $4,674
EQ/PIMCO Real Return $ 804 $1,351 $1,926 $3,149
EQ/Short Duration Bond $ 788 $1,303 $1,847 $2,986
EQ/Small Cap Value+ $ 819 $1,396 $2,000 $3,298
EQ/Small Company Growth+ $ 847 $1,481 $2,141 $3,581
EQ/Small Company Index $ 773 $1,259 $1,772 $2,832
EQ/TCW Equity++ $ 827 $1,419 $2,039 $3,377
EQ/Templeton Growth $ 889 $1,604 $2,342 $3,976
EQ/UBS Growth and Income $ 823 $1,407 $2,019 $3,338
EQ/Van Kampen Comstock $ 815 $1,384 $1,980 $3,259
EQ/Van Kampen Emerging Markets Equity $ 882 $1,584 $2,309 $3,911
EQ/Van Kampen Mid Cap Growth $ 824 $1,410 $2,024 $3,348
EQ/Wells Fargo Montgomery Small Cap++ $ 856 $1,508 $2,184 $3,667
- ---------------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- ---------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ $ 841 $1,463 $2,112 $3,523
- ---------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
If you annuitize at the end of the
applicable time period(1)
-------------------------------------------------
1 year 3 years 5 years 10 years
- -------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond N/A $1,410 $2,024 $3,348
EQ/Evergreen Omega N/A $1,390 $1,990 $3,278
EQ/FI Mid Cap N/A $1,381 $1,975 $3,249
EQ/FI Mid Cap Value+ N/A $1,390 $1,990 $3,278
EQ/Franklin Income N/A $1,513 $2,194 $3,686
EQ/Franklin Small Cap Value N/A $1,981 $2,946 $5,103
EQ/Franklin Templeton Founding Strategy** N/A $1,528 $2,218 $3,734
EQ/GAMCO Mergers and Acquisitions N/A $1,499 $2,170 $3,639
EQ/GAMCO Small Company Value N/A $1,407 $2,019 $3,338
EQ/International Growth N/A $1,490 $2,155 $3,610
EQ/Janus Large Cap Growth++ N/A $1,446 $2,083 $3,465
EQ/JPMorgan Core Bond N/A $1,309 $1,857 $3,007
EQ/JPMorgan Value Opportunities N/A $1,360 $1,941 $3,179
EQ/Legg Mason Value Equity N/A $1,393 $1,995 $3,288
EQ/Long Term Bond N/A $1,306 $1,852 $2,997
EQ/Lord Abbett Growth and Income N/A $1,404 $2,014 $3,328
EQ/Lord Abbett Large Cap Core N/A $1,449 $2,087 $3,475
EQ/Lord Abbett Mid Cap Value N/A $1,396 $2,000 $3,298
EQ/Marsico Focus N/A $1,425 $2,049 $3,397
EQ/MFS Emerging Growth Companies+ N/A $1,372 $1,961 $3,219
EQ/MFS Investors Trust+ N/A $1,360 $1,941 $3,179
EQ/Money Market N/A $1,181 $1,642 $2,559
EQ/Montag & Caldwell Growth N/A $1,404 $2,014 $3,328
EQ/Mutual Shares N/A $1,549 $2,251 $3,799
EQ/Oppenheimer Global N/A $1,798 $2,655 $4,572
EQ/Oppenheimer Main Street Opportunity** N/A $1,847 $2,733 $4,716
EQ/Oppenheimer Main Street Small Cap N/A $1,832 $2,710 $4,674
EQ/PIMCO Real Return N/A $1,351 $1,926 $3,149
EQ/Short Duration Bond N/A $1,303 $1,847 $2,986
EQ/Small Cap Value+ N/A $1,396 $2,000 $3,298
EQ/Small Company Growth+ N/A $1,481 $2,141 $3,581
EQ/Small Company Index N/A $1,259 $1,772 $2,832
EQ/TCW Equity++ N/A $1,419 $2,039 $3,377
EQ/Templeton Growth N/A $1,604 $2,342 $3,976
EQ/UBS Growth and Income N/A $1,407 $2,019 $3,338
EQ/Van Kampen Comstock N/A $1,384 $1,980 $3,259
EQ/Van Kampen Emerging Markets Equity N/A $1,584 $2,309 $3,911
EQ/Van Kampen Mid Cap Growth N/A $1,410 $2,024 $3,348
EQ/Wells Fargo Montgomery Small Cap++ N/A $1,508 $2,184 $3,667
- -------------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- -------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ N/A $1,463 $2,112 $3,523
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
If you do not surrender your contract
at the end of the
applicable time period
--------------------------------------------------
1 year 3 years 5 years 10 years
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond $271 $ 832 $1,420 $3,009
EQ/Evergreen Omega $264 $ 810 $1,383 $2,937
EQ/FI Mid Cap $261 $ 801 $1,367 $2,907
EQ/FI Mid Cap Value+ $264 $ 810 $1,383 $2,937
EQ/Franklin Income $308 $ 942 $1,600 $3,360
EQ/Franklin Small Cap Value $478 $1,437 $2,400 $4,827
EQ/Franklin Templeton Founding Strategy** $313 $ 957 $1,626 $3,409
EQ/GAMCO Mergers and Acquisitions $303 $ 926 $1,574 $3,310
EQ/GAMCO Small Company Value $270 $ 829 $1,414 $2,999
EQ/International Growth $300 $ 917 $1,559 $3,281
EQ/Janus Large Cap Growth++ $284 $ 870 $1,482 $3,131
EQ/JPMorgan Core Bond $236 $ 725 $1,242 $2,656
EQ/JPMorgan Value Opportunities $253 $ 779 $1,331 $2,834
EQ/Legg Mason Value Equity $265 $ 814 $1,388 $2,948
EQ/Long Term Bond $234 $ 722 $1,236 $2,646
EQ/Lord Abbett Growth and Income $269 $ 826 $1,409 $2,989
EQ/Lord Abbett Large Cap Core $285 $ 873 $1,487 $3,141
EQ/Lord Abbett Mid Cap Value $266 $ 817 $1,394 $2,958
EQ/Marsico Focus $276 $ 848 $1,445 $3,060
EQ/MFS Emerging Growth Companies+ $258 $ 792 $1,352 $2,876
EQ/MFS Investors Trust+ $253 $ 779 $1,331 $2,834
EQ/Money Market $190 $ 589 $1,013 $2,192
EQ/Montag & Caldwell Growth $269 $ 826 $1,409 $2,989
EQ/Mutual Shares $321 $ 979 $1,661 $3,477
EQ/Oppenheimer Global $411 $1,243 $2,091 $4,277
EQ/Oppenheimer Main Street Opportunity** $429 $1,295 $2,174 $4,426
EQ/Oppenheimer Main Street Small Cap $423 $1,280 $2,149 $4,383
EQ/PIMCO Real Return $250 $ 770 $1,315 $2,803
EQ/Short Duration Bond $233 $ 719 $1,231 $2,635
EQ/Small Cap Value+ $266 $ 817 $1,394 $2,958
EQ/Small Company Growth+ $296 $ 907 $1,544 $3,251
EQ/Small Company Index $218 $ 672 $1,152 $2,475
EQ/TCW Equity++ $274 $ 842 $1,435 $3,040
EQ/Templeton Growth $340 $1,038 $1,757 $3,660
EQ/UBS Growth and Income $270 $ 829 $1,414 $2,999
EQ/Van Kampen Comstock $262 $ 804 $1,373 $2,917
EQ/Van Kampen Emerging Markets Equity $333 $1,016 $1,722 $3,593
EQ/Van Kampen Mid Cap Growth $271 $ 832 $1,420 $3,009
EQ/Wells Fargo Montgomery Small Cap++ $306 $ 935 $1,590 $3,340
- -------------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- -------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ $290 $ 889 $1,513 $3,191
- -------------------------------------------------------------------------------------------------------
(1) Please see "When withdrawal charges do not apply" in "Charges and
expenses" later in this prospectus for more information on withdrawal
charge waivers upon annuitization.
* This is the investment option's new name effective on or about May 29,
2007, subject to regulatory approval. Please see "Portfolios of the
Trusts" in "Contract features and benefits" later in this prospectus for
the investment option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s)
will change on or about May 29, 2007, subject to regulatory approval. See
the supplement included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned substitution or merger of this portfolio.
Fee table 19
EQUI-VEST(SM) SERIES 200 TRUSTEED CONTRACTS
- ---------------------------------------------------------------------------------------------------------------
If you surrender your contract at the end of the
applicable time period
--------------------------------------------------
1 year 3 years 5 years 10 years
- ---------------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- ---------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 849 $1,487 $2,150 $3,271
AXA Conservative Allocation $ 830 $1,428 $2,051 $3,070
AXA Conservative-Plus Allocation $ 831 $1,431 $2,056 $3,080
AXA Moderate Allocation $ 747 $1,181 $1,613 $2,192
AXA Moderate-Plus Allocation $ 842 $1,466 $2,117 $3,201
Multimanager Aggressive Equity* $ 747 $1,181 $1,613 $2,192
Multimanager Core Bond* $ 808 $1,363 $1,936 $2,845
Multimanager Health Care* $ 873 $1,557 $2,266 $3,506
Multimanager High Yield* $ 782 $1,286 $1,799 $2,572
Multimanager International Equity* $ 858 $1,513 $2,194 $3,360
Multimanager Large Cap Core Equity* $ 840 $1,460 $2,107 $3,181
Multimanager Large Cap Growth* $ 842 $1,466 $2,117 $3,201
Multimanager Large Cap Value* $ 840 $1,460 $2,107 $3,181
Multimanager Mid Cap Growth* $ 861 $1,522 $2,208 $3,389
Multimanager Mid Cap Value* $ 864 $1,531 $2,223 $3,418
Multimanager Technology* $ 873 $1,557 $2,266 $3,506
Target 2015 Allocation $1,576 $3,475 $5,165 $8,319
Target 2025 Allocation $1,516 $3,324 $4,955 $8,042
Target 2035 Allocation $1,742 $3,884 $5,721 $8,995
Target 2045 Allocation $1,834 $4,105 $6,012 $9,316
- ---------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ---------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 747 $1,181 $1,613 $2,192
EQ/AllianceBernstein Growth and Income++ $ 774 $1,262 $1,757 $2,486
EQ/AllianceBernstein Intermediate Government Securities $ 770 $1,250 $1,736 $2,443
EQ/AllianceBernstein International $ 797 $1,330 $1,878 $2,730
EQ/AllianceBernstein Large Cap Growth $ 832 $1,434 $2,061 $3,090
EQ/AllianceBernstein Quality Bond $ 785 $1,295 $1,815 $2,603
EQ/AllianceBernstein Small Cap Growth $ 793 $1,318 $1,857 $2,688
EQ/AllianceBernstein Value++ $ 804 $1,351 $1,915 $2,803
EQ/Ariel Appreciation II $ 856 $1,508 $2,184 $3,340
EQ/AXA Rosenberg Value Long/Short Equity $1,013 $1,964 $2,919 $4,777
EQ/BlackRock Basic Value Equity $ 800 $1,339 $1,894 $2,761
EQ/BlackRock International Value* $ 833 $1,440 $2,071 $3,110
EQ/Boston Advisors Equity Income* $ 821 $1,401 $2,004 $2,978
EQ/Calvert Socially Responsible $ 821 $1,401 $2,004 $2,978
EQ/Capital Guardian Growth $ 812 $1,375 $1,957 $2,886
EQ/Capital Guardian International+ $ 834 $1,443 $2,077 $3,121
EQ/Capital Guardian Research $ 809 $1,366 $1,941 $2,855
EQ/Capital Guardian U.S. Equity++ $ 809 $1,366 $1,941 $2,855
EQ/Caywood-Scholl High Yield Bond $ 809 $1,366 $1,941 $2,855
EQ/Davis New York Venture** $ 889 $1,604 $2,342 $3,660
EQ/Equity 500 Index $ 744 $1,172 $1,597 $2,159
EQ/Evergreen International Bond $ 824 $1,410 $2,020 $3,009
EQ/Evergreen Omega $ 817 $1,390 $1,983 $2,937
- ---------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
If you annuitize at the end of the
applicable time period(1)
1 year 3 years 5 years 10 years
- -------------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- -------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation N/A $1,487 $2,150 $3,271
AXA Conservative Allocation N/A $1,428 $2,051 $3,070
AXA Conservative-Plus Allocation N/A $1,431 $2,056 $3,080
AXA Moderate Allocation N/A $1,181 $1,613 $2,192
AXA Moderate-Plus Allocation N/A $1,466 $2,117 $3,201
Multimanager Aggressive Equity* N/A $1,181 $1,613 $2,192
Multimanager Core Bond* N/A $1,363 $1,936 $2,845
Multimanager Health Care* N/A $1,557 $2,266 $3,506
Multimanager High Yield* N/A $1,286 $1,799 $2,572
Multimanager International Equity* N/A $1,513 $2,194 $3,360
Multimanager Large Cap Core Equity* N/A $1,460 $2,107 $3,181
Multimanager Large Cap Growth* N/A $1,466 $2,117 $3,201
Multimanager Large Cap Value* N/A $1,460 $2,107 $3,181
Multimanager Mid Cap Growth* N/A $1,522 $2,208 $3,389
Multimanager Mid Cap Value* N/A $1,531 $2,223 $3,418
Multimanager Technology* N/A $1,557 $2,266 $3,506
Target 2015 Allocation N/A $3,475 $5,165 $8,319
Target 2025 Allocation N/A $3,324 $4,955 $8,042
Target 2035 Allocation N/A $3,884 $5,721 $8,995
Target 2045 Allocation N/A $4,105 $6,012 $9,316
- -------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock N/A $1,181 $1,613 $2,192
EQ/AllianceBernstein Growth and Income++ N/A $1,262 $1,757 $2,486
EQ/AllianceBernstein Intermediate Government Securities N/A $1,250 $1,736 $2,443
EQ/AllianceBernstein International N/A $1,330 $1,878 $2,730
EQ/AllianceBernstein Large Cap Growth N/A $1,434 $2,061 $3,090
EQ/AllianceBernstein Quality Bond N/A $1,295 $1,815 $2,603
EQ/AllianceBernstein Small Cap Growth N/A $1,318 $1,857 $2,688
EQ/AllianceBernstein Value++ N/A $1,351 $1,915 $2,803
EQ/Ariel Appreciation II N/A $1,508 $2,184 $3,340
EQ/AXA Rosenberg Value Long/Short Equity N/A $1,964 $2,919 $4,777
EQ/BlackRock Basic Value Equity N/A $1,339 $1,894 $2,761
EQ/BlackRock International Value* N/A $1,440 $2,071 $3,110
EQ/Boston Advisors Equity Income* N/A $1,401 $2,004 $2,978
EQ/Calvert Socially Responsible N/A $1,401 $2,004 $2,978
EQ/Capital Guardian Growth N/A $1,375 $1,957 $2,886
EQ/Capital Guardian International+ N/A $1,443 $2,077 $3,121
EQ/Capital Guardian Research N/A $1,366 $1,941 $2,855
EQ/Capital Guardian U.S. Equity++ N/A $1,366 $1,941 $2,855
EQ/Caywood-Scholl High Yield Bond N/A $1,366 $1,941 $2,855
EQ/Davis New York Venture** N/A $1,604 $2,342 $3,660
EQ/Equity 500 Index N/A $1,172 $1,597 $2,159
EQ/Evergreen International Bond N/A $1,410 $2,020 $3,009
EQ/Evergreen Omega N/A $1,390 $1,983 $2,937
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
If you do not surrender your contract
at the end of the
applicable time period
- -------------------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- -------------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- -------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 298 $ 914 $1,554 $3,271
AXA Conservative Allocation $ 278 $ 851 $1,451 $3,070
AXA Conservative-Plus Allocation $ 279 $ 854 $1,456 $3,080
AXA Moderate Allocation $ 190 $ 589 $1,013 $2,192
AXA Moderate-Plus Allocation $ 291 $ 892 $1,518 $3,201
Multimanager Aggressive Equity* $ 190 $ 589 $1,013 $2,192
Multimanager Core Bond* $ 254 $ 782 $1,336 $2,845
Multimanager Health Care* $ 324 $ 988 $1,676 $3,506
Multimanager High Yield* $ 227 $ 700 $1,199 $2,572
Multimanager International Equity* $ 308 $ 942 $1,600 $3,360
Multimanager Large Cap Core Equity* $ 289 $ 886 $1,507 $3,181
Multimanager Large Cap Growth* $ 291 $ 892 $1,518 $3,201
Multimanager Large Cap Value* $ 289 $ 886 $1,507 $3,181
Multimanager Mid Cap Growth* $ 311 $ 951 $1,615 $3,389
Multimanager Mid Cap Value* $ 314 $ 960 $1,631 $3,418
Multimanager Technology* $ 324 $ 988 $1,676 $3,506
Target 2015 Allocation $1,067 $3,022 $4,762 $8,319
Target 2025 Allocation $1,004 $2,862 $4,538 $8,042
Target 2035 Allocation $1,242 $3,456 $5,354 $8,995
Target 2045 Allocation $1,339 $3,690 $5,663 $9,316
- -------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 190 $ 589 $1,013 $2,192
EQ/AllianceBernstein Growth and Income++ $ 219 $ 675 $1,157 $2,486
EQ/AllianceBernstein Intermediate Government Securities $ 215 $ 662 $1,136 $2,443
EQ/AllianceBernstein International $ 243 $ 748 $1,278 $2,730
EQ/AllianceBernstein Large Cap Growth $ 280 $ 857 $1,461 $3,090
EQ/AllianceBernstein Quality Bond $ 230 $ 710 $1,215 $2,603
EQ/AllianceBernstein Small Cap Growth $ 239 $ 735 $1,257 $2,688
EQ/AllianceBernstein Value++ $ 250 $ 770 $1,315 $2,803
EQ/Ariel Appreciation II $ 306 $ 935 $1,590 $3,340
EQ/AXA Rosenberg Value Long/Short Equity $ 472 $1,419 $2,372 $4,777
EQ/BlackRock Basic Value Equity $ 246 $ 757 $1,294 $2,761
EQ/BlackRock International Value* $ 282 $ 864 $1,471 $3,110
EQ/Boston Advisors Equity Income* $ 268 $ 823 $1,404 $2,978
EQ/Calvert Socially Responsible $ 268 $ 823 $1,404 $2,978
EQ/Capital Guardian Growth $ 259 $ 795 $1,357 $2,886
EQ/Capital Guardian International+ $ 283 $ 867 $1,477 $3,121
EQ/Capital Guardian Research $ 255 $ 785 $1,341 $2,855
EQ/Capital Guardian U.S. Equity++ $ 255 $ 785 $1,341 $2,855
EQ/Caywood-Scholl High Yield Bond $ 255 $ 785 $1,341 $2,855
EQ/Davis New York Venture** $ 340 $1,038 $1,757 $3,660
EQ/Equity 500 Index $ 187 $ 580 $ 997 $2,159
EQ/Evergreen International Bond $ 271 $ 832 $1,420 $3,009
EQ/Evergreen Omega $ 264 $ 810 $1,383 $2,937
- -------------------------------------------------------------------------------------------------------------
20 Fee table
- ----------------------------------------------------------------------------------------------------------
If you surrender your contract at the end of the
applicable time period
--------------------------------------------------
1 year 3 years 5 years 10 years
- ----------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ----------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap $ 814 $1,381 $1,967 $2,907
EQ/FI Mid Cap Value+ $ 817 $1,390 $1,983 $2,937
EQ/Franklin Income $ 858 $1,513 $2,194 $3,360
EQ/Franklin Small Cap Value $1,019 $1,981 $2,946 $4,827
EQ/Franklin Templeton Founding Strategy** $ 863 $1,528 $2,218 $3,409
EQ/GAMCO Mergers and Acquisitions $ 853 $1,499 $2,170 $3,310
EQ/GAMCO Small Company Value $ 823 $1,407 $2,014 $2,999
EQ/International Growth $ 850 $1,490 $2,155 $3,281
EQ/Janus Large Cap Growth++ $ 835 $1,446 $2,082 $3,131
EQ/JPMorgan Core Bond $ 790 $1,309 $1,842 $2,656
EQ/JPMorgan Value Opportunities $ 807 $1,360 $1,931 $2,834
EQ/Legg Mason Value Equity $ 818 $1,393 $1,988 $2,948
EQ/Long Term Bond $ 789 $1,306 $1,836 $2,646
EQ/Lord Abbett Growth and Income $ 822 $1,404 $2,009 $2,989
EQ/Lord Abbett Large Cap Core $ 836 $1,449 $2,087 $3,141
EQ/Lord Abbett Mid Cap Value $ 819 $1,396 $1,994 $2,958
EQ/Marsico Focus $ 829 $1,425 $2,045 $3,060
EQ/MFS Emerging Growth Companies+ $ 811 $1,372 $1,952 $2,876
EQ/MFS Investors Trust+ $ 807 $1,360 $1,931 $2,834
EQ/Money Market $ 747 $1,181 $1,613 $2,192
EQ/Montag & Caldwell Growth $ 822 $1,404 $2,009 $2,989
EQ/Mutual Shares $ 870 $1,549 $2,251 $3,477
EQ/Oppenheimer Global $ 956 $1,798 $2,655 $4,277
EQ/Oppenheimer Main Street Opportunity** $ 972 $1,847 $2,733 $4,426
EQ/Oppenheimer Main Street Small Cap $ 967 $1,832 $2,710 $4,383
EQ/PIMCO Real Return $ 804 $1,351 $1,915 $2,803
EQ/Short Duration Bond $ 788 $1,303 $1,831 $2,635
EQ/Small Cap Value+ $ 819 $1,396 $1,994 $2,958
EQ/Small Company Growth+ $ 847 $1,481 $2,141 $3,251
EQ/Small Company Index $ 773 $1,259 $1,752 $2,475
EQ/TCW Equity++ $ 827 $1,419 $2,035 $3,040
EQ/Templeton Growth $ 889 $1,604 $2,342 $3,660
EQ/UBS Growth and Income $ 823 $1,407 $2,014 $2,999
EQ/Van Kampen Comstock $ 815 $1,384 $1,973 $2,917
EQ/Van Kampen Emerging Markets Equity $ 882 $1,584 $2,309 $3,593
EQ/Van Kampen Mid Cap Growth $ 824 $1,410 $2,020 $3,009
EQ/Wells Fargo Montgomery Small Cap++ $ 856 $1,508 $2,184 $3,340
- ----------------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- ----------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ $ 841 $1,463 $2,112 $3,191
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
If you annuitize at the end of the
applicable time period(1)
-------------------------------------------------
1 year 3 years 5 years 10 years
- ----------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ----------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap N/A $1,381 $1,967 $2,907
EQ/FI Mid Cap Value+ N/A $1,390 $1,983 $2,937
EQ/Franklin Income N/A $1,513 $2,194 $3,360
EQ/Franklin Small Cap Value N/A $1,981 $2,946 $4,827
EQ/Franklin Templeton Founding Strategy** N/A $1,528 $2,218 $3,409
EQ/GAMCO Mergers and Acquisitions N/A $1,499 $2,170 $3,310
EQ/GAMCO Small Company Value N/A $1,407 $2,014 $2,999
EQ/International Growth N/A $1,490 $2,155 $3,281
EQ/Janus Large Cap Growth++ N/A $1,446 $2,082 $3,131
EQ/JPMorgan Core Bond N/A $1,309 $1,842 $2,656
EQ/JPMorgan Value Opportunities N/A $1,360 $1,931 $2,834
EQ/Legg Mason Value Equity N/A $1,393 $1,988 $2,948
EQ/Long Term Bond N/A $1,306 $1,836 $2,646
EQ/Lord Abbett Growth and Income N/A $1,404 $2,009 $2,989
EQ/Lord Abbett Large Cap Core N/A $1,449 $2,087 $3,141
EQ/Lord Abbett Mid Cap Value N/A $1,396 $1,994 $2,958
EQ/Marsico Focus N/A $1,425 $2,045 $3,060
EQ/MFS Emerging Growth Companies+ N/A $1,372 $1,952 $2,876
EQ/MFS Investors Trust+ N/A $1,360 $1,931 $2,834
EQ/Money Market N/A $1,181 $1,613 $2,192
EQ/Montag & Caldwell Growth N/A $1,404 $2,009 $2,989
EQ/Mutual Shares N/A $1,549 $2,251 $3,477
EQ/Oppenheimer Global N/A $1,798 $2,655 $4,277
EQ/Oppenheimer Main Street Opportunity** N/A $1,847 $2,733 $4,426
EQ/Oppenheimer Main Street Small Cap N/A $1,832 $2,710 $4,383
EQ/PIMCO Real Return N/A $1,351 $1,915 $2,803
EQ/Short Duration Bond N/A $1,303 $1,831 $2,635
EQ/Small Cap Value+ N/A $1,396 $1,994 $2,958
EQ/Small Company Growth+ N/A $1,481 $2,141 $3,251
EQ/Small Company Index N/A $1,259 $1,752 $2,475
EQ/TCW Equity++ N/A $1,419 $2,035 $3,040
EQ/Templeton Growth N/A $1,604 $2,342 $3,660
EQ/UBS Growth and Income N/A $1,407 $2,014 $2,999
EQ/Van Kampen Comstock N/A $1,384 $1,973 $2,917
EQ/Van Kampen Emerging Markets Equity N/A $1,584 $2,309 $3,593
EQ/Van Kampen Mid Cap Growth N/A $1,410 $2,020 $3,009
EQ/Wells Fargo Montgomery Small Cap++ N/A $1,508 $2,184 $3,340
- ----------------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- ----------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ N/A $1,463 $2,112 $3,191
- ----------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
If you do not surrender your contract
at the end of the
applicable time period
- ---------------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
EQ ADVISORS TRUST:
- ---------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap $261 $ 801 $1,367 $2,907
EQ/FI Mid Cap Value+ $264 $ 810 $1,383 $2,937
EQ/Franklin Income $308 $ 942 $1,600 $3,360
EQ/Franklin Small Cap Value $478 $1,437 $2,400 $4,827
EQ/Franklin Templeton Founding Strategy** $313 $ 957 $1,626 $3,409
EQ/GAMCO Mergers and Acquisitions $303 $ 926 $1,574 $3,310
EQ/GAMCO Small Company Value $270 $ 829 $1,414 $2,999
EQ/International Growth $300 $ 917 $1,559 $3,281
EQ/Janus Large Cap Growth++ $284 $ 870 $1,482 $3,131
EQ/JPMorgan Core Bond $236 $ 725 $1,242 $2,656
EQ/JPMorgan Value Opportunities $253 $ 779 $1,331 $2,834
EQ/Legg Mason Value Equity $265 $ 814 $1,388 $2,948
EQ/Long Term Bond $234 $ 722 $1,236 $2,646
EQ/Lord Abbett Growth and Income $269 $ 826 $1,409 $2,989
EQ/Lord Abbett Large Cap Core $285 $ 873 $1,487 $3,141
EQ/Lord Abbett Mid Cap Value $266 $ 817 $1,394 $2,958
EQ/Marsico Focus $276 $ 848 $1,445 $3,060
EQ/MFS Emerging Growth Companies+ $258 $ 792 $1,352 $2,876
EQ/MFS Investors Trust+ $253 $ 779 $1,331 $2,834
EQ/Money Market $190 $ 589 $1,013 $2,192
EQ/Montag & Caldwell Growth $269 $ 826 $1,409 $2,989
EQ/Mutual Shares $321 $ 979 $1,661 $3,477
EQ/Oppenheimer Global $411 $1,243 $2,091 $4,277
EQ/Oppenheimer Main Street Opportunity** $429 $1,295 $2,174 $4,426
EQ/Oppenheimer Main Street Small Cap $423 $1,280 $2,149 $4,383
EQ/PIMCO Real Return $250 $ 770 $1,315 $2,803
EQ/Short Duration Bond $233 $ 719 $1,231 $2,635
EQ/Small Cap Value+ $266 $ 817 $1,394 $2,958
EQ/Small Company Growth+ $296 $ 907 $1,544 $3,251
EQ/Small Company Index $218 $ 672 $1,152 $2,475
EQ/TCW Equity++ $274 $ 842 $1,435 $3,040
EQ/Templeton Growth $340 $1,038 $1,757 $3,660
EQ/UBS Growth and Income $270 $ 829 $1,414 $2,999
EQ/Van Kampen Comstock $262 $ 804 $1,373 $2,917
EQ/Van Kampen Emerging Markets Equity $333 $1,016 $1,722 $3,593
EQ/Van Kampen Mid Cap Growth $271 $ 832 $1,420 $3,009
EQ/Wells Fargo Montgomery Small Cap++ $306 $ 935 $1,590 $3,340
- ---------------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- ---------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ $290 $ 889 $1,513 $3,191
- ---------------------------------------------------------------------------------------------------------
(1) Please see "When withdrawal charges do not apply" in "Charges and
expenses" later in this prospectus for more information on withdrawal
charge waivers upon annuitization.
* This is the investment option's new name effective on or about May 29,
2007, subject to regulatory approval. Please see "Portfolios of the
Trusts" in "Contract features and benefits" later in this prospectus for
the investment option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s)
will change on or about May 29, 2007, subject to regulatory approval. See
the supplement included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned substitution or merger of this portfolio.
Fee table 21
EQUI-VEST(SM) SERIES 300 CONTRACTS
- -------------------------------------------------------------------------------------------------------------
If you surrender your contract at the end of the
applicable time period
-------------------------------------------------
1 year 3 years 5 years 10 years
- -------------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- -------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 850 $1,490 $2,155 $3,281
AXA Conservative Allocation $ 831 $1,431 $2,056 $3,080
AXA Conservative-Plus Allocation $ 832 $1,434 $2,061 $3,090
AXA Moderate Allocation $ 812 $1,375 $1,957 $2,886
AXA Moderate-Plus Allocation $ 843 $1,469 $2,121 $3,211
Multimanager Aggressive Equity* $ 787 $1,300 $1,826 $2,625
Multimanager Core Bond* $ 809 $1,366 $1,941 $2,855
Multimanager Health Care* $ 874 $1,560 $2,271 $3,516
Multimanager High Yield* $ 783 $1,289 $1,805 $2,582
Multimanager International Equity* $ 859 $1,516 $2,199 $3,369
Multimanager Large Cap Core Equity* $ 841 $1,463 $2,112 $3,191
Multimanager Large Cap Growth* $ 843 $1,469 $2,121 $3,211
Multimanager Large Cap Value* $ 841 $1,463 $2,112 $3,191
Multimanager Mid Cap Growth* $ 862 $1,525 $2,213 $3,399
Multimanager Mid Cap Value* $ 865 $1,534 $2,227 $3,428
Multimanager Technology* $ 874 $1,560 $2,271 $3,516
Target 2015 Allocation $1,577 $3,478 $5,169 $8,324
Target 2025 Allocation $1,517 $3,327 $4,958 $8,047
Target 2035 Allocation $1,743 $3,887 $5,724 $8,999
Target 2045 Allocation $1,835 $4,108 $6,015 $9,320
- -------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 767 $1,241 $1,720 $2,411
EQ/AllianceBernstein Growth and Income++ $ 775 $1,265 $1,762 $2,497
EQ/AllianceBernstein Intermediate Government Securities $ 771 $1,253 $1,741 $2,454
EQ/AllianceBernstein International $ 798 $1,333 $1,884 $2,740
EQ/AllianceBernstein Large Cap Growth $ 832 $1,437 $2,066 $3,100
EQ/AllianceBernstein Quality Bond $ 771 $1,253 $1,741 $2,454
EQ/AllianceBernstein Small Cap Growth $ 794 $1,321 $1,863 $2,698
EQ/AllianceBernstein Value++ $ 805 $1,354 $1,920 $2,813
EQ/Ariel Appreciation II $ 857 $1,510 $2,189 $3,350
EQ/AXA Rosenberg Value Long/Short Equity $1,014 $1,966 $2,924 $4,785
EQ/BlackRock Basic Value Equity* $ 801 $1,342 $1,899 $2,772
EQ/BlackRock International Value* $ 834 $1,443 $2,077 $3,121
EQ/Boston Advisors Equity Income $ 822 $1,404 $2,009 $2,989
EQ/Calvert Socially Responsible $ 822 $1,404 $2,009 $2,989
EQ/Capital Guardian Growth $ 813 $1,378 $1,962 $2,896
EQ/Capital Guardian International+ $ 835 $1,446 $2,082 $3,131
EQ/Capital Guardian Research $ 810 $1,369 $1,947 $2,865
EQ/Capital Guardian U.S. Equity++ $ 810 $1,369 $1,947 $2,865
EQ/Caywood-Scholl High Yield Bond $ 810 $1,369 $1,947 $2,865
EQ/Davis New York Venture** $ 890 $1,607 $2,347 $3,669
EQ/Equity 500 Index $ 745 $1,175 $1,602 $2,170
EQ/Evergreen International Bond $ 825 $1,413 $2,025 $3,019
- -------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
If you annuitize at the end of the
applicable time period and select a non-life
contingent period certain annuity
option with less than ten years
-------------------------------------------------
1 year 3 years 5 years 10 years
- ------------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- -------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation N/A $1,490 $2,155 $3,281
AXA Conservative Allocation N/A $1,431 $2,056 $3,080
AXA Conservative-Plus Allocation N/A $1,434 $2,061 $3,090
AXA Moderate Allocation N/A $1,375 $1,957 $2,886
AXA Moderate-Plus Allocation N/A $1,469 $2,121 $3,211
Multimanager Aggressive Equity* N/A $1,300 $1,826 $2,625
Multimanager Core Bond* N/A $1,366 $1,941 $2,855
Multimanager Health Care* N/A $1,560 $2,271 $3,516
Multimanager High Yield* N/A $1,289 $1,805 $2,582
Multimanager International Equity* N/A $1,516 $2,199 $3,369
Multimanager Large Cap Core Equity* N/A $1,463 $2,112 $3,191
Multimanager Large Cap Growth* N/A $1,469 $2,121 $3,211
Multimanager Large Cap Value* N/A $1,463 $2,112 $3,191
Multimanager Mid Cap Growth* N/A $1,525 $2,213 $3,399
Multimanager Mid Cap Value* N/A $1,534 $2,227 $3,428
Multimanager Technology* N/A $1,560 $2,271 $3,516
Target 2015 Allocation N/A $3,478 $5,169 $8,324
Target 2025 Allocation N/A $3,327 $4,958 $8,047
Target 2035 Allocation N/A $3,887 $5,724 $8,999
Target 2045 Allocation N/A $4,108 $6,015 $9,320
- -------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock N/A $1,241 $1,720 $2,411
EQ/AllianceBernstein Growth and Income++ N/A $1,265 $1,762 $2,497
EQ/AllianceBernstein Intermediate Government Securities N/A $1,253 $1,741 $2,454
EQ/AllianceBernstein International N/A $1,333 $1,884 $2,740
EQ/AllianceBernstein Large Cap Growth N/A $1,437 $2,066 $3,100
EQ/AllianceBernstein Quality Bond N/A $1,253 $1,741 $2,454
EQ/AllianceBernstein Small Cap Growth N/A $1,321 $1,863 $2,698
EQ/AllianceBernstein Value++ N/A $1,354 $1,920 $2,813
EQ/Ariel Appreciation II N/A $1,510 $2,189 $3,350
EQ/AXA Rosenberg Value Long/Short Equity N/A $1,966 $2,924 $4,785
EQ/BlackRock Basic Value Equity* N/A $1,342 $1,899 $2,772
EQ/BlackRock International Value* N/A $1,443 $2,077 $3,121
EQ/Boston Advisors Equity Income N/A $1,404 $2,009 $2,989
EQ/Calvert Socially Responsible N/A $1,404 $2,009 $2,989
EQ/Capital Guardian Growth N/A $1,378 $1,962 $2,896
EQ/Capital Guardian International+ N/A $1,446 $2,082 $3,131
EQ/Capital Guardian Research N/A $1,369 $1,947 $2,865
EQ/Capital Guardian U.S. Equity++ N/A $1,369 $1,947 $2,865
EQ/Caywood-Scholl High Yield Bond N/A $1,369 $1,947 $2,865
EQ/Davis New York Venture** N/A $1,607 $2,347 $3,669
EQ/Equity 500 Index N/A $1,175 $1,602 $2,170
EQ/Evergreen International Bond N/A $1,413 $2,025 $3,019
- -------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
If you do not surrender your at the end of the
applicable time period
-----------------------------------------------
1 year 3 years 5 years 10 years
- ------------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- ------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 300 $ 917 $1,559 $3,281
AXA Conservative Allocation $ 279 $ 854 $1,456 $3,080
AXA Conservative-Plus Allocation $ 280 $ 857 $1,461 $3,090
AXA Moderate Allocation $ 259 $ 795 $1,357 $2,886
AXA Moderate-Plus Allocation $ 292 $ 895 $1,523 $3,211
Multimanager Aggressive Equity* $ 232 $ 716 $1,226 $2,625
Multimanager Core Bond* $ 255 $ 785 $1,341 $2,855
Multimanager Health Care* $ 325 $ 991 $1,682 $3,516
Multimanager High Yield* $ 228 $ 703 $1,205 $2,582
Multimanager International Equity* $ 309 $ 945 $1,605 $3,369
Multimanager Large Cap Core Equity* $ 290 $ 889 $1,513 $3,191
Multimanager Large Cap Growth* $ 292 $ 895 $1,523 $3,211
Multimanager Large Cap Value* $ 290 $ 889 $1,513 $3,191
Multimanager Mid Cap Growth* $ 312 $ 954 $1,620 $3,399
Multimanager Mid Cap Value* $ 315 $ 963 $1,636 $3,428
Multimanager Technology* $ 325 $ 991 $1,682 $3,516
Target 2015 Allocation $1,068 $3,025 $4,766 $8,324
Target 2025 Allocation $1,005 $2,864 $4,541 $8,047
Target 2035 Allocation $1,243 $3,459 $5,357 $8,999
Target 2045 Allocation $1,340 $3,693 $5,666 $9,320
- ------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 211 $ 653 $1,120 $2,411
EQ/AllianceBernstein Growth and Income++ $ 220 $ 678 $1,162 $2,497
EQ/AllianceBernstein Intermediate Government Securities $ 216 $ 665 $1,141 $2,454
EQ/AllianceBernstein International $ 244 $ 751 $1,284 $2,740
EQ/AllianceBernstein Large Cap Growth $ 281 $ 861 $1,466 $3,100
EQ/AllianceBernstein Quality Bond $ 216 $ 665 $1,141 $2,454
EQ/AllianceBernstein Small Cap Growth $ 240 $ 738 $1,263 $2,698
EQ/AllianceBernstein Value++ $ 251 $ 773 $1,320 $2,813
EQ/Ariel Appreciation II $ 307 $ 939 $1,595 $3,350
EQ/AXA Rosenberg Value Long/Short Equity $ 473 $1,422 $2,376 $4,785
EQ/BlackRock Basic Value Equity* $ 247 $ 760 $1,299 $2,772
EQ/BlackRock International Value* $ 283 $ 867 $1,477 $3,121
EQ/Boston Advisors Equity Income $ 269 $ 826 $1,409 $2,989
EQ/Calvert Socially Responsible $ 269 $ 826 $1,409 $2,989
EQ/Capital Guardian Growth $ 260 $ 798 $1,362 $2,896
EQ/Capital Guardian International+ $ 284 $ 870 $1,482 $3,131
EQ/Capital Guardian Research $ 257 $ 788 $1,347 $2,865
EQ/Capital Guardian U.S. Equity++ $ 257 $ 788 $1,347 $2,865
EQ/Caywood-Scholl High Yield Bond $ 257 $ 788 $1,347 $2,865
EQ/Davis New York Venture** $ 342 $1,041 $1,763 $3,669
EQ/Equity 500 Index $ 188 $ 583 $1,002 $2,170
EQ/Evergreen International Bond $ 272 $ 836 $1,425 $3,019
- ------------------------------------------------------------------------------------------------------------
22 Fee table
- -----------------------------------------------------------------------------------------------------------
If you surrender your contract at the end of the
applicable time period
---------------------------------------------------
1 year 3 years 5 years 10 years
- -----------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -----------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega $ 818 $1,393 $1,988 $2,948
EQ/FI Mid Cap $ 815 $1,384 $1,973 $2,917
EQ/FI Mid Cap Value+ $ 818 $1,393 $1,988 $2,948
EQ/Franklin Income $ 859 $1,516 $2,199 $3,369
EQ/Franklin Small Cap Value $1,020 $1,983 $2,951 $4,835
EQ/Franklin Templeton Founding Strategy** $ 864 $1,531 $2,223 $3,418
EQ/GAMCO Mergers and Acquisitions $ 854 $1,502 $2,175 $3,320
EQ/GAMCO Small Company Value $ 824 $1,410 $2,020 $3,009
EQ/International Growth $ 851 $1,493 $2,160 $3,290
EQ/Janus Large Cap Growth++ $ 836 $1,449 $2,087 $3,141
EQ/JPMorgan Core Bond $ 791 $1,312 $1,847 $2,667
EQ/JPMorgan Value Opportunities $ 808 $1,363 $1,936 $2,845
EQ/Legg Mason Value Equity $ 819 $1,396 $1,994 $2,958
EQ/Long Term Bond $ 790 $1,309 $1,842 $2,656
EQ/Lord Abbett Growth and Income $ 823 $1,407 $2,014 $2,999
EQ/Lord Abbett Large Cap Core $ 837 $1,452 $2,092 $3,151
EQ/Lord Abbett Mid Cap Value $ 820 $1,398 $1,999 $2,968
EQ/Marsico Focus $ 830 $1,428 $2,051 $3,070
EQ/MFS Emerging Growth Companies+ $ 812 $1,375 $1,957 $2,886
EQ/MFS Investors Trust+ $ 808 $1,363 $1,936 $2,845
EQ/Money Market $ 754 $1,202 $1,650 $2,269
EQ/Montag & Caldwell Growth $ 823 $1,407 $2,014 $2,999
EQ/Mutual Shares $ 871 $1,551 $2,256 $3,487
EQ/Oppenheimer Global $ 957 $1,801 $2,660 $4,285
EQ/Oppenheimer Main Street Opportunity** $ 973 $1,850 $2,738 $4,435
EQ/Oppenheimer Main Street Small Cap $ 968 $1,835 $2,715 $4,391
EQ/PIMCO Real Return $ 805 $1,354 $1,920 $2,813
EQ/Short Duration Bond $ 789 $1,306 $1,836 $2,646
EQ/Small Cap Value+ $ 820 $1,398 $1,999 $2,968
EQ/Small Company Growth+ $ 848 $1,484 $2,146 $3,261
EQ/Small Company Index $ 774 $1,262 $1,757 $2,486
EQ/TCW Equity++ $ 828 $1,422 $2,040 $3,050
EQ/Templeton Growth $ 890 $1,607 $2,347 $3,669
EQ/UBS Growth and Income $ 824 $1,410 $2,020 $3,009
EQ/Van Kampen Comstock $ 816 $1,387 $1,978 $2,927
EQ/Van Kampen Emerging Markets Equity $ 883 $1,587 $2,313 $3,602
EQ/Van Kampen Mid Cap Growth $ 825 $1,413 $2,025 $3,019
EQ/Wells Fargo Montgomery Small Cap++ $ 857 $1,510 $2,189 $3,350
- -----------------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- -----------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ $ 842 $1,466 $2,117 $3,201
- -----------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
If you annuitize at the end of the
applicable time period and select a non-life
contingent period certain annuity
option with less than ten years
------------------------------------------------
1 year 3 years 5 years 10 years
- ------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ------------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega N/A $1,393 $1,988 $2,948
EQ/FI Mid Cap N/A $1,384 $1,973 $2,917
EQ/FI Mid Cap Value+ N/A $1,393 $1,988 $2,948
EQ/Franklin Income N/A $1,516 $2,199 $3,369
EQ/Franklin Small Cap Value N/A $1,983 $2,951 $4,835
EQ/Franklin Templeton Founding Strategy** N/A $1,531 $2,223 $3,418
EQ/GAMCO Mergers and Acquisitions N/A $1,502 $2,175 $3,320
EQ/GAMCO Small Company Value N/A $1,410 $2,020 $3,009
EQ/International Growth N/A $1,493 $2,160 $3,290
EQ/Janus Large Cap Growth++ N/A $1,449 $2,087 $3,141
EQ/JPMorgan Core Bond N/A $1,312 $1,847 $2,667
EQ/JPMorgan Value Opportunities N/A $1,363 $1,936 $2,845
EQ/Legg Mason Value Equity N/A $1,396 $1,994 $2,958
EQ/Long Term Bond N/A $1,309 $1,842 $2,656
EQ/Lord Abbett Growth and Income N/A $1,407 $2,014 $2,999
EQ/Lord Abbett Large Cap Core N/A $1,452 $2,092 $3,151
EQ/Lord Abbett Mid Cap Value N/A $1,398 $1,999 $2,968
EQ/Marsico Focus N/A $1,428 $2,051 $3,070
EQ/MFS Emerging Growth Companies+ N/A $1,375 $1,957 $2,886
EQ/MFS Investors Trust+ N/A $1,363 $1,936 $2,845
EQ/Money Market N/A $1,202 $1,650 $2,269
EQ/Montag & Caldwell Growth N/A $1,407 $2,014 $2,999
EQ/Mutual Shares N/A $1,551 $2,256 $3,487
EQ/Oppenheimer Global N/A $1,801 $2,660 $4,285
EQ/Oppenheimer Main Street Opportunity** N/A $1,850 $2,738 $4,435
EQ/Oppenheimer Main Street Small Cap N/A $1,835 $2,715 $4,391
EQ/PIMCO Real Return N/A $1,354 $1,920 $2,813
EQ/Short Duration Bond N/A $1,306 $1,836 $2,646
EQ/Small Cap Value+ N/A $1,398 $1,999 $2,968
EQ/Small Company Growth+ N/A $1,484 $2,146 $3,261
EQ/Small Company Index N/A $1,262 $1,757 $2,486
EQ/TCW Equity++ N/A $1,422 $2,040 $3,050
EQ/Templeton Growth N/A $1,607 $2,347 $3,669
EQ/UBS Growth and Income N/A $1,410 $2,020 $3,009
EQ/Van Kampen Comstock N/A $1,387 $1,978 $2,927
EQ/Van Kampen Emerging Markets Equity N/A $1,587 $2,313 $3,602
EQ/Van Kampen Mid Cap Growth N/A $1,413 $2,025 $3,019
EQ/Wells Fargo Montgomery Small Cap++ N/A $1,510 $2,189 $3,350
- ------------------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- ------------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ N/A $1,466 $2,117 $3,201
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
If you do not surrender your contract
at the end of the
applicable time period
--------------------------------------------------
1 year 3 years 5 years 10 years
- ------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ------------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega $265 $ 814 $1,388 $2,948
EQ/FI Mid Cap $262 $ 804 $1,373 $2,917
EQ/FI Mid Cap Value+ $265 $ 814 $1,388 $2,948
EQ/Franklin Income $309 $ 945 $1,605 $3,369
EQ/Franklin Small Cap Value $479 $1,440 $2,405 $4,835
EQ/Franklin Templeton Founding Strategy** $314 $ 960 $1,631 $3,418
EQ/GAMCO Mergers and Acquisitions $304 $ 929 $1,579 $3,320
EQ/GAMCO Small Company Value $271 $ 832 $1,420 $3,009
EQ/International Growth $301 $ 920 $1,564 $3,290
EQ/Janus Large Cap Growth++ $285 $ 873 $1,487 $3,141
EQ/JPMorgan Core Bond $237 $ 729 $1,247 $2,667
EQ/JPMorgan Value Opportunities $254 $ 782 $1,336 $2,845
EQ/Legg Mason Value Equity $266 $ 817 $1,394 $2,958
EQ/Long Term Bond $236 $ 725 $1,242 $2,656
EQ/Lord Abbett Growth and Income $270 $ 829 $1,414 $2,999
EQ/Lord Abbett Large Cap Core $286 $ 876 $1,492 $3,151
EQ/Lord Abbett Mid Cap Value $267 $ 820 $1,399 $2,968
EQ/Marsico Focus $278 $ 851 $1,451 $3,070
EQ/MFS Emerging Growth Companies+ $259 $ 795 $1,357 $2,886
EQ/MFS Investors Trust+ $254 $ 782 $1,336 $2,845
EQ/Money Market $198 $ 611 $1,050 $2,269
EQ/Montag & Caldwell Growth $270 $ 829 $1,414 $2,999
EQ/Mutual Shares $322 $ 982 $1,666 $3,487
EQ/Oppenheimer Global $412 $1,246 $2,096 $4,285
EQ/Oppenheimer Main Street Opportunity** $430 $1,298 $2,179 $4,435
EQ/Oppenheimer Main Street Small Cap $424 $1,283 $2,154 $4,391
EQ/PIMCO Real Return $251 $ 773 $1,320 $2,813
EQ/Short Duration Bond $234 $ 722 $1,236 $2,646
EQ/Small Cap Value+ $267 $ 820 $1,399 $2,968
EQ/Small Company Growth+ $297 $ 911 $1,549 $3,261
EQ/Small Company Index $219 $ 675 $1,157 $2,486
EQ/TCW Equity++ $275 $ 845 $1,440 $3,050
EQ/Templeton Growth $342 $1,041 $1,763 $3,669
EQ/UBS Growth and Income $271 $ 832 $1,420 $3,009
EQ/Van Kampen Comstock $263 $ 807 $1,378 $2,927
EQ/Van Kampen Emerging Markets Equity $334 $1,019 $1,727 $3,602
EQ/Van Kampen Mid Cap Growth $272 $ 836 $1,425 $3,019
EQ/Wells Fargo Montgomery Small Cap++ $307 $ 939 $1,595 $3,350
- ------------------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- ------------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ $291 $ 892 $1,518 $3,201
- ------------------------------------------------------------------------------------------------------------
* This is the investment option's new name effective on or about May 29,
2007, subject to regulatory approval. Please see "Portfolios of the
Trusts" in "Contract features and benefits" later in this prospectus for
the investment option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned substitution or merger of this portfolio.
Fee table 23
EQUI-VEST(SM) SERIES 400 CONTRACTS
- --------------------------------------------------------------------------------------------------------------
If you surrender your contract at the end
of the
applicable time period
------------------------------------------------
1 year 3 years 5 years 10 years
- --------------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- --------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 915 $1,680 $2,465 $3,904
AXA Conservative Allocation $ 895 $1,622 $2,370 $3,717
AXA Conservative-Plus Allocation $ 896 $1,624 $2,375 $3,726
AXA Moderate Allocation $ 876 $1,566 $2,280 $3,535
AXA Moderate-Plus Allocation $ 908 $1,659 $2,432 $3,839
Multimanager Aggressive Equity* $ 851 $1,493 $2,160 $3,290
Multimanager Core Bond* $ 873 $1,557 $2,266 $3,506
Multimanager Health Care* $ 939 $1,749 $2,577 $4,124
Multimanager High Yield* $ 847 $1,481 $2,141 $3,251
Multimanager International Equity* $ 924 $1,706 $2,507 $3,987
Multimanager Large Cap Core Equity* $ 906 $1,653 $2,422 $3,820
Multimanager Large Cap Growth* $ 908 $1,659 $2,432 $3,839
Multimanager Large Cap Value* $ 906 $1,653 $2,422 $3,820
Multimanager Mid Cap Growth* $ 927 $1,714 $2,521 $4,015
Multimanager Mid Cap Value* $ 930 $1,723 $2,535 $4,042
Multimanager Technology* $ 939 $1,749 $2,577 $4,124
Target 2015 Allocation $1,642 $3,639 $5,390 $8,603
Target 2025 Allocation $1,582 $3,490 $5,186 $8,346
Target 2035 Allocation $1,807 $4,042 $5,929 $9,227
Target 2045 Allocation $1,900 $4,259 $6,210 $9,523
- --------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- --------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 832 $1,434 $2,061 $3,090
EQ/AllianceBernstein Growth and Income++ $ 839 $1,458 $2,102 $3,171
EQ/AllianceBernstein Intermediate Government Securities $ 835 $1,446 $2,082 $3,131
EQ/AllianceBernstein International $ 862 $1,525 $2,213 $3,399
EQ/AllianceBernstein Large Cap Growth $ 897 $1,627 $2,380 $3,736
EQ/AllianceBernstein Quality Bond $ 835 $1,446 $2,082 $3,131
EQ/AllianceBernstein Small Cap Growth $ 858 $1,513 $2,194 $3,360
EQ/AllianceBernstein Value++ $ 869 $1,546 $2,247 $3,467
EQ/Ariel Appreciation II $ 922 $1,700 $2,497 $3,969
EQ/AXA Rosenberg Value Long/Short Equity $1,079 $2,149 $3,211 $5,310
EQ/BlackRock Basic Value Equity* $ 865 $1,534 $2,227 $3,428
EQ/BlackRock International Value* $ 899 $1,633 $2,389 $3,755
EQ/Boston Advisors Equity Income $ 886 $1,595 $2,328 $3,631
EQ/Calvert Socially Responsible $ 886 $1,595 $2,328 $3,631
EQ/Capital Guardian Growth $ 877 $1,569 $2,285 $3,545
EQ/Capital Guardian International+ $ 900 $1,636 $2,394 $3,764
EQ/Capital Guardian Research $ 874 $1,560 $2,271 $3,516
EQ/Capital Guardian U.S. Equity++ $ 874 $1,560 $2,271 $3,516
EQ/Caywood-Scholl High Yield Bond $ 874 $1,560 $2,271 $3,516
EQ/Davis New York Venture** $ 955 $1,795 $2,651 $4,268
EQ/Equity 500 Index $ 810 $1,369 $1,947 $2,865
- --------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
If you annuitize at the end of the
applicable time period and select a non-life
contingent period certain annuity
option with less than ten years
-------------------------------------------------
1 year 3 years 5 years 10 years
- -------------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- -------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation N/A $1,680 $2,465 $3,904
AXA Conservative Allocation N/A $1,622 $2,370 $3,717
AXA Conservative-Plus Allocation N/A $1,624 $2,375 $3,726
AXA Moderate Allocation N/A $1,566 $2,280 $3,535
AXA Moderate-Plus Allocation N/A $1,659 $2,432 $3,839
Multimanager Aggressive Equity* N/A $1,493 $2,160 $3,290
Multimanager Core Bond* N/A $1,557 $2,266 $3,506
Multimanager Health Care* N/A $1,749 $2,577 $4,124
Multimanager High Yield* N/A $1,481 $2,141 $3,251
Multimanager International Equity* N/A $1,706 $2,507 $3,987
Multimanager Large Cap Core Equity* N/A $1,653 $2,422 $3,820
Multimanager Large Cap Growth* N/A $1,659 $2,432 $3,839
Multimanager Large Cap Value* N/A $1,653 $2,422 $3,820
Multimanager Mid Cap Growth* N/A $1,714 $2,521 $4,015
Multimanager Mid Cap Value* N/A $1,723 $2,535 $4,042
Multimanager Technology* N/A $1,749 $2,577 $4,124
Target 2015 Allocation N/A $3,639 $5,390 $8,603
Target 2025 Allocation N/A $3,490 $5,186 $8,346
Target 2035 Allocation N/A $4,042 $5,929 $9,227
Target 2045 Allocation N/A $4,259 $6,210 $9,523
- -------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock N/A $1,434 $2,061 $3,090
EQ/AllianceBernstein Growth and Income++ N/A $1,458 $2,102 $3,171
EQ/AllianceBernstein Intermediate Government Securities N/A $1,446 $2,082 $3,131
EQ/AllianceBernstein International N/A $1,525 $2,213 $3,399
EQ/AllianceBernstein Large Cap Growth N/A $1,627 $2,380 $3,736
EQ/AllianceBernstein Quality Bond N/A $1,446 $2,082 $3,131
EQ/AllianceBernstein Small Cap Growth N/A $1,513 $2,194 $3,360
EQ/AllianceBernstein Value++ N/A $1,546 $2,247 $3,467
EQ/Ariel Appreciation II N/A $1,700 $2,497 $3,969
EQ/AXA Rosenberg Value Long/Short Equity N/A $2,149 $3,211 $5,310
EQ/BlackRock Basic Value Equity* N/A $1,534 $2,227 $3,428
EQ/BlackRock International Value* N/A $1,633 $2,389 $3,755
EQ/Boston Advisors Equity Income N/A $1,595 $2,328 $3,631
EQ/Calvert Socially Responsible N/A $1,595 $2,328 $3,631
EQ/Capital Guardian Growth N/A $1,569 $2,285 $3,545
EQ/Capital Guardian International+ N/A $1,636 $2,394 $3,764
EQ/Capital Guardian Research N/A $1,560 $2,271 $3,516
EQ/Capital Guardian U.S. Equity++ N/A $1,560 $2,271 $3,516
EQ/Caywood-Scholl High Yield Bond N/A $1,560 $2,271 $3,516
EQ/Davis New York Venture** N/A $1,795 $2,651 $4,268
EQ/Equity 500 Index N/A $1,369 $1,947 $2,865
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
If you do not surrender your contract
at the end of the
applicable time period
-----------------------------------------------
1 year 3 years 5 years 10 years
- -------------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- -------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 368 $1,118 $1,888 $3,904
AXA Conservative Allocation $ 347 $1,056 $1,788 $3,717
AXA Conservative-Plus Allocation $ 348 $1,059 $1,793 $3,726
AXA Moderate Allocation $ 327 $ 998 $1,692 $3,535
AXA Moderate-Plus Allocation $ 360 $1,096 $1,853 $3,839
Multimanager Aggressive Equity* $ 301 $ 920 $1,564 $3,290
Multimanager Core Bond* $ 324 $ 988 $1,676 $3,506
Multimanager Health Care* $ 393 $1,191 $2,007 $4,124
Multimanager High Yield* $ 296 $ 907 $1,544 $3,251
Multimanager International Equity* $ 377 $1,146 $1,933 $3,987
Multimanager Large Cap Core Equity* $ 358 $1,090 $1,843 $3,820
Multimanager Large Cap Growth* $ 360 $1,096 $1,853 $3,839
Multimanager Large Cap Value* $ 358 $1,090 $1,843 $3,820
Multimanager Mid Cap Growth* $ 380 $1,155 $1,948 $4,015
Multimanager Mid Cap Value* $ 383 $1,164 $1,963 $4,042
Multimanager Technology* $ 393 $1,191 $2,007 $4,124
Target 2015 Allocation $1,136 $3,195 $5,001 $8,603
Target 2025 Allocation $1,073 $3,038 $4,784 $8,346
Target 2035 Allocation $1,311 $3,623 $5,575 $9,227
Target 2045 Allocation $1,409 $3,854 $5,874 $9,523
- -------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 280 $ 857 $1,461 $3,090
EQ/AllianceBernstein Growth and Income++ $ 288 $ 882 $1,502 $3,171
EQ/AllianceBernstein Intermediate Government Securities $ 284 $ 870 $1,482 $3,131
EQ/AllianceBernstein International $ 312 $ 954 $1,620 $3,399
EQ/AllianceBernstein Large Cap Growth $ 349 $1,062 $1,798 $3,736
EQ/AllianceBernstein Quality Bond $ 284 $ 870 $1,482 $3,131
EQ/AllianceBernstein Small Cap Growth $ 308 $ 942 $1,600 $3,360
EQ/AllianceBernstein Value++ $ 319 $ 976 $1,656 $3,467
EQ/Ariel Appreciation II $ 375 $1,139 $1,923 $3,969
EQ/AXA Rosenberg Value Long/Short Equity $ 541 $1,616 $2,682 $5,310
EQ/BlackRock Basic Value Equity* $ 315 $ 963 $1,636 $3,428
EQ/BlackRock International Value* $ 351 $1,069 $1,808 $3,755
EQ/Boston Advisors Equity Income $ 337 $1,028 $1,742 $3,631
EQ/Calvert Socially Responsible $ 337 $1,028 $1,742 $3,631
EQ/Capital Guardian Growth $ 328 $1,001 $1,697 $3,545
EQ/Capital Guardian International+ $ 352 $1,072 $1,813 $3,764
EQ/Capital Guardian Research $ 325 $ 991 $1,682 $3,516
EQ/Capital Guardian U.S. Equity++ $ 325 $ 991 $1,682 $3,516
EQ/Caywood-Scholl High Yield Bond $ 325 $ 991 $1,682 $3,516
EQ/Davis New York Venture** $ 410 $1,240 $2,086 $4,268
EQ/Equity 500 Index $ 257 $ 788 $1,347 $2,865
- -------------------------------------------------------------------------------------------------------------
24 Fee table
- --------------------------------------------------------------------------------------------------------------
If you surrender your contract at the end
of the
applicable time period
------------------------------------------------
1 year 3 years 5 years 10 years
- --------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- --------------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond $ 889 $1,604 $2,342 $3,660
EQ/Evergreen Omega $ 882 $1,584 $2,309 $3,593
EQ/FI Mid Cap $ 879 $1,575 $2,294 $3,564
EQ/FI Mid Cap Value+ $ 882 $1,584 $2,309 $3,593
EQ/Franklin Income $ 924 $1,706 $2,507 $3,987
EQ/Franklin Small Cap Value $1,085 $2,166 $3,238 $5,357
EQ/Franklin Templeton Founding Strategy** $ 929 $1,720 $2,530 $4,033
EQ/GAMCO Mergers and Acquisitions $ 919 $1,691 $2,483 $3,941
EQ/GAMCO Small Company Value $ 888 $1,601 $2,337 $3,650
EQ/International Growth $ 916 $1,682 $2,469 $3,913
EQ/Janus Large Cap Growth++ $ 901 $1,639 $2,399 $3,773
EQ/JPMorgan Core Bond $ 855 $1,505 $2,179 $3,330
EQ/JPMorgan Value Opportunities $ 872 $1,554 $2,261 $3,496
EQ/Legg Mason Value Equity $ 883 $1,587 $2,313 $3,602
EQ/Long Term Bond $ 854 $1,502 $2,175 $3,320
EQ/Lord Abbett Growth and Income $ 887 $1,598 $2,332 $3,641
EQ/Lord Abbett Large Cap Core $ 902 $1,642 $2,403 $3,783
EQ/Lord Abbett Mid Cap Value $ 884 $1,589 $2,318 $3,612
EQ/Marsico Focus $ 894 $1,619 $2,366 $3,707
EQ/MFS Emerging Growth Companies+ $ 876 $1,566 $2,280 $3,535
EQ/MFS Investors Trust+ $ 872 $1,554 $2,261 $3,496
EQ/Money Market $ 819 $1,396 $1,994 $2,958
EQ/Montag & Caldwell Growth $ 887 $1,598 $2,332 $3,641
EQ/Mutual Shares $ 936 $1,740 $2,563 $4,097
EQ/Oppenheimer Global $1,021 $1,986 $2,955 $4,844
EQ/Oppenheimer Main Street Opportunity** $1,038 $2,034 $3,031 $4,983
EQ/Oppenheimer Main Street Small Cap $1,033 $2,020 $3,009 $4,943
EQ/PIMCO Real Return $ 869 $1,546 $2,247 $3,467
EQ/Short Duration Bond $ 853 $1,499 $2,170 $3,310
EQ/Small Cap Value+ $ 884 $1,589 $2,318 $3,612
EQ/Small Company Growth+ $ 913 $1,674 $2,455 $3,886
EQ/Small Company Index $ 838 $1,455 $2,097 $3,161
EQ/TCW Equity++ $ 892 $1,613 $2,356 $3,688
EQ/Templeton Growth $ 955 $1,795 $2,651 $4,268
EQ/UBS Growth and Income $ 888 $1,601 $2,337 $3,650
EQ/Van Kampen Comstock $ 880 $1,578 $2,299 $3,574
EQ/Van Kampen Emerging Markets Equity $ 948 $1,775 $2,618 $4,205
EQ/Van Kampen Mid Cap Growth $ 889 $1,604 $2,342 $3,660
EQ/Wells Fargo Montgomery Small Cap++ $ 922 $1,700 $2,497 $3,969
- --------------------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- --------------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ $ 907 $1,656 $2,427 $3,830
- --------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
If you annuitize at the end of the
applicable time period and select a non-life
contingent period certain annuity
option with less than ten years
-------------------------------------------------
1 year 3 years 5 years 10 years
- -------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -------------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond N/A $1,604 $2,342 $3,660
EQ/Evergreen Omega N/A $1,584 $2,309 $3,593
EQ/FI Mid Cap N/A $1,575 $2,294 $3,564
EQ/FI Mid Cap Value+ N/A $1,584 $2,309 $3,593
EQ/Franklin Income N/A $1,706 $2,507 $3,987
EQ/Franklin Small Cap Value N/A $2,166 $3,238 $5,357
EQ/Franklin Templeton Founding Strategy** N/A $1,720 $2,530 $4,033
EQ/GAMCO Mergers and Acquisitions N/A $1,691 $2,483 $3,941
EQ/GAMCO Small Company Value N/A $1,601 $2,337 $3,650
EQ/International Growth N/A $1,682 $2,469 $3,913
EQ/Janus Large Cap Growth++ N/A $1,639 $2,399 $3,773
EQ/JPMorgan Core Bond N/A $1,505 $2,179 $3,330
EQ/JPMorgan Value Opportunities N/A $1,554 $2,261 $3,496
EQ/Legg Mason Value Equity N/A $1,587 $2,313 $3,602
EQ/Long Term Bond N/A $1,502 $2,175 $3,320
EQ/Lord Abbett Growth and Income N/A $1,598 $2,332 $3,641
EQ/Lord Abbett Large Cap Core N/A $1,642 $2,403 $3,783
EQ/Lord Abbett Mid Cap Value N/A $1,589 $2,318 $3,612
EQ/Marsico Focus N/A $1,619 $2,366 $3,707
EQ/MFS Emerging Growth Companies+ N/A $1,566 $2,280 $3,535
EQ/MFS Investors Trust+ N/A $1,554 $2,261 $3,496
EQ/Money Market N/A $1,396 $1,994 $2,958
EQ/Montag & Caldwell Growth N/A $1,598 $2,332 $3,641
EQ/Mutual Shares N/A $1,740 $2,563 $4,097
EQ/Oppenheimer Global N/A $1,986 $2,955 $4,844
EQ/Oppenheimer Main Street Opportunity** N/A $2,034 $3,031 $4,983
EQ/Oppenheimer Main Street Small Cap N/A $2,020 $3,009 $4,943
EQ/PIMCO Real Return N/A $1,546 $2,247 $3,467
EQ/Short Duration Bond N/A $1,499 $2,170 $3,310
EQ/Small Cap Value+ N/A $1,589 $2,318 $3,612
EQ/Small Company Growth+ N/A $1,674 $2,455 $3,886
EQ/Small Company Index N/A $1,455 $2,097 $3,161
EQ/TCW Equity++ N/A $1,613 $2,356 $3,688
EQ/Templeton Growth N/A $1,795 $2,651 $4,268
EQ/UBS Growth and Income N/A $1,601 $2,337 $3,650
EQ/Van Kampen Comstock N/A $1,578 $2,299 $3,574
EQ/Van Kampen Emerging Markets Equity N/A $1,775 $2,618 $4,205
EQ/Van Kampen Mid Cap Growth N/A $1,604 $2,342 $3,660
EQ/Wells Fargo Montgomery Small Cap++ N/A $1,700 $2,497 $3,969
- -------------------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- -------------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ N/A $1,656 $2,427 $3,830
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
If you do not surrender your contract
at the end of the
applicable time period
-----------------------------------------------
1 year 3 years 5 years 10 years
- -------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -------------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond $340 $1,038 $1,757 $3,660
EQ/Evergreen Omega $333 $1,016 $1,722 $3,593
EQ/FI Mid Cap $330 $1,007 $1,707 $3,564
EQ/FI Mid Cap Value+ $333 $1,016 $1,722 $3,593
EQ/Franklin Income $377 $1,146 $1,933 $3,987
EQ/Franklin Small Cap Value $547 $1,634 $2,710 $5,357
EQ/Franklin Templeton Founding Strategy** $382 $1,161 $1,958 $4,033
EQ/GAMCO Mergers and Acquisitions $372 $1,130 $1,908 $3,941
EQ/GAMCO Small Company Value $339 $1,035 $1,752 $3,650
EQ/International Growth $369 $1,121 $1,893 $3,913
EQ/Janus Large Cap Growth++ $353 $1,075 $1,818 $3,773
EQ/JPMorgan Core Bond $305 $ 932 $1,585 $3,330
EQ/JPMorgan Value Opportunities $323 $ 985 $1,671 $3,496
EQ/Legg Mason Value Equity $334 $1,019 $1,727 $3,602
EQ/Long Term Bond $304 $ 929 $1,579 $3,320
EQ/Lord Abbett Growth and Income $338 $1,032 $1,747 $3,641
EQ/Lord Abbett Large Cap Core $354 $1,078 $1,823 $3,783
EQ/Lord Abbett Mid Cap Value $335 $1,022 $1,732 $3,612
EQ/Marsico Focus $346 $1,053 $1,783 $3,707
EQ/MFS Emerging Growth Companies+ $327 $ 998 $1,692 $3,535
EQ/MFS Investors Trust+ $323 $ 985 $1,671 $3,496
EQ/Money Market $266 $ 817 $1,394 $2,958
EQ/Montag & Caldwell Growth $338 $1,032 $1,747 $3,641
EQ/Mutual Shares $390 $1,182 $1,992 $4,097
EQ/Oppenheimer Global $480 $1,443 $2,410 $4,844
EQ/Oppenheimer Main Street Opportunity** $498 $1,494 $2,490 $4,983
EQ/Oppenheimer Main Street Small Cap $493 $1,479 $2,467 $4,943
EQ/PIMCO Real Return $319 $ 976 $1,656 $3,467
EQ/Short Duration Bond $303 $ 926 $1,574 $3,310
EQ/Small Cap Value+ $335 $1,022 $1,732 $3,612
EQ/Small Company Growth+ $366 $1,112 $1,878 $3,886
EQ/Small Company Index $287 $ 879 $1,497 $3,161
EQ/TCW Equity++ $344 $1,047 $1,773 $3,688
EQ/Templeton Growth $410 $1,240 $2,086 $4,268
EQ/UBS Growth and Income $339 $1,035 $1,752 $3,650
EQ/Van Kampen Comstock $331 $1,010 $1,712 $3,574
EQ/Van Kampen Emerging Markets Equity $402 $1,219 $2,052 $4,205
EQ/Van Kampen Mid Cap Growth $340 $1,038 $1,757 $3,660
EQ/Wells Fargo Montgomery Small Cap++ $375 $1,139 $1,923 $3,969
- -------------------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- -------------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ $359 $1,093 $1,848 $3,830
- -------------------------------------------------------------------------------------------------------------
* This is the investment option's new name effective on or about May 29,
2007, subject to regulatory approval. Please see "Portfolios of the
Trusts" in "Contract features and benefits" later in this prospectus for
the investment option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s)
will change on or about May 29, 2007, subject to regulatory approval. See
the supplement included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned substitution or merger of this portfolio.
Fee table 25
CONDENSED FINANCIAL INFORMATION
Please see Appendix II at the end of this prospectus, for the unit values and
number of units outstanding as of the periods shown for each of the variable
investment options, available as of December 31, 2006.
26 Fee table
1. Contract features and benefits
- --------------------------------------------------------------------------------
HOW YOU CAN PURCHASE AND CONTRIBUTE TO YOUR CONTRACT
You may purchase a contract by making payments to us that we call
"contributions." We require a minimum contribution amount of $20 for each type
and series of contract purchased. If the total annual contributions to a TSA
will be at least $200 annually, we may accept contributions of less than $20.
The minimum contribution amount under our automatic investment program is $20.
We discuss the automatic investment program under "About other methods of
payment" in "More information" later in this prospectus. The following table
summarizes our rules regarding contributions to your contract.
- -----------------------------------------------------------------------------------
Contract type Source of contributions
- -----------------------------------------------------------------------------------
SEP o Employer.
o Eligible rollover distributions from other traditional IRAs,
403(b) plans, qualified plans and governmental employer
EDC plans.
- -----------------------------------------------------------------------------------
SARSEP o Employer-remitted employee salary reduction and/or non-
elective employer contributions (pre 1997 plans only).
o Additional "catch-up" contributions.
o Eligible rollover distributions from other traditional IRAs,
403(b) plans, qualified plans and governmental employer
EDC plans.
- -----------------------------------------------------------------------------------
SIMPLE IRA o Employee salary reduction; employer match.
o Additional "catch-up" contributions.
o Rollover distributions or direct transfer distributions from
other SIMPLE IRAs.
- -----------------------------------------------------------------------------------
Unincorporated o Employer, including for self-employed.
and Corporate
Trusteed o Salary reduction 401(k) if plan permits.
o Additional "catch-up" contributions.
o Eligible rollover distributions from other qualified plans,
403(b) plans, governmental employer EDC plans and tradi-
tional IRAs, if permitted by the plan.
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Contract type Limitations on contributions
- -----------------------------------------------------------------------------------
SEP o For 2007, annual employer contributions up to the lesser of
$45,000 or 25% of employee compensation.
- -----------------------------------------------------------------------------------
SARSEP o For 2007, annual employer contributions up to the lesser of
$45,000 or 25% of employee compensation.
o Maximum salary reduction contribution is $15,500 for
2007.
o If plan permits, an individual at least age 50 at any time
during 2007 can make up to $5,000 additional salary
reduction "catch-up" contributions.
- -----------------------------------------------------------------------------------
SIMPLE IRA o Salary reduction contributions up to $10,500 for 2007;
employer matching contributions up to 3% of employee
compensation.
o If plan permits, an individual at least age 50 at any time
during 2007 can make up to $2,500 additional salary
reduction "catch-up" contributions.
- -----------------------------------------------------------------------------------
Unincorporated o For 2007, maximum amount of employer and employee
and Corporate contributions is generally the lesser of $45,000 or 100% of
Trusteed compensation, with maximum salary reduction contribution
of $15,500.
o If employer's plan permits, an individual at least age 50 at
any time during 2007 can make up to $5,000 additional
salary reduction "catch-up" contributions.
- -----------------------------------------------------------------------------------
Contract features and benefits 27
- -----------------------------------------------------------------------------------
Contract type Source of contributions
- -----------------------------------------------------------------------------------
TSA and o Employer-remitted employee salary reduction and/or vari-
University TSA ous types of employer contributions.
o Additional "catch-up" contributions.
o "Designated Roth contributions" under Section 402A of
the Code
o Direct transfers from another contract or arrangement
under Section 403(b) of the Internal Revenue Code, com-
plying with IRS Revenue Ruling 90-24.
o Eligible rollover distributions from other 403(b) plans,
qualified plans, governmental employer EDC plans and
traditional IRAs, if permitted by the plan.
- -----------------------------------------------------------------------------------
EDC o Employer-remitted employee salary reduction and/or
employer contributions.
o For governmental employer EDC plans only, additional
"age 50 catch-up" contributions.
o For governmental employer EDC plans only and only if plan
permits, eligible rollover distributions from other govern-
mental employer EDC plans, 403(b) plans, qualified plans
and traditional IRAs.
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Contract type Limitations on contributions
- -----------------------------------------------------------------------------------
TSA and o For 2007, maximum amount of employer and employee
University TSA contributions is generally the lesser of $45,000 or 100% of
compensation, with maximum salary reduction contribution
of $15,500.
o If employer's plan permits, an individual at least age 50 at
any time during 2007 can make up to $5,000 additional
salary reduction "catch-up" contributions.
o All salary reduction contributions (whether pre-tax or desig-
nated Roth) may not exceed the total maximum for the
year. (For 2007, $15,500 and age 50 catch-up of $5,000.)
o Rollover or direct transfer contributions after age 70-1/2 must
be net of any required minimum distributions.
o Different sources of contributions and earnings may be
subject to withdrawal restrictions.
o We currently do not accept rollovers or direct transfers of
funds from designated Roth accounts.
- -----------------------------------------------------------------------------------
EDC o Contributions subject to plan limits. Maximum contribution
for 2007 is lesser of $15,500 or 100% of includible
compensation.
o If plan permits, an individual may make catch-up contribu-
tions for 3 years of service preceding plan retirement age,
2007 maximum is $31,000.
o If governmental employer EDC plan permits, an individual at
least age 50 at any time during 2007 can make up to
$5,000 additional salary reduction "catch-up" contribu-
tions. This must be coordinated with the "catch-up"
contributions for 3 years of service preceding plan retire-
ment age.
- -----------------------------------------------------------------------------------
IRA FUNDING. The contracts we issue to fund SEP, SARSEP and SIMPLE IRA programs
are individual retirement annuities, or "IRAs." Internal Revenue Service ("IRS")
rules for traditional IRA also generally apply to those programs.
----------------
See "Tax information" later in this prospectus for a more detailed discussion of
sources of contributions, certain contribution limitations and other tax
information. We may refuse to accept any contribution if the sum of all
contributions under all EQUI-VEST(SM) series and EQUI-VEST(SM) At Retirement(SM)
contracts with the same owner or annuitant would then total more than $1,500,000
($500,000 for owners or annuitants who are 81 and older at contract issue). We
may also refuse to accept any contribution if the sum of all contributions under
all AXA Equitable annuity accumulation contracts with the same owner or
annuitant would then total more than $2,500,000.
For information on when contributions are credited see "Dates and prices at
which contract events occur" under "More information" later in this prospectus.
28 Contract features and benefits
CONTRIBUTIONS TO SARSEP, CORPORATE TRUSTEED AND CERTAIN HR-10 CONTRACTS
We no longer offer the EQUI-VEST(SM) contracts under SARSEP, Corporate Trusteed
and Annuitant-Owned HR-10 plans, except as noted below:
o If you established a SARSEP before 1997, you may continue to make
contributions for existing and new employees under salary reduction
arrangements. We will issue a contract to each participating employee for
whom a contract has not previously been issued.
o If you are an incorporated employer and already have a retirement plan
funded by the EQUI-VEST(SM) contracts, we will enroll new employees under
your contract and accept contributions for existing employees.
o If you established an HR-10 plan where EQUI-VEST(SM) contracts are owned by
the annuitant, rather than by a trustee, we will offer Annuitant-Owned HR-10
contracts to new employees and continue to accept contributions for all
participating employees.
o If your retirement plan is qualified under section 401(a) of the Internal
Revenue Code and is sponsored by a state or local governmental entity.
OWNER AND ANNUITANT REQUIREMENTS
For the following employer-funded programs, the employee must be the owner and
the annuitant on the contract: SEP-IRA, SARSEP-IRA, SIMPLE-IRA, TSA, University
TSA and Annuitant-Owned HR-10.
The trustee under Trusteed HR-10 corporate retirement and governmental plans is
the owner of the contract. In each case, the employee is the annuitant. We do
not act as trustee for these plans. Only Trusteed contracts may be sold in
Puerto Rico and the tax aspects that apply to such contracts may differ from
those described in this prospectus.
Under EDC contracts, the employer or a trust must be the owner and the employee
is the annuitant.
- --------------------------------------------------------------------------------
Annuitant is the measuring life for determining annuity benefits.
- --------------------------------------------------------------------------------
HOW YOU CAN MAKE YOUR CONTRIBUTIONS
Except as noted below, contributions must be made by check drawn on a U.S. bank,
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
our ability to collect the funds. We reserve the right to reject a payment if it
is received in an unacceptable form.
For certain SEP and KEOGH plans, additional contributions may be made by our
automatic investment program. The methods of payment are discussed in detail in
"About other methods of payment" in "More information" later in this prospectus.
Your initial contribution must generally be accompanied by an application and
any other form we need to process the contribution. If any information is
missing or unclear, we will hold the contribution, whether received via check or
wire, in a non-interest bearing suspense account while we try to obtain that
information. If we are unable to obtain all 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 specifically direct us to
keep your contribution until we receive the required information.
Generally, you may make additional contributions at any time. You may do so in
single sum amounts, on a regular basis, or as your financial situation permits.
- --------------------------------------------------------------------------------
Our "business day" generally is any day on which the New York Stock Exchange is
open for trading. A business day does not include any day we choose not to open
due to emergency conditions. We may also close early due to emergency
conditions.
- --------------------------------------------------------------------------------
WHAT ARE YOUR INVESTMENT OPTIONS UNDER THE CONTRACT?
Your investment options, subject to any employer plan limitations, are the
variable investment options, the guaranteed interest option, and the fixed
maturity options available under the investment method you select (see
"Selecting your investment method," later in this prospectus).
VARIABLE INVESTMENT OPTIONS
Your investment results in any one of the variable investment options will
depend on the investment performance of the underlying portfolios. You can lose
your principal when investing in the variable investment options. In periods of
poor market performance, the net return, after charges and expenses, may result
in negative yields, including for the EQ/Money Market variable investment
option. Listed below are the currently available portfolios, their investment
objectives and their advisers.
- --------------------------------------------------------------------------------
You can choose from among the variable investment options, the guaranteed
interest option and fixed maturity options, subject to certain restrictions.
- --------------------------------------------------------------------------------
Contract features and benefits 29
Portfolios of the Trusts
You should note that some portfolios have objectives and strategies that are
substantially similar to those of certain funds that are purchased directly
rather than under a variable insurance product such as an EQUI-VEST(SM)
contract. These portfolios may even have the same manager(s) and/or a similar
name. However, there are numerous factors that can contribute to differences in
performance between two investments, particularly over short periods of time.
Such factors include fees; the timing of stock purchases and sales; differences
in fund cash flows; and specific strategies employed by the portfolio manager.
The AXA Allocation portfolios offer contract owners a convenient opportunity to
invest in other portfolios that are managed and have been selected for
inclusion in the AXA Allocation portfolios by AXA Equitable. AXA Advisors, LLC,
an affiliated broker-dealer of AXA Equitable, may promote the benefits of such
portfolios to contract owners and/or suggest, incidental to the sale of this
contract, that contract owners consider whether allocating some or all of their
account value to such portfolios is consistent with their desired investment
objectives. In doing so, AXA Equitable, and/or its affiliates, may be subject
to conflicts of interest insofar as AXA Equitable may derive greater revenues
from the AXA Allocation portfolios than certain other portfolios available to
you under your contract. In addition, the AXA Allocation portfolios may enable
AXA Equitable to more efficiently manage AXA Equitable's financial risks
associated with certain guaranteed features. Please see "Allocating your
contributions" later in this section for more information about your role in
managing your allocations.
AXA Equitable serves as the investment manager of the portfolios of AXA Premier
VIP Trust and EQ Advisors Trust. For some portfolios, AXA Equitable 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, AXA
Equitable 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 investment manager or
sub-adviser(s), as applicable, for each portfolio.
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AXA Premier VIP Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
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AXA AGGRESSIVE ALLOCATION Seeks long-term capital appreciation. o AXA Equitable
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AXA CONSERVATIVE ALLOCATION Seeks a high level of current income. o AXA Equitable
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AXA CONSERVATIVE-PLUS Seeks current income and growth of capital, with a o AXA Equitable
ALLOCATION greater emphasis on current income.
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AXA MODERATE ALLOCATION Seeks long-term capital appreciation and current income. o AXA Equitable
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AXA MODERATE-PLUS Seeks long-term capital appreciation and current income, o AXA Equitable
ALLOCATION with a greater emphasis on capital appreciation.
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MULTIMANAGER AGGRESSIVE Long-term growth of capital. o AllianceBernstein L.P.
EQUITY(1)
o ClearBridge Advisors, LLC
o Legg Mason Capital Management, Inc.
o Marsico Capital Management, LLC
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MULTIMANAGER CORE BOND(2) To seek a balance of a high current income and capital o BlackRock Financial Management, Inc.
appreciation, consistent with a prudent level of risk.
o Pacific Investment Management Company
LLC
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MULTIMANAGER HEALTH CARE(3) Long-term growth of capital. o A I M Capital Management, Inc.
o RCM Capital Management LLC
o Wellington Management Company, LLP
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MULTIMANAGER HIGH YIELD(4) High total return through a combination of current o Pacific Investment Management Company
income and capital appreciation. LLC
o Post Advisory Group, LLC
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MULTIMANAGER INTERNATIONAL Long-term growth of capital. o AllianceBernstein L.P.
EQUITY(5)
o JPMorgan Investment Management Inc.
o Marsico Capital Management, LLC
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30 Contract features and benefits
- ------------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
MULTIMANAGER LARGE CAP Long-term growth of capital. o AllianceBernstein L.P.
CORE EQUITY(6)
o Janus Capital Management LLC
o Thornburg Investment Management, Inc.
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MULTIMANAGER LARGE CAP Long-term growth of capital. o RCM Capital Management LLC
GROWTH(7)
o TCW Investment Management Company
o T. Rowe Price Associates, Inc.
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MULTIMANAGER LARGE CAP Long-term growth of capital. o AllianceBernstein L.P.
VALUE(8)
o Institutional Capital LLC
o MFS Investment Management
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MULTIMANAGER MID CAP Long-term growth of capital. o AllianceBernstein L.P.
GROWTH(9)
o Franklin Advisers, Inc.
o Provident Investment Counsel, Inc.
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MULTIMANAGER MID CAP Long-term growth of capital. o AXA Rosenberg Investment Management LLC
VALUE(10)
o TCW Investment Management Company
o Wellington Management Company, LLP
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MULTIMANAGER TECHNOLOGY(11) Long-term growth of capital. o Firsthand Capital Management, Inc.
o RCM Capital Management LLC
o Wellington Management Company, LLP
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TARGET 2015 ALLOCATION Seeks the highest total return over time consistent with o AXA Equitable
its asset mix. Total return includes capital growth and
income.
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TARGET 2025 ALLOCATION Seeks the highest total return over time consistent with o AXA Equitable
its asset mix. Total return includes capital growth and
income.
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TARGET 2035 ALLOCATION Seeks the highest total return over time consistent with o AXA Equitable
its asset mix. Total return includes capital growth and
income.
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TARGET 2045 ALLOCATION Seeks the highest total return over time consistent with o AXA Equitable
its asset mix. Total return includes capital growth and
income.
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EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
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EQ/ALLIANCEBERNSTEIN COM- Seeks to achieve long-term growth of capital. o AllianceBernstein L.P.
MON STOCK
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EQ/ALLIANCEBERNSTEIN GROWTH Seeks to provide a high total return. o AllianceBernstein L.P.
AND INCOME(++)
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EQ/ALLIANCEBERNSTEIN INTER- Seeks to achieve high current income consistent with o AllianceBernstein L.P.
MEDIATE GOVERNMENT relative stability of principal.
SECURITIES
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN INTER- Seeks to achieve long-term growth of capital. o AllianceBernstein L.P.
NATIONAL
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Contract features and benefits 31
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EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
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EQ/ALLIANCEBERNSTEIN LARGE Seeks to achieve long-term growth of capital. o AllianceBernstein L.P.
CAP GROWTH
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EQ/ALLIANCEBERNSTEIN QUALITY Seeks to achieve high current income consistent with o AllianceBernstein L.P.
BOND moderate risk to capital.
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EQ/ALLIANCEBERNSTEIN SMALL Seeks to achieve long-term growth of capital. o AllianceBernstein L.P.
CAP GROWTH
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EQ/ALLIANCEBERNSTEIN VALUE(++) Seeks capital appreciation. o AllianceBernstein L.P.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/ARIEL APPRECIATION II(+++) Seeks long-term capital appreciation. o Ariel Capital Management, LLC
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/AXA ROSENBERG VALUE Seeks to increase value through bull markets and bear o AXA Rosenberg Investment Management LLC
LONG/SHORT EQUITY(++++) markets using strategies that are designed to limit
exposure to general equity market risk.
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EQ/BLACKROCK BASIC VALUE Seeks capital appreciation and secondarily, income. o BlackRock Investment Management, LLC
EQUITY(12)
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EQ/BLACKROCK INTERNATIONAL Seeks to provide current income and long-term growth of o BlackRock Investment Management Interna-
VALUE(13) income, accompanied by growth of capital. tional Limited
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/BOSTON ADVISORS EQUITY Seeks a combination of growth and income to achieve an o Boston Advisors, LLC
INCOME above-average and consistent total return.
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EQ/CALVERT SOCIALLY Seeks long-term capital appreciation. o Calvert Asset Management Company, Inc.
RESPONSIBLE
o Bridgeway Capital Management, Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/CAPITAL GUARDIAN GROWTH Seeks long-term growth of capital. o Capital Guardian Trust Company
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/CAPITAL GUARDIAN To achieve long-term growth of capital. o Capital Guardian Trust Company
INTERNATIONAL(**)
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/CAPITAL GUARDIAN Seeks to achieve long-term growth of capital. o Capital Guardian Trust Company
RESEARCH
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/CAPITAL GUARDIAN U.S. Seeks to achieve long-term growth of capital. o Capital Guardian Trust Company
EQUITY(++)
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/CAYWOOD-SCHOLL HIGH Seeks to maximize current income. o Caywood-Scholl Capital Management
YIELD BOND
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/DAVIS NEW YORK VENTURE(+) Seeks long-term growth of capital. o Davis Selected Advisers, L.P.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/EQUITY 500 INDEX Seeks a total return before expenses that approximates o AllianceBernstein L.P.
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/EVERGREEN INTERNATIONAL Seeks capital growth and current income. o Evergreen Investment Management
BOND Company, LLC
o First International Fund Advisors (dba
"Evergreen International")
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/EVERGREEN OMEGA Seeks long-term capital growth. o Evergreen Investment Management
Company, LLC
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EQ/FI MID CAP Seeks long-term growth of capital. o Fidelity Management & Research Company
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/FI MID CAP VALUE(**) Seeks long-term capital appreciation. o Fidelity Management & Research Company
- -----------------------------------------------------------------------------------------------------------------------------------
32 Contract features and benefits
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EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/FRANKLIN INCOME Seeks to maximize income while maintaining prospects o Franklin Advisers, Inc.
for capital appreciation.
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EQ/FRANKLIN SMALL CAP VALUE Seeks long-term total return. o Franklin Advisory Services, LLC
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/FRANKLIN TEMPLETON Primarily seeks capital appreciation and secondarily seekso AXA Equitable
FOUNDING STRATEGY(+) income.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO MERGERS AND Seeks to achieve capital appreciation. o GAMCO Asset Management Inc.
ACQUISITIONS
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO SMALL COMPANY Seeks to maximize capital appreciation. o GAMCO Asset Management Inc.
VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/INTERNATIONAL GROWTH Seeks to achieve capital appreciation. o MFS Investment Management.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/JANUS LARGE CAP GROWTH(++) Seeks long-term growth of capital. o Janus Capital Management LLC
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/JPMORGAN CORE BOND Seeks to provide a high total return consistent with o JPMorgan Investment Management Inc.
moderate risk to capital and maintenance of liquidity.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/JPMORGAN VALUE Long-term capital appreciation. o JPMorgan Investment Management Inc.
OPPORTUNITIES
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/LEGG MASON VALUE EQUITY Seeks long-term growth of capital. o Legg Mason Capital Management, Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/LONG TERM BOND Seeks to maximize income and capital appreciation o BlackRock Financial Management, Inc.
through investment in long-maturity debt obligations.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/LORD ABBETT GROWTH AND Capital appreciation and growth of income without o Lord, Abbett & Co. LLC
INCOME excessive fluctuation in market value.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/LORD ABBETT LARGE CAP Capital appreciation and growth of income with reason- o Lord, Abbett & Co. LLC
CORE able risk.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/LORD ABBETT MID CAP VALUE Capital appreciation. o Lord, Abbett & Co. LLC
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/MARSICO FOCUS Seeks long-term growth of capital. o Marsico Capital Management, LLC
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/MFS EMERGING GROWTH Seeks to provide long-term capital growth. o MFS Investment Management
COMPANIES(**)
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/MFS INVESTORS TRUST(**) Seeks long-term growth of capital with a secondary o MFS Investment Management
objective to seek reasonable current income. For purposes
of this Portfolio, the words "reasonable current income"
mean moderate income.
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EQ/MONEY MARKET Seeks to obtain a high level of current income, preserve o The Dreyfus Corporation
its assets and maintain liquidity.
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EQ/MONTAG & CALDWELL Seeks to achieve capital appreciation. o Montag & Caldwell, Inc.
GROWTH
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/MUTUAL SHARES Seeks capital appreciation, which may occasionally be o Franklin Mutual Advisers, LLC
short-term, and secondarily, income.
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EQ/OPPENHEIMER GLOBAL Seeks capital appreciation. o OppenheimerFunds, Inc.
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/OPPENHEIMER MAIN STREET Seeks long-term capital appreciation. o OppenheimerFunds, Inc.
OPPORTUNITY(+)
- -----------------------------------------------------------------------------------------------------------------------------------
EQ/OPPENHEIMER MAIN STREET Seeks capital appreciation. o OppenheimerFunds, Inc.
SMALL CAP
- -----------------------------------------------------------------------------------------------------------------------------------
Contract features and benefits 33
- ------------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/PIMCO REAL RETURN Seeks maximum real return consistent with preservation o Pacific Investment Management Company,
of real capital and prudent investment management. LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/SHORT DURATION BOND Seeks current income with reduced volatility of principal. o BlackRock Financial Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/SMALL CAP VALUE(**) Seeks capital appreciation. o Lazard Asset Management LLC
o Franklin Advisory Services, LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/SMALL COMPANY GROWTH(**) Seeks to achieve capital appreciation. o Bear Stearns Asset Management Inc.
o Eagle Asset Management, Inc.
o Wells Capital Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/SMALL COMPANY INDEX Seeks to replicate as closely as possible (before the o AllianceBernstein L.P.
deduction of portfolio expenses) the total return of the
Russell 2000 Index.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/TCW EQUITY(++) Seeks to achieve long-term capital appreciation. o TCW Investment Management Company
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/TEMPLETON GROWTH Seeks long-term capital growth. o Templeton Global Advisors Limited
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/UBS GROWTH AND INCOME Seeks to achieve total return through capital appreciation o UBS Global Asset Management
with income as a secondary consideration. (Americas) Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/VAN KAMPEN COMSTOCK Capital growth and income. o Morgan Stanley Investment
Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/VAN KAMPEN EMERGING Seeks long-term capital appreciation. o Morgan Stanley Investment
MARKETS EQUITY Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/VAN KAMPEN MID CAP Capital growth. o Morgan Stanley Investment
GROWTH Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/WELLS FARGO MONTGOMERY Seeks long-term capital appreciation. o Wells Capital Management, Inc.
SMALL CAP(++)
- ------------------------------------------------------------------------------------------------------------------------------------
The Universal Institutional
Funds, Inc.
Portfolio Name Objective Investment Manager
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. REAL ESTATE -- Seeks to provide above average current income and long- o Van Kampen (is the name under which Mor-
CLASS II(++) term capital appreciation by investing primarily in equity gan Stanley Investment Management, Inc.
securities of companies in the U.S. real estate industry, does business in certain situations)
including real estate investment trusts.
- ------------------------------------------------------------------------------------------------------------------------------------
(*) This portfolio information reflects the portfolio's name change effective
on or about May 29, 2007, subject to regulatory approval. The chart below
reflects the portfolio's name in effect, until on or about May 29, 2007.
The number in the "FN" column corresponds with the number contained in the
table above.
- -------------------------------------------------
FN Portfolio Name until May 29, 2007
- -------------------------------------------------
(1) AXA Premier VIP Aggressive Equity
- -------------------------------------------------
(2) AXA Premier VIP Core Bond
- -------------------------------------------------
(3) AXA Premier VIP Health Care
- -------------------------------------------------
(4) AXA Premier VIP High Yield
- -------------------------------------------------
(5) AXA Premier VIP International Equity
- -------------------------------------------------
(6) AXA Premier VIP Large Cap Core Equity
- -------------------------------------------------
(7) AXA Premier VIP Large Cap Growth
- -------------------------------------------------
(8) AXA Premier VIP Large Cap Value
- -------------------------------------------------
(9) AXA Premier VIP Mid Cap Growth
- -------------------------------------------------
(10) AXA Premier VIP Mid Cap Value
- -------------------------------------------------
(11) AXA Premier VIP Technology
- -------------------------------------------------
(12) EQ/Mercury Basic Value Equity
- -------------------------------------------------
(13) EQ/Mercury International Value
- -------------------------------------------------
(**) This investment option's name, investment objective and sub-adviser(s)
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with this prospectus for more information.
34 Contract features and benefits
(+) This investment option will be available on or about May 29, 2007,
subject to regulatory approval. (+)
(++) Please see the supplement included with this prospectus regarding the
planned substitution or merger of this investment option, subject to
regulatory approval.
(+++) The EQ/Ariel Appreciation II option is not available under EDC and TSA
contracts.
(++++) EQ/AXA Rosenberg Value Long/Short Equity option is not available for new
contributions or incoming transfers for certain TSA contract owners in
the State of Texas. (See Appendix IV.)
You should consider the investment objectives, risks and charges and expenses
of the portfolios carefully before investing. The prospectuses for the Trusts
contain this and other important information about the portfolios. The
prospectuses 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 1 (800) 628-6673.
Contract features and benefits 35
GUARANTEED INTEREST OPTION
The guaranteed interest option is part of our general account and pays interest
at guaranteed rates. We discuss our general account in "More information,"
later in this prospectus.
We credit interest daily to amounts in the guaranteed interest option. There
are three levels of interest in effect at the same time in the guaranteed
interest option:
(1) the minimum interest rate guaranteed over the life of the contract,
(2) the annual minimum guaranteed interest rate for the calendar year, and
(3) the current interest rate.
We set current interest rates periodically, according to our procedures that we
have in effect at the time. All interest rates are effective annual rates, but
before deduction of annual administrative charges or any withdrawal charges.
We assign an interest rate to each amount allocated to the guaranteed interest
option. This rate is guaranteed for a specified period. The rate may be
different depending on certain factors, including the type and series of your
contract and when the allocation is made. An exception to this approach applies
to Corporate Trusteed contracts and EDC contracts issued to government
employees in New York whose EQUI-VEST(SM) funding arrangements became effective
on and after July 1, 1989. Generally, we assign an interest rate to the total
amounts invested in Corporate Trusteed and EDC contracts issued to government
employees in New York regardless of when allocations were made to the
guaranteed interest option.
Generally, the annual minimum guaranteed interest rate for 2007 is 3.0% or 4.0%
depending on the lifetime guaranteed minimum rate of your contract. Depending
on your contract type, contract series, and the state where your contract is
issued, the lifetime minimum guaranteed interest rate ranges from 1.0% to 3.0%
(may be 4.0% for Corporate Trusteed contracts and Keogh Trusteed contracts).
The lifetime minimum guaranteed interest rate is shown in your contract. The
annual minimum guaranteed interest rate will never be less than the lifetime
minimum guaranteed interest rate. Check with your financial professional as to
which rate applies in your state and to your contract series. Current interest
rates will never be less than the annual minimum guaranteed interest rate.
FIXED MATURITY OPTIONS
We offer fixed maturity options with maturity dates generally ranging from one
to ten years (one to seven in Oregon). We will not accept allocations to a
fixed maturity option if on the date the contribution or transfer is to be
applied the rate to maturity is 3%. This means that at points in time there may
be no fixed maturity options available. You can allocate your contributions to
one or more of these fixed maturity options. However, you may not allocate more
than one contribution to any one fixed maturity option. These amounts become
part of a non-unitized separate account. They will accumulate interest at the
"rate to maturity" for each fixed maturity option. The total amount you
allocate to and accumulate in each fixed maturity option is called the "fixed
maturity amount." The fixed maturity options are not available for certain
contracts issued in New York and Pennsylvania or for contracts issued on or
after August 13, 2001 in Washington (see Appendix IV). Your financial
professional can provide your state's approval status. For contracts issued in
New York, see "Charges and expenses" for information on withdrawal charges when
amounts are allocated to the fixed maturity options.
- --------------------------------------------------------------------------------
Fixed maturity options generally range from one to ten years to maturity.
- --------------------------------------------------------------------------------
The rate to maturity you will receive for each fixed maturity option is the
rate to maturity in effect for new contributions allocated to that fixed
maturity option on the date we apply your contribution.
On the maturity date of a fixed maturity option, your fixed maturity amount,
assuming you have not made any withdrawals or transfers, will equal your
contribution to that fixed maturity option plus interest, at the rate to
maturity for that contribution. This is the fixed maturity option's "maturity
value." Before maturity, the current value we will report for your fixed
maturity amount will reflect a market value adjustment. Your current value will
reflect the market value adjustment that we would make if you were to withdraw
all of your fixed maturity amounts on the date of the report. We call this your
"market adjusted amount."
FIXED MATURITY OPTIONS AND MATURITY DATES. We currently offer fixed maturity
options ending on June 15th for maturity years ranging from one through ten
(seven in Oregon). Not all of these fixed maturity options will be available
for annuitants ages 76 and older. See "Allocating your contributions." As fixed
maturity options expire, we expect to add maturity years so that generally 10
(7 in Oregon) fixed maturity options are available at any time.
We will not accept allocations to a fixed maturity option if on the date the
contribution is to be applied:
o you previously allocated a contribution or made a transfer to the same fixed
maturity option; or
o the rate to maturity is 3%; or
o the fixed maturity option's maturity date is within 45 days; or
o the fixed maturity option's maturity date is later than the date annuity
payments are to begin.
YOUR CHOICES AT THE MATURITY DATE. We will notify you at least 45 days before
each of your fixed maturity options is scheduled to mature. At that time, you
may choose to have one of the following take place on the maturity date, as
long as none of the conditions listed above or in "Allocating your
contributions," would apply:
(a) transfer the maturity value into another available fixed maturity option,
or into any of the variable investment options; or
(b) subject to plan restrictions, withdraw the maturity value (there may be a
withdrawal charge).
If we do not receive your choice on or before the fixed maturity option's
maturity date, we will automatically transfer your maturity value into the next
available fixed maturity option (or another investment option if we are
required to do so by any state regulation). As of February 15, 2007, the next
available maturity date was June 15, 2007 (see "About our fixed maturity
options" in "More information" later in this prospectus). We may change our
procedures in the future.
36 Contract features and benefits
MARKET VALUE ADJUSTMENT. If you make any withdrawals (including transfers,
surrender or termination of your contract or when we make deductions for
charges) from a fixed maturity option before it matures, we will make a market
value adjustment, which will increase or decrease any fixed maturity amount you
have in that fixed maturity option. The amount of the adjustment will depend on
two factors:
(a) the difference between the rate to maturity that applies to the amount
being withdrawn and the rate to maturity in effect at that time for new
allocations to that same fixed maturity option, and
(b) the length of time remaining until the maturity date.
In general, if interest rates rise from the time that you originally allocate
an amount to a fixed maturity option to the time that you take a withdrawal,
the market value adjustment will be negative. Likewise, if interest rates drop
at the end of that time, the market value adjustment will be positive. Also,
the amount of the market value adjustment, either up or down, will be greater
the longer the time remaining until the fixed maturity option's maturity date.
Therefore, it is possible that the market value adjustment could greatly reduce
your value in the fixed maturity options, particularly in the fixed maturity
options with later maturity dates.
We provide an illustration of the market adjusted amount of specified maturity
values, an explanation of how we calculate the market value adjustment, and
information concerning our general account and investments purchased with
amounts allocated to the fixed maturity options, in "More information" later in
this prospectus. Appendix III at the end of this prospectus provides an example
of how the market value adjustment is calculated.
SELECTING YOUR INVESTMENT METHOD
Subject to any employer plan limitations, you must choose one of the following
two methods for selecting your investment options:
o MAXIMUM INVESTMENT OPTIONS CHOICE. Under this method, you may allocate
contributions or transfer funds to any of the available investment options
listed in A and B in the investment options chart. You can make transfers
whenever you choose. However, there will be restrictions on the amount you
can transfer out of the guaranteed interest option listed in A.
o MAXIMUM TRANSFER FLEXIBILITY. Under this method, you may allocate
contributions or transfer funds to any of the available investment options
listed in A in the investment options chart and no transfer restrictions
will apply.
TEMPORARY REMOVAL OF TRANSFER RESTRICTIONS THAT APPLY TO THE INVESTMENT
METHODS. From time to time, we may remove certain restrictions that apply to
your investment method. If we do so, we will tell you. For example, if you
elect the "Maximum investment options choice" method, for a limited time there
will be no restrictions on the amount you could transfer out of the guaranteed
interest option listed in group "A." If you elect the "Maximum transfer
flexibility" method, for a limited time you will be able to use the fixed
income variable investment options listed in group "B" as well as the fixed
maturity options.
We will also tell you at least 45 days in advance of the day that we intend to
reimpose the transfer restrictions. When we reimpose the transfer restrictions,
if you elect the "Maximum investment options choice" method, limits on
transfers out of the guaranteed interest option will again apply. If you elect
the "Maximum transfer flexibility" method, you will no longer be permitted to
allocate new contributions to, or transfer amounts into, the variable
investment options in group B (including through our rebalancing program) or
the fixed maturity options. However, amounts that are in any investment options
that are not available under "Maximum transfer flexibility" can remain in these
options.
Investment Options
- --------------------------------------------------------------------------
A
- --------------------------------------------------------------------------
o Guaranteed Interest Option
- --------------------------------------------------------------------------
Domestic stocks
- --------------------------------------------------------------------------
o AXA Aggressive Allocation o EQ/Lord Abbett Mid Cap Value
o AXA Moderate-Plus Allocation o EQ/Marsico Focus
o EQ/AllianceBernstein Common Stock o EQ/MFS Emerging Growth Companies+
o EQ/AllianceBernstein Growth and o EQ/MFS Investors Trust+
Income++ o EQ/Montag & Caldwell Growth
o EQ/AllianceBernstein Large Cap o EQ/Mutual Shares
Growth o EQ/Oppenheimer Main Street
o EQ/AllianceBernstein Small Cap Opportunity**
Growth o EQ/Oppenheimer Main Street Small
o EQ/AllianceBernstein Value++ Cap
o EQ/Ariel Appreciation II(2) o EQ/Small Cap Value+
o EQ/AXA Rosenberg Value Long/Short o EQ/Small Company Growth+
Equity(3) o EQ/Small Company Index
o EQ/BlackRock Basic Value Equity* o EQ/TCW Equity++
o EQ/Boston Advisors Equity Income o EQ/Templeton Growth
o EQ/Calvert Socially Responsible o EQ/UBS Growth and Income
o EQ/Capital Guardian Growth o EQ/Van Kampen Comstock
o EQ/Capital Guardian Research o EQ/Van Kampen Mid Cap Growth
o EQ/Capital Guardian U.S. Equity++ o EQ/Wells Fargo Montgomery Small
o EQ/Davis New York Venture** Cap++
o EQ/Equity 500 Index o Multimanager Aggressive Equity*
o EQ/Evergreen Omega o Multimanager Health Care*
o EQ/FI Mid Cap o Multimanager Large Cap Core Equity*
o EQ/FI Mid Cap Value+ o Multimanager Large Cap Growth*
o EQ/Franklin Small Cap Value o Multimanager Large Cap Value*
o EQ/Franklin Templeton Founding o Multimanager Mid Cap Growth*
Strategy** o Multimanager Mid Cap Value*
o EQ/GAMCO Mergers and Acquisitions o Multimanager Technology*
o EQ/GAMCO Small Company Value o Target 2015 Allocation(1)
o EQ/Janus Large Cap Growth++ o Target 2025 Allocation(1)
o EQ/JPMorgan Value Opportunities o Target 2035 Allocation(1)
o EQ/Legg Mason Value Equity o Target 2045 Allocation(1)
o EQ/Lord Abbett Growth and Income o US Real Estate - Class II++
o EQ/Lord Abbett Large Cap Core
- --------------------------------------------------------------------------
International stocks
- --------------------------------------------------------------------------
o Multimanager International Equity* o EQ/International Growth
o EQ/AllianceBernstein International o EQ/Oppenheimer Global
o EQ/Black Rock International Value* o EQ/Van Kampen Emerging Markets
o EQ/Capital Guardian International+ Equity
- --------------------------------------------------------------------------
Balanced/hybrid
- --------------------------------------------------------------------------
o AXA Moderate Allocation
- --------------------------------------------------------------------------
B
- --------------------------------------------------------------------------
Fixed income
- --------------------------------------------------------------------------
o AXA Conservative Allocation o EQ/JPMorgan Core Bond
o AXA Conservative-Plus Allocation o EQ/Long Term Bond
o EQ/AllianceBernstein Intermediate o EQ/Money Market
Government Securities o EQ/PIMCO Real Return
o EQ/AllianceBernstein Quality Bond o EQ/Short Duration Bond
o EQ/Caywood-Scholl High Yield Bond o Multimanager Core Bond*
o EQ/Evergreen International Bond o Multimanager High Yield*
o EQ/Franklin Income
- --------------------------------------------------------------------------
Contract features and benefits 37
- --------------------------------------------------------------------------
Fixed maturity options
- --------------------------------------------------------------------------
The fixed maturity options are only available in states where approved.
Transfer restrictions apply as indicated above under "Fixed maturity
options and maturity dates."
- --------------------------------------------------------------------------
(1) Since these investment options, collectively, the "Target Allocation
investment options," as they approach their respective target dates, and
thereafter, are expected to invest more heavily in fixed income
securities, we reserve the right to make them group "B" investment options
at or after their respective target dates. Please note that if you select
the "Maximum transfer flexibility" method, and have included any of the
Target Allocation investment options among your investment options, you
will be deemed to have changed to the "maximum investment options choice"
method. If you select the "maximum transfer flexibility" method but have
not included any of the Target Allocation investment options among your
allocations, you will not be changed to the alternate method but those
options will no longer be available to you.
(2) The EQ/Ariel Appreciation II option is not available under EDC and TSA
contracts.
(3) EQ/AXA Rosenberg Value Long/Short Equity option is not available for new
con tributions or incoming transfers for certain TSA contract owners in
the State of Texas. (See Appendix IV.)
* This is the investment option's new name effective on or about May 29,
2007, subject to regulatory approval. Please see "Portfolios of the
Trusts" in "Contract features and benefits" earlier in this prospectus for
the investment option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s)
will change on or about May 29, 2007, subject to regulatory approval. See
the supplement included with this prospectus for more information.
++ Please see the supplement included with this prospectus regarding the
planned substitution or merger of this investment option, subject to
regulatory approval.
Please note that under Trusteed contracts your employer or the plan trustee
will select the investment method available to the participant. Under all other
contracts, you may choose from any of the investment options available under
your investment method. In all cases, if any of the options listed in B in the
chart referenced above are selected, you will be subject to the restrictions on
transfers out of the guaranteed interest option that apply under the maximum
investment options choice investment method.
- --------------------------------------------------------------------------------
A participant is an individual who participates in an employer's plan funded by
an EQUI-VEST(SM) contract. The participant is also the annuitant.
- --------------------------------------------------------------------------------
ERISA CONSIDERATIONS FOR EMPLOYERS
If you are an employer and your plan is intended to comply with the
requirements of the Employee Retirement Income Security Act of 1974 ("ERISA")
Section 404(c), you or your plan trustee must make sure that the investment
options chosen for your plan constitute a broad range of investment choices as
required by the Department of Labor's ("DOL") regulation under ERISA Section
404(c). See "Tax information" later in this prospectus.
ALLOCATING YOUR CONTRIBUTIONS
Once you have made your investment method choice, you may allocate your
contributions to one or more or all of the investment options that you have
chosen, subject to any restrictions under the investment method you chose.
However, you may not allocate more than one contribution to any one fixed
maturity option. If the annuitant is age 76 or older, you may only allocate
contributions to fixed maturity options with maturities of five years or less.
Allocations must be in whole percentages and you may change your allocation
percentages at any time. However, the total of your allocations must equal
100%. Once your contributions are allocated to the investment options, they
become a part of your account value. We discuss account value in "Determining
your contract's value" later in this prospectus. After your contract is issued,
you may request that we add or eliminate any variable investment options that
result in transfer restrictions. We reserve the right to deny your request. See
"Transferring your money among investment options" later in this prospectus.
The contract is between you and AXA Equitable. The contract is not an
investment advisory account, and AXA Equitable is not providing any investment
advice or managing the allocation under your contract. In the absence of a
specific written arrangement to the contrary, you, as the owner of the
contract, have the sole authority to make investment allocations and other
decisions under the contract. Your AXA Advisors' financial professional is
acting as a broker-dealer registered representative, and is not authorized to
act as an investment advisor or to manage the allocations under your contract.
If your financial professional is a registered representative with a
broker-dealer other than AXA Advisors, your should speak with him/her regarding
any different arrangements that may apply.
YOUR RIGHT TO CANCEL WITHIN A CERTAIN NUMBER
OF DAYS
If for any reason you are not satisfied with your contract, you may return it
to us for a refund. To exercise this cancellation right you must mail the
contract directly to our processing office within 10 days after you receive it.
In some states, this "free look" period may be longer.
For contributions allocated to the variable investment options, your refund
will equal your contributions, reflecting any investment gain or loss that also
reflects the daily charges we deduct. For contributions allocated to the
guaranteed interest option, your refund will equal the amount of the
contributions but will not include interest. For contributions allocated to the
fixed maturity options, your refund will equal the amount of the contribution
allocated to fixed maturity options reflecting any positive or negative market
value adjustments. Some states require that we refund the full amount of your
contribution (not including any investment gain or loss, or interest or market
value adjustment). For contracts issued to fund SEPs, SARSEPs or SIMPLE IRAs
that are returned to us within seven days after you receive it, we are required
to refund the full amount of your contribution.
If you reside in the state of California and you are age 60 or older at the
time the contract is issued, you may return your variable annuity contract
within 30 days from the date that you receive it and receive a refund as
described below.
If you allocate your entire initial contribution to the EQ/Money Market option
(and/or guaranteed interest option), the amount of your refund will be equal to
your contribution less interest, unless you make a transfer, in which case the
amount of your refund will be equal to your account value on the date we
receive your request to cancel at our processing office. This amount could be
less than your initial amount. If you allocate any portion of your initial
contribution to the variable investment options (other than the EQ/Money Market
option) and/or fixed maturity options, your refund will be equal to your
account value on the date we receive your request to cancel at our processing
office.
38 Contract features and benefits
We may require that you wait six months before you apply for a contract with us
again if:
o you cancel your contract during the free look period; or
o you change your mind before you receive your contract whether we have
received your contribution or not.
Please see "Tax information" later in this prospectus for possible consequences
of cancelling your contract.
Contract features and benefits 39
2. Determining your contract's value
- --------------------------------------------------------------------------------
YOUR ACCOUNT VALUE AND CASH VALUE
Your "account value" is the total of the: (i) values you have allocated to the
variable investment options; (ii) the guaranteed interest option; (iii) the
market adjusted amounts you have in the fixed maturity options; and (iv) if you
have taken a loan under a TSA, governmental employer EDC or Corporate Trusteed
contract, amounts held in your loan reserve account. These amounts are subject
to certain fees and charges discussed in "Charges and expenses" later in this
prospectus.
Your contract also has a "cash value." At any time before annuity payments
begin, your contract's cash value is equal to the account value, less: (i) any
applicable withdrawal charges and (ii) the total amount or a pro rata portion
of the annual administrative charge, and (iii) under a TSA, governmental
employer EDC or Corporate Trusteed contract, any outstanding loan plus accrued
interest.
YOUR CONTRACT'S VALUE IN THE VARIABLE INVESTMENT OPTIONS
Each variable investment option invests in shares of a corresponding portfolio.
Your value in each variable investment option is measured by "units." The value
of your units will increase or decrease as though you had invested it in the
corresponding portfolio's shares directly. Your value, however, will be reduced
by the amount of the fees and charges that we deduct under the contract.
- --------------------------------------------------------------------------------
Units measure your value in each variable investment option.
- --------------------------------------------------------------------------------
The unit value for each variable investment option depends on the investment
performance of that option minus daily charges for mortality and expense risks
and other expenses. On any day, your value in any variable investment option
equals the number of units credited to that option, adjusted for any units
purchased for or deducted from your contract under that option, multiplied by
that day's value for one unit. The number of your contract units in any
variable investment option does not change unless they are increased or
decreased to reflect additional contributions, withdrawals, withdrawal charges,
transfers and loans.
In addition, the annual administrative charge or third-party transfer or
exchange charge, will reduce the number of units credited to your contract. A
description of how unit values are calculated is found in the SAI.
YOUR CONTRACT'S VALUE IN THE GUARANTEED INTEREST OPTION
Your value in the guaranteed interest option at any time will equal: your
contributions and transfers to that option, plus interest, minus withdrawals
and transfers out of the option, and charges we deduct.
YOUR CONTRACT'S VALUE IN THE FIXED MATURITY OPTIONS
Your value in each fixed maturity option at any time before the maturity date
is the market adjusted amount in each option, which reflects withdrawals out of
the option and charges we deduct. This is equivalent to your fixed maturity
amount increased or decreased by the market value adjustment. Your value,
therefore, may be higher or lower than your contributions (less withdrawals)
accumulated at the rate to maturity. At the maturity date, your value in a
fixed maturity option will equal its maturity value, provided there have been
no withdrawals or transfers.
40 Determining your contract's value
3. Transferring your money among investment options
- --------------------------------------------------------------------------------
TRANSFERRING YOUR ACCOUNT VALUE
At any time before the date annuity payments are to begin, you can transfer
some or all of your account value among the investment options, subject to the
following:
o You must transfer at least $300 of account value or, if less, the entire
amount in the investment option. We may waive the $300 requirement.
o You may not transfer to a fixed maturity option in which you already have
value.
o You may not transfer to a fixed maturity option that has a rate to maturity
of 3%.
o If the annuitant is age 76 or older, you must limit your transfers to fixed
maturity options with maturities of five years or less. As of February 15,
2007, all maturities were available.
o You may not transfer to a fixed maturity option if its maturity date is
later than the date annuity payments are to begin.
o If you make transfers out of a fixed maturity option other than at its
maturity date the transfer will cause a market value adjustment.
o If you choose the maximum investment options choice method for selecting
investment options (including if you have been deemed to have selected that
method as a result of a Target Allocation investment option in which you are
invested becoming a group "B" option as described under "Selecting your
investment method" in "Contract features and benefits" earlier in this
prospectus) the maximum amount you may transfer in any contract year from
the guaranteed interest option to any other investment option is (a) 25% of
the amount you had in the guaranteed interest option on the last day of the
prior contract year or, if greater, (b) the total of all amounts you
transferred from the guaranteed interest option to any other investment
option in the prior contract year.
o If you transfer money from another financial institution into the guaranteed
interest option during your first contract year, and if you have selected
the maximum investment options method (including if you have been deemed to
have selected that method as a result of a Target Allocation investment
option in which you are invested becoming a group "B" option as described
under "Selecting your investment method" in "Contract features and benefits"
earlier in this prospectus) you may, during the balance of that contract
year, transfer up to 25% of such initial guaranteed interest option balance
to any other investment option.
See Appendix I for transfer restrictions under Original contracts.
Upon advance notice to you, we may change or establish additional restrictions
on transfers among the investment options, including limitations on the number,
frequency, or dollar amount of transfers. A transfer request does not change
your percentages for allocating current or future contributions among the
investment options. Our current transfer restrictions are set forth in the
"Disruptive transfer activity" section below.
You may request a transfer in writing or by telephone using TOPS or online
using EQAccess. You must send all signed written requests directly to our
processing office. Transfer requests should specify:
(1) the contract number,
(2) the dollar amounts to be transferred, and
(3) the investment options to and from which you are transferring.
Under Trusteed and EDC contracts, you or the trustee or employer owner,
whichever applies, can direct us to transfer among the investment options.
Please see "Allocating your contributions" in "Contract features and benefits"
for more information about your role in managing your allocations.
We will confirm all transfers in writing.
DISRUPTIVE TRANSFER ACTIVITY
You should note that the contract is not designed for professional "market
timing" organizations, or other organizations or individuals engaging in a
market timing strategy. The contract 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 arbi-
Transferring your money among investment options 41
trage 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 contract owners.
We offer investment options with underlying portfolios that are part of the AXA
Premier VIP Trust and EQ Advisors Trust (the "affiliated trusts"), as well as
investment options with underlying portfolios of outside trusts with which AXA
Equitable has entered participation agreements (the "unaffiliated trusts" and,
collectively with the affiliated trusts, the "trusts"). The affiliated 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 affiliated trust obtains from us contract owner trading activity. The
affiliated trusts currently consider transfer into and out of (or vice versa)
the same variable investment option within a five business day period as
potentially disruptive transfer activity. Each unaffiliated trust may have its
own policies and procedures regarding disruptive transfer activity. If an
unaffiliated trust advises us that there may be disruptive activity from one of
our contract owners, we will work with the unaffiliated trust to review
contract owner trading activity. In most cases, 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.
When a contract owner is identified as having engaged in a potentially
disruptive transfer under the contract for the first time, a letter is sent to
the contract owner explaining that there is a policy against disruptive
transfer activity and that if such activity continues certain transfer
privileges may be eliminated. If and when the contract owner is identified a
second time as engaged in potentially disruptive transfer activity, we
currently prohibit the use of voice, fax and automated transaction services. We
currently apply such action for the remaining life of each affected contract.
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 contract owners uniformly. We do not
permit exceptions to our policies restricting disruptive transfer activity.
It is possible that a trust may impose a redemption fee designed to discourage
frequent or disruptive trading by contract owners. As of the date of this
prospectus, no trust available under the contract had 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 contract owner.
Contract 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 on whose behalf we 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, contract 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 contract owners may be treated differently than others,
resulting in the risk that some contract 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.
AUTOMATIC TRANSFER OPTIONS
INVESTMENT SIMPLIFIER
You may choose from two automatic options for transferring amounts from the
guaranteed interest option to the variable investment options. The transfer
options are the "fixed-dollar option" and the "interest sweep." You may select
one or the other, but not both. If you elect to use rebalancing option II
(discussed below), you may not choose either of the investment simplifier
options.
FIXED-DOLLAR OPTION. Under this option you may elect to have a fixed-dollar
amount transferred out of the guaranteed interest option and into the variable
investment options of your choice on a monthly basis. You can specify the
number of monthly transfers or instruct us to continue to make monthly
transfers until all available amounts in the guaranteed interest option have
been transferred out.
In order to elect the fixed-dollar option, you must have a minimum of $5,000 in
the guaranteed interest option on the date we receive your election form at our
processing office. You also must elect to transfer at least $50 per month. The
fixed-dollar option is subject to the guaranteed interest option transfer
limitation described above under "Transferring your account value."
See Appendix I for transfer restrictions under original contracts.
INTEREST SWEEP. Under the interest sweep, we will make transfers on a monthly
basis from amounts in the guaranteed interest option. The
42 Transferring your money among investment options
amount we will transfer will be the interest credited to amounts you have in
the guaranteed interest option from the last business day of the prior month to
the last business day of the current month. You must have at least $7,500 in
the guaranteed interest option on the date we receive your election and on the
last business day of each month thereafter to participate in the interest sweep
option.
The fixed-dollar and interest sweep options are forms of dollar-cost averaging.
Dollar-cost averaging allows you to gradually allocate amounts to the variable
investment options by periodically transferring approximately the same dollar
amount to the variable investment options you select. This will cause you to
purchase more units if the unit's value is low and fewer units if the unit's
value is high. Therefore, you may get a lower average cost per unit over the
long term. This plan of investing, however, does not guarantee that you will
earn a profit or be protected against losses.
WHEN YOUR PARTICIPATION IN THE INVESTMENT SIMPLIFIER WILL END. Your
participation in the investment simplifier will end:
o Under the fixed-dollar option, when either the number of designated monthly
transfers have been completed or the amount you have available in the
guaranteed interest option has been transferred out.
o Under the interest sweep option, when the amount you have in the guaranteed
interest option falls below $7,500 (determined on the last business day of
the month) for two months in a row.
o Under either option, on the date we receive at our processing office, your
written request to cancel automatic transfers, or on the date your contract
terminates.
REBALANCING YOUR ACCOUNT VALUE
Our rebalancing program offers two options that you can use to automatically
reallocate your account value. Option I permits reallocation among the variable
investment options only and option II permits reallocation among the variable
investment options and the guaranteed interest option. You must tell us:
(a) in whole percentages only, the percentage you want invested in each
variable investment option (and the guaranteed interest option, if
applicable), and
(b) how often you want the rebalancing to occur (quarterly, semian nually, or
annually).
While your rebalancing program is in effect, we will transfer amounts among
each variable investment option (and the guaranteed interest option, if
applicable), so that the percentage of your account value that you specify is
invested in each option at the end of each rebalancing date. Your entire
account value in the variable investment options (and guaranteed interest
option, if applicable) must be included in the rebalancing program. Transfer
restrictions out of the guaranteed interest option may apply in accordance with
the last two bullets under "Transferring your account value," above, in this
section. The initial transfer under the rebalancing program (based on your
account value as of the day before the program is established) is not permitted
to cause the transfer restrictions to be violated, and any rebalancing election
that would be a violation of the transfer restrictions will not be put into
effect. However, if the program can be established, once it is in effect, the
transfer restrictions will be waived for the rebalancing transfers.
- --------------------------------------------------------------------------------
Rebalancing does not assure a profit or protect against loss. You should
periodically review your allocation percentages as your needs change. You may
want to discuss the rebalancing program with your financial professional before
electing the program.
- --------------------------------------------------------------------------------
You may elect the rebalancing program at any time. To be eligible, you must
have (i) at least $5,000 of account value in the variable investment options
for option I, or (ii) at least $5,000 of account value in the variable
investment options and the guaranteed interest option, combined for option II.
Rebalancing is not available for amounts you have allocated in the fixed
maturity options.
If you elect to use option II, you may not choose either of the investment
simplifier automatic options.
If you request a transfer while the rebalancing program is in effect, we will
process the transfer as requested. The rebalancing program will then remain in
effect unless you request in writing that it be cancelled.
You may change your allocation instructions or cancel the program at any time.
For TSA, Corporate Trusteed and certain governmental employer EDC contracts
with outstanding loans only, on any rebalancing date where the amount to be
transferred from the guaranteed interest option would cause a transfer from the
Loan Reserve Account (which is part of the guaranteed interest option), the
rebalancing program will be automatically cancelled. (See "Loans under TSA,
governmental employer EDC and Corporate Trusteed contracts" in "Accessing your
money," later in this prospectus.)
Transferring your money among investment options 43
4. Accessing your money
- --------------------------------------------------------------------------------
WITHDRAWING YOUR ACCOUNT VALUE
You have several ways to withdraw your account value before annuity payments
begin. The table below shows the methods available under each type of contract.
More information follows the table. For the tax consequences of taking
withdrawals, see "Tax information" later in this prospectus.
METHOD OF WITHDRAWAL
- ----------------------------------------------------------------
Partial Minimum
Contract withdrawal Systematic distribution
- ----------------------------------------------------------------
SEP/SARSEP yes yes yes
- ----------------------------------------------------------------
SIMPLE IRA yes yes yes
- ----------------------------------------------------------------
Corporate and
KEOGH Trusteed yes(3) no yes(3)
- ----------------------------------------------------------------
TSA yes(1)(3) yes(1)(2)(3) yes(2)
- ----------------------------------------------------------------
University TSA yes(1)(3) yes(1)(3) yes
- ----------------------------------------------------------------
EDC yes(3) yes(1)(2)(3) yes(2)(3)
- ----------------------------------------------------------------
Annuitant-Owned
HR-10 yes(3) yes(3) yes
- ----------------------------------------------------------------
(1) Only if the contract is not subject to withdrawal restrictions.
(2) Only if there are no outstanding loans.
(3) Requires or may require Plan Administrator's approval. See "Tax
information" later in this prospectus.
PARTIAL WITHDRAWALS AND TERMINATIONS
Subject to the terms of the Plan, your contract and any restrictions in federal
income tax rules, you may take partial withdrawals from your account value or
terminate your contract at any time while the annuitant is living and before
annuity payments begin. The minimum amount you may withdraw at any time is
$300. If your account value is less than $500 after a withdrawal, we may
terminate your contract and pay you its cash value.
Partial withdrawals, or payments of remaining account value in excess of the
10% free withdrawal amount, may be subject to a withdrawal charge. (See "10%
free withdrawal amount" in "Charges and expenses" later in this prospectus.)
SYSTEMATIC WITHDRAWALS
If you have at least $20,000 of account value in the variable investment
options and the guaranteed interest option, you may take systematic withdrawals
on a monthly or quarterly basis. The minimum amount you may take for each
withdrawal is $250. We will make the withdrawal on any day of the month that
you select as long as it is not later than the 28th day of the month. If you do
not select a date, your withdrawals will be made on the first day of the month.
A check for the amount of the withdrawal will be mailed to you or, if you
prefer, we will electronically transfer the money to your checking or savings
account.
You may withdraw either the amount of interest earned in the guaranteed
interest option or a fixed-dollar amount from either the variable investment
options or the guaranteed interest option. If you elect the interest option, a
minimum of $20,000 must be maintained in the guaranteed interest option. If you
elect the fixed-dollar option, you do not have to maintain a minimum amount.
If you choose to have a fixed dollar amount taken from the variable investment
options, you may elect to have the amount of the withdrawal subtracted from
your account value in one of three ways:
(1) pro rata from more than one variable investment option (without using up
your total value in those options); or
(2) pro rata from more than one variable investment option (until your value
in those options is used up); or
(3) you may specify a dollar amount from only one variable investment option.
You may elect systematic withdrawals under TSA and governmental employer EDC
contracts if:
o your plan or program permits it;
o the contract is not subject to withdrawal restrictions; and
o the contract does not have a loan outstanding.
You can cancel the systematic withdrawal option at any time.
Amounts withdrawn in excess of the 10% free withdrawal amount may be subject to
a withdrawal charge.
LIFETIME MINIMUM DISTRIBUTION WITHDRAWALS
(SEPs, SARSEPs, SIMPLE IRAs, TSAs, EDCs, and Annuitant-owned HR-10 contracts -
See "Tax information" later in this prospectus)
We offer our "required minimum distribution (RMD) automatic withdrawal option"
to help you meet lifetime required minimum distributions under federal income
tax rules. This is not the exclusive way for you to meet these rules. After
consultation with your tax adviser, you may decide to compute required minimum
distributions yourself and request partial withdrawals. In such a case, a
withdrawal charge may apply if your withdrawal exceeds the free withdrawal
amount. You may choose instead an annuity payout option. Before electing an
account-based withdrawal option, please refer to "Tax information," "Required
minimum distributions" later in this prospectus for your specific type of
retirement arrangement. The actuarial present value of additional contract
benefits must be added to the account value in calculating required minimum
distribution withdrawals, which could increase the amount required to be
withdrawn. For this purpose additional annuity contract benefits may include
enhanced death benefits.
You may elect our RMD automatic withdrawal option in the year in which you
reach age 70-1/2 or in any later year, subject to the terms of your plan, if
applicable. To elect this option, you must have account
44 Accessing your money
value in the variable investment options and the guaranteed interest option of
at least $2,000. The minimum amount we will pay out is $300, or if less, your
account value. If your account value is less than $500 after the withdrawal, we
may terminate your contract and pay you its cash value. Currently, minimum
distribution withdrawal payments will be made annually.
Currently, we do not impose a withdrawal charge on minimum distribution
withdrawals if you are enrolled in our required minimum distribution automatic
withdrawal option. The minimum distribution withdrawal will be taken into
account in determining if any subsequent withdrawal taken in the same contract
year exceeds the 10% free withdrawal amount.
For non-governmental employer EDC contracts, this election may not be revoked.
For TSA and governmental employer EDC contracts, you may not elect the minimum
distribution option if you have an outstanding loan under a contract.
If you purchase your EQUI-VEST(SM) TSA via a direct transfer of funds from
another 403(b) arrangement and you tell us at the time of your purchase the
amount of your December 31, 1986 account balance (if any) you may postpone
beginning lifetime required minimum distributions on these pre-1987 funds. This
rule also applies if you purchased your EQUI-VEST(SM) TSA before December 31,
1986. Lifetime required minimum distributions on the pre-1987 account balance
may be postponed to age 75 rather than having to start following the later of
your reaching age 70-1/2 or retiring.
Distributions from a qualified plan, including our prototype plans through
which Annuitant-Owned HR-10 contracts are issued, are subject to the provisions
of the plan document.
- --------------------------------------------------------------------------------
For contracts subject to minimum distribution requirements, we will send a form
outlining the distribution options available in the year you reach age 70-1/2
(if you have not begun your annuity payments before that time).
- --------------------------------------------------------------------
HOW WITHDRAWALS ARE TAKEN FROM YOUR ACCOUNT VALUE
Unless you specify otherwise, we will subtract your withdrawals on a pro rata
basis from your values in the investment options. A market value adjustment
will apply if withdrawals are taken from the fixed maturity options.
AUTOMATIC DEPOSIT SERVICE
If you are receiving required minimum distribution payments from a TSA, SEP,
SARSEP or SIMPLE IRA contract you may use our automatic deposit service.
Under this service we will automatically deposit the required minimum
distribution payment from your TSA, SEP, SARSEP or SIMPLE IRA contract directly
into an existing EQUI-VEST(SM) NQ or ROTH IRA or an existing EQUI-VEST(SM)
Express NQ or ROTH IRA contract according to your allocation instructions.
Please note that you must have compensation or earned income for the year of the
contribution to make regular contributions to Roth IRAs.
LOANS UNDER TSA, GOVERNMENTAL EMPLOYER EDC AND CORPORATE TRUSTEED CONTRACTS
If the plan permits, loans are available under a qualified plan, TSA plan, or
governmental employer EDC plan. Loans are subject to federal income tax limits
and are also subject to the limits of the plan. Federal income tax rule
requirements apply even if the plan is not subject to ERISA. You may borrow
against your account value only under a TSA contract, a contract issued under a
governmental employer EDC plan or Corporate Trusteed contract. Loans under
governmental employer EDC contracts may not be available in all states. Also,
ERISA rules apply to loans under Corporate Trusteed contracts, and may apply
under TSA contracts. Loans are not available under University TSA contracts or
under any TSA or governmental employer EDC contract when the required minimum
distribution automatic withdrawal option has been elected.
Before we make a loan, you must properly complete and sign a loan request form.
In the case of certain Corporate Trusteed and certain TSA contracts subject to
ERISA, the written consent of your spouse will be required to obtain a loan and
the Plan Administrator needs to sign the loan form. In the case of governmental
employer EDC contracts, the loan must be approved by the contract owner;
generally, your employer, plan trustee, or the plan administrator as authorized
under the governmental employer plan. Taking a loan in excess of the Internal
Revenue Code limits may result in adverse tax consequences. Please see the loan
provisions stated in the contract and read the terms and conditions in the loan
request form carefully and consult with a tax advisor before taking a loan.
Also, see Appendix IV later in this prospectus for any state rules that may
affect loans from a TSA, governmental employer EDC or Corporate Trusteed
contract.
We permit only one loan to be outstanding at any time.
A loan will not be treated as a taxable distribution unless:
o it exceeds limits of federal income tax rules; or
o interest and principal are not paid when due; or
o in some instances, service with the employer terminates.
LOAN RESERVE ACCOUNT. On the date your loan is processed, we will transfer to a
"loan reserve account" an amount equal to the sum of (a) and (b), where (a) is
the loan amount (which will earn interest at the "loan reserve account rate"
while your loan is outstanding), and (b) is 10% of the loan amount (which will
earn interest at the guaranteed interest rate while your loan is outstanding).
You may not make any partial withdrawals or transfers among investment options
or to another 403(b) arrangement or eligible retirement plan from the loan
reserve account until after repayment of the principal amount then due. You may
specify on the loan request form from which investment option(s) the loan
reserve account will be funded.
The "loan reserve account rate" will equal the loan interest rate minus a
maximum rate of 2%. This excess of the interest rate that we charge is also
referred to as the "net loan interest charge." See the "Fee table" for more
information.
The tax consequences of failure to repay a loan when due are substantial, and
may result in severe restrictions on your ability to borrow amounts under any
plans of your employer in the future.
Accessing your money 45
Loans under TSA, governmental employer EDC and Corporate Trusteed contracts are
discussed further in "Tax information" later in this prospectus.
TERMINATION
We may terminate your contract and pay you the account value if:
(1) your account value is less than $500 and you have not made contributions
to your contract for a period of three years; or
(2) you request a partial withdrawal that reduces your account value to an
amount less than $500; or
(3) you have not made any contributions within 120 days from your contract
date.
We will deduct the amount of any outstanding loan balance (including any unpaid
interest) and any withdrawal charge that applies to the loan balance from the
account value when we terminate your contract.
TEXAS ORP PARTICIPANTS
For participants in a Texas Optional Retirement Program, Texas law permits
withdrawals only after one of the following distributable events occur:
o turning age 70-1/2; or
o death; or
o retirement; or
o termination of employment in all Texas public institutions of higher
education.
To make a withdrawal, a properly completed written acknowledgment must be
received from the employer. If a distributable event occurs prior to your being
vested, any amounts provided by an employer's first-year matching contribution
will be refunded to the employer. We may change these provisions without your
consent, but only to the extent necessary to maintain compliance with any law
that applies.
WHEN TO EXPECT PAYMENTS
Generally, we will fulfill requests for payments out of the variable investment
options within seven calendar days after the date of the transaction to which
the request relates. These transactions may include applying proceeds to a
variable annuity payout option, payment of a death benefit, payment of any
amount you withdraw (less any withdrawal charge) and, upon contract
termination, payment of the cash value. We may postpone such payments or
applying 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 variable
investment option's assets is not reasonably practicable because of an
emergency, or
(3) the SEC, by order, permits us to defer payment to protect people remaining
in the variable investment options.
We can defer payment of any portion of your values in the guaranteed interest
option and the fixed maturity options (other than for death benefits) for up to
six months while you are living.
All payments are made by check and are mailed to you (or the payee named in a
tax-free exchange) by U.S. mail, unless you request that we use an express
delivery or wire transfer service at your expense.
YOUR ANNUITY PAYOUT OPTIONS
EQUI-VEST(SM) offers you several choices of annuity payout options. Some enable
you to receive fixed annuity payments and others enable you to receive variable
annuity payments.
You can choose from among the different forms of annuity payout options listed
below. Restrictions may apply, depending on the type of contract you own or the
annuitant's age at contract issue.
ANNUITY PAYOUT OPTIONS
- --------------------------------------------------------------------
Fixed annuity payout options
o Life annuity*
o Life annuity with period
certain*
o Life annuity with refund
certain*
o Period certain annuity
- --------------------------------------------------------------------
Variable Immediate Annuity payout o Life annuity (not available in
options (as described in a New York)
separate prospectus for this o Life annuity with period
option) certain*
- --------------------------------------------------------------------
* not available for governmental employer EDC Plans in New York
o Life annuity: An annuity that guarantees payments for the rest of the
annuitant's life. Payments end with the last monthly payment before the
annuitant's death. Because there is no continuation of benefits following
the annuitant's death with this payout option, it provides the highest
monthly payment of any of the life annuity options, so long as the annuitant
is living.
o Life annuity with period certain: An annuity that guarantees payments for
the rest of the annuitant's life. If the annuitant dies before the end of a
selected period of time ("period certain"), payments continue to the
beneficiary for the balance of the period certain. The period certain cannot
extend beyond the annuitant's life expectancy or the joint life expectancy
of the annuitant and the joint annuitant.
o Life annuity with refund certain: An annuity that guarantees payments for
the rest of the annuitant's life. If the annuitant dies before the amount
applied to purchase the annuity option has been recovered, payments to the
beneficiary will continue until that amount has been recovered. This payout
option is available only as a fixed annuity.
o Period certain annuity: An annuity that guarantees payments for a specific
period of time, usually 5, 10, 15, or 20 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. This is the only form of annuity for annuitants in governmental
employer EDC plans in
46 Accessing your money
New York. Life annuity payout options are not available for governmental
employer EDC plans in New York.
The life annuity, life annuity with period certain, and life annuity with
refund certain payout options are available on a single life or joint and
survivor life basis. The joint and survivor life annuity guarantees payments
for the rest of the annuitant's life and, after the annuitant's death, payments
continue to the survivor. Generally, unless the annuitant elects otherwise with
the written consent of the spouse, this will be the form of annuity payment
provided for married annuitants under qualified plans and certain TSAs. We may
offer other payout options not outlined here. Your financial professional can
provide details.
FIXED ANNUITY PAYOUT OPTIONS
With fixed annuities, we guarantee fixed annuity payments that will be based
either on the tables of guaranteed annuity purchase factors in your contract or
on our then current annuity purchase factors, whichever is more favorable for
you.
VARIABLE IMMEDIATE ANNUITY PAYOUT OPTIONS
Variable Immediate Annuities are described in a separate prospectus that is
available from your financial professional. Before you select a Variable
Immediate Annuity payout option, you should read the prospectus which contains
important information that you should know.
Variable Immediate Annuities may be funded through your choice of available
variable investment options investing in portfolios of AXA Premier VIP Trust
and EQ Advisors Trust. The contract also offers a fixed income annuity payout
option that can be elected in combination with the variable income annuity
payout option. The amount of each variable income annuity payment will
fluctuate, depending upon the performance of the variable investment options,
and whether the actual rate of investment return is higher or lower than an
assumed base rate.
We may offer other payout options not outlined here. Your financial
professional can provide details.
SELECTING AN ANNUITY PAYOUT OPTION
When you select a payout option, we will issue you a separate written agreement
confirming your right to receive annuity payments. We require you to return
your contract before annuity payments begin. Unless you choose a different
payout option, we will pay annuity payments under a life annuity with a period
certain of 10 years. You choose whether these payments will be either fixed or
variable. The contract owner and annuitant must meet the issue age and payment
requirements.
You can choose the date annuity payments are to begin, but generally it may not
be earlier than thirteen months from the EQUI-VEST(SM) contract date. You can
change the date your annuity payments are to begin anytime before that date as
long as you do not choose a date later than the 28th day of any month or later
than your contract's maturity date. Your contract's maturity date is the date
by which you must either take a lump sum withdrawal or select an annuity payout
option. The maturity date is generally the contract date anniversary that
follows the annuitant's 85th birthday. This may be different in some markets.
Before your annuity payments are to begin, we will notify you by letter that
the annuity payout options are available. Once you have selected a payout
option and payments have begun, no change can be made, other than transfers
among the variable investment options if a variable annuity is selected.
We currently offer different payment frequencies on certain annuity payout
options. In general, the total annual payout will be lower for more frequent
payouts such (as monthly) because of the increased administrative expenses
associated with more frequent payouts. Also, in general, the longer the period
over which we expect to make payment, the lower will be your payment each year.
The amount of the annuity payments will depend on:
(1) the amount applied to purchase the annuity;
(2) the type of annuity chosen, and whether it is fixed or variable;
(3) in the case of a life annuity, the annuitant's age (or the annuitant's and
joint annuitant's ages); and
(4) in certain instances, the sex of the annuitant(s).
In no event will you ever receive payments under a fixed option or an initial
payment under a variable option of less than the minimum amounts guaranteed by
the contract.
If, at the time you elect a payout option, the amount to be applied is less
than $2,000 or the initial payment under the form elected is less than $20
monthly, we reserve the right to pay the account value in a single sum rather
than as payments under the payout option chosen.
Please see Appendix IV later in this prospectus for state variations.
EQUI-VEST(SM) AT RETIREMENT(SM)
(Applicable only for TSA contracts)
If you have a TSA contract, you may be eligible to convert your EQUI-VEST(SM)
contract to a new EQUI-VEST(SM) At Retirement(SM) contract. EQUI-VEST(SM) At
Retirement(SM) is a deferred variable annuity contract that offers living
benefits (Guaranteed withdrawal benefit for life or Guaranteed minimum income
benefit) and enhanced death benefits. The EQUI-VEST(SM) At Retirement(SM)
contract has no withdrawal charges.
At the time of conversion, you must meet the following conditions in order to
qualify for this conversion offer. You must be between the ages of 55 and 85,
your contract must have an account value of at least $50,000, you must purchase
at least one of the living or enhanced death benefits, there can be no
withdrawal charges applicable under your existing EQUI-VEST(SM) contract, and no
rollover/direct transfer contributions can have been made to the existing
contract in the two contract years prior to the date you apply for the new
contract. If you have a TSA contract, you must be separated from service in
order to qualify. Please note that any outstanding loan including any interest
accrued but unpaid under the existing EQUI-VEST(SM) contract must be paid in
full or it will be deducted from your account value prior to the conversion. The
written application for the new EQUI-VEST(SM) At Retirement(SM) contract must be
received by our Processing Office no later than the close of business on
December 31, 2016 or such later date as we state in writing to you. The
EQUI-VEST(SM) At Retirement(SM) contract and its benefits, including the charges
for such benefits are described in a separate prospectus.
Accessing your money 47
5. Charges and expenses
- --------------------------------------------------------------------------------
CHARGES THAT AXA EQUITABLE DEDUCTS
We deduct the following charges each day from the net assets of each variable
investment option. These charges are reflected in the unit values of each
variable investment option:
o A mortality and expense risk charge
o A charge for other expenses
We deduct the following charges from your account value. When we deduct these
charges from your variable investment options, we reduce the number of units
credited to your contract:
o On the last day of the contract year an annual administrative charge, if
applicable
o Charge for third-party transfer or exchange (for series 300 and 400 only)
o At the time you make certain withdrawals or surrender your contract, or your
contract is terminated -- a withdrawal charge
o At the time annuity payments are to begin -- charges designed to approximate
certain taxes that may be imposed on us, such as premium taxes in your
state. An annuity administrative fee may also apply
More information about these charges appears below. The charges differ
depending on which contract series you purchase.
We will not increase these charges for the life of your contract, except as
noted below. We may reduce certain charges under group or sponsored
arrangements. See "Group or sponsored arrangements" below.
To help with your retirement planning, we may offer other annuities with
different charges, benefits and features. Please contact your financial
professional for more information.
CHARGES UNDER THE CONTRACTS
MORTALITY AND EXPENSE RISKS CHARGE
We deduct a daily charge from the net assets in each variable investment option
to compensate us for mortality and expense risks, including the death benefit.
The daily charge is currently equivalent to an annual rate of the net assets in
each variable investment options as follows:
- -------------------------------------------------------------------------------
EQ/Alliance
Common Stock,
EQ/Money
Market Options All Other Variable Investment Options
- -------------------------------------------------------------------------------
series series series series series series
100 200 100 200 300 400
- -------------------------------------------------------------------------------
current 0.56% 1.15% 0.50% 1.09% 1.10% 1.10%
- -------------------------------------------------------------------------------
maximum 0.65% 1.24% 0.50% 1.09% 1.10% 1.75%
- -------------------------------------------------------------------------------
The mortality risk we assume is the risk that annuitants as a group will live
for a longer time than our actuarial tables predict. If that happens, we would
be paying more in annuity benefits than we planned. We also assume a risk that
the mortality assumptions reflected in our guaranteed annuity payment tables,
shown in each contract, will differ from actual mortality experience. We may
change the actuarial basis for our guaranteed annuity payment tables, but only
for new contributions and only at five year intervals from the contract date.
Lastly, we assume a mortality risk to the extent that at the time of death, the
guaranteed death benefit exceeds the cash value of the contract.
The expense risk we assume is the risk that it will cost us more to issue and
administer the contracts than we expect.
To the extent that the mortality and expense risk charges are not needed to
cover the actual expenses incurred, they may be considered an indirect
reimbursement for certain sales and promotional expenses relating to the
contracts.
CHARGE FOR OTHER EXPENSES
We deduct this daily charge from the net assets in each variable investment
option. This charge, together with the annual administrative charge described
below, is for providing administrative and financial accounting services under
the contracts. The daily charge is equivalent to a maximum annual percentage of
the net assets in each variable investment option as follows:
Series 100 -- 0.84%
o 0.60% reimburses us for research and development costs plus administrative
expenses not covered by the annual administrative charge.
o 0.24% reimburses us for the cost of financial accounting ser vices we
provide under the contracts.
Series 200, 300 and 400 -- 0.25%
o 0.25% reimburses us for expenses and financial accounting ser vices we
provide under the contracts; however, for series 300 and 400, we currently
charge 0.24% for all the variable investment options except AXA Moderate
Allocation, Multimanager Aggressive Equity*, EQ/AllianceBernstein Common
Stock and EQ/Money Market. We may, upon advance notice to you, increase the
charge to 0.25% of the net assets for these variable investment options.
MAXIMUM TOTAL CHARGES: Under series 100 and 200 contracts for the AXA Moderate
Allocation, Multimanager Aggressive Equity*, EQ/AllianceBernstein Common Stock
and EQ/Money Market options, the combined amount of the Separate Account A
charges to these variable investment options and Trust charges for investment
advisory
- ------------------------
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolio of the Trusts" in
"Contract features and benefits" earlier in this prospectus for the
investment option's former name.
48 Charges and expenses
fees and direct operating expenses may not exceed a total annual rate of 1.75%
of the value of the assets held in each of those variable investment options.
Total Separate Account A annual expenses (not including the Trusts fees and
other expenses) are guaranteed not to exceed a total annual rate of: (i) 2.00%
for series 400 contracts; (ii) 1.35% for series 300 contracts; and (iii) 1.49%
for series 100 and 200 contracts for the EQ/AllianceBernstein Common Stock, and
EQ/Money Market options; and (iv) for series 100 and 200 contracts an annual
rate of 1.34% for all the other options except for those in (iii).
ANNUAL ADMINISTRATIVE CHARGE
We deduct an administrative charge from your account value on the last business
day of each contract year. We will deduct a pro rata portion of the charge if
you surrender your contract, elect an annuity payout option or the annuitant
dies during the contract year.
Under series 300 and 400 contracts, during the first two contract years the
charge is equal to $30 or, if less, 2% of your current account value plus any
amount previously withdrawn during the contract year. The charge is $30 for
contract years three and later. We may increase this charge if our
administrative costs rise, but the charge will never exceed $65 annually. We
also may waive the administrative charge for contracts having an account value
of a specified amount on the last business day of each contract year --
currently $20,000 for SEP, SARSEP, and SIMPLE IRA contracts. We reserve the
right to deduct this charge on a quarterly, rather than annual basis.
Under series 100 and 200 contracts, the charge is equal to $30 or if less, 2%
of the current account value plus any amount previously withdrawn during that
contract year.
For SEP, SARSEP, Unincorporated Trusteed and Annuitant-Owned HR-10 contracts,
if at the end of any contract year your account value is at least $10,000, we
will waive the annual administrative charge.
For TSA, University TSA, EDC and Corporate Trusteed contracts the annual
administrative charge is waived if the account value is at least $25,000 at the
end of the contract year.
The charge is deducted pro rata from the variable investment options and the
guaranteed interest option. If those amounts are insufficient, we will make up
the required amounts from the fixed maturity options to the extent you have
value in those options. Charges deducted from the fixed maturity options are
considered withdrawals and, as such, will result in a market value adjustment.
We currently waive the annual administrative charge that would otherwise be
deducted in the next contract year under any individually owned EQUI-VEST(SM)
contract/certificate having an account value that, when combined with the
account value of other EQUI-VEST(SM) contracts/certificates owned by the same
person, exceeds $100,000 in the aggregate (as determined in January of each
year). This does not apply to EQUI-VEST(SM) contracts/certificates owned by
different members of the same household. We may change or discontinue this
practice at any time without prior notice.
CHARGE FOR THIRD-PARTY TRANSFER OR EXCHANGE
Under series 300 and 400 contracts, we impose a charge for making a direct
transfer of amounts from your contract to a third party, such as in the case of
a trustee-to-trustee transfer for an IRA contract or if you request that your
contract be exchanged for a contract issued by another insurance company. In
either case, we will deduct from your account value any withdrawal charge that
applies and a charge of $25 for each direct transfer or exchange. We reserve
the right to increase this charge to a maximum of $65.
WITHDRAWAL CHARGE
A withdrawal charge may apply in three circumstances: (1) you make one or more
withdrawals during a contract year; or (2) you surrender your contract; or (3)
we terminate your contract. The amount of the charge will depend on whether the
free withdrawal amount applies and the availability of one or more exceptions.
In order to give you the exact dollar amount of the withdrawal you request, we
deduct the amount of the withdrawal and the amount of the withdrawal charge
from your account value. Any amount deducted to pay withdrawal charges is also
subject to a withdrawal charge.
We deduct the withdrawal amount and the withdrawal charge pro rata from the
variable investment options and from the guaranteed interest option. If those
amounts are insufficient, we will make up the required amounts from the fixed
maturity options. If we deduct all or a portion of the withdrawal charge from
the fixed maturity options, a market value adjustment will apply. See "About
our fixed maturity options" in "More information" later in this prospectus.
We may also reduce the withdrawal charge in order to comply with any state law
requirement. See "Contracts issued in New York -- fixed maturity options"
below.
WITHDRAWAL CHARGE FOR SERIES 300 AND 400 CONTRACTS
The amount of the withdrawal charge we deduct is equal to 6% of any
contribution withdrawn attributable to contributions made during the current
and five prior contract years measured from the date of the withdrawal.
In the case of terminations, we will pay you the greater of the following up to
a maximum of the account value:
o the account value after any withdrawal charge has been imposed, or
o the 10% free withdrawal amount plus the contributions made before the
current and five prior participation years that have not been previously
withdrawn plus 94% of (a) the remaining account value, minus (b) any
administrative fees.
For purposes of calculating the withdrawal charge, amounts withdrawn up to the
free withdrawal amount are not considered a withdrawal of any contribution. We
also treat contributions that have been invested the longest as being withdrawn
first. We treat contributions as withdrawn before earnings for purposes of
calculating the withdrawal charge.
The withdrawal charge does not apply in the circumstances described below.
10% FREE WITHDRAWAL AMOUNT. Each contract year you can withdraw up to 10% of
your account value without paying a withdrawal charge.
Charges and expenses 49
The 10% free withdrawal amount is determined using your account value at the
time you request a withdrawal, minus any other withdrawals made during the
contract year.
DEATH OR PURCHASE OF ANNUITY. The withdrawal charge does not apply if:
o the annuitant dies and a death benefit is payable to the beneficiary.
o we receive a properly completed election form providing for the account
value to be used to buy a life contingent annuity payout option or a
non-life annuity with a period certain for a term of at least ten years.
DISABILITY, TERMINAL ILLNESS, OR CONFINEMENT TO NURSING HOME. The withdrawal
charge also does not apply if:
(i) the annuitant has qualified to receive Social Security disability benefits
as certified by the Social Security Administration; or
(ii) we receive proof satisfactory to us (including certification by a licensed
physician) that the annuitant's life expectancy is six months or less; or
(iii) the annuitant has been confined to a nursing home for more than 90 days
(or such other period, as required in your state) as verified by a
licensed physician. A nursing home for this purpose means one that is (a)
approved by Medicare as a provider of skilled nursing care service, or (b)
licensed as a skilled nursing home by the state or territory in which it
is located (it must be within the United States, Puerto Rico, U.S. Virgin
Islands, or Guam) and meets all of the following:
- its main function is to provide skilled, intermediate, or custodial
nursing care;
- it provides continuous room and board to three or more persons;
- it is supervised by a registered nurse or licensed practical nurse;
- it keeps daily medical records of each patient;
- it controls and records all medications dispensed; and
- its primary service is other than to provide housing for residents.
We reserve the right to impose a withdrawal charge, in accordance with your
contract and applicable state law, with respect to a contribution if the
condition as described in (i), (ii) or (iii) above existed at the time the
contribution was remitted or if the condition began within the 12 month period
following remittance.
Some states may not permit us to waive the withdrawal charge in the above
circumstances or may limit the circumstances for which the withdrawal charge
may be waived. Your financial professional can provide more information or you
may contact our processing office.
For SEP, SARSEP and SIMPLE IRA contracts the withdrawal charge also does not
apply:
o after six contract years if the annuitant is at least age 59-1/2; or
o if you request a refund of a contribution in excess of amounts allowed to be
contributed under the federal income tax rules within one month of the
date on which you made the contribution.
WITHDRAWAL CHARGE FOR SERIES 100 AND 200 CONTRACTS
10% FREE WITHDRAWAL AMOUNT. No withdrawal charge will be applied during any
contract year in which the amount withdrawn is less than or equal to 10% of the
account value at the time the withdrawal is requested, minus any amount
previously withdrawn during that contract year. This 10% portion is called the
free withdrawal amount. For Trusteed, EDC (subject to state availability) and
TSA contracts, this free withdrawal amount is available starting in the first
contract year. For EDC (in certain states), SEP and SARSEP contracts, the free
withdrawal amount is available only after three contract years have been
completed or the annuitant has reached age 59-1/2. (Currently, we are waiving
this restriction.)
FOR TRUSTEED CONTRACTS. The amount of the withdrawal charge we deduct is equal
to 6% of any contribution withdrawn attributable to contributions made during
the current and five prior contract years measured from the date of the
withdrawal.
In the case of terminations, we will pay you the greater of the following up to
a maximum of the account value:
o the account value after any withdrawal charge has been imposed and after
deducting the amount of any loan balance and accrued interest, or
o the 10% free withdrawal amount plus the contributions made before the
current and five prior participation years that have not been previously
withdrawn plus 94% of (a) the remaining account value, minus (b) any
administrative fees. For series 200 contracts issued for annuitants age 60
or older on the contract date this percentage will be 95% in the fifth
contract year.
For purposes of calculating the withdrawal charge, amounts withdrawn up to the
free withdrawal amount are not considered a withdrawal of any contribution. We
also treat contributions that have been invested the longest as being withdrawn
first. We treat contributions as withdrawn before earnings for purposes of
calculating the withdrawal charge. See "Tax information" later in this
prospectus.
The withdrawal charge does not apply in the circumstances described below.
For Trusteed contracts the withdrawal charge does not apply if:
o The annuitant dies and a death benefit is made available to the beneficiary.
o We receive a properly completed election form providing for the account
value to be used to buy a life annuity payout option.
o The contract owner has completed at least five contract years and the
annuitant has reached age 59-1/2.
o We receive a request for the refund of an excess contribution within one
month of the date the contribution is made.
o In addition, for Corporate Trusteed contracts, the withdrawal charge does
not apply if the annuitant has reached age 59-1/2 and has retired or
employment has been terminated, no matter how many contract years have been
completed.
FOR SEP, SARSEP, TSA, EDC AND ANNUITANT-OWNED HR-10 CONTRACTS. The withdrawal
charge equals a percentage of the amount withdrawn and may apply to any TSA and
governmental employer EDC defaulted loans. The withdrawal charge equals a
percentage of the amount of any such defaulted loans. Whether a withdrawal
charge
50 Charges and expenses
applies, and the percentage that applies, is determined using the same
conditions that apply to withdrawals from your contract. The percentage that
applies depends on the contract year in which the withdrawal is made, according
to the following table:
- -----------------------------
Contract Year(s) Charge
- -----------------------------
1 through 5 6%*
6 through 8 5
9 4
10 3
11 2
12 1
13 and later 0
- -----------------------------
* This percentage may be reduced at older ages for certain contract series.
Your financial professional can provide further details about the contract
series you own.
The total of all withdrawal charges assessed will not exceed 8% of all
contributions made during the current contract year and the nine contract years
before the withdrawal is made.
The withdrawal charge does not apply in the circumstances described below.
No withdrawal charge applies under SEP, SARSEP, TSA, EDC or Annuitant-Owned
HR-10 contracts if:
o after five contract years the annuitant is at least age 59-1/2; or
o you request a refund of an excess contribution within one month of the date
on which the contribution is made; or
o the annuitant dies and the death benefit is made available to the
beneficiary; or
o after five contract years the annuitant is at least age 55 and the amount
withdrawn is used to purchase from us a period certain annuity that extends
beyond the annuitant's age 59-1/2 and allows no prepayment; or
o after three contract years the amount withdrawn is used to purchase from us
a period certain annuity for a term of at least 10 years, and allows no
prepayment; or
o the amount withdrawn is applied to the election of a life contingent annuity
payout option. (This form of payment is not available for annuitants in
governmental employer EDC Plans in New York); or
o the amount withdrawn is applied to the election of a period certain annuity
of at least 15 years, but not in excess of the annuitant's life expectancy,
that allows no prepayment. (This is the only form of payment available for
annuitants in governmental employer EDC plans in New York.)
No withdrawal charge applies under a TSA or EDC (subject to state availability)
contract if:
o the annuitant has completed at least five contract years, has reached age 55
and has separated from service.
No withdrawal charge applies under a SEP contract funding SARSEP arrangements
if:
o the amount withdrawn is a distribution of deferrals disallowed (plus or
minus any gain or loss) by reason of the employer's failure to meet the
Internal Revenue Code's requirement that 50% of eligible employees elect
SARSEP within the plan year and the request for withdrawal is made by the
April 15th of the calendar year following the calendar year in which you
were notified of such disallowance; or
o the amount withdrawn is an "excess contribution" (as such term is defined in
Section 408(k)(6)(C)(iii) of the Internal Revenue Code), plus or minus any
gain or loss and the request for withdrawal is made by April 15th of the
calendar year following the calendar year in which the excess contributions
were made; or
o the amount withdrawn is an "excess deferral" (as such term is defined in
Section 402(g)(2) of the Internal Revenue Code), plus or minus any gain or
loss and the request for withdrawal is made by April 15th of the calendar
year following the calendar year in which such excess deferrals were made.
The tax consequences of withdrawals are discussed under "Tax information."
NY EDC PLANS. As a result of regulations which apply to EDC plans of
governmental employers in New York ("NY EDC plans"), EQUI-VEST(SM) contracts
funding NY EDC plans contain special provisions that apply to all NY EDC plans
whose EQUI-VEST(SM) funding arrangements became effective or were renewed on or
after July 1, 1989.
These provisions permit the automatic termination of all contracts issued in
connection with a NY EDC plan five years after the effective date (or any
renewal date) of its EQUI-VEST(SM) funding arrangement without the deduction of
any contingent withdrawal charges. If agreed to by the employer or plan trustee
and us, the period may be shorter than five years. A decision to permit the
automatic termination of all contracts would result in the transfer of each
contract's account value to a successor funding vehicle designated by the
employer.
The employer sponsoring a NY EDC plan or plan trustee can renew the
EQUI-VEST(SM) funding arrangement in a written notice to us which includes a
certification of compliance with procedures under the applicable regulations. We
are not responsible for the validity of any certification by the employer. A
written notice to transfer must be received by our processing office and
accepted by us not later than seven days before the date on which a transfer is
to occur. If an employer fails to notify us in writing as to a transfer of the
NY EDC arrangement or as to its intention not to renew, we will continue the
arrangement and associated contracts will not be automatically terminated.
No further investment experience, whether positive or negative, will be
credited under a NY EDC plan contract once the contract terminates. As with
other tax-favored retirement programs in which the funding is affected by
actions of a sponsoring employer, we are not required to provide annuitants
with information relating to an employer's decision to exercise any termination
right.
FOR ALL SERIES CONTRACTS ISSUED IN NEW YORK -- FIXED MATURITY OPTIONS*
For contracts issued in New York, the withdrawal charge that applies to
withdrawals taken from amounts in the fixed maturity options will never exceed
6% and will be determined by applying the New York Declining Scale ("declining
scale"). If you withdraw amounts that have
Charges and expenses 51
been transferred from one fixed maturity option to another, we use the New York
Alternative Scale ("alternative scale") if it produces a higher charge than the
declining scale.
* currently not available for TSA, EDC, Keogh and Corporate Trusteed
contracts in New York
- ---------------------------------------------
Alternative
Declining scale scale
- ---------------------------------------------
Year of investment Year of transfer
in fixed within fixed
maturity option* maturity option*
- ---------------------------------------------
Within year 1 6% Within year 1 5%
- ---------------------------------------------
2 6% 2 4%
- ---------------------------------------------
3 5% 3 3%
- ---------------------------------------------
4 4% 4 2%
- ---------------------------------------------
5 3% 5 1%
- ---------------------------------------------
6 2% After year 5 0%
- ---------------------------------------------
After year 6 0% Not to exceed 1%
times the number of
years remaining in
the fixed maturity
option, rounded to
the higher number of
years. In other
words, if 4.3 years
remain,
it would be a 5%
charge.
- ---------------------------------------------
* Measured from the contract date anniversary prior to the date of the
contribution or transfer.
In the following example we compare the withdrawal charge that would apply to a
withdrawal from a series 400 contract that has an account value of $10,000;
$8,000 from a contribution made three years ago and $2,000 from positive
investment performance.
o If you were to withdraw the total amount of the contribution within the
first six years after it was made the series 400 withdrawal charge that
generally applies would be $480 (6% of $8,000). However, if when you made
your contribution you allocated it to a fixed maturity option, the
withdrawal charge would be lower. According to the declining scale method
described above, the withdrawal charge would be limited to 5% of the $8,000,
or $400 in the third year.
o The withdrawal charge may be different if when you made your contribution
three years ago, you allocated it to a fixed maturity option and then in the
third year, you transfer the amounts that apply to such contribution to a
new fixed maturity option. In this example we assume that there is one year
remaining in the new fixed maturity option. Because you made a transfer
among the fixed maturity options, the alternative scale may now apply. Based
on this alternative scale, a contribution that is transferred will be
subject to a 5% withdrawal charge if you withdraw that contribution in the
same year that you make the transfer. However, the withdrawal charge may not
exceed 1% for each year remaining in the new fixed maturity option. Since,
in this example, the time remaining in the new fixed maturity option is one
year, the withdrawal charge under the alternative scale would be limited to
1%. Because New York regulations permit us to use the greater of the
declining scale or the alternative scale, the withdrawal charge would be 5%,
or $400, based on the declining scale.
o The withdrawal charge may not exceed the charge that would normally apply
under the contract. Use of a New York scale can only result in a lower
charge. If your contribution has been in the contract for more than six
years and therefore would not have a withdrawal charge associated with it,
no withdrawal charge would apply.
o If you take a withdrawal from an investment option other than the fixed
maturity options, the amount available for withdrawal without a withdrawal
charge is reduced. It will be reduced by the amount of the contribution in
the fixed maturity options to which no withdrawal charge applies.
o As of any date on which 50% or more of your account value is held in fixed
maturity options, the free withdrawal amount is zero.
For contracts issued in New York, you should consider that on the maturity date
of a fixed maturity option if we have not received your instructions for
allocation of your maturity value, we will transfer your maturity value to the
fixed maturity option scheduled to mature next. If we are not offering other
fixed maturity options, we will transfer your maturity value to the EQ/Money
Market option.
The potential for lower withdrawal charges for withdrawals from the fixed
maturity options and the potential for a lower free withdrawal amount than
those that would normally apply, should be taken into account when deciding
whether to allocate amounts to or transfer amounts to or from, the fixed
maturity options.
FOR ALL CONTRACT SERIES
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 premium taxes in your state. Generally, we deduct the charge from
the amount applied to provide an annuity payout option. The current tax charge
that might be imposed varies by jurisdiction and ranges from 0% to 1%.
VARIABLE IMMEDIATE ANNUITY PAYOUT OPTION ADMINISTRATIVE FEE
We deduct a fee of $350 from the amount to be applied to the Variable Immediate
Annuity payout option. This option may not be available at the time you elect
to begin receiving annuity payouts or it may have a different charge.
CHARGES THAT THE TRUSTS DEDUCT
The Trusts deduct charges for the following types of fees and expenses:
o Management fees ranging from 0.10% to 1.40%.
o 12b-1 fees of either 0.25% or 0.35% for Class IB/B and Class II shares.
o Operating expenses, such as trustees' fees, independent auditors' fees,
legal counsel fees, administrative service fees, custodian fees, and
liability insurance.
o Investment-related expenses, such as brokerage commissions.
These charges are reflected in the daily share price of each portfolio. Since
shares of each Trust are purchased at their net asset value, these fees and
expenses are, in effect, passed on to the variable investment options and are
reflected in their unit values. Certain portfolios available under the contract
in turn invest in shares of other portfolios of AXA Premier VIP Trust and EQ
Advisors Trust and/or shares of unaffiliated portfolios (collectively, the
"underlying portfolios"). The
52 Charges and expenses
underlying portfolios each have their own fees and expenses, including
management fees, operating expenses, and investment related expenses such as
brokerage commissions. For more information about these charges, please refer
to the prospectuses for the Trusts.
VARIATIONS IN CHARGES
For certain groups offered the EQUI-VEST(SM) contract, we may reduce the
withdrawal charges and/or separate account charges. We may also reduce or waive
the annual administrative charge. We may make other changes to the contract,
including a change in the minimum death benefit or the minimum initial
contribution requirements; permitting additional circumstances under which the
withdrawal charge is waived; and/or establishing different rates to maturity
for the fixed maturity options.
Our costs for sales, administration and mortality may vary based on a number of
factors, including the size and type of group or sponsoring organization; the
level of services provided by us or your financial professional; if AXA
Equitable will be the sole contract provider; and the compensation we expect to
pay the financial professional in connection with the sale of the contract(s).
We take all these factors into account when reducing charges.
In order for a group to be considered for reduced charges, it generally must
meet certain requirements relative to existing and projected plan assets. We
determine the applicable charge reductions and benefit adjustments according to
our procedures in effect at the time we approve a group. We may change our
pricing procedures from time to time or the required level of assets a group
must have to be eligible for reduced charges.
From time to time, an employer group has an existing arrangement with us, under
which plan participants have individual contracts, and subsequently the
employer purchases a group contract from us for new contributions and new
participants only. Under these circumstances, we may make charge reductions or
benefit adjustments under the existing individual contracts in order to reflect
the same features, benefits and reduced costs as the group contract. We may
also make charge reductions or benefit adjustments under existing individual
contracts when an employer qualifies for a group contract but is unable to hold
a group contract. Our pricing procedures for new groups may vary from the
procedures we use for existing groups.
For both new and established groups or sponsored arrangements that have
formally requested a contract proposal from us, our prices may be negotiable.
Price variations may impact the financial professional's compensation. An
employer or plan administrator should ask about possible fee reductions or
contract adjustments based on its situation. It would be in your best interest
for your employer to formally request a contract proposal from us.
Any variation in charges, pricing or benefits will reflect differences in our
costs of selling the contracts and/or the contract services we or your
financial professional provide and will not be unfairly discriminatory.
Groups may be governed by federal income tax rules, ERISA or both. We make no
representations with regard to the impact of these and other applicable laws on
such programs. We recommend that employers, trustees and others purchasing or
making contracts available for purchase under such programs seek the advice of
their own legal and benefits advisers.
Charges and expenses 53
6. Payment of death benefit
- --------------------------------------------------------------------------------
YOUR BENEFICIARY AND PAYMENT OF BENEFIT
You designate your beneficiary when you apply for your contract. You may change
your beneficiary at any time. The change will be effective on the date the
written request for the change is received in our processing office. We are not
responsible for any beneficiary change request that we do not receive. We will
send you a written confirmation when we receive your request. Generally, the
owner must be the beneficiary under tax exempt employer EDC plan contracts and
the trustee must be the beneficiary under most Trusteed contracts.
DEATH BENEFIT
Your contract provides a death benefit. The death benefit is equal to the
greater of (i) your account value (without adjustment for any otherwise
applicable negative market value adjustment) and less any outstanding loan
balance plus accrued interest as of the date we receive satisfactory proof of
death, any required instructions, information and forms necessary to effect
payment or (ii) the "minimum death benefit." The minimum death benefit is equal
to your total contributions, adjusted for withdrawals and any withdrawal
charges and any taxes that apply, less any outstanding loan balance plus
accrued interest.
HOW WITHDRAWALS AFFECT THE MINIMUM DEATH BENEFIT
Depending upon the contract series, the contract date, and the state where your
contract is issued, each withdrawal you make will reduce the amount of your
current minimum death benefit on a pro rata basis. Reduction on a pro rata
basis means that we calculate the percentage of your current account value that
is being withdrawn and we reduce your current minimum death benefit by that
same percentage. For example, if your account value is $30,000, and you
withdraw $12,000 you have withdrawn 40% of your account value. If your minimum
death benefit was $40,000 before the withdrawal, it would be reduced by $16,000
($40,000 x .40) and your new minimum death benefit after the withdrawal would
be $24,000 ($40,000-$16,000). Check with your financial professional.
EFFECT OF THE ANNUITANT'S DEATH
If the annuitant dies before the annuity payments begin, we will pay the death
benefit to your beneficiary.
Generally, the death of the annuitant terminates the contract. However, if you
are the owner and annuitant and your spouse is the sole primary beneficiary the
contract can be continued as follows:
SUCCESSOR OWNER AND ANNUITANT FOR SEP, SARSEP AND SIMPLE IRAS (MAY NOT BE
AVAILABLE IN ALL STATES). If you are the owner and annuitant and your spouse
is the sole primary beneficiary, your spouse may elect upon your death, to
continue the contract as the owner/ annuitant and no death benefit is payable
until the surviving spouse's death. If your surviving spouse decides to
continue the contract, as of the date we receive satisfactory proof of death,
any required instructions, information and forms necessary to effect the
successor owner/ annuitant feature, we will increase the account value to
equal your minimum death benefit, if such death benefit is greater than such
account value. The increase in the account value will be allocated to the
investment options according to the allocation percentages we have on file for
your contract. Thereafter, for series 300 and 400 withdrawal charges will no
longer apply to contributions made before your death. Withdrawal charges will
apply if additional contributions are made. These additional contributions will
be withdrawn only after all other amounts have been withdrawn. For series 100
and 200 contracts, withdrawal charges will no longer apply and additional
contributions may no longer be made.
HOW DEATH BENEFIT PAYMENT IS MADE
We will pay the death benefit to the beneficiary in the form of the annuity
payout option you have chosen. If you have not chosen an annuity payout option
as of the time of the annuitant's death, the beneficiary will receive the death
benefit in a single sum. However, subject to any exceptions in the contract,
our rules and applicable federal income tax rules, the beneficiary may elect to
apply the death benefit to one or more annuity payout options we offer at the
time. See "Your annuity payout options" under "Accessing your money" earlier in
this prospectus. Please note that if you are both the contract owner and the
annuitant, you may elect only a life annuity or an annuity that does not extend
beyond the life expectancy of the beneficiary.
Single sum payments generally are paid through the AXA Equitable Access
Account, an interest bearing account with check writing privileges. The AXA
Equitable Access Account is part of AXA Equitable's general account.
Beneficiaries have immediate access to the proceeds by writing a check on the
account. We pay interest from the date the single sum is deposited into the
Access Account until the account is closed.
BENEFICIARY CONTINUATION OPTION (FOR TSAS, SEPS, SARSEP AND SIMPLE IRAS ONLY)
Upon your death under a TSA, SEP, SARSEP or SIMPLE IRA contract, your
beneficiary may generally elect to keep the contract in your name and receive
distributions under the contract instead of receiving the death benefit in a
single sum. 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
increase the account value to equal the applicable death benefit if such death
benefit is greater than such account value. The increase in account value will
be allocated to the investment options according to the allocation percentages
we have on file for your contract.
54 Payment of death benefit
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 70-1/2, if such time is later. 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. 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:
o The contract continues in your name for the benefit of your beneficiary.
o 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.
o 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.
o The minimum amount that is required in order to elect the beneficiary
continuation option is $5,000 for each beneficiary.
o The beneficiary may make transfers among the investment options, but no
additional contributions will be permitted.
o Loans will no longer be available for TSA contracts.
o Any death benefit provision (including the minimum death benefit provision)
will no longer be in effect.
o The beneficiary may choose at any time to withdraw all or a portion of the
account value and no withdrawal charges will apply.
o Any partial withdrawal must be at least $300.
o Your beneficiary will have the right to name a beneficiary to receive any
remaining interest in the contract.
o 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 contract 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.
The beneficiary continuation option may not be available in your state. Check
with your financial professional or our processing office regarding
availability in your state.
Payment of death benefit 55
7. Tax information
- --------------------------------------------------------------------------------
TAX INFORMATION AND ERISA MATTERS
OVERVIEW
This section of the prospectus discusses the current federal income tax rules
that generally apply to annuity contracts which may be used to fund certain
employer-sponsored retirement plans.
Federal income tax rules include the United States laws in the Internal Revenue
Code, and Treasury Department Regulations and Internal Revenue Service ("IRS")
interpretations of the Internal Revenue Code. These tax rules may change
without notice. We cannot predict whether, when, or how these rules could
change. Any change could affect contracts 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 plans or
contracts. Moreover, the tax aspects that apply to a particular person's plan
or contract 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.
Rights or values under plans or contracts or payments under the contracts, for
example, amounts due to beneficiaries, may be subject to federal or state gift,
estate or inheritance taxes. You should not rely only on this document, but
should consult your tax adviser before your purchase.
BUYING A CONTRACT TO FUND A RETIREMENT ARRANGEMENT
Generally, there are two types of funding vehicles that are available for Code
Section 403(b) Arrangements: a 403(b) TSA annuity contract such as an
EQUI-VEST(SM) TSA 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. An EDC
plan may be funded by specified annuity contracts, custodial accounts or
trustee arrangements. Annuity contracts can also be purchased in connection
with employer plans qualified under Code section 401 ("qualified plans"). 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 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
EQUI-VEST(SM)'s guaranteed minimum death benefit, selection of variable
investment options, provision of a guaranteed interest option and fixed
maturity options and choices of payout options, as well as the features and
benefits of other permissible funding vehicles and the relative costs of
annuities and other such arrangements. You should be aware that cost may vary
depending on the features and benefits made available and the charges and
expenses of the portfolios.
Beginning in 2006, 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 401(a)
qualified plans, 403(b) TSAs and 457 plans. For this purpose, additional
annuity contract benefits may include enhanced death benefits. You should
consider the potential implication of these Regulations before you purchase
this annuity contract.
SPECIAL RULES FOR TAX-FAVORED
RETIREMENT PROGRAMS
Employer-sponsored retirement plans can use annuity contracts to fund the plan
unless the plan specifically prohibits annuity contracts as a funding vehicle.
Federal income tax rules prescribe how a retirement plan qualifies for
tax-favored status and set requirements for plan features, including:
o participation and coverage;
o nondiscrimination;
o vesting and funding;
o limits on contributions, distributions, and benefits;
o withholding;
o reporting and disclosure; and
o penalties.
- --------------------------------------------------------------------------------
State income tax rules covering contributions to and distributions from
employer-sponsored retirement programs may differ from federal income tax
rules. It is the responsibility of the employer, plan trustee and plan
administrator to satisfy federal income tax, state income tax and other state
rules and ERISA rules.
- --------------------------------------------------------------------------------
ADDITIONAL "SAVER'S CREDIT" FOR SALARY REDUCTION CONTRIBUTIONS TO CERTAIN PLANS
OR A TRADITIONAL IRA OR ROTH IRA
You may be eligible for a nonrefundable income tax credit for salary reduction
contributions you make to a 401(k) plan, 403(b) TSA, governmental employer EDC
plan, SIMPLE IRA, or SARSEP IRA, as well as contributions you make to a
traditional IRA or Roth IRA. If you qualify, you may take this credit even
though your salary reduction contribution is already excluded from tax or your
traditional IRA contribution is already fully or partially deductible. To take
advantage of this "saver's credit" you must be age 18 or over before the end of
the taxable year for which the contribution is made. You cannot be a full-
56 Tax information
time student or claimed as a dependent on another's tax return, and your
adjusted gross income cannot exceed $50,000 ($52,000, as cost of living indexed
beginning in 2007). The amount of the tax credit you can get varies from 10% of
your contribution to 50% of your contribution, and depends on your income tax
filing status and your adjusted gross income. The maximum annual contribution
eligible for the saver's credit is $2,000. If you and your spouse file a joint
return, and each of you qualifies, each is eligible for a maximum annual
contribution of $2,000. Your saver's credit may also be reduced if you take or
have taken a taxable distribution from any plan eligible for a saver's credit
contribution -- even if you make a contribution to one plan and take the
distribution from another plan -- during the "testing period." The "testing
period" begins two years before the year for which you make the contribution
and ends when your tax return is due for the year for which you make the
contribution.
QUALIFIED PLANS
GENERAL; CONTRIBUTIONS
Any type of employer -- corporation, partnership, self-employed individual,
governmental entity, non-profit organization -- is eligible to establish a
qualified retirement plan under Section 401(a) of the Internal Revenue Code for
participating employees. Because there are numerous technical federal income
tax and Department of Labor "DOL" or "ERISA" rules covering establishment and
operation of a qualified plan, we do not cover them in this prospectus. We also
do not cover specific state law or other rules which may govern plans.
Employers should consult their tax advisers for information. It is the
employer's responsibility to figure out whether it is eligible to establish a
plan, what kinds of plan it may establish, and whether an annuity contract may
be used as a funding vehicle.
There are limits on employer and employee contributions to qualified plans.
Violation of contribution limits can result in plan disqualification and
penalties. The annual limits on contributions do not apply to rollover
contributions or trustee-to-trustee transfer contributions which may be
permitted under the plan.
The annual limit on contributions on behalf of an employee to all of the
defined contribution plans of an employer for 2007 is the lesser of $45,000
(after adjustment for cost of living changes) or 100% of compensation or earned
income. This amount may be further adjusted for cost of living changes in
future years. When figuring out the contribution limit you have to:
o include reallocated forfeitures and voluntary nondeductible employee
contributions;
o include compensation from the employer in the form of elective deferrals and
excludible contributions under Code Section 457 EDC plans and "cafeteria"
plans. These are plans giving employees a choice between cash and deferred
benefits or specified excludible health and welfare benefits; and
o disregard compensation or earned income of more than a specified amount.
This amount is $225,000 for 2007. This amount may be further adjusted for
cost of living changes in future years.
"Salary reduction" or "elective deferral" contributions made under a 401(k)
plan or other cash or deferred arrangement are limited to $15,500 for 2007 and
may be further adjusted for cost of living changes in future years. This limit
applies to the total of all elective deferrals under all tax-favored plans in
which the individual participates, from all employers, for example, also
including salary reduction contributions under TSAs. If the plan permits, an
individual who is at least age 50 at any time during 2007 can make up to $5,000
additional salary reduction contributions for 2007.
Except for governmental employer plans that do not elect to be subject to
ERISA, qualified plans must not discriminate in favor of highly compensated
employees. Special "top heavy" rules apply to plans where more than 60% of the
contributions or benefits are allocated to defined highly compensated employees
known as "key employees." Plan administrators must test compliance with both
nondiscrimination and top heavy rules. 401(k) plans can adopt a "SIMPLE 401(k)"
feature which enables the plan to meet nondiscrimination requirements without
testing. The SIMPLE 401(k) feature requires the 401(k) plan to meet specified
contribution, vesting, and exclusive plan requirements, similar to those
discussed in this section of the prospectus under "SIMPLE IRAs."
TAX-SHELTERED ANNUITY ARRANGEMENTS (TSAS)
Please Note: The following discussion reflects our understanding of some of the
current federal income tax rules applicable to Section 403(b) of the Code. In
November 2004, the IRS and Treasury issued proposed regulations on Section
403(b) of the Code. If finalized in their current form, these proposed
regulations would affect the establishment and operation of plans and
arrangements under Section 403(b) of the Code, and the contracts issued to fund
such plans. Please consult your tax adviser concerning how these proposed
regulations could affect you.
GENERAL; SPECIAL EMPLOYER RULES
An employer eligible to maintain a TSA plan (also referred to as a "403(b)"
plan, program, or arrangement) for its employees may make contributions to
purchase a 403(b) funding vehicle for the benefit of the employee. These
contributions, if properly made, will not be currently taxable compensation to
the employee. Moreover, the employee will not be taxed on the earnings in the
403(b) funding vehicle until he/she takes distributions.
Generally, there are two types of funding vehicles available to fund 403(b)
arrangements: an annuity contract under Section 403(b)(1) of the Internal
Revenue Code or a custodial account that invests only in mutual funds and which
is treated as an annuity contract under section 403(b)(7) of the Code. Both
types of 403(b) arrangements qualify for tax deferral.
Two different types of employers are eligible to maintain 403(b) plans: public
schools and specified tax-exempt organizations under Section 501(c)(3) of the
Code.
CONTRIBUTIONS TO TSAS
There are three ways you can make contributions to this EQUI-VEST(SM) TSA
contract:
o annual contributions made through the employer's payroll; or
Tax information 57
o a rollover from another eligible retirement plan; or
o a full or partial direct transfer of assets from another contract or
arrangement that meets the requirements of Section 403(b) of the Internal
Revenue Code by means of IRS Revenue Ruling 90-24 ("direct transfer").
ANNUAL CONTRIBUTIONS MADE THROUGH THE EMPLOYER'S PAYROLL. Annual contributions
to TSAs made through the employer's payroll are limited. (Tax-free direct
transfers from another 403(b) arrangement or tax-deferred rollover
contributions from another eligible retirement plan are not subject to these
annual contribution limits.) Commonly, some or all of the contributions made to
a TSA are made under a salary reduction agreement between the employee and the
employer. These contributions are called "salary reduction contributions" or
"elective deferral contributions" and are generally made on a pre-tax basis.
However, a TSA can also be wholly or partially funded through non-elective
pre-tax employer contributions or contributions treated as after-tax employee
contributions. Beginning in 2006, if the employer's plan permits, and as
reported to us by the employer, an employee may designate some or all of salary
reduction contributions as "designated Roth contributions" under Section 402A
of the Code which are made on an after-tax basis to the 403(b) arrangement.
The permissible annual contribution to the participant's TSA is calculated the
same way as contributions to a 401(k) plan:
o The annual limit on employer and employee contributions to defined
contribution plans for 2007 is the lesser of $45,000 (after adjustment for
cost of living changes) or 100% of compensation,
o The annual limit on all salary reduction or elective deferral contributions
under all employer plans you participate in is generally limited to $15,500
for 2007 (after adjustment for cost of living changes).
These limits may be further adjusted for cost of living changes in future
years.
Special provisions may allow certain participants with at least 15 years of
service to make "catch-up" contributions to compensate for smaller
contributions made in previous years. In addition, if the plan permits, an
individual who is at least age 50 at any time during 2007 can make up to $5,000
additional salary reduction contributions for 2007.
If contributions to a TSA exceed the applicable limit in any year, the excess
will be taxable to the employee as ordinary income. In certain situations, we
may distribute excess contributions to avoid tax penalties.
Any excess deferral contributions which are not withdrawn by April 15th after
the year of the deferral may cause the contract to fail TSA rules.
ROLLOVER OR DIRECT TRANSFER CONTRIBUTIONS. Eligible rollover distributions from
403(b) plans, 401(a) qualified plans, governmental employer EDC plans and
traditional IRAs may be rolled over into other such plans. Therefore, you may
make rollover contributions to your EQUI-VEST(SM) TSA contract from these
sources: qualified plans, governmental employer EDC plans, other TSAs and
403(b) arrangements and traditional IRAs.
Generally, you may make a rollover contribution to a TSA when you have a
distributable event from an existing TSA, qualified plan, or governmental
employer EDC plan as a result of your:
o termination of employment with the employer who provided the plan funds; or
o reaching age 59-1/2 even if you are still employed; or
o disability (special federal income tax definition).
You may be able to roll over pre-tax funds from your traditional IRA to your
TSA at any time.
Before you decide to roll over your payment to another employer plan, you
should check with the administrator of that plan about whether the plan accepts
rollovers and if so, the types of distributions it accepts. You should also
check with the administrator of the receiving plan about any documents required
to be completed before it will accept a rollover.
If the recipient plan separately accounts for funds rolled over from another
eligible retirement plan, the IRS has ruled that an exception is available in
certain situations to withdrawal restrictions that would otherwise apply to the
rollover contribution funds in the recipient plan.
ROLLOVERS OF AFTER-TAX CONTRIBUTIONS FROM CERTAIN ELIGIBLE RETIREMENT
PLANS. Any non-Roth after-tax contributions you have made to a qualified plan
or TSA (but not a governmental employer EDC plan) may be directly rolled over
to another qualified plan or TSA which agrees to do required separate
accounting. This can only be done in a direct rollover, not a rollover you do
yourself. Non-Roth after-tax contributions in a traditional IRA cannot be
rolled over from the traditional IRA into a qualified plan or TSA.
If the after-tax contributions are in a "designated Roth account" under another
403(b) arrangement which permits designated Roth elective deferral
contributions to be made beginning in 2006, they can only be rolled into
another "designated Roth account" under another 403(b) arrangement. They cannot
be rolled over to a non-Roth after-tax contribution account. You may not roll
over designated Roth account funds under a 401(k) plan to a 403(b) plan. You
may not roll over Roth IRA funds into a designated Roth account under a 403(b)
arrangement or a 401(k) plan.
We are not currently accepting rollovers of designated Roth account funds from
another 403(b) plan into an EQUI-VEST(SM) TSA.
DIRECT TRANSFERS. A transfer occurs when changing the funding vehicle, even if
there is no distributable event. Under a direct transfer, you do not receive a
distribution. We accept direct transfers of TSA funds under Revenue Ruling
90-24 only if:
o you give us acceptable written documentation as to the source of the funds,
and
o the EQUI-VEST(SM) contract receiving the funds has provisions at least as
restrictive as the source contract.
Before you transfer funds to an EQUI-VEST(SM) TSA contract, you may have to
obtain your employer's authorization or demonstrate that you do not need
employer authorization. For example, the transferring TSA may be subject to
Title I of ERISA, if the employer makes matching
58 Tax information
contributions to salary reduction contributions made by employees. In that
case, the employer must continue to approve distributions from the plan or
contract.
We currently do not accept direct transfers of designated Roth account funds
from another 403(b) plan.
SPECIAL RULE FOR ROLLOVER OR DIRECT TRANSFER CONTRIBUTIONS AFTER AGE 70-1/2. Any
rollover or direct transfer contribution to an EQUI-VEST(SM) TSA must be net of
the required minimum distribution for the tax year if:
o you are or will be at least age 70-1/2 in the current calendar year, and
o you have retired from service with the employer who provided the funds to
purchase the TSA you are transferring or rolling over to the EQUI-VEST(SM)
TSA.
This rule applies regardless of whether the source of funds
is a:
o rollover by check of the proceeds from another TSA or other eligible
retirement plan; or
o direct rollover from another TSA or other eligible retirement plan; or
o direct transfer under Revenue Ruling 90-24 from another TSA.
DISTRIBUTIONS FROM QUALIFIED PLANS AND TSAS
GENERAL
Depending on the terms of the employer plan and your employment status, you may
have to get your employer's consent to take a loan or withdrawal.
WITHDRAWAL RESTRICTIONS. You may not be able to withdraw or take payment from
all or part of your TSA or 401(k) qualified plan unless you reach age 59-1/2,
die, become disabled (special federal income tax definition), sever employment
with the employer which provided the funds for the TSA contract or qualified
plan, or suffer financial hardship. Hardship withdrawals are limited to the
amount of your salary reduction contributions without earnings.
These restrictions do not apply to your account balance attributable to salary
reduction contributions to the TSA contract and earnings on December 31, 1988
or to your account balance attributable to employer contributions. To take
advantage of this grandfathering you must properly notify us in writing at our
processing office of your December 31, 1988 account balance if you have
qualifying amounts directly transferred to your EQUI-VEST(SM) TSA contract from
another TSA in a Revenue Ruling 90-24 transfer. If any portion of the funds
directly transferred to your TSA contract is attributable to amounts that you
invested in a 403(b)(7) custodial account, such amounts, including earnings,
are subject to withdrawal restrictions.
Withdrawals from TSA contracts with designated Roth contribution funds are
subject to the existing restrictions on distributions from TSA contracts.
If the recipient plan separately accounts for funds rolled over from another
eligible retirement plan, the IRS has ruled that an exception is available in
certain situations to withdrawal restrictions that would otherwise apply to the
rollover contribution funds in the recipient plan.
TAX TREATMENT OF DISTRIBUTIONS FROM QUALIFIED PLANS AND TSAS.
Amounts held under qualified plans and TSAs are generally not subject to
federal income tax until benefits are distributed.
Distributions include withdrawals and annuity payments. Death benefits paid to
a beneficiary are also taxable distributions. Amounts distributed from
qualified plans and TSAs are includable in gross income as ordinary income, not
capital gain. (Under limited circumstances specified in federal income tax
rules, qualified plan participants, not TSA participants, are eligible for
capital gains or income averaging treatment on distributions.) Distributions
from qualified plans and TSAs may be subject to 20% federal income tax
withholding. See "Federal and state income tax withholding and information
reporting" below. In addition, qualified plan and TSA distributions may be
subject to additional tax penalties.
If you have made after-tax contributions, both non-Roth and designated Roth,
you will have a tax basis in your qualified plan or TSA contract, which will be
recovered tax-free. Unless we have been provided acceptable documentation for
the amounts of any after-tax contributions to your TSA or qualified plan
contract, we assume that all amounts distributed from your TSA or qualified
plan contract are pre-tax, and we withhold tax and report accordingly.
DESIGNATED ROTH CONTRIBUTION ACCOUNT. Section 402A of the Code provides that a
qualified distribution from a designated Roth contribution account is not
includible in income. A qualified distribution can only be made on specified
events such as attaining age 59-1/2 or death. Also, because there can be no
qualified distribution until after the expiration of a 5-year aging period
beginning with the date an individual first makes a designated Roth
contribution to a designated Roth account under the applicable retirement plan,
the earliest a qualified distribution from a designated Roth contribution
account could be made is 2011. Therefore, earnings attributable to a
distribution from a designated Roth account may be includible in income.
DISTRIBUTIONS BEFORE ANNUITY PAYMENTS BEGIN. On a total surrender, the amount
received in excess of the investment in the contract is taxable. We will report
the total amount of the distribution. The amount of any partial distribution
from a qualified plan or TSA prior to the annuity starting date is generally
taxable, except to the extent that the distribution is treated as a withdrawal
of after-tax contributions. Distributions are normally treated as pro rata
withdrawals of after-tax contributions and earnings on those contributions.
This treatment is the same for non-qualified distributions from a designated
Roth account under a 401(k) or 403(b) plan.
ANNUITY PAYMENTS. If you elect an annuity payout option, the nontaxable portion
of each payment is calculated by dividing your investment in the contract by an
expected return determined under an IRS table prescribed for qualified
annuities. The balance of each payment is fully taxable. The full amount of the
payments received after your investment in the contract is recovered is fully
taxable. If you (and your beneficiary under a joint and survivor annuity) die
before recovering the full investment in the contract, a deduction is allowed
on your (or your beneficiary's) final tax return.
PAYMENTS TO A BENEFICIARY AFTER YOUR DEATH. Death benefit distributions from a
qualified plan or TSA generally receive the same tax
Tax information 59
treatment as distributions during your lifetime. In some instances,
distributions from a qualified plan or TSA made to your surviving spouse may be
rolled over to a traditional IRA or other eligible retirement plan. Beginning
in 2007, a non-spousal death beneficiary may also be able to make rollover
contributions to an individual retirement plan under certain circumstances.
Beginning in 2008, direct rollover contributions may be made from eligible
retirement plans to Roth IRAs under certain circumstances.
LOANS FROM QUALIFIED PLANS AND TSAS. The following discussion also applies to
loans under governmental employer EDC plans. See "Public and tax-exempt
organization employee deferred compensation plans (EDC Plans)" later in this
prospectus.
If the plan permits, loans are available from a qualified plan or TSA plan.
Loans are subject to federal income tax limits and may also be subject to the
limits of the plan from which the funds came. Federal income tax rule
requirements apply even if the plan is not subject to ERISA. Please see
Appendix IV later in this prospectus for any state rules that may affect loans
from a qualified plan or TSA plan.
Loans are generally not treated as a taxable distribution. If the amount of the
loan exceeds permissible limits under federal income tax rules when made, the
amount of the excess is treated (solely for tax purposes) as a taxable
distribution. Additionally, if the loan is not repaid at least quarterly,
amortizing (paying down) interest and principal, the amount not repaid when due
will be treated as a taxable distribution. Finally, unpaid loans may become
taxable when the individual severs from employment with the employer which
provided the funds for the contract. In addition, the 10% early distribution
penalty tax may apply.
We report the entire unpaid balance of the loan (including unpaid interest) as
includable in income in the year of the default. The amount of the unpaid loan
balance is reported to the IRS on Form 1099-R as a distribution.
o The amount of a loan to a participant, when combined with all other loans to
the participant from all qualified plans of the employer, cannot exceed the
lesser of (1) the greater of $10,000 or 50% of the participant's
nonforfeitable accrued benefits, (2) $50,000 reduced by the excess (if any)
of the highest outstanding loan balance over the previous twelve months over
the outstanding loan balance of plan loans on the date the loan was made.
Governmental employer EDC plans and 403(b) plans are included in "all
qualified plans of the employer" for this purpose. Also, for the purposes of
calculating any subsequent loans which may be made under any plan of the
same employer, a defaulted loan is treated as still outstanding even after
the default is reported to the IRS. The amount treated as outstanding (which
limits any subsequent loan) includes interest on the unpaid balance.
o In general, the term of the loan cannot exceed five years unless the loan is
used to acquire the participant's primary residence. EQUI-VEST(SM) contracts
have a term limit of 10 years for loans used to acquire the participant's
primary residence.
o All principal and interest must be amortized in substantially level payments
over the term of the loan, with payments being made at least quarterly. In
very limited circumstances, the repayment obligation may be temporarily
suspended during a leave of absence.
TAX-DEFERRED ROLLOVERS AND DIRECT TRANSFERS. If withdrawal restrictions
discussed earlier do not apply, you may roll over any "eligible rollover
distribution" from a qualified plan or TSA into another eligible retirement
plan which agrees to accept the rollover. The rollover may be a direct rollover
or a rollover you do yourself within 60 days after you receive the
distribution. To the extent rolled over, it remains tax-deferred.
You may roll over a distribution of pre-tax funds from a qualified plan or TSA
to any of the following: a qualified plan, a governmental employer EDC plan, a
traditional IRA or a TSA. A spousal beneficiary may also roll over death
benefits to any of these. Beginning in 2007, a non-spousal death beneficiary
may also be able to make rollover contributions to an individual retirement
plan under certain circumstances.
Beginning in 2008, direct rollover contributions may be made from eligible
retirement plans to Roth IRAs under certain circumstances.
The recipient plan must agree to take the distribution. If you are rolling over
from a qualified plan or TSA to a governmental employer EDC plan, the recipient
governmental employer EDC plan must agree to separately account for the
rolled-over funds.
The taxable portion of most distributions will be eligible for rollover.
However, federal income tax rules exclude certain distributions from rollover
treatment including (1) periodic payments for life or for a period of 10 years
or more, (2) hardship withdrawals and (3) any required minimum distributions
under federal income tax rules.
Any non-Roth after-tax contributions you have made to a qualified plan or TSA
only may be directly rolled over to another qualified plan or TSA which agrees
to do required separate accounting. This can only be done in a direct rollover,
not a rollover you do yourself. You may roll over any non-Roth after-tax
contributions you have made to a qualified plan or TSA to a traditional IRA
(either in a direct rollover or a rollover you do yourself). When the recipient
plan is a traditional IRA, you are responsible for recordkeeping and
calculating the taxable amount of any distributions you take from that
traditional IRA. Non-Roth after-tax contributions from a qualified plan or TSA
which are rolled into a traditional IRA cannot be rolled back into a qualified
plan or TSA. After-tax contributions may not be rolled into a governmental
employer EDC plan. Amounts attributable to "designated Roth contributions"
under a 403(b) arrangement may be only rolled over to another designated Roth
contribution separate account under another 403(b) arrangement or a 401(k) plan
or to a Roth IRA. Amounts attributable to "designated Roth contributions" under
a 401(k) plan may be only rolled over to another designated Roth contribution
account under another 401(k) plan or to a Roth IRA.
Before you decide to roll over your payment to another employer plan, you
should check with the administrator of that plan about whether the plan accepts
rollovers and, if so, the types of distributions it accepts. You should also
check with the administrator of the receiving plan about any documents required
to be completed before it will accept a rollover. You should discuss with your
tax adviser the rules which may apply to the rolled over funds. For example,
distributions
60 Tax information
from a governmental employer EDC plan are generally not subject to the
additional 10% federal income tax penalty for pre-age 59-1/2 distributions,
which applies to other types of retirement plans. If you roll over funds from
an eligible retirement plan which is not a governmental employer EDC plan
(qualified plan, TSA or traditional IRA) into a governmental employer EDC plan,
and you later take a distribution from the recipient government employer EDC
plan, those amounts generally remain subject to the penalty.
You should check if the recipient plan separately accounts for funds rolled
over from another eligible retirement plan, as the IRS has ruled that an
exception is available in certain situations to withdrawal restrictions that
would otherwise apply to the rollover contribution funds in the recipient plan.
Direct transfers of TSA funds from one TSA to another under Revenue Ruling
90-24 are not distributions.
If there is a mandatory distribution provision in your employer's plan for
certain small amounts and you do not designate an eligible retirement plan to
receive such a mandatory distribution, Treasury Regulations require a
traditional IRA to be established on your behalf.
DISTRIBUTION REQUIREMENTS
Qualified plans and TSAs are subject to required minimum distribution rules.
See "Required minimum distributions" later in this prospectus.
SPOUSAL CONSENT RULES
If ERISA rules apply to your qualified plan or TSA you will need to get spousal
consent for loans, withdrawals or other distributions if you are married when
you request a withdrawal type transaction under the TSA contract. In addition,
unless you elect otherwise with the written consent of your spouse, the
retirement benefits payable under the plan must be paid in the form of a
qualified joint and survivor annuity. A qualified joint and survivor annuity is
payable for the life of the annuitant with a survivor annuity for the life of
the spouse in an amount not less than one-half of the amount payable to the
annuitant during his or her lifetime. In addition, if you are married, the
beneficiary must be your spouse, unless your spouse consents in writing to the
designation of another beneficiary.
If you are married and you die before annuity payments have begun, payments
will be made to your surviving spouse in the form of a life annuity unless at
the time of your death a contrary election was in effect. However, your
surviving spouse may elect, before payments begin, to receive payments in any
form permitted under the terms of the employer's plan and the contract.
EARLY DISTRIBUTION PENALTY TAX
A penalty tax of 10% of the taxable portion of a distribution applies to
distributions from a qualified plan or TSA before you reach age 59-1/2. This is
in addition to any income tax. There are exceptions to the extra penalty tax.
Some of the available exceptions to the pre-age 59-1/2 penalty tax include
distributions made:
o on or after your death; or
o because you are disabled (special federal income tax definition); or
o to pay for certain extraordinary medical expenses (special federal income
tax definition); or
o in any form of payout after you have separated from service (only if the
separation occurs during or after the calendar year you reach age 55); or
o in a payout in the form of substantially equal periodic payments made at
least annually over your life (or your life expectancy), or over the joint
lives of you and your beneficiary (or your joint life expectancies) using an
IRS-approved distribution method (only after you have separated from service
at any age).
SIMPLIFIED EMPLOYEE PENSIONS (SEPS)
An employer can establish a SEP plan for its employees and can make
contributions to a contract for each eligible employee. A SEP-IRA contract is a
form of traditional IRA contract, owned by the employee-annuitant and most of
the rules which apply to traditional IRAs apply. See "Traditional Individual
Retirement Annuities (traditional IRAs)" later in this prospectus. A major
difference is the amount of permissible contributions. Rules similar to those
discussed above under "Qualified plans -- General; contributions" apply. In
2007 an employer can annually contribute an amount for an employee up to the
lesser of $45,000 or 25% of compensation. This amount may be further adjusted
for cost of living change in future years. In figuring out compensation you
exclude the employer's contribution to the SEP. Under our current practice,
regular traditional IRA contributions by the employee may not be made under a
SEP-IRA contract and are put into a separate traditional IRA contract.
Salary reduction SEP (SARSEP) plans may no longer be established for years
beginning after December 31, 1996. However, employers who had established
SARSEP plans prior to 1997 can continue to make contributions on behalf of
participating employees. Please consult your tax adviser.
SIMPLE IRAS (SAVINGS INCENTIVE MATCH PLAN)
An eligible employer may establish a "SIMPLE IRA" plan to make contributions to
special individual retirement accounts or individual retirement annuities for
its employees ("SIMPLE IRAs"). The IRS has issued various forms which may be
used by employers to set up a SIMPLE IRA plan. Currently, we are accepting only
those SIMPLE IRA plans using IRS Form 5304-SIMPLE. Use of Form 5304-SIMPLE
requires that the employer permit the employee to select a SIMPLE IRA provider.
The employer cannot maintain any other qualified plan, SEP plan or TSA
arrangement if it makes contributions under a SIMPLE IRA plan. (Eligible
tax-exempt entity employers may maintain EDC plans.)
Any type of employer -- corporation, partnership, self-employed person,
government or tax-exempt entity -- is eligible to establish a SIMPLE IRA plan
if it meets the requirements about number of employees and compensation of
those employees.
It is the responsibility of the employer to determine whether it is eligible to
establish a SIMPLE IRA plan and whether such plan is appropriate.
Tax information 61
The employer must have no more than 100 employees who earned at least $5,000 in
compensation from the employer in the prior calendar year.
An employer establishing a SIMPLE IRA plan should consult its tax adviser
concerning the various technical rules applicable to establishing and
maintaining SIMPLE IRA plans. For example, the definition of employee's
"compensation" may vary depending on whether it is used in the context of
employer eligibility, employee participation and employee or employer
contributions.
Participation must be open to all employees who received at least $5,000 in
compensation from the employer in any two preceding years (they do not have to
be consecutive years) and who are reasonably expected to receive at least
$5,000 in compensation during the year. (Certain collective bargaining unit and
alien employees may be excluded.)
The only kinds of contributions which may be made to a SIMPLE IRA are (i)
contributions under a salary reduction agreement entered into between the
employer and the participating employee and (ii) required employer
contributions (employer matching contributions or employer nonelective
contributions). (Direct transfer and rollover contributions from other SIMPLE
IRAs, but not traditional IRAs or Roth IRAs, may also be made.) Salary
reduction contributions can be any percentage of compensation (or a specific
dollar amount, if the employer's plan permits) but are limited to $10,500 in
2007. This 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 2007 can
make up to $2,500 additional salary reduction contributions for 2007.
Generally, the employer is required to make matching contributions on behalf of
each eligible employee in an amount equal to the salary reduction
contributions, up to 3% of the employee's compensation. In certain
circumstances, an employer may elect to make required employer contributions on
an alternate basis. Employer matching contributions to a SIMPLE IRA for
self-employed individuals are treated the same as matching contributions for
employees. (They are not subject to the elective deferral limits.)
TAX TREATMENT OF SIMPLE IRAS
Unless specifically otherwise mentioned, for example, regarding differences in
permissible contributions and potential penalty tax on distributions, the rules
which apply to traditional IRAs also apply to SIMPLE IRAs. See "Traditional
Individual Retirement Annuities (traditional IRAs)" later in this prospectus.
Amounts contributed to SIMPLE IRAs are not currently taxable to employees. Only
the employer can deduct SIMPLE IRA contributions, not the employee. An employee
eligible to participate in a SIMPLE IRA is treated as an active participant in
an employer plan and thus may not be able to deduct (fully) regular
contributions to his/her own traditional IRA.
As with traditional IRAs in general, contributions and earnings accumulate tax
deferred until withdrawn and are then fully taxable. There are no withdrawal
restrictions applicable to SIMPLE IRAs. However, because of the level of
employer involvement, SIMPLE IRA plans are subject to ERISA. See the rules
under "ERISA Matters" below.
Amounts withdrawn from a SIMPLE IRA can always be rolled over to another SIMPLE
IRA. No rollovers from a SIMPLE IRA to a non-SIMPLE IRA are permitted for
individuals under age 59-1/2 who have not participated in the employer's SIMPLE
IRA plan for two full years. Also, for such individuals, any amounts withdrawn
from a SIMPLE IRA are not only fully taxable but are also subject to a 25% (not
10%) additional federal income tax penalty. (The exceptions for death,
disability, etc. apply.)
PUBLIC AND TAX-EXEMPT ORGANIZATION EMPLOYEE DEFERRED COMPENSATION PLANS (EDC
PLANS)
SPECIAL EMPLOYER AND OWNERSHIP RULES. Employers eligible to maintain EDC plans
under Section 457(b) of the Code are governmental entities such as states,
municipalities and state agencies (governmental employer) or tax-exempt
entities (tax-exempt employer). Participation in an EDC plan of a tax-exempt
employer is limited to a select group of management or highly compensated
employees because of ERISA rules that do not apply to governmental employer
plans.
The rules that apply to tax-exempt employer EDC plans and governmental employer
EDC plans may differ.
An employer can fund its EDC plan in whole or in part with annuity contracts
purchased for participating employees and their beneficiaries. These employees
do not have to include in income the employer's contributions to purchase the
EDC contracts or any earnings until they actually receive funds from a
governmental employer EDC plan. The participants of a tax-exempt employer EDC
plan may have to include in income the employer contributions and any earnings
when they are entitled to receive funds from the EDC plan. The EDC plan funds
are subject to the claims of the employer's general creditors in an EDC plan
maintained by a tax-exempt employer. In an EDC plan maintained by a
governmental employer, the plan's assets must be held in trust for the
exclusive benefit of employees. An annuity contract can be a trust equivalent
if the contract includes the trust rules. Regardless of contract ownership, the
EDC plan may permit the employee to choose among various investment options.
CONTRIBUTION LIMITS. For both governmental and tax-exempt employer EDC plans,
the maximum contribution for 2007 is the lesser of $15,500 or 100% of
includible compensation. This limit may be further adjusted for cost of living
changes in future years.
Special rules may permit "catch-up" contributions during the three years
preceding normal retirement age under the EDC plan. If the plan provides for
catch-up contributions for any of the 3 years of service preceding the plan
retirement age, the maximum contribution for an individual eligible to make
such catch-up contributions is twice the otherwise applicable dollar limit, or
$31,000 for 2007.
For governmental employer EDC plans only, if the plan permits, an individual at
least age 50 at any time during 2007 may be able to make up to $5,000
additional salary reduction contributions. An individual must coordinate this
"age 50" catch-up with the other "last 3 years of service" catch up.
62 Tax information
GOVERNMENTAL EMPLOYER EDC PLANS -- ROLLOVER CONTRIBUTIONS. Eligible rollover
distributions of pre-tax funds from 403(b) plans (TSAs), 401(a) qualified
plans, other governmental employer EDC plans and traditional IRAs may be rolled
over into other such plans. The recipient plan must agree to take the
distribution. If the source of the eligible rollover distribution is not a
governmental employer EDC plan and the recipient plan is a governmental
employer EDC plan, the recipient governmental employer EDC plan must agree to
separately account for the rolled-over funds.
Before you decide to roll over your payment to another employer plan, you
should check with the administrator of that plan about whether the plan accepts
rollovers and, if so, the types of distributions it accepts. You should also
check with the administrator of the receiving plan about any documents required
to be completed before it will accept a rollover.
You should discuss with your tax adviser whether you should consider rolling
over funds from one type of tax qualified retirement plan to another, because
the funds will generally be subject to the rules of the recipient plan. For
example, funds in a governmental employer EDC plan are not subject to the
additional 10% federal income tax penalty for premature distributions, but they
may become subject to this penalty if you roll the funds to a different type of
eligible retirement plan and subsequently take a premature distribution.
WITHDRAWAL LIMITS. In general, no amounts may be withdrawn from an EDC plan
prior to the calendar year in which the employee attains age 70-1/2, severs from
employment with the employer or is faced with an unforeseeable emergency.
Income or gains on contributions under an EDC plan are subject to federal
income tax when amounts are distributed (governmental employer EDC plan) or
made available (tax-exempt employer EDC plan) to the employee or beneficiary.
Small amounts (up to $5000) may be taken out by the plan participant or forced
out by the plan under certain circumstances, even though the plan participant
may still be working and amounts would not otherwise be made available. Such a
mandatory forced-out distribution is an eligible rollover distribution.
Treasury Regulations require a direct roll-over to a traditional IRA
established for a plan participant who does not affirmatively designate an
eligible retirement plan to receive such a mandatory distribution. For funds
rolled over from another eligible retirement plan, because the funds are
separately accounted for, the IRS has ruled that an exception is available in
certain situations to withdrawal restrictions that would otherwise apply to the
rollover contribution funds in the recipient plan.
DISTRIBUTION REQUIREMENTS. EDC plans are subject to minimum distribution rules
similar to those that apply to qualified plans. See "Required minimum
distributions" later in this prospectus. That is, distributions from EDC plans
generally must start no later than April 1st of the calendar year following the
calendar year in which the employee attains age 70-1/2 or retires from service
with the employer maintaining the EDC plan, whichever is later. Failure to make
required distributions may cause the disqualification of the EDC plan.
Disqualification may result in current taxation of EDC plan benefits. In
addition, a 50% penalty tax is imposed on the difference between the required
distribution amount and the amount actually distributed, if any. It is the plan
administrator's responsibility to see that minimum distributions from an EDC
plan are made.
If the EDC plan provides, a deceased employee's beneficiary may be able to
elect to receive death benefits in installments instead of a lump sum, and the
payments will be taxed as they are received.
TAX TREATMENT OF DISTRIBUTIONS -- TAX-EXEMPT EMPLOYER EDC PLANS.
Distributions to a tax-exempt employer EDC plan participant are characterized
as "wages" for income tax reporting and withholding purposes. No election out
of withholding is possible. See "Federal and state income tax withholding and
information reporting" later in this prospectus. Withholding on wages is the
employer's responsibility. Distributions from an EDC plan are not subject to
FICA tax, if FICA tax was withheld by the employer when wages were deferred.
Distributions from a tax-exempt employer EDC plan may not be rolled over to any
other eligible retirement plan.
TAX TREATMENT OF DISTRIBUTIONS -- GOVERNMENTAL EMPLOYER EDC PLANS. The taxation
of distributions from a governmental employer EDC plan is generally the same as
the tax treatment of distributions from qualified plans and TSAs discussed
earlier in this prospectus. That is, amounts are generally not subject to tax
until actually distributed and amounts may be subject to 20% federal income tax
withholding. See "Federal and State income tax withholding and information
reporting" later in this prospectus. However, distributions from a governmental
employer EDC plan are generally not subject to the additional 10% federal
income tax penalty for pre-age 59-1/2 distributions.
TAX-DEFERRED ROLLOVERS -- GOVERNMENTAL EMPLOYER EDC PLANS. A participant in a
governmental employer EDC plan or in certain cases, a beneficiary, may be able
to roll over an eligible rollover distribution from the plan to a traditional
IRA, qualified plan or TSA, as well as to another governmental employer EDC
plan. The recipient plan must agree to take the distribution.
If you roll over funds from a governmental employer EDC plan into a different
type of eligible retirement plan (qualified plan, TSA, or traditional IRA), any
subsequent distributions may be subject to the 10% federal income tax penalty
noted above. Before you decide to roll over your payment to another employer
plan, you should check with the administrator of that plan about whether the
plan accepts rollovers and, if so, the types of distributions it accepts. You
should also check with the administrator of the receiving plan about any
documents required to be completed before it will accept a rollover.
LOANS FROM GOVERNMENTAL EMPLOYER EDC PLANS. Same as for qualified plans and
TSAs. (See "Loans from qualified plans and TSAs" under "Distributions from
qualified plans and TSAs" earlier in this prospectus.)
TRADITIONAL INDIVIDUAL RETIREMENT ANNUITIES (TRADITIONAL IRAS)
This part of the prospectus contains the information that the IRS requires you
to have before you purchase an IRA and covers some of the special tax rules
that apply to IRAs.
Tax information 63
GENERAL
"IRA" stands for individual retirement arrangement. There are two basic types
of such arrangements, individual retirement accounts and individual retirement
annuities. In an individual retirement account, a trustee or custodian holds
the assets funding the account for the benefit of the IRA owner. The assets
typically include mutual funds and/or individual stocks and securities in a
custodial account and bank certificates of deposit in a trusteed account. In an
individual retirement annuity, an insurance company issues an annuity contract
that serves as the IRA.
There are two basic types of IRAs, as follows:
o traditional IRAs, typically funded on a pre-tax basis, including SEP- IRAs
and SIMPLE IRAs issued and funded in connection with employer-sponsored
retirement plans; and
o Roth IRAs, funded on an after-tax basis. Roth IRAs are not available under
this prospectus and are not discussed here.
Regardless of the type of IRA, your ownership interest in the IRA cannot be
forfeited. You or your beneficiaries who survive you are the only ones who can
receive the IRA's benefits or payments. All types of IRAs qualify for tax
deferral regardless of the funding vehicle selected.
You can hold your IRA assets in as many different accounts and annuities as you
would like, as long as you meet the rules for setting up and making
contributions to IRAs. However, if you own multiple IRAs, including IRAs funded
by or through your employer, you may be required to combine IRA values or
contributions for tax purposes. For further information about individual
retirement arrangements, you can read Internal Revenue Service Publication 590
("Individual Retirement Arrangements (IRAs)"). This publication is usually
updated annually, and can be obtained from any IRS district office or the IRS
website (www.irs.gov).
AXA Equitable designs its traditional IRA contracts to qualify as individual
retirement annuities under Section 408(b) of the Internal Revenue Code.
We have received an opinion letter from the IRS approving the form of the
EQUI-VEST(SM) SIMPLE IRA contract for use as a SIMPLE IRA. We have not applied
for a formal opinion letter for certain EQUI-VEST(SM) SEP and SARSEP contracts
which had been previously approved by the IRS as to form for use as a
traditional IRA. This IRS approval is a determination only as to the form of
the annuity. It does not represent a determination of the merits of the annuity
as an investment. The IRS approval does not address every feature possibly
available under the EQUI-VEST(SM) SEP, SARSEP and SIMPLE IRA contracts.
CANCELLATION
You can cancel an EQUI-VEST(SM) IRA contract by following the directions under
"Your right to cancel within a certain number of days" earlier in this
prospectus. If you cancel a contract, we may have to withhold tax and we must
report the transaction to the IRS. A contract cancellation could have an
unfavorable tax impact.
CONTRIBUTIONS
As SEP-IRA, SARSEP IRA and SIMPLE IRA contracts are employer-funded traditional
IRAs, the employee does not make regular contributions to the contract other
than through the employer. However, an employee can make rollover or transfer
contributions to SEP- IRA, SARSEP IRA and in limited circumstances, to SIMPLE
IRA contracts. We reserve the right to approve the circumstances under which we
will take rollover contributions to EQUI-VEST(SM) SEP-IRA, SARSEP IRA and SIMPLE
IRA contracts.
RECHARACTERIZATION
Employer-funded amounts that have been contributed as traditional IRA funds
may, in some circumstances, subsequently be treated as Roth IRA funds. Special
federal income tax rules allow you to change your mind again and have
employer-funded amounts that are subsequently treated as Roth IRA funds, once
again treated as traditional IRA funds. You do this by using the forms we
prescribe. This is referred to as having "recharacterized" your contribution.
ROLLOVER AND TRANSFER CONTRIBUTIONS
Rollover contributions may be made to a traditional IRA from these "eligible
retirement plans":
o qualified plans;
o governmental employer EDC plans;
o TSAs (including Internal Revenue Code Section 403(b)(7) custodial accounts);
and
o other traditional IRAs.
Direct transfer contributions may only be made directly from one traditional
IRA to another.
Any amount contributed to a traditional IRA after you reach age 70-1/2 must be
net of your required minimum distribution for the year in which the rollover or
direct transfer contribution is made.
ROLLOVERS FROM ELIGIBLE RETIREMENT PLANS OTHER THAN TRADITIONAL IRAS
Your plan administrator will tell you whether or not your distribution is
eligible to be rolled over. Spousal beneficiaries and spousal alternate payees
under qualified domestic relations orders may roll over funds on the same basis
as the plan participant. Beginning in 2007, a non- spousal death beneficiary
may also be able to make rollover contributions to an individual retirement
plan under certain circumstances.
There are two ways to do rollovers:
o Do it yourself:
You actually receive a distribution that can be rolled over and you roll it
over to a traditional IRA within 60 days after the date you receive the
funds. The distribution from your eligible retirement plan will be net of
20% mandatory federal income tax withholding. If you want, you can replace
the withheld funds yourself and roll over the full amount.
o Direct rollover:
You tell the trustee or custodian of the eligible retirement plan to send
the eligible rollover distribution directly to your traditional IRA issuer.
Direct rollovers are not subject to mandatory federal income
64 Tax information
tax withholding.
All distributions from a TSA, qualified plan or governmental employer EDC
plan are eligible rollover distributions, unless the distribution is:
o a "required minimum distribution" after age 70-1/2 or retirement; or
o one of a series of substantially equal periodic payments made at least
annually for your life (or life expectancy) or the joint lives (or joint
life expectancies) of you and your designated beneficiary; or
o one of a series of substantially equal periodic payments made for a
specified period of 10 years or more; or
o a hardship withdrawal; or
o a corrective distribution which fits specified technical tax rules; or
o a loan that is treated as a distribution; or
o a death benefit payment to a beneficiary who is not your surviving spouse;
or
o a qualified domestic relations order distribution to a beneficiary who is
not your current or former spouse.
You should discuss with your tax adviser whether you should consider rolling
over funds from one type of tax qualified retirement plan to another, because
the funds will generally be subject to the rules of the recipient plan. For
example, funds in a governmental employer EDC plan are not subject to the
additional 10% federal income tax penalty for premature distributions, but they
may become subject to this penalty if you roll the funds to a different type of
eligible retirement plan, such as a traditional IRA, and subsequently take a
premature distribution.
ROLLOVERS OF AFTER-TAX CONTRIBUTIONS FROM ELIGIBLE RETIREMENT PLANS OTHER THAN
TRADITIONAL IRAS
Any non-Roth after-tax contributions you have made to a qualified plan or TSA
(but not a governmental employer EDC plan) may be rolled over to a traditional
IRA (either in a direct rollover or a rollover you do yourself). When the
recipient plan is a traditional IRA, you are responsible for recordkeeping and
calculating the taxable amount of any distributions you take from that
traditional IRA. After-tax contributions in a traditional IRA cannot be rolled
over from your traditional IRA into, or back into, a qualified plan, TSA or
governmental employer EDC plan.
ROLLOVERS FROM TRADITIONAL IRAS TO TRADITIONAL IRAS
You may roll over amounts from one traditional IRA to one or more of your other
traditional IRAs if you complete the transaction within 60 days after you
receive the funds. You may make such a rollover only once in every 12-month
period for the same funds. Trustee-to-trustee or custodian-to-custodian direct
transfers are not rollover transactions. You can make these more frequently
than once in every 12-month period.
SPOUSAL ROLLOVERS AND DIVORCE-RELATED DIRECT TRANSFERS
The surviving spousal beneficiary of a deceased individual can roll over or
directly transfer an inherited traditional IRA to one or more other traditional
IRAs. Beginning in 2007, a non-spousal death beneficiary may also be able to
make rollover contributions to an individual retirement plan under certain
circumstances. Also, in some cases, traditional IRAs can be transferred on a
tax-free basis between spouses or former spouses as a result of a court ordered
divorce or separation decree.
EXCESS CONTRIBUTIONS
Excess contributions to IRAs are subject to a 6% excise tax for the year in
which made and for each year after until withdrawn. The following are examples
of excess contributions to IRAs:
o regular contributions to a traditional IRA made after you reach age 70-1/2;
or
o rollover contributions of amounts which are not eligible to be rolled over,
for example, minimum distributions required to be made after age 70-1/2.
You can avoid the excise tax by withdrawing an excess contribution before the
due date (including extensions) for filing your federal income tax return for
the year. You do not have to include the excess contribution withdrawn as part
of your income. It is also not subject to the 10% additional penalty tax on
early distributions discussed below under "Early distribution penalty tax." You
do have to withdraw any earnings that are attributed to the excess
contribution. The withdrawn earnings would be included in your gross income and
could be subject to the 10% penalty tax.
Even after the due date for filing your return, you may withdraw an excess
rollover contribution, without income inclusion or 10% penalty, if:
(1) the rollover was from a qualified retirement plan to a traditional IRA;
(2) the excess contribution was due to incorrect information that the plan
provided; and
(3) you took no tax deduction for the excess contribution.
WITHDRAWALS, PAYMENTS AND TRANSFERS OF FUNDS OUT OF TRADITIONAL IRAS
NO FEDERAL INCOME TAX LAW RESTRICTIONS ON WITHDRAWALS
You can withdraw any or all of your funds from a traditional IRA at any time.
You do not need to wait for a special event like retirement.
TAXATION OF PAYMENTS
Earnings in traditional IRAs are not subject to federal income tax until you or
your beneficiary receive them. Taxable payments or distributions include
withdrawals from your contract, surrender of your contract and annuity payments
from your contract. Death benefits are also taxable. The conversion of amounts
from a SEP-IRA, SARSEP IRA or SIMPLE IRA (after two plan participant years) to
a Roth IRA is taxable. Generally, the total amount of any distribution from a
traditional IRA must be included in your gross income as ordinary income.
In addition, a distribution from a traditional IRA is not taxable if:
o the amount received is a withdrawal of excess contributions, as described
under "Excess contributions" above; or
Tax information 65
o the entire amount received is rolled over to another traditional IRA or
other eligible retirement plan. (See "Rollovers from eligible retirement
plans other than traditional IRAs" above.)
The following are eligible to receive rollovers of distributions from a
traditional IRA; a qualified plan, a TSA or a governmental employer EDC plan.
After-tax contributions in a traditional IRA cannot be rolled from your
traditional IRA into, or back into, a qualified plan, TSA or governmental
employer EDC plan. Before you decide to roll over a distribution from a
traditional IRA to another eligible retirement plan, you should check with the
administrator of that plan about whether the plan accepts rollovers and, if so,
the types it accepts. You should also check with the administrator of the
receiving plan about any documents required to be completed before it will
accept a rollover.
Distributions from a traditional IRA are not eligible for favorable ten-year
averaging and long-term capital gain treatment available to certain
distributions from qualified plans under very limited circumstances.
Certain distributions from IRAs directly transferred to charitable
organizations in 2007 may be tax-free to IRA owners age 70-1/2 or older. This
provision does not apply to SEP IRAs and SIMPLE IRAs.
REQUIRED MINIMUM DISTRIBUTIONS
Traditional IRAs are subject to required minimum distribution rules described
in "Required minimum distributions" later in this prospectus.
PAYMENTS TO A BENEFICIARY AFTER YOUR DEATH
IRA death benefits are taxed the same as IRA distributions.
SUCCESSOR ANNUITANT AND OWNER
If your spouse is the sole primary beneficiary and elects to become the
successor annuitant and owner, no death benefit is payable until your surviving
spouse's death.
BORROWING AND LOANS ARE PROHIBITED TRANSACTIONS
You cannot get loans from a traditional IRA. You cannot use a traditional IRA
as collateral for a loan or other obligation. If you borrow against your IRA or
use it as collateral, its tax-favored status will be lost as of the first day
of the tax year in which this prohibited event occurs. If this happens, you
must include the value of the traditional IRA in your federal gross income.
Also, the early distribution penalty tax of 10% may apply if you have not
reached age 59-1/2 before the first day of that tax year.
EARLY DISTRIBUTION PENALTY TAX
A penalty tax of 10% of the taxable portion of a distribution applies to
distributions from a traditional IRA made before you reach age 59-1/2. Some of
the available exceptions to the pre-age 59-1/2 penalty tax include distributions
made:
o on or after your death; or
o because you are disabled (special federal income tax definition); or
o to pay for certain extraordinary medical expenses (special federal income
tax definition); or
o to pay medical insurance premiums for unemployed individuals (special
federal income tax definition); or
o to pay certain first-time home buyer expenses (special federal income tax
definition); or
o to pay certain higher education expenses (special federal income tax
definition); or
o in the form of substantially equal periodic payments made at least annually
over your life (or your life expectancy), or over the joint lives of you and
your beneficiary (or your joint life expectancy) using an IRS-approved
distribution method.
ILLUSTRATION OF GUARANTEED INTEREST RATES
In the following two tables, we provide information that the IRS requires us to
furnish to prospective IRA contract owners. In the tables we illustrate the
1.00% minimum guaranteed interest rate for contributions we assume are
allocated entirely to the guaranteed interest option. (The rate may be higher
in your state.) In Table I we assume a $1,000 contribution made annually on the
contract date and on each anniversary after that. We assume no withdrawals or
transfers were made under the contract. In Table II we assume a single initial
contribution of $1,000, and no additional contributions. We also assume no
withdrawals or transfers. The guaranteed interest rate, which can range from
1.00% to 4.00%, is in the contract.
The values shown assume the withdrawal charge applies. These values reflect the
effect of the annual administrative charge deducted at the end of each contract
year in which the account value is less than $20,000.
To find the appropriate value for the end of the contract year at any
particular age, you subtract the age (nearest birthday) at issue of the
contract from the current age and find the corresponding year in the table.
Years that correspond to a current age over 70, should be ignored.
66 Tax information
You should consider the information shown in the tables in light of your
present age. Also, with respect to Table I, you should consider your ability to
contribute $1,000 annually. Any change in the amounts contributed annually in
Table I, or in the amount of the single contribution in Table II would, of
course, change the results shown.
Table I guaranteed minimum interest rate of 1.00% (the rate may be
higher in your state)
TABLE I
ACCOUNT VALUES AND CASH VALUES
(ASSUMING $1,000 CONTRIBUTIONS MADE ANNUALLY AT THE BEGINNING OF THE CONTRACT
YEAR)
- --------------------------------------------------------------------------------
1.00% Minimum Guarantee 1.00% Minimum Guarantee
----------------------- -----------------------
Contract Account Cash Contract Account Cash
Year End Value Value Year End Value Value
- --------------------------------------------------------------------------------
1 $ 989.80 $ 936.35 26 $ 29,196.26 $ 28,836.26
2 $ 1,979.70 $ 1,872.79 27 $ 30,498.22 $ 30,138.22
3 $ 2,979.49 $ 2,818.60 28 $ 31,813.20 $ 31,453.20
4 $ 3,989.29 $ 3,773.87 29 $ 33,141.33 $ 32,781.33
5 $ 5,009.18 $ 4,738.69 30 $ 34,482.75 $ 34,122.75
6 $ 6,039.27 $ 5,713.15 31 $ 35,837.57 $ 35,477.57
7 $ 7,079.67 $ 6,719.67 32 $ 37,205.95 $ 36,845.95
8 $ 8,130.46 $ 7,770.46 33 $ 38,588.01 $ 38,228.01
9 $ 9,191.77 $ 8,831.77 34 $ 39,983.89 $ 39,623.89
10 $ 10,263.69 $ 9,903.69 35 $ 41,393.73 $ 41,033.73
11 $ 11,346.32 $ 10,986.32 36 $ 42,817.67 $ 42,457.67
12 $ 12,439.79 $ 12,079.79 37 $ 44,255.84 $ 43,895.84
13 $ 13,544.18 $ 13,184.18 38 $ 45,708.40 $ 45,348.40
14 $ 14,659.63 $ 14,299.63 39 $ 47,175.49 $ 46,815.49
15 $ 15,786.22 $ 15,426.22 40 $ 48,657.24 $ 48,297.24
16 $ 16,924.08 $ 16,564.08 41 $ 50,153.81 $ 49,793.81
17 $ 18,073.33 $ 17,713.33 42 $ 51,665.35 $ 51,305.35
18 $ 19,234.06 $ 18,874.06 43 $ 53,192.00 $ 52,832.00
19 $ 20,436.40 $ 20,076.40 44 $ 54,733.92 $ 54,373.92
20 $ 21,650.76 $ 21,290.76 45 $ 56,291.26 $ 55,931.26
21 $ 22,877.27 $ 22,517.27 46 $ 57,864.18 $ 57,504.18
22 $ 24,116.04 $ 23,756.04 47 $ 59,452.82 $ 59,092.82
23 $ 25,367.20 $ 25,007.20 48 $ 61,057.35 $ 60,697.35
24 $ 26,630.88 $ 26,270.88 49 $ 62,677.92 $ 62,317.92
25 $ 27,907.18 $ 27,547.18 50 $ 64,314.70 $ 63,954.70
- --------------------------------------------------------------------------------
Tax information 67
Table II guaranteed minimum interest rate of 1.00% (the rate may be
higher in your state)
TABLE II
ACCOUNT VALUES AND CASH VALUES
(ASSUMING A SINGLE CONTRIBUTION OF $1,000 AND NO FURTHER CONTRIBUTION)
- ----------------------------------------------------------------------
1.00% Minimum Guarantee 1.00% Minimum Guarantee
----------------------- -----------------------
Contract Account Cash Contract Account Cash
Year End Value Value Year End Value Value
- ----------------------------------------------------------------------
1 $ 989.80 $ 936.35 26 $ 434.76 $ 434.76
2 $ 979.70 $ 926.80 27 $ 409.11 $ 409.11
3 $ 959.50 $ 907.69 28 $ 383.20 $ 383.20
4 $ 939.10 $ 888.38 29 $ 357.03 $ 357.03
5 $ 918.49 $ 868.89 30 $ 330.60 $ 330.60
6 $ 897.67 $ 849.20 31 $ 303.91 $ 303.91
7 $ 876.65 $ 876.65 32 $ 276.95 $ 276.95
8 $ 855.42 $ 855.42 33 $ 249.72 $ 249.72
9 $ 833.97 $ 833.97 34 $ 222.21 $ 222.21
10 $ 812.31 $ 812.31 35 $ 194.44 $ 194.44
11 $ 790.43 $ 790.43 36 $ 166.38 $ 166.38
12 $ 768.34 $ 768.34 37 $ 138.04 $ 138.04
13 $ 746.02 $ 746.02 38 $ 109.42 $ 109.42
14 $ 723.48 $ 723.48 39 $ 80.52 $ 80.52
15 $ 700.71 $ 700.71 40 $ 51.32 $ 51.32
16 $ 677.72 $ 677.72 41 $ 21.84 $ 21.84
17 $ 654.50 $ 654.50 42 $ 0.00 $ 0.00
18 $ 631.04 $ 631.04 43 $ 0.00 $ 0.00
19 $ 607.35 $ 607.35 44 $ 0.00 $ 0.00
20 $ 583.43 $ 583.43 45 $ 0.00 $ 0.00
21 $ 559.26 $ 559.26 46 $ 0.00 $ 0.00
22 $ 534.85 $ 534.85 47 $ 0.00 $ 0.00
23 $ 510.20 $ 510.20 48 $ 0.00 $ 0.00
24 $ 485.31 $ 485.31 49 $ 0.00 $ 0.00
25 $ 460.16 $ 460.16 50 $ 0.00 $ 0.00
- ----------------------------------------------------------------------
68 Tax information
REQUIRED MINIMUM DISTRIBUTIONS
BACKGROUND ON REGULATIONS--REQUIRED MINIMUM DISTRIBUTIONS
If you are a participant in a qualified retirement plan, an EDC plan (both
employer types), or own a TSA or traditional IRA, including SEP, SARSEP or
SIMPLE IRA, the required minimum distribution rules force you to start
calculating and taking annual distributions from these tax-favored retirement
plans and arrangements by a specified date. The beginning date depends on the
type of plan or arrangement, and your age and retirement status. The
distribution requirements are designed to use up your interest in the plan over
your life expectancy. Whether the correct amount has been distributed is
calculated on a year-by-year basis; there are no provisions to allow amounts
taken in excess of the required amount to be carried back to other years.
Distributions must be made according to rules in the Code and Treasury
Regulations and the terms of the plan. Beginning in 2006, certain provisions of
the Treasury Regulations require that the actuarial present value of additional
annuity contract benefits be added to the dollar amount credited for purposes
of calculating certain types of required minimum distributions from individual
retirement annuity contracts and annuity contracts funding tax qualified
retirement plans, including 401(a) qualified plans, 403(b) TSAs, and 457 plans.
For this purpose, additional annuity contract benefits may include enhanced
death benefits. If you take annual withdrawals instead of receiving annuity
payments, this could increase the amount required to be distributed from these
contracts.
LIFETIME REQUIRED MINIMUM DISTRIBUTIONS -- WHEN YOU HAVE TO TAKE THE FIRST
REQUIRED MINIMUM DISTRIBUTION
You must start taking annual distributions from your traditional IRAs for the
year in which you turn age 70-1/2.
Generally, qualified plan, TSA and EDC plan participants must also take the
first required minimum distribution for the calendar year in which the
participant turns age 70-1/2. However, qualified plan, TSA and EDC plan
participants may be able to delay the start of required minimum distributions
for all or part of the account balance until after age 70-1/2, as follows:
o For qualified plan, TSA and EDC plan participants who have not retired from
service with the employer who provided the funds for this qualified plan,
TSA, or EDC contract by the calendar year the participant turns age 70-1/2,
the required beginning date for minimum distributions is extended to April
1st following the calendar year of retirement. Note that this rule does not
apply to qualified plan participants who are 5% owners.
o TSA plan participants may also delay the start of required minimum
distributions to age 75 of the portion of their account value attributable
to their December 31, 1986 TSA account balance, even if retired at age
70-1/2.
The first required minimum distribution is for the calendar year in which you
turn age 70-1/2, or the year you retire, if you are eligible for the delayed
start rule. You have the choice to take this first required minimum
distribution during the calendar year you turn 70-1/2 or retire or to delay
taking it until the first three-month period in the next calendar year (January
1 - April 1). Distributions must start no later than your "Required Beginning
Date," which is April 1st of the calendar year after the calendar year in which
you turn age 70-1/2 or retire if you are eligible for the delayed start rule. If
you choose to delay taking the first annual minimum distribution, then you will
have to take two minimum distributions in that year -- the delayed one for the
first year and the one actually for that year. Once minimum distributions
begin, they must be made at some time each year.
HOW YOU CALCULATE REQUIRED MINIMUM DISTRIBUTIONS
There are two approaches to taking required minimum distributions --
"account-based" or "annuity-based."
ACCOUNT-BASED METHOD. If you choose an "account-based" method, you divide the
value of your qualified plan, TSA, EDC, or traditional IRA as of December 31st
of the past calendar year by a number corresponding to your age from an IRS
table to give you the required minimum distribution amount for that particular
plan or arrangement for that year. If your spouse is your sole beneficiary and
more than 10 years younger than you, the dividing number you use may be from
another IRS table and may produce a smaller lifetime required minimum
distribution amount. Regardless of the table used, the required minimum
distribution amount will vary each year as the account value, the actuarial
present value of additional annuity contract benefits, if applicable, and the
divisor change. If you initially choose an account-based method, you may be
able to later apply your funds to a life annuity-based payout with any certain
period not exceeding remaining life expectancy, determined in accordance with
IRS tables.
ANNUITY-BASED METHOD. If you choose an annuity-based method you do not have to
do annual calculations. You apply the account value to an annuity payout for
your life or the joint lives of you and a designated beneficiary, or for a
period certain not extending beyond applicable life expectancies, determined in
accordance with IRS tables.
DO YOU HAVE TO PICK THE SAME METHOD TO CALCULATE YOUR REQUIRED MINIMUM
DISTRIBUTIONS FOR ALL OF YOUR TRADITIONAL IRAS AND OTHER RETIREMENT PLANS?
No, if you want, you can choose a different method for each of your traditional
IRAs and other retirement plans. For example, you can choose an annuity payout
from one IRA, a different annuity payout from a qualified plan, and an
account-based annual withdrawal from another IRA.
WILL WE PAY YOU THE ANNUAL AMOUNT EVERY YEAR FROM YOUR TRADITIONAL IRA BASED ON
THE METHOD YOU CHOOSE?
We will only pay you automatically if you affirmatively select an annuity
payout option or an account-based withdrawal option such as our automatic
minimum distribution withdrawal option. If you do not elect one of these
options and you have any kind of traditional IRA (SEP, SARSEP or SIMPLE IRA),
we will calculate the amount of the required minimum distribution withdrawal
for you, if you so request in writing. However, in that case you will be
responsible for asking us to pay the required minimum distribution withdrawal
to you.
Also, the IRS will let you calculate the required minimum distribution for each
traditional IRA or TSA that you maintain, using the method
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that you picked for that particular IRA or TSA. You can add these required
minimum distribution amount calculations together. As long as the total amount
you take out every year satisfies your overall traditional IRA (or TSA)
required minimum distribution amount, you may choose to take your annual
required minimum distribution from any one or more traditional IRAs (or TSAs)
that you own.
WHAT IF YOU TAKE MORE THAN YOU NEED TO FOR ANY YEAR?
The required minimum distribution amount for each of your plans and
arrangements is calculated on a year-by-year basis. There are no carry-back or
carry-forward provisions. Also, you cannot apply required minimum distribution
amounts you take from your qualified plans to the amounts you have to take from
your traditional IRAs and vice-versa.
WHAT IF YOU TAKE LESS THAN YOU NEED TO FOR ANY YEAR?
Your plan or arrangement could be disqualified, and you could have to pay tax
on the entire value. Even if your plan or arrangement is not disqualified, you
could have to pay a 50% penalty tax on the shortfall (required amount less
amount actually taken). It is your responsibility to meet the required minimum
distribution rules. We will remind you when our records show that you are
within the age-group which must take lifetime required minimum distributions.
If this is an IRA or TSA and you do not select a method with us, we will assume
you are taking your required minimum distribution from another traditional IRA
or TSA that you own. Note that in the case of a qualified plan or EDC the
distribution must be taken annually from the qualified plan or EDC contract.
WHAT ARE THE REQUIRED MINIMUM DISTRIBUTION PAYMENTS AFTER YOU DIE? These could
vary, depending on whether you die before or after your Required Beginning Date
for lifetime required minimum distribution payments, and the status of your
beneficiary. The following assumes you have not yet elected an annuity-based
payout at the time of your death. If you elect an annuity-based payout,
payments (if any) after your death must be made at least as rapidly as when you
were alive.
INDIVIDUAL BENEFICIARY. Regardless of whether your death occurs before or after
your Required Beginning Date, an individual death beneficiary calculates annual
post-death required minimum distribution payments based on the beneficiary's
life expectancy using the "term certain method." That is, he or she determines
his or her life expectancy using the IRS-provided life expectancy tables as of
the calendar year after the owner's or the participant's death and reduces that
number by one each subsequent year.
If you die before your Required Beginning Date, the rules permit any individual
beneficiary, including a spousal beneficiary, to elect instead to apply the
"5-year rule." Under this rule, instead of annual payments having to be made
beginning with the first in the year following the owner's death, the entire
account must be distributed by the end of the calendar year which contains the
fifth anniversary of the owner's death. No distribution is required for a year
before that fifth year.
SPOUSAL BENEFICIARY. If you die after your Required Beginning Date, and your
death beneficiary is your surviving spouse, your spouse has a number of
choices. Post-death distributions may be made over your spouse's single life
expectancy. Any amounts distributed after that surviving spouse's death are
made over the spouse's life expectancy calculated in the year of his/her death,
reduced by one for each subsequent year. In some circumstances, for traditional
IRA contracts only, your surviving spouse may elect to become the owner of the
traditional IRA and halt distributions until he or she reaches age 70-1/2, or
roll over amounts from your traditional IRA into his/her own traditional IRA or
other eligible retirement plan.
If you die before your Required Beginning Date, and the death beneficiary is
your surviving spouse, the rules permit the spouse to delay starting payments
over his/her life expectancy until the year in which you would have attained
age 70-1/2. Rollovers to another eligible retirement plan, including a
traditional IRA, may be available to a surviving spouse death beneficiary.
NON-INDIVIDUAL BENEFICIARY. If you die after your Required Beginning Date, and
your death beneficiary is a non-individual such as the estate, the rules permit
the beneficiary to calculate the post-death required minimum distribution
amounts based on the owner's life expectancy in the year of death. However,
note that we need an individual annuitant to keep an annuity contract in force.
If the beneficiary is not an individual, we must distribute amounts remaining
in the annuity contract after the death of the annuitant.
If you die before your Required Beginning Date for lifetime required minimum
distribution payments and the death beneficiary is a non-individual such as the
estate, the rules continue to apply the 5-year rule discussed above under
"Individual beneficiary." Please note that we need an individual annuitant to
keep an annuity contract in force. If the beneficiary is not an individual, we
must distribute amounts remaining in the annuity contract after the death of
the annuitant.
ERISA MATTERS
ERISA rules are designed to save and protect qualified retirement plan assets
to be paid to plan participants when they retire.
Qualified plans under Section 401 of the Internal Revenue Code are generally
subject to ERISA. Some TSAs may be subject to Title I of ERISA, generally
dependent on the level of employer involvement, for example, if the employer
makes matching contributions.
In addition, certain loan rules apply only to loans under ERISA plans:
o For contracts which are subject to ERISA, the trustee or sponsoring employer
is responsible for ensuring that any loan meets applicable DOL requirements.
It is the responsibility of the plan administrator, the trustee of the
qualified plan and/or the employer, and not AXA Equitable, to properly
administer any loan made to plan participants.
o With respect to specific loans made by the plan to a plan participant, the
plan administrator determines the interest rate, the maximum term consistent
with EQUI-VEST(SM) processing and all other terms and conditions of the
loan.
70 Tax information
o Only 50% of the participant's vested account balance may serve as security
for a loan. To the extent that a participant borrows an amount which should
be secured by more than 50% of the participant's vested account balance, it
is the responsibility of the trustee or plan administrator to obtain the
additional security.
o Each new or renewed loan must bear a reasonable rate of interest
commensurate with the interest rates charged by persons in the business of
lending money for loans that would be made under similar circumstances.
o Loans must be available to all plan participants, former participants (or
death beneficiaries of participants) who still have account balances under
the plan, and alternate payees on a reasonably equivalent basis.
o Plans subject to ERISA provide that the participant's spouse must consent in
writing to the loan.
CERTAIN RULES APPLICABLE TO PLANS DESIGNED TO COMPLY WITH SECTION 404(C) OF
ERISA
Section 404(c) of ERISA, and the related DOL regulation, provide that if a plan
participant or beneficiary exercises control over the assets in his or her plan
account, plan fiduciaries will not be liable for any loss that is the direct
and necessary result of the plan participant's or beneficiary's exercise of
control. As a result, if the plan complies with Section 404(c) and the DOL
regulation thereunder, the plan participant can make and is responsible for the
results of his or her own investment decisions.
Section 404(c) plans must provide, among other things, that a broad range of
investment choices are available to plan participants and beneficiaries and
must provide such plan participants and beneficiaries with enough information
to make informed investment decisions. Compliance with the Section 404(c)
regulation is completely voluntary by the plan sponsor and the plan sponsor may
choose not to comply with Section 404(c).
The EQUI-VEST(SM) Trusteed, HR-10 Annuitant-Owned, SIMPLE IRA and TSA contracts
provide the broad range of investment choices and information needed in order
to meet the requirements of the Section 404(c) regulation. If the plan is
intended to be a Section 404(c) plan, it is, however, the plan sponsor's
responsibility to see that the requirements of the DOL regulation are met. AXA
Equitable and its financial professionals shall not be responsible if a plan
fails to meet the requirements of Section 404(c).
FEDERAL AND STATE INCOME TAX WITHHOLDING AND INFORMATION REPORTING
We must withhold federal income tax from distributions from annuity contracts.
You may be able to elect out of this income tax withholding in some cases.
Generally, we do not have to withhold if your distributions are not taxable.
The rate of withholding will depend on the type of distribution and, in certain
cases, the amount of your distribution. Any income tax withheld is a credit
against your income tax liability. If you do not have sufficient income tax
withheld or do not make sufficient estimated income tax payments, you may incur
penalties under the estimated income tax rules.
You must file your request not to withhold in writing before the payment or
distribution is made. Our processing office will provide forms for this
purpose. You cannot elect out of withholding unless you provide us with your
correct Taxpayer Identification Number and a United States residence address.
You cannot elect out of withholding if we are sending the payment out of the
United States.
You should note the following special situations:
o We might have to withhold and/or report on amounts we pay under a free look
or cancellation.
o We are generally required to withhold on conversion rollovers of traditional
IRAs in SEP, SARSEP or SIMPLE IRAs to Roth IRAs, as it is considered a
withdrawal from the traditional IRA and is taxable.
Special withholding rules apply to foreign recipients and United States
citizens residing outside the United States. We do not discuss these rules here
in detail. However, we may require additional documentation in the case of
payments made to non-United States persons and United States persons living
abroad prior to processing any requested transaction.
Certain states have indicated that state income tax withholding will also apply
to payments from the contracts made to residents. In some states, you may elect
out of state withholding, even if federal withholding applies. Generally, an
election out of federal withholding will also be considered an election out of
state withholding. If you need more information concerning a particular state
or any required forms, call our processing office at the toll-free number.
FEDERAL INCOME TAX WITHHOLDING ON PERIODIC ANNUITY PAYMENTS
We withhold differently on "periodic" and "non-periodic" payments. For a
periodic annuity payment, for example, unless you specify a different number of
withholding exemptions, we withhold assuming that you are married and claiming
three withholding exemptions. If you do not give us your correct Taxpayer
Identification Number, we withhold as if you are single with no exemptions.
Based on the assumption that you are married and claiming three withholding
exemptions, if you receive less than $18,240 in periodic annuity payments in
2007 your payments will generally be exempt from federal income tax
withholding. You could specify a different choice of withholding exemption or
request that tax be withheld. Your withholding election remains effective
unless and until you revoke it. You may revoke or change your withholding
election at any time.
FEDERAL INCOME TAX WITHHOLDING ON NON-PERIODIC ANNUITY PAYMENTS (WITHDRAWALS)
For a non-periodic distribution (total surrender or partial withdrawal), and
any distribution from a qualified plan or TSA which is not an eligible rollover
distribution we generally withhold at a flat 10% rate.
You cannot elect out of withholding if the payment is an "eligible rollover
distribution" from a qualified plan or TSA. If a non-periodic distribution from
a qualified plan or TSA is not an "eligible rollover distribution" then the 10%
withholding rate applies.
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MANDATORY WITHHOLDING FROM TSA, GOVERNMENTAL EMPLOYER EDC AND QUALIFIED PLAN
DISTRIBUTIONS
Unless you have the distribution go directly to the new plan, eligible rollover
distributions from qualified plans, governmental employer EDC plans, and TSAs
are subject to mandatory 20% withholding. The plan administrator is responsible
for withholding from qualified plan and governmental employer EDC plan
distributions. An eligible rollover distribution from one of these eligible
retirement plans can be rolled over to another one of these eligible retirement
plans or a traditional IRA. All distributions from a TSA, governmental employer
EDC plan or qualified plan are eligible rollover distributions unless they are
on the following list of exceptions:
o any distributions which are "required minimum distributions" after age
70-1/2 or retirement; or
o hardship withdrawals; or
o substantially equal periodic payments made at least annually for your life
(or life expectancy) or the joint lives (or joint life expectancy) of you
and your designated beneficiary; or
o substantially equal periodic payments made for a specified period of 10
years or more; or
o corrective distributions which fit specified technical tax rules; or
o loans that are treated as distributions; or
o a death benefit payment to a beneficiary who is not your surviving spouse;
or
o a qualified domestic relations order distribution to a beneficiary who is
not your current spouse or former spouse.
A death benefit payment to your surviving spouse, or a qualified domestic
relations order distribution to your current or former spouse, may be a
distribution subject to mandatory 20% withholding.
IMPACT OF TAXES TO AXA EQUITABLE
The contracts provide that we may charge Separate Account A for taxes. We do
not now, but may in the future set up reserves for such taxes.
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8. More information
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ABOUT OUR SEPARATE ACCOUNT A
Each variable investment option is a subaccount of our Separate Account A. We
established Separate Account A in 1968 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 variable investment options for
owners of our variable annuity contracts. We are the legal owner of all of the
assets in Separate Account A and may withdraw any amounts that exceed our
reserves and other liabilities with respect to variable investment options
under our contracts. The results of Separate Account A's operations are
accounted for without regard to AXA Equitable's other operations. The amount of
some of our obligations under the contracts is based on the assets in Separate
Account A. However, the obligations themselves are obligations of AXA
Equitable.
Separate Account A is registered under the Investment Company Act of 1940 and
is registered and classified under that act as a "unit investment trust." The
SEC, however, does not manage or supervise AXA Equitable or Separate Account A.
Although Separate Account A is registered, the SEC does not monitor the
activity of Separate Account A 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 1940.
Each subaccount (variable investment option) within Separate Account A invests
solely in Class IA/A, Class IB/B or Class II shares issued by the corresponding
portfolio of its Trust.
We reserve the right subject to compliance with laws that apply:
(1) to add variable investment options to, or to remove variable investment
options from, Separate Account A, or to add other separate accounts;
(2) to combine any two or more variable investment options;
(3) to transfer the assets we determine to be the shares of the class of
contracts to which the contracts belong from any variable investment
option to another variable investment option;
(4) to operate Separate Account A or any variable investment option 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 A or
a variable investment option directly);
(5) to deregister Separate Account A under the Investment Company Act of 1940;
(6) to restrict or eliminate any voting rights as to Separate Account A;
(7) to cause one or more variable investment options 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
The Trusts are registered under the Investment Company Act of 1940. They are
classified as "open-end management investment companies," more commonly called
mutual funds. Each Trust issues different shares relating to each portfolio.
The Trusts do not impose sales charges or "loads" for buying and selling their
shares. All dividends and other distributions on the Trusts' shares are
reinvested in full. The Board of Trustees or Board of Directors, as applicable,
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 relating to its Class IB/B or Class II shares, and other
aspects of its operations, appears in the prospectuses for each Trust, which
generally accompany this prospectus, or in their respective SAIs, which are
available upon request.
ABOUT OUR FIXED MATURITY OPTIONS
RATES TO MATURITY AND PRICE PER $100 OF MATURITY VALUE
We can determine the amount required to be allocated to one or more fixed
maturity options in order to produce specified maturity values. For example, we
can tell you how much you need to allocate per $100 of maturity value.
The rates to maturity are determined weekly. The rates in the table are
illustrative only and will most likely differ from the rates applicable at time
of purchase. Current rates to maturity can be obtained through TOPS or EQAccess
or from your financial professional.
The rates to maturity for new allocations as of February 15, 2007 and the
related price per $100 of maturity value were as shown below:
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Fixed Maturity Options
With June 15th
Maturity Date of Rate to Maturity as of Price Per $100 of
Maturity Year February 15, 2007 Maturity Value
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2007 3.70% $ 98.81
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2008 3.75% $ 95.22
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2009 3.80% $ 91.67
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2010 3.85% $ 88.17
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2011 3.90% $ 84.73
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2012 3.95% $ 81.33
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2013 4.10% $ 77.53
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2014* 4.15% $ 74.21
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2015* 4.20% $ 70.97
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Fixed Maturity Options
With June 15th
Maturity Date of Rate to Maturity as of Price Per $100 of
Maturity Year February 15, 2007 Maturity Value
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2016* 4.30% $ 67.50
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*Not available in Oregon.
HOW WE DETERMINE THE MARKET VALUE ADJUSTMENT
We use the following procedure to calculate the market value adjustment (up or
down) we make if you withdraw all of your value from a fixed maturity option
before its maturity date.
(1) We determine the market adjusted amount on the date of the withdrawal as
follows:
(a) We determine the fixed maturity amount that would be payable on the
maturity date, using the rate to maturity for the fixed maturity
option.
(b) We determine the period remaining in your fixed maturity option
(based on the withdrawal date) and convert it to fractional years
based on a 365-day year. For example, three years and 12 days
becomes 3.0329.
(c) We determine the current rate to maturity that applies on the
withdrawal date to new allocations to the same fixed maturity
option.
(d) We determine the present value of the fixed maturity amount payable
at the maturity date, using the period determined in (b) and the
rate determined in (c).
(2) We determine the fixed maturity amount as of the current date.
(3) We subtract (2) from the result in (1)(d). The result is the market value
adjustment applicable to such fixed maturity option, which may be positive
or negative.
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Your market adjusted amount is the present value of the maturity value
discounted at the rate to maturity in effect for new contributions to that same
fixed maturity option on the date of the calculation.
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If you withdraw only a portion of the amount in a fixed maturity option, the
market value adjustment will be a percentage of the market value adjustment
that would have applied if you had withdrawn the entire value in that fixed
maturity option. This percentage is equal to the percentage of the value in the
fixed maturity option that you are withdrawing. Any withdrawal charges that are
deducted from a fixed maturity option will result in a market value adjustment
calculated in the same way. See Appendix III later in this prospectus for an
example.
For purposes of calculating the rate to maturity for new allocations to a fixed
maturity option (see (1)(c) above), we use the rate we have in effect for new
allocations to that fixed maturity option. We use this rate even if new
allocations to that option would not be accepted at that time. This rate will
not be less than 3%. If we do not have a rate to maturity in effect for a fixed
maturity option to which the "current rate to maturity" in (1)(c) above would
apply, we will use the rate at the next closest maturity date. If we are no
longer offering new fixed maturity options, the "current rate to maturity" will
be determined in accordance with our procedures then in effect. We reserve the
right to add up to 0.50% to the current rate in (1)(c) above for purposes of
calculating the market value adjustment only.
INVESTMENTS UNDER THE FIXED MATURITY OPTIONS
Amounts allocated to the fixed maturity options are held in a "nonunitized"
separate account we have established under the New York Insurance Law. This
separate account provides an additional measure of assurance that we will make
full payment of amounts due under the fixed maturity options. Under New York
Insurance Law, the portion of the separate account's assets equal to the
reserves and other contract liabilities relating to the contracts are not
chargeable with liabilities from any other business we may conduct. We own the
assets of the separate account, as well as any favorable investment performance
on those assets. You do not participate in the performance of the assets held
in this separate account. We may, subject to state law that applies, transfer
all assets allocated to the separate account to our general account. We
guarantee all benefits relating to your value in the fixed maturity options,
regardless of whether assets supporting fixed maturity options are held in a
separate account or our general account.
We have no specific formula for establishing the rates to maturity for the
fixed maturity options. We expect the rates to be influenced by, but not
necessarily correspond to, among other things, the yields that we can expect to
realize on the separate account's investments from time to time. Our current
plans are to invest in fixed-income obligations, including corporate bonds,
mortgage-backed and asset-backed securities and government and agency issues
having durations in the aggregate consistent with those of the fixed maturity
options.
Although the above generally describes our plans for investing the assets
supporting our obligations under the fixed maturity options under the
contracts, we are not obligated to invest those assets according to any
particular plan except as we may be required to by state insurance laws. We
will not determine the rates to maturity we establish by the performance of the
nonunitized separate account.
ABOUT THE GENERAL ACCOUNT
Our general account supports all of our policy and contract guarantees,
including those that apply to the guaranteed interest option and the fixed
maturity options as well as our general obligations.
The general account is subject to regulation and supervision by the Insurance
Department of the State of New York and to the insurance laws and regulations
of all jurisdictions where we are authorized to do business. Interests under
the contracts 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 1940. The market value adjustment interests under the contracts,
which are held in a separate account, are issued by AXA Equitable and are
registered under the Securities Act of 1933. 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 dis-
74 More information
closure 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.
ABOUT OTHER METHODS OF PAYMENT
AUTOMATIC INVESTMENT PROGRAM -- FOR CERTAIN SEP AND KEOGH PLAN CONTRACTS ONLY
You may use our automatic investment program, or "AIP," to have a specified
amount automatically deducted from a bank checking or savings account, money
market checking or savings account, or credit union checking or savings account
and contributed as an additional contribution into your contracts on a monthly
basis. AIP is available for single life SEP and Keogh units provided that the
single life is the employer who provided the funds.
AIP additional contributions may be allocated to any of the variable investment
options and the guaranteed interest option but not the fixed maturity options.
Our minimum contribution amount requirement is $20. You choose the day of the
month you wish to have your account debited. However, you may not choose a date
later than the 28th day of the month.
You may cancel AIP at any time by notifying our processing office. We are not
responsible for any debits made to your account before the time written notice
of cancellation is received at our processing office.
WIRE TRANSFERS. Employers may also send contributions by wire transfer from a
bank.
DATES AND PRICES AT WHICH CONTRACT EVENTS OCCUR
We describe below the general rules for when, and at what prices, events under
your contract 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 generally is any day on which the New York Stock Exchange is
open for trading. A business day does not include any day we choose not to open
due to emergency conditions. We may also close early due to emergency
conditions. Our business day generally ends at 4:00 p.m., Eastern Time for
purposes of determining the date when contributions are applied and any other
transaction requests are processed. Contributions will be applied and any other
transaction requests will be processed when they are received along with all
the required information unless another date applies as indicated below.
o 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.
o When a charge is to be deducted on a contract date anniversary that is a
non-business day, we will deduct the charge on the next business day.
CONTRIBUTIONS, TRANSFERS, WITHDRAWALS AND SURRENDERS
o Contributions allocated to the variable investment options are invested at
the unit value next determined after the receipt of the contribution..
o Contributions allocated to a fixed maturity option will receive the rate to
maturity in effect for that fixed maturity option on that business day.
o Contributions allocated to the guaranteed interest option will receive the
guaranteed interest rate in effect on that business day.
o If a fixed maturity option is scheduled to mature on June 15th and June 15th
is a non-business day, that fixed maturity option will mature on the prior
business day.
o Transfers to or from variable investment options will be made at the unit
value next determined after the receipt of the transfer request..
o Transfers to the guaranteed interest option will receive the guaranteed
interest rate in effect on that business day.
o Transfers to a fixed maturity option will receive the rate to maturity in
effect for that fixed maturity option on that business day.
o Transfers out of a fixed maturity option will be at the market adjusted
amount on that business day.
o For the fixed-dollar option, the first monthly transfer will occur on the
last business day of the month in which we receive your election form at our
processing office.
o For the interest sweep, the first monthly transfer will occur on the last
business day of the month following the month that we receive your election
form at our processing office.
o Quarterly rebalancing will be processed on a calendar year basis. Semiannual
or annual rebalancing will be processed on the first business day of the
month. Rebalancing will not be done retroactively.
o Requests for withdrawals or surrenders will occur on the business day that
we receive the information that we require.
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:
o the election of trustees; or
o the formal approval of independent auditors selected for each Trust; or
o any other matters described in each prospectus for the Trusts or requiring a
shareholders' vote under the Investment Company Act of 1940.
We will give contract owners the opportunity to instruct us how to vote the
number of shares attributable to their contracts if a shareholder vote is
taken. If we do not receive instructions in time from all contract 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
More information 75
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 contract owners
vote.
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 contract owners arising out of these
arrangements. However, the Board of Trustees or Directors of each Trust intend
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 contract owners, we
will see to it that appropriate action is taken to do so.
SEPARATE ACCOUNT A VOTING RIGHTS
If actions relating to Separate Account A require contract owner approval,
contract owners will be entitled to one vote for each unit they have in the
variable investment options. Each contract owner who has elected a variable
annuity payout option may cast the number of votes equal to the dollar amount
of reserves we are holding for that annuity in a variable investment option
divided by the annuity unit value for that option. We will cast votes
attributable to any amounts we have in the variable investment options in the
same proportion as votes cast by contract 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 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 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 A, nor would any of these
proceedings be likely to have a material adverse effect upon Separate Account
A, our ability to meet our obligations under the contracts, or the distribution
of the contracts.
FINANCIAL STATEMENTS
The financial statements of Separate Account A, as well as the consolidated
financial statements of AXA Equitable, are in the SAI. The SAI is available
free of charge. You may request one by writing our processing office or calling
1-800-628-6673.
TRANSFERS OF OWNERSHIP, COLLATERAL ASSIGNMENTS, LOANS, AND BORROWING
Generally, the owner may not assign a contract for any purpose. However, a
trustee owner of a Trusteed contract can transfer ownership to the annuitant.
We will not be bound by this assignment for transfer of ownership unless it is
in writing and we have received it at our processing office. In some cases, an
assignment or change of ownership may have adverse tax consequences. See "Tax
information" earlier in this prospectus.
You cannot assign a contract as security for a loan or other obligation. Loans
from account value, however, are permitted under TSA (but not University TSA),
governmental employer EDC (subject to state availability) and Corporate
Trusteed contracts only, unless restricted by the employer.
FUNDING CHANGES
The employer or trustee can change the funding vehicle for an EDC or Trusteed
contract. You can change the funding vehicle for a TSA, SEP or SIMPLE IRA
contract.
DISTRIBUTION OF THE CONTRACTS
The contracts are distributed by both AXA Advisors, LLC ("AXA Advisors") and
AXA Distributors, LLC ("AXA Distributors") (together, the "Distributors"). The
Distributors serve as principal underwriters of Separate Account A. The
offering of the contracts is intended to be continuous.
AXA Advisors is an affiliate of AXA Equitable, and AXA Distributors is an
indirect wholly owned subsidiary of AXA Equitable. The Distributors are under
the common control of AXA Financial, Inc. Their principal business address is
1290 Avenue of the Americas, New York, NY 10104. The Distributors are
registered with the SEC as broker-dealers and are members of the National
Association of Securities Dealers, Inc. ("NASD"). Both broker-dealers also act
as distributors for other AXA Equitable life and annuity products.
The contracts are sold by financial professionals of AXA Advisors and its
affiliates. The contracts are also sold by financial professionals of both
affiliated and unaffiliated broker-dealers that have entered into selling
agreements with the Distributors ("Selling broker-dealers").
AXA Equitable pays compensation to both Distributors based on contracts sold.
Compensation paid to AXA Advisors is based on contributions made on the
contracts sold through AXA Advisors ("contribution-based compensation") and
will generally not exceed 16.0% of total contributions. AXA Advisors, in turn,
may pay a portion of the contribution-based compensation received from AXA
Equitable on the sale of a contract to the AXA Advisors financial professional
and/or Selling broker-dealer making the sale. In some instances, a financial
professional or Selling broker-dealer may elect to receive reduced
contribution-based compensation on a contract in combination with ongoing
annual compensation of up to 0.70% of the account value of the contract sold
("asset-based compensation"). Total compensation paid to a financial
professional or a Selling broker-dealer electing to receive both
contribution-based and asset-based compensation could over time exceed the
total compensation that would otherwise be paid on the basis of contributions
alone. The contribution-based and asset-based compensation paid by AXA Advisors
varies among financial professionals and among Selling broker-dealers.
76 More information
Contribution-based compensation paid by AXA Equitable to AXA Distributors on
sales of AXA Equitable contracts by its Selling broker-dealers will generally
not exceed 12.0% of the total contributions made under the contracts. AXA
Distributors, in turn, pays the contribution-based compensation it receives on
the sale of a contract to the Selling broker-dealer making the sale. In some
instances, the Selling broker-dealer may elect to receive reduced
contribution-based compensation on the sale of a contract in combination with
annual asset-based compensation of up to 0.35% of contract account value. If a
Selling broker-dealer elects to receive reduced contribution-based compensation
on a contract, the contribution-based compensation which AXA Equitable pays to
AXA Distributors will be reduced by the same amount and AXA Equitable will pay
AXA Distributors asset-based compensation on the contract equal to the
asset-based compensation which AXA Distributors pays to the Selling broker-
dealer. Total compensation paid to a Selling broker-dealer electing to receive
both contribution-based and asset-based compensation could over time exceed the
total compensation that would otherwise be paid on the basis of contributions
alone. The contribution-based and asset-based compensation paid by AXA
Distributors varies among Selling broker-dealers. AXA Distributors also
receives compensation and reimbursement for its marketing services under the
terms of its distribution agreement with AXA Equitable.
The Distributors may pay certain affiliated and/or unaffiliated Selling
broker-dealers and other financial intermediaries additional compensation in
recognition of certain expenses that may be incurred by them or on their
behalf. The Distributors may also pay certain broker-dealers or other financial
intermediaries additional compensation for enhanced marketing opportunities and
other services (commonly referred to as "marketing allowances"). Services for
which such payments are made may include, but are not limited to, the preferred
placement of AXA Equitable and/or EQUI-VEST(SM) Employer-Sponsored Retirement
Programs on a company and/or product list; sales personnel training; product
training; business reporting; technological support; due diligence and related
costs; advertising, marketing and related services; conferences; and/or other
support services, including some that may benefit the contract owner. Payments
may be based on the amount of assets or purchase payments attributable to
contracts sold through a Selling broker-dealer or, in the case of conference
support, such payments may be a fixed amount. The Distributors may also make
fixed payments to Selling broker-dealers in connection with the initiation of a
new relationship or the introduction of a new product. These payments may serve
as an incentive for Selling broker-dealers to promote the sale of particular
products. Additionally, as an incentive for financial professionals of Selling
broker-dealers to promote the sale of AXA Equitable products, the Distributors
may increase the sales compensation paid to the Selling broker-dealer for a
period of time (commonly referred to as "compensation enhancements"). Marketing
allowances and sales incentives are made out of the Distributors' assets. Not
all Selling broker-dealers receive these kinds of payments. For more
information about any such arrangements, ask your financial professional.
The Distributors receive 12b-1 fees from certain portfolios for providing
certain distribution and/or shareholder support services. The Distributors or
their affiliates may also receive payments from the advisers of the portfolios
or their affiliates to help defray expenses for sales meetings or seminar
sponsorships that may relate to the contracts and/or the advisers' respective
portfolios. In connection with portfolios offered through unaffiliated
insurance trusts, the Distributors or their affiliates may also receive other
payments from the advisers of the portfolios or their affiliates for providing
distribution, administrative and/or shareholder support services.
In an effort to promote the sale of our products, AXA Advisors may provide its
financial professionals and managerial personnel with a higher percentage of
sales commissions and/or cash compensation for the sale of an affiliated
variable product than it would the sale of an unaffiliated product. Such
practice is known as providing "differential compensation." AXA Advisors may
provide other forms of compensation to its financial professionals, including
health and retirement benefits. In addition, managerial personnel may receive
expense reimbursements, marketing allowances and commission-based payments
known as "overrides." Certain components of the compensation of financial
professionals who are managers are based on the sale of affiliated variable
products. Managers earn higher compensation (and credits toward awards and
bonuses) if those they manage sell more affiliated variable products. For tax
reasons, AXA Advisors financial professionals qualify for health and retirement
benefits based solely on their sales of our affiliated products.
These payments and differential compensation (together, the "payments") can
vary in amount based on the applicable product and/or entity or individual
involved. As with any incentive, such payments may cause the financial
professional to show preference in recommending the purchase or sale of AXA
Equitable products. However, under applicable rules of the NASD, AXA Advisors
may only recommend to you products that they reasonably believe are suitable
for you based on facts that you have disclosed as to your other security
holdings, financial situation and needs. In making any recommendation,
financial professionals of AXA Advisors may nonetheless face conflicts of
interest because of the differences in compensation from one product category
to another, and because of differences in compensation between products in the
same category.
In addition, AXA Advisors may offer sales incentive programs to financial
professionals who meet specified production levels for the sale of both
affiliated and unaffiliated products which provide non-cash compensation such
as stock options awards and/or stock appreciation rights, expense-paid trips,
expense-paid educational seminars and merchandise.
Although AXA Equitable takes all of its costs into account in establishing the
level of fees and expenses in its products, any contribution-based and
asset-based compensation paid by AXA Equitable to the Distributors will not
result in any separate charge to you under your contract. All payments made
will be in compliance with all applicable NASD rules and other laws and
regulations.
More information 77
9. Incorporation of certain documents by reference
- --------------------------------------------------------------------------------
AXA Equitable's Annual Report on Form 10-K for the period ended December 31,
2006 (the "Annual Report") is considered to be part of this Prospectus because
it is incorporated by reference. AXA Equitable intends to send owners account
statements and other such legally-required reports. AXA Equitable does not
anticipate such reports will include periodic financial statements or
information concerning AXA Equitable.
AXA Equitable files reports and other information with the SEC, as required by
law. You may read and copy this information at the SEC's public reference
facilities at Room 1580, 100 F Street, NE, Washington, DC 20549, or by
accessing the SEC's website at www.sec.gov. The public may obtain information
on the operation of the Public Reference Room by calling the SEC at
1-800-SEC-0330. Under the Securities Act of 1933, AXA Equitable has filed with
the SEC a registration statement relating to the Market Value Adjustment (the
"Registration Statement"). This prospectus has been filed as part of the
Registration Statement and does not contain all of the information set forth in
the Registration Statement. Please see the Registration Statement for
additional information concerning the Market Value Adjustment.
The Annual Report includes the audited consolidated financial statements of AXA
Equitable at December 31, 2006 and 2005 and for each of the three years in the
period ended December 31, 2006 (the "AXA Equitable Financial Statements"). The
AXA Equitable Financial Statements are included in the Annual Report and
incorporated by reference into this prospectus in reliance on the report of
PricewaterhouseCoopers LLP, an independent registered public accounting firm.
The AXA Equitable Financial Statements are also included in the Annual Report
and incorporated by reference into this prospectus in reliance on the reports
of KPMG LLP, an independent registered public accounting firm, on (i) the
consolidated financial statements of AllianceBernstein L.P. as of December 31,
2005 and for each of the years in the two-year period ended December 31, 2005,
and the December 31, 2005 financial statement schedule, and (ii) the financial
statements of AllianceBernstein Holding L.P. (together "AllianceBernstein",
formerly "Alliance") as of December 31, 2005 and for each of the years in the
two-year period ended December 31, 2005. The reports are given on the authority
of said firms as experts in auditing and accounting.
KPMG LLP was AllianceBernstein's independent registered public accounting firm
as of December 31, 2005 and for each of the years in the two-year period ended
December 31, 2005. On March 8, 2006, KPMG LLP was terminated, and
PricewaterhouseCoopers LLP was appointed as AllianceBernstein's independent
registered public accounting firm, as disclosed on AXA Equitable's Report on
Form 8-K filed on March 13, 2006. AllianceBernstein Corporation, an indirect
wholly owned subsidiary of AXA Equitable, is the general partner of both
AllianceBernstein L.P. and AllianceBernstein Holding L.P.
Any statement contained in a document that is or becomes part of this
prospectus, will be considered changed or replaced for purposes of this
prospectus if a statement contained in this prospectus changes or is replaced.
Any statement that is considered to be a part of this prospectus because of its
incorporation, will be considered changed or replaced for the purpose of this
prospectus if a statement contained in any other subsequently filed document
that is considered to be part of this prospectus changes or replaces that
statement. After that, only the statement that is changed or replaced will be
considered to be part of this prospectus.
We file our Exchange Act documents and reports, including our annual report on
Form 10-K and quarterly reports on Form 10-Q, electronically according to EDGAR
under CIK No. 0000727920. The SEC maintains a website that contains reports,
proxy and information statements and other information regarding registrants
that file electronically with the SEC. The address of the site is www.sec.gov.
Upon written or oral request, we will provide, free of charge, to each person
to whom this prospectus is delivered a copy of any or all of the documents
considered to be part of this prospectus because they are incorporated herein.
This does not include exhibits not specifically incorporated by reference into
the text of such documents. Requests for documents should be directed to AXA
Equitable Life Insurance Company, 1290 Avenue of the Americas, New York, New
York 10104. Attention: Corporate Secretary (telephone: (212) 554-1234).
78 Incorporation of certain documents by reference
Appendix I: Original contracts
- --------------------------------------------------------------------------------
Original Contracts are EQUI-VEST(SM) contracts under which the contract owner
has not elected to add any additional variable investment options when they
first became available.
SELECTING YOUR INVESTMENT METHOD. If you own an original contract, only the
guaranteed interest option and the EQ/Money Market, AXA Moderate Allocation,
EQ/Alliance Common Stock and Multimanager Aggressive Equity* options are
available. In most cases, you may request that we add additional variable
investment options to your original contract. We reserve the right to deny your
request.
TRANSFERRING YOUR ACCOUNT VALUE. If you own an original contract, including
original contract owners who elect to amend their contract by selecting maximum
transfer flexibility, the EQ/Money Market option is always available. However,
we will not permit transfers into the EQ/Money Market option from any other
investment option. There will not be any other transfer limitations under your
original contract.
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and benefits" earlier in this prospectus for the
investment option's former name.
Appendix I: Original contracts I-1
Appendix II: Condensed financial information
- --------------------------------------------------------------------------------
The following tables show the accumulation unit values and the number of
outstanding units for each variable investment option under each contract
series at the last business day of the periods shown. The unit values and
number of units outstanding are for contracts offered under Separate Account A
with the same daily asset charge. The information presented is shown for the
past ten years, or from the first year the particular contracts were offered,
if less than ten years ago.
SERIES 100 AND 200
CONTRACTS UNIT VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH
VARIABLE INVESTMENT OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME
ON OR AFTER DECEMBER 31, 2006 (DAILY ASSET CHARGE OF 1.34% OR 1.40%, DEPENDING
UPON INVESTMENT OPTION).
- ----------------------------------------------------------------------------------------------------------
For the years ending December 31
1997 1998 1999 2000 2001
- ----------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value $ 38.66 $ 45.07 $ 52.39 $ 51.10 $ 49.61
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 26,036 24,361 22,434 20,413 19,822
- ----------------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- ----------------------------------------------------------------------------------------------------------
Unit value $ 90.75 $ 89.92 $ 105.59 $ 90.70 $ 67.13
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 28,030 25,634 20,946 18,138 16,058
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- ----------------------------------------------------------------------------------------------------------
Unit value $ 160.74 $ 150.42 $ 143.43 $ 129.28 $ 128.74
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 831 1,164 998 800 770
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
For the years ending December 31
- ----------------------------------------------------------------------------------------------------------
2002 2003 2004 2005 2006
- ----------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- $ 109.15 $ 120.39 $ 128.35 $ 149.30
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 8 50 122 364
- ----------------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- $ 102.15 $ 106.86 $ 108.01 $ 113.87
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 6 36 59 55
- ----------------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- $ 104.14 $ 110.71 $ 112.78 $ 121.01
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 5 44 112 222
- ----------------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value $ 42.91 $ 50.77 $ 55.12 $ 57.47 $ 63.00
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 23,382 21,629 20,412 19,656 18,359
- ----------------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- $ 107.96 $ 118.97 $ 125.20 $ 141.45
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 18 185 491 1,337
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- ----------------------------------------------------------------------------------------------------------
Unit value $ 47.48 $ 64.75 $ 72.04 $ 77.39 $ 80.76
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 13,832 12,726 11,587 10,645 9,159
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- ----------------------------------------------------------------------------------------------------------
Unit value $ 106.73 $ 109.24 $ 111.97 $ 112.40 $ 115.08
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 264 311 348 375 370
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- ----------------------------------------------------------------------------------------------------------
Unit value $ 78.98 $ 99.85 $ 110.46 $ 116.57 $ 120.91
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 101 182 238 274 291
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- ----------------------------------------------------------------------------------------------------------
Unit value $ 123.58 $ 149.82 $ 161.02 $ 164.14 $ 178.48
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 696 769 761 768 737
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- ----------------------------------------------------------------------------------------------------------
Unit value $ 78.07 $ 103.47 $ 120.36 $ 137.09 $ 169.50
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 82 150 268 321 430
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- ----------------------------------------------------------------------------------------------------------
Unit value $ 76.43 $ 96.62 $ 104.55 $ 110.09 $ 123.37
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 91 122 129 128 120
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- ----------------------------------------------------------------------------------------------------------
Unit value $ 67.87 $ 87.47 $ 92.04 $ 97.62 $ 96.42
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 138 219 256 267 257
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- ----------------------------------------------------------------------------------------------------------
Unit value $ 79.08 $ 102.28 $ 115.47 $ 122.01 $ 143.64
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 127 163 203 263 308
- ----------------------------------------------------------------------------------------------------------
II-1 Appendix II: Condensed financial information
SERIES 100 AND 200
CONTRACTS UNIT VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH
VARIABLE INVESTMENT OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME
ON OR AFTER DECEMBER 31, 2006 (DAILY ASSET CHARGE OF 1.34% OR 1.40%, DEPENDING
UPON INVESTMENT OPTION). (CONTINUED)
- ----------------------------------------------------------------------------------------------------------
For the years ending December 31
- ----------------------------------------------------------------------------------------------------------
1997 1998 1999 2000 2001
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- ----------------------------------------------------------------------------------------------------------
Unit value $ 253.68 $ 323.75 $ 399.74 $ 339.28 $ 299.82
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 17,386 17,231 16,705 15,685 14,197
- ----------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- ----------------------------------------------------------------------------------------------------------
Unit value $ 179.30 $ 213.81 $ 250.31 $ 269.09 $ 262.05
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,800 2,475 3,095 3,352 3,789
- ----------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate Government Securities
- ----------------------------------------------------------------------------------------------------------
Unit value $ 118.98 $ 126.48 $ 124.96 $ 134.60 $ 143.62
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 202 314 360 309 587
- ----------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- ----------------------------------------------------------------------------------------------------------
Unit value $ 107.92 $ 117.72 $ 160.04 $ 121.54 $ 92.48
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 968 971 926 1,028 945
- ----------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 116.36 $ 93.70 $ 70.28
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 887 2,596 2,788
- ----------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- ----------------------------------------------------------------------------------------------------------
Unit value $ 121.30 $ 130.07 $ 125.76 $ 138.33 $ 147.79
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 283 557 622 566 899
- ----------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- ----------------------------------------------------------------------------------------------------------
Unit value $ 125.55 $ 118.57 $ 149.64 $ 168.29 $ 144.40
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 488 1,101 976 1,895 1,988
- ----------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- ----------------------------------------------------------------------------------------------------------
Unit Value -- -- -- -- $ 94.39
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1,544
- ----------------------------------------------------------------------------------------------------------
EQ/Ariel Appreciation II
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 107.58 $ 103.06 $ 86.73
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 4 15 33
- ----------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
For the years ending December 31
2002 2003 2004 2005 2006
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 62.00 $ 85.78 $ 94.55 $ 101.11 $ 109.36
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 211 417 530 556 547
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 73.70 $ 102.24 $ 116.19 $ 123.06 $ 139.29
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 214 334 425 390 391
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 56.63 $ 88.08 $ 91.24 $ 100.16 $ 106.03
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 53 211 989 901 838
- ----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 197.84 $ 292.96 $ 330.99 $ 341.80 $ 374.77
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 11,899 11,092 10,291 9,393 8,175
- ----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 204.07 $ 263.25 $ 292.64 $ 305.38 $ 358.06
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3,455 3,264 3,133 3,020 2,752
- ----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate Government Securities
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 154.25 $ 155.83 $ 157.11 $ 157.33 $ 160.48
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 915 788 674 613 532
- ----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 82.20 $ 109.83 $ 128.38 $ 146.39 $ 178.84
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 5,013 4,603 4,372 4,333 4,232
- ----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 47.74 $ 58.02 $ 62.04 $ 70.34 $ 69.04
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2,376 2,212 1,966 1,822 1,671
- ----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 157.39 $ 161.18 $ 165.40 $ 166.86 $ 171.37
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 950 827 737 726 670
- ----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 99.61 $ 138.85 $ 156.54 $ 172.65 $ 186.13
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,955 1,959 1,885 1,791 1,655
- ----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- ----------------------------------------------------------------------------------------------------------------------
Unit Value $ 80.42 $ 102.15 $ 114.33 $ 118.93 $ 142.44
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,981 2,115 2,287 2,451 2,714
- ----------------------------------------------------------------------------------------------------------------------
EQ/Ariel Appreciation II
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 103.63 $ 113.65
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 4 12
- ----------------------------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- $ 99.46 $ 101.69 $ 107.86 $ 107.96
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 3 12 54 57
- ----------------------------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 106.97 $ 112.04 $ 128.19
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 33 232 292
- ----------------------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 62.93 $ 79.44 $ 81.19 $ 87.10 $ 90.43
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 57 89 118 143 167
- ----------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 53.85 $ 65.86 $ 68.57 $ 71.11 $ 75.35
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 19 39 47 67 101
- ----------------------------------------------------------------------------------------------------------------------
Appendix II: Condensed financial information II-2
SERIES 100 AND 200 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE
INVESTMENT OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR
AFTER DECEMBER 31, 2006 (DAILY ASSET CHARGE OF 1.34% OR 1.40%, DEPENDING UPON
INVESTMENT OPTION). (CONTINUED)
- -------------------------------------------------------------------------------------------------------------------------
For the years ending December 31
- -------------------------------------------------------------------------------------------------------------------------
1997 1998 1999 2000 2001
- -------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- -------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- -------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 106.78 $ 111.59 $ 107.86
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 8 44 95
- -------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- -------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 101.64 $ 103.88 $ 100.43
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 13 34 96
- -------------------------------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- -------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- -------------------------------------------------------------------------------------------------------------------------
Unit value $ 214.66 $ 271.24 $ 322.15 $ 287.40 $ 249.66
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2,686 3,805 4,579 4,346 4,083
- -------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- -------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- -------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 106.57 $ 92.84 $ 76.01
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 5 18 33
- -------------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- -------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 99.98 $ 85.41
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 86 420
- -------------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- -------------------------------------------------------------------------------------------------------------------------
Unit value $ 118.06 $ 104.82 $ 105.28 $ 109.21 $ 112.05
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 577 859 721 628 1,238
- -------------------------------------------------------------------------------------------------------------------------
EQ/Franklin Income
- -------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- -------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- -------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- -------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
EQ/International Growth
- -------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- -------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 83.95 $ 63.80
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 165 464
- -------------------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- -------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
For the years ending December 31
- -------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 2005 2006
- -------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- -------------------------------------------------------------------------------------------------------------------------
Unit value $ 67.65 $ 88.51 $ 99.21 $ 114.65 $ 134.89
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 61 175 316 437 534
- ------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 80.17 $ 104.00 $ 113.80 $ 119.08 $ 131.65
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,211 1,179 1,112 1,015 923
- ------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 75.63 $ 101.77 $ 109.77 $ 114.76 $ 124.50
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 375 573 660 684 674
- ------------------------------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 103.98 $ 110.75
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 29 87
- ------------------------------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- -------------------------------------------------------------------------------------------------------------------------
Unit value $ 191.65 $ 242.29 $ 264.16 $ 272.79 $ 310.53
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3,648 3,539 3,393 3,219 2,920
- ------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- -------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 97.50 $ 99.48
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 4 46
- ------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- -------------------------------------------------------------------------------------------------------------------------
Unit value $ 56.98 $ 77.69 $ 82.05 $ 84.15 $ 87.90
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 55 125 206 204 185
- ------------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 68.70 $ 97.34 $ 111.43 $ 116.94 $ 128.68
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 738 1,109 1,384 1,577 1,735
- ------------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 94.29 $ 123.98 $ 144.14 $ 158.32 $ 175.70
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,835 1,967 2,096 2,279 2,273
- ------------------------------------------------------------------------------------------------------------------------
EQ/Franklin Income
- -------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 104.29
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 90
- ------------------------------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 108.22
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 8
- -------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 105.04 $ 116.29
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 15 39
- ------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 113.23 $ 116.54 $ 136.64
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 37 251 362
- ------------------------------------------------------------------------------------------------------------------------
EQ/International Growth
- -------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 115.00 $ 142.55
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 13 67
- -------------------------------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 43.86 $ 54.47 $ 60.27 $ 63.79 $ 63.69
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 590 701 750 814 813
- ------------------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 107.03 $ 109.16 $ 112.11 $ 113.06 $ 116.08
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 207 316 405 574 643
- ------------------------------------------------------------------------------------------------------------------------
II-3 Appendix II: Condensed financial information
SERIES 100 AND 200 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE
INVESTMENT OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR
AFTER DECEMBER 31, 2006 (DAILY ASSET CHARGE OF 1.34% OR 1.40%, DEPENDING UPON
INVESTMENT OPTION). (CONTINUED)
- ------------------------------------------------------------------------------------------------------------------------
For the years ending December 31 1997
- ------------------------------------------------------------------------------------------------------------------------
1997 1998 1999 2000 2001
EQ/JPMorgan Value Opportunities
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 115.17 $ 128.20 $ 124.26 $ 131.45 $ 120.85
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 250 581 648 521 532
- ------------------------------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
EQ/Long Term Bond
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
EQ/Marsico Focus
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 105.89
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 115.97 $ 127.97 $ 149.82 $ 165.28 $ 172.07
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 145 444 617 634 1,044
- ------------------------------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 121.34 $ 161.04 $ 275.93 $ 220.97 $ 143.76
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 256 1,090 2,427 3,720 3,422
- ------------------------------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 104.48 $ 102.37 $ 84.85
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 18 68 87
- ------------------------------------------------------------------------------------------------------------------------
EQ/Money Market
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 29.41 $ 30.55 $ 31.63 $ 33.15 $ 33.96
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 973 1,261 1,516 1,458 1,796
- ------------------------------------------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
EQ/Mutual Shares
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
For the years ending December 31
- ------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 2005 2006
- ------------------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 96.50 $ 120.74 $ 132.08 $ 135.43 $ 160.85
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 484 448 414 382 362
- ------------------------------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 106.40 $ 112.16
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 13 108
- ------------------------------------------------------------------------------------------------------------------------
EQ/Long Term Bond
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 99.99 $ 100.45
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 71 113
- ------------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 105.99 $ 122.57
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 11 75
- ------------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 105.62 $ 117.43
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 13 25
- ------------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 111.49 $ 123.96
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 67 23
- ------------------------------------------------------------------------------------------------------------------------
EQ/Marsico Focus
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 92.40 $ 119.55 $ 130.34 $ 142.37 $ 153.56
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 337 779 948 1,217 1,548
- ------------------------------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 141.48 $ 183.13 $ 199.77 $ 202.92 $ 242.07
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,282 1,316 1,355 1,330 1,272
- ------------------------------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 75.52 $ 95.40 $ 114.50 $ 125.21 $ 155.26
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 928 946 1,010 1,260 1,505
- ------------------------------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 93.15 $ 118.84 $ 132.05 $ 142.04 $ 151.04
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2,890 2,681 2,410 2,130 1,844
- ------------------------------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 66.13 $ 79.62 $ 87.51 $ 92.55 $ 103.13
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 118 161 140 132 116
- ------------------------------------------------------------------------------------------------------------------------
EQ/Money Market
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 34.00 $ 33.81 $ 33.69 $ 34.19 $ 35.33
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,816 1,322 1,193 1,383 2,018
- ------------------------------------------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 104.66 $ 108.84 $ 115.92
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 17 23
- ------------------------------------------------------------------------------------------------------------------------
EQ/Mutual Shares
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 107.10
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 32
- ------------------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 110.94
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 14
- ------------------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 110.99
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 9
- ------------------------------------------------------------------------------------------------------------------------
Appendix II: Condensed financial information II-4
SERIES 100 AND 200 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE
INVESTMENT OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR
AFTER DECEMBER 31, 2006 (DAILY ASSET CHARGE OF 1.34% OR 1.40%, DEPENDING UPON
INVESTMENT OPTION). (CONTINUED)
- --------------------------------------------------------------------------------------------------------------------
For the years ending December 31
- --------------------------------------------------------------------------------------------------------------------
1997 1998 1999 2000 2001
- --------------------------------------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
EQ/Short Duration Bond
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
EQ/Small Cap Value
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
EQ/Small Company Growth
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
EQ/Small Company Index
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
EQ/TCW Equity
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- --------------------------------------------------------------------------------------------------------------------
Unit value $ 79.41 $ 57.18 $ 110.43 $ 65.32 $ 61.12
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 109 217 590 926 850
- --------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
Target 2015 Allocation
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
Target 2025 Allocation
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
Target 2035 Allocation
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
Target 2045 Allocation
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
For the years ending December 31
- --------------------------------------------------------------------------------------------------------------------
2002 2003 2004 2005 2006
- --------------------------------------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 99.35 $ 98.40
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 82 167
- --------------------------------------------------------------------------------------------------------------------
EQ/Short Duration Bond
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 99.80 $ 102.36
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 13 47
- --------------------------------------------------------------------------------------------------------------------
EQ/Small Cap Value
- --------------------------------------------------------------------------------------------------------------------
Unit value $ 112.38 $ 152.31 $ 175.98 $ 181.76 $ 208.22
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 239 434 617 739 794
- --------------------------------------------------------------------------------------------------------------------
EQ/Small Company Growth
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 114.58 $ 121.52 $ 132.13
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 3 80 216
- --------------------------------------------------------------------------------------------------------------------
EQ/Small Company Index
- --------------------------------------------------------------------------------------------------------------------
Unit value $ 81.53 $ 117.33 $ 136.22 $ 140.12 $ 162.73
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 72 260 446 537 672
- --------------------------------------------------------------------------------------------------------------------
EQ/TCW Equity
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 111.22 $ 114.11 $ 108.07
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 6 36 43
- --------------------------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 107.58
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 30
- --------------------------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 109.24 $ 117.48 $ 132.31
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 41 94
- --------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 104.29 $ 119.26
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 47 110
- --------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- --------------------------------------------------------------------------------------------------------------------
Unit value $ 56.74 $ 87.28 $ 106.51 $ 139.53 $ 188.68
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 895 949 1,084 1,420 1,693
- --------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 123.74 $ 133.39
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 32 93
- --------------------------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 119.05 $ 142.87
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 3 78
- --------------------------------------------------------------------------------------------------------------------
Target 2015 Allocation
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 108.32
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 11
- --------------------------------------------------------------------------------------------------------------------
Target 2025 Allocation
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 109.27
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 7
- --------------------------------------------------------------------------------------------------------------------
Target 2035 Allocation
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 110.16
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 4
- --------------------------------------------------------------------------------------------------------------------
Target 2045 Allocation
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 110.95
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 3
- --------------------------------------------------------------------------------------------------------------------
II-5 Appendix II: Condensed financial information
SERIES 100 AND 200 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE
INVESTMENT OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR
AFTER DECEMBER 31, 2006 (DAILY ASSET CHARGE OF 1.34% OR 1.40%, DEPENDING UPON
INVESTMENT OPTION). (CONTINUED)
- --------------------------------------------------------------------------------------------------------------------
For the years ending December 31
- --------------------------------------------------------------------------------------------------------------------
1997 1998 1999 2000 2001 2002 2003
- --------------------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- --------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- -- $ 106.81
- --------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- -- 18
- --------------------------------------------------------------------------------------------------------------------
For the years ending December 31
- -----------------------------------------------------------------------------------------------
2004 2005 2006
- -----------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- -----------------------------------------------------------------------------------------------
Unit value $ 143.40 $ 165.18 $ 224.36
- -----------------------------------------------------------------------------------------------
Number of units outstanding (000's) 288 435 601
- -----------------------------------------------------------------------------------------------
Appendix II: Condensed financial information II-6
SERIES 300 AND 400 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31,
2006 (DAILY ASSET CHARGE OF 1.34% OR 1.35% DEPENDING UPON THE INVESTMENT
OPTION).
- ----------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- ----------------------------------------------------------------------------------------------------------------------
1996 1997 1998 1999 2000
- ----------------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 119.26 $ 135.29 $ 157.63 $ 183.18 $ 178.32
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 548 655 752 854 846
- ----------------------------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 149.41 $ 163.33 $ 161.59 $ 189.44 $ 162.34
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2,468 3,226 3,342 2,980 2,607
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 137.53 $ 160.74 $ 150.42 $ 143.43 $ 129.28
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 444 831 1,164 998 800
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 155.42 $ 198.12 $ 252.88 $ 312.31 $ 264.88
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3,457 4,765 5,808 6,502 6,233
- ----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 143.37 $ 179.30 $ 213.81 $ 250.31 $ 269.09
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 975 1,800 2,475 3,095 3,352
- ----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate Government Securities
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 112.40 $ 118.98 $ 126.48 $ 124.96 $ 134.60
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 146 202 314 360 309
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- ----------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 2004 2005 2006
- ----------------------------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 109.15 $ 120.39 $ 128.35 $ 149.30
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 8 50 122 364
- ----------------------------------------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 102.15 $ 106.86 $ 108.01 $ 113.87
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 6 36 59 55
- ----------------------------------------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 104.14 $ 110.71 $ 112.78 $ 121.01
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 5 44 112 222
- ----------------------------------------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 172.66 $ 149.01 $ 175.55 $ 188.77 $ 195.64 $ 213.45
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,334 2,689 2,378 2,153 1,902 1,696
- ----------------------------------------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 107.96 $ 118.97 $ 125.20 $ 141.45
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 18 185 491 1,337
- ----------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 120.13 $ 84.51 $ 114.95 $ 127.42 $ 136.36 $ 141.76
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2,242 1,841 1,636 1,467 1,285 1,113
- ----------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 106.73 $ 109.24 $ 111.97 $ 112.40 $ 115.08
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 264 316 348 375 370
- ----------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 78.98 $ 99.85 $ 110.46 $ 116.57 $ 120.91
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 101 185 238 274 291
- ----------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 128.74 $ 123.58 $ 149.82 $ 161.02 $ 164.14 $ 178.48
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 770 696 798 761 768 737
- ----------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 78.07 $ 103.47 $ 120.36 $ 137.09 $ 169.50
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 82 152 268 321 430
- ----------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 76.43 $ 96.62 $ 104.55 $ 110.09 $ 123.37
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 91 123 129 128 120
- ----------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 67.87 $ 87.47 $ 92.04 $ 97.62 $ 96.42
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 138 221 256 267 257
- ----------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 79.08 $ 102.28 $ 115.47 $ 122.01 $ 143.64
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 127 165 203 263 308
- ----------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 62.00 $ 85.78 $ 94.55 $ 101.11 $ 109.36
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 211 421 530 556 547
- ----------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 73.70 $ 102.24 $ 116.19 $ 123.06 $ 139.29
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 214 337 425 390 391
- ----------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 56.63 $ 88.08 $ 91.24 $ 100.16 $ 106.03
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 53 212 989 901 838
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 233.80 $ 154.15 $ 227.99 $ 257.31 $ 265.43 $ 290.56
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 5,579 4,418 4,024 3,627 3,126 2,645
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 262.05 $ 204.07 $ 263.25 $ 292.64 $ 305.38 $ 358.06
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3,789 3,455 3,368 3,133 3,020 2,752
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate Government Securities
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 143.62 $ 154.25 $ 155.83 $ 157.11 $ 157.33 $ 160.48
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 587 915 818 674 613 532
- ----------------------------------------------------------------------------------------------------------------------------------
II-7 Appendix II: Condensed financial information
SERIES 300 AND 400 CONTRACTS (CONTINUED)
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31,
2006 (DAILY ASSET CHARGE OF 1.34% OR 1.35% DEPENDING UPON THE INVESTMENT
OPTION).
- -----------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- -----------------------------------------------------------------------------------------------------------------------
1996 1997 1998 1999 2000
- -----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- -----------------------------------------------------------------------------------------------------------------------
Unit value $ 112.83 $ 107.92 $ 117.72 $ 160.04 $ 121.54
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 763 968 971 926 1,028
- -----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 116.36 $ 93.70
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 887 2,596
- -----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- -----------------------------------------------------------------------------------------------------------------------
Unit value $ 112.65 $ 121.30 $ 130.07 $ 125.76 $ 138.33
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 196 283 557 622 566
- -----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- $ 125.55 $ 118.57 $ 149.64 $ 168.29
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 488 1,101 976 1,895
- -----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/Ariel Appreciation II
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 107.58 $ 103.06
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 4 15
- -----------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 106.78 $ 111.59
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 8 44
- -----------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 101.64 $ 103.88
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 13 34
- -----------------------------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- -----------------------------------------------------------------------------------------------------------------------
Unit value $ 164.12 $ 214.66 $ 271.24 $ 322.15 $ 287.40
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,486 2,686 3,805 4,579 4,346
- -----------------------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 106.57 $ 92.84
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 5 18
- -----------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 99.98
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 86
- -----------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- $ 118.06 $ 104.82 $ 105.28 $ 109.21
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 577 859 721 628
- -----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- ----------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 2004 2005 2006
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 92.48 $ 82.20 $ 109.83 $ 128.38 $ 146.39 $ 178.84
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 945 5,013 4,796 4,372 4,333 4,232
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 70.28 $ 47.74 $ 58.02 $ 62.04 $ 70.34 $ 69.04
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2,788 2,376 2,254 1,966 1,822 1,671
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 147.79 $ 157.39 $ 161.18 $ 165.40 $ 166.86 $ 171.37
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 899 950 851 737 726 670
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 144.40 $ 99.61 $ 138.85 $ 156.54 $ 172.65 $ 186.13
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,988 1,955 2,016 1,885 1,791 1,655
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 94.39 $ 80.42 $ 102.15 $ 114.33 $ 118.93 $ 142.44
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,544 1,981 2,153 2,287 2,451 2,714
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Ariel Appreciation II
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 103.63 $ 113.65
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 4 12
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 99.46 $ 101.69 $ 107.86 $ 107.96
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 3 12 54 57
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 106.97 $ 112.04 $ 128.19
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 33 232 292
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 86.73 $ 62.93 $ 79.44 $ 81.19 $ 87.10 $ 90.43
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 33 57 89 118 143 167
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 53.85 $ 65.86 $ 68.57 $ 71.11 $ 75.35
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 19 41 47 67 101
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 67.65 $ 88.51 $ 99.21 $ 114.65 $ 134.89
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 61 177 316 437 534
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 107.86 $ 80.17 $ 104.00 $ 113.80 $ 119.08 $ 131.65
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 95 1,211 1,200 1,112 1,015 923
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 100.43 $ 75.63 $ 101.77 $ 109.77 $ 114.76 $ 124.50
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 96 375 579 660 684 674
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 103.98 $ 110.75
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 29 87
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 249.66 $ 191.65 $ 242.29 $ 264.16 $ 272.79 $ 310.53
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 4,083 3,648 3,658 3,393 3,219 2,920
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 97.50 $ 99.48
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 4 46
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 76.01 $ 56.98 $ 77.69 $ 82.05 $ 84.15 $ 87.90
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 33 55 127 206 204 185
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 85.41 $ 68.70 $ 97.34 $ 111.43 $ 116.94 $ 128.68
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 420 738 1,117 1,384 1,577 1,735
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 112.05 $ 94.29 $ 123.98 $ 144.14 $ 158.32 $ 175.70
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,238 1,835 2,002 2,096 2,279 2,273
- ----------------------------------------------------------------------------------------------------------------------------------
Appendix II: Condensed financial information II-8
SERIES 300 AND 400 CONTRACTS (CONTINUED)
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31,
2006 (DAILY ASSET CHARGE OF 1.34% OR 1.35% DEPENDING UPON THE INVESTMENT
OPTION).
- ----------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- ----------------------------------------------------------------------------------------------------------------------------------
1996 1997 1998 1999 2000
EQ/Franklin Income
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/International Growth
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 83.95
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 165
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 115.17 $ 128.20 $ 124.76 $ 131.45
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 250 581 648 521
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Long Term Bond
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Marsico Focus
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 115.97 $ 127.67 $ 149.82 $ 165.28
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 145 444 617 634
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 121.34 $ 161.04 $ 275.93 $ 220.97
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 256 1,090 2,427 3,720
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 104.48 $ 102.37
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 18 68
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Money Market
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 111.21 $ 115.66 $ 120.19 $ 124.47 $ 130.47
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 165 146 262 360 297
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- ----------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 2004 2005 2006
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Franklin Income
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- $ 104.29
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- 90
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- $ 108.22
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- 8
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 105.04 $ 116.29
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 15 39
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 113.23 $ 116.54 $ 136.64
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 37 251 362
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/International Growth
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 115.00 $ 142.55
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 13 67
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 63.80 $ 43.86 $ 54.47 $ 60.27 $ 63.79 $ 63.69
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 464 581 710 750 814 813
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 107.03 $ 109.16 $ 112.11 $ 113.06 $ 116.08
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 207 318 405 574 643
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 120.85 $ 96.50 $ 120.74 $ 132.08 $ 135.43 $ 160.85
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 532 484 454 414 382 362
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 106.40 $ 112.16
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 13 108
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Long Term Bond
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 99.99 $ 100.45
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 71 113
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 105.99 $ 122.57
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 11 75
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 105.62 $ 117.43
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 13 25
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 111.49 $ 123.96
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 67 23
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Marsico Focus
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 105.89 $ 92.41 $ 119.55 $ 130.34 $ 142.37 $ 153.56
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 337 790 948 1,217 1,548
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 172.07 $ 141.48 $ 183.13 $ 199.77 $ 202.92 $ 242.07
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1,044 1,282 1,337 1,355 1,330 1,272
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 75.52 $ 95.40 $ 114.50 $ 125.21 $ 155.26
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 928 970 1,010 1,260 1,505
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 143.76 $ 93.15 $ 118.84 $ 132.05 $ 142.04 $ 151.04
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3,422 2,890 2,741 2,410 2,130 1,844
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 84.85 $ 66.13 $ 79.62 $ 87.51 $ 92.55 $ 103.13
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 87 118 162 140 132 116
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Money Market
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value $ 133.66 $ 133.83 $ 133.10 $ 132.67 $ 135.29 $ 139.78
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 395 342 231 186 63 56
- ----------------------------------------------------------------------------------------------------------------------------------
II-9 Appendix II: Condensed financial information
SERIES 300 AND 400 CONTRACTS (CONTINUED)
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31,
2006 (DAILY ASSET CHARGE OF 1.34% OR 1.35% DEPENDING UPON THE INVESTMENT
OPTION).
- ----------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- ----------------------------------------------------------------------------------------------------------------------------------
1996 1997 1998 1999 2000 2001
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Mutual Shares
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Short Duration Bond
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Small Cap Value
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
EQ/Small Company Growth
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Small Company Index
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/TCW Equity
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 79.41 $ 57.18 $ 110.43 $ 65.32 $ 61.12
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 109 217 590 926 850
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Target 2015 Allocation
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Target 2025 Allocation
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Target 2035 Allocation
- ----------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- ------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 2005 2006
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 104.66 $ 108.84 $ 115.92
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 17 23
- ------------------------------------------------------------------------------------------------------------------------
EQ/Mutual Shares
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 107.10
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 32
- ------------------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 110.94
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 14
- ------------------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 110.99
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 9
- ------------------------------------------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 99.35 $ 98.40
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 82 167
- ------------------------------------------------------------------------------------------------------------------------
EQ/Short Duration Bond
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 99.80 $ 102.36
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 13 47
- ------------------------------------------------------------------------------------------------------------------------
EQ/Small Cap Value
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 112.38 $ 152.31 $ 175.98 $ 181.76 $ 208.22
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 239 445 617 739 794
- ------------------------------------------------------------------------------------------------------------------------
EQ/Small Company Growth
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 114.58 $ 121.52 $ 132.13
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 3 80 216
- ------------------------------------------------------------------------------------------------------------------------
EQ/Small Company Index
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 81.53 $ 117.33 $ 136.22 $ 140.12 $ 162.73
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 72 261 446 537 672
- ------------------------------------------------------------------------------------------------------------------------
EQ/TCW Equity
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 111.22 $ 114.11 $ 108.07
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 6 36 43
- ------------------------------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 107.58
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 30
- ------------------------------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 109.24 $ 117.48 $ 132.31
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 41 92
- ------------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 104.29 $ 119.26
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 47 110
- ------------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 56.74 $ 87.28 $ 106.51 $ 139.53 $ 188.68
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 895 971 1,084 1,420 1,693
- ------------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 123.74 $ 133.39
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 32 93
- ------------------------------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 119.05 $ 142.87
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 3 78
- ------------------------------------------------------------------------------------------------------------------------
Target 2015 Allocation
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 108.32
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 11
- ------------------------------------------------------------------------------------------------------------------------
Target 2025 Allocation
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 109.27
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 7
- ------------------------------------------------------------------------------------------------------------------------
Target 2035 Allocation
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 110.16
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 4
- ------------------------------------------------------------------------------------------------------------------------
Appendix II: Condensed financial information II-10
SERIES 300 AND 400 CONTRACTS (CONTINUED)
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31,
2006 (DAILY ASSET CHARGE OF 1.34% OR 1.35% DEPENDING UPON THE INVESTMENT
OPTION).
- --------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
----------------------------------------------------------------
1996 1997 1998 1999 2000 2001 2002 2003
- --------------------------------------------------------------------------------------------------------------------------
Target 2045 Allocation
- --------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- --------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- -- -- $ 106.81
- --------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- -- -- 18
- --------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- --------------------------------------------------------------------------------------------------------------------------
2004 2005 2006
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Target 2045 Allocation
- --------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 110.95
- --------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 3
- --------------------------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- --------------------------------------------------------------------------------------------------------------------------
Unit value $ 143.40 $ 165.18 $ 224.36
- --------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 288 435 601
- --------------------------------------------------------------------------------------------------------------------------
II-11 Appendix II: Condensed financial information
Appendix III: Market value adjustment example
- --------------------------------------------------------------------------------
The example below shows how the market value adjustment would be determined and
how it would be applied to a withdrawal, assuming that $100,000 was allocated
on June 15, 2007 to a fixed maturity option with a maturity date of June 15,
2015 (eight years later) at a hypothetical rate to maturity of 7.00% (h),
resulting in a maturity value of $171,882 on the maturity date. We further
assume that a withdrawal of $50,000 is made four years later, on June 15,
2011.(a)
- -------------------------------------------------------------------------------------
Hypothetical assumed
rate to maturity(j)
on June 15, 2011
- -------------------------------------------------------------------------------------
5% 9%
- -------------------------------------------------------------------------------------
As of June 15, 2011 before withdrawal
- -------------------------------------------------------------------------------------
(1) market adjusted amount(b) $141,389 $121,737
- -------------------------------------------------------------------------------------
(2) fixed maturity amount(c) $131,104 $131,104
- -------------------------------------------------------------------------------------
(3) market value adjustment: (1) - (2) $ 10,285 $ (9,367)
- -------------------------------------------------------------------------------------
On June 15, 2011 after $50,000 withdrawal
- -------------------------------------------------------------------------------------
(4) portion of market value adjustment associated with the withdrawal:
- -------------------------------------------------------------------------------------
(3) x [$50,000/(1)] $ 3,637 $ (3,847)
- -------------------------------------------------------------------------------------
(5) portion of fixed maturity associated with the withdrawal:
- -------------------------------------------------------------------------------------
$50,000 - (4) $ 46,363 $ 53,847
- -------------------------------------------------------------------------------------
(6) market adjusted amount (1) - $50,000 $ 91,389 $ 71,737
- -------------------------------------------------------------------------------------
(7) fixed maturity amount: (2) - (5) $ 84,741 $ 77,257
- -------------------------------------------------------------------------------------
(8) maturity value (d) $111,099 $101,287
- -------------------------------------------------------------------------------------
You should note that in this example, if a withdrawal is made when rates have
increased from 7.00% to 9.00% (right column), a portion of a negative market
value adjustment is realized. On the other hand, if a withdrawal is made when
rates have decreased from 7.00% to 5.00% (left column), a portion of a positive
market value adjustment is realized.
* In Oregon, seven is the maximum maturity year.
Notes:
(a) Number of days from the withdrawal date to the maturity date = D = 1,461
(b) Market adjusted amount is based on the
following calculation:
Maturity value $ 171,882
---------------- = ----------------- where j is either 5% or 9%
(1+j)((D/365) (1+j)((1,461/365)
(c) Fixed maturity amount is based on the following calculation:
Maturity value $ 171,882
---------------- = --------------------
(1+h)((D/365) (1+0.07)((1,461/365)
(d) Maturity value is based on the
following calculation:
Fixed maturity amount $84,741 or $77,257
--------------------- = ------------------
(1+h)((D/365) (1+0.07)((1,461/365)
Appendix III: Market value adjustment example III-1
Appendix IV: State contract availability and/or variations of certain features
and benefits
- --------------------------------------------------------------------------------
STATES WHERE CERTAIN EQUI-VEST(SM) EMPLOYER-SPONSORED RETIREMENT PROGRAMS
FEATURES AND/OR BENEFITS ARE NOT AVAILABLE OR HAVE CERTAIN VARIATIONS TO
FEATURES AND/OR BENEFITS:
- -----------------------------------------------------------------------------------------------------------------------
Contract type/Series/
State Features and benefits Effective Date Availability or variation
- -----------------------------------------------------------------------------------------------------------------------
Connecticut See "Withdrawal charge" in "Fees The changes apply to contracts The withdrawal charge
and charges" under "EQUI-VEST(SM) issued on or after the dates indi- percentage that applies
at a glance -- key features;" and cated for the contract types depends on the contract
in "Charges under the contract" indicated as follows: year in which the
under "Charges and expenses" EDC -- June 20, 2003 withdrawal
TSA, and Annuitant owned HR-10 is made, according to the
contract series 200 -- June 14, following table:
2004
Contract Year(s) Charge
1 through 5 6%*
6 5
7 4
8 3
9 2
10 1
11 and later 0
*This percentage may be
reduced at older ages for
certain contract
series. Your financial
professional can provide
further details about
the contract series you
own.
SIMPLE IRA contract series 400 -- The amount of the
March 3, 2004 withdrawal charge we deduct
SEP and SARSEP contract series is
300 and Trusteed contracts series equal to 6% of
200 -- June 14, 2004 contributions withdrawn
that exceed
the 10% free withdrawal
amount, that were made in
the current and four prior
contract years and 5% of
contributions withdrawn
that were made in the con-
tract year immediately
preceding the four prior
contract years.
- -----------------------------------------------------------------------------------------------------------------------
Massachu- See "Disability, terminal illness or The change applies to SEP, SARSEP The disability, terminal
setts confinement to nursing home" in IRA series 300, SIMPLE IRA series illness or confinement to a
"Charges under the contracts" 400 contracts issued on or after nursing home withdrawal
under "Charges and expenses" November 27, 2006. charge waiver is not avail-
able.
- ------------------------------------------------------------------------------------------------------------------------------------
New York See "Selecting an annuity payout In the second to last money"
option" in "Your annuity payout paragraph in this section, the
option" under "Accessing your second line in the paragraph "(1)
money" the amount applied to purchase
the annuity;" is deleted in its
entirety and replaced with the
following:
(1) The amount applied to
provide the annuity will
be: (a) the account value
for any life annuity form
or (b) the cash value for
any period certain annu-
ity form except that, if
the period certain is more
than five years, the amount
applied will be no less
than 95% of the account
value.
- -----------------------------------------------------------------------------------------------------------------------
Pennsylvania See "Loans under TSA, governmen- EDC 457 Contracts Taking a loan in excess of
tal employer EDC and Corporate the Internal Revenue Code
Trusteed contracts" in "Accessing limits may result in
your money" adverse tax consequences.
Please consult your tax
adviser before taking a
loan that exceeds the
Internal Revenue Code limits.
- -----------------------------------------------------------------------------------------------------------------------
IV-1 Appendix IV: State contract availability and/or variations of certain
features and benefits
- -----------------------------------------------------------------------------------------------------------------------
Contract type/Series/
State Features and benefits Effective Date Availability or variation
- -----------------------------------------------------------------------------------------------------------------------
Texas See "Total Annual Expenses" in EQUI-VEST(SM) TSA contracts series Total Separate Account A
the "Fee Table" section under 200 issued on or after August 1, annual expenses and total
"Maximum total Separate Account 2002 annual expenses of the Trusts
A annual expenses" for series 200 when added together
are not permitted to exceed
2.75% (except for the
Multimanager Aggressive
Equity*, AXA Moderate
For TSA contract owners who are Allocation, EQ/Alliance Common
employees of public school districts Stock and EQ/Money
and open enrollment charter Market options which are not
schools (grades K-12) who are permitted to exceed
participants in the TSA plan, the 1.75%) unless the Teachers
providers of which are subject to Retirement System of
the 403(b) Certification Rules of Texas permits a higher rate.
the Teacher Retirement System of
the State of Texas, and who enroll Currently this expense
and contribute to the TSA con- limitation has the effect of
tracts through a salary reduction reducing the total expenses
agreement. applicable to options
funded by the Multimanager
Health Care*,
Multimanager International
Equity*, Multimanager
Mid Cap Growth*, Multimanager
Small/Mid Cap
Value*, Multimanager
Technology*, EQ/Van Kampen
Emerging Markets Equity, and
EQ/GAMCO Mergers
and Acquisitions portfolios.
See "Withdrawal Charge" in "Fees 6% of the amount withdrawn,
and charges" under "EQUI-VEST(SM) generally declining for
employer-sponsored programs at a the first through 12th
glance -- key features," and in contract years;
"Charges under the contract" in
"Charges and expenses." Contract year(s) Charge
1 6.00%
2 5.75%
3 5.50%
4 5.25%
5 5.00%
6 4.75%
7 4.50%
8 4.25%
9 4.00%
10 3.00%
11 1.00%
12 1.00%
13 and later 0.00%
The total of all withdrawal
charges may not exceed
8% of all contributions made
during a specified
period before the withdrawal
is made.
Unavailability of investment option Applies to all contracts regardless EQ/AXA Rosenberg Value
of the date of contract issue for Long/Short Equity invest-
contract owners who are employ- ment option is closed for all
ees of public school districts and new contributions and
open enrollment charter schools incoming transfers.
( K-12).
See the SAI for condensed finan-
cial Information.
- -----------------------------------------------------------------------------------------------------------------------
Utah See "Withdrawal charge" in "Fees The change applies to SIMPLE IRA The amount of the withdrawal
and charges" under "EQUI-VEST(SM) contract series 400 issued on or charge we deduct is
employer-sponsored retirement after November 27, 2006. equal to 6% of contributions
programs at a glance -- key fea- withdrawn that exceed
tures;" and "Withdrawal charge for the 10% free withdrawal
series 300 and 400 contracts" amount, that were made in
under "Charges and expenses" the current and four prior
contracts years and 5% of
contributions withdrawn that
were made in the con-
tract year immediately
preceding the four prior
contract years.
- -----------------------------------------------------------------------------------------------------------------------
- ----------
*This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and benefits" earlier in this prospectus for the investment
option's former name.
Appendix IV: State contract availability and/or variations of certain features
and benefits IV-2
- -------------------------------------------------------------------------------------------------------------------
Contract type/Series/
State Features and benefits Effective Date Availability or variation
- -------------------------------------------------------------------------------------------------------------------
Vermont See "Loans under TSA, governmen- Taking a loan in excess of
tal employer EDC and Corporate Internal Revenue Code lim- its
Trusteed contracts" in "Accessing may result in adverse tax
your money" consequences. Please consult
your tax adviser before taking
a loan that exceeds the
Internal Revenue Code limits.
- -------------------------------------------------------------------------------------------------------------------
Washington The changes apply to contracts
issued on or after August 13, 2001
Fixed Maturity Options All contract types and series Not available
See Annual administrative charge All contract types and series This charge is deducted pro
in "Fees and charges" under rata from the variable
"EQUI-VEST(SM) at a glance -- key investment options. If your
features" and in "Charges under account value is allocated
the contract" under "Charges and 100% to the guaranteed
expenses" interest option, the charge
will be waived.
See page 5 "Index of key words Trusteed contracts Not available
and phrases"
See "Withdrawal charge" in "Fees SIMPLE IRA contract series 400 In the case of terminations or
and charges" under "EQUI-VEST(SM) surrenders, we will pay
at a glance -- key features;" and you the greater of (i) the
in "Charges under the contract" cash value or (ii) the free
under "Charges and expenses" withdrawal amount plus 94% of
the remaining account value.
For issue ages 60 and older,
the per- centage is 95% of the
remaining account value in the
5th contract year and later;
and for issue ages under 60,
the percentage is 94.5% of the
remaining account value in the
6th contract year and later.
Withdrawal charge waiver For SIMPLE IRA, the withdrawal
charge is waived after five
contract years and the
annuitant is at least 59-1/2.
- -------------------------------------------------------------------------------------------------------------------
IV-3 Appendix IV: State contract availability and/or variations of certain
features and benefits
Statement of additional information
- --------------------------------------------------------------------------------
TABLE OF CONTENTS
Page
Who is AXA Equitable? 2
Calculation of annuity payments 2
Custodian and independent registered public accounting firm 2
Distribution of the contracts 3
Calculating unit values 3
Condensed financial information 4
Financial statements 56
How to Obtain an EQUI-VEST(SM) Statement of Additional Information for Separate
Account A
Call 1 (800) 628-6673 or send this request form to:
EQUI-VEST(SM)
Employer Sponsored Programs
Processing Office
AXA Equitable
P.O. Box 4956
Syracuse, NY 13221-4956
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Please send me an EQUI-VEST(SM) Statement of Additional Information dated May 1,
2007 (Employer-Sponsored Retirement Programs)
- --------------------------------------------------------------------------------
Name
- --------------------------------------------------------------------------------
Address
- --------------------------------------------------------------------------------
City State Zip
888-1297 (5/06)
X1503
AXA Equitable Life Insurance Company
SUPPLEMENT DATED MAY 1, 2007 TO THE MAY 1, 2007 PROSPECTUS FOR EQUI-VEST(SM)
SERIES 100-500, EQUI-VEST(SM) EMPLOYER-SPONSORED RETIREMENT PROGRAMS AND
EQUI-VEST(SM) STRATEGIES
- --------------------------------------------------------------------------------
This Supplement modifies certain information in each above-referenced
Prospectus, Supplements to the Prospectus and Statement of Additional
Information, dated May 1, 2007, as previously supplemented (the
"Prospectuses"). You should read this Supplement in conjunction with the
Prospectuses and retain it for future reference. Unless otherwise indicated,
all other information included in the Prospectuses remains unchanged. The terms
and section headings we use in this Supplement have the same meaning as in the
Prospectuses. We will send you another copy of any prospectus or supplement
without charge upon request. Please contact the customer service group
referenced in your prospectus.
The purpose of this supplement is to provide you with information regarding
certain Portfolio substitutions, name changes and sub-adviser changes. The
Portfolios discussed below are not available in all contracts. As applicable to
your contract, please note the following changes:
CHANGES TO PORTFOLIOS OF THE EQ ADVISORS TRUST
1. PORTFOLIO NAME AND ADVISER (AND SUB-ADVISER(S), AS APPLICABLE) CHANGES --
MAY 29, 2007
Effective on or about May 29, 2007, subject to regulatory approval, the
following Portfolio name changes as listed below will occur. Accordingly,
all references to their respective corresponding investment options in the
Prospectus are also changed.
- --------------------------------------------------------------------------------
Existing Portfolio Name New Portfolio Name
- --------------------------------------------------------------------------------
EQ/Capital Guardian International MarketPLUS International Core
- --------------------------------------------------------------------------------
EQ/FI Mid Cap Value MarketPLUS Mid Cap Value
- --------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies MarketPLUS Large Cap Growth
- --------------------------------------------------------------------------------
EQ/MFS Investors Trust MarketPLUS Large Cap Core
- --------------------------------------------------------------------------------
EQ/Small Cap Value Multimanager Small Cap Value+
- --------------------------------------------------------------------------------
EQ/Small Company Growth Multimanager Small Cap Growth+
- --------------------------------------------------------------------------------
+ These Portfolios will also be reorganized as Portfolios of the AXA Premier
VIP Trust ("VIP Trust"). AXA Equitable Life Insurance Company ("AXA
Equitable") in its capacity as Investment Manager of the VIP Trust will
manage the assets of both Portfolios.
In addition to the name changes shown in the table above, the following
changes to each portfolio's objective and Investment Manager and/or
Sub-Adviser(s) will also occur. The following is added under "Portfolios of
the Trusts" under "Contract features and benefits" for the New
Portfolios, replacing information shown for Existing Portfolios listed above:
- ------------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
MarketPLUS International Core Seeks to achieve long-term growth of capital. o AXA Equitable
o Mellon Equity Associates LLC
o Wentworth Hauser and Violich, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
MarketPLUS Large Cap Core Seeks long-term growth of capital with a secondary o AXA Equitable
objective to seek reasonable current income. For o Institutional Capital Corporation LLC
purposes of this Portfolio, the words "reasonable o Mellon Equity Associates LLC
current income" mean moderate income.
- ------------------------------------------------------------------------------------------------------------------------------------
MarketPLUS Large Cap Growth Seeks to provide long-term capital growth. o AXA Equitable
o Marsico Capital Management LLC
o Mellon Equity Associates LLC
- ------------------------------------------------------------------------------------------------------------------------------------
MarketPLUS Mid Cap Value Seeks long-term capital appreciation. o AXA Equitable
o Mellon Equity Associates LLC
o Wellington Management Company LLP
- ------------------------------------------------------------------------------------------------------------------------------------
x01646
- ------------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
Multimanager Small Cap Growth Long-term growth of capital. o Bear Stearns Asset Management Inc.
o Eagle Asset Management, Inc.
o Wells Capital Management Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Multimanager Small Cap Value Long-term growth of capital. o Franklin Advisory Services, LLC
o Lazard Asset Management LLC
- ------------------------------------------------------------------------------------------------------------------------------------
2. PORTFOLIO SUBSTITUTION -- JULY 9, 2007
Effective on or about July 9, 2007, subject to regulatory approval,
interests in the EQ/Van Kampen Real Estate investment option (the "surviving
option") will replace interests in the U.S. Real Estate -- Class II
investment option (the "replaced option"). The table below shows the
objective and the sub-adviser for the surviving option. We will move the
assets from the replaced option into the surviving option on the date of the
substitution. The value of your interest in the surviving option will be the
same as it was in the replaced option. We will also automatically direct any
contributions made to the replaced option to the surviving option. An
allocation election to the replaced option will be considered as an
allocation election to the surviving option. You may transfer your account
value among the investment options, as usual. However, we may impose
restrictions on transfers to prevent or limit disruptive transfer and other
"market timing" activities by contract owners or registered representatives
as more fully described in "Transferring your money among investment
options" under "Disruptive transfer activity." Any account value remaining
in the replaced option on the substitution date will be transferred to the
surviving option. For more information about this substitution and for
information on how to transfer your account value, please contact a customer
service representative referenced in your Prospectus.
- ------------------------------------------------------------------------------------------------------------------------------------
Investment Manager (or
Replaced (Current) Portfolio Surviving/New Portfolio Objective Sub-Adviser(s), as applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II+ EQ/Van Kampen Real Estate Seeks to provide above average Morgan Stanley Investment
current income and long-term Management, Inc.
capital appreciation.
- ------------------------------------------------------------------------------------------------------------------------------------
+ THIS INVESTMENT OPTION IS NOT AVAILABLE FOR EQUI-VEST(R) STRATEGIES
CONTRACTS.
3. PORTFOLIO SHARE CLASS CONVERSION
On or about August 6, 2007, certain contract owners who currently have the
EQ/AllianceBernstein Value variable investment option that invests in the
corresponding Class IB Portfolio, will have any account value allocated to
this option converted to a new variable investment option that invests in
the Portfolio's Class IA share class. Following the conversion, the variable
investment option that invests in the Class IB share class will no longer be
available under these contracts. We will send you a written confirmation
detailing the transaction. Please see the applicable Trust prospectus for
the Class IA share class for detailed information regarding the Portfolio's
operating expenses.
4. PORTFOLIO MERGERS -- JULY 9, 2007 AND AUGUST 20, 2007
Effective on or about July 9, 2007 and August 20, 2007, subject to regulatory
and shareholder approvals, interests in certain investment options (the
"surviving options") will replace interests in current investment options
(the "replaced options"), as listed in the table below. The table also shows
the objective and the sub-adviser(s), for each surviving option. We will move
the assets from each replaced option into the applicable surviving option on
the date of the scheduled merger. The value of your interest in each
surviving option will be the same as it was in the corresponding replaced
option. We will also automatically direct any contributions made to a
replaced option to the applicable surviving option. Any allocation election
to a replaced option will be considered as an allocation election to the
applicable surviving option. For more information about these Portfolio
mergers, please contact a customer service representative referenced in your
Prospectus.
The mergers of the EQ/Capital Guardian U.S. Equity, EQ/Janus Large Cap Growth
and EQ/Wells Fargo Montgomery Small Cap Portfolios will occur on or about
July 9, 2007. The merger of the EQ/AllianceBernstein Growth and Income
Portfolio will occur on or about August 20, 2007.
Also, T. Rowe Price Associates, Inc. will replace TCW Investment Management
Company as the Portfolio's sub-adviser and there will be a corresponding name
change of the Portfolio to EQ/T. Rowe Price Growth Stock Portfolio. The
expenses for the new EQ/T. Rowe Price Growth Stock Portfolio are shown in the
Fee Table below.
2
- --------------------------------------------------------------------------------
Replaced (Current) Portfolio Surviving/New Portfolio
- --------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and EQ/AllianceBernstein Value
Income
- --------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity EQ/Capital Guardian Research
- --------------------------------------------------------------------------------
EQ/Janus Large Cap Growth EQ/T. Rowe Price Growth Stock
- --------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Multimanager Small Cap Growth
Small Cap
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
Investment Manager (or
Replaced (Current) Portfolio Objective Sub-Adviser(s), as applicable)
- -------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Seeks capital appreciation. AllianceBernstein L.P.
Income
- -------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity Seeks to achieve long-term Capital Guardian Trust Company
growth of capital.
- -------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth Seeks to achieve long-term T. Rowe Price Associates, Inc.
capital appreciation.
- -------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Long-term growth of capital. o Bear Stearns Asset
Small Cap Management Inc.
o Eagle Asset Management, Inc.
o Wells Capital Management Inc.
- -------------------------------------------------------------------------------------------------
5. FEE TABLE
The following is added under "Portfolio operating expenses expressed as an
annual percentage of daily net assets", replacing the information shown for
the Existing and Replaced Portfolios listed above:
- ------------------------------------------------------------------------
Management 12b-1 Other
Portfolio Name Fees Fees Expenses*
- ------------------------------------------------------------------------
AXA Premier VIP Trust:
- ------------------------------------------------------------------------
Multimanager Small Cap Growth++ 1.05% 0.25% 0.23%
Multimanager Small Cap Value++ 1.03% 0.25% 0.18%
- ------------------------------------------------------------------------
EQ Advisors Trust:
- ------------------------------------------------------------------------
EQ/AllianceBernstein Value 0.58% -- 0.12%
EQ/T. Rowe Price Growth Stock++ 0.78% 0.25% 0.14%
EQ/Van Kampen Real Estate+* 0.90% 0.25% 0.13%
MarketPLUS International Core++ 0.60% 0.25% 0.24%
MarketPLUS Large Cap Core++ 0.50% 0.25% 0.23%
MarketPLUS Large Cap Growth++ 0.50% 0.25% 0.19%
MarketPLUS Mid Cap Value++ 0.55% 0.25% 0.18%
- ------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
Acquired Total Annual Fee Waivers Net Total
Fund Fees Expenses and/or Annual
and Expenses (Before Expense Expenses
(Underlying Expense Reimburse- (After Expense
Portfolio Name Portfolios) Limitations) ments Limitations)
- --------------------------------------------------------------------------------------------------
AXA Premier VIP Trust:
- --------------------------------------------------------------------------------------------------
Multimanager Small Cap Growth++ -- 1.53% 0.00% 1.53%
Multimanager Small Cap Value++ -- 1.46% 0.00% 1.46%
- --------------------------------------------------------------------------------------------------
EQ Advisors Trust:
- --------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value -- 0.70% 0.00% 0.70%
EQ/T. Rowe Price Growth Stock++ -- 1.17% (0.02)% 1.15%
EQ/Van Kampen Real Estate+* -- 1.28% (0.02)% 1.26%
MarketPLUS International Core++ 0.05% 1.14% 0.00% 1.14%
MarketPLUS Large Cap Core++ 0.02% 1.00% (0.03)% 0.97%
MarketPLUS Large Cap Growth++ 0.02% 0.96% 0.00% 0.96%
MarketPLUS Mid Cap Value++ 0.03% 1.01% 0.00% 1.01%
- --------------------------------------------------------------------------------------------------
+ THIS INVESTMENT OPTION IS NOT AVAILABLE FOR EQUI-VEST(R) STRATEGIES
CONTRACTS.
++ The expenses for this portfolio are based on the asset levels of its
predecessor portfolio for the last fiscal year, adjusted to reflect current
fees.
* This is a newly created portfolio of the EQ Advisors Trust. Therefore, the
fees and expenses presented in the table above are estimates for the current
fiscal period.
The following is added under "Example" replacing the information shown for the
Existing and Replaced Portfolios listed above:
- ------------------------------------------------------------------------------------------------------------
If you annuitize at the end of the
applicable time period and select
If you surrender your contract at a non-life contingent period
the end of the applicable time certain annuity option with less
period than ten years*
- ------------------------------------------------------------------------------------------------------------
1 3 5 10 1 3 5 10
- ------------------------------------------------------------------------------------------------------------
Portfolio Name year years years years year years years years
AXA PREMIER VIP TRUST:
- ------------------------------------------------------------------------------------------------------------
Multimanager Small Cap Growth $924 $1,706 $2,507 $3,987 N/A $1,706 $2,507 $3,987
Multimanager Small Cap Value $917 $1,685 $2,474 $3,923 N/A $1,685 $2,474 $3,923
- ------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------
If you do not surrender your
contract at the end of the
applicable time period
- -----------------------------------------------------------------------
1 3 5 10
Portfolio Name year years years years
- -----------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- -----------------------------------------------------------------------
Multimanager Small Cap Growth $377 $1,146 $1,933 $3,987
Multimanager Small Cap Value $370 $1,124 $1,898 $3,923
3
- ------------------------------------------------------------------------------------------------------------
If you annuitize at the end of the
applicable time period and select
If you surrender your contract at a non-life contingent period
the end of the applicable time certain annuity option with less
period than ten years*
- ------------------------------------------------------------------------------------------------------------
1 3 5 10 1 3 5 10
Portfolio Name year years years years year years years years
- ------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value $866 $1,537 $2,232 $3,438 N/A $1,537 $2,232 $3,438
EQ/T. Rowe Price Growth Stock $888 $1,601 $2,337 $3,650 N/A $1,601 $2,337 $3,650
EQ/Van Kampen Real Estate+ $899 $1,633 $2,389 $3,755 N/A $1,633 $2,389 $3,755
MarketPLUS International Core $885 $1,592 $2,323 $3,622 N/A $1,592 $2,323 $3,622
MarketPLUS Large Cap Core $872 $1,554 $2,261 $3,496 N/A $1,554 $2,261 $3,496
MarketPLUS Large Cap Growth $867 $1,540 $2,237 $3,448 N/A $1,540 $2,237 $3,448
MarketPLUS Mid Cap Value $871 $1,551 $2,256 $3,487 N/A $1,551 $2,256 $3,487
- -----------------------------------------------------------------------
If you do not surrender your
contract at the end of the
applicable time period
- -----------------------------------------------------------------------
1 3 5 10
Portfolio Name year years years years
- -----------------------------------------------------------------------
EQ ADVISORS TRUST:
- -----------------------------------------------------------------------
EQ/AllianceBernstein Value $316 $ 967 $1,641 $3,438
EQ/T. Rowe Price Growth Stock $339 $1,035 $1,752 $3,650
EQ/Van Kampen Real Estate+ $351 $1,069 $1,808 $3,755
MarketPLUS International Core $336 $1,025 $1,737 $3,622
MarketPLUS Large Cap Core $323 $ 985 $1,671 $3,496
MarketPLUS Large Cap Growth $317 $ 970 $1,646 $3,448
MarketPLUS Mid Cap Value $322 $ 982 $1,666 $3,487
- -----------------------------------------------------------------------
+ THIS INVESTMENT OPTION IS NOT AVAILABLE FOR EQUI-VEST(R) STRATEGIES
CONTRACTS.
* Depending on your product, if a non-life contingent period certain annuity
option of ten years or more is chosen, a withdrawal charge may still apply.
EQUI-VEST Series 100 and 200 and EQUI-VEST Employer Sponsored Retirement
Programs 100 and 200 contracts, under certain circumstances, may not have a
withdrawal charge when a non-life contingent period certain annuity of less
than ten years is chosen. Please see your Prospectus for more information on
when withdrawal charges do not apply.
AXA Equitable Life Insurance Company
1290 Avenue of the Americas
New York, NY 10104
212-554-1234
4
EQUI-VEST(SM) Employer-Sponsored Retirement Programs
X01509
SUPPLEMENT DATED MAY 1, 2007 TO THE EQUI-VEST(SM) EMPLOYER-SPONSORED RETIREMENT
PROGRAMS PROSPECTUS DATED MAY 1, 2007
EQUI-VEST(SM) VANTAGE(SM)
- --------------------------------------------------------------------------------
This Supplement adds to and modifies certain information contained in the
Prospectus dated May 1, 2007, for the EQUI-VEST(SM) Employer-Sponsored
Retirement Programs offered by AXA Equitable Life Insurance Company
("Prospectus").
We offer the EQUI-VEST(SM) Vantage(SM) contract to fund certain Section 403(b)
plans ("plans"). The EQUI-VEST(SM) Vantage(SM) contract is available to plans
that meet our requirements, which may include requirements regarding plan
vesting provisions. The EQUI-VEST(SM) Vantage(SM) contract may not currently be
available in every state. Your financial professional can provide information
about state availability.
EQUI-VEST(SM) Vantage(SM) is a group variable deferred annuity contract. Either
the plan trustee or the employer will be the EQUI-VEST(SM) Vantage(SM) contract
holder. Certain rights may be exercised by employees covered under an employer's
plan (the "participants"). These rights will be set forth in a participation
certificate provided to each participant. The 12-month period beginning on the
participant's participation date and each 12-month period thereafter is a
"participation year." The "participation date" is the date we receive a
participant's properly completed and signed enrollment form and any other
required documents at our processing office. "Contract date" is the date
following our acceptance of a properly completed and signed application (and
other required documents). The 12-month period beginning on a contract date and
each 12-month period after that is a "contract year." The end of each 12-month
period is the "contract anniversary." Terms and other provisions not defined or
modified in this Supplement are the same as in the Prospectus.(1)
The group annuity contract that covers the qualified 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 AXA
Advisors financial professional is acting as a broker-dealer registered
representative, and is not authorized to act as an investment advisor or to
manage the allocations under your contract. If your financial professional is a
registered representative with a broker-dealer other than AXA Advisors, you
should speak with him/her regarding any different arrangements that may apply.
We offer the EQUI-VEST(SM) Vantage(SM) contract to purchasers on the same basis
and under the same terms and conditions described in the Prospectus as those
that apply to EQUI-VEST(SM) Series 100 and 200 contracts, except for certain
material differences described in this Supplement. This Supplement should be
read together with the Prospectus. You should be aware that an annuity contract
that is a Tax Sheltered Annuity (TSA), such as the EQUI-VEST(SM) Vantage(SM),
does not provide tax deferral benefits beyond those already provided by the
Internal Revenue Code. Before participating in EQUI-VEST(SM) Vantage(SM) TSA,
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 this annuity with any other investment that you may use in
connection with your retirement plan or arrangement. (For more information, see
"Tax information," in the Prospectus).
----------
See "Tax information" in the Prospectus for a more detailed discussion of
sources of contributions, certain contribution limitations and other tax
information for TSA contracts.
We may at some future time, under certain conditions and subject to applicable
law, allow a current owner of an EQUI-VEST(SM) series 100, series 200, or series
600 TSA contract to exchange it for participation in an EQUI-VEST(SM)
Vantage(SM) contract. An exchange for participation in an EQUI-VEST(SM)
Vantage(SM) contract may or may not be advantageous, based on all of the
circumstances, including a comparison of contractual terms and conditions, and
charges and deductions. We will provide additional information upon request at
such time as exchanges may be permitted.
Material differences between EQUI-VEST(SM) Vantage(SM) and the provisions of the
EQUI-VEST(SM) series 100 and 200 contracts described in the Prospectus include
the information above as well as the following:
- ------------------------
1 This Supplement distinguishes between "contract" and "participation
certificate" as well as "contract holder" and "participant" when describing
the EQUI-VEST(SM) Vantage(SM) product. The Prospectus does not make these
distinctions and generally uses the terms "you" and "your" when referring to
the person who has the right or responsibility that the Prospectus is
discussing at that point, and to "contract" when referring to the
participation certificate or contract that includes the right being
discussed. In this supplement, unless otherwise stated, "you" and "your"
refers to the participant.
1. THE FOLLOWING PARAGRAPH IS ADDED TO "EQUI-VEST(SM) EMPLOYER-SPONSORED
PROGRAMS AT A GLANCE -- KEY FEATURES" UNDER "TAX ADVANTAGES" ON PAGE 10 OF
THE PROSPECTUS:
EQUI-VEST(SM) VANTAGE(SM)
TAX ADVANTAGES You should be aware that electing the optional
"enhanced death benefit" may have limited
usefulness due to the effect of Required Minimum
Distributions ("RMDs"). Your required withdrawals
reduce this benefit and may have the effect of
eliminating your ability to utilize the entire
benefit. You should consult with your tax adviser
and consider whether you can satisfy your RMD from
another similar qualified source prior to
purchasing this benefit.
2. THE FOLLOWING IS ADDED AS A NEW HEADING TO "EQUI-VEST(SM) EMPLOYER-SPONSORED
RETIREMENT PROGRAMS AT A GLANCE -- KEY FEATURES" BEFORE "PAYOUT OPTIONS" ON
PAGE 10 OF THE PROSPECTUS:
EQUI-VEST(SM) VANTAGE(SM)
DEATH BENEFIT PROTECTION The contract provides a death benefit for the
beneficiary should you die. The death benefit is
equal to your account value or the minimum death
benefit, whichever is higher. However, if you
elect the optional enhanced death benefit, the
death benefit is equal to your account value or
the enhanced death benefit, whichever is higher.
3. THE FOLLOWING IS ADDED TO "EQUI-VEST(SM) EMPLOYER-SPONSORED RETIREMENT
PROGRAMS AT A GLANCE -- KEY FEATURES" UNDER "FEES AND CHARGES" ON PAGE 11 OF
THE PROSPECTUS:
- ------------------------------------------------------------------------------------------------------
FEES AND CHARGES FOR
EQUI-VEST(SM) VANTAGE(SM) o Separate account charge deducted daily on
amounts invested in variable investment
options: Varies by employer group, annual rate
ranges between 0.50% -- 0.90%.
o Annual administrative charge: There is no
annual administrative charge.
o Charge for third-party transfer (such as in
the case of a direct transfer of the account
value to another 403(b) arrangement
("employer-designated funding vehicle") or a
transfer or direct rollover to another
contract or custodial arrangement that meets
the requirements of Section 403(b)(1) or
Section 403(b)(7) of the Internal Revenue Code
respectively or such other qualified plan or
arrangement as permitted by applicable law, or
a direct rollover to a traditional IRA
contract): $25 current ($65 maximum) per
occurrence per participant.
o No sales charge deducted at the time
contributions are made.
o Withdrawal charge: We deduct a charge of up to
6% of the amount withdrawn from your account
value for withdrawals made (or of the
defaulted loan amount, if applicable) in the
first five contract years or participation
years, depending upon the employer's group.
The total of all withdrawal charges may not
exceed 8% of all contributions attributable to
the participant in the first five contract or
participation years (as applicable) that are
permitted to be withdrawn.
o We deduct a charge designed to approximate
certain taxes that may be imposed on us, such
as premium taxes in your state. The charge is
generally deducted from the amount applied to
an annuity payout option.
o We deduct an annual charge equal to 0.15% of
the account value on each participation date
anniversary if you elect the optional enhanced
death benefit.
o We deduct an annuity administrative fee of
$350 from amounts applied to a Variable
Immediate Annuity payout option. This option
is described in a separate prospectus that is
available from your financial professional.
o Annual expenses of the Trusts' 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.
o For variations, including variations in fees
and charges for certain contract owners in the
State of Texas, please see Appendix II.
- ----------------------------------------------------------------------------------------------------
2
4. VARIABLE INVESTMENT OPTIONS
The Variable Investment Options for which information is provided in Section 5
below are available under the contract, subject to state regulatory approval and
availability under your employer's plan.
5. THE FOLLOWING TABLE AND EXAMPLE ARE ADDED BEFORE "CONDENSED FINANCIAL
INFORMATION" ON PAGE 26 OF THE PROSPECTUS:
FEE TABLE
The following tables describe the fees and expenses that you will pay when
buying, owning, and surrendering the EQUI-VEST(SM) VANTAGE(SM) certificate. Each
of the charges and expenses is more fully described in "Charges and expenses"
later in this Supplement.
The first table describes fees and expenses that you will pay at the time that
you make certain withdrawals, surrender your certificate, purchase a Variable
Immediate Annuity payout option or make certain transfers and rollovers.
Charges designed to approximate certain taxes that may be imposed on us, such
as premium taxes in your state, may also apply. Charges for certain features
shown in the fee table are mutually exclusive.
- --------------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your account value at the time you request certain transactions
- --------------------------------------------------------------------------------------------------------------------------------
Maximum withdrawal charge as a percentage of the amount withdrawn (deducted
when you surrender your certificate or make certain withdrawals) 6.00%
Charge if you elect a Variable Immediate Annuity payout option (which is described
in a separate prospectus for that option) $350
Charge for third-party transfer or direct rollover $65 maximum per participant for each
occurrence; currently $25 per participant
for each occurrence.
The next table describes the fees and expenses that you will pay periodically
during the time that you have your certificate, not including underlying trust
portfolio fees and expenses.
- --------------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your account value on each participation date anniversary
- --------------------------------------------------------------------------------------------------------------------------------
Maximum annual administrative charge $0
- --------------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your variable investment options expressed as an annual percentage of daily net assets
- --------------------------------------------------------------------------------------------------------------------------------
Separate Account annual expenses(1) 0.50% to 0.90% maximum
- --------------------------------------------------------------------------------------------------------------------------------
Charges we deduct from the account value each year if you elect the optional enhanced death benefit
- --------------------------------------------------------------------------------------------------------------------------------
Optional enhanced death benefit charge (as a percentage of your account value)
is deducted annually on each participation date anniversary 0.15%
- --------------------------------------------------------------------------------------------------------------------------------
You also bear your proportionate share of all fees and expenses paid by a
"portfolio" that corresponds to any variable investment option you are using.
This table shows the lowest and highest total operating expenses charged by any
of the portfolios that you will pay periodically during the time that you own
your certificate. 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 variable investment option. 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 2006 (expenses that are deducted Lowest Highest
from portfolio assets including management fees, 12b-1 fees, service fees, and/or ------ -------
other expenses)(2) 0.63% 11.36%
This table shows the fees and expenses for 2006 as an annual percentage of each
portfolio's daily average net assets.
- ------------------------------------------------------------------------------------------------------------------------------------
Acquired Total Fee Net Total
Fund Fees Annual Waivers Annual
and Expenses and/or Expenses
Expenses (Before Expense After
Management 12b-1 Other (Underlying Expense Reimburs- Expense
Portfolio Name Fees(3) Fees(4) expenses(5) Portfolios)(6) Limitations) ements(7) Limitation
- ------------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Trust:
- ------------------------------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation 0.10% 0.25% 0.18% 0.91% 1.44% (0.18)% 1.26%
AXA Conservative Allocation 0.10% 0.25% 0.22% 0.67% 1.24% (0.22)% 1.02%
AXA Conservative-Plus Allocation 0.10% 0.25% 0.18% 0.72% 1.25% (0.18)% 1.07%
AXA Moderate Allocation 0.10% 0.25% 0.17% 0.78% 1.30% (0.17)% 1.13%
AXA Moderate-Plus Allocation 0.10% 0.25% 0.17% 0.85% 1.37% (0.17)% 1.20%
Multimanager Aggressive Equity* 0.61% 0.25% 0.19% -- 1.05% -- 1.05%
Multimanager Core Bond* 0.59% 0.25% 0.18% -- 1.02% (0.07)% 0.95%
Multimanager Health Care* 1.20% 0.25% 0.23% -- 1.68% 0.00% 1.68%
Multimanager High Yield* 0.58% 0.25% 0.18% -- 1.01% -- 1.01%
Multimanager International Equity* 1.02% 0.25% 0.26% -- 1.53% 0.00% 1.53%
Multimanager Large Cap Core Equity* 0.90% 0.25% 0.20% -- 1.35% 0.00% 1.35%
Multimanager Large Cap Growth* 0.90% 0.25% 0.22% -- 1.37% (0.02)% 1.35%
Multimanager Large Cap Value* 0.88% 0.25% 0.22% -- 1.35% 0.00% 1.35%
Multimanager Mid Cap Growth* 1.10% 0.25% 0.20% 0.01% 1.56% 0.00% 1.56%
Multimanager Mid Cap Value* 1.10% 0.25% 0.21% 0.03% 1.59% 0.00% 1.59%
Multimanager Technology* 1.20% 0.25% 0.23% -- 1.68% 0.00% 1.68%
Target 2015 Allocation 0.10% 0.25% 7.88% 0.53% 8.76% (7.63)% 1.13%
Target 2025 Allocation 0.10% 0.25% 7.29% 0.52% 8.16% (7.04)% 1.12%
Target 2035 Allocation 0.10% 0.25% 9.56% 0.52% 10.43% (9.31)% 1.12%
Target 2045 Allocation 0.10% 0.25% 10.49% 0.52% 11.36% (10.24)% 1.12%
- ------------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust:
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock 0.47% 0.25% 0.13% -- 0.85% -- 0.85%
EQ/AllianceBernstein Growth and Income++ 0.56% 0.25% 0.12% -- 0.93% -- 0.93%
EQ/AllianceBernstein Intermediate Government 0.50% 0.25% 0.14% -- 0.89% -- 0.89%
Securities
EQ/AllianceBernstein International 0.71% 0.25% 0.20% -- 1.16% (0.06)% 1.10%
EQ/AllianceBernstein Large Cap Growth 0.90% 0.25% 0.11% -- 1.26% (0.21)% 1.05%
EQ/AllianceBernstein Quality Bond 0.50% 0.25% 0.14% -- 0.89% -- 0.89%
EQ/AllianceBernstein Small Cap Growth 0.74% 0.25% 0.13% -- 1.12% -- 1.12%
EQ/AllianceBernstein Value 0.60% 0.25% 0.13% -- 0.98% (0.03)% 0.95%
EQ/AXA Rosenberg Value Long/Short Equity 1.40% 0.25% 1.44% -- 3.09% (1.10)% 1.99%
EQ/BlackRock Basic Value Equity* 0.55% 0.25% 0.14% -- 0.94% 0.00% 0.94%
EQ/BlackRock International Value* 0.82% 0.25% 0.21% -- 1.28% (0.03)% 1.25%
EQ/Boston Advisors Equity Income 0.75% 0.25% 0.15% -- 1.15% (0.10)% 1.05%
EQ/Calvert Socially Responsible 0.65% 0.25% 0.25% -- 1.15% (0.10)% 1.05%
EQ/Capital Guardian Growth 0.65% 0.25% 0.16% -- 1.06% (0.11)% 0.95%
EQ/Capital Guardian International+ 0.83% 0.25% 0.21% -- 1.29% (0.09)% 1.20%
EQ/Capital Guardian Research 0.65% 0.25% 0.13% -- 1.03% (0.08)% 0.95%
EQ/Capital Guardian U.S. Equity++ 0.64% 0.25% 0.14% -- 1.03% (0.08)% 0.95%
EQ/Caywood-Scholl High Yield Bond 0.60% 0.25% 0.18% -- 1.03% (0.03)% 1.00%
EQ/Davis New York Venture** 0.85% 0.25% 0.74% -- 1.84% (0.54)% 1.30%
EQ/Equity 500 Index 0.25% 0.25% 0.13% -- 0.63% -- 0.63%
EQ/Evergreen International Bond 0.70% 0.25% 0.23% -- 1.18% (0.03)% 1.15%
EQ/Evergreen Omega 0.65% 0.25% 0.21% -- 1.11% 0.00% 1.11%
EQ/FI Mid Cap 0.68% 0.25% 0.15% -- 1.08% (0.08)% 1.00%
EQ/FI Mid Cap Value+ 0.73% 0.25% 0.13% -- 1.11% (0.01)% 1.10%
EQ/Franklin Income 0.90% 0.25% 0.38% -- 1.53% (0.23)% 1.30%
EQ/Franklin Small Cap Value 0.90% 0.25% 2.00% -- 3.15% (1.85)% 1.30%
EQ/Franklin Templeton Founding Strategy** 0.05% 0.25% 0.21% 1.07% 1.58% (0.11)% 1.47%
EQ/GAMCO Mergers and Acquisitions 0.90% 0.25% 0.33% -- 1.48% (0.03)% 1.45%
EQ/GAMCO Small Company Value 0.78% 0.25% 0.14% -- 1.17% 0.00% 1.17%
EQ/International Growth 0.85% 0.25% 0.35% -- 1.45% 0.00% 1.45%
EQ/Janus Large Cap Growth++ 0.90% 0.25% 0.15% -- 1.30% (0.15)% 1.15%
EQ/JPMorgan Core Bond 0.44% 0.25% 0.15% -- 0.84% 0.00% 0.84%
EQ/JPMorgan Value Opportunities 0.60% 0.25% 0.16% -- 1.01% (0.06)% 0.95%
EQ/Legg Mason Value Equity 0.65% 0.25% 0.22% -- 1.12% (0.12)% 1.00%
4
- ------------------------------------------------------------------------------------------------------------------------------------
Acquired Total Net Total
Fund Fees Annual Annual
and Expenses Expenses
Expenses (Before Fee Waivers After
Management 12b-1 Other (Underlying Expense and/or Expense Expense
Portfolio Name Fees(3) Fees(4) expenses(5) Portfolios)(6) Limitations) Reimbursements(7) Limitations
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/Long Term Bond 0.43% 0.25% 0.15% -- 0.83% 0.00% 0.83%
EQ/Lord Abbett Growth and Income 0.65% 0.25% 0.26% -- 1.16% (0.16)% 1.00%
EQ/Lord Abbett Large Cap Core 0.65% 0.25% 0.41% -- 1.31% (0.31)% 1.00%
EQ/Lord Abbett Mid Cap Value 0.70% 0.25% 0.18% -- 1.13% (0.08)% 1.05%
EQ/Marsico Focus 0.85% 0.25% 0.13% -- 1.23% (0.08)% 1.15%
EQ/MFS Emerging Growth Companies+ 0.65% 0.25% 0.15% -- 1.05% -- 1.05%
EQ/MFS Investors Trust+ 0.60% 0.25% 0.16% -- 1.01% (0.06)% 0.95%
EQ/Money Market 0.33% 0.25% 0.14% -- 0.72% -- 0.72%
EQ/Montag & Caldwell Growth 0.75% 0.25% 0.16% -- 1.16% (0.01)% 1.15%
EQ/Mutual Shares 0.90% 0.25% 0.50% -- 1.65% (0.35)% 1.30%
EQ/Oppenheimer Global 0.95% 0.25% 1.30% 0.01% 2.51% (1.15)% 1.36%
EQ/Oppenheimer Main Street Opportunity** 0.85% 0.25% 1.58% -- 2.68% (1.38)% 1.30%
EQ/Oppenheimer Main Street Small Cap 0.90% 0.25% 1.48% -- 2.63% (1.33)% 1.30%
EQ/PIMCO Real Return 0.55% 0.25% 0.18% -- 0.98% (0.08)% 0.90%
EQ/Short Duration Bond 0.43% 0.25% 0.14% -- 0.82% 0.00% 0.82%
EQ/Small Cap Value+ 0.73% 0.25% 0.15% -- 1.13% (0.03)% 1.10%
EQ/Small Company Growth+ 1.00% 0.25% 0.17% -- 1.42% (0.12)% 1.30%
EQ/Small Company Index 0.25% 0.25% 0.16% 0.01% 0.67% 0.00% 0.67%
EQ/TCW Equity++ 0.80% 0.25% 0.16% -- 1.21% (0.06)% 1.15%
EQ/Templeton Growth 0.95% 0.25% 0.64% -- 1.84% (0.49)% 1.35%
EQ/UBS Growth and Income 0.75% 0.25% 0.17% -- 1.17% (0.12)% 1.05%
EQ/Van Kampen Comstock 0.65% 0.25% 0.19% -- 1.09% (0.09)% 1.00%
EQ/Van Kampen Emerging Markets Equity 1.12% 0.25% 0.40% -- 1.77% 0.00% 1.77%
EQ/Van Kampen Mid Cap Growth 0.70% 0.25% 0.23% -- 1.18% (0.13)% 1.05%
EQ/Wells Fargo Montgomery Small Cap++ 0.85% 0.25% 0.41% -- 1.51% (0.21)% 1.30%
- ------------------------------------------------------------------------------------------------------------------------------------
The Universal Institutional Funds, Inc.:
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ 0.74% 0.35% 0.27% -- 1.36% (0.10)% 1.26%
- ------------------------------------------------------------------------------------------------------------------------------------
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and benefits" in the Prospectus for the investment
option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with the Prospectus for more information.
++ Please see the supplement included with the Prospectus regarding the planned
substitution or merger of this Portfolio, subject to regulatory approval.
Notes:
(1) For mortality and expense risks, and administrative and financial accounting
expenses. A portion of this charge is for providing the death benefit.
(2) "Total Annual Portfolio Operating Expenses" are based, in part, on estimated
amounts for options added during the fiscal year 2006 and for the underlying
portfolios.
(3) The management fees for each portfolio cannot be increased without a vote of
that portfolio's shareholders. See footnote (7) for any expense limitation
agreement information.
(4) Portfolio shares are all subject to fees imposed under the distribution
plans (the "Rule 12b-1 Plan") adopted by the Trusts pursuant to Rule 12b-1
under the Investment Company Act of 1940. For the portfolios of the AXA
Premier VIP Trust and the EQ Advisors Trust, the 12b-1 fees will not be
increased for the life of the contract.
(5) The amounts shown as "Other Expenses" will fluctuate from year to year
depending on actual expenses. See footnote (7) for any expense limitation
agreement information.
(6) Each of these variable investment options invests in a corresponding
portfolio of one of the Trusts or other unaffiliated investment companies.
Each portfolio, in turn, invests in shares of other portfolios of the Trusts
and/or shares of unaffiliated portfolios ("underlying portfolios"). Amounts
shown reflect each portfolio's pro rata share of the fees and expenses of
the underlying portfolio(s) in which it invests. The fees and expenses are
based on the respective weighted investment allocation as of 12/31/06. A "-"
indicates that the listed portfolio does not invest in underlying
portfolios.
(7) The amounts shown reflect any fee waivers and/or expense reimbursements that
apply to each portfolio. A "-" indicates that there is no expense limitation
in effect, and "0.00%" indicates that the expense limitation arrangement did
not result in a fee waiver or reimbursement. AXA Equitable, the investment
manager of AXA Premier VIP Trust and EQ Advisors Trust, has entered into
expense limitation agreements with respect to certain portfolios, which are
effective through April 30, 2008. Under these agreements, AXA Equitable has
agreed to waive or limit its fees and assume other expenses of certain
portfolios, if necessary, in an amount that limits such portfolio's Total
Annual Expenses (exclusive of interest, taxes, brokerage commissions,
capitalized expenditures, expenses of the underlying portfolios in which the
portfolio invests and extraordinary expenses) to not more than specified
amounts. Therefore, each portfolio may at a later date make a reimbursement
to AXA Equitable for any of the management fees waived or limited and other
expenses assumed and paid by AXA Equitable pursuant to the expense
limitation agreements provided that the portfolio's current annual operating
expenses do not exceed the operating expense limit determined for such
portfolio. Morgan Stanley Investment Management Inc., which does business in
certain instances as "Van Kampen," is the manager of The Universal
Institutional Funds, Inc. -- U.S. Real Estate Portfolio -- Class ll, and has
voluntarily agreed to reduce its management fee and/or reimburse the
portfolio so that total annual operating expenses of the portfolio
(exclusive of investment related expenses, such as foreign country tax
expense and interest expense on amounts borrowed) are not more than
specified amounts. Additionally, the distributor of The Universal
Institutional Funds, Inc. has agreed to waive a portion of the 12b-1 fee for
Class II shares. Van Kampen and/or the funds' distributor reserves the right
to terminate any waiver and/or reimbursement at any time without notice. In
addition, a portion of the brokerage commissions of certain portfolios of
AXA Premier VIP Trust and EQ Advisors Trust is used to reduce the applicable
portfolio's expenses. If the above table reflected both the expense
limitation arrangements plus the portion of the brokerage commissions used
to reduce portfolio expenses, the net expenses would be as shown in the
table below:
5
- --------------------------------------------------
Portfolio Name:
- --------------------------------------------------
Multimanager Aggressive Equity 1.03%
- --------------------------------------------------
Multimanager Health Care 1.63%
- --------------------------------------------------
Multimanager International Equity 1.52%
- --------------------------------------------------
Multimanager Large Cap Core Equity 1.33%
- --------------------------------------------------
Multimanager Large Cap Growth 1.33%
- --------------------------------------------------
Multimanager Large Cap Value 1.31%
- --------------------------------------------------
Multimanager Mid Cap Growth 1.52%
- --------------------------------------------------
Multimanager Mid Cap Value 1.58%
- --------------------------------------------------
Multimanager Technology 1.64%
- --------------------------------------------------
EQ/AllianceBernstein Common Stock 0.83%
- --------------------------------------------------
EQ/AllianceBernstein Growth and Income 0.92%
- --------------------------------------------------
EQ/AllianceBernstein Large Cap Growth 1.03%
- --------------------------------------------------
EQ/AllianceBernstein Small Cap Growth 1.11%
- --------------------------------------------------
EQ/AllianceBernstein Value 0.94%
- --------------------------------------------------
EQ/BlackRock Basic Value Equity 0.93%
- --------------------------------------------------
EQ/Capital Guardian Growth 0.94%
- --------------------------------------------------
EQ/Capital Guardian Research 0.94%
- --------------------------------------------------
EQ/Capital Guardian U.S. Equity 0.94%
- --------------------------------------------------
EQ/Davis New York Venture 1.27%
- --------------------------------------------------
EQ/Evergreen Omega 1.05%
- --------------------------------------------------
EQ/FI Mid Cap 0.97%
- --------------------------------------------------
EQ/FI Mid Cap Value 1.09%
- --------------------------------------------------
EQ/GAMCO Mergers and Acquisitions 1.37%
- --------------------------------------------------
EQ/GAMCO Small Company Value 1.16%
- --------------------------------------------------
EQ/Janus Large Cap Growth 1.14%
- --------------------------------------------------
EQ/Legg Mason Value Equity 0.97%
- --------------------------------------------------
EQ/Lord Abbett Growth and Income 0.99%
- --------------------------------------------------
EQ/Lord Abbett Large Cap Core 0.99%
- --------------------------------------------------
EQ/Marsico Focus 1.14%
- --------------------------------------------------
EQ/MFS Emerging Growth Companies 1.03%
- --------------------------------------------------
EQ/MFS Investors Trust 0.94%
- --------------------------------------------------
EQ/Montag & Caldwell Growth 1.13%
- --------------------------------------------------
EQ/Mutual Shares 1.30%
- --------------------------------------------------
EQ/Small Cap Value 1.02%
- --------------------------------------------------
EQ/UBS Growth and Income 1.03%
- --------------------------------------------------
EQ/Van Kampen Comstock 0.99%
- --------------------------------------------------
EQ/Van Kampen Emerging Markets Equity 1.75%
- --------------------------------------------------
EQ/Van Kampen Mid Cap Growth 1.01%
- --------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap 1.20%
- --------------------------------------------------
EXAMPLES: EQUI-VEST(SM) VANTAGE(SM) CONTRACTS
These examples are intended to help you compare the cost of investing in the
EQUI-VEST(SM) Vantage(SM) contract with the cost of investing in other variable
annuity contracts. These costs include contract owner transaction expenses,
contract fees, separate account annual expenses, and underlying Trust fees and
expenses (including underlying portfolio fees and expenses). For a complete
description of portfolio charges and expenses, please see the prospectus for
each Trust.
The examples below show the expenses that a hypothetical certificate holder
would pay in the situations illustrated.
The fixed maturity options and the guaranteed interest option are not covered
by the fee table and examples. However, the withdrawal charge, the optional
enhanced death benefit charge, the third-party transfer or direct rollover
charge and the charge if you elect a Variable Immediate Annuity payout option
do apply to amounts in the fixed maturity options and the guaranteed interest
option. A market value adjustment (up or down) will apply as a result of a
withdrawal, transfer, or surrender of amounts from a fixed maturity option.
Please note that the charges that would apply under your certificate may be
lower if: (i) your participation is under a contract with lower Separate Account
A charges; (ii) your participation is under a contract that either no longer has
a withdrawal charge, or has a lesser percentage withdrawal charge, or has a
shorter withdrawal charge period associated with it than is used in the
examples; or (iii) you have not elected the optional enhanced death benefit. The
EQUI-VEST(SM) Vantage(SM) contracts were first offered on January 14, 2002.
These examples should not be considered a representation of past or future
expenses for any option. Actual expenses may be greater or less than those
shown. Similarly, the annual rate of return assumed in the examples is not an
estimate or guarantee of future investment performance.
6
The examples assume that you invest $10,000 in the certificate for the time
periods indicated and that your investment has a 5% return each year. The
examples also assume (i) maximum contract charges rather than the lower current
expenses discussed in "Charges and expenses" later in this supplement; (ii) the
total annual expenses of the portfolios (before expense limitations) set forth
in the previous tables; (iii) that the optional enhanced death benefit has been
elected; (iv) there is no waiver of the withdrawal charge; and (v) the Contract
Year and Participation Year are the same. Although your actual costs may be
higher or lower, based on these assumptions, your costs would be:
7
- ----------------------------------------------------------------------------------------------------
If you surrender your contract at the end
of the applicable time period
- ----------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- ----------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- ----------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 861 $1,403 $1,859 $2,758
AXA Conservative Allocation $ 841 $1,344 $1,760 $2,547
AXA Conservative-Plus Allocation $ 842 $1,347 $1,765 $2,557
AXA Moderate Allocation $ 847 $1,362 $1,790 $2,611
AXA Moderate-Plus Allocation $ 854 $1,382 $1,825 $2,685
Multimanager Aggressive Equity* $ 822 $1,287 $1,664 $2,342
Multimanager Core Bond* $ 820 $1,278 $1,649 $2,309
Multimanager Health Care* $ 885 $1,474 $1,978 $3,006
Multimanager High Yield* $ 819 $1,275 $1,644 $2,298
Multimanager International Equity* $ 870 $1,430 $1,904 $2,852
Multimanager Large Cap Core Equity* $ 852 $1,376 $1,815 $2,664
Multimanager Large Cap Growth* $ 854 $1,382 $1,825 $2,685
Multimanager Large Cap Value* $ 852 $1,376 $1,815 $2,664
Multimanager Mid Cap Growth* $ 873 $1,438 $1,919 $2,883
Multimanager Mid Cap Value* $ 876 $1,447 $1,934 $2,914
Multimanager Technology* $ 885 $1,474 $1,978 $3,006
Target 2015 Allocation $1,583 $3,401 $4,960 $8,090
Target 2025 Allocation $1,524 $3,249 $4,743 $7,796
Target 2035Allocation $1,748 $3,813 $5,532 $8,808
Target 2045 Allocation $1,840 $4,035 $5,832 $9,150
- ----------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 803 $1,228 $1,563 $2,122
EQ/AllianceBernstein Growth and Income++ $ 811 $1,252 $1,604 $2,211
EQ/AllianceBernstein Intermediate Government Securities $ 807 $1,240 $1,583 $2,167
EQ/AllianceBernstein International $ 833 $1,320 $1,720 $2,461
EQ/AllianceBernstein Large Cap Growth $ 843 $1,350 $1,770 $2,568
EQ/AllianceBernstein Quality Bond $ 807 $1,240 $1,583 $2,167
EQ/AllianceBernstein Small Cap Growth $ 829 $1,308 $1,700 $2,418
EQ/AllianceBernstein Value $ 816 $1,266 $1,629 $2,266
EQ/AXA Rosenberg Value Long/Short Equity $1,024 $1,882 $2,650 $4,346
EQ/BlackRock Basic Value Equity* $ 812 $1,254 $1,609 $2,222
EQ/BlackRock International Value* $ 845 $1,356 $1,780 $2,589
EQ/Boston Advisors Equity Income $ 832 $1,317 $1,715 $2,450
EQ/Calvert Socially Responsible $ 832 $1,317 $1,715 $2,450
EQ/Capital Guardian Growth $ 823 $1,290 $1,669 $2,353
EQ/Capital Guardian International+ $ 846 $1,359 $1,785 $2,600
EQ/Capital Guardian Research $ 820 $1,281 $1,654 $2,320
EQ/Capital Guardian U.S. Equity++ $ 820 $1,281 $1,654 $2,320
EQ/Caywood-Scholl High Yield Bond $ 820 $1,281 $1,654 $2,320
EQ/Davis New York Venture** $ 900 $1,521 $2,056 $3,168
EQ/Equity 500 Index $ 781 $1,162 $1,450 $1,875
EQ/Evergreen International Bond $ 835 $1,326 $1,730 $2,483
EQ/Evergreen Omega $ 828 $1,305 $1,695 $2,407
EQ/FI Mid Cap $ 825 $1,296 $1,679 $2,375
EQ/FI Mid Cap Value+ $ 828 $1,305 $1,695 $2,407
EQ/Franklin Income $ 870 $1,430 $1,904 $2,852
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
If you annuitize at the end of
the applicable time period(1)
- ---------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- ---------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- ---------------------------------------------------------------------------------------------------
AXA Aggressive Allocation N/A $1,403 $1,859 $2,758
AXA Conservative Allocation N/A $1,344 $1,760 $2,547
AXA Conservative-Plus Allocation N/A $1,347 $1,765 $2,557
AXA Moderate Allocation N/A $1,362 $1,790 $2,611
AXA Moderate-Plus Allocation N/A $1,382 $1,825 $2,685
Multimanager Aggressive Equity* N/A $1,287 $1,664 $2,342
Multimanager Core Bond* N/A $1,278 $1,649 $2,309
Multimanager Health Care* N/A $1,474 $1,978 $3,006
Multimanager High Yield* N/A $1,275 $1,644 $2,298
Multimanager International Equity* N/A $1,430 $1,904 $2,852
Multimanager Large Cap Core Equity* N/A $1,376 $1,815 $2,664
Multimanager Large Cap Growth* N/A $1,382 $1,825 $2,685
Multimanager Large Cap Value* N/A $1,376 $1,815 $2,664
Multimanager Mid Cap Growth* N/A $1,438 $1,919 $2,883
Multimanager Mid Cap Value* N/A $1,447 $1,934 $2,914
Multimanager Technology* N/A $1,474 $1,978 $3,006
Target 2015 Allocation N/A $3,401 $4,960 $8,090
Target 2025 Allocation N/A $3,249 $4,743 $7,796
Target 2035Allocation N/A $3,813 $5,532 $8,808
Target 2045 Allocation N/A $4,035 $5,832 $9,150
- ---------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ---------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock N/A $1,228 $1,563 $2,122
EQ/AllianceBernstein Growth and Income++ N/A $1,252 $1,604 $2,211
EQ/AllianceBernstein Intermediate Government Securities N/A $1,240 $1,583 $2,167
EQ/AllianceBernstein International N/A $1,320 $1,720 $2,461
EQ/AllianceBernstein Large Cap Growth N/A $1,350 $1,770 $2,568
EQ/AllianceBernstein Quality Bond N/A $1,240 $1,583 $2,167
EQ/AllianceBernstein Small Cap Growth N/A $1,308 $1,700 $2,418
EQ/AllianceBernstein Value N/A $1,266 $1,629 $2,266
EQ/AXA Rosenberg Value Long/Short Equity N/A $1,882 $2,650 $4,346
EQ/BlackRock Basic Value Equity* N/A $1,254 $1,609 $2,222
EQ/BlackRock International Value* N/A $1,356 $1,780 $2,589
EQ/Boston Advisors Equity Income N/A $1,317 $1,715 $2,450
EQ/Calvert Socially Responsible N/A $1,317 $1,715 $2,450
EQ/Capital Guardian Growth N/A $1,290 $1,669 $2,353
EQ/Capital Guardian International+ N/A $1,359 $1,785 $2,600
EQ/Capital Guardian Research N/A $1,281 $1,654 $2,320
EQ/Capital Guardian U.S. Equity++ N/A $1,281 $1,654 $2,320
EQ/Caywood-Scholl High Yield Bond N/A $1,281 $1,654 $2,320
EQ/Davis New York Venture** N/A $1,521 $2,056 $3,168
EQ/Equity 500 Index N/A $1,162 $1,450 $1,875
EQ/Evergreen International Bond N/A $1,326 $1,730 $2,483
EQ/Evergreen Omega N/A $1,305 $1,695 $2,407
EQ/FI Mid Cap N/A $1,296 $1,679 $2,375
EQ/FI Mid Cap Value+ N/A $1,305 $1,695 $2,407
EQ/Franklin Income N/A $1,430 $1,904 $2,852
- ---------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
If you do not surrender your
contract at the end of the
applicable time period
- -----------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- -----------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- -----------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 246 $ 756 $1,293 $2,758
AXA Conservative Allocation $ 225 $ 693 $1,187 $2,547
AXA Conservative-Plus Allocation $ 226 $ 696 $1,192 $2,557
AXA Moderate Allocation $ 231 $ 712 $1,219 $2,611
AXA Moderate-Plus Allocation $ 238 $ 734 $1,256 $2,685
Multimanager Aggressive Equity* $ 205 $ 633 $1,086 $2,342
Multimanager Core Bond* $ 202 $ 623 $1,070 $2,309
Multimanager Health Care* $ 271 $ 831 $1,418 $3,006
Multimanager High Yield* $ 201 $ 620 $1,065 $2,298
Multimanager International Equity* $ 255 $ 784 $1,340 $2,852
Multimanager Large Cap Core Equity* $ 236 $ 728 $1,245 $2,664
Multimanager Large Cap Growth* $ 238 $ 734 $1,256 $2,685
Multimanager Large Cap Value* $ 236 $ 728 $1,245 $2,664
Multimanager Mid Cap Growth* $ 258 $ 794 $1,355 $2,883
Multimanager Mid Cap Value* $ 261 $ 803 $1,371 $2,914
Multimanager Technology* $ 271 $ 831 $1,418 $3,006
Target 2015 Allocation $1,014 $2,889 $4,576 $8,090
Target 2025 Allocation $ 951 $2,727 $4,346 $7,796
Target 2035Allocation $1,190 $3,328 $5,182 $8,808
Target 2045 Allocation $1,287 $3,566 $5,500 $9,150
- -----------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 184 $ 569 $ 979 $2,122
EQ/AllianceBernstein Growth and Income++ $ 192 $ 594 $1,022 $2,211
EQ/AllianceBernstein Intermediate Government Securities $ 188 $ 582 $1,000 $2,167
EQ/AllianceBernstein International $ 216 $ 667 $1,145 $2,461
EQ/AllianceBernstein Large Cap Growth $ 227 $ 699 $1,198 $2,568
EQ/AllianceBernstein Quality Bond $ 188 $ 582 $1,000 $2,167
EQ/AllianceBernstein Small Cap Growth $ 212 $ 655 $1,123 $2,418
EQ/AllianceBernstein Value $ 197 $ 610 $1,049 $2,266
EQ/AXA Rosenberg Value Long/Short Equity $ 419 $1,267 $2,129 $4,346
EQ/BlackRock Basic Value Equity* $ 193 $ 598 $1,027 $2,222
EQ/BlackRock International Value* $ 229 $ 705 $1,208 $2,589
EQ/Boston Advisors Equity Income $ 215 $ 664 $1,139 $2,450
EQ/Calvert Socially Responsible $ 215 $ 664 $1,139 $2,450
EQ/Capital Guardian Growth $ 206 $ 636 $1,091 $2,353
EQ/Capital Guardian International+ $ 230 $ 709 $1,214 $2,600
EQ/Capital Guardian Research $ 203 $ 626 $1,075 $2,320
EQ/Capital Guardian U.S. Equity++ $ 203 $ 626 $1,075 $2,320
EQ/Caywood-Scholl High Yield Bond $ 203 $ 626 $1,075 $2,320
EQ/Davis New York Venture** $ 288 $ 882 $1,501 $3,168
EQ/Equity 500 Index $ 161 $ 498 $ 860 $1,875
EQ/Evergreen International Bond $ 218 $ 674 $1,155 $2,483
EQ/Evergreen Omega $ 211 $ 652 $1,118 $2,407
EQ/FI Mid Cap $ 208 $ 642 $1,102 $2,375
EQ/FI Mid Cap Value+ $ 211 $ 652 $1,118 $2,407
EQ/Franklin Income $ 255 $ 784 $1,340 $2,852
- -----------------------------------------------------------------------------------------------------
8
- ---------------------------------------------------------------------------------------
If you surrender your contract at the end
of the applicable time period
- ---------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- ---------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ---------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value $1,030 $1,899 $2,677 $4,398
EQ/Franklin Templeton Founding Strategy** $ 875 $1,444 $1,929 $2,903
EQ/GAMCO Mergers and Acquisitions $ 865 $1,415 $1,879 $2,800
EQ/GAMCO Small Company Value $ 834 $1,323 $1,725 $2,472
EQ/International Growth $ 862 $1,406 $1,864 $2,769
EQ/Janus Large Cap Growth++ $ 847 $1,362 $1,790 $2,611
EQ/JPMorgan Core Bond $ 802 $1,225 $1,558 $2,111
EQ/JPMorgan Value Opportunities $ 819 $1,275 $1,644 $2,298
EQ/Legg Mason Value Equity $ 829 $1,308 $1,700 $2,418
EQ/Long Term Bond $ 801 $1,222 $1,553 $2,100
EQ/Lord Abbett Growth and Income $ 843 $1,350 $1,770 $2,568
EQ/Lord Abbett Large Cap Core $ 848 $1,365 $1,795 $2,621
EQ/Lord Abbett Mid Cap Value $ 830 $1,311 $1,705 $2,429
EQ/Marsico Focus $ 840 $1,341 $1,755 $2,536
EQ/MFS Emerging Growth Companies+ $ 822 $1,287 $1,664 $2,342
EQ/MFS Investors Trust+ $ 819 $1,275 $1,644 $2,298
EQ/Money Market $ 790 $1,189 $1,497 $1,977
EQ/Montag & Caldwell Growth $ 833 $1,320 $1,720 $2,461
EQ/Mutual Shares $ 882 $1,465 $1,963 $2,975
EQ/Oppenheimer Global $ 967 $1,715 $2,378 $3,818
EQ/Oppenheimer Main Street Opportunity** $ 983 $1,764 $2,459 $3,976
EQ/Oppenheimer Main Street Small Cap $ 978 $1,750 $2,435 $3,930
EQ/PIMCO Real Return $ 816 $1,266 $1,629 $2,266
EQ/Short Duration Bond $ 800 $1,219 $1,548 $2,089
EQ/Small Cap Value+ $ 830 $1,311 $1,705 $2,429
EQ/Small Company Growth+ $ 859 $1,397 $1,850 $2,737
EQ/Small Company Index $ 785 $1,174 $1,471 $1,921
EQ/TCW Equity++ $ 838 $1,335 $1,745 $2,515
EQ/Templeton Growth $ 900 $1,521 $2,056 $3,168
EQ/UBS Growth and Income $ 834 $1,323 $1,725 $2,472
EQ/Van Kampen Comstock $ 826 $1,299 $1,684 $2,386
EQ/Van Kampen Emerging Markets Equity $ 894 $1,500 $2,022 $3,097
EQ/Van Kampen Mid Cap Growth $ 835 $1,326 $1,730 $2,483
EQ/Wells Fargo Montgomery Small Cap++ $ 868 $1,424 $1,894 $2,831
- -------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- -------------------------------------------------------------------------------------
U.S. Real Estate -- Class II $ 853 $1,379 $1,820 $2,674
- -------------------------------------------------------------------------------------
If you annuitize at the end of
the applicable time period(1)
- -------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- -------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value N/A $1,899 $2,677 $4,398
EQ/Franklin Templeton Founding Strategy** N/A $1,444 $1,929 $2,903
EQ/GAMCO Mergers and Acquisitions N/A $1,415 $1,879 $2,800
EQ/GAMCO Small Company Value N/A $1,323 $1,725 $2,472
EQ/International Growth N/A $1,406 $1,864 $2,769
EQ/Janus Large Cap Growth++ N/A $1,362 $1,790 $2,611
EQ/JPMorgan Core Bond N/A $1,225 $1,558 $2,111
EQ/JPMorgan Value Opportunities N/A $1,275 $1,644 $2,298
EQ/Legg Mason Value Equity N/A $1,308 $1,700 $2,418
EQ/Long Term Bond N/A $1,222 $1,553 $2,100
EQ/Lord Abbett Growth and Income N/A $1,350 $1,770 $2,568
EQ/Lord Abbett Large Cap Core N/A $1,365 $1,795 $2,621
EQ/Lord Abbett Mid Cap Value N/A $1,311 $1,705 $2,429
EQ/Marsico Focus N/A $1,341 $1,755 $2,536
EQ/MFS Emerging Growth Companies+ N/A $1,287 $1,664 $2,342
EQ/MFS Investors Trust+ N/A $1,275 $1,644 $2,298
EQ/Money Market N/A $1,189 $1,497 $1,977
EQ/Montag & Caldwell Growth N/A $1,320 $1,720 $2,461
EQ/Mutual Shares N/A $1,465 $1,963 $2,975
EQ/Oppenheimer Global N/A $1,715 $2,378 $3,818
EQ/Oppenheimer Main Street Opportunity** N/A $1,764 $2,459 $3,976
EQ/Oppenheimer Main Street Small Cap N/A $1,750 $2,435 $3,930
EQ/PIMCO Real Return N/A $1,266 $1,629 $2,266
EQ/Short Duration Bond N/A $1,219 $1,548 $2,089
EQ/Small Cap Value+ N/A $1,311 $1,705 $2,429
EQ/Small Company Growth+ N/A $1,397 $1,850 $2,737
EQ/Small Company Index N/A $1,174 $1,471 $1,921
EQ/TCW Equity++ N/A $1,335 $1,745 $2,515
EQ/Templeton Growth N/A $1,521 $2,056 $3,168
EQ/UBS Growth and Income N/A $1,323 $1,725 $2,472
EQ/Van Kampen Comstock N/A $1,299 $1,684 $2,386
EQ/Van Kampen Emerging Markets Equity N/A $1,500 $2,022 $3,097
EQ/Van Kampen Mid Cap Growth N/A $1,326 $1,730 $2,483
EQ/Wells Fargo Montgomery Small Cap++ N/A $1,424 $1,894 $2,831
- -------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- -------------------------------------------------------------------------------------
U.S. Real Estate -- Class II N/A $1,379 $1,820 $2,674
- -------------------------------------------------------------------------------------
If you do not surrender your contract at
the end of
the applicable time period
- -------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- -------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- -------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value $425 $1,285 $2,158 $4,398
EQ/Franklin Templeton Founding Strategy** $260 $ 800 $1,366 $2,903
EQ/GAMCO Mergers and Acquisitions $250 $ 769 $1,314 $2,800
EQ/GAMCO Small Company Value $217 $ 671 $1,150 $2,472
EQ/International Growth $247 $ 759 $1,298 $2,769
EQ/Janus Large Cap Growth++ $231 $ 712 $1,219 $2,611
EQ/JPMorgan Core Bond $183 $ 566 $ 973 $2,111
EQ/JPMorgan Value Opportunities $201 $ 620 $1,065 $2,298
EQ/Legg Mason Value Equity $212 $ 655 $1,123 $2,418
EQ/Long Term Bond $182 $ 562 $ 968 $2,100
EQ/Lord Abbett Growth and Income $227 $ 699 $1,198 $2,568
EQ/Lord Abbett Large Cap Core $232 $ 715 $1,224 $2,621
EQ/Lord Abbett Mid Cap Value $213 $ 658 $1,129 $2,429
EQ/Marsico Focus $224 $ 690 $1,182 $2,536
EQ/MFS Emerging Growth Companies+ $205 $ 633 $1,086 $2,342
EQ/MFS Investors Trust+ $201 $ 620 $1,065 $2,298
EQ/Money Market $170 $ 527 $ 908 $1,977
EQ/Montag & Caldwell Growth $216 $ 667 $1,145 $2,461
EQ/Mutual Shares $268 $ 822 $1,402 $2,975
EQ/Oppenheimer Global $358 $1,089 $1,842 $3,818
EQ/Oppenheimer Main Street Opportunity** $376 $1,142 $1,927 $3,976
EQ/Oppenheimer Main Street Small Cap $371 $1,126 $1,902 $3,930
EQ/PIMCO Real Return $197 $ 610 $1,049 $2,266
EQ/Short Duration Bond $181 $ 559 $ 963 $2,089
EQ/Small Cap Value+ $213 $ 658 $1,129 $2,429
EQ/Small Company Growth+ $244 $ 750 $1,282 $2,737
EQ/Small Company Index $165 $ 511 $ 881 $1,921
EQ/TCW Equity++ $222 $ 683 $1,171 $2,515
EQ/Templeton Growth $288 $ 882 $1,501 $3,168
EQ/UBS Growth and Income $217 $ 671 $1,150 $2,472
EQ/Van Kampen Comstock $209 $ 645 $1,107 $2,386
EQ/Van Kampen Emerging Markets Equity $280 $ 860 $1,465 $3,097
EQ/Van Kampen Mid Cap Growth $218 $ 674 $1,155 $2,483
EQ/Wells Fargo Montgomery Small Cap++ $253 $ 778 $1,329 $2,831
- -------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- -------------------------------------------------------------------------------------
U.S. Real Estate -- Class II $237 $ 731 $1,250 $2,674
(1) Please see "When withdrawal charges do not apply" in "Charges and expenses"
in the Prospectus and "Withdrawal charge for EQUI-VEST(SM) Vantage(SM)
contracts" later in this Supplement for more information on withdrawal
charge waivers upon annuitization.
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and benefits" in the Prospectus for the investment
option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with the Prospectus for more information.
++ Please see the supplement included with the Prospectus regarding the planned
substitution or merger of this Portfolio.
9
CONDENSED FINANCIAL INFORMATION
Please see Appendix I at the end of this Supplement for the unit values and
number of units outstanding as of the period shown for each of the variable
investment options available as of December 31, 2006.
6. THE FOLLOWING INFORMATION IS ADDED TO THE CHART IN THE SECTION ENTITLED "HOW
YOU CAN PURCHASE AND CONTRIBUTE TO YOUR CONTRACT" IN "CONTRACT FEATURES AND
BENEFITS" IN THE PROSPECTUS AT PAGE 27:
- ------------------------------------------------------------------------------------------------------------------------------------
Contract type Source of contributions Limitations on contributions
- ------------------------------------------------------------------------------------------------------------------------------------
EQUI-VEST(SM) o Employer Contributions: Contributions made by the o For 2007, maximum amount of employer and employee
Vantage(SM) Employer under the Plan, other than those contributions is generally the lesser of $45,000 or 100%
described in the items below. of compensation, with maximum salary reduction
contribution of $15,500.
o Employer Matching Contributions: Employer
Contributions matching Salary Reduction o If your employer's plan permits and you are at least age
Contributions under the terms of the Plan. 50 at any time during 2007, additional salary reduction
"catch-up" contributions totalling up to $5,000 can be
o Qualified Non-Elective and Qualified Matching made.
Contributions: Contributions made by the Employer
to meet the requirements of the nondiscrimination o Rollover or direct transfer contributions after age 701/2
tests set forth in the Code. must be net of any required minimum distributions.
o Salary Reduction Contributions (Elective Deferral o Aggregate direct rollover and direct transfer
Contributions): Contributions under a salary contributions must meet AXA Equitable's anticipated
reduction agreement that an employee enters into minimum contribution requirements or meet minimum plan
with the Employer under the Plan. participation requirements.
o "Designated Roth contributions" under Section o All salary reduction contributions (whether pre-tax or
402A of the Code. designated Roth) may not exceed the total maximum for the
year. (For 2007, $15,500 and age 50 catch-up of $5,000.)
o Rollover Contributions: Contributions of eligible
rollover distributions directly or indirectly from o Different sources of contributions and earnings may be
another eligible retirement arrangement. subject to withdrawal restrictions.
o After-Tax Contributions non-Roth: Amounts o We currently do not accept rollovers of non-Roth after-tax
reported by the Employer as having non-Roth funds except as direct rollovers from 403(b) plans (we
after-tax consequences under the Code. separately account for these rollover contributions).
o Direct Transfer Contributions: Amounts directly o We currently do not accept rollovers or direct transfers
transferred from another 403(b) arrangement of funds from designated Roth accounts.
pursuant to Revenue Ruling 90-24.
o Additional "catch-up" contributions.
- ------------------------------------------------------------------------------------------------------------------------------------
7. THE FIRST PARAGRAPH UNDER "OWNER AND ANNUITANT REQUIREMENTS" IN "CONTRACT
FEATURES AND BENEFITS" IN THE PROSPECTUS AT PAGE 29 IS REPLACED IN ITS
ENTIRETY BY THE FOLLOWING:
For the following employer-funded programs, the employee must be the owner on
the contract: SEP-IRA, SARSEP-IRA, SIMPLE-IRA, TSA, University TSA (other than
EQUI-VEST(SM) Vantage(SM) contracts) and Annuitant HR-10.
8. THE FOLLOWING IS ADDED AS THE LAST SECTION IN "CONTRACT FEATURES AND
BENEFITS" IN THE PROSPECTUS AT PAGE 39:
UNALLOCATED ACCOUNT
When we receive cash transferred from a prior funding vehicle, the transferred
amount will be credited as one lump sum to the plan's unallocated account. Any
amount held in the plan's unallocated account becomes part of our guaranteed
interest option and will be credited with interest at the rate applicable to
amounts held in the guaranteed interest option. The transferred amount will
remain in the plan's unallocated account until we have received all the
information we require, including properly completed forms, to effect a
transfer from the plan's unallocated account to a participant account. With
respect to each participant, we will allocate amounts to each participant's
account only after the employer provides instructions that are acceptable and
necessary in order to complete the allocation process. We reserve the right to
limit the period during which such instructions may be received to no more than
10 days from the initial transfer into the plan's unallocated account and to
return funds to the employer for which transfer information has not been timely
received in good order. In no event will we hold the transferred assets in the
unallocated account
10
for more than 105 days from the contract date. Under no circumstances will we
be required to transfer to participant accounts an amount in aggregate greater
than the amount deposited by the employer plus such interest as we credited to
the unallocated account, unless otherwise expressly agreed upon between the
employer and us.
The employer is solely responsible for effectuating the asset transfers in
accordance with all applicable laws and regulations.
9. THE FOLLOWING IS ADDED AT THE END OF THE FIRST PARAGRAPH UNDER "WITHDRAWING
YOUR ACCOUNT VALUE" IN "ACCESSING YOUR MONEY" IN THE PROSPECTUS AT PAGE 44:
Except as set forth in the following sentence, you may only withdraw amounts
from your account value that are 100% vested subject to the employer's approval,
plan rules and applicable laws. You may, however, transfer any non-vested
account value attributable to you under the contract to another annuity
contract, employer designated funding vehicle or other funding vehicle permitted
by the employer and permitted under the tax law. Any withdrawal request you make
requires contract holder approval. In addition, in many instances if you are
under age 591/2, your ability to withdraw funds from an EQUI-VEST(SM)
Vantage(SM) contract may be limited by the plan and section 403(b) of the Code.
For example, amounts attributable to salary reduction contributions may not be
withdrawn unless due to your death, disability or severance from employment with
the employer who provided the funds. Also, you may be able to withdraw salary
reduction contributions only (that is, no earnings) on account of hardship under
federal income tax rules.
10. THE FOLLOWING IS ADDED AS A NEW SECTION FOLLOWING "WITHDRAWING YOUR ACCOUNT
VALUE" IN "ACCESSING YOUR MONEY" IN THE PROSPECTUS AT PAGE 44:
FORFEITURES
A 403(b) plan may have a vesting schedule applicable to some or all employer
contributions. Forfeitures can arise when a participant who is not fully vested
under a plan separates from service. TSA participants should consult the plan
administrator to learn more about the vesting schedule. When a forfeiture
occurs, we will withdraw any unvested portion of a TSA participant's cash value
and deposit such amount in a forfeiture account in the contract. The plan
administrator must tell us the unvested balance. We allocate amounts in the
forfeiture account to the guaranteed interest option, unless otherwise agreed
to by the contract holder and us.
Forfeited account values may be reallocated to active plan participants in
accordance with the terms of the plan. Special rules apply to how the
withdrawal charge, if any, will apply when forfeitures have occurred. See
"Withdrawal Charge for EQUI-VEST(SM) Vantage(SM) contracts" under "Charges and
expenses" in this Prospectus Supplement.
11. THE FOLLOWING IS ADDED AS THE LAST SENTENCE OF THE FIRST PARAGRAPH UNDER
"LOANS UNDER TSA, GOVERNMENTAL EMPLOYER EDC AND CORPORATE TRUSTEED
CONTRACTS" IN "ACCESSING YOUR MONEY" IN THE PROSPECTUS AT PAGE 45:
Any participant loan requests require contract holder approval.
12. THE FOLLOWING IS ADDED AFTER THE SECTION ENTITLED "TERMINATION" IN
"ACCESSING YOUR MONEY" IN THE PROSPECTUS AT PAGE 46:
EQUI-VEST(SM) VANTAGE(SM) TERMINATION OF PARTICIPATION
We may terminate your participation under the EQUI-VEST(SM) Vantage(SM) contract
and pay out your account value if:
(1) your account value is less than $500 and we have not received contributions
on your behalf for a period of three years;
(2) you request a partial withdrawal that reduces your account value to an
amount of less than $500;
(3) we have not received any contributions on your behalf within 120 days from
your participation date; or
(4) the plan is no longer qualified under Section 403(b) of the Code and the
EQUI-VEST(SM) Vantage(SM) contract is terminated by us.
We will deduct the amount of any outstanding loan balance and any applicable
withdrawal charge from the account value when we terminate a participant's
participation under the contract.
The contract holder may discontinue an EQUI-VEST(SM) Vantage(SM) contract.
Discontinuance of a contract means that the contract holder will not permit any
further salary deferral or employer contributions to be made under the contract.
If an EQUI-VEST(SM) Vantage(SM) contract is discontinued the contract holder may
withdraw any cash value in the forfeiture account, as well as any portion of the
account value attributable to a participant that is not vested and: (i) transfer
or directly roll over such amounts to another employer-designated funding
vehicle; or (ii) transfer, distribute or directly roll over such amounts in any
other manner permitted under section 403(b) of the Code. If an EQUI-VEST(SM)
Vantage(SM) contract is discontinued, the participant may withdraw any portion
of the account value attributable to the participant under the contract that is
vested and: (i) transfer or directly
11
roll over such amounts to the employer-designated funding vehicle or permit the
contract holder to do so; (ii) directly transfer such amounts to another
contract or custodial arrangement that meets the requirements of Section
403(b)(1) or Section 403(b)(7) of the Internal Revenue Code respectively; (iii)
directly roll over such amounts to another eligible retirement plan (iv) retain
such amounts, if permitted under federal tax law; or (v) maintain such account
value with us. If the account value remains with us, such amounts will continue
to be subject to withdrawal charges based upon the contract holder's original
withdrawal charge schedule.
An EQUI-VEST(SM) Vantage(SM) contract may be terminated only after all
participation under the contract is terminated.
13. THE FOLLOWING IS ADDED AFTER THE INFORMATION UNDER "FOR ALL SERIES ISSUED IN
NEW YORK -- FIXED MATURITY OPTIONS*" IN "CHARGES AND EXPENSES" IN THE
PROSPECTUS AT PAGE 51:
CHARGES UNDER EQUI-VEST(SM) VANTAGE(SM) CONTRACTS
For both new and established groups or sponsored arrangements that have
formally requested a contract proposal from us, our prices may be negotiable.
Price variations may impact the financial professional's compensation. An
employer or plan administrator should ask about possible fee reductions or
contract adjustments based on its situation. It would be in your best interest
for your employer to formally request a contract proposal from us. Any
variation in charges, pricing or benefits will reflect differences in our costs
of selling the contracts and/or the contract services we or your financial
professional provide and will not be unfairly discriminatory. For more
information, please see "Variations in charges" in "Charges and expenses" in
the Prospectus at page 53.
CHARGE AGAINST THE SEPARATE ACCOUNT
We deduct this charge against the assets in the separate account to compensate
us for mortality and expense risks, as well as administrative and financial
accounting expenses under the contract. The charge is deducted daily at an
annual rate that can vary by group between 0.50% to 0.90% of daily net assets
attributable to all certificates under the group contract. Differences in this
charge are due to variations in group characteristics which may include:
o the factors on which the mortality and expense risks charge and
administration charges are based,
o the extent to which certain administrative functions in connection with the
TSA contracts are to be performed by us or by the contract holder,
o the total amount of Plan assets
The mortality risk we assume is the risk that participants as a group will live
for a longer time than our actuarial tables predict. If that happens, we would
be paying more in annuity benefits than we planned. We assume a mortality risk
to the extent that at the time of death, the guaranteed death benefit exceeds
the cash value of the contract. The expense risk we assume is the risk that it
will cost us more to issue and administer the contracts than we expect. To the
extent that the mortality and expense risk charges are not needed to cover the
actual expenses incurred, they may be considered an indirect reimbursement for
certain sales and promotional expenses relating to the contracts. A
participant's certificate will set forth the applicable separate account
charge.
We will determine the separate account charge pursuant to our established
actuarial procedures, and will not discriminate unreasonably or unfairly
against participants under any EQUI-VEST(SM) Vantage(SM) contracts.
CHARGE FOR THIRD-PARTY TRANSFER OR ROLLOVER
We may deduct a charge for third-party transfers. A third party transfer is
where you ask us to directly transfer or roll over funds from your certificate
to a permissible funding vehicle offered by another provider. The charge is
currently $25 ($65 maximum) per occurrence per participant. This charge will
also be imposed on each third-party transfer out of the contract's forfeiture
account into another permissible funding vehicle. This charge does not apply to
reallocations from the forfeiture account to participant annuity accounts under
the contract. Transfers are subject to any required employer approval.
CHARGE FOR OPTIONAL ENHANCED DEATH BENEFIT
If you elect the optional enhanced death benefit, we deduct a charge annually
from your account value on each anniversary of your participation date. The
charge is equal to 0.15% of your account value on the participation date
anniversary.
The charge is deducted pro rata from the variable investment options and the
guaranteed interest option. If those amounts are insufficient, we will make up
the required amounts from the fixed maturity options to the extent you have
value in those options. Charges deducted from the fixed maturity options are
considered withdrawals and, as such, will result in a market value adjustment.
12
WITHDRAWAL CHARGE FOR EQUI-VEST(SM) VANTAGE(SM) CONTRACTS
A withdrawal charge will apply during either the first 5 contract years or the
first 5 participation years, as set forth in the contract and participation
certificate. Differences in the period for which and circumstances under which
this charge applies are due to variations in group characteristics including
the total amount of Plan assets. We will determine the period of and
circumstances under which the withdrawal charge applies pursuant to our
established procedures, and will not discriminate unreasonably or unfairly
against participants under any EQUI-VEST(SM) Vantage(SM) contracts.
If you participate in a contract where the withdrawal is on a contract year
basis, rather than a participant year basis, a withdrawal charge will apply to
amounts withdrawn from the contract during the first 5 contract years only if:
(i) you transfer or directly roll over your account value to another annuity
contract, employer designated funding vehicle or other funding vehicle
permitted under the tax law; or (ii) the contract holder withdraws amounts from
the contract and transfers or directly rolls over amounts to another 403(b)
employer-designated funding vehicle or transfers or distributes amounts in any
other manner permitted under section 403(b) of the Code during the withdrawal
charge period.
If you participate in a contract where the withdrawal is on a participant year
basis, rather than a contract year basis, a withdrawal charge will apply except
when:
(1) You withdraw no more than 10% of the vested account value each participation
year under the contract.
(2) You have reached age 55 and retired or have severed from employment with the
employer.
(3) The withdrawal is made to satisfy minimum distribution requirements.
(4) You elect a withdrawal that qualifies as a hardship withdrawal under the
Code.
(5) You die and a death benefit is payable to the beneficiary.
(6) The withdrawal is made to provide an annuity from AXA Equitable requested by
the employer.
(7) You qualify to receive Social Security disability benefits as certified by
the Social Security Administration or you are totally disabled. Total
disability is your incapacity, resulting from injury or disease, to engage
in any occupation for remuneration or profit. Such total disability must be
certified as having been continuous for a period of at least six months
prior to notice of claim and you must continue to be deemed totally
disabled.
Written notice of claim must be given to us during the your lifetime and
during the period of total disability prior to each withdrawal. Along with
the Notice of Claim, you must submit acceptable proof of disability. Such
proof of disability must be either (a) evidence of Social Security
disability determination or (b) a statement from an independent U.S.
licensed physician stating that you meet the definition of total disability
as stated above. Such certification must be resubmitted every 12 months.
Failure to furnish proof of disability within the required time will not
reduce any claim if it was not reasonably possible to give proof within such
time. Provided such proof is furnished as soon as reasonably possible and in
no event, except in the absence of legal capacity, later than one year from
the time proof is otherwise required.
(8) We receive proof satisfactory to us that your life expectancy is six months
or less (such proof must include, but is not limited to, certification by a
licensed physician).
(9) You are confined to a nursing home for more than 90 days (or such other
period, as required in your state) as verified by a licensed physician. A
nursing home for this purpose means one that is (a) approved by Medicare as
a provider of skilled nursing care service, or (b) licensed as a skilled
nursing home by the state or territory in which it is located (it must be
within the United States, Puerto Rico, U.S. Virgin Islands, or Guam) and
meets all of the following:
-- its main function is to provide skilled, intermediate, or custodial
nursing care;
-- it provides continuous room and board to three or more persons;
-- it is supervised by a registered nurse or licensed practical nurse;
-- it keeps daily medical records of each patient;
-- it controls and records all medications dispensed; and
-- its primary service is other than to provide housing for residents.
The withdrawal charge will apply if the condition as described in items 7
through 9 above existed at the time participation under the contract began or
if the condition began within the 12 month period following such participation.
In instances where a withdrawal charge applies, other than where your
participation under the contract is terminated, in order to give you the exact
dollar amount of the withdrawal requested, we deduct the amount of the
withdrawal and the amount of the withdrawal charges from your account value.
Any amount deducted to pay withdrawal charges is also subject to a withdrawal
charge. We deduct the amount of the withdrawal and the withdrawal charge pro
rata from the variable investment options and from the guaranteed investment
option. If these amounts are insufficient we
13
will make up the required amounts from the fixed maturity options. If we make
up the required amounts from the fixed maturity options, a market value
adjustment will apply. In the case where you terminate participation under the
contract, we will pay your account value after the withdrawal charge has been
imposed (cash value).
The withdrawal charge is equal to 6% of the amount withdrawn (or the defaulted
loan amount, if applicable) from your account value during the first four
contract or participation years, as applicable and 5% of the amount withdrawn
(or the defaulted loan amount) from your account value during the fifth
contract or participation year, as applicable. The total of all withdrawal
charges will never exceed 8% of all contributions made under your certificate
during the first five contract or participation years, as applicable, that are
permitted to be withdrawn.
FORFEITED ACCOUNT VALUE. If a portion of your account value is forfeited under
the terms of the plan, a withdrawal charge will be assessed only against the
vested contribution amounts. If the contract holder withdraws the forfeited
amount from the contract, a withdrawal charge, if applicable, will be imposed
at that time.
14. THE FOLLOWING IS ADDED AS A NEW SECTION AFTER "DEATH BENEFIT" IN "PAYMENT OF
DEATH BENEFIT" AT PAGE 54 IN THE PROSPECTUS:
EQUI-VEST(SM) VANTAGE(SM) DEATH BENEFIT
The Equi-Vest(SM) Vantage(SM) contract provides a Death Benefit. If you do not
elect the enhanced death benefit described below, the death benefit is equal to
your account value (without any negative market value adjustment that would
otherwise apply) as of the date we receive satisfactory proof of death, any
required instructions for the method of payment, information and forms
necessary to effect payment, less any outstanding loan or the standard death
benefit, whichever provides the highest amount. The standard death benefit is
equal to your total contributions, adjusted for withdrawals and any withdrawal
charges, any taxes that apply and less any outstanding loan balances (including
any accrued, but unpaid, interest).
EQUI-VEST(SM) VANTAGE(SM) ENHANCED DEATH BENEFIT
For an additional annual fee you may elect the enhanced death benefit.
If you elect the enhanced death benefit, the standard death benefit described
above will not apply. You may elect the enhanced death benefit only at the time
you apply to participate under the EQUI-VEST(SM) Vantage(SM) contract.
Additionally, to elect this benefit, you must be younger than age 76 when
participation under the contract begins. Once you elect this benefit, you may
not cancel it as long as you continue participation in the contract.
The death benefit is equal to your account value (without any negative market
value adjustment that would otherwise apply) as of the date we receive
satisfactory proof of your death, any required instructions for the method of
payment, information and forms necessary to effect payment (less any
outstanding loan) or the enhanced death benefit as of the date of your death.
On the participation date, your enhanced death benefit equals your initial
contribution. Then, on each third participation date anniversary until you are
age 85, we will determine your enhanced death benefit by comparing your current
enhanced death benefit to your account value on that third participation date
anniversary. If your account value is higher than your enhanced death benefit,
we will increase your enhanced death benefit to equal your account value. On
the other hand, if your account value on any third contract date anniversary is
less than your enhanced death benefit, we will not adjust your enhanced death
benefit either up or down.
If you make additional contributions, we will increase your current enhanced
death benefit by the dollar amount of the contribution on the date the
contribution is allocated to your investment options. If you take a withdrawal
from your account value, we will adjust your death benefit on the date you take
the withdrawal.
HOW WITHDRAWALS AFFECT THE STANDARD DEATH BENEFIT AND THE ENHANCED DEATH
BENEFIT
Each withdrawal you make will reduce the amount of your current standard death
benefit or enhanced death benefit on a pro rata basis. Reduction on a pro rata
basis means that we calculate the percentage of your current account value that
is being withdrawn and we reduce your current standard death benefit or
enhanced death benefit by that same percentage. For example, if your account
value is $30,000 and you withdraw $12,000, you have withdrawn 40% of your
account value. If your enhanced death benefit was $40,000 before the
withdrawal, it would be reduced by $16,000 ($40,000 x .40) and your new
enhanced death benefit after the withdrawal would be $24,000 ($40,000-$16,000).
15. THE FIRST BULLET UNDER "TAX-SHELTERED ANNUITY ARRANGEMENTS (TSAS) --
CONTRIBUTIONS TO TSAS" IN "TAX INFORMATION" AT PAGE 57 IN THE PROSPECTUS IS
REPLACED IN ITS ENTIRETY BY THE FOLLOWING:
o Annual contributions made through the employer's payroll, which may include
your salary reduction contributions and employer contributions. Some
employer contributions may be subject to forfeiture under an employer's
plan.
14
16. THE FOLLOWING SENTENCE IS ADDED AT THE END OF THE FINAL PARAGRAPH UNDER
"TAX-SHELTERED ANNUITY ARRANGEMENTS (TSAS) -- ROLLOVER OR DIRECT TRANSFER
CONTRIBUTIONS" IN "TAX INFORMATION" AT PAGE 58 IN THE PROSPECTUS:
We separately account for rollover contributions to EQUI-VEST(SM) Vantage(SM)
contracts.
17. THE FOLLOWING SENTENCE IS ADDED AT THE END OF THE FIRST PARAGRAPH UNDER
"DISTRIBUTIONS FROM QUALIFIED PLANS AND TSAS -- WITHDRAWAL RESTRICTIONS" IN
"TAX INFORMATION" IN THE PROSPECTUS AT PAGE 59:
The plan may also impose withdrawal restrictions on employer contributions and
related earnings.
18. THE FIRST TWO SENTENCES OF THE SECOND PARAGRAPH UNDER "DISTRIBUTIONS FROM
QUALIFIED PLANS AND TSAS -- WITHDRAWAL RESTRICTIONS" IN "TAX INFORMATION" IN
THE PROSPECTUS AT PAGE 59 ARE REPLACED BY THE FOLLOWING:
For amounts that were directly transferred to this contract in a Revenue Ruling
90-24 transfer from another annuity contract, these withdrawal restrictions
will not apply to 403(b) account values attributable to salary reduction
contributions to the contract and earnings on December 31, 1988 or to account
values attributable to employer contributions if properly reported to us at the
time of the transfer.
19. THE FOLLOWING SENTENCE IS ADDED AT THE END OF THE FINAL PARAGRAPH UNDER
"DISTRIBUTIONS FROM QUALIFIED PLANS AND TSAS -- WITHDRAWAL RESTRICTIONS"
IN "TAX INFORMATION" AT PAGE 59 IN THE PROSPECTUS:
We separately account for rollover contributions to EQUI-VEST(SM) Vantage(SM)
contracts.
15
Appendix I: Condensed financial information
- --------------------------------------------------------------------------------
The following tables show the accumulation unit values and the number of
outstanding units for each variable investment option under the contract at the
last business day of the periods shown. The unit values and number of units
outstanding are for contracts offered under Separate Account A with the same
daily asset charge of 0.90%, 0.70% and 0.50%. The information presented is
shown for the past ten years, or from the first year the particular contracts
were offered if less than ten years ago.
EQUI-VEST(SM) VANTAGE(SM) CONTRACTS
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW ARE FOR CONTRACTS
OFFERED UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.90%. UNIT
VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31,
2006.
- --------------------------------------------------------------------------------------------------------
For the years ending December 31,
----------------------------------------------------------
1999 2000 2001 2002 2003
- --------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 109.27
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 102.27
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 104.26
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- --------------------------------------------------------------------------------------------------------
Unit value $ 121.00 $ 118.02 $ 114.50 $ 99.02 $ 116.91
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 108.08
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- --------------------------------------------------------------------------------------------------------
Unit value $ 106.50 $ 91.46 $ 67.82 $ 47.80 $ 65.15
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 107.20 $ 110.22
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- --------------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 79.33 $ 100.74
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- --------------------------------------------------------------------------------------------------------
Unit value $ 85.66 $ 77.34 $ 77.17 $ 74.22 $ 90.15
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 2
- --------------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 78.42 $ 104.39
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- --------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 76.77 $ 97.48
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 68.17 $ 88.25
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 79.44 $ 103.20
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
For the years ending December 31,
----------------------------------
2004 2005 2006
- --------------------------------------------------------------------------------
AXA Aggressive Allocation
- --------------------------------------------------------------------------------
Unit value $ 121.06 $ 129.64 $ 151.46
- --------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 5
- --------------------------------------------------------------------------------
AXA Conservative Allocation
- --------------------------------------------------------------------------------
Unit value $ 107.45 $ 109.09 $ 115.00
- --------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1
- --------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- --------------------------------------------------------------------------------
Unit value $ 111.33 $ 113.91 $ 122.77
- --------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 4
- --------------------------------------------------------------------------------
AXA Moderate Allocation
- --------------------------------------------------------------------------------
Unit value $ 125.97 $ 130.82 $ 143.03
- --------------------------------------------------------------------------------
Number of units outstanding (000's) 3 6 9
- --------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- --------------------------------------------------------------------------------
Unit value $ 119.63 $ 126.46 $ 143.50
- --------------------------------------------------------------------------------
Number of units outstanding (000's) 1 6 16
- --------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- --------------------------------------------------------------------------------
Unit value $ 72.37 $ 77.61 $ 80.84
- --------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1
- --------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- --------------------------------------------------------------------------------
Unit value $ 113.47 $ 114.42 $ 117.67
- --------------------------------------------------------------------------------
Number of units outstanding (000's) 1 2 2
- --------------------------------------------------------------------------------
AXA Premier VIP Health Care
- --------------------------------------------------------------------------------
Unit value $ 111.95 $ 118.66 $ 123.63
- --------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 3
- --------------------------------------------------------------------------------
AXA Premier VIP High Yield
- --------------------------------------------------------------------------------
Unit value $ 97.08 $ 99.16 $ 108.02
- --------------------------------------------------------------------------------
Number of units outstanding (000's) 1 5 5
- --------------------------------------------------------------------------------
AXA Premier VIP International Equity
- --------------------------------------------------------------------------------
Unit value $ 121.98 $ 139.55 $ 173.31
- --------------------------------------------------------------------------------
Number of units outstanding (000's) 1 2 4
- --------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- --------------------------------------------------------------------------------
Unit value $ 105.95 $ 112.07 $ 126.14
- --------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 --
- --------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- --------------------------------------------------------------------------------
Unit value $ 93.28 $ 99.37 $ 98.58
- --------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 4
- --------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- --------------------------------------------------------------------------------
Unit value $ 117.02 $ 124.20 $ 146.87
- --------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 2
- --------------------------------------------------------------------------------
A-1
EQUI-VEST(SM) VANTAGE(SM) CONTRACTS (CONTINUED)
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW ARE FOR CONTRACTS
OFFERED UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.90%. UNIT
VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31,
2006.
- ---------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
---------------------------------------------------------
1999 2000 2001 2002 2003
- ---------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 62.27 $ 86.54
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 74.03 $ 103.15
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- ----------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 56.89 $ 88.87
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- ----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 130.14 $ 110.60 $ 97.85 $ 64.63 $ 95.79
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- ----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 122.29 $ 131.71 $ 128.51 $ 100.27 $ 129.60
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 8
- ----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate Government
- ----------------------------------------------------------------------------------------------------------------------
Securities
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 102.33 $ 110.43 $ 118.06 $ 127.05 $ 128.60
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- ----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 131.34 $ 100.03 $ 76.02 $ 67.72 $ 90.72
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 9
- ----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 116.55 $ 94.27 $ 70.28 $ 48.46 $ 59.16
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 3
- ----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 100.33 $ 110.65 $ 118.44 $ 126.38 $ 129.67
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 3
- ----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 110.37 $ 124.31 $ 106.88 $ 73.89 $ 103.19
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 3
- ----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 95.39 $ 81.63 $ 104.15
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 5
- ----------------------------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 99.57
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- ----------------------------------------------------------------------------------------------------------------------
Unit value $ 107.76 $ 103.69 $ 87.65 $ 63.89 $ 81.01
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- ----------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 54.67 $ 67.15
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- ----------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- ----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 68.67 $ 90.25
- ----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- ----------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
For the years ending December 31,
--------------------------------------------
2004 2005 2006
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- --------------------------------------------------------------------------------------------------------
Unit value $ 95.83 $ 102.93 $ 111.81
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 3 3
- --------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- --------------------------------------------------------------------------------------------------------
Unit value $ 117.75 $ 125.26 $ 142.42
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 2
- --------------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- --------------------------------------------------------------------------------------------------------
Unit value $ 92.46 $ 101.96 $ 108.42
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 6 6
- --------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- --------------------------------------------------------------------------------------------------------
Unit value $ 108.33 $ 111.98 $ 122.83
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 4 6
- --------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- --------------------------------------------------------------------------------------------------------
Unit value $ 144.35 $ 150.93 $ 177.31
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 11 10
- --------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate Government Securities
- --------------------------------------------------------------------------------------------------------
Unit value $ 129.91 $ 130.34 $ 133.20
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 2
- --------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- --------------------------------------------------------------------------------------------------------
Unit value $ 106.24 $ 121.39 $ 148.60
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 13 12
- --------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- --------------------------------------------------------------------------------------------------------
Unit value $ 63.54 $ 72.38 $ 71.34
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 4 6
- --------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- --------------------------------------------------------------------------------------------------------
Unit value $ 133.32 $ 134.77 $ 138.66
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 4 4
- --------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- --------------------------------------------------------------------------------------------------------
Unit value $ 116.56 $ 128.81 $ 139.15
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 4 4
- --------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- --------------------------------------------------------------------------------------------------------
Unit value $ 117.09 $ 122.34 $ 147.18
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 13 18
- --------------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- --------------------------------------------------------------------------------------------------------
Unit value $ 102.25 $ 108.95 $ 109.53
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- --------------------------------------------------------------------------------------------------------
Unit value $ 107.08 $ 112.64 $ 129.31
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1
- --------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- --------------------------------------------------------------------------------------------------------
Unit value $ 83.16 $ 89.61 $ 93.45
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 3
- --------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- --------------------------------------------------------------------------------------------------------
Unit value $ 70.23 $ 73.16 $ 77.86
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1
- --------------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- --------------------------------------------------------------------------------------------------------
Unit value $ 101.61 $ 117.94 $ 139.38
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 4 5
- --------------------------------------------------------------------------------------------------------
A-2
EQUI-VEST(SM) VANTAGE(SM) CONTRACTS (CONTINUED)
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW ARE FOR CONTRACTS
OFFERED UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.90%. UNIT
VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31,
2006.
- ----------------------------------------------------------------------------------------------------------
For the years ending December 31,
------------------------------------------------------------
1999 2000 2001 2002 2003
- ----------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- ----------------------------------------------------------------------------------------------------------
Unit value $ 106.96 $ 112.26 $ 109.00 $ 81.38 $ 106.04
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 7
- ----------------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- ----------------------------------------------------------------------------------------------------------
Unit value $ 101.79 $ 104.51 $ 101.25 $ 76.77 $ 103.77
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 6
- ----------------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- ----------------------------------------------------------------------------------------------------------
Unit value $ 125.64 $ 112.30 $ 97.75 $ 75.18 $ 95.23
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 8
- ----------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- ----------------------------------------------------------------------------------------------------------
Unit value $ 106.75 $ 93.40 $ 76.81 $ 57.84 $ 79.22
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- ----------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- ----------------------------------------------------------------------------------------------------------
Unit value -- $ 100.13 $ 85.92 $ 69.42 $ 98.80
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 4
- ----------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- ----------------------------------------------------------------------------------------------------------
Unit value $ 103.94 $ 108.31 $ 111.62 $ 94.35 $ 124.60
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 3
- ----------------------------------------------------------------------------------------------------------
EQ/Franklin Income
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/International Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- $ 84.07 $ 64.18 $ 44.32 $ 55.28
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 2
- ----------------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 107.54 $ 110.17
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- ----------------------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- ----------------------------------------------------------------------------------------------------------
Unit value $ 98.44 $ 104.17 $ 96.20 $ 77.17 $ 96.98
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- ----------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
For the years ending December 31,
------------------------------------
2004 2005 2006
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
EQ/Capital Guardian Research
- ---------------------------------------------------------------------------------
Unit value $ 116.55 $ 122.50 $ 136.03
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- 14 14
- ---------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- ---------------------------------------------------------------------------------
Unit value $ 112.42 $ 118.06 $ 118.06
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- 10 11
- ---------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- ---------------------------------------------------------------------------------
Unit value -- $ 104.28 $ 111.58
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ---------------------------------------------------------------------------------
EQ/Equity 500 Index
- ---------------------------------------------------------------------------------
Unit value $ 104.03 $ 107.63 $ 122.77
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) 2 11 12
- ---------------------------------------------------------------------------------
EQ/Evergreen International Bond
- ---------------------------------------------------------------------------------
Unit value -- $ 97.60 $ 100.03
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ---------------------------------------------------------------------------------
EQ/Evergreen Omega
- ---------------------------------------------------------------------------------
Unit value $ 84.03 $ 86.57 $ 90.83
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 3
- ---------------------------------------------------------------------------------
EQ/FI Mid Cap
- ---------------------------------------------------------------------------------
Unit value $ 113.60 $ 119.75 $ 132.35
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) 1 15 19
- ---------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- ---------------------------------------------------------------------------------
Unit value $ 145.52 $ 160.54 $ 178.95
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) 1 5 4
- ---------------------------------------------------------------------------------
EQ/Franklin Income
- ---------------------------------------------------------------------------------
Unit value -- -- $ 104.43
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ---------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- ---------------------------------------------------------------------------------
Unit value -- -- $ 103.24
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ---------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- ---------------------------------------------------------------------------------
Unit value -- $ 105.35 $ 117.15
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ---------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- ---------------------------------------------------------------------------------
Unit value $ 113.34 $ 117.17 $ 137.99
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 2
- ---------------------------------------------------------------------------------
EQ/International Growth
- ---------------------------------------------------------------------------------
Unit value -- $ 115.34 $ 143.61
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- ---------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- ---------------------------------------------------------------------------------
Unit value $ 61.44 $ 65.32 $ 65.50
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- 3 4
- ---------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- ---------------------------------------------------------------------------------
Unit value $ 113.65 $ 115.13 $ 118.73
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- 3 4
- ---------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- ---------------------------------------------------------------------------------
Unit value $ 106.52 $ 109.75 $ 130.93
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1
- ---------------------------------------------------------------------------------
A-3
EQUI-VEST(SM) VANTAGE(SM) CONTRACTS (CONTINUED)
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW ARE FOR CONTRACTS
OFFERED UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.90%. UNIT
VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31,
2006.
- ---------------------------------------------------------------------------------------------------------
For the years ending December 31,
-----------------------------------------------------------
1999 2000 2001 2002 2003
- ---------------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- ---------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
EQ/Long Term Bond
- ---------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- ---------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- ---------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- ---------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
EQ/Marsico Focus
- ---------------------------------------------------------------------------------------------------------
Unit value -- -- $ 105.94 $ 92.92 $ 120.75
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 3
- ---------------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- ---------------------------------------------------------------------------------------------------------
Unit value $ 113.77 $ 126.07 $ 131.84 $ 108.89 $ 141.57
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 3
- ---------------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- ---------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 76.66 $ 97.27
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 5
- ---------------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- ---------------------------------------------------------------------------------------------------------
Unit value $ 166.37 $ 133.82 $ 87.46 $ 56.92 $ 72.94
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 4 4
- ---------------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- ---------------------------------------------------------------------------------------------------------
Unit value $ 104.65 $ 102.99 $ 85.75 $ 67.12 $ 81.18
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
EQ/Money Market
- ---------------------------------------------------------------------------------------------------------
Unit value $ 105.79 $ 111.13 $ 114.06 $ 114.42 $ 114.04
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- ---------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
EQ/Mutual Shares
- ---------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- ---------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- ---------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- ---------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------
For the years ending December 31,
------------------------------------
2004 2005 2006
- ------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- ------------------------------------------------------------------------------------
Unit value -- $ 106.52 $ 112.77
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- ------------------------------------------------------------------------------------
EQ/Long Term Bond
- ------------------------------------------------------------------------------------
Unit value -- $ 100.29 $ 101.20
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- ------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- ------------------------------------------------------------------------------------
Unit value -- $ 106.30 $ 123.48
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- ------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- ------------------------------------------------------------------------------------
Unit value -- $ 105.93 $ 118.30
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- ------------------------------------------------------------------------------------
Unit value -- $ 111.82 $ 124.58
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- ------------------------------------------------------------------------------------
EQ/Marsico Focus
- ------------------------------------------------------------------------------------
Unit value $ 132.24 $ 145.08 $ 157.18
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 11 16
- ------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- ------------------------------------------------------------------------------------
Unit value $ 155.12 $ 158.27 $ 189.64
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 4 4
- ------------------------------------------------------------------------------------
EQ/Mercury International Value
- ------------------------------------------------------------------------------------
Unit value $ 117.26 $ 128.80 $ 160.43
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 10 14
- ------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- ------------------------------------------------------------------------------------
Unit value $ 81.41 $ 87.96 $ 93.95
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 5 5
- ------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- ------------------------------------------------------------------------------------
Unit value $ 89.62 $ 95.21 $ 106.56
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1
- ------------------------------------------------------------------------------------
EQ/Money Market
- ------------------------------------------------------------------------------------
Unit value $ 113.89 $ 115.83 $ 119.94
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 1 1
- ------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- ------------------------------------------------------------------------------------
Unit value $ 104.76 $ 109.43 $ 117.07
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ------------------------------------------------------------------------------------
EQ/Mutual Shares
- ------------------------------------------------------------------------------------
Unit value -- -- $ 107.25
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- ------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- ------------------------------------------------------------------------------------
Unit value -- -- $ 111.10
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- ------------------------------------------------------------------------------------
Unit value -- -- $ 111.14
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- ------------------------------------------------------------------------------------
Unit value -- $ 99.64 $ 99.13
- ------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 4
A-4
EQUI-VEST(SM) VANTAGE(SM) CONTRACTS (CONTINUED)
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW ARE FOR CONTRACTS
OFFERED UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.90%. UNIT
VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31,
2006.
- ----------------------------------------------------------------------------------------------------------
For the years ending December 31,
------------------------------------------------------------
1999 2000 2001 2002 2003
EQ/Short Duration Bond
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Small Cap Value
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 114.07 $ 155.30
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 2
- ----------------------------------------------------------------------------------------------------------
EQ/Small Company Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Small Company Index
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 81.92 $ 118.42
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- ----------------------------------------------------------------------------------------------------------
EQ/TCW Equity
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- ----------------------------------------------------------------------------------------------------------
Unit value $ 198.84 $ 118.14 $ 111.05 $ 103.54 $ 160.00
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- ----------------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Target 2015 Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Target 2025 Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Target 2035 Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Target 2045 Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 106.93
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
For the years ending December 31,
-----------------------------------
2004 2005 2006
- ---------------------------------------------------------------------------------
EQ/Short Duration Bond
- ---------------------------------------------------------------------------------
Unit value -- $ 100.09 $ 103.12
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ---------------------------------------------------------------------------------
EQ/Small Cap Value
- ---------------------------------------------------------------------------------
Unit value $ 180.23 $ 186.98 $ 215.15
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) 1 9 10
- ---------------------------------------------------------------------------------
EQ/Small Company Growth
- ---------------------------------------------------------------------------------
Unit value $ 114.70 $ 122.18 $ 133.44
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1
- ---------------------------------------------------------------------------------
EQ/Small Company Index
- ---------------------------------------------------------------------------------
Unit value $ 138.09 $ 142.68 $ 166.44
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- 5 6
- ---------------------------------------------------------------------------------
EQ/TCW Equity
- ---------------------------------------------------------------------------------
Unit value $ 111.33 $ 114.73 $ 109.14
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ---------------------------------------------------------------------------------
EQ/Templeton Growth
- ---------------------------------------------------------------------------------
Unit value -- -- $ 107.73
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ---------------------------------------------------------------------------------
EQ/UBS Growth and Income
- ---------------------------------------------------------------------------------
Unit value $ 109.34 $ 118.12 $ 133.62
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ---------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- ---------------------------------------------------------------------------------
Unit value -- $ 104.60 $ 120.15
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- ---------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- ---------------------------------------------------------------------------------
Unit value $ 196.10 $ 258.05 $ 350.50
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 1
- ---------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- ---------------------------------------------------------------------------------
Unit value -- $ 124.11 $ 134.38
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- ---------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- ---------------------------------------------------------------------------------
Unit value -- $ 119.40 $ 143.93
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- ---------------------------------------------------------------------------------
Target 2015 Allocation
- ---------------------------------------------------------------------------------
Unit value -- -- $ 108.47
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ---------------------------------------------------------------------------------
Target 2025 Allocation
- ---------------------------------------------------------------------------------
Unit value -- -- $ 109.42
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ---------------------------------------------------------------------------------
Target 2035 Allocation
- ---------------------------------------------------------------------------------
Unit value -- -- $ 110.31
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ---------------------------------------------------------------------------------
Target 2045 Allocation
- ---------------------------------------------------------------------------------
Unit value -- -- $ 111.10
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ---------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- ---------------------------------------------------------------------------------
Unit value $ 144.19 $ 166.84 $ 227.62
- ---------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 3
- ---------------------------------------------------------------------------------
A-5
- ---------------------------------------------------------------------------------------------------------
For the years ending December 31,
-----------------------------------------------------------
2002 2003 2004 2005 2006
- ---------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
- ---------------------------------------------------------------------------------------------------------
Unit value -- $ 109.32 $ 121.36 $ 130.23 $ 152.46
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- ---------------------------------------------------------------------------------------------------------
Unit value -- $ 102.32 $ 107.72 $ 109.58 $ 115.75
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- ---------------------------------------------------------------------------------------------------------
Unit value -- $ 104.31 $ 111.61 $ 114.43 $ 123.58
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- ---------------------------------------------------------------------------------------------------------
Unit value $ 89.58 $ 105.98 $ 114.42 $ 119.07 $ 130.44
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 2 4
- ---------------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- ---------------------------------------------------------------------------------------------------------
Unit value -- $ 108.13 $ 119.93 $ 127.03 $ 144.44
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1 1
- ---------------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- ---------------------------------------------------------------------------------------------------------
Unit value $ 50.77 $ 69.33 $ 77.17 $ 83.12 $ 86.97
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 13 15
- ---------------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- ---------------------------------------------------------------------------------------------------------
Unit value $107.42 $ 110.66 $ 114.16 $ 115.34 $ 118.85
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- ---------------------------------------------------------------------------------------------------------
Unit value $ 79.50 $ 101.15 $ 112.62 $ 119.62 $ 124.88
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- ---------------------------------------------------------------------------------------------------------
Unit value $ 86.67 $ 105.47 $ 113.82 $ 116.48 $ 127.15
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- ---------------------------------------------------------------------------------------------------------
Unit value $ 78.58 $ 104.82 $ 122.72 $ 140.68 $ 175.06
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- ---------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- ---------------------------------------------------------------------------------------------------------
Unit value $ 76.92 $ 97.88 $ 106.59 $ 112.97 $ 127.42
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1 --
- ---------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- ---------------------------------------------------------------------------------------------------------
Unit value $ 68.31 $ 88.60 $ 93.85 $ 100.17 $ 99.58
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- ---------------------------------------------------------------------------------------------------------
Unit value $ 79.60 $ 103.61 $ 117.73 $ 125.20 $ 148.35
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- ---------------------------------------------------------------------------------------------------------
Unit value $ 62.40 $ 86.89 $ 96.41 $ 103.76 $ 112.94
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- ---------------------------------------------------------------------------------------------------------
Unit value $ 74.18 $ 103.57 $ 118.46 $ 126.28 $ 143.86
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- ---------------------------------------------------------------------------------------------------------
Unit value $ 57.00 $ 89.23 $ 93.02 $ 102.78 $ 109.51
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 8 10
- ---------------------------------------------------------------------------------------------------------
A-6
EQUI-VEST(SM) VANTAGE(SM) CONTRACTS (CONTINUED)
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW ARE FOR CONTRACTS
OFFERED UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.70%. UNIT
VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE INVESTMENT
OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER
31, 2006.
- -------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
----------------------------------------------------------
2002 2003 2004 2005 2006
- -------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- -------------------------------------------------------------------------------------------------------------------------
Unit value $ 55.52 $ 82.44 $ 93.43 $ 96.76 $ 106.36
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- -------------------------------------------------------------------------------------------------------------------------
Unit value $ 85.76 $ 111.06 $ 173.47 $ 182.19 $ 215.00
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 2 2
- -------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate Government Securities
- -------------------------------------------------------------------------------------------------------------------------
Unit value $125.51 $ 127.30 $ 128.86 $ 129.55 $ 132.66
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- -------------------------------------------------------------------------------------------------------------------------
Unit value $ 65.79 $ 88.31 $ 103.63 $ 118.64 $ 145.53
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- -------------------------------------------------------------------------------------------------------------------------
Unit value $ 48.79 $ 59.68 $ 64.24 $ 73.31 $ 72.40
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- -------------------------------------------------------------------------------------------------------------------------
Unit value $125.91 $ 129.46 $ 133.37 $ 147.47 $ 152.43
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- -------------------------------------------------------------------------------------------------------------------------
Unit value $ 88.17 $ 123.38 $ 139.65 $ 154.63 $ 167.38
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- -------------------------------------------------------------------------------------------------------------------------
Unit value $ 82.19 $ 105.07 $ 118.36 $ 123.92 $ 149.38
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1 5 9
- -------------------------------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- -------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 99.56 $ 102.19 $ 108.82 $ 109.35
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1 --
- -------------------------------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- -------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 107.13 $ 112.92 $ 130.03
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- -------------------------------------------------------------------------------------------------------------------------
Unit value $ 64.32 $ 81.73 $ 84.06 $ 90.77 $ 94.85
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- -------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- -------------------------------------------------------------------------------------------------------------------------
Unit value $ 55.04 $ 67.75 $ 71.00 $ 74.10 $ 79.03
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- -------------------------------------------------------------------------------------------------------------------------
Unit value $ 69.13 $ 91.05 $ 102.71 $ 119.46 $ 141.46
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1 --
- -------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- -------------------------------------------------------------------------------------------------------------------------
Unit value $ 81.93 $ 106.98 $ 117.81 $ 124.08 $ 138.06
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 -- 1 1
- -------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- -------------------------------------------------------------------------------------------------------------------------
Unit value $ 77.29 $ 104.68 $ 113.64 $ 119.58 $ 130.57
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- -------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 104.42 $ 111.95
- -------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
A-7
EQUI-VEST(SM) VANTAGE(SM) CONTRACTS (CONTINUED)
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW ARE FOR CONTRACTS
OFFERED UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.70%. UNIT
VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE INVESTMENT
OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER
31, 2006.
- --------------------------------------------------------------------------------------------------------
For the years ending December 31,
----------------------------------------------------------
2002 2003 2004 2005 2006
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- --------------------------------------------------------------------------------------------------------
Unit value $ 63.97 $ 81.20 $ 88.88 $ 92.14 $ 105.31
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 4 7
- --------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 97.65 $ 100.28
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- --------------------------------------------------------------------------------------------------------
Unit value $ 58.23 $ 79.92 $ 84.94 $ 87.69 $ 92.19
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- --------------------------------------------------------------------------------------------------------
Unit value $ 69.75 $ 99.46 $ 114.60 $ 121.04 $ 134.05
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 2 5
- --------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- --------------------------------------------------------------------------------------------------------
Unit value $ 76.93 $ 101.80 $ 119.13 $ 131.69 $ 147.09
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1 1
- --------------------------------------------------------------------------------------------------------
EQ/Franklin Income
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 104.50
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 108.44
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 105.50 $ 117.55
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- --------------------------------------------------------------------------------------------------------
Unit value -- -- $ 113.39 $ 117.46 $ 138.61
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/International Growth
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 115.49 $ 144.09
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- --------------------------------------------------------------------------------------------------------
Unit value $ 44.53 $ 55.65 $ 61.98 $ 66.03 $ 66.35
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 4 6
- --------------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- --------------------------------------------------------------------------------------------------------
Unit value $107.78 $ 110.63 $ 114.36 $ 116.07 $ 119.94
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1 2
- --------------------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- --------------------------------------------------------------------------------------------------------
Unit value $ 78.73 $ 99.14 $ 109.16 $ 112.65 $ 134.65
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 106.57 $ 113.05
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/Long Term Bond
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 100.42 $ 101.54
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 106.44 $ 123.89
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
A-8
EQUI-VEST(SM) VANTAGE(SM) CONTRACTS (CONTINUED)
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW ARE FOR CONTRACTS
OFFERED UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.70%. UNIT
VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE INVESTMENT
OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER
31, 2006.
- ----------------------------------------------------------------------------------------------------------
For the years ending December 31,
------------------------------------------------------------
2002 2003 2004 2005 2006
- ----------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 106.07 $ 118.70
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 111.96 $ 125.00
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Marsico Focus
- ----------------------------------------------------------------------------------------------------------
Unit value $ 93.15 $ 121.29 $ 133.10 $ 146.32 $ 158.85
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- ----------------------------------------------------------------------------------------------------------
Unit value $112.46 $ 145.51 $ 160.86 $ 164.45 $ 197.45
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- ----------------------------------------------------------------------------------------------------------
Unit value $ 77.18 $ 98.13 $ 118.54 $ 130.47 $ 162.83
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 2 6
- ----------------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- ----------------------------------------------------------------------------------------------------------
Unit value $ 64.15 $ 82.37 $ 92.12 $ 99.73 $ 106.74
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 4 -- 4 4
- ----------------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- ----------------------------------------------------------------------------------------------------------
Unit value $ 67.58 $ 81.90 $ 90.60 $ 96.43 $ 108.15
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Money Market
- ----------------------------------------------------------------------------------------------------------
Unit value $110.53 $ 110.38 $ 110.46 $ 112.56 $ 116.79
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 104.81 $ 109.70 $ 117.59
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Mutual Shares
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 107.32
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 111.10
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 111.21
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 99.78 $ 105.91
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Short Duration Bond
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 100.23 $ 103.47
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Small Cap Value
- ----------------------------------------------------------------------------------------------------------
Unit value $114.85 $ 156.67 $ 182.19 $ 189.39 $ 218.37
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Small Company Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 114.75 $ 122.48 $ 134.04
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
A-9
EQUI-VEST(SM) VANTAGE(SM) CONTRACTS (CONTINUED)
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW ARE FOR CONTRACTS
OFFERED UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.70%. UNIT
VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE INVESTMENT
OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER
31, 2006.
- ----------------------------------------------------------------------------------------------------------
For the years ending December 31,
----------------------------------------------------------
2002 2003 2004 2005 2006
- ----------------------------------------------------------------------------------------------------------
EQ/Small Company Index
Unit value $ 82.10 $ 118.92 $ 138.95 $ 143.86 $ 168.15
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 2 4
- ----------------------------------------------------------------------------------------------------------
EQ/TCW Equity
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 111.38 $ 115.01 $ 109.62
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 107.79
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 109.39 $ 118.41 $ 134.22
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 104.74 $ 120.55
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- ----------------------------------------------------------------------------------------------------------
Unit value $ 88.09 $ 136.39 $ 167.50 $ 220.86 $ 300.59
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 3 -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 124.27 $ 134.83
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 119.56 $ 144.41
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Target 2015 Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 108.53
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Target 2025 Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 109.49
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Target 2035 Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 110.38
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Target 2045 Allocation
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 111.17
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- ----------------------------------------------------------------------------------------------------------
Unit value -- $ 106.99 $ 144.56 $ 167.59 $ 229.11
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1 3
- ----------------------------------------------------------------------------------------------------------
A-10
EQUI-VEST(SM) VANTAGE(SM) CONTRACTS (CONTINUED)
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW ARE FOR CONTRACTS
OFFERED UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.50%. UNIT
VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE INVESTMENT
OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER
31, 2006.
- ---------------------------------------------------------------------------------------------------------
For the years ending December 31,
-----------------------------------------------------------
2002 2003 2004 2005 2006
- ---------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
Unit value -- $ 109.38 $ 121.67 $ 130.82 $ 153.46
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- ---------------------------------------------------------------------------------------------------------
Unit value -- $ 102.37 $ 108.00 $ 110.08 $ 116.51
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- ---------------------------------------------------------------------------------------------------------
Unit value -- $ 104.36 $ 111.89 $ 114.94 $ 124.39
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- ---------------------------------------------------------------------------------------------------------
Unit value $ 82.10 $ 97.33 $ 105.29 $ 109.79 $ 120.52
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- ---------------------------------------------------------------------------------------------------------
Unit value -- $ 108.19 $ 120.23 $ 127.61 $ 145.39
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- ---------------------------------------------------------------------------------------------------------
Unit value $ 46.48 $ 63.60 $ 70.93 $ 76.37 $ 79.87
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- ---------------------------------------------------------------------------------------------------------
Unit value $107.64 $ 111.11 $ 114.85 $ 116.28 $ 120.06
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- ---------------------------------------------------------------------------------------------------------
Unit value $ 79.66 $ 101.56 $ 113.31 $ 120.59 $ 126.14
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- ---------------------------------------------------------------------------------------------------------
Unit value $ 91.03 $ 111.01 $ 120.03 $ 123.08 $ 134.63
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- ---------------------------------------------------------------------------------------------------------
Unit value $ 78.74 $ 105.24 $ 123.46 $ 141.82 $ 176.83
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- ---------------------------------------------------------------------------------------------------------
Unit value $ 77.08 $ 98.27 $ 107.24 $ 113.89 $ 128.70
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- ---------------------------------------------------------------------------------------------------------
Unit value $ 68.45 $ 88.96 $ 94.42 $ 100.98 $ 100.59
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- ---------------------------------------------------------------------------------------------------------
Unit value $ 79.76 $ 104.03 $ 118.45 $ 126.22 $ 149.85
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- ---------------------------------------------------------------------------------------------------------
Unit value $ 62.53 $ 87.24 $ 96.99 $ 104.60 $ 114.09
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- ---------------------------------------------------------------------------------------------------------
Unit value $ 74.33 $ 103.99 $ 119.18 $ 127.30 $ 145.32
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- ---------------------------------------------------------------------------------------------------------
Unit value $ 57.12 $ 89.59 $ 93.59 $ 103.61 $ 110.62
- ---------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------
A-11
EQUI-VEST(SM) VANTAGE(SM) CONTRACTS (CONTINUED)
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW ARE FOR CONTRACTS
OFFERED UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.50%. UNIT
VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE INVESTMENT
OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER
31, 2006.
- -----------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
----------------------------------------------------------
2002 2003 2004 2005 2006
- -----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- -----------------------------------------------------------------------------------------------------------------------
Unit value $ 52.86 $ 78.66 $ 89.31 $ 92.69 $ 102.09
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- -----------------------------------------------------------------------------------------------------------------------
Unit value $ 75.41 $ 97.86 $ 109.44 $ 114.88 $ 135.51
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate Government Securities
- -----------------------------------------------------------------------------------------------------------------------
Unit value $120.24 $ 122.19 $ 123.94 $ 124.85 $ 128.11
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- -----------------------------------------------------------------------------------------------------------------------
Unit value $ 62.95 $ 84.67 $ 99.56 $ 114.22 $ 140.38
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- -----------------------------------------------------------------------------------------------------------------------
Unit value $ 44.22 $ 54.21 $ 58.46 $ 66.85 $ 66.16
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- -----------------------------------------------------------------------------------------------------------------------
Unit value $120.40 $ 124.04 $ 128.05 $ 129.96 $ 134.25
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- -----------------------------------------------------------------------------------------------------------------------
Unit value $ 52.55 $ 73.69 $ 83.58 $ 92.73 $ 103.84
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- -----------------------------------------------------------------------------------------------------------------------
Unit value $ 89.18 $ 114.24 $ 128.95 $ 135.28 $ 163.40
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- $ 99.67 $ 102.77 $ 109.94 $ 110.97
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 107.17 $ 113.20 $ 130.62
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- -----------------------------------------------------------------------------------------------------------------------
Unit value $ 57.22 $ 72.85 $ 75.08 $ 81.24 $ 85.06
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- -----------------------------------------------------------------------------------------------------------------------
Unit value $ 47.88 $ 59.05 $ 62.01 $ 64.85 $ 69.30
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- -----------------------------------------------------------------------------------------------------------------------
Unit value $ 61.65 $ 81.36 $ 91.97 $ 107.18 $ 127.17
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- -----------------------------------------------------------------------------------------------------------------------
Unit value $ 73.83 $ 96.60 $ 106.60 $ 112.49 $ 125.42
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- -----------------------------------------------------------------------------------------------------------------------
Unit value $ 74.48 $ 101.08 $ 109.96 $ 115.93 $ 126.84
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- -----------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 104.56 $ 112.32
- -----------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
A-12
EQUI-VEST(SM) VANTAGE(SM) CONTRACTS (CONTINUED)
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW ARE FOR CONTRACTS
OFFERED UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.50%. UNIT
VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE INVESTMENT
OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER
31, 2006.
- ----------------------------------------------------------------------------------------------------------
For the years ending December 31,
----------------------------------------------------------
2002 2003 2004 2005 2006
- ----------------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- ----------------------------------------------------------------------------------------------------------
Unit value $ 62.27 $ 79.19 $ 86.86 $ 90.23 $ 103.33
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 97.69 $ 100.53
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- ----------------------------------------------------------------------------------------------------------
Unit value $ 56.66 $ 77.91 $ 82.98 $ 85.83 $ 90.42
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- ----------------------------------------------------------------------------------------------------------
Unit value $ 71.73 $ 102.49 $ 118.33 $ 125.23 $ 138.97
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- ----------------------------------------------------------------------------------------------------------
Unit value $ 95.25 $ 126.30 $ 148.09 $ 164.04 $ 183.59
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Franklin Income
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 104.56
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 108.50
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 105.64 $ 117.94
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 113.44 $ 117.75 $ 139.30
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/International Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 115.64 $ 144.57
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- ----------------------------------------------------------------------------------------------------------
Unit value $ 47.68 $ 59.71 $ 66.62 $ 71.12 $ 71.61
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- ----------------------------------------------------------------------------------------------------------
Unit value $108.01 $ 111.09 $ 115.07 $ 117.03 $ 121.18
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- ----------------------------------------------------------------------------------------------------------
Unit value $ 78.07 $ 98.51 $ 108.69 $ 112.39 $ 134.61
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 106.62 $ 113.34
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Long Term Bond
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 100.56 $ 101.88
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 105.59 $ 124.31
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
A-13
EQUI-VEST(SM) VANTAGE(SM) CONTRACTS (CONTINUED)
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW ARE FOR CONTRACTS
OFFERED UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.50%. UNIT
VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE INVESTMENT
OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER
31, 2006.
- ----------------------------------------------------------------------------------------------------------
For the years ending December 31,
-------------------------------------------------------------
2002 2003 2004 2005 2006
- ----------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 106.21 $ 119.10
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 112.11 $ 125.42
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Marsico Focus
- ----------------------------------------------------------------------------------------------------------
Unit value $ 93.38 $ 121.84 $ 133.98 $ 147.58 $ 160.53
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- ----------------------------------------------------------------------------------------------------------
Unit value $ 88.81 $ 115.93 $ 127.54 $ 130.65 $ 157.18
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- ----------------------------------------------------------------------------------------------------------
Unit value $ 62.51 $ 79.64 $ 96.39 $ 106.30 $ 132.94
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- ----------------------------------------------------------------------------------------------------------
Unit value $ 35.99 $ 46.31 $ 51.89 $ 56.29 $ 60.37
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- ----------------------------------------------------------------------------------------------------------
Unit value $ 64.03 $ 77.76 $ 86.19 $ 91.93 $ 103.30
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Money Market
- ----------------------------------------------------------------------------------------------------------
Unit value $105.22 $ 105.29 $ 105.58 $ 107.81 $ 112.08
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 104.85 $ 109.97 $ 118.12
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Mutual Shares
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 107.38
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 111.23
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 111.28
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 99.91 $ 99.80
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Short Duration Bond
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 100.36 $ 103.81
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Small Cap Value
- ----------------------------------------------------------------------------------------------------------
Unit value $108.77 $ 148.68 $ 173.24 $ 180.45 $ 208.48
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
EQ/Small Company Growth
- ----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 114.80 $ 122.78 $ 134.64
- ----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------
A-14
EQUI-VEST(SM) VANTAGE(SM) CONTRACTS (CONTINUED)
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW ARE FOR CONTRACTS
OFFERED UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.50%. UNIT
VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE INVESTMENT
OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER
31, 2006.
- -----------------------------------------------------------------------------------------------------------
For the years ending December 31,
-------------------------------------------------------------
2002 2003 2004 2005 2006
- -----------------------------------------------------------------------------------------------------------
EQ/Small Company Index
Unit value $ 82.28 $ 119.41 $ 139.82 $ 145.04 $ 169.88
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
EQ/TCW Equity
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 111.43 $ 115.29 $ 110.11
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 107.86
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- $ 109.44 $ 118.70 $ 134.82
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 104.88 $ 120.95
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- -----------------------------------------------------------------------------------------------------------
Unit value $ 70.62 $ 109.56 $ 134.82 $ 178.13 $ 242.92
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 124.44 $ 135.28
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 119.72 $ 144.89
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
Target 2015 Allocation
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 108.60
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
Target 2025 Allocation
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 109.56
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
Target 2035 Allocation
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 110.45
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
Target 2045 Allocation
- -----------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 111.24
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- -----------------------------------------------------------------------------------------------------------
Unit value -- $ 107.04 $ 144.92 $ 168.35 $ 230.61
- -----------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
A-15
Appendix II: State contract availability and/or variations of certain features
and benefits
- --------------------------------------------------------------------------------
STATES WHERE CERTAIN EQUI-VEST(SM) VANTAGE(SM) FEATURES AND/OR BENEFITS ARE NOT
AVAILABLE OR HAVE CERTAIN VARIATIONS TO FEATURES AND/OR BENEFITS:
- ------------------------------------------------------------------------------------------------------------------------------------
Contract type/Series/
State Features and benefits Effective Date Availability or variation
- ------------------------------------------------------------------------------------------------------------------------------------
Texas See "Separate Account charge" for EQUI-VEST(SM) TSA Vantage(SM) Total Separate Account A annual expenses and the
EQUI-VEST(SM) Vantage(SM) in this certificates issued on or after annual expenses of the Trusts when added together
EQUI-VEST(SM) Vantage(SM) August 1, 2002 are not permitted to exceed 2.75% (except for the
supplement. Multimanager Aggressive Equity*, AXA Moderate
For TSA Vantage certificates issued Allocation, EQ/Alliance Common Stock and EQ/Money
to employees of public school Market options which are not permitted to exceed
districts and open enrollment 1.75%) unless the Teacher Retirement System of
charter schools (grades K-12) who Texas permits a higher rate.
are participants in the TSA plan,
the providers of which are subject Currently this expense limitation has the effect
to the 403(b) Certification Rules of of reducing the total expenses applicable to
the Teacher Retirement System of options funded by the Multimanager Health Care*,
the State of Texas, and who enroll Multimanager International Equity*, Multimanager
and contribute to the TSA contracts Mid Cap Growth*, Multimanager Mid Cap Value*,
through a salary reduction Multimanager Technology*, EQ/Van Kampen Emerging
agreement Markets Equity, and EQ/GAMCO Mergers and
Acquisitions portfolios.
See "Withdrawal Charge for The withdrawal charge equals up to 6.00% of the
EQUI-VEST(SM) Vantage(SM)" contracts amount withdrawn from your account value (or of
in section 14 of this supplement the defaulted loan amount, if applicable) in the
first five contract or participation years, as
applicable.
Participant/
contract year Charge
1 6.00%
2 5.75%
3 5.50%
4 5.25%
5 5.00%
6 and later 0.00%
Unavailability of investment option EQ/AXA Rosenberg Value Long/Short Equity
investment option is closed for all new
contributions and incoming transfers.
See the SAI for condensed financial
Information.
- ------------------------------------------------------------------------------------------------------------------------------------
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and benefits" in the Prospectus for the investment
option's former name.
Copyright 2007. AXA Equitable Life Insurance Company
1290 Avenue of the Americas New York, New York 10104
(212) 554-1234
All rights reserved. EQUI-VEST(SM) is a registered service mark of AXA Equitable
Life Insurance Company
II-1
EQUI-VEST(SM)
Employer-Sponsored Retirement Programs
TSA ADVANTAGE(SM)
SUPPLEMENT DATED MAY 1, 2007
TO THE PROSPECTUS DATED MAY 1, 2007
- --------------------------------------------------------------------------------
This supplement adds to and modifies certain information contained in the
prospectus dated May 1, 2007 for the EQUI-VEST(SM) Employer-Sponsored Retirement
Programs offered by AXA Equitable Life Insurance Company ("Prospectus").
We offer the series 600 TSA Advantage(SM) contract to fund all Section 403(b)
plans sponsored by Section 501(c)(3) tax-exempt organizations, except those
plans sponsored by primary or secondary schools. It is also available to
post-secondary public educational institutions described in Section
403(b)(1)(A)(ii) of the Internal Revenue Code with more than 500 employees
eligible to participate. For plans sponsored by a hospital or other health care
organization qualified or intended to qualify under Section 501(c)(3) of the
Internal Revenue Code, the TSA Advantage(SM) contract will be available only
when the employer makes contributions to the 403(b) plan (whether on a matching
or non-elective contribution basis) or makes a contribution to a plan qualified
under 401(a) of the Internal Revenue Code, matching employee elective deferrals
in the 403(b) plan. Under the TSA Advantage(SM) contract, contributions
including rollover contributions and direct transfer contributions from existing
Section 403(b) plans (programs or arrangements), may be accepted only if the
contributions are fully vested under the existing TSA plan. The TSA
Advantage(SM) contract may not currently be available in your state. Your
financial professional can provide information about state availability.
Currently, no new units will be permitted to enroll in the TSA Advantage
(Series 600) product. New participants, however, can be enrolled into existing
TSA Advantage units.
For Section 403(b) plans offered for hospital and health care facility
employees, non-salary reduction (employer contributions) must be made. TSA
Advantage(SM) is available only to employees of employers that currently have,
or within the first contract year are expected to have, at least 50
participants. Employees in Section 403(b) plans that do not meet these
requirements are only eligible for TSA series 100 and 200 contracts. Subject to
a written agreement between AXA Equitable and an employer sponsoring a 403(b)
plan that uses an EQUI-VEST(SM) TSA Advantage(SM) contract as a funding vehicle
for plan assets, AXA Equitable may reimburse that employer for certain expenses
associated with that employer's plan, for example recordkeeping or other
administrative services. Any such reimbursement will not exceed ten dollars for
each EQUI-VEST(SM) TSA Advantage(SM) contract issued to a participant of that
employer's 403(b) plan.
See "Tax information" in the Prospectus for a more detailed discussion of
sources of contributions, certain contribution limitations and other tax
information for TSA contracts.
We offer the EQUI-VEST(SM) TSA Advantage(SM) contract to purchasers on the same
basis and under the same terms and conditions described in the Prospectus as
those that apply to the EQUI-VEST(SM) series 100 and 200 TSA contracts, except
for certain material differences. Terms we use in this supplement have the same
meaning as in the prospectus, unless we indicate otherwise.
Material differences between TSA Advantage(SM) and the provisions of the
EQUI-VEST(SM) TSA series 100 and 200 contracts described in the Prospectus
include the information, above as well as the following:
Because you are purchasing an annuity contract as a Tax Sheltered Annuity
(TSA), 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," in the Prospectus).
X01510
- --------------------------------------------------------------------------------
The following is added to "EQUI-VEST(SM) employer-sponsored retirement programs
at a glance -- key features" in "Fees and charges" in the Prospectus:
- -------------------------------------------------------------------------------------------------------------------------------
Fees and charges under series 600 o Daily charge on amounts invested in variable investment options for mortality and expense
risks and other expenses at a current annual rate of 1.20% (2% maximum).
o Annual administrative charge: $30 ($65 maximum) currently or, if less, 2% of the account
value, less any amount withdrawn during the contract year.
o Charge for third-party transfer (such as in the case of a direct rollover to a traditional
IRA contract) or exchange (if your contract is exchanged for a 403(b)(1) contract issued by
another insurance company): none currently ($65 maximum).
o No sales charge deducted at the time you make contributions.
o Withdrawal charge: We deduct a charge equal to 6% of the amount withdrawn or the defaulted
loan amount in the first six contract years. The total of all withdrawal charges assessed
may not exceed 8% of all contributions made in the first six contract years. Under certain
circumstances, the withdrawal charge will not apply. They are discussed in "Charges and
expenses" later in this supplement.
o We deduct a charge designed to approximate certain taxes that may be imposed on us, such as
premium taxes in your state. The charge is generally deducted from the amount applied to an
annuity payout option.
o We deduct an annuity administrative fee of $350 from amounts applied to a Variable
Immediate Annuity payout option. This option is described in a separate prospectus that is
available from your financial professional.
o Annual expenses of the Trusts' 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.
- ------------------------------------------------------------------------------------------------------------------------------------
2
Fee table
- --------------------------------------------------------------------------------
The following tables describe the fees and expenses that you will pay when
buying, owning, and surrendering the Series 600 TSA Advantage contract. Each of
the charges and expenses is more fully described in "Charges and expenses"
later in this Supplement.
The first table describes fees and expenses that you will pay at the time that
you surrender the contract, make certain withdrawals, purchase a Variable
Immediate Annuity payout option or make certain transfers and exchanges.
Charges designed to approximate certain taxes that may be imposed on us, such
as premium taxes in your state, may also apply. Charges for certain features
shown in the fee table are mutually exclusive.
EQUI-VEST(SM) SERIES 600 CONTRACTS
- ----------------------------------------------------------------------------------------------------------------------
Charges we deduct from your account value at the time you request certain transactions
- ----------------------------------------------------------------------------------------------------------------------
Maximum withdrawal charge as a percentage of the amount withdrawn (deducted
if you surrender your contract or make certain withdrawals)(1) 6.00%
- ----------------------------------------------------------------------------------------------------------------------
Charge if you elect a Variable Immediate Annuity payout option (which is described
in a separate prospectus for that option) $350
- ----------------------------------------------------------------------------------------------------------------------
Charge for third-party transfer or exchange $65 maximum per occurrence;
currently, none
- ----------------------------------------------------------------------------------------------------------------------
The next table describes the fees and expenses that you will pay periodically during
the time that you own the contract, not including underlying trust portfolio fees
and expenses.
- ----------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your account value on each contract date anniversary
- ---------------------------------------------------------------------------------------------------------------------------
$65 maximum (currently $30) or, if less, 2% of your
account value, less any amount previously withdrawn
Annual administrative charge during the contract year
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your variable investment options expressed as an annual percentage of daily net assets
- ---------------------------------------------------------------------------------------------------------------------------
Separate account annual expenses: Maximum Current
------- -------
Mortality and expense risk(2) 1.75% 0.95%
Other expenses 0.25% 0.25%
---- ----
Total Separate Account A annual expenses 2.00% 1.20%
- ---------------------------------------------------------------------------------------------------------------------------
You also bear your proportionate share of all fees and expenses paid by a
"portfolio" that corresponds to any variable investment option you are using.
This table shows the lowest and highest total operating expenses charged by any
of the portfolios that you will pay periodically during the time that you own
the contract. 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 variable investment option. 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 2006 (expenses that are deducted Lowest Highest
from portfolio assets including management fees, 12b-1 fees, service fees, and/or ------ -------
other expenses)(3) 0.63% 11.36%
- -----------------------------------------------------------------------------------------------------
Fee table 3
This table shows the fees and expenses for 2006 as an annual percentage of each
portfolio's daily average net assets.
Portfolio Name Manage- 12b-1 Other
AXA Premier VIP Trust: ment Fees(4) Fees(5) expenses(6)
- --------------------------------------------------------------------------------------------------
AXA Aggressive Allocation 0.10% 0.25% 0.18%
AXA Conservative Allocation 0.10% 0.25% 0.22%
AXA Conservative-Plus Allocation 0.10% 0.25% 0.18%
AXA Moderate Allocation 0.10% 0.25% 0.17%
AXA Moderate-Plus Allocation 0.10% 0.25% 0.17%
Multimanager Aggressive Equity* 0.61% 0.25% 0.19%
Multimanager Core Bond* 0.59% 0.25% 0.18%
Multimanager Health Care* 1.20% 0.25% 0.23%
Multimanager High Yield* 0.58% 0.25% 0.18%
Multimanager International Equity* 1.02% 0.25% 0.26%
Multimanager Large Cap Core Equity* 0.90% 0.25% 0.20%
Multimanager Large Cap Growth* 0.90% 0.25% 0.22%
Multimanager Large Cap Value* 0.88% 0.25% 0.22%
Multimanager Mid Cap Growth* 1.10% 0.25% 0.20%
Multimanager Mid Cap Value* 1.10% 0.25% 0.21%
Multimanager Technology* 1.20% 0.25% 0.23%
Target 2015 Allocation 0.10% 0.25% 7.88%
Target 2025 Allocation 0.10% 0.25% 7.29%
Target 2035 Allocation 0.10% 0.25% 9.56%
Target 2045 Allocation 0.10% 0.25% 10.49%
- --------------------------------------------------------------------------------------------------
EQ Advisors Trust:
- --------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock 0.47% 0.25% 0.13%
EQ/AllianceBernstein Growth and Income++ 0.56% 0.25% 0.12%
EQ/AllianceBernstein Intermediate Government Securities 0.50% 0.25% 0.14%
EQ/AllianceBernstein International 0.71% 0.25% 0.20%
EQ/AllianceBernstein Large Cap Growth 0.90% 0.25% 0.11%
EQ/AllianceBernstein Quality Bond 0.50% 0.25% 0.14%
EQ/AllianceBernstein Small Cap Growth 0.74% 0.25% 0.13%
EQ/AllianceBernstein Value 0.60% 0.25% 0.13%
EQ/AXA Rosenberg Value Long/Short Equity 1.40% 0.25% 1.44%
EQ/BlackRock Basic Value Equity* 0.55% 0.25% 0.14%
EQ/BlackRock International Value* 0.82% 0.25% 0.21%
EQ/Boston Advisors Equity Income 0.75% 0.25% 0.15%
EQ/Calvert Socially Responsible 0.65% 0.25% 0.25%
EQ/Capital Guardian Growth 0.65% 0.25% 0.16%
EQ/Capital Guardian International+ 0.83% 0.25% 0.21%
EQ/Capital Guardian Research 0.65% 0.25% 0.13%
EQ/Capital Guardian U.S. Equity++ 0.64% 0.25% 0.14%
EQ/Caywood-Scholl High Yield Bond 0.60% 0.25% 0.18%
EQ/Davis New York Venture** 0.85% 0.25% 0.74%
EQ/Equity 500 Index 0.25% 0.25% 0.13%
EQ/Evergreen International Bond 0.70% 0.25% 0.23%
EQ/Evergreen Omega 0.65% 0.25% 0.21%
EQ/FI Mid Cap 0.68% 0.25% 0.15%
EQ/FI Mid Cap Value+ 0.73% 0.25% 0.13%
EQ/Franklin Income 0.90% 0.25% 0.38%
EQ/Franklin Small Cap Value 0.90% 0.25% 2.00%
EQ/Franklin Templeton Founding Strategy** 0.05% 0.25% 0.21%
EQ/GAMCO Mergers and Acquisitions 0.90% 0.25% 0.33%
EQ/GAMCO Small Company Value 0.78% 0.25% 0.14%
EQ/International Growth 0.85% 0.25% 0.35%
EQ/Janus Large Cap Growth++ 0.90% 0.25% 0.15%
EQ/JPMorgan Core Bond 0.44% 0.25% 0.15%
EQ/JPMorgan Value Opportunities 0.60% 0.25% 0.16%
EQ/Legg Mason Value Equity 0.65% 0.25% 0.22%
EQ/Long Term Bond 0.43% 0.25% 0.15%
- --------------------------------------------------------------------------------------------------
Acquired Total Net Total
Fund Annual Fee Waivers Annual
Fees and Expenses and/or Expenses
Expenses (Before Expense After
Portfolio Name (Underlying Expense Reimburse- Expense
AXA Premier VIP Trust: Portfolios)(7) Limitations) ment(8) Limitations
- ----------------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation 0.91% 1.44% ( 0.18)% 1.26%
AXA Conservative Allocation 0.67% 1.24% ( 0.22)% 1.02%
AXA Conservative-Plus Allocation 0.72% 1.25% ( 0.18)% 1.07%
AXA Moderate Allocation 0.78% 1.30% ( 0.17)% 1.13%
AXA Moderate-Plus Allocation 0.85% 1.37% ( 0.17)% 1.20%
Multimanager Aggressive Equity* -- 1.05% -- 1.05%
Multimanager Core Bond* -- 1.02% ( 0.07)% 0.95%
Multimanager Health Care* -- 1.68% 0.00% 1.68%
Multimanager High Yield* -- 1.01% -- 1.01%
Multimanager International Equity* -- 1.53% 0.00% 1.53%
Multimanager Large Cap Core Equity* -- 1.35% 0.00% 1.35%
Multimanager Large Cap Growth* -- 1.37% ( 0.02)% 1.35%
Multimanager Large Cap Value* -- 1.35% 0.00% 1.35%
Multimanager Mid Cap Growth* 0.01% 1.56% 0.00% 1.56%
Multimanager Mid Cap Value* 0.03% 1.59% 0.00% 1.59%
Multimanager Technology* -- 1.68% 0.00% 1.68%
Target 2015 Allocation 0.53% 8.76% ( 7.63)% 1.13%
Target 2025 Allocation 0.52% 8.16% ( 7.04)% 1.12%
Target 2035 Allocation 0.52% 10.43% ( 9.31)% 1.12%
Target 2045 Allocation 0.52% 11.36% (10.24)% 1.12%
- ----------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust:
- ----------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock -- 0.85% -- 0.85%
EQ/AllianceBernstein Growth and Income++ -- 0.93% -- 0.93%
EQ/AllianceBernstein Intermediate Government Securities -- 0.89% -- 0.89%
EQ/AllianceBernstein International -- 1.16% ( 0.06)% 1.10%
EQ/AllianceBernstein Large Cap Growth -- 1.26% ( 0.21)% 1.05%
EQ/AllianceBernstein Quality Bond -- 0.89% -- 0.89%
EQ/AllianceBernstein Small Cap Growth -- 1.12% -- 1.12%
EQ/AllianceBernstein Value -- 0.98% ( 0.03)% 0.95%
EQ/AXA Rosenberg Value Long/Short Equity -- 3.09% ( 1.10)% 1.99%
EQ/BlackRock Basic Value Equity* -- 0.94% 0.00% 0.94%
EQ/BlackRock International Value* -- 1.28% ( 0.03)% 1.25%
EQ/Boston Advisors Equity Income -- 1.15% ( 0.10)% 1.05%
EQ/Calvert Socially Responsible -- 1.15% ( 0.10)% 1.05%
EQ/Capital Guardian Growth -- 1.06% ( 0.11)% 0.95%
EQ/Capital Guardian International+ -- 1.29% ( 0.09)% 1.20%
EQ/Capital Guardian Research -- 1.03% ( 0.08)% 0.95%
EQ/Capital Guardian U.S. Equity++ -- 1.03% ( 0.08)% 0.95%
EQ/Caywood-Scholl High Yield Bond -- 1.03% ( 0.03)% 1.00%
EQ/Davis New York Venture** -- 1.84% ( 0.54)% 1.30%
EQ/Equity 500 Index -- 0.63% -- 0.63%
EQ/Evergreen International Bond -- 1.18% ( 0.03)% 1.15%
EQ/Evergreen Omega -- 1.11% 0.00% 1.11%
EQ/FI Mid Cap -- 1.08% ( 0.08)% 1.00%
EQ/FI Mid Cap Value+ -- 1.11% ( 0.01)% 1.10%
EQ/Franklin Income -- 1.53% ( 0.23)% 1.30%
EQ/Franklin Small Cap Value -- 3.15% ( 1.85)% 1.30%
EQ/Franklin Templeton Founding Strategy** 1.07% 1.58% ( 0.11)% 1.47%
EQ/GAMCO Mergers and Acquisitions -- 1.48% ( 0.03)% 1.45%
EQ/GAMCO Small Company Value -- 1.17% 0.00% 1.17%
EQ/International Growth -- 1.45% 0.00% 1.45%
EQ/Janus Large Cap Growth++ -- 1.30% ( 0.15)% 1.15%
EQ/JPMorgan Core Bond -- 0.84% 0.00% 0.84%
EQ/JPMorgan Value Opportunities -- 1.01% ( 0.06)% 0.95%
EQ/Legg Mason Value Equity -- 1.12% ( 0.12)% 1.00%
EQ/Long Term Bond -- 0.83% 0.00% 0.83%
- ----------------------------------------------------------------------------------------------------------------------
4 Fee table
- ---------------------------------------------------------------------------------
Manage- 12b-1 Other
Portfolio Name ment Fees(4) Fees(5) expenses(6)
- ---------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income 0.65% 0.25% 0.26%
EQ/Lord Abbett Large Cap Core 0.65% 0.25% 0.41%
EQ/Lord Abbett Mid Cap Value 0.70% 0.25% 0.18%
EQ/Marsico Focus 0.85% 0.25% 0.13%
EQ/MFS Emerging Growth Companies+ 0.65% 0.25% 0.15%
EQ/MFS Investors Trust+ 0.60% 0.25% 0.16%
EQ/Money Market 0.33% 0.25% 0.14%
EQ/Montag & Caldwell Growth 0.75% 0.25% 0.16%
EQ/Mutual Shares 0.90% 0.25% 0.50%
EQ/Oppenheimer Global 0.95% 0.25% 1.30%
EQ/Oppenheimer Main Street Opportunity** 0.85% 0.25% 1.58%
EQ/Oppenheimer Main Street Small Cap 0.90% 0.25% 1.48%
EQ/PIMCO Real Return 0.55% 0.25% 0.18%
EQ/Short Duration Bond 0.43% 0.25% 0.14%
EQ/Small Cap Value+ 0.73% 0.25% 0.15%
EQ/Small Company Growth+ 1.00% 0.25% 0.17%
EQ/Small Company Index 0.25% 0.25% 0.16%
EQ/TCW Equity++ 0.80% 0.25% 0.16%
EQ/Templeton Growth 0.95% 0.25% 0.64%
EQ/UBS Growth and Income 0.75% 0.25% 0.17%
EQ/Van Kampen Comstock 0.65% 0.25% 0.19%
EQ/Van Kampen Emerging Markets Equity 1.12% 0.25% 0.40%
EQ/Van Kampen Mid Cap Growth 0.70% 0.25% 0.23%
EQ/Wells Fargo Montgomery Small Cap++ 0.85% 0.25% 0.41%
- ---------------------------------------------------------------------------------
The Universal Institutional Funds, Inc.
- ---------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ 0.74% 0.35% 0.27%
- ---------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
Acquired Total Net Total
Fund Annual Fee Waivers Annual
Fees and Expenses and/or Expenses
Expenses (Before Expense After
(Underlying Expense Reimburse- Expense
Portfolio Name Portfolios)(7) Limitations) ment(8) Limitations
- ------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income -- 1.16% (0.16)% 1.00%
EQ/Lord Abbett Large Cap Core -- 1.31% (0.31)% 1.00%
EQ/Lord Abbett Mid Cap Value -- 1.13% (0.08)% 1.05%
EQ/Marsico Focus -- 1.23% (0.08)% 1.15%
EQ/MFS Emerging Growth Companies+ -- 1.05% -- 1.05%
EQ/MFS Investors Trust+ -- 1.01% (0.06)% 0.95%
EQ/Money Market -- 0.72% -- 0.72%
EQ/Montag & Caldwell Growth -- 1.16% (0.01)% 1.15%
EQ/Mutual Shares -- 1.65% (0.35)% 1.30%
EQ/Oppenheimer Global 0.01% 2.51% (1.15)% 1.36%
EQ/Oppenheimer Main Street Opportunity** -- 2.68% (1.38)% 1.30%
EQ/Oppenheimer Main Street Small Cap -- 2.63% (1.33)% 1.30%
EQ/PIMCO Real Return -- 0.98% (0.08)% 0.90%
EQ/Short Duration Bond -- 0.82% 0.00% 0.82%
EQ/Small Cap Value+ -- 1.13% (0.03)% 1.10%
EQ/Small Company Growth+ -- 1.42% (0.12)% 1.30%
EQ/Small Company Index 0.01% 0.67% 0.00% 0.67%
EQ/TCW Equity++ -- 1.21% (0.06)% 1.15%
EQ/Templeton Growth -- 1.84% (0.49)% 1.35%
EQ/UBS Growth and Income -- 1.17% (0.12)% 1.05%
EQ/Van Kampen Comstock -- 1.09% (0.09)% 1.00%
EQ/Van Kampen Emerging Markets Equity -- 1.77% 0.00% 1.77%
EQ/Van Kampen Mid Cap Growth -- 1.18% (0.13)% 1.05%
EQ/Wells Fargo Montgomery Small Cap++ -- 1.51% (0.21)% 1.30%
- ------------------------------------------------------------------------------------------------------
The Universal Institutional Funds, Inc.
- ------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ -- 1.36% (0.10)% 1.26%
- ------------------------------------------------------------------------------------------------------
* This is the investment option's new name effective on or about May 29,
2007, subject to regulatory approval. Please see "Portfolios of the Trusts"
in "Contract features and benefits" in the Prospectus for the investment
option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with the Prospectus for more information.
++ Please see the supplement included with the Prospectus regarding the
planned substitution or merger of this Portfolio.
Notes:
(1) Important exceptions and limitations may eliminate or reduce this charge.
(2) A portion of this charge is for providing the death benefit.
(3) "Total Annual Portfolio Operating Expenses" are based, in part, on
estimated amounts for options added during the fiscal year 2006 and for the
underlying portfolios.
(4) The management fees for each portfolio cannot be increased without a vote
of that portfolio's shareholders. See footnote (8) for any expense
limitation agreement information.
(5) Portfolio shares are all subject to fees imposed under the distribution
plans (the "Rule 12b-1 Plan") adopted by the Trusts pursuant to Rule 12b-1
under the Investment Company Act of 1940. For the portfolios of the AXA
Premier VIP Trust and the EQ Advisors Trust, the 12b-1 fee will not be
increased for the life of the contract.
(6) The amounts shown as "Other Expenses" will fluctuate from year to year
depending on actual expenses. See footnote (8) for any expense limitation
agreement information.
(7) Each of these variable investment options invests in a corresponding
portfolio of one of the Trusts or other unaffiliated investment companies.
Each portfolio, in turn, invests in shares of other portfolios of the
Trusts and/or shares of unaffiliated portfolios ("underlying portfolios").
Amounts shown reflect each portfolio's pro rata share of the fees and
expenses of the underlying portfolio(s) in which it invests. The fees and
expenses are based on the respective weighted investment allocation as of
12/31/06. A "--" indicates that the listed portfolio does not invest in
underlying portfolios.
(8) The amounts shown reflect any fee waivers and/or expense reimbursements
that apply to each portfolio. A "--" indicates that there is no expense
limitation in effect, and "0.00%" indicates that the expense limitation
arrangement did not result in a fee waiver or reimbursement. AXA Equitable,
the investment manager of AXA Premier VIP Trust and EQ Advisors Trust, has
entered into expense limitation agreements with respect to certain
portfolios, which are effective through April 30, 2008. Under these
agreements, AXA Equitable has agreed to waive or limit its fees and assume
other expenses of certain portfolios, if necessary, in an amount that
limits such portfolio's Total Annual Expenses (exclusive of interest,
taxes, brokerage commissions, capitalized expenditures, expenses of the
underlying portfolios in which the portfolio invests and extraordinary
expenses) to not more than specified amounts. Therefore, each portfolio may
at a later date make a reimbursement to AXA Equitable for any of the
management fees waived or limited and other expenses assumed and paid by
AXA Equitable pursuant to the expense limitation agreements provided that
the portfolio's current annual operating expenses do not exceed the
operating expense limit determined for such portfolio. Morgan Stanley
Investment Management Inc., which does business in certain instances as
"Van Kampen," is the manager of The Universal Institutional Funds, Inc. --
U.S. Real Estate Portfolio -- Class II, and has voluntarily agreed to
reduce its management fee and/or reimburse the portfolio so that total
annual operating expenses of the portfolio (exclusive of investment related
expenses, such as foreign country tax expense and interest expense on
amounts borrowed) are not more than specified amounts. Additionally, the
distributor of The Universal Institutional Funds, Inc. has agreed to waive
a portion of the 12b-1 fee for Class II shares. Van Kampen and/or the
funds' distributor reserves the right to terminate any waiver and/or
reimbursement at any time without notice. See the prospectuses for each
applicable underlying trust for more information about the arrangements. In
addition, a portion of the brokerage commissions of certain portfolios of
AXA Premier VIP Trust and EQ Advisors Trust is used to reduce the
applicable portfolio's expenses. If the above table reflected both the
expense limitation arrangements plus the portion of the brokerage
commissions used to reduce portfolio expenses, the net expenses would be as
shown in the table below:
Fee table 5
- --------------------------------------------------------
Portfolio Name:
- --------------------------------------------------------
Multimanager Aggressive Equity 1.03%
Multimanager Health Care 1.63%
Multimanager International Equity 1.52%
Multimanager Large Cap Core Equity 1.33%
Multimanager Large Cap Growth 1.33%
Multimanager Large Cap Value 1.31%
Multimanager Mid Cap Growth 1.52%
Multimanager Mid Cap Value 1.58%
Multimanager Technology 1.64%
EQ/AllianceBernstein Common Stock 0.83%
EQ/AllianceBernstein Growth and Income 0.92%
EQ/AllianceBernstein Large Cap Growth 1.03%
EQ/AllianceBernstein Small Cap Growth 1.11%
EQ/AllianceBernstein Value 0.94%
EQ/BlackRock Basic Value Equity 0.93%
EQ/Capital Guardian Growth 0.94%
EQ/Capital Guardian Research 0.94%
EQ/Capital Guardian U.S. Equity 0.94%
EQ/Davis New York Venture 1.27%
EQ/Evergreen Omega 1.05%
EQ/FI Mid Cap 0.97%
EQ/FI Mid Cap Value 1.09%
EQ/GAMCO Mergers and Acquisitions 1.37%
EQ/GAMCO Small Company Value 1.16%
EQ/Janus Large Cap Growth 1.14%
EQ/Legg Mason Value Equity 0.97%
EQ/Lord Abbett Growth and Income 0.99%
EQ/Lord Abbett Large Cap Core 0.99%
EQ/Marsico Focus 1.14%
EQ/MFS Emerging Growth Companies 1.03%
EQ/MFS Investors Trust 0.94%
EQ/Montag & Caldwell Growth 1.13%
EQ/Mutual Shares 1.30%
EQ/Small Cap Value 1.02%
EQ/UBS Growth and Income 1.03%
EQ/Van Kampen Comstock 0.99%
EQ/Van Kampen Emerging Markets Equity 1.75%
EQ/Van Kampen Mid Cap Growth 1.01%
EQ/Wells Fargo Montgomery Small Cap 1.20%
- --------------------------------------------------------
EXAMPLES: EQUI-VEST(SM) SERIES 600 CONTRACTS
These examples are intended to help you compare the cost of investing in the
series 600 TSA Advantage contract with the cost of investing in other variable
annuity contracts. These costs include contract owner transaction expenses,
contract fees, separate account annual expenses, and underlying Trust fees and
expenses (including underlying portfolio fees and expenses). For a complete
description of portfolio charges and expenses, please see the prospectus for
each Trust.
The examples below show the expenses that a hypothetical contract owner or
participant, as applicable, would pay in the situations illustrated. The
examples use an average annual administrative charge based on charges paid in
2006, which results in an estimated annual charge of 0.0645% of contract value.
The fixed maturity options and the guaranteed interest option are not covered
by the fee table and examples. However, the annual administrative charge, the
withdrawal charge, the third party transfer or exchange charge, and the charge
if you elect a Variable Immediate Annuity payout option do apply to the fixed
maturity options and the guaranteed interest option. A market value adjustment
(up or down) may apply as a result of a withdrawal, transfer, or surrender of
amounts from a fixed maturity option.
These examples should not be considered a representation of past or future
expenses for any option. Actual expenses may be greater or less than those
shown. Similarly, the annual rate of return assumed in the examples is not an
estimate or guarantee of future investment performance.
The examples assume that you invest $10,000 in the contract for the time
periods indicated. The examples also assume that your investment has a 5%
return each year. Although your actual costs may be higher or lower, based on
these assumptions, your costs would be:
The examples assume that you invest $10,000 in the certificate for the time
periods indicated and that your investment has a 5% return each year. The
examples also assume (i) maximum contract charges rather than the lower current
expenses discussed in "Charges and expenses" later in this
6 Fee table
supplement (except the annual administrative charge which is described above);
(ii) the total annual expenses of the portfolios (before expense limitations)
set forth in the previous tables; and (iii) there is no waiver of the
withdrawal charge. Although your actual costs may be higher or lower, based on
these assumptions, your costs would be:
Fee table 7
- ------------------------------------------------------------------------------------------------------
If you surrender your contract at the end
of the applicable time period
- ------------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- ------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- ------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation $ 915 $1,680 $2,465 $3,904
AXA Conservative Allocation $ 895 $1,622 $2,370 $3,717
AXA Conservative-Plus Allocation $ 896 $1,624 $2,375 $3,726
AXA Moderate Allocation $ 901 $1,639 $2,399 $3,773
AXA Moderate-Plus Allocation $ 908 $1,659 $2,432 $3,839
Multimanager Aggressive Equity* $ 876 $1,566 $2,280 $3,535
Multimanager Core Bond* $ 873 $1,557 $2,266 $3,506
Multimanager Health Care* $ 939 $1,749 $2,577 $4,124
Multimanager High Yield* $ 872 $1,554 $2,261 $3,496
Multimanager International Equity* $ 924 $1,706 $2,507 $3,987
Multimanager Large Cap Core Equity* $ 906 $1,653 $2,422 $3,820
Multimanager Large Cap Growth* $ 908 $1,659 $2,432 $3,839
Multimanager Large Cap Value* $ 906 $1,653 $2,422 $3,820
Multimanager Mid Cap Growth* $ 927 $1,714 $2,521 $4,015
Multimanager Mid Cap Value* $ 930 $1,723 $2,535 $4,042
Multimanager Technology* $ 939 $1,749 $2,577 $4,124
Target 2015 Allocation $1,642 $3,639 $5,390 $8,603
Target 2025 Allocation $1,582 $3,490 $5,186 $8,346
Target 2035 Allocation $1,807 $4,042 $5,929 $9,227
Target 2045 Allocation $1,900 $4,259 $6,210 $9,523
- ------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $ 856 $1,508 $2,184 $3,340
EQ/AllianceBernstein Growth and Income++ $ 864 $1,531 $2,223 $3,418
EQ/AllianceBernstein Intermediate Government Securities $ 860 $1,519 $2,203 $3,379
EQ/AllianceBernstein International $ 887 $1,598 $2,332 $3,641
EQ/AllianceBernstein Large Cap Growth $ 897 $1,627 $2,380 $3,736
EQ/AllianceBernstein Quality Bond $ 860 $1,519 $2,203 $3,379
EQ/AllianceBernstein Small Cap Growth $ 883 $1,587 $2,313 $3,602
EQ/AllianceBernstein Value $ 869 $1,546 $2,247 $3,467
EQ/AXA Rosenberg Value Long/Short Equity $1,079 $2,149 $3,211 $5,310
EQ/BlackRock Basic Value Equity* $ 865 $1,534 $2,227 $3,428
EQ/BlackRock International Value* $ 899 $1,633 $2,389 $3,755
EQ/Boston Advisors Equity Income $ 886 $1,595 $2,328 $3,631
EQ/Calvert Socially Responsible $ 886 $1,595 $2,328 $3,631
EQ/Capital Guardian Growth $ 877 $1,569 $2,285 $3,545
EQ/Capital Guardian International+ $ 900 $1,636 $2,394 $3,764
EQ/Capital Guardian Research $ 874 $1,560 $2,271 $3,516
EQ/Capital Guardian U.S. Equity++ $ 874 $1,560 $2,271 $3,516
EQ/Caywood-Scholl High Yield Bond $ 874 $1,560 $2,271 $3,516
EQ/Davis New York Venture** $ 955 $1,795 $2,651 $4,268
EQ/Equity 500 Index $ 834 $1,443 $2,078 $3,121
EQ/Evergreen International Bond $ 889 $1,604 $2,342 $3,660
EQ/Evergreen Omega $ 882 $1,584 $2,309 $3,593
EQ/FI Mid Cap $ 879 $1,575 $2,294 $3,564
EQ/FI Mid Cap Value+ $ 882 $1,584 $2,309 $3,593
EQ/Franklin Income $ 924 $1,706 $2,507 $3,987
- ------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
If you do not
surrender your
contract at the end
If you annuitize at the end of the applicable
of the applicable time period(1) time period
- ---------------------------------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years 1 year 3 years
- ---------------------------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- ---------------------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation N/A $1,680 $2,465 $3,904 $ 368 $1,118
AXA Conservative Allocation N/A $1,622 $2,370 $3,717 $ 347 $1,056
AXA Conservative-Plus Allocation N/A $1,624 $2,375 $3,726 $ 348 $1,059
AXA Moderate Allocation N/A $1,639 $2,399 $3,773 $ 353 $1,075
AXA Moderate-Plus Allocation N/A $1,659 $2,432 $3,839 $ 360 $1,096
Multimanager Aggressive Equity* N/A $1,566 $2,280 $3,535 $ 327 $ 998
Multimanager Core Bond* N/A $1,557 $2,266 $3,506 $ 324 $ 988
Multimanager Health Care* N/A $1,749 $2,577 $4,124 $ 393 $1,191
Multimanager High Yield* N/A $1,554 $2,261 $3,496 $ 323 $ 985
Multimanager International Equity* N/A $1,706 $2,507 $3,987 $ 377 $1,146
Multimanager Large Cap Core Equity* N/A $1,653 $2,422 $3,820 $ 358 $1,090
Multimanager Large Cap Growth* N/A $1,659 $2,432 $3,839 $ 360 $1,096
Multimanager Large Cap Value* N/A $1,653 $2,422 $3,820 $ 358 $1,090
Multimanager Mid Cap Growth* N/A $1,714 $2,521 $4,015 $ 380 $1,155
Multimanager Mid Cap Value* N/A $1,723 $2,535 $4,042 $ 383 $1,164
Multimanager Technology* N/A $1,749 $2,577 $4,124 $ 393 $1,191
Target 2015 Allocation N/A $3,639 $5,390 $8,603 $1,136 $3,195
Target 2025 Allocation N/A $3,490 $5,186 $8,346 $1,073 $3,038
Target 2035 Allocation N/A $4,042 $5,929 $9,227 $1,311 $3,623
Target 2045 Allocation N/A $4,259 $6,210 $9,523 $1,409 $3,854
- ---------------------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ---------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock N/A $1,508 $2,184 $3,340 $ 306 $ 935
EQ/AllianceBernstein Growth and Income++ N/A $1,531 $2,223 $3,418 $ 314 $ 960
EQ/AllianceBernstein Intermediate Government Securities N/A $1,519 $2,203 $3,379 $ 310 $ 948
EQ/AllianceBernstein International N/A $1,598 $2,332 $3,641 $ 338 $1,032
EQ/AllianceBernstein Large Cap Growth N/A $1,627 $2,380 $3,736 $ 349 $1,062
EQ/AllianceBernstein Quality Bond N/A $1,519 $2,203 $3,379 $ 310 $ 948
EQ/AllianceBernstein Small Cap Growth N/A $1,587 $2,313 $3,602 $ 334 $1,019
EQ/AllianceBernstein Value N/A $1,546 $2,247 $3,467 $ 319 $ 976
EQ/AXA Rosenberg Value Long/Short Equity N/A $2,149 $3,211 $5,310 $ 541 $1,616
EQ/BlackRock Basic Value Equity* N/A $1,534 $2,227 $3,428 $ 315 $ 963
EQ/BlackRock International Value* N/A $1,633 $2,389 $3,755 $ 351 $1,069
EQ/Boston Advisors Equity Income N/A $1,595 $2,328 $3,631 $ 337 $1,028
EQ/Calvert Socially Responsible N/A $1,595 $2,328 $3,631 $ 337 $1,028
EQ/Capital Guardian Growth N/A $1,569 $2,285 $3,545 $ 328 $1,001
EQ/Capital Guardian International+ N/A $1,636 $2,394 $3,764 $ 352 $1,072
EQ/Capital Guardian Research N/A $1,560 $2,271 $3,516 $ 325 $ 991
EQ/Capital Guardian U.S. Equity++ N/A $1,560 $2,271 $3,516 $ 325 $ 991
EQ/Caywood-Scholl High Yield Bond N/A $1,560 $2,271 $3,516 $ 325 $ 991
EQ/Davis New York Venture** N/A $1,795 $2,651 $4,268 $ 410 $1,240
EQ/Equity 500 Index N/A $1,443 $2,078 $3,121 $ 283 $ 867
EQ/Evergreen International Bond N/A $1,604 $2,342 $3,660 $ 340 $1,038
EQ/Evergreen Omega N/A $1,584 $2,309 $3,593 $ 333 $1,016
EQ/FI Mid Cap N/A $1,575 $2,294 $3,564 $ 330 $1,007
EQ/FI Mid Cap Value+ N/A $1,584 $2,309 $3,593 $ 333 $1,016
EQ/Franklin Income N/A $1,706 $2,507 $3,987 $ 377 $1,146
- ---------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
If you do not
surrender your
of the applicable time
period
- --------------------------------------------------------------------------------
5 years 10 years
- --------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- --------------------------------------------------------------------------------
AXA Aggressive Allocation $1,888 $3,904
AXA Conservative Allocation $1,788 $3,717
AXA Conservative-Plus Allocation $1,793 $3,726
AXA Moderate Allocation $1,818 $3,773
AXA Moderate-Plus Allocation $1,853 $3,839
Multimanager Aggressive Equity* $1,692 $3,535
Multimanager Core Bond* $1,676 $3,506
Multimanager Health Care* $2,007 $4,124
Multimanager High Yield* $1,671 $3,496
Multimanager International Equity* $1,933 $3,987
Multimanager Large Cap Core Equity* $1,843 $3,820
Multimanager Large Cap Growth* $1,853 $3,839
Multimanager Large Cap Value* $1,843 $3,820
Multimanager Mid Cap Growth* $1,948 $4,015
Multimanager Mid Cap Value* $1,963 $4,042
Multimanager Technology* $2,007 $4,124
Target 2015 Allocation $5,001 $8,603
Target 2025 Allocation $4,784 $8,346
Target 2035 Allocation $5,575 $9,227
Target 2045 Allocation $5,874 $9,523
- --------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- --------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock $1,590 $3,340
EQ/AllianceBernstein Growth and Income++ $1,631 $3,418
EQ/AllianceBernstein Intermediate Government Securities $1,610 $3,379
EQ/AllianceBernstein International $1,747 $3,641
EQ/AllianceBernstein Large Cap Growth $1,798 $3,736
EQ/AllianceBernstein Quality Bond $1,610 $3,379
EQ/AllianceBernstein Small Cap Growth $1,727 $3,602
EQ/AllianceBernstein Value $1,656 $3,467
EQ/AXA Rosenberg Value Long/Short Equity $2,682 $5,310
EQ/BlackRock Basic Value Equity* $1,636 $3,428
EQ/BlackRock International Value* $1,808 $3,755
EQ/Boston Advisors Equity Income $1,742 $3,631
EQ/Calvert Socially Responsible $1,742 $3,631
EQ/Capital Guardian Growth $1,697 $3,545
EQ/Capital Guardian International+ $1,813 $3,764
EQ/Capital Guardian Research $1,682 $3,516
EQ/Capital Guardian U.S. Equity++ $1,682 $3,516
EQ/Caywood-Scholl High Yield Bond $1,682 $3,516
EQ/Davis New York Venture** $2,086 $4,268
EQ/Equity 500 Index $1,477 $3,121
EQ/Evergreen International Bond $1,757 $3,660
EQ/Evergreen Omega $1,722 $3,593
EQ/FI Mid Cap $1,707 $3,564
EQ/FI Mid Cap Value+ $1,722 $3,593
EQ/Franklin Income $1,933 $3,987
- --------------------------------------------------------------------------------
8 Fee table
- --------------------------------------------------------------------------------------
If you surrender your contract at the end
of the applicable time period
- --------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years
- --------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ----------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value $1,085 $2,166 $3,238 $5,357
EQ/Franklin Templeton Founding Strategy** $ 929 $1,720 $2,530 $4,033
EQ/GAMCO Mergers and Acquisitions $ 919 $1,691 $2,483 $3,941
EQ/GAMCO Small Company Value $ 888 $1,601 $2,337 $3,650
EQ/International Growth $ 916 $1,682 $2,469 $3,913
EQ/Janus Large Cap Growth++ $ 901 $1,639 $2,399 $3,773
EQ/JPMorgan Core Bond $ 855 $1,505 $2,179 $3,330
EQ/JPMorgan Value Opportunities $ 872 $1,554 $2,261 $3,496
EQ/Legg Mason Value Equity $ 883 $1,587 $2,313 $3,602
EQ/Long Term Bond $ 854 $1,502 $2,175 $3,320
EQ/Lord Abbett Growth and Income $ 897 $1,627 $2,380 $3,736
EQ/Lord Abbett Large Cap Core $ 902 $1,642 $2,403 $3,783
EQ/Lord Abbett Mid Cap Value $ 884 $1,589 $2,318 $3,612
EQ/Marsico Focus $ 894 $1,619 $2,366 $3,707
EQ/MFS Emerging Growth Companies+ $ 876 $1,566 $2,280 $3,535
EQ/MFS Investors Trust+ $ 872 $1,554 $2,261 $3,496
EQ/Money Market $ 843 $1,469 $2,121 $3,211
EQ/Montag & Caldwell Growth $ 887 $1,598 $2,332 $3,641
EQ/Mutual Shares $ 936 $1,740 $2,563 $4,097
EQ/Oppenheimer Global $1,021 $1,986 $2,955 $4,844
EQ/Oppenheimer Main Street Opportunity** $1,038 $2,034 $3,031 $4,983
EQ/Oppenheimer Main Street Small Cap $1,033 $2,020 $3,009 $4,943
EQ/PIMCO Real Return $ 869 $1,546 $2,247 $3,467
EQ/Short Duration Bond $ 853 $1,499 $2,170 $3,310
EQ/Small Cap Value+ $ 884 $1,589 $2,318 $3,612
EQ/Small Company Growth+ $ 913 $1,674 $2,455 $3,886
EQ/Small Company Index $ 838 $1,455 $2,097 $3,161
EQ/TCW Equity++ $ 892 $1,613 $2,356 $3,688
EQ/Templeton Growth $ 955 $1,795 $2,651 $4,268
EQ/UBS Growth and Income $ 888 $1,601 $2,337 $3,650
EQ/Van Kampen Comstock $ 880 $1,578 $2,299 $3,574
EQ/Van Kampen Emerging Markets Equity $ 948 $1,775 $2,618 $4,205
EQ/Van Kampen Mid Cap Growth $ 889 $1,604 $2,342 $3,660
EQ/Wells Fargo Montgomery Small Cap++ $ 922 $1,700 $2,497 $3,969
- ----------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- ----------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ $ 907 $1,656 $2,427 $3,830
- ----------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
If you do not surrender your contract at
If you annuitize at the end the end
of the applicable time period(1) of the applicable time period
- ----------------------------------------------------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years
- ----------------------------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ----------------------------------------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value N/A $2,166 $3,238 $5,357 $547 $1,634 $2,710 $5,357
EQ/Franklin Templeton Founding Strategy** N/A $1,720 $2,530 $4,033 $382 $1,161 $1,958 $4,033
EQ/GAMCO Mergers and Acquisitions N/A $1,691 $2,483 $3,941 $372 $1,130 $1,908 $3,941
EQ/GAMCO Small Company Value N/A $1,601 $2,337 $3,650 $339 $1,035 $1,752 $3,650
EQ/International Growth N/A $1,682 $2,469 $3,913 $369 $1,121 $1,893 $3,913
EQ/Janus Large Cap Growth++ N/A $1,639 $2,399 $3,773 $353 $1,075 $1,818 $3,773
EQ/JPMorgan Core Bond N/A $1,505 $2,179 $3,330 $305 $ 932 $1,585 $3,330
EQ/JPMorgan Value Opportunities N/A $1,554 $2,261 $3,496 $323 $ 985 $1,671 $3,496
EQ/Legg Mason Value Equity N/A $1,587 $2,313 $3,602 $334 $1,019 $1,727 $3,602
EQ/Long Term Bond N/A $1,502 $2,175 $3,320 $304 $ 929 $1,579 $3,320
EQ/Lord Abbett Growth and Income N/A $1,627 $2,380 $3,736 $349 $1,062 $1,798 $3,736
EQ/Lord Abbett Large Cap Core N/A $1,642 $2,403 $3,783 $354 $1,078 $1,823 $3,783
EQ/Lord Abbett Mid Cap Value N/A $1,589 $2,318 $3,612 $335 $1,022 $1,732 $3,612
EQ/Marsico Focus N/A $1,619 $2,366 $3,707 $346 $1,053 $1,783 $3,707
EQ/MFS Emerging Growth Companies+ N/A $1,566 $2,280 $3,535 $327 $ 998 $1,692 $3,535
EQ/MFS Investors Trust+ N/A $1,554 $2,261 $3,496 $323 $ 985 $1,671 $3,496
EQ/Money Market N/A $1,469 $2,121 $3,211 $292 $ 895 $1,523 $3,211
EQ/Montag & Caldwell Growth N/A $1,598 $2,332 $3,641 $338 $1,032 $1,747 $3,641
EQ/Mutual Shares N/A $1,740 $2,563 $4,097 $390 $1,182 $1,992 $4,097
EQ/Oppenheimer Global N/A $1,986 $2,955 $4,844 $480 $1,443 $2,410 $4,844
EQ/Oppenheimer Main Street Opportunity** N/A $2,034 $3,031 $4,983 $498 $1,494 $2,490 $4,983
EQ/Oppenheimer Main Street Small Cap N/A $2,020 $3,009 $4,943 $493 $1,479 $2,467 $4,943
EQ/PIMCO Real Return N/A $1,546 $2,247 $3,467 $319 $ 976 $1,656 $3,467
EQ/Short Duration Bond N/A $1,499 $2,170 $3,310 $303 $ 926 $1,574 $3,310
EQ/Small Cap Value+ N/A $1,589 $2,318 $3,612 $335 $1,022 $1,732 $3,612
EQ/Small Company Growth+ N/A $1,674 $2,455 $3,886 $366 $1,112 $1,878 $3,886
EQ/Small Company Index N/A $1,455 $2,097 $3,161 $287 $ 879 $1,497 $3,161
EQ/TCW Equity++ N/A $1,613 $2,356 $3,688 $344 $1,047 $1,773 $3,688
EQ/Templeton Growth N/A $1,795 $2,651 $4,268 $410 $1,240 $2,086 $4,268
EQ/UBS Growth and Income N/A $1,601 $2,337 $3,650 $339 $1,035 $1,752 $3,650
EQ/Van Kampen Comstock N/A $1,578 $2,299 $3,574 $331 $1,010 $1,712 $3,574
EQ/Van Kampen Emerging Markets Equity N/A $1,775 $2,618 $4,205 $402 $1,219 $2,052 $4,205
EQ/Van Kampen Mid Cap Growth N/A $1,604 $2,342 $3,660 $340 $1,038 $1,757 $3,660
EQ/Wells Fargo Montgomery Small Cap++ N/A $1,700 $2,497 $3,969 $375 $1,139 $1,923 $3,969
- ----------------------------------------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- ----------------------------------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II++ N/A $1,656 $2,427 $3,830 $359 $1,093 $1,848 $3,830
- ----------------------------------------------------------------------------------------------------------------------------------
(1) Please see "When withdrawal charges do not apply" in "Charges and expenses"
in the Prospectus and "Exceptions to the withdrawal charge" later in this
supplement for more information on withdrawal charge waivers upon
annuitization.
* This is the investment option's new name effective on or about May 29,
2007, subject to regulatory approval. Please see "Portfolios of the Trusts"
in " Contract features and benefits" in the Prospectus for the investment
option's former name.
** This investment option will be available on or about May 29, 2007, subject
to regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with the Prospectus for more information.
++ Please see the supplement included with the Prospectus regarding the
planned substitution or merger of this Portfolio.
Fee table 9
CONDENSED FINANCIAL INFORMATION
Please see the Appendix at the end of this Supplement for unit values and
number of units outstanding as of the period shown for each of the variable
investment options, available as of December 31, 2006.
10 Fee table
THE FOLLOWING IS ADDED AFTER THE INFORMATION UNDER "FOR ALL SERIES CONTRACTS
ISSUED IN NEW YORK -- FIXED MATURITY OPTIONS*" IN "CHARGES AND EXPENSES" IN THE
PROSPECTUS:
Charges and expenses
- --------------------------------------------------------------------------------
CHARGES UNDER SERIES 600 CONTRACTS
MORTALITY AND EXPENSE RISKS CHARGE
We deduct a daily charge from the net assets in each variable investment option
to compensate us for mortality and expense risks, including the death benefit.
The daily charge is equivalent to a current annual rate of 0.95% (1.75%
maximum) of the net assets in each variable investment option.
The mortality risk we assume is the risk that annuitants as a group will live
for a longer time than our actuarial tables predict. If that happens, we would
be paying more in annuity benefits than we planned. We also assume a risk that
the mortality assumptions reflected in our guaranteed annuity tables, shown in
each contract, will differ from actual mortality experience. We may change the
actuarial basis for our guaranteed annuity payment tables, but only for new
contributions and only at five year intervals from the contract date. Lastly,
we assume a mortality risk to the extent that at the time of death, the
guaranteed death benefit exceeds the cash value of the contract. In addition,
we waive any withdrawal charge upon payment of a death benefit.
The expense risk we assume is the risk that it will cost us more to issue and
administer the contracts than we expect.
To the extent that the mortality and expense risk charges are not needed to
cover the actual expenses incurred, they may be considered an indirect
reimbursement for certain sales and promotional expenses relating to the
contracts.
CHARGE FOR OTHER EXPENSES
We deduct this daily charge from the net assets in each variable investment
option. This charge, together with the annual administrative charge described
below, is for providing administrative and financial accounting services under
the contracts. The daily charge is equivalent to a maximum annual rate of 0.25%
of the net assets in each variable investment option.
MAXIMUM TOTAL CHARGES. The total annual rate for the above charges is currently
1.20%. We may increase or decrease this total annual rate, but we may not
increase it above a maximum rate of 2.00%. We will only make any increase after
we have sent you advance notice. Any increase or decrease will apply only after
the date of the change. Any changes we make will reflect differences in costs
and anticipated expenses, and will not be unfairly discriminatory.
ANNUAL ADMINISTRATIVE CHARGE
We deduct an administrative charge from your account value on the last day of
each contract year. We will deduct a pro rata portion of the charge if you
surrender your contract, elect an annuity payout option, or the annuitant dies
during the contract year. We deduct the charge if your account value on the
last day of the contract year is less than $25,000 for TSA Advantage(SM)
contracts. If your account value on such date is $25,000 or more for TSA
Advantage contracts, we do not deduct the charge. The current charge is equal
to $30 or, if less, 2% of your current account value plus any amount previously
withdrawn during that contract year.
We may increase this charge if our administrative costs rise, but the charge
will never exceed $65 annually. We reserve the right to deduct this charge on a
quarterly, rather than annual basis.
Also, we may reduce or eliminate the administrative charge when a TSA
Advantage(SM) contract is used by an employer and administrative services are
performed by us at a modified or minimum level. Any reduction or waiver we make
will not be unfairly discriminatory.
The charge is deducted pro rata from the variable investment options and the
guaranteed interest option. If these amounts are insufficient, we will make up
the required amounts from the fixed maturity options to the extent you have
value in those options, unless you tell us otherwise.
We currently waive the annual administrative charge that would otherwise be
deducted in the next contract year under any individually owned EQUI-VEST(SM)
contract/certificate having an account value that, when combined with the
account value of other EQUI-VEST(SM) contracts/certificates owned by the same
person, exceeds $100,000 in the aggregate (as determined in January of each
year). This does not apply to EQUI-VEST(SM) contracts/certificates owned by
different members of the same household. We may change or discontinue this
practice at any time without prior notice.
CHARGE FOR THIRD-PARTY TRANSFER OR EXCHANGE
There currently is no third-party transfer (such as in the case of direct
rollover to a traditional IRA contract) or exchange (if your contract is
exchanged for a 403(b)(1) contract issued by another insurance company) charge
for series 600 contracts. We reserve the right to impose this charge in the
future, but it may not exceed a maximum of $65 per occurrence, subject to any
law that applies.
Charges and expenses 11
WITHDRAWAL CHARGE FOR SERIES 600 CONTRACTS
A withdrawal charge may apply in three circumstances: (1) you make one or more
withdrawals during a contract year; or (2) you terminate your contract; or (3)
we terminate your contract. The amount of the charge will depend on whether the
free withdrawal amount applies, and the availability of one or more exceptions.
In order to give you the exact dollar amount of the withdrawal you request, we
deduct the amount of the withdrawal and the amount of the withdrawal charges
from your account value. Any amount deducted to pay withdrawal charges is also
subject to a withdrawal charge.
We deduct the withdrawal amount and the withdrawal charge pro rata from the
variable investment options and from the guaranteed interest option. If these
amounts are insufficient we will make up the required amounts from the fixed
maturity options with the earliest maturity date(s) first. If we deduct all or
a portion of the withdrawal charge from the fixed maturity options, a market
value adjustment will apply. The amount of the withdrawal charge we deduct is
equal to 6% of the amount withdrawn or the defaulted loan amount during the
first six contract years. In the case of a surrender, we will pay you the
greater of (i) the account value after any withdrawal charge has been imposed,
or (ii) the free withdrawal amount plus 94% of the remaining account value.
Also, the total of all withdrawal charges assessed will not exceed 8% of all
contributions made in the first six contract years.
10% FREE WITHDRAWAL AMOUNT. Each contract year, you can withdraw up to 10% of
your account value without paying a withdrawal charge. The 10% free withdrawal
amount is determined using your account value at the time you request a
withdrawal, minus any other withdrawals made during the contract year.
EXCEPTIONS TO THE WITHDRAWAL CHARGE. A withdrawal charge will not apply upon
any of the events listed below:
o The annuitant retires under the terms of the TSA plan, or separates from
service;
o The annuitant reaches age 59-1/2 and completes at least five contract years;
o The annuitant dies and a death benefit is payable to the beneficiary;
o We receive a properly completed election form providing for the account value
to be used to buy a life annuity;
o The annuitant reaches age 55 and completes at least five contract years and
we receive a properly completed election form providing for the account
value to be used to buy a period certain annuity. The period certain annuity
must extend beyond the annuitant's age 59-1/2 and must not permit any
prepayment of the unpaid principal before the annuitant reaches age 59-1/2;
o The annuitant completes at least three contract years and we receive a
properly completed election form providing for the account value to be used
to buy a period certain annuity of at least 10 years which does not permit
any prepayment of the unpaid principal;
o A request is made for a refund of an excess contribution within one month of
the date on which the contribution is made;
o The annuitant has qualified to receive Social Security disability benefits as
certified by the Social Security Administration;
o We receive proof satisfactory to us that the annuitant's life expectancy is
six months or less (such proof must include, but is not limited to,
certification by a licensed physician);
o The annuitant has been confined to a nursing home for more than 90 days (or
such other period, if required in your state) as verified by a licensed
physician. A nursing home for this purpose means one which is (a) approved
by Medicare as a provider of skilled nursing care service, or (b) licensed
as a skilled nursing home by the state or territory in which it is located
(it must be within the United States, Puerto Rico, U.S. Virgin Islands, or
Guam) and meets all of the following:
-- its main function is to provide skilled, intermediate, or custodial nursing
care;
-- it provides continuous room and board to three or more persons;
-- it is supervised by a registered nurse or licensed practical nurse;
-- it keeps daily medical records of each patient;
-- it controls and records all medications dispensed; and
-- its primary service is other than to provide housing for residents.
o The annuitant elects a withdrawal that qualifies as a hardship withdrawal
under the federal income tax rules.
12 Charges and expenses
Appendix I: Condensed financial information
- --------------------------------------------------------------------------------
The unit values and number of units outstanding shown below are for contracts
offered under Separate Account A with the same daily asset charge of 1.20%.
SERIES 600 CONTRACTS
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS BEING OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER
31, 2006.
- ------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
1998 1999 2000 2001 2002 2003
- ------------------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- $ 109.19
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- 1
- ------------------------------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- $ 102.19
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- 2
- ------------------------------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- $ 104.18
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- 3
- ------------------------------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 102.39 $ 118.86 $ 115.59 $ 111.79 $ 96.39 $ 113.46
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 11 101 287 488 503
- ------------------------------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- $ 108.00
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- 2
- ------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 90.25 $ 105.70 $ 90.50 $ 66.90 $ 47.01 $ 63.88
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 17 71 100 95 106
- ------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 106.88 $ 109.55
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 83 100
- ------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 79.09 $ 100.13
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 17 32
- ------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- ------------------------------------------------------------------------------------------------------------------------
Unit value $ 89.20 $ 84.97 $ 76.49 $ 76.09 $ 72.96 $ 88.34
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 5 28 49 69 130
- ------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 78.18 $ 103.76
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 17 31
- ------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 76.54 $ 96.89
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 21 31
- ------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 67.96 $ 87.71
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 32 53
- ------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 79.20 $ 102.57
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 32 39
- ------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- ------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 62.08 $ 86.02
- ------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 43 94
- ------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
For the years ending December 31,
2003 2004 2005 2006
- --------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
- --------------------------------------------------------------------------------------------------------
Unit value $ 109.19 $ 120.60 $ 128.76 $ 149.99
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 12 32 83
- --------------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- --------------------------------------------------------------------------------------------------------
Unit value $ 102.19 $ 107.05 $ 108.35 $ 113.87
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 31 42 55
- --------------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- --------------------------------------------------------------------------------------------------------
Unit value $ 104.18 $ 110.91 $ 113.14 $ 121.57
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3 21 44 80
- --------------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- --------------------------------------------------------------------------------------------------------
Unit value $ 113.46 $ 121.88 $ 126.19 $ 137.55
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 503 565 647 699
- --------------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- --------------------------------------------------------------------------------------------------------
Unit value $ 108.00 $ 119.18 $ 125.60 $ 142.10
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 50 122 290
- --------------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- --------------------------------------------------------------------------------------------------------
Unit value $ 63.88 $ 70.75 $ 75.63 $ 78.54
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 106 123 122 112
- --------------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- --------------------------------------------------------------------------------------------------------
Unit value $ 109.55 $ 112.44 $ 113.04 $ 115.90
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 100 106 121 111
- --------------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- --------------------------------------------------------------------------------------------------------
Unit value $ 100.13 $ 110.93 $ 117.23 $ 121.77
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 32 49 57 60
- --------------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- --------------------------------------------------------------------------------------------------------
Unit value $ 88.34 $ 94.85 $ 96.58 $ 104.90
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 130 179 218 218
- --------------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- --------------------------------------------------------------------------------------------------------
Unit value $ 103.76 $ 120.87 $ 137.87 $ 170.70
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 31 62 71 89
- --------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- --------------------------------------------------------------------------------------------------------
Unit value $ 96.89 $ 104.99 $ 110.72 $ 124.24
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 31 33 31 29
- --------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- --------------------------------------------------------------------------------------------------------
Unit value $ 87.71 $ 92.44 $ 98.17 $ 97.10
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 53 65 65 66
- --------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- --------------------------------------------------------------------------------------------------------
Unit value $ 102.57 $ 115.96 $ 122.70 $ 144.66
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 39 51 62 87
- --------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- --------------------------------------------------------------------------------------------------------
Unit value $ 86.02 $ 94.96 $ 101.69 $ 110.13
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 94 125 122 116
- --------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information I-1
SERIES 600 CONTRACTS (CONTINUED)
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS BEING OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER
31, 2006.
- ----------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
1998 1999 2000 2001
- ----------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 102.87 $ 126.92 $ 107.54 $ 94.83
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 105 702 944
- ----------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 102.73 $ 120.14 $ 129.01 $ 125.48
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 37 262 526
- ----------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate Government Securities
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 103.32 $ 101.97 $ 109.71 $ 116.93
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 16 112
- ----------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 93.00 $ 126.30 $ 95.90 $ 72.66
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 3 36 45
- ----------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 116.42 $ 93.88 $ 70.52
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 36 350 438
- ----------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 103.62 $ 100.07 $ 110.03 $ 117.42
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 4 27 112
- ----------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 86.94 $ 109.62 $ 123.09 $ 105.51
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 98 166
- ----------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 94.71
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 71
- ----------------------------------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 107.64 $ 103.26 $ 87.02
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 106.84 $ 111.80 $ 108.22
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 9 31
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
2002 2003 2004 2005 2006
- ----------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 73.80 $ 102.53 $ 116.68 $ 123.75 $ 140.28
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 36 66 91 89 85
- ----------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 56.71 $ 88.33 $ 91.63 $ 100.73 $ 106.79
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 9 31 130 128 124
- ----------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 62.46 $ 92.29 $ 104.06 $ 107.24 $ 117.28
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 905 1,026 1,206 1,254 1,179
- ----------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 97.62 $ 125.79 $ 139.68 $ 145.60 $ 170.54
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 600 645 710 726 681
- ----------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate Government Securities
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 125.45 $ 126.60 $ 127.50 $ 127.54 $ 129.94
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 193 185 163 153 138
- ----------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 64.53 $ 86.19 $ 100.63 $ 114.63 $ 139.89
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 272 302 335 398 454
- ----------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 47.97 $ 58.38 $ 62.52 $ 70.99 $ 69.76
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 383 362 311 281 249
- ----------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 124.90 $ 127.77 $ 130.97 $ 131.99 $ 135.39
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 158 142 135 136 130
- ----------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 72.72 $ 101.26 $ 114.03 $ 125.63 $ 135.30
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 206 238 247 253 245
- ----------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 80.81 $ 102.78 $ 115.20 $ 120.01 $ 143.93
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 173 235 340 396 471
- ----------------------------------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 99.49 $ 101.87 $ 108.21 $ 108.46
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 3 14 20
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 107.01 $ 112.23 $ 128.59
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 6 50 67
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 63.23 $ 79.94 $ 81.81 $ 87.90 $ 91.38
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3 4 6 8 9
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 54.11 $ 66.27 $ 69.10 $ 71.76 $ 76.14
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 5 11 12 17 27
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 67.97 $ 89.06 $ 99.97 $ 115.69 $ 136.30
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 12 31 75 97 121
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 80.55 $ 104.65 $ 114.66 $ 120.15 $ 133.03
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 130 142 147 147 143
- ----------------------------------------------------------------------------------------------------------------------------
I-2 Appendix I: Condensed financial information
SERIES 600 CONTRACTS (CONTINUED)
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS BEING OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER
31, 2006.
- -------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
1998 1999 2000 2001 2002
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 101.69 $ 104.08 $ 100.76 $ 75.99
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 11 21 63
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 103.69 $ 123.02 $ 109.63 $ 95.13 $ 72.94
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 50 258 367 451
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 106.63 $ 93.02 $ 76.26 $ 57.25
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 3 10 16
- -------------------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 100.02 $ 85.57 $ 68.93
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 9 106 195
- -------------------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 82.88 $ 83.36 $ 86.60 $ 88.97 $ 74.98
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 14 126 261
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Franklin Income
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/International Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 83.99 $ 63.92 $ 44.01
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 12 119 162
- -------------------------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 107.19
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 45
- -------------------------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 100.60 $ 98.04 $ 103.43 $ 95.23 $ 76.16
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 3 17 32 35
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
For the years ending December 31,
2003 2004 2005 2006
- --------------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- --------------------------------------------------------------------------------------------------------
Unit value $ 102.40 $ 110.61 $ 115.80 $ 125.81
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 126 189 232 254
- --------------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- --------------------------------------------------------------------------------------------------------
Unit value -- -- $ 104.07 $ 111.01
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 11 27
- --------------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- --------------------------------------------------------------------------------------------------------
Unit value $ 91.12 $ 100.33 $ 103.49 $ 117.68
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 536 628 666 652
- --------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- --------------------------------------------------------------------------------------------------------
Unit value -- -- $ 97.53 $ 99.66
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 14
- --------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- --------------------------------------------------------------------------------------------------------
Unit value $ 78.17 $ 82.67 $ 84.92 $ 88.82
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 26 53 44 38
- --------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- --------------------------------------------------------------------------------------------------------
Unit value $ 97.80 $ 112.12 $ 117.83 $ 129.84
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 301 399 -- 494
- --------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- --------------------------------------------------------------------------------------------------------
Unit value $ 98.72 $ 114.94 $ 126.82 $ 140.94
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 291 333 377 382
- --------------------------------------------------------------------------------------------------------
EQ/Franklin Income
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 104.34
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 22
- --------------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- --------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 108.27
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 2
- --------------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- --------------------------------------------------------------------------------------------------------
Unit value -- -- $ 105.14 $ 116.57
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 5 12
- --------------------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- --------------------------------------------------------------------------------------------------------
Unit value -- $ 113.27 $ 116.74 $ 137.07
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 7 62 80
- --------------------------------------------------------------------------------------------------------
EQ/International Growth
- --------------------------------------------------------------------------------------------------------
Unit value -- -- $ 115.10 $ 142.89
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 3 14
- --------------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- --------------------------------------------------------------------------------------------------------
Unit value $ 54.73 $ 60.64 $ 64.28 $ 64.26
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 185 201 225 215
- --------------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- --------------------------------------------------------------------------------------------------------
Unit value $ 109.48 $ 112.60 $ 113.71 $ 116.91
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 72 95 130 144
- --------------------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- --------------------------------------------------------------------------------------------------------
Unit value $ 95.42 $ 104.53 $ 108.48 $ 129.02
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 35 38 39 39
- --------------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- --------------------------------------------------------------------------------------------------------
Unit value -- -- $ 106.44 $ 112.35
- --------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 6 41
- --------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information I-3
SERIES 600 CONTRACTS (CONTINUED)
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS BEING OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER
31, 2006.
- ------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
1998 1999 2000 2001 2002
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Long Term Bond
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Marsico Focus
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 105.94 $ 92.57
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 47
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- ------------------------------------------------------------------------------------------------------------------------------
Unit value $ 97.91 $ 115.06 $ 127.11 $ 132.52 $ 109.12
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 7 41 119 183
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 75.88
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 74
- ------------------------------------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- ------------------------------------------------------------------------------------------------------------------------------
Unit value $ 103.53 $ 177.65 $ 142.46 $ 92.82 $ 60.23
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 36 288 316 265
- ------------------------------------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 104.53 $ 102.57 $ 85.14 $ 66.44
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 17 21 26
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Money Market
- ------------------------------------------------------------------------------------------------------------------------------
Unit value $ 101.68 $ 105.21 $ 110.19 $ 112.74 $ 112.77
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 17 57 125 107
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Mutual Shares
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
EQ/Short Duration Bond
- ------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
For the years ending December 31,
2003 2004 2005 2006
- -----------------------------------------------------------------------------------------------------------------
EQ/Long Term Bond
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 100.09 $ 100.69
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 20 33
- -----------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 106.09 $ 122.86
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 3 10
- -----------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 105.72 $ 117.71
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 2 5
- -----------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 111.59 $ 123.96
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 14 23
- -----------------------------------------------------------------------------------------------------------------
EQ/Marsico Focus
- -----------------------------------------------------------------------------------------------------------------
Unit value $ 119.93 $ 130.94 $ 143.22 $ 154.70
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 133 180 241 295
- -----------------------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- -----------------------------------------------------------------------------------------------------------------
Unit value $ 141.44 $ 154.51 $ 158.36 $ 187.75
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 219 284 294 276
- -----------------------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- -----------------------------------------------------------------------------------------------------------------
Unit value $ 96.00 $ 115.37 $ 126.34 $ 156.89
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 85 120 197 231
- -----------------------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- -----------------------------------------------------------------------------------------------------------------
Unit value $ 76.94 $ 85.62 $ 92.23 $ 98.21
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 250 232 215 178
- -----------------------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- -----------------------------------------------------------------------------------------------------------------
Unit value $ 80.11 $ 88.18 $ 93.39 $ 104.21
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 31 32 31 28
- -----------------------------------------------------------------------------------------------------------------
EQ/Money Market
- -----------------------------------------------------------------------------------------------------------------
Unit value $ 112.05 $ 111.56 $ 113.12 $ 116.78
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 83 75 68 103
- -----------------------------------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- -----------------------------------------------------------------------------------------------------------------
Unit value -- $ 104.69 $ 109.03 $ 116.29
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 6 5
- -----------------------------------------------------------------------------------------------------------------
EQ/Mutual Shares
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 107.15
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 8
- -----------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 110.99
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 3
- -----------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 111.04
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 3
- -----------------------------------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 99.44 $ 98.64
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 35 56
- -----------------------------------------------------------------------------------------------------------------
EQ/Short Duration Bond
- -----------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 99.89 $ 102.60
- -----------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 3 11
- -----------------------------------------------------------------------------------------------------------------
I-4 Appendix I: Condensed financial information
SERIES 600 CONTRACTS (CONTINUED)
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING FOR EACH VARIABLE INVESTMENT OPTION,
EXCEPT FOR THOSE OPTIONS BEING OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER
31, 2006.
- ----------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
1998 1999 2000 2001 2002 2003
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Small Cap Value
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 112.91 $ 153.26
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 27 54
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Small Company Growth
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Small Company Index
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $ 81.65 $ 117.68
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 18 59
- ----------------------------------------------------------------------------------------------------------------------------
EQ/TCW Equity
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 81.49 $ 157.61 $ 93.36 $ 87.48 $ 81.32 $ 125.29
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 5 42 44 54 69
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Target 2015 Allocation
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Target 2025 Allocation
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Target 2035 Allocation
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Target 2045 Allocation
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- -- $ 106.85
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- -- 4
- ----------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
For the years ending December 31,
2004 2005 2006
- --------------------------------------------------------------------------------------------------
EQ/Small Cap Value
- --------------------------------------------------------------------------------------------------
Unit value $ 177.32 $ 183.41 $ 210.41
- --------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 102 120 127
- --------------------------------------------------------------------------------------------------
EQ/Small Company Growth
- --------------------------------------------------------------------------------------------------
Unit value $ 114.62 $ 121.73 $ 132.55
- --------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 26 50
- --------------------------------------------------------------------------------------------------
EQ/Small Company Index
- --------------------------------------------------------------------------------------------------
Unit value $ 136.81 $ 140.93 $ 163.91
- --------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 104 133 167
- --------------------------------------------------------------------------------------------------
EQ/TCW Equity
- --------------------------------------------------------------------------------------------------
Unit value $ 111.26 $ 114.31 $ 108.40
- --------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 26 30
- --------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- --------------------------------------------------------------------------------------------------
Unit value -- -- $ 107.63
- --------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 11
- --------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- --------------------------------------------------------------------------------------------------
Unit value $ 109.27 $ 117.68 $ 132.73
- --------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 21 46
- --------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- --------------------------------------------------------------------------------------------------
Unit value -- $ 104.39 $ 119.54
- --------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 9 23
- --------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- --------------------------------------------------------------------------------------------------
Unit value $ 153.09 $ 200.85 $ 271.98
- --------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 95 144 180
- --------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- --------------------------------------------------------------------------------------------------
Unit value -- $ 123.86 $ 133.70
- --------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 4 12
- --------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- --------------------------------------------------------------------------------------------------
Unit value -- $ 119.16 $ 143.20
- --------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 14
- --------------------------------------------------------------------------------------------------
Target 2015 Allocation
- --------------------------------------------------------------------------------------------------
Unit value -- -- $ 108.37
- --------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- --------------------------------------------------------------------------------------------------
Target 2025 Allocation
- --------------------------------------------------------------------------------------------------
Unit value -- -- $ 109.32
- --------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 2
- --------------------------------------------------------------------------------------------------
Target 2035 Allocation
- --------------------------------------------------------------------------------------------------
Unit value -- -- $ 110.21
- --------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- --------------------------------------------------------------------------------------------------
Target 2045 Allocation
- --------------------------------------------------------------------------------------------------
Unit value -- -- $ 111.00
- --------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- --------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- --------------------------------------------------------------------------------------------------
Unit value $ 143.65 $ 165.70 $ 225.39
- --------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 45 86 119
- --------------------------------------------------------------------------------------------------
Copyright 2007. AXA Equitable Life Insurance Company 1290 Avenue of the
Americas New York, New York 10104
(212) 554-1234
All rights reserved. EQUI-VEST(SM) is a service mark of AXA Equitable Life
Insurance Company
Appendix I: Condensed financial information I-5
EQUI-VEST(SM) Employer-Sponsored Retirement Programs
SUPPLEMENT DATED MAY 1, 2007 TO THE EQUI-VEST(SM) EMPLOYER-SPONSORED RETIREMENT
PROGRAMS PROSPECTUS DATED MAY 1, 2007
EQUI-VEST(SM) Vantage(SM) Additional Contributions Tax-Sheltered (ACTS)
Program, New Jersey Department of Higher Education
- --------------------------------------------------------------------------------
This Supplement adds to and modifies certain information contained in the
Prospectus dated May 1, 2007, for the EQUI-VEST(SM) Employer-Sponsored
Retirement Programs offered by AXA Equitable Life Insurance Company
("Prospectus"). Unless otherwise indicated, all other information included in
the Prospectus remains unchanged. The terms and section headings we use in this
Supplement have the same meaning as in the Prospectus. You should keep this
Supplement with your prospectus. We will send you another copy of any prospectus
or supplement, without charge, upon request.
We offer the EQUI-VEST(SM) Vantage(SM) contract to fund the ACTS Program ("the
plan").
The EQUI-VEST(SM) Vantage(SM) ACTS contract is a group variable deferred annuity
contract. The employer will be the EQUI-VEST(SM) Vantage(SM) ACTS contract
holder. Certain rights may be exercised by employees covered under an employer`s
plan (the "participants"). These rights will be set forth in a participation
certificate provided to each participant. The 12-month period beginning on the
participant`s participation date and each 12-month period thereafter is a
"participation year." The "participation date" is the date we receive a
participant`s properly completed and signed enrollment form and any other
required documents at our processing office. "Contract date" is the date
following our acceptance of a properly completed and signed application (and
other required documents) on which the first participant is enrolled in the
contract. The 12-month period beginning on a contract date and each 12-month
period after that is a "contract year." The end of each 12-month period is the
"contract anniversary." Terms and other provisions not defined or modified in
this Supplement are the same as in the Prospectus.1
The group annuity contract that covers the qualified 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 AXA
Advisors financial professional is acting as a broker-dealer registered
representative, and is not authorized to act as an investment advisor or to
manage the allocations under your contract. If your financial professional is a
registered representative with a broker-dealer other than AXA Advisors, you
should speak with him/her regarding any different arrangements that may apply.
We offer the EQUI-VEST(SM) Vantage(SM) ACTS contract to purchasers on the same
basis and under the same terms and conditions described in the Prospectus as
those that apply to EQUI-VEST(SM) Series 100 and 200 contracts, except for
certain material differences described in this Supplement. This Supplement
should be read together with the Prospectus. You should be aware that an annuity
contract that is a Tax Sheltered Annuity (TSA), such as the EQUI-VEST(SM)
Vantage(SM) ACTS, does not provide tax deferral benefits beyond those already
provided by the Internal Revenue Code. Before participating in an EQUI-VEST(SM)
Vantage(SM) ACTS, 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 this annuity with any other investment
that you may use in connection with your retirement pla or arrangement. (For
more information, see "Tax information," in the Prospectus).
----------
See "Tax information" in the Prospectus for a more detailed discussion of
sources of contributions, certain contribution limitations and other tax
information for TSA contracts.
Material differences between EQUI-VEST(SM) Vantage(SM) ACTS and the provisions
of the EQUI-VEST(SM) Series 100 and 200 contracts described in the Prospectus
include the information above as well as the following:
- -------
1 This Supplement distinguishes between "contract" and "participation
certificate" as well as "contract holder" and "participant" when describing
the EQUI-VEST(SM) Vantage(SM) ACTS product. The Prospectus does not make
these distinctions and generally uses the terms "you" and "your" when
referring to the person who has the right or responsibility that the
Prospectus is discussing at that point, and to "contract" when referring
to the participation certificate or contract that includes the right being
discussed.
For use with the Additional Contributions Tax-Sheltered Program
X01511
888-1353 (5/07) Catalog Number 133282 (5/07)
1. THE FOLLOWING IS ADDED TO "EQUI-VEST(SM) EMPLOYER-SPONSORED RETIREMENT
PROGRAMS AT A GLANCE -- KEY FEATURES" UNDER "FEES AND CHARGES" ON PAGE 11 OF
THE PROSPECTUS:
- --------------------------------------------------------------------------------
FEES AND CHARGES FOR
EQUI-VEST(SM) VANTAGE(SM) o Separate account charge deducted daily on amounts
ACTS invested in variable investment options: 0.70%.
o Annual administrative charge: There is no annual
administrative charge.
o Charge for third-party transfer (such as in the
case of a direct transfer of the account value to
another 403(b) arrangement ("employer-designated
funding vehicle") or a transfer or direct
rollover to another contract or custodial
arrangement that meets the requirements of
Section 403(b)(1) or Section 403(b)(7) of the
Internal Revenue Code respectively or such other
qualified plan or arrangement as permitted by
applicable law, or a direct rollover to a
traditional IRA contract): $25 current ($65
maximum) per occurrence per participant.
o No sales charge deducted at the time
contributions are made.
o Withdrawal charge: There is no withdrawal charge.
o Annual expenses of EQ Advisors Trust and AXA
Premier VIP Trust (the "Trusts") portfolios are
calculated as a percentage of the average daily
net assets invested in each portfolio. Please see
"Fee table" later in this prospectus.
- --------------------------------------------------------------------------------
2. PORTFOLIOS OF THE TRUSTS
The following Variable Investment Options are available under the contract.
You should note that some portfolios have objectives and strategies that are
substantially similar to those of certain funds that are purchased directly
rather than under a variable insurance product such as the EQUI-VEST(SM)
Vantage(SM) ACTS contract. These portfolios may even have the same manager(s)
and/or a similar name. However, there are numerous factors that can contribute
to differences in performance between two investments, particularly over short
periods of time. Such factors include fees; the timing of stock purchases and
sales; differences in fund cash flows; and specific strategies employed by the
portfolio manager.
The AXA Allocation portfolios offer participants a convenient opportunity to
invest in other portfolios that are managed and have been selected for
inclusion in the AXA Allocation portfolios by AXA Equitable. AXA Advisors, LLC,
an affiliated broker-dealer of AXA Equitable, 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. In doing so, AXA Equitable, and/or its affiliates, may be subject
to conflicts of interest insofar as AXA Equitable may derive greater revenues
from the AXA Allocation portfolios than certain other portfolios available to
you under your contract. In addition, the AXA Allocation portfolios may enable
AXA Equitable to more efficiently manage AXA Equitable's financial risks
associated with certain guaranteed features. Please see "Allocating your
contributions" in "Contract features and benefits" in the prospectus for more
information about your role in managing your allocations.
AXA Equitable serves as the investment manager of the portfolios of AXA Premier
VIP Trust and EQ Advisors Trust. For some portfolios, AXA Equitable 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, AXA
Equitable 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 investment manager or
sub-adviser(s), as applicable, for each portfolio.
- ------------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
AXA MODERATE ALLOCATION Seeks long-term capital appreciation and current income. o AXA Equitable
- ------------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name(*) Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/ALLIANCEBERNSTEIN VALUE Seeks capital appreciation. o AllianceBernstein L.P.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/BLACKROCK INTERNATIONAL Seeks to provide current income and long-term growth of o BlackRock Investment Management
VALUE(1) income, accompanied by growth of capital. International Limited
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/CALVERT SOCIALLY Seeks long-term capital appreciation. o Calvert Asset Management Company, Inc.
RESPONSIBLE o Bridgeway Capital Management, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
2
Portfolios of the Trusts (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s),
Portfolio Name(*) Objective as applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/EQUITY 500 INDEX Seeks a total return before expenses that approximates o AllianceBernstein L.P.
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/FI MID CAP Seeks long-term growth of capital. o Fidelity Management & Research Company
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/JANUS LARGE CAP GROWTH(+) Seeks long-term growth of capital. o Janus Capital Management LLC
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/JPMORGAN CORE BOND Seeks to provide a high total return consistent with o J.P. Morgan Investment Management Inc.
moderate risk to capital and maintenance of liquidity.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/MONEY MARKET Seeks to obtain a high level of current income, preserve its o The Dreyfus Corporation
assets and maintain liquidity.
- ------------------------------------------------------------------------------------------------------------------------------------
EQ/SMALL COMPANY INDEX Seeks to replicate as closely as possible (before the o AllianceBernstein L.P.
deduction of portfolio expenses) the total return of the
Russell 2000 Index.
- ------------------------------------------------------------------------------------------------------------------------------------
(*) This portfolio information reflects the portfolio's name change effective
on or about May 29, 2007, subject to regulatory approval. The current name
of the portfolio EQ/Mercury International Value will reflect the
portfolio's name in effect, until on or about May 29, 2007.
(+) Please see the supplement included with the prospectus regarding the
planned substitution or merger of this investment option, subject to
regulatory approval.
You should consider the investment objectives, risks and charges and expenses
of the portfolios carefully before investing. The prospectuses for the Trusts
contain this and other important information about the portfolios. The
prospectuses should be read carefully before investing.
3. THE FOLLOWING TABLE AND EXAMPLE ARE ADDED BEFORE "CONDENSED FINANCIAL
INFORMATION" ON PAGE 26 OF THE PROSPECTUS:
FEE TABLE
The following tables describe the fees and expenses that you will pay when
buying, owning, and surrendering the EQUI-VEST(SM) Vantage(SM) ACTS certificate.
Each of the charges and expenses is more fully described in "Charges and
expenses" later in this Supplement.
The first table describes fees and expenses that you will pay at the time that
you surrender the certificate, purchase a Variable Immediate Annuity payout
option or make certain transfers and rollovers. Charges for certain features
shown in the fee table are mutually exclusive.
- ------------------------------------------------------------------------------------------------------------------------------------
Charges we deduct from your account value at the time you request certain transactions
- ------------------------------------------------------------------------------------------------------------------------------------
Withdrawal charge as a percentage of the amount withdrawn (deducted when you
surrender your certificate or make certain withdrawals) 0%
Charge if you elect a Variable Immediate Annuity payout option (which is described
in a separate prospectus for that option) $350
Charge for third-party transfer or direct rollover $65 maximum per participant for each
occurrence; currently $25 per participant
for each occurrence.
- ------------------------------------------------------------------------------------------------------------------------------------
The next table describes the fees and expenses that you will pay periodically
during the time that you own the certificate, not including underlying trust
portfolio fees and expenses.
- --------------------------------------------------------------------------------
3
- --------------------------------------------------------------------------------
Charges we deduct from your account value on each contract date anniversary
- --------------------------------------------------------------------------------
Maximum annual administrative charge $0
- --------------------------------------------------------------------------------
Charges we deduct from your variable investment options expressed as an annual
percentage of daily net assets
- --------------------------------------------------------------------------------
Separate account annual expenses(1) 0.70%
- --------------------------------------------------------------------------------
You also bear your proportionate share of all fees and expenses paid by a
"portfolio" that corresponds to any variable investment option you are using.
This table shows the lowest and highest total operating expenses charged by any
of the portfolios that you will pay periodically during the time that you own
the certificate. 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 variable investment option. 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 2006 (expenses that are deducted Lowest Highest
from portfolio assets including management fees, 12b-1 fees, service fees, and/or ------ -------
other expenses)(2) 0.63% 1.30%
This table shows the fees and expenses for 2006 as an annual percentage of each
portfolio's daily average net assets.
- --------------------------------------------------------------------------------
Management Other
Portfolio Name Fees(2) 12b-1 Fees(3) Expenses(4)
- --------------------------------------------------------------------------------
AXA Premier VIP Trust:
- --------------------------------------------------------------------------------
AXA Moderate Allocation 0.10% 0.25% 0.17%
- --------------------------------------------------------------------------------
EQ Advisors Trust:
- --------------------------------------------------------------------------------
EQ/AllianceBernstein Value 0.60% 0.25% 0.13%
- --------------------------------------------------------------------------------
EQ/BlackRock International Value* 0.82% 0.25% 0.21%
- --------------------------------------------------------------------------------
EQ/Calvert Socially Responsible 0.65% 0.25% 0.25%
- --------------------------------------------------------------------------------
EQ/Equity 500 Index 0.25% 0.25% 0.13%
- --------------------------------------------------------------------------------
EQ/FI Mid Cap 0.68% 0.25% 0.15%
- --------------------------------------------------------------------------------
EQ/Janus Large Cap Growth+ 0.90% 0.25% 0.15%
- --------------------------------------------------------------------------------
EQ/JPMorgan Core Bond 0.44% 0.25% 0.15%
- --------------------------------------------------------------------------------
EQ/Money Market 0.33% 0.25% 0.14%
- --------------------------------------------------------------------------------
EQ/Small Company Index 0.25% 0.25% 0.16%
- --------------------------------------------------------------------------------
This table shows the fees and expenses for 2006 as an annual percentage of each
portfolio's daily average net assets.
- --------------------------------------------------------------------------------------------------------
Acquired Fund Total Annual Net Total
Fees and Expenses Annual
Expenses (Before Fee Waivers Expenses
other expenses)(2) (Underlying Expense and/or Expense After Expense
Portfolio Name Portfolios)(5) Limitations) Reimbursements(6) Limitations
- --------------------------------------------------------------------------------------------------------
AXA Premier VIP Trust:
- --------------------------------------------------------------------------------------------------------
AXA Moderate Allocation 0.78% 1.30% (0.17)% 1.13%
- --------------------------------------------------------------------------------------------------------
EQ Advisors Trust:
- --------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value -- 0.98% (0.03)% 0.95%
- --------------------------------------------------------------------------------------------------------
EQ/BlackRock International Value* -- 1.28% (0.03)% 1.25%
- --------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible -- 1.15% (0.10)% 1.05%
- --------------------------------------------------------------------------------------------------------
EQ/Equity 500 Index -- 0.63% -- 0.63%
- --------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap -- 1.08% (0.08)% 1.00%
- --------------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth+ -- 1.30% (0.15)% 1.15%
- --------------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond -- 0.84% 0.00% 0.84%
- --------------------------------------------------------------------------------------------------------
EQ/Money Market -- 0.72% -- 0.72%
- --------------------------------------------------------------------------------------------------------
EQ/Small Company Index 0.01% 0.67% 0.00% 0.67%
- --------------------------------------------------------------------------------------------------------
* This is the investment option's new name effective on or about May 29,
2007, subject to regulatory approval. Please see "Portfolios of the Trusts"
earlier in this supplement for the investment option's former name.
+ Please see the supplement included with the prospectus regarding the
planned substitution or merger of this portfolio.
Notes:
(1) For mortality and expense risks, and administrative and financial
accounting expenses. A portion of this charge is for providing the death
benefit.
(2) The management fees for each portfolio cannot be increased without a vote
of that portfolio's shareholders. See footnote (6) for any expense
limitation agreement information.
(3) Portfolio shares are all subject to fees imposed under the distribution
plans (the "Rule 12b-1 Plan") adopted by the Trusts pursuant to Rule 12b-1
under the Investment Company Act of 1940. The 12b-1 fee will not be
increased for the life of the contracts.
(4) The amounts shown as "Other Expenses" will fluctuate from year to year
depending on actual expenses. See footnote (6) for any expense limitation
agreement information.
(5) Each of these variable investment options invests in a corresponding
portfolio of one of the Trusts or other unaffiliated investment companies.
Each portfolio, in turn, invests in shares of other portfolios of the
Trusts and/or shares of unaffiliated portfolios ("underlying portfolios").
Amounts shown reflect each portfolio's pro rata share of the fees and
expenses of the underlying portfolio(s) in which it invests. The fees and
expenses are based on the respective weighted investment allocation as of
12/31/06. A "--" indicates that the listed portfolio does not invest in
underlying portfolios.
(6) The amounts shown reflect any fee waivers and/or expense reimbursements
that apply to each portfolio. A"-" indicates that there is no expense
limitation in effect, and "0.00%" indicates that the expense limitation
arrangement did not result in a fee waiver or reimbursement. AXA Equitable,
the investment manager of AXA Premier VIP Trust and EQ Advisors Trust, has
entered into expense limitation agreements with respect to certain
portfolios, which are effective through April 30, 2008. Under these
agreements AXA Equitable has agreed to waive or limit its fees and assume
other expenses of certain portfolios, if necessary, in an amount that
limits each affected portfolio's total Annual Expenses (exclusive of
interest, taxes, brokerage commissions, capitalized expenditures, expenses
of the underlying portfolios in which the portfolio invests and
extraordinary expenses) to not more than specified amounts. Therefore, each
portfolio may at a later date make a reimbursement to AXA Equitable for any
of the management fee waived or limited and other expenses assumed and paid
by AXA Equitable pursuant to the expense limitation agreements provided
that the portfolio's current annual operating expenses do not exceed the
operating expense limit determined for such portfolio. See the prospectus
for each applicable underlying Trust for more information about the
arrangements. In addition, a portion of the brokerage commissions of
certain portfolios of AXA Premier VIP Trust and EQ Advisors Trust is used
to reduce the applicable portfolio's expenses. If the above table reflected
both the expense limitation arrangements plus the portion of the brokerage
commissions used to reduce portfolio expenses, the net expenses would be as
shown in the table below.
- ------------------------------------------
Portfolio Name
- ------------------------------------------
EQ/AllianceBernstein Value 0.94%
- ------------------------------------------
EQ/FI Mid Cap 0.97%
- ------------------------------------------
4
- ------------------------------------------
Portfolio Name
- ------------------------------------------
EQ/Janus Large Cap Growth 1.14%
- ------------------------------------------
EXAMPLES: EQUI-VEST(SM) VANTAGE(SM) ACTS CONTRACTS
These examples are intended to help you compare the cost of investing in the
EQUI-VEST(SM) Vantage(SM) ACTS contract with the cost of investing in other
variable annuity contracts. These costs include contract owner transaction
expenses, contract fees, separate account annual expenses, and underlying Trust
fees and expenses (including underlying portfolio fees and expenses).
The examples below show the expenses that a hypothetical certificate holder
would pay in the situations illustrated.
We assume that the Contract Year and Participation Year are the same. For a
complete description of portfolio charges and expenses, please see the
prospectuses for each Trust.
The fixed maturity options and the guaranteed interest option are not covered
by the fee table and examples. However, the third-party transfer or direct
rollover charge and the charge if you elect a Variable Immediate Annuity payout
option do apply to amounts in the fixed maturity options and the guaranteed
interest option. A market value adjustment (up or down) will apply as a result
of a withdrawal, transfer, or surrender of amounts from a fixed maturity
option.
These examples should not be considered a representation of past or future
expenses for any option. Actual expenses may be greater or less than those
shown. Similarly, the annual rate of return assumed in the examples is not an
estimate or guarantee of future investment performance.
The examples assume that you invest $10,000 in the contract for the time
periods indicated. The examples also assume that your investment has a 5%
return each year. 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
If you annuitize at the end of the the end of the
applicable time period applicable time period
---------------------------------------------------------------------------------------
1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years
- ---------------------------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- ---------------------------------------------------------------------------------------------------------------------------
AXA Moderate Allocation N/A $998 $1,463 $2,746 $210 $648 $1,113 $2,396
- ---------------------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ---------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value N/A $897 $1,291 $2,394 $176 $547 $ 941 $2,044
EQ/BlackRock International Value* N/A $992 $1,452 $2,725 $208 $642 $1,102 $2,375
EQ/Calvert Socially Responsible N/A $951 $1,382 $2,583 $194 $601 $1,032 $2,233
EQ/Equity 500 Index N/A $784 $1,100 $1,996 $140 $434 $ 750 $1,646
EQ/FI Mid Cap N/A $928 $1,345 $2,506 $187 $578 $ 995 $2,156
EQ/Janus Large Cap Growth+ N/A $998 $1,463 $2,746 $210 $648 $1,113 $2,396
EQ/JPMorgan Core Bond N/A $852 $1,215 $2,237 $162 $502 $ 865 $1,887
EQ/Money Market N/A $813 $1,150 $2,100 $149 $463 $ 800 $1,750
EQ/Small Company Index N/A $797 $1,122 $2,042 $144 $447 $ 772 $1,692
- ---------------------------------------------------------------------------------------------------------------------------
* This is the investment option's new name effective on or about May 29,
2007, subject to regulatory approval. Please see "Portfolios of the Trusts"
earlier in the supplement for the investment option's former name.
+ Please see the supplement included with the prospectus regarding the
planned substitution or merger of this portfolio.
CONDENSED FINANCIAL INFORMATION
Please see the Appendix at the end of this Supplement for the unit values and
number of units outstanding as of the period shown for each of the variable
investment options, available as of December 31, 2006.
5
4. THE FOLLOWING INFORMATION IS ADDED TO THE CHART IN THE SECTION ENTITLED "HOW
YOU CAN PURCHASE AND CONTRIBUTE TO YOUR CONTRACT" IN "CONTRACT FEATURES AND
BENEFITS" IN THE PROSPECTUS AT PAGE 28:
- --------------------------------------------------------------------------------
Contract type Source of contributions
- --------------------------------------------------------------------------------
EQUI-VEST(SM) o Salary Reduction Contributions (Elective Deferral
Vantage(SM) ACTS Contributions): Contributions under a salary reduction
agreement that an employee enters into with the
Employer under the Plan, including "designated Roth
contributions under Section 402A of the Code.
o Rollover Contributions: Contributions of eligible
rollover distributions directly or indirectly from another
eligible retirement arrangement.
o Direct Transfer Contributions: Amounts directly
transferred from another 403(b) arrangement pursuant
to Revenue Ruling 90-24.
o Additional "catch-up" contributions.
- --------------------------------------------------------------------------------
Contract type Limitations on contributions
- --------------------------------------------------------------------------------
EQUI-VEST(SM) o For 2007, maximum amount of employee contributions
Vantage(SM) ACTS is generally the lesser of $45,000 or 100% of
compensation with maximum salary reduction
contribution of $15,500.
o If your employer`s plan permits, additional salary
reduction catch-up contributions totalling up to $5,000
can be made where you are at least age 50 at any time
during 2007.
o Rollover or direct transfer contributions after age 70-1/2
must be net of required minimum distributions.
o All salary reduction contributions (whether pre-tax or
designated Roth) may not exceed the total maximum for
the year. (For 2007, $15,500 and age 50 catch-up of
$ 5,000.)
o We currently do not accept rollovers or direct transfers
of funds from designated Roth accounts.
o Different sources of contributions and earnings may be
subject to withdrawal restrictions.
5. THE LAST SENTENCE OF THE SECOND PARAGRAPH FOLLOWING THE CHART UNDER "HOW
YOU CAN PURCHASE AND CONTRIBUTE TO YOUR CONTRACT" IN "CONTRACT FEATURES AND
BENEFITS" IN THE PROSPECTUS AT PAGE 28 IS REPLACED IN ITS ENTIRETY BY THE
FOLLOWING:
We may also refuse to accept any contribution if the sum of all contributions
under all AXA Equitable accumulation annuities in which a participant has an
interest would then total more than $2,500,000.
6. THE FIRST PARAGRAPH UNDER "OWNER AND ANNUITANT REQUIREMENTS" IN "CONTRACT
FEATURES AND BENEFITS" IN THE PROSPECTUS AT PAGE 29 IS REPLACED IN ITS
ENTIRETY BY THE FOLLOWING:
For the following employer-funded programs, the employee must be the owner on
the contract: SEP-IRA, SARSEP IRA, SIMPLE IRA, TSA, University TSA (other than
EQUI-VEST(SM) Vantage(SM) ACTS contracts) and Annuitant-Owned HR-10.
7. THE FINAL PARAGRAPH IN "CONTRACT FEATURES AND BENEFITS" UNDER "GUARANTEED
INTEREST OPTION," AT PAGE 36 IN THE PROSPECTUS IS DELETED IN ITS ENTIRETY AND
REPLACED WITH THE FOLLOWING PARAGRAPH:
The minimum yearly guaranteed interest rate for 2007 is equal to 3.00%. Your
lifetime minimum guaranteed interest rate is 1.5%. The minimum yearly
guaranteed interest rate will never be less than the lifetime minimum
guaranteed interest rate. Current rates will never be less than the minimum
yearly guaranteed interest rate.
8. THE SECTION "SELECTING YOUR INVESTMENT METHOD" IN THE PROSPECTUS BEGINNING ON
PAGE 37 DOES NOT APPLY TO EQUI-VEST(SM) VANTAGE(SM) ACTS. A NEW SECTION IS
ADDED AS FOLLOWS:
TEMPORARY REMOVAL OF TRANSFER RESTRICTIONS
From time to time, we may remove certain restrictions that apply. If we do so,
we will tell you. We will also tell you at least 45 days in advance of the day
that we intend to reimpose the transfer restrictions.
9. THE SEVENTH BULLET IN "TRANSFERRING YOUR ACCOUNT VALUE" UNDER "TRANSFERRING
YOUR MONEY AMONG INVESTMENT OPTIONS" IN THE PROSPECTUS AT PAGE 41 IS DELETED
IN ITS ENTIRETY AND REPLACED WITH THE FOLLOWING:
o The maximum amount that may be transferred from the guaranteed interest
option to any investment option in any participation year is the
greatest of:
6
(a) 25% of the amount you have in the guaranteed interest option on the last
day of the prior participation year; or
(b) the sum of the total of all amounts transferred at your request from the
guaranteed interest option to any of the investment options plus amounts
withdrawn from the contract, which include any amounts directly
transferred from the contract to another 403(b) arrangement pursuant to
Revenue Ruling 90-24 in the prior participation year (other than amounts
that were withdrawn as a result of a distributable event as set forth in
the contract); or
(c) 25% of amounts transferred or allocated to the guaranteed interest option
during the current participation year.
These limitations are more fully described in your participation certificate.
o We reserve the right to not permit transfers into the guaranteed interest
option in the first participation year. After the first participation year, we
also reserve the right to prohibit a transfer into the guaranteed interest
option if such transfer would result in more than 25% of the annuity account
value being allocated to the guaranteed interest option, based on the annuity
account value as of the previous business day.
10. A NEW SUBSECTION IS ADDED UNDER "ACCESSING YOUR MONEY" IMMEDIATELY AFTER
THE CHART UNDER "WITHDRAWING YOUR ACCOUNT VALUE" AT PAGE 44 OF THE
PROSPECTUS AS FOLLOWS:
RESTRICTIONS ON WITHDRAWALS FROM THE GUARANTEED INTEREST OPTION:
The maximum amount that may be withdrawn from the guaranteed interest option in
any participation year is the greatest of:
(a) 25% of the amount you have in the guaranteed interest option on the last
day of the prior participation year; or
(b) the sum of the total of all amounts transferred at your request from the
guaranteed interest option to any of the investment options plus amounts
withdrawn from your account balance under the contract, which include any
amounts directly transferred from your account balance under the contract
to another 403(b) arrangement pursuant to Revenue Ruling 90-24 in the
prior participation year (other than amounts that were withdrawn as a
result of a distributable event as set forth in the contract); or
(c) 25% of amounts transferred or allocated to the guaranteed interest option
during the current participation year.
These limitations are more fully described in your participation certificate.
11. THE FOLLOWING IS ADDED AS THE LAST SENTENCE OF THE FIRST PARAGRAPH UNDER
"LOANS UNDER TSA, GOVERNMENTAL EMPLOYER EDC AND CORPORATE TRUSTEED
CONTRACTS" IN "ACCESSING YOUR MONEY" IN THE PROSPECTUS AT PAGE 45:
Any participant loan requests require contract holder approval.
12. THE FOLLOWING IS ADDED AFTER THE SECTION ENTITLED "TERMINATION" IN
"ACCESSING YOUR MONEY" IN THE PROSPECTUS AT PAGE 46:
EQUI-VEST(SM) VANTAGE(SM) ACTS TERMINATION OF PARTICIPATION
We may terminate the participant`s participation under the EQUI-VEST(SM)
Vantage(SM) ACTS contract and pay that participant the account value under the
certificate if:
(1) the account value under the certificate is less than $500 and that
participant has not made contributions under the certificate for a period
of three years;
(2) a participant requests a partial withdrawal that reduces the account value
under the certificate to an amount of less than $500;
(3) a participant has not made any contributions under the certificate within
120 days from his or her participation date; or
(4) the plan is no longer qualified under Section 403(b) of the Code and the
EQUI-VEST(SM) Vantage(SM) ACTS contract is terminated by us.
We will deduct the amount of any outstanding loan balance from the account
value when we terminate a participant`s participation under the contract.
The contract holder may discontinue an EQUI-VEST(SM) Vantage(SM) ACTS contract.
Discontinuance of a contract means that the contract holder will not permit any
further salary deferrals to be made under the contract. The participant may,
subject to the annual withdrawal restriction from the guaranteed interest
option, withdraw any portion of the account value under the certificate and:
(i) transfer or directly roll over such amounts to the employer-designated
funding vehicle; (ii) directly transfer such amounts to another contract or
custodial arrangement that meets the requirements of Section 403(b)(1) or
Section 403(b)(7) of the Internal Revenue Code respectively; (iii) directly
roll over such amounts to another eligible retirement plan (iv) retain such
amounts, if permitted under federal tax law; or (v) maintain such account value
with us.
An EQUI-VEST(SM) Vantage(SM) ACTS contract may be terminated only after all
participation under the contract is terminated.
7
13. THE FOLLOWING IS ADDED AFTER THE INFORMATION UNDER "FOR ALL SERIES ISSUED IN
NEW YORK -- FIXED MATURITY OPTIONS*" IN "CHARGES AND EXPENSES" IN THE
PROSPECTUS AT PAGE 51:
CHARGES UNDER EQUI-VEST(SM) VANTAGE(SM) ACTS CONTRACTS
CHARGE AGAINST THE SEPARATE ACCOUNT
We deduct this charge against the assets in the separate account to compensate
us for mortality and expense risks, as well as administrative and financial
accounting expenses under the contract. The charge is deducted daily at an
annual rate of 0.70% of daily net assets attributable to all certificates under
the group contract.
The mortality risk we assume is the risk that participants as a group will live
for a longer time than our actuarial tables predict. If that happens, we would
be paying more in annuity benefits than we planned. We assume a mortality risk
to the extent that at the time of death, the guaranteed death benefit exceeds
the cash value of the contract. The expense risk we assume is the risk that it
will cost us more to issue and administer the certificates than we expect. To
the extent that the mortality and expense risk charges are not needed to cover
the actual expenses incurred, they may be considered an indirect reimbursement
for certain sales and promotional expenses relating to the certificates. A
participant`s participation certificate will set forth the applicable separate
account charge.
We will determine the separate account charge pursuant to our established
actuarial procedures, and will not discriminate unreasonably or unfairly
against participants under any EQUI-VEST(SM) Vantage(SM) ACTS contracts.
CHARGE FOR THIRD-PARTY TRANSFER OR ROLLOVER
We deduct a charge for third-party transfer (such as in the case of (i) a
direct transfer of the account value to another employer-designated funding
vehicle or (ii) a transfer or direct rollover to another contract or custodial
arrangement that meets the requirements of Section 403(b)(1) or Section
403(b)(7) of the Internal Revenue Code respectively or (iii) a direct rollover
to another eligible retirement plan. This charge is currently $25 ($65 maximum)
per occurrence per participant.
14. THE SECOND PARAGRAPH IN "DISTRIBUTIONS FROM QUALIFIED PLANS AND TSAS"
UNDER "WITHDRAWAL RESTRICTIONS" IN "TAX INFORMATION" IN THE PROSPECTUS AT
PAGE 59 IS AMENDED IN THE FOLLOWING MANNER:
The phrase in the first sentence of the paragraph "or to your account balance
attributable to employer contributions" is deleted in its entirety.
8
Appendix I: Condensed financial information
- --------------------------------------------------------------------------------
The following tables show the accumulation unit values and the number of
outstanding units for each variable investment option under each contract
series at the last business day of the periods shown. The unit values and
number of units outstanding are for contracts offered under Separate Account A
with the same daily asset charge of 0.70%. The information presented is shown
for the past ten years, or from the first year the particular contracts were
offered if less than ten years ago.
EQUI-VEST(SM) Vantage(SM) ACTS contracts
THE UNIT VALUES AND NUMBERS OF UNITS OUTSTANDING SHOWN BELOW ARE FOR CONTRACTS OFFERED UNDER SEPARATE ACCOUNT A
WITH THE SAME DAILY ASSET CHARGE OF 0.70%. UNIT VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE
INVESTMENT OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR AFTER DECEMBER 31, 2006.
- ------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
--------------------------------------------------------------
2002 2003 2004 2005 2006
- ------------------------------------------------------------------------- -------------------------------------
AXA Moderate Allocation
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 89.58 $ 105.98 $ 114.42 $ 119.07 $ 130.44
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 2 4
- ------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 82.19 $ 105.07 $ 118.36 $ 123.92 $ 149.38
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1 5 9
- ------------------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 64.32 $ 81.73 $ 84.06 $ 90.77 $ 94.85
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- ------------------------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 63.97 $ 81.20 $ 88.88 $ 92.14 $ 105.31
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 4 7
- ------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 69.75 $ 99.46 $ 114.60 $ 121.04 $ 134.05
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 2 5
- ------------------------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 44.53 $ 55.65 $ 61.98 $ 66.03 $ 66.35
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 4 6
- ------------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- ------------------------------------------------------------------------------------------------------------------
Unit value $107.78 $ 110.63 $ 114.36 $ 116.07 $ 119.94
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1 2
- ------------------------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 77.18 $ 98.13 $ 118.54 $ 130.47 $ 162.83
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 2 6
- ------------------------------------------------------------------------------------------------------------------
EQ/Money Market
- ------------------------------------------------------------------------------------------------------------------
Unit value $110.53 $ 110.38 $ 110.46 $ 112.56 $ 116.79
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ------------------------------------------------------------------------------------------------------------------
EQ/Small Company Index
- ------------------------------------------------------------------------------------------------------------------
Unit value $ 82.10 $ 118.92 $ 138.95 $ 143.86 $ 168.15
- ------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 2 4
- ------------------------------------------------------------------------------------------------------------------
Copyright 2007. AXA Equitable Life Insurance Company 1290 Avenue of the
Americas New York, New York 10104
(212) 554-1234
All rights reserved. EQUI-VEST(SM) is a service mark of AXA Equitable Life
Insurance Company
A-1
EQUI-VEST(SM)
Supplement dated May 1, 2007
to EQUI-VEST(SM) Employer-Sponsored
Retirement Programs Prospectus Dated May 1, 2007
AXA EQUITABLE LIFE INSURANCE COMPANY
1290 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10104
EQUI-VEST(SM) TSA contracts (Series 200)* offered to Employees
of certain non-profit organizations within the State of Oregon
- --------------------------------------------------------------------------------
This Supplement adds to and modifies certain information contained in the
Prospectus or Supplement to Prospectus dated May 1, 2007 ("Prospectus") for the
EQUI-VEST(SM) Employer-Sponsored Retirement Programs deferred variable annuity
contracts issued by AXA Equitable Life Insurance Company ("AXA Equitable").
We offer the EQUI-VEST(SM) series 200 contracts, as described below ("Modified
Oregon TSA Contracts"), to fund plans that meet the requirements of Internal
Revenue Code Section 403(b) ("Section 403(b) plans") sponsored by certain
Section 501(c)(3) non-profit organizations, within the State of Oregon
("employer"). Modified Oregon TSA Contracts are available only when an employer
(i) makes contributions to a Section 403(b) plan; (ii) has entered into an
agreement with us that permits us to offer Modified Oregon TSA Contracts as a
funding vehicle for its 403(b) plan; and (iii) has at least $10 million in
existing assets to fund Modified Oregon TSA Contracts in its 403(b) plan.
This Supplement describes the material differences between the series 200
contracts described in the Prospectus and the Modified Oregon TSA Contracts.
Certain of the modifications relate to the separate account asset-based charges
for the variable investment options under Modified Oregon TSA Contracts. These
charges are lowered from a maximum of 1.49% on certain variable investment
options to 0.90% on all variable investment options. The Class IB/B shares of
AXA Premier VIP Trust, EQ Advisors Trust, and the Class II shares of The
Universal Institutional Funds, Inc.+ (the "Trusts") available under Modified
Oregon TSA Contracts include 12b-1 fees among their charges. The series 200
contracts described in the Prospectus include Class IA shares of certain
Trusts, which are not subject to 12b-1 fees and are not offered under Modified
Oregon TSA Contracts.
This Supplement should be read together with the Prospectus. For purposes of
this Supplement, the term "annuitant" refers to holders of current contracts
(contract number 11947CT-I*, and certificate numbers 11934T* and 92TSAAOR00)
and the Modified Oregon TSA Contracts offered hereunder. Terms and other
provisions not defined or modified in this Supplement are the same as in the
Prospectus.
Because you are purchasing an annuity contract as a Tax Sheltered Annuity
(TSA), 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," in the Prospectus.)
The first bullet in "Fees and charges" under "EQUI-VEST(SM) employer-sponsored
retirement programs at a glance - key features" section in the Prospectus has
been modified for Oregon TSA Contracts, as follows:
We deduct a daily charge on amounts invested in the variable investment options
for mortality and expense risks and other expenses at an annual rate of 0.90%.
+ Please see the supplement included with the Prospectus regarding the planned
substitution or merger of this Trust's investment option, subject to
regulatory approval.
* For in-force contracts, your contract series may be 100.
FOR USE ONLY IN THE STATE OF OREGON
888-1391 (5/07) Cat. No. 136613 (5/07)
x01528
Fee Table
- --------------------------------------------------------------------------------
The following tables are applicable to Modified Oregon TSA Contracts and
describe the fees and expenses that you will pay when buying, owning, and
surrendering the contract. Please also see the discussion of the modifications
to "charges and expenses" as set forth later in this Supplement.
The first table describes fees and expenses that you will pay at the time that
you surrender the contract, purchase a Variable Immediate Annuity payout option
or make certain transfers and exchanges. Charges designed to approximate
certain taxes that may be imposed on us, such as premium taxes in your state,
may also apply. Charges for certain features shown in the fee table are
mutually exclusive.
- ------------------------------------------------------------------------------------------------
Charges we deduct from your account at the time you request certain transactions
- ------------------------------------------------------------------------------------------------
Withdrawal charge as a percentage of the amount withdrawn (deducted if you
surrender your contract or make certain withdrawals).(1) 0%
The withdrawal charge is waived; therefore all references in the prospectus to
"withdrawal charge" or "10% free withdrawal amount" are deleted
in their entirety.
Charge if you elect a Variable Immediate Annuity payout option
(which is described in a separate prospectus for that option). $350
The next table describes the fees and expenses that you will pay periodically during the time that
you own the contract, not including underlying trust portfolio fees and expenses.
- ------------------------------------------------------------------------------------------------
Charges we deduct from your account value on each contract date anniversary
- ------------------------------------------------------------------------------------------------
Annual administrative charge: $ 0
The annual administrative charge is waived; therefore all references in the prospectus
to "annual administrative charge" or "administrative charge"
are deleted in their entirety.
- ------------------------------------------------------------------------------------------------
Charges we deduct from your variable investment options expressed as an annual
percentage of daily net assets
- ------------------------------------------------------------------------------------------------
Separate account annual expenses:
Mortality and expense risk(1) 0.65%
Other expenses(2) 0.25%
-----
Total Separate Account A annual expenses(3) 0.90%
- ------------------------------------------------------------------------------------------------
You also bear your proportionate share of all fees and expenses paid by a
"portfolio" that corresponds to any variable investment option you are using.
This table shows the lowest and highest total operating expenses charged by any
of the portfolios that you will pay periodically during the time that you own
the contract. 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 variable investment option. 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 2005 (expenses that are deducted Lowest Highest
from portfolio assets including management fees, 12b-1 fees, service fees, ------ -------
and/or other expenses)(4) 0.63% 11.36%
This table shows the fees and expenses for 2006 as an annual percentage of each
portfolio's daily average net assets.
- ------------------------------------------------------------------------------------------------------------------------------------
Acquired Total Fee Net Total
Fund Annual Waivers Annual
Fees and Expenses and/or Expenses
Expenses (Before Expense After
Management 12b-1 Other (Underlying Expense Reimburse- Expense
Portfolio Name Fees(5) Fees(6) Expenses(7) Portfolios)(8) Limitations) ments(9) Limitations
- ------------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Trust:
AXA Aggressive Allocation 0.10% 0.25% 0.18% 0.91% 1.44% (0.18)% 1.26%
AXA Conservative Allocation 0.10% 0.25% 0.22% 0.67% 1.24% (0.22)% 1.02%
AXA Conservative-Plus Allocation 0.10% 0.25% 0.18% 0.72% 1.25% (0.18)% 1.07%
AXA Moderate Allocation 0.10% 0.25% 0.17% 0.78% 1.30% (0.17)% 1.13%
AXA Moderate-Plus Allocation 0.10% 0.25% 0.17% 0.85% 1.37% (0.17)% 1.20%
Multimanager Aggressive Equity* 0.61% 0.25% 0.19% -- 1.05% -- 1.05%
Multimanager Core Bond* 0.59% 0.25% 0.18% -- 1.02% (0.07)% 0.95%
- ------------------------------------------------------------------------------------------------------------------------------------
2
- ----------------------------------------------------------------------------------------------
Management 12b-1 Other
Portfolio Name Fees(5) Fees(6) Expenses(7)
- ----------------------------------------------------------------------------------------------
Multimanager Health Care* 1.20% 0.25% 0.23%
Multimanager High Yield* 0.58% 0.25% 0.18%
Multimanager International Equity* 1.02% 0.25% 0.26%
Multimanager Large Cap Core Equity* 0.90% 0.25% 0.20%
Multimanager Large Cap Growth* 0.90% 0.25% 0.22%
Multimanager Large Cap Value* 0.88% 0.25% 0.22%
Multimanager Mid Cap Growth* 1.10% 0.25% 0.20%
Multimanager Mid Cap Value* 1.10% 0.25% 0.21%
Multimanager Technology* 1.20% 0.25% 0.23%
Target 2015 Allocation 0.10% 0.25% 7.88%
Target 2025 Allocation 0.10% 0.25% 7.29%
Target 2035 Allocation 0.10% 0.25% 9.56%
Target 2045 Allocation 0.10% 0.25% 10.49%
- ----------------------------------------------------------------------------------------------
EQ Advisors Trust:
- ----------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock 0.47% 0.25% 0.13%
EQ/AllianceBernstein Growth and Income++ 0.56% 0.25% 0.12%
EQ/AllianceBernstein Intermediate Government Securities 0.50% 0.25% 0.14%
EQ/AllianceBernstein International 0.71% 0.25% 0.20%
EQ/AllianceBernstein Large Cap Growth 0.90% 0.25% 0.11%
EQ/AllianceBernstein Quality Bond 0.50% 0.25% 0.14%
EQ/AllianceBernstein Small Cap Growth 0.74% 0.25% 0.13%
EQ/AllianceBernstein Value 0.60% 0.25% 0.13%
EQ/AXA Rosenberg Value Long/Short Equity 1.40% 0.25% 1.44%
EQ/BlackRock Basic Value Equity* 0.55% 0.25% 0.14%
EQ/BlackRock International Value* 0.82% 0.25% 0.21%
EQ/Boston Advisors Equity Income 0.75% 0.25% 0.15%
EQ/Calvert Socially Responsible 0.65% 0.25% 0.25%
EQ/Capital Guardian Growth 0.65% 0.25% 0.16%
EQ/Capital Guardian International+ 0.83% 0.25% 0.21%
EQ/Capital Guardian Research 0.65% 0.25% 0.13%
EQ/Capital Guardian U.S. Equity++ 0.64% 0.25% 0.14%
EQ/Caywood-Scholl High Yield Bond 0.60% 0.25% 0.18%
EQ/Davis New York Venture** 0.85% 0.25% 0.74%
EQ/Equity 500 Index 0.25% 0.25% 0.13%
EQ/Evergreen International Bond 0.70% 0.25% 0.23%
EQ/Evergreen Omega 0.65% 0.25% 0.21%
EQ/FI Mid Cap 0.68% 0.25% 0.15%
EQ/FI Mid Cap Value+ 0.73% 0.25% 0.13%
EQ/Franklin Income 0.90% 0.25% 0.38%
EQ/Franklin Small Cap Value 0.90% 0.25% 2.00%
EQ/Franklin Templeton Founding Strategy** 0.05% 0.25% 0.21%
EQ/GAMCO Mergers and Acquisitions 0.90% 0.25% 0.33%
EQ/GAMCO Small Company Value 0.78% 0.25% 0.14%
EQ/International Growth 0.85% 0.25% 0.35%
EQ/Janus Large Cap Growth++ 0.90% 0.25% 0.15%
EQ/JPMorgan Core Bond 0.44% 0.25% 0.15%
EQ/JPMorgan Value Opportunities 0.60% 0.25% 0.16%
EQ/Legg Mason Value Equity 0.65% 0.25% 0.22%
EQ/Long Term Bond 0.43% 0.25% 0.15%
EQ/Lord Abbett Growth and Income 0.65% 0.25% 0.26%
EQ/Lord Abbett Large Cap Core 0.65% 0.25% 0.41%
EQ/Lord Abbett Mid Cap Value 0.70% 0.25% 0.18%
EQ/Marsico Focus 0.85% 0.25% 0.13%
EQ/MFS Emerging Growth Companies+ 0.65% 0.25% 0.15%
EQ/MFS Investors Trust+ 0.60% 0.25% 0.16%
EQ/Money Market 0.33% 0.25% 0.14%
EQ/Montag & Caldwell Growth 0.75% 0.25% 0.16%
EQ/Mutual Shares 0.90% 0.25% 0.50%
- ----------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
Acquired Total Fee Net Total
Fund Annual Waivers Annual
Fees and Expenses and/or Expenses
Expenses (Before Expense After
(Underlying Expense Reimburse- Expense
Portfolio Name Portfolios)(8) Limitations) ments(9) Limitations
- --------------------------------------------------------------------------------------------------------------------
Multimanager Health Care* -- 1.68% 0.00% 1.68%
Multimanager High Yield* -- 1.01% -- 1.01%
Multimanager International Equity* -- 1.53% 0.00% 1.53%
Multimanager Large Cap Core Equity* -- 1.35% 0.00% 1.35%
Multimanager Large Cap Growth* -- 1.37% ( 0.02)% 1.35%
Multimanager Large Cap Value* -- 1.35% 0.00% 1.35%
Multimanager Mid Cap Growth* 0.01% 1.56% 0.00% 1.56%
Multimanager Mid Cap Value* 0.03% 1.59% 0.00% 1.59%
Multimanager Technology* -- 1.68% 0.00% 1.68%
Target 2015 Allocation 0.53% 8.76% ( 7.63)% 1.13%
Target 2025 Allocation 0.52% 8.16% ( 7.04)% 1.12%
Target 2035 Allocation 0.52% 10.43% ( 9.31)% 1.12%
Target 2045 Allocation 0.52% 11.36% (10.24)% 1.12%
- --------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust:
- --------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock -- 0.85% -- 0.85%
EQ/AllianceBernstein Growth and Income++ -- 0.93% -- 0.93%
EQ/AllianceBernstein Intermediate Government Securities -- 0.89% -- 0.89%
EQ/AllianceBernstein International -- 1.16% ( 0.06)% 1.10%
EQ/AllianceBernstein Large Cap Growth -- 1.26% ( 0.21)% 1.05%
EQ/AllianceBernstein Quality Bond -- 0.89% -- 0.89%
EQ/AllianceBernstein Small Cap Growth -- 1.12% -- 1.12%
EQ/AllianceBernstein Value -- 0.98% ( 0.03)% 0.95%
EQ/AXA Rosenberg Value Long/Short Equity -- 3.09% ( 1.10)% 1.99%
EQ/BlackRock Basic Value Equity* -- 0.94% 0.00% 0.94%
EQ/BlackRock International Value* -- 1.28% ( 0.03)% 1.25%
EQ/Boston Advisors Equity Income -- 1.15% ( 0.10)% 1.05%
EQ/Calvert Socially Responsible -- 1.15% ( 0.10)% 1.05%
EQ/Capital Guardian Growth -- 1.06% ( 0.11)% 0.95%
EQ/Capital Guardian International+ -- 1.29% ( 0.09)% 1.20%
EQ/Capital Guardian Research -- 1.03% ( 0.08)% 0.95%
EQ/Capital Guardian U.S. Equity++ -- 1.03% ( 0.08)% 0.95%
EQ/Caywood-Scholl High Yield Bond -- 1.03% ( 0.03)% 1.00%
EQ/Davis New York Venture** -- 1.84% ( 0.54)% 1.30%
EQ/Equity 500 Index -- 0.63% -- 0.63%
EQ/Evergreen International Bond -- 1.18% ( 0.03)% 1.15%
EQ/Evergreen Omega -- 1.11% 0.00% 1.11%
EQ/FI Mid Cap -- 1.08% ( 0.08)% 1.00%
EQ/FI Mid Cap Value+ -- 1.11% ( 0.01)% 1.10%
EQ/Franklin Income -- 1.53% ( 0.23)% 1.30%
EQ/Franklin Small Cap Value -- 3.15% ( 1.85)% 1.30%
EQ/Franklin Templeton Founding Strategy** 1.07% 1.58% ( 0.11)% 1.47%
EQ/GAMCO Mergers and Acquisitions -- 1.48% ( 0.03)% 1.45%
EQ/GAMCO Small Company Value -- 1.17% 0.00% 1.17%
EQ/International Growth -- 1.45% 0.00% 1.45%
EQ/Janus Large Cap Growth++ -- 1.30% ( 0.15)% 1.15%
EQ/JPMorgan Core Bond -- 0.84% 0.00% 0.84%
EQ/JPMorgan Value Opportunities -- 1.01% ( 0.06)% 0.95%
EQ/Legg Mason Value Equity -- 1.12% ( 0.12)% 1.00%
EQ/Long Term Bond -- 0.83% 0.00% 0.83%
EQ/Lord Abbett Growth and Income -- 1.16% ( 0.16)% 1.00%
EQ/Lord Abbett Large Cap Core -- 1.31% ( 0.31)% 1.00%
EQ/Lord Abbett Mid Cap Value -- 1.13% ( 0.08)% 1.05%
EQ/Marsico Focus -- 1.23% ( 0.08)% 1.15%
EQ/MFS Emerging Growth Companies+ -- 1.05% -- 1.05%
EQ/MFS Investors Trust+ -- 1.01% ( 0.06)% 0.95%
EQ/Money Market -- 0.72% -- 0.72%
EQ/Montag & Caldwell Growth -- 1.16% ( 0.01)% 1.15%
EQ/Mutual Shares -- 1.65% ( 0.35)% 1.30%
- --------------------------------------------------------------------------------------------------------------------
3
- -------------------------------------------------------------------------------------------------
Acquired
Fund
Fees and
Expenses
Management 12b-1 Other (Underlying
Portfolio Name Fees(5) Fees(6) Expenses(7) Portfolios)(8)
- -------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global 0.95% 0.25% 1.30% 0.01%
EQ/Oppenheimer Main Street Opportunity** 0.85% 0.25% 1.58% --
EQ/Oppenheimer Main Street Small Cap 0.90% 0.25% 1.48% --
EQ/PIMCO Real Return 0.55% 0.25% 0.18% --
EQ/Short Duration Bond 0.43% 0.25% 0.14% --
EQ/Small Cap Value+ 0.73% 0.25% 0.15% --
EQ/Small Company Growth+ 1.00% 0.25% 0.17% --
EQ/Small Company Index 0.25% 0.25% 0.16% 0.01%
EQ/TCW Equity++ 0.80% 0.25% 0.16% --
EQ/Templeton Growth 0.95% 0.25% 0.64% --
EQ/UBS Growth and Income 0.75% 0.25% 0.17% --
EQ/Van Kampen Comstock 0.65% 0.25% 0.19% --
EQ/Van Kampen Emerging Markets Equity 1.12% 0.25% 0.40% --
EQ/Van Kampen Mid Cap Growth 0.70% 0.25% 0.23% --
EQ/Wells Fargo Montgomery Small Cap++ 0.85% 0.25% 0.41% --
- -------------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- -------------------------------------------------------------------------------------------------
U.S. Real Estate - Class II++ 0.74% 0.35% 0.27% --
- -------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------
Total Fee Net Total
Annual Waivers Annual
Expenses and/or Expenses
(Before Expense After
Expense Reimburse- Expense
Portfolio Name Limitations) ments(9) Limitations
- ------------------------------------------------------------------------------------------
EQ/Oppenheimer Global 2.51% (1.15)% 1.36%
EQ/Oppenheimer Main Street Opportunity** 2.68% (1.38)% 1.30%
EQ/Oppenheimer Main Street Small Cap 2.63% (1.33)% 1.30%
EQ/PIMCO Real Return 0.98% (0.08)% 0.90%
EQ/Short Duration Bond 0.82% 0.00% 0.82%
EQ/Small Cap Value+ 1.13% (0.03)% 1.10%
EQ/Small Company Growth+ 1.42% (0.12)% 1.30%
EQ/Small Company Index 0.67% 0.00% 0.67%
EQ/TCW Equity++ 1.21% (0.06)% 1.15%
EQ/Templeton Growth 1.84% (0.49)% 1.35%
EQ/UBS Growth and Income 1.17% (0.12)% 1.05%
EQ/Van Kampen Comstock 1.09% (0.09)% 1.00%
EQ/Van Kampen Emerging Markets Equity 1.77% 0.00% 1.77%
EQ/Van Kampen Mid Cap Growth 1.18% (0.13)% 1.05%
EQ/Wells Fargo Montgomery Small Cap++ 1.51% (0.21)% 1.30%
- ------------------------------------------------------------------------------------------
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.:
- ------------------------------------------------------------------------------------------
U.S. Real Estate - Class II++ 1.36% (0.10)% 1.26%
- ------------------------------------------------------------------------------------------
* This is the investment option's new name effective on or about May 29, 2007,
subject to regulatory approval. Please see "Portfolios of the Trusts" in
"Contract features and benefits" in the Prospectus for the investment
option's former name.
** This investment option will be available on or about May 29, 2007, subject to
regulatory approval.
+ This investment option's name, investment objective and sub-adviser(s) will
change on or about May 29, 2007, subject to regulatory approval. See the
supplement included with the Prospectus for more information.
++ Please see the supplement included with the Prospectus regarding the planned
substitution or merger of this Portfolio.
Notes:
(1) A portion of this charge is for providing the death benefit.
(2) This charge is for financial accounting and other administrative services
relating to the contract.
(3) Total Separate Account A charges annual expenses of the variable investment
options (not including the Trusts' fees and other expenses) are guaranteed
not to exceed a total annual rate of 0.90%.
(4) "Total Annual Portfolio Operating Expenses" are based, in part, on estimated
amounts for options added during the fiscal year 2006 and for the underlying
portfolios.
(5) The management fees for each portfolio cannot be increased without a vote of
that portfolio's shareholders. See footnote (9) for any expense limitation
agreement information.
(6) Portfolio shares are all subject to fees imposed under the distribution
plans (the "Rule 12b-1 Plan") adopted by the Trusts pursuant to Rule 12b-1
under the Investment Company Act of 1940. For the portfolios of the AXA
Premier VIP Trust and the EQ Advisors Trust, the 12b-1 fees will not be
increased for the life of the contract.
(7) The amounts shown as "Other Expenses" will fluctuate from year to year
depending on actual expenses. See footnote (9) for any expense limitation
agreement information.
(8) Each of these variable investment options invests in a corresponding
portfolio of one of the Trusts or other unaffiliated investment companies.
Each portfolio, in turn, invests in shares of other portfolios of the Trusts
and/or shares of unaffiliated portfolios ("underlying portfolios"). Amounts
shown reflect each portfolio's pro rata share of the fees and expenses of
the underlying portfolio(s) in which it invests. The fees and expenses are
based on the respective weighted investment allocation as of 12/31/06. A
"--" indicates that the listed portfolio does not invest in underlying
portfolios.
(9) The amounts shown reflect any fee waivers and/or expense reimbursements that
apply to each portfolio. A "--" indicates that there is no expense
limitation in effect, and "0.00%" indicates that the expense limitation
arrangement did not result in a fee waiver or reimbursement. AXA Equitable,
the investment manager of AXA Premier VIP Trust and EQ Advisors Trust, has
entered into expense limitation agreements with respect to certain
portfolios, which are effective through April 30, 2008. Under these
agreements, AXA Equitable has agreed to waive or limit its fees and assume
other expenses of certain portfolios, if necessary, in an amount that limits
such portfolio's Total Annual Expenses (exclusive of interest, taxes,
brokerage commissions, capitalized expenditures, expenses of the underlying
portfolios in which the portfolio invests and extraordinary expenses) to not
more than specified amounts. Therefore, each portfolio may at a later date
make a reimbursement to AXA Equitable for any of the management fees waived
or limited and other expenses assumed and paid by AXA Equitable pursuant to
the expense limitation agreements provided that the portfolio's current
annual operating expenses do not exceed the operating expense limit
determined for such portfolio. Morgan Stanley Investment Management Inc.,
which does business in certain instances as "Van Kampen," is the manager of
The Universal Institutional Funds, Inc. -- U.S. Real Estate Portfolio --
Class II, and has voluntarily agreed to reduce its management fee and/or
reimburse the portfolio so that total annual operating expenses of the
portfolio (exclusive of investment related expenses, such as foreign country
tax expense and interest expense on amounts borrowed) are not more than
specified amounts. Additionally, the distributor of The Universal
Institutional Funds, Inc. has agreed to waive a portion of the 12b-1 fee for
Class II shares. Van Kampen and/or the funds' distributor reserves the right
to terminate any waiver and/or reimbursement at any time without notice. See
the prospectuses for each applicable underlying trust for more information
about the arrangements. In addition, a portion of the brokerage commissions
of certain portfolios of AXA Premier VIP Trust and EQ Advisors Trust is used
to reduce the applicable portfolio's expenses. If the above table reflected
both the expense limitation arrangements plus the portion of the brokerage
commissions used to reduce portfolio net expenses, the expenses would be as
shown in the table below:
- ------------------------------------------------
Portfolio Name:
- ------------------------------------------------
Multimanager Aggressive Equity 1.03%
- ------------------------------------------------
Multimanager Health Care 1.63%
- ------------------------------------------------
Multimanager International Equity 1.52%
- ------------------------------------------------
4
- ------------------------------------------------
Portfolio Name:
- ------------------------------------------------
Multimanager Large Cap Core Equity 1.33%
- ------------------------------------------------
Multimanager Large Cap Growth 1.33%
- ------------------------------------------------
Multimanager Large Cap Value 1.31%
- ------------------------------------------------
Multimanager Mid Cap Growth 1.52%
- ------------------------------------------------
Multimanager Mid Cap Value 1.58%
- ------------------------------------------------
Multimanager Technology 1.64%
- ------------------------------------------------
EQ/AllianceBernstein Common Stock 0.83%
- ------------------------------------------------
EQ/AllianceBernstein Growth and Income 0.92%
- ------------------------------------------------
EQ/AllianceBernstein Large Cap Growth 1.03%
- ------------------------------------------------
EQ/AllianceBernstein Small Cap Growth 1.11%
- ------------------------------------------------
EQ/AllianceBernstein Value 0.94%
- ------------------------------------------------
EQ/BlackRock Basic Value Equity 0.93%
- ------------------------------------------------
EQ/Capital Guardian Growth 0.94%
- ------------------------------------------------
EQ/Capital Guardian Research 0.94%
- ------------------------------------------------
EQ/Capital Guardian U.S. Equity 0.94%
- ------------------------------------------------
EQ/Davis New York Venture 1.27%
- ------------------------------------------------
EQ/Evergreen Omega 1.05%
- ------------------------------------------------
EQ/FI Mid Cap 0.97%
- ------------------------------------------------
EQ/FI Mid Cap Value 1.09%
- ------------------------------------------------
EQ/GAMCO Mergers and Acquisitions 1.37%
- ------------------------------------------------
EQ/GAMCO Small Company Value 1.16%
- ------------------------------------------------
EQ/Janus Large Cap Growth 1.14%
- ------------------------------------------------
EQ/Legg Mason Value Equity 0.97%
- ------------------------------------------------
EQ/Lord Abbett Growth and Income 0.99%
- ------------------------------------------------
EQ/Lord Abbett Large Cap Core 0.99%
- ------------------------------------------------
EQ/Marsico Focus 1.14%
- ------------------------------------------------
EQ/MFS Emerging Growth Companies 1.03%
- ------------------------------------------------
EQ/MFS Investors Trust 0.94%
- ------------------------------------------------
EQ/Montag & Caldwell Growth 1.13%
- ------------------------------------------------
EQ/Mutual Shares 1.30%
- ------------------------------------------------
EQ/Small Cap Value 1.02%
- ------------------------------------------------
EQ/UBS Growth and Income 1.03%
- ------------------------------------------------
EQ/Van Kampen Comstock 0.99%
- ------------------------------------------------
EQ/Van Kampen Emerging Markets Equity 1.75%
- ------------------------------------------------
EQ/Van Kampen Mid Cap Growth 1.01%
- ------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap 1.20%
- ------------------------------------------------
The section entitled "Charges under the contracts" under "Charges and expenses"
section in the prospectus has been modified as follows:
MORTALITY AND EXPENSE RISKS CHARGE. The following information replaces the
first paragraph of this section.
We deduct a daily charge from the net assets in each variable investment option
to compensate us for mortality and expense risks, including the minimum death
benefit. The daily charge is equivalent to an annual rate of 0.65% of the net
assets in each of the variable investment options.
CHARGE FOR OTHER EXPENSES. The following information replaces this section in
its entirety:
We deduct this daily charge from the net assets in each variable investment
option. The daily charge is equivalent to an annual rate of 0.25% of the net
assets in each variable investment option. The charge is to reimburse us for
the cost of financial accounting services we provide under the contracts.
5
Condensed financial information
The unit values and number of units outstanding shown below, as of December 31,
2006, are for contracts offered under Separate Account A with the same daily
asset charge of 0.90%
EQUI-VEST(SM) MODIFIED OREGON TSA CONTRACT
THE UNIT VALUES AND NUMBER OF UNITS OUTSTANDING SHOWN BELOW AS OF DECEMBER 31, 2006 ARE FOR CONTRACTS OFFERED UNDER
SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.90%.
- ----------------------------------------------------------------------------------------------------------------------------
For the years ending
December 31,
- ----------------------------------------------------------------------------------------------------------------------------
2001 2002 2003
- ----------------------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 109.27
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 102.27
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 104.26
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 99.46 $ 86.02 $ 101.79
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 22 24 25
- ----------------------------------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 108.08
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 55.54 $ 39.17 $ 53.42
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 35 34 35
- ----------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 107.20 $ 110.22
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- ----------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 79.33 $ 100.74
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- ----------------------------------------------------------------------------------------------------------------------------
Unit value $ 77.17 $ 74.22 $ 90.15
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 2
- ----------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 78.42 $ 104.39
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- ----------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 76.77 $ 97.48
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 68.17 $ 88.25
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 79.44 $ 103.20
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- ----------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 62.27 $ 86.54
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- ----------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- ----------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 74.03 $ 103.15
- ----------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- ----------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- -------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006
- -------------------------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 121.06 $ 129.64 $ 151.46
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 5
- -------------------------------------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 107.45 $ 109.09 $ 115.00
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1
- -------------------------------------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 111.33 $ 113.91 $ 122.77
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 2 4
- -------------------------------------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 110.51 $ 115.21 $ 126.31
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 24 23 22
- -------------------------------------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 119.63 $ 126.46 $ 143.50
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3 6 16
- -------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 59.44 $ 63.86 $ 66.63
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 35 34 29
- -------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 113.47 $ 114.42 $ 117.67
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 2 2
- -------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 111.95 $ 118.66 $ 123.63
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 3
- -------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 97.08 $ 99.16 $ 108.02
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 5 5
- -------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 121.98 $ 139.55 $ 173.31
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 4
- -------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 105.95 $ 112.07 $ 126.14
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 --
- -------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 93.28 $ 99.37 $ 98.58
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 4
- -------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 117.02 $ 124.20 $ 146.87
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 2
- -------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 95.83 $ 102.93 $ 111.81
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 3 3
- -------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 117.75 $ 125.26 $ 142.42
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 2
- -------------------------------------------------------------------------------------------------------------------------------
6
THE UNIT VALUES AND NUMBER OF UNITS OUTSTANDING SHOWN BELOW AS OF DECEMBER 31, 2006 ARE FOR CONTRACTS OFFERED UNDER
SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.90%. (CONTINUED)
- -------------------------------------------------------------------------------------------------------------------------------
For the years ending
December 31,
- -------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003
- -------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 56.89 $ 88.87
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- -------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 87.42 $ 57.75 $ 85.60
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 54 51 52
- -------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $128.51 $ 100.27 $ 129.60
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 5 7 8
- -------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate Government Securities
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $118.06 $ 127.05 $ 128.60
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1
- -------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 76.02 $ 67.72 $ 90.72
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 8 9
- -------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 71.03 $ 48.46 $ 59.16
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 3
- -------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $118.44 $ 126.38 $ 129.67
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 2 3
- -------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $106.88 $ 73.89 $ 103.19
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 2 3
- -------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 95.39 $ 81.63 $ 104.15
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 2 5
- -------------------------------------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 87.65 $ 63.89 $ 81.01
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 54.67 $ 67.15
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 68.67 $ 90.25
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $109.00 $ 81.38 $ 106.04
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 7
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $101.25 $ 76.77 $ 103.77
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 6
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- -------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006
- -------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 92.46 $ 101.96 $ 108.42
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 6 6
- -------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 96.80 $ 100.06 $ 109.76
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 53 50 43
- -------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 144.35 $ 150.93 $ 177.31
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 9 11 10
- -------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate Government Securities
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 129.91 $ 130.34 $ 133.20
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 2 3
- -------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 106.24 $ 121.39 $ 148.60
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 10 13 12
- -------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 63.54 $ 72.38 $ 71.34
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 4 6
- -------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 133.32 $ 134.77 $ 138.66
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3 4 4
- -------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 116.56 $ 128.81 $ 139.15
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3 4 4
- -------------------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 117.09 $ 122.34 $ 147.18
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 13 18
- -------------------------------------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 108.95 $ 109.53
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 107.08 $ 112.64 $ 129.46
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 83.16 $ 89.61 $ 93.45
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 3
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 70.23 $ 73.16 $ 77.86
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 101.61 $ 117.94 $ 139.38
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 4 5
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 116.55 $ 122.50 $ 136.03
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 14 14
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 112.42 $ 118.06 $ 128.65
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 10 11
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 104.28 $ 111.58
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
7
THE UNIT VALUES AND NUMBER OF UNITS OUTSTANDING SHOWN BELOW AS OF DECEMBER 31, 2006 ARE FOR CONTRACTS OFFERED UNDER
SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.90%. (CONTINUED)
- -------------------------------------------------------------------------------------------------------------------------------
For the years ending
December 31,
- -------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 97.75 $ 75.18 $ 95.23
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 7 7 8
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 76.81 $ 57.84 $ 79.22
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- -------------------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 85.92 $ 69.42 $ 98.80
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 4
- -------------------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $111.62 $ 94.35 $ 124.60
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 2 3
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Franklin Income
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/International Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 64.18 $ 44.32 $ 55.28
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 2
- -------------------------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 107.54 $ 110.17
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1
- -------------------------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 96.20 $ 77.17 $ 96.98
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Long Term Bond
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- -------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 104.03 $ 107.63 $ 122.77
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 7 11 12
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 97.60 $ 100.03
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 84.03 $ 86.57 $ 90.83
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 3
- -------------------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 113.60 $ 119.75 $ 132.35
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 15 19
- -------------------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 145.52 $ 160.54 $ 178.95
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 4 5 4
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Franklin Income
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 104.43
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 103.24
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 105.35 $ 117.15
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 113.34 $ 117.17 $ 137.99
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 2
- -------------------------------------------------------------------------------------------------------------------------------
EQ/International Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 115.34 $ 143.61
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 61.44 $ 65.32 $ 65.50
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 3 4
- -------------------------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 113.65 $ 115.13 $ 118.73
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 3 4
- -------------------------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 106.56 $ 109.75 $ 130.93
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 1
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 106.52 $ 112.77
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Long Term Bond
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 100.29 $ 101.20
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 106.30 $ 123.48
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 105.93 $ 118.30
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
8
THE UNIT VALUES AND NUMBER OF UNITS OUTSTANDING SHOWN BELOW AS OF DECEMBER 31, 2006 ARE FOR CONTRACTS OFFERED UNDER
SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.90%. (CONTINUED)
- -------------------------------------------------------------------------------------------------------------------------------
For the years ending December
31,
- -------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Marsico Focus
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 105.94 $ 92.92 $ 120.75
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 3
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 131.84 $ 108.89 $ 141.57
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 2 3
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 76.66 $ 97.27
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 5
- -------------------------------------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 87.46 $ 56.92 $ 72.94
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3 4 4
- -------------------------------------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 85.75 $ 67.12 $ 81.18
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Money Market
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 103.17 $ 103.51 $ 103.17
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 2
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Mutual Shares
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Short Duration Bond
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Small Cap Value
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 114.07 $ 155.30
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 2
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Small Company Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Small Company Index
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 81.92 $ 118.42
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- -------------------------------------------------------------------------------------------------------------------------------
EQ/TCW Equity
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- -------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 111.82 $ 124.58
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Marsico Focus
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 132.24 $ 145.08 $ 157.18
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3 11 16
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 155.12 $ 158.27 $ 189.64
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3 4 4
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 117.26 $ 128.80 $ 160.43
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 10 14
- -------------------------------------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 81.41 $ 87.96 $ 93.95
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 4 5 5
- -------------------------------------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 89.62 $ 95.21 $ 106.56
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Money Market
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 103.03 $ 104.78 $ 108.50
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 1 1
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 104.76 $ 109.43 $ 117.07
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Mutual Shares
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 107.25
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 111.10
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 111.14
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 99.64 $ 99.13
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Short Duration Bond
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 100.09 $ 103.12
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Small Cap Value
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 180.23 $ 186.98 $ 215.15
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 9 10
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Small Company Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 114.70 $ 122.18 $ 133.44
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Small Company Index
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 138.09 $ 142.68 $ 166.44
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 5 6
- -------------------------------------------------------------------------------------------------------------------------------
EQ/TCW Equity
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 111.33 $ 114.73 $ 109.14
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
9
THE UNIT VALUES AND NUMBER OF UNITS OUTSTANDING SHOWN BELOW AS OF DECEMBER 31, 2006 ARE FOR CONTRACTS OFFERED UNDER
SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.90%. (CONTINUED)
- -------------------------------------------------------------------------------------------------------------------------------
For the years
ending December 31,
- -------------------------------------------------------------------------------------------------------------------------------
2001 2002
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 111.05 $ 103.54
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- --
- -------------------------------------------------------------------------------------------------------------------------------
Target 2015 Allocation
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- --
- -------------------------------------------------------------------------------------------------------------------------------
Target 2025 Allocation
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- --
- -------------------------------------------------------------------------------------------------------------------------------
Target 2035 Allocation
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- --
- -------------------------------------------------------------------------------------------------------------------------------
Target 2045 Allocation
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- --
- -------------------------------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- --
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
For the years ending December 31,
- -------------------------------------------------------------------------------------------------------------------------------
2003 2004 2005
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- $ 109.34 $ 118.12
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 104.60
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 160.00 $ 196.10 $ 258.05
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 2
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 124.11
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- $ 119.40
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Target 2015 Allocation
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Target 2025 Allocation
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Target 2035 Allocation
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Target 2045 Allocation
- -------------------------------------------------------------------------------------------------------------------------------
Unit value -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 106.93 $ 144.19 $ 166.84
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 2
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
For
the years
ending
December 31,
- -------------------------------------------------------------------------------------------------------------------------------
2006
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 107.73
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1
- -------------------------------------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 133.62
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 120.15
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 350.50
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 134.38
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1
- -------------------------------------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 143.93
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1
- -------------------------------------------------------------------------------------------------------------------------------
Target 2015 Allocation
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 108.47
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- -------------------------------------------------------------------------------------------------------------------------------
Target 2025 Allocation
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 109.42
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- -------------------------------------------------------------------------------------------------------------------------------
Target 2035 Allocation
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 110.31
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- -------------------------------------------------------------------------------------------------------------------------------
Target 2045 Allocation
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 111.10
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) --
- -------------------------------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- -------------------------------------------------------------------------------------------------------------------------------
Unit value $ 227.62
- -------------------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3
- -------------------------------------------------------------------------------------------------------------------------------
Copyright 2007. AXA Equitable Life Insurance Company 1290 Avenue of the
Americas New York, NY 10104
(212) 554-1234
All rights reserved. EQUI-VEST(SM) is a service mark of AXA Equitable Life
Insurance Company.
10
AXA Equitable Life Insurance Company
SUPPLEMENT DATED MAY 1, 2007, TO EQUI-VEST(SM) SERIES 200
EMPLOYER-SPONSORED RETIREMENT PROGRAMS PROSPECTUS DATED MAY 1, 2007
EQUI-VEST(SM) TSA and EDC contracts (Series 200)
Offered to Certain Public School Employees Within the State of Virginia
- --------------------------------------------------------------------------------
This Supplement modifies certain information contained in the May 1, 2007
prospectus or supplement to prospectus (the "Prospectus") for EQUI-VEST(SM)
Employer-Sponsored Retirement Programs offered by AXA Equitable Life Insurance
Company ("AXA Equitable").
AXA Equitable offers its EQUI-VEST(SM) Series 200 EDC and TSA contracts,
modified as described below, (the "Modified EDC and TSA Agreement") only to
certain participants in the EDC and TSA plans sponsored by a public education
institution within the State of Virginia. This Supplement describes material
regarding the annual administrative charge for EDC and TSA contracts. Terms in
this Supplement have the same meaning as in the Prospectus.
o Annual administrative charge. The following is added to the fifth paragraph
in the section, "Annual administrative charge," under "Charges under the
contracts," in the Prospectus:
"For EDC and TSA contracts issued to certain public school participants
within the State of Virginia, with EDC and TSA plans, the annual
administrative charge is waived if the account value is at least $15,000 at
the end of the contract year."
Because you are purchasing an annuity contract 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," in the Prospectus).
FOR USE ONLY WITH EDC AND TSA CONTRACTS IN THE STATE OF VIRGINIA
Copyright 2007. AXA Equitable Life Insurance Company 1290 Avenue of the
Americas New York, New York 10104
(212) 554-1234
All rights reserved. EQUI-VEST(SM) is a service mark of
AXA Equitable Life Insurance Company
x01512
AXA Equitable Life Insurance Company
SUPPLEMENT DATED MAY 1, 2007 TO EQUI-VEST(SM) EMPLOYER-SPONSORED RETIREMENT
PROGRAMS PROSPECTUS DATED MAY 1, 2007
For Employees of Employers Associated with Real Living Network
- --------------------------------------------------------------------------------
This Supplement modifies certain information contained in the prospectus or
supplement to prospectus dated May 1, 2007 ("Prospectus") as it relates to
certain series 200 Trusteed Contracts offered by AXA Equitable Life Insurance
Company ("AXA Equitable"). The Series 200 Trusteed Contracts, modified as
described below (the "Modified Trusteed Contracts"), are offered to employees
of employers associated with Real Living Network, a real estate brokerage firm,
on the basis described in the Prospectus, except that the withdrawal charge
applicable to the Modified Trusteed Contracts will be waived for all plan
assets invested under such Contracts, except for any withdrawal of plan assets
which were invested in the guaranteed interest option less than 120 days prior
to such withdrawal. Except as modified above, the discussion under "Withdrawal
charge for series 100 and 200 contracts" under "Charges and expenses" with
respect to Trusteed Contracts is applicable to the Modified Trusteed Contracts.
The annual administrative charge is waived.
Because you are purchasing an annuity contract 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," in the Prospectus).
Copyright 2007. AXA Equitable Life Insurance Company 1290 Avenue of the Americas
New York, New York 10104
(212) 554-1234
All rights reserved. EQUI-VEST(SM) is a service mark of
AXA Equitable Life Insurance Company.
x01513
AXA Equitable Life Insurance Company
SUPPLEMENT DATED MAY 1, 2007 TO EQUI-VEST(SM) EMPLOYER-SPONSORED RETIREMENT
PROGRAMS PROSPECTUS DATED MAY 1, 2007
- --------------------------------------------------------------------------------
This Supplement modifies certain information in the prospectus or supplement to
prospectus dated May 1, 2007 (the "Prospectus") for EQUI-VEST(SM)
Employer-Sponsored Retirement Programs deferred variable annuity contracts
offered by AXA Equitable Life Insurance Company ("AXA Equitable"). AXA
Equitable will offer its EQUI-VEST(SM) Series 200 TSA contracts modified with
Rider 95MDHOSP (the "Modified TSA Contract") only to employees (age 75 and
below) of hospitals and non-profit healthcare organizations doing business in
Maryland. This Supplement describes the material differences between the
Modified TSA Contract and the EQUI-VEST(SM) Series 200 TSA contract described in
the Prospectus. Terms in this Supplement have the same meaning as in the
Prospectus.
Material differences between the Modified TSA Contract and the TSA provisions
described in the EQUI-VEST(SM) Prospectus include the following:
o WITHDRAWAL CHARGE. The withdrawal charge schedule for the Modified TSA
Contract is as follows:
- --------------------------------------------------
Contract Year(s) Withdrawal Charge
- --------------------------------------------------
1 6%
2 5
3 4
4 3
5 2
6+ 0
- --------------------------------------------------
This table replaces the EQUI-VEST(SM) Series 200 Withdrawal Charge table in
"Withdrawal charge for series 100 and 200 contracts" under the heading "For
SEP, SARSEP, TSA, EDC and Annuitant-Owned HR-10 contracts" in "Charges and
expenses" in the Prospectus.
o EXCEPTIONS TO THE WITHDRAWAL CHARGE. For the modified TSA Contract, the
withdrawal charge section in "Charges and expenses" has been revised as follows:
No charge will be applied to any amount withdrawn from the TSA Contract if:
-- the annuitant has separated from service, or
-- the annuitant makes a withdrawal that qualifies as a hardship withdrawal
under the Plan and the Code, or
-- the annuitant makes a withdrawal at any time and qualifies to receive
Social Security disability benefits as certified by the Social Security
Administration or any successor agency.
-- the annuitant withdraws funds that were transferred on or after January
18, 1996 into the Modified TSA Contract from another tax sheltered
annuity contract qualified under Section 403(b) of the Code and issued
by an insurance company other than AXA Equitable.
o ANNUAL ADMINISTRATIVE CHARGE. The annual administrative charge is waived;
therefore, all references in the Prospectus to "annual administrative charge"
or "administrative charge" are deleted in their entirety.
Because you are purchasing an annuity contract as a Tax Sheltered Annuity
(TSA), 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" in the Prospectus.)
Because you are purchasing an annuity contract 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," in the Prospectus).
o LOANS. Loans will be available under the Modified TSA Contract when the TSA
plan is subject to the Employee Retirement Income Security Act of
1974 (ERISA). Only one outstanding loan will be permitted at any time. There is
a minimum loan amount of $1,000 and a maximum loan amount which varies
depending on the participant's account value but may never exceed $50,000. For
more complete details and rules on Loans, see "Loans from qualified plans and
TSAs" under "Tax information" in the Prospectus.
FOR USE ONLY IN THE STATE OF MARYLAND
Copyright 2007. AXA Equitable Life Insurance Company 1290 Avenue of the
Americas New York, New York 10104
(212) 554-1234
All rights reserved. EQUI-VEST(SM) is a service mark of AXA Equitable Life
Insurance Company.
x01514
AXA Equitable Life Insurance Company
SUPPLEMENT DATED MAY 1, 2007 TO EQUI-VEST(SM) EMPLOYER-SPONSORED RETIREMENT
PROGRAMS PROSPECTUS DATED MAY 1, 2007
FOR EMPLOYEES OF ALLEGHENY COUNTY, PENNSYLVANIA
- --------------------------------------------------------------------------------
This Supplement modifies certain information contained in the prospectus dated
May 1, 2007 ("Prospectus") as it relates to the Series 200 EDC Contracts
offered by AXA Equitable Life Insurance Company ("AXA Equitable"). The Series
200 EDC Contracts, modified as described below (the "Modified EDC Contracts"),
are offered to employees of Allegheny County, Pennsylvania, on the basis
described in the Prospectus, except that the withdrawal charge and annual
administrative charge applicable to the Modified EDC Contracts will be as
follows:
o WITHDRAWAL CHARGE. The withdrawal charge schedule for the Modified EDC
Contract is as follows:
- ---------------------------------------------------
Contract Year(s) Withdrawal Charge
- ---------------------------------------------------
1 6%
2 5
3 4
4 3
5 2
6+ 0
- ---------------------------------------------------
This table replaces the table in the Prospectus under "Withdrawal charge for
series 100 and 200 contracts" under the heading "For SEP, SARSEP, TSA, EDC and
Annuitant-Owned HR-10 contracts" in "Charges and expenses."
No withdrawal charge will apply in the event of the:
-- Death
-- Disability
-- Separation from service from Allegheny County
-- Retirement of the participant.
o ANNUAL ADMINISTRATIVE CHARGE.The annual administrative charge is waived;
therefore all references in the Prospectus to "annual administrative
charge" or "administrative charge" are deleted in their entirety.
Because you are purchasing an annuity contract 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," in the Prospectus).
Copyright 2007. AXA Equitable Life Insurance Company 1290 Avenue of the Americas
New York, New York 10104
(212) 554-1234
All rights reserved. EQUI-VEST(SM) is a service mark of
AXA Equitable Life Insurance Company.
x01515
AXA Equitable Life Insurance Company
SUPPLEMENT DATED MAY 1, 2007, TO EQUI-VEST(SM) SERIES 200
EMPLOYER-SPONSORED RETIREMENT PROGRAMS, PROSPECTUS DATED MAY 1, 2007
- --------------------------------------------------------------------------------
This Supplement modifies certain information in the prospectus or supplement to
prospectus dated May 1, 2007 (the "Prospectus") for EQUI-VEST(SM)
Employer-Sponsored Retirement programs, deferred variable annuity contracts
offered by AXA Equitable Life Insurance Company ("AXA Equitable"). AXA Equitable
offers its EQUI-VEST(SM) Series 200 EDC contracts modified with riders
2002EDC-WC-MI and PF 10,962, as applicable, (the "Modified EDC Agreement") only
to participants in the EDC plan for Wayne County, Michigan. This Supplement
describes the material differences between the Modified EDC Agreement and the
EQUI-VEST(SM) Series 200 EDC contracts described in the Prospectus. Terms in
this Supplement have the same meaning as in the Prospectus.
1. Exceptions to the withdrawal charge. In "Charges and expenses" under the
section titled, "For SEP, SARSEP, TSA, EDC and Annuitant-Owned HR-10
contracts," in "Withdrawal charge for series 100 and 200 contracts," the
following exceptions are added:
o the Participant retires pursuant to terms of the Plan; or
o the Participant separates from service; or
o the Participant elects a hardship withdrawal that qualifies as an
unforeseeable emergency as defined under the Internal Revenue Code and
approved by the Plan; or
o we receive proof satisfactory to us that the Participant's life expectancy
is six months or less (such proof must include, but is not limited to,
certification by a licensed physician); or
o the Participant has qualified to receive Social Security disability
benefits as certified by the Social Security Administration or is totally
disabled. Total disability is the Participant's incapacity, resulting from
injury or disease, to engage in any occupation for remuneration or profit.
Such total disability must be certified as having been continuous for a
period of at least six months prior to notice of claim and the Participant
must continue to be deemed totally disabled.
Written notice of claim must be given to us during the Participant's
lifetime and during the period of total disability prior to each
withdrawal. Along with the Notice of Claim, the Participant must submit
acceptable proof of disability. Such proof of disability must be either (a)
evidence of Social Security disability determination or (b) a statement
from an independent U.S. licensed physician stating that the Participant
meets the definition of total disability as stated above. Such
certification must be resubmitted every 12 months. Failure to furnish proof
of disability within the required time will not reduce any claim if it was
not reasonably possible to do so, and, in no event, except in the absence
of legal capacity, later than one year from the time proof is otherwise
required.
The withdrawal charge will apply if the conditions, as described in the
last two items above, existed at the time the contract was issued or if
the condition began within the 12 month period following the issuance of
the contract.
2. Annual administrative charge. The following is added to the fifth paragraph
in the section, "Annual administrative charge," under "Charges under the
contracts," in the Prospectus:
For EDC contracts issued to participants in the Wayne County, Michigan,
EDC plan, the annual administrative charge is waived if the account value
is at least $15,000 at the end of the contract year.
Because you are purchasing an annuity contract 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," in the Prospectus).
FOR USE ONLY WITH WAYNE COUNTY, MICHIGAN EDC CONTRACTS
Copyright 2007. AXA Equitable Life Insurance Company 1290 Avenue of the Americas
New York, New York 10104
(212) 554-1234
All rights reserved. EQUI-VEST(SM) is a service mark of
AXA Equitable Life Insurance Company.
x01516
AXA Equitable Life Insurance Company
SUPPLEMENT DATED MAY 1, 2007 TO EQUI-VEST(SM) EMPLOYER-SPONSORED RETIREMENT
PROGRAMS PROSPECTUS DATED MAY 1, 2007
- --------------------------------------------------------------------------------
This Supplement modifies certain information in the above-referenced prospectus
or supplement to prospectus dated May 1, 2007 (together, the "Prospectus") for
EQUI-VEST(SM) employer-sponsored retirement programs deferred variable annuity
contracts offered by AXA Equitable Life Insurance Company ("AXA Equitable").
AXA Equitable offers a modified version of its EQUI-VEST(SM) Series 200 TSA
contracts (the "Modified TSA Agreement") only to participants in qualifying
retirement programs of certain nonprofit healthcare organizations. This
Supplement describes the material differences between the Modified TSA
Agreement and the EQUI-VEST(SM) Series 200 TSA contract described in the
Prospectus. Terms in this Supplement have the same meaning as in the
Prospectus.
Material differences between the Modified TSA Agreement and the TSA provisions
described in the EQUI-VEST(SM) Prospectus include the following:
o WITHDRAWAL CHARGE. The withdrawal charge schedule for the Modified TSA
Agreement is as follows:
- -----------------------------------------------------
Contract Year(s) Withdrawal Charge
- -----------------------------------------------------
1 6%
2 5
3 4
4 3
5 2
6+ 0
- -----------------------------------------------------
This table replaces the EQUI-VEST(SM) Series 200 withdrawal charge table in
"Withdrawal charge for series 100 and 200 contracts" under the heading "For
SEP, SARSEP, TSA, EDC and Annuitant-Owned HR-10 contracts" in "Charges and
expenses."
o EXCEPTIONS TO THE WITHDRAWAL CHARGE. For the modified TSA Agreement, the
withdrawal charge section in "Charges and expenses" has been revised to add the
following waivers:
No charge will be applied to any amount withdrawn from the Modified TSA
Agreement if:
--The annuitant has separated from service, or
--The annuitant makes a withdrawal at any time and qualifies to receive
Social Security disability benefits as certified by the Social Security
Administration or any successor agency, or
--The annuitant makes a withdrawal that qualifies as a hardship withdrawal
under the Plan and the Code.
o ANNUAL ADMINISTRATIVE CHARGE. The annual administrative charge for
participants under the Modified TSA Agreement is at maximum the charge
described in the Prospectus -- that is, it is equal to the lesser of $30 or 2%
of the account value on the last business day of each year (adjusted to include
any withdrawals made during the year), to be prorated for a fractional year.
This charge may be reduced or waived when a Modified TSA Agreement is used by
the employer and the required participant services are performed at a modified
or minimum level.
Because you are purchasing an annuity contract 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," in the Prospectus).
FOR USE ONLY IN THE STATE OF ILLINOIS
Copyright 2007. AXA Equitable Life Insurance Company 1290 Avenue of the Americas
New York, New York 10104
(212) 554-1234
All rights reserved. EQUI-VEST(SM) is a service mark of
AXA Equitable Life Insurance Company.
x01517
AXA Equitable Life Insurance Company
SUPPLEMENT DATED MAY 1, 2007, TO THE
EQUI-VEST(SM) EMPLOYER SPONSORED RETIREMENT PROGRAMS PROSPECTUS DATED MAY 1,
2007
EQUI-VEST(SM) TSA contracts (Series 100) for New York City Housing Development
Corporation
- --------------------------------------------------------------------------------
This Supplement modifies certain information in the above-referenced prospectus,
supplement to prospectus and SAI, as supplemented to date (together, the
"Prospectus"), for EQUI-VEST(SM) Employer-Sponsored Retirement Programs offered
by AXA Equitable Life Insurance Company ("AXA Equitable"). Terms in this
Supplement have the same meaning as in the Prospectus.
This Supplement describes the material differences between NY Housing TSA
Contracts and the EQUI-VEST(SM) Series 100 contracts described in the Prospectus
as follows:
A. Administrative charge. The annual administrative charge is waived,
therefore, all references in the Prospectus to "annual administrative
charge" or "administrative charge" are deleted in their entirety.
B. Withdrawal charges. The following changes are made to reflect the changes in
circumstances under which withdrawal charges are imposed.
1. Under "Fees and charges" in EQUI-VEST employer-sponsored programs at a
glance -- key features," the following is added after the first sentence
under "Withdrawal charge:" on page 11 of the Prospectus:
-- NY Housing TSA contracts under series 100: We deduct a charge equal to
6% of any amount withdrawn above the 10% free corridor.
2. The following chart is added under the chart in "For SEP, SARSEP, TSA, EDC
and Annuitant-Owned HR-10 contracts" under "Charges and expenses," on page
50 of the Prospectus:
For NY Housing TSA contracts.
------------------------------------------
Contract Year(s) Withdrawal Charge
------------------------------------------
1 through 5 6%
------------------------------------------
6 and later 0
------------------------------------------
C. Current Total Separate Account A annual expenses. The following changes are
made to reflect a change in the current Total Separate Account A annual
expenses.
The following footnote (+), is added to "Maximum total Separate Account A
annual expenses" under "Fee table," on page 13 of the Prospectus:
+ For NY Housing TSA contracts in series 100, the current "Mortality and
expense risk charge" is 0.45% and the current "Other expenses" is 0.25%,
resulting in the current "Total Separate Account A annual expenses" of
0.70%.
D. Condensed financial information
FOR USE ONLY WITH NY HOUSING TSA CONTRACTS.
X01518
EQUI-VEST(SM) TSA CONTRACTS FOR NEW YORK CITY HOUSING DEVELOPMENT CORPORATION
THE UNIT VALUES AND NUMBER OF UNITS OUTSTANDING SHOWN BELOW ARE FOR CONTRACTS
OFFERED UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.70%.
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE
INVESTMENT OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR
AFTER DECEMBER 31, 2006
- -------------------------------------------------------------------------------------------------------------
For the year ending December 31,
----------------------------------------------------------
2002 2003 2004 2005 2006
- -------------------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
- -------------------------------------------------------------------------------------------------------------
Unit value -- $109.32 $121.36 $130.23 $152.46
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- -------------------------------------------------------------------------------------------------------------
Unit value -- $102.32 $107.72 $109.58 $115.75
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- -------------------------------------------------------------------------------------------------------------
Unit value -- $104.31 $111.61 $114.43 $123.58
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- -------------------------------------------------------------------------------------------------------------
Unit value $114.03 $135.22 $146.36 $152.68 $167.68
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 2 2 2
- -------------------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- -------------------------------------------------------------------------------------------------------------
Unit value -- $108.13 $119.93 $127.03 $144.44
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1 1
- -------------------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- -------------------------------------------------------------------------------------------------------------
Unit value -- $ 69.15 $ 77.17 $ 83.12 $ 86.97
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 10 10 13 15
- -------------------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- -------------------------------------------------------------------------------------------------------------
Unit value $107.42 $110.66 $114.16 $115.34 $118.85
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- -------------------------------------------------------------------------------------------------------------
Unit value $ 79.50 $101.15 $112.62 $119.62 $124.88
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- -------------------------------------------------------------------------------------------------------------
Unit value $ 81.14 $ 99.00 $107.10 $109.88 $120.25
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- -------------------------------------------------------------------------------------------------------------
Unit value $ 78.58 $104.82 $122.72 $140.68 $175.06
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- -------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- -------------------------------------------------------------------------------------------------------------
Unit value $ 76.92 $ 97.88 $106.59 $112.97 $122.42
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1 --
- -------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- -------------------------------------------------------------------------------------------------------------
Unit value $ 68.31 $ 88.60 $ 93.85 $100.17 $ 99.58
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- -------------------------------------------------------------------------------------------------------------
Unit value $ 79.60 $103.61 $117.73 $125.20 $148.35
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- -------------------------------------------------------------------------------------------------------------
Unit value $ 62.40 $ 86.89 $ 96.41 $103.76 $112.94
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- -------------------------------------------------------------------------------------------------------------
Unit value $ 74.18 $103.57 $118.46 $126.28 $143.86
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- -------------------------------------------------------------------------------------------------------------
Unit value $ 57.00 $ 89.23 $ 93.02 $102.78 $109.51
- -------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 8 20 8 10
- -------------------------------------------------------------------------------------------------------------
2
EQUI-VEST(SM) TSA CONTRACTS FOR NEW YORK CITY HOUSING DEVELOPMENT CORPORATION
THE UNIT VALUES AND NUMBER OF UNITS OUTSTANDING SHOWN BELOW ARE FOR CONTRACTS
OFFERED UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.70%.
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE
INVESTMENT OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR
AFTER DECEMBER 31, 2006 (CONTINUED)
- ---------------------------------------------------------------------------------------------------------------------
For the year ending December 31,
----------------------------------------------------------
2002 2003 2004 2005 2006
- ---------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- ---------------------------------------------------------------------------------------------------------------------
Unit value $ 82.37 $122.63 $139.31 $144.65 $159.38
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 16 15 12 13
- ---------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- ---------------------------------------------------------------------------------------------------------------------
Unit value $119.41 $155.06 $173.47 $182.19 $215.00
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 2 2 2
- ---------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate Government Securities
- ---------------------------------------------------------------------------------------------------------------------
Unit value $135.05 $137.32 $139.35 $140.44 $144.18
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- ---------------------------------------------------------------------------------------------------------------------
Unit value $ 75.04 $100.91 $118.71 $136.25 $167.52
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 3 3
- ---------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- ---------------------------------------------------------------------------------------------------------------------
Unit value $136.42 $ 59.68 $ 64.24 $ 73.31 $ 72.40
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- ---------------------------------------------------------------------------------------------------------------------
Unit value $ 80.26 $140.62 $145.23 $147.47 $152.43
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- ---------------------------------------------------------------------------------------------------------------------
Unit value $ 88.17 $112.59 $127.76 $141.82 $153.88
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 2 1 2 2
- ---------------------------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- ---------------------------------------------------------------------------------------------------------------------
Unit value $ 82.19 $105.07 $118.36 $123.92 $149.38
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 2 5 9
- ---------------------------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- $ 99.56 $102.19 $108.82 $109.35
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1 --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- $107.13 $112.92 $130.03
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- ---------------------------------------------------------------------------------------------------------------------
Unit value $ 64.32 $ 81.73 $ 84.06 $ 90.77 $ 94.85
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- 1
- ---------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- $ 67.75 $ 71.00 $ 74.10 $ 79.03
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- $ 91.05 $102.71 $119.46 $141.46
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1 --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- $106.98 $117.81 $124.08 $138.06
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1 1 1
- ---------------------------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- ---------------------------------------------------------------------------------------------------------------------
Unit value $ 77.29 $104.68 $113.64 $119.58 $130.57
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $104.42 $111.95
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
3
EQUI-VEST(SM) TSA CONTRACTS FOR NEW YORK CITY HOUSING DEVELOPMENT CORPORATION
THE UNIT VALUES AND NUMBER OF UNITS OUTSTANDING SHOWN BELOW ARE FOR CONTRACTS
OFFERED UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.70%.
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE
INVESTMENT OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR
AFTER DECEMBER 31, 2006 (CONTINUED)
- ---------------------------------------------------------------------------------------------------------------------
For the year ending December 31,
----------------------------------------------------------
2002 2003 2004 2005 2006
- ---------------------------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- ---------------------------------------------------------------------------------------------------------------------
Unit value $ 95.38 $121.36 $133.18 $138.41 $158.58
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 5 5 5 6
- ---------------------------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 97.65 $100.28
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- ---------------------------------------------------------------------------------------------------------------------
Unit value $ 58.23 $ 79.92 $ 84.94 $ 87.69 $ 92.19
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- ---------------------------------------------------------------------------------------------------------------------
Unit value $ 69.75 $ 99.46 $114.60 $121.04 $134.05
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 2 5
- ---------------------------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- ---------------------------------------------------------------------------------------------------------------------
Unit value $ 76.93 $101.80 $119.13 $131.69 $147.09
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1 1
- ---------------------------------------------------------------------------------------------------------------------
EQ/Franklin Income
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $104.50
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $108.44
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $105.50 $117.55
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- $113.39 $117.46 $138.61
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/International Growth
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $115.49 $144.09
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- ---------------------------------------------------------------------------------------------------------------------
Unit value $ 44.53 $ 55.65 $ 61.98 $ 66.03 $ 66.35
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 4 6
- ---------------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- ---------------------------------------------------------------------------------------------------------------------
Unit value $107.78 $110.63 $114.36 $116.07 $119.94
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1 2
- ---------------------------------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- ---------------------------------------------------------------------------------------------------------------------
Unit value $ 78.73 $ 99.14 $109.16 $112.65 $134.65
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $106.57 $113.05
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Long Term Bond
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $100.42 $101.54
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $106.44 $123.89
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
4
EQUI-VEST(SM) TSA CONTRACTS FOR NEW YORK CITY HOUSING DEVELOPMENT CORPORATION
THE UNIT VALUES AND NUMBER OF UNITS OUTSTANDING SHOWN BELOW ARE FOR CONTRACTS
OFFERED UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.70%.
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE
INVESTMENT OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR
AFTER DECEMBER 31, 2006 (CONTINUED)
- ---------------------------------------------------------------------------------------------------------------------
For the year ending December 31,
----------------------------------------------------------
2002 2003 2004 2005 2006
- ---------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $106.07 $118.70
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $111.96 $125.00
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Marsico Focus
- ---------------------------------------------------------------------------------------------------------------------
Unit value $ 93.15 $121.29 $133.10 $146.32 $158.85
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- ---------------------------------------------------------------------------------------------------------------------
Unit value $112.46 $146.51 $160.86 $164.45 $197.45
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- ---------------------------------------------------------------------------------------------------------------------
Unit value $ 77.18 $ 98.13 $118.54 $130.47 $162.83
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 2 2 6
- ---------------------------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- $ 82.37 $ 92.12 $ 99.43 $106.74
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 4 4 4 4
- ---------------------------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- ---------------------------------------------------------------------------------------------------------------------
Unit value $ 67.58 $ 81.90 $ 90.60 $ 96.43 $108.15
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Money Market
- ---------------------------------------------------------------------------------------------------------------------
Unit value $120.47 $120.61 $120.99 $123.61 $128.55
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- $104.81 $109.70 $117.59
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Mutual Shares
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $107.32
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $111.10
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $111.21
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 99.78 $105.91
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Short Duration Bond
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $100.23 $103.47
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Small Cap Value
- ---------------------------------------------------------------------------------------------------------------------
Unit value $114.85 $156.67 $182.19 $189.39 $218.37
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Small Company Growth
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- $114.75 $122.48 $134.04
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
5
EQUI-VEST(SM) TSA CONTRACTS FOR NEW YORK CITY HOUSING DEVELOPMENT CORPORATION
THE UNIT VALUES AND NUMBER OF UNITS OUTSTANDING SHOWN BELOW ARE FOR CONTRACTS
OFFERED UNDER SEPARATE ACCOUNT A WITH THE SAME DAILY ASSET CHARGE OF 0.70%.
UNIT VALUES AND NUMBER OF UNITS OUTSTANDING AT YEAR END FOR EACH VARIABLE
INVESTMENT OPTION, EXCEPT FOR THOSE OPTIONS OFFERED FOR THE FIRST TIME ON OR
AFTER DECEMBER 31, 2006 (CONTINUED)
- ---------------------------------------------------------------------------------------------------------------------
For the year ending December 31,
----------------------------------------------------------
2002 2003 2004 2005 2006
- ---------------------------------------------------------------------------------------------------------------------
EQ/Small Company Index
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- $118.92 $138.95 $143.86 $168.15
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 2 4
- ---------------------------------------------------------------------------------------------------------------------
EQ/TCW Equity
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- $111.38 $115.01 $109.62
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $107.79
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- $109.39 $118.41 $134.22
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $104.74 $120.55
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- $136.39 $167.50 $220.86 $300.59
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 3 5 -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $124.27 $134.83
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- $119.56 $144.41
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Target 2015 Allocation
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $108.53
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Target 2025 Allocation
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $109.49
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Target 2035 Allocation
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $110.38
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Target 2045 Allocation
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- -- -- -- $111.17
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
U.S. Real Estate - Class II
- ---------------------------------------------------------------------------------------------------------------------
Unit value -- $106.99 $144.56 $167.59 $229.11
- ---------------------------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 2 1 3
- ---------------------------------------------------------------------------------------------------------------------
Because you are purchasing an annuity contract 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," in
the Prospectus).
Copyright 2007. AXA Equitable Life Insurance Company 1290 Avenue of the
Americas New York, New York 10104
(212) 554-1234
All rights reserved. EQUI-VEST(SM) is a service mark of AXA Equitable Life
Insurance Company
6
AXA Equitable Life Insurance Company
SUPPLEMENT DATED MAY 1, 2007 TO THE MAY 1, 2007 EQUI-VEST(SM) EMPLOYER-SPONSORED
RETIREMENT PROGRAMS PROSPECTUS, SUPPLEMENT TO PROSPECTUS AND STATEMENT OF
ADDITIONAL INFORMATION ("SAI") FOR:
EQUI-VEST(SM) TSA SERIES 200 CERTIFICATES AND CONTRACTS (THE "MODIFIED TSA
CONTRACTS") FOR FROEDTERT MEMORIAL LUTHERAN HOSPITAL
- --------------------------------------------------------------------------------
This Supplement modifies certain information in the above-referenced prospectus,
supplement to prospectus and SAI, as supplemented to date (together, the
"Prospectus"), for EQUI-VEST(SM) employer-sponsored retirement programs offered
by AXA Equitable Life Insurance Company ("AXA Equitable").
AXA Equitable offers the Modified TSA Contracts as described below, to
participants in the TSA Plan for Froedtert Memorial Lutheran Hospital. This
Supplement describes the material differences between the Modified TSA Contracts
and the EQUI-VEST(SM) series 200 contracts described in the Prospectus. Terms in
this Supplement have the same meaning as in the Prospectus. Material differences
between the Modified TSA Contracts and the TSA provisions described in the
EQUI-VEST(SM) series 200 Prospectus include the following:
A. Administrative charge. The annual administrative charge is waived; therefore,
all references in the Prospectus to "annual administrative charge" or
"administrative charge" are deleted in their entirety.
B. Withdrawal charges. The following changes are made to reflect the changes in
circumstances under which withdrawal charges are imposed:
1. The next to the last bullet in "Additional features" under "EQUI-VEST(SM)
employer-sponsored retirement programs at a glance--key features" is deleted
in its entirety and replaced by the following:
o Waiver of withdrawal charge under certain circumstances and contracts. See
"Charges and expenses" later in this prospectus.
2. In the section "Charges and expenses" of the Prospectus, under "For SEP,
SARSEP, TSA, EDC and Annuitant-Owned HR-10 contracts" the sentence "No
withdrawal charge applies under a TSA or EDC (subject to state availability)
contract if:" and bullet thereunder are deleted in their entirety FOR THE
MODIFIED TSA CONTRACTS ONLY, and replaced by the following:
In addition to the foregoing exceptions, no withdrawal charge applies for the
Modified TSA Contracts if:
o the participant has retired from employment;
o the participant has separated from service at any time;
o the participant has qualified to receive Social Security benefits as
certified by the Social Security Administration, or is totally disabled as
defined in the contract;
o The amount withdrawn is intended to satisfy the Code's minimum distribution
requirements (Section 401(a)(9), applicable after the participant turns age
70-1/2);
o The employer certifies to us that the amount withdrawn is defined as a
"hardship withdrawal" pursuant to applicable Treasury Regulations.
C. Current total Separate Account A annual expenses. The following changes are
made to reflect a change in the current total Separate Account A annual
expenses:
1. The first bullet in "Fees and charges" under the "EQUI-VEST(SM)
employer-sponsored retirement programs at a glance--key features" in the
Prospectus is modified as follows:
o For series 200 Modified TSA Contracts, we deduct a daily charge on amounts
invested in the variable investment options for mortality and expense risks
and other expenses at a current annual rate of 0.90%.
2. The following footnote (+) is added to "Maximum total Separate Account A
annual expenses " under "Fee table" in the Prospectus:
(+) For the Modified TSA contracts, the current total Separate Account A
annual charge is 0.90% of the value of the assets in each variable
investment option (this reflects a decrease in the current charge for the
mortality and expense risk charge).
FOR USE ONLY WITH TSA CERTIFICATES/CONTRACTS OF
FROEDTERT MEMORIAL LUTHERAN HOSPITAL
MILWAUKEE, WISCONSIN
X01519
3. Under "Charges under the contracts" in the "Charges and expenses" section of
the Prospectus, the following changes are made:
o The chart under "Mortality and expense risks charge" is replaced by the
following:
- --------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock All Other Variable
EQ/Money Market Options Investment Options
- --------------------------------------------------------------------------------
Series Series
200 200
---------------------------------- ------------------
Current 0.65% 0.65%
Maximum 1.24% 1.09%
- --------------------------------------------------------------------------------
4. Condensed Financial Information
The unit values and number of units outstanding shown below as of December 31,
2006 are for contracts offered under Separate Account A with the same daily
asset charge of 0.90%.
EQUI-VEST(SM) Modified TSA Froedtert Memorial Lutheran Hospital
Unit values and number of units outstanding at year end for each variable
investment option, except for those options offered for the first time on or
after December 31, 2006
- -----------------------------------------------------------------------------------------------------
For the years ending December 31,
----------------------------------------------------
2003 2004 2005 2006
- -----------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
- -----------------------------------------------------------------------------------------------------
Unit value $ 109.27 $ 121.06 $ 129.64 $ 151.46
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1 5
- -----------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- -----------------------------------------------------------------------------------------------------
Unit value $ 102.27 $ 107.45 $ 109.09 $ 115.00
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 1
- -----------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- -----------------------------------------------------------------------------------------------------
Unit value $ 104.26 $ 111.33 $ 113.91 $ 122.77
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 2 4
- -----------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- -----------------------------------------------------------------------------------------------------
Unit value $ 163.61 $ 176.72 $ 183.99 $ 201.66
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 43 46 56 60
- -----------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- -----------------------------------------------------------------------------------------------------
Unit value $ 108.08 $ 119.63 $ 126.46 $ 143.50
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 3 6 16
- -----------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- -----------------------------------------------------------------------------------------------------
Unit value $ 86.37 $ 96.18 $ 103.39 $ 107.97
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 49 50 54 53
- -----------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- -----------------------------------------------------------------------------------------------------
Unit value $ 110.22 $ 113.47 $ 114.42 $ 117.67
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 2 2
- -----------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- -----------------------------------------------------------------------------------------------------
Unit value $ 100.74 $ 111.95 $ 118.66 $ 123.63
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 2 3
- -----------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- -----------------------------------------------------------------------------------------------------
Unit value $ 130.87 $ 141.28 $ 144.66 $ 157.99
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 2 4 4
- -----------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- -----------------------------------------------------------------------------------------------------
Unit value $ 104.39 $ 121.98 $ 139.55 $ 173.31
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 2 4
- -----------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- -----------------------------------------------------------------------------------------------------
Unit value $ 97.48 $ 105.95 $ 112.07 $ 126.14
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 --
- -----------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- -----------------------------------------------------------------------------------------------------
Unit value $ 88.25 $ 93.28 $ 99.37 $ 98.58
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 2 4
- -----------------------------------------------------------------------------------------------------
2
EQUI-VEST(SM) Modified TSA Froedtert Memorial Lutheran Hospital
Unit values and number of units outstanding at year end for each variable
investment option, except for those options offered for the first time on or
after December 31, 2006
- -----------------------------------------------------------------------------------------------------
For the years ending December 31,
----------------------------------------------------
2003 2004 2005 2006
- -----------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- -----------------------------------------------------------------------------------------------------
Unit value $ 103.20 $ 117.02 $ 124.20 $ 146.87
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 2 2
- -----------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- -----------------------------------------------------------------------------------------------------
Unit value $ 86.54 $ 95.83 $ 102.93 $ 111.81
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 3 3
- -----------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- -----------------------------------------------------------------------------------------------------
Unit value $ 103.15 $ 117.75 $ 125.26 $ 142.42
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 2 2
- -----------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- -----------------------------------------------------------------------------------------------------
Unit value $ 88.87 $ 92.46 $ 101.96 $ 108.42
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 4 6 6
- -----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- -----------------------------------------------------------------------------------------------------
Unit value $ 175.55 $ 199.03 $ 206.24 $ 226.80
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 44 45 65 65
- -----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- -----------------------------------------------------------------------------------------------------
Unit value $ 219.38 $ 244.96 $ 256.76 $ 302.39
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 14 15 23 24
- -----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate Government Securities
- -----------------------------------------------------------------------------------------------------
Unit value $ 149.21 $ 151.11 $ 151.99 $ 155.73
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3 2 3 3
- -----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- -----------------------------------------------------------------------------------------------------
Unit value $ 109.44 $ 128.49 $ 147.18 $ 180.59
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 18 20 28 31
- -----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- -----------------------------------------------------------------------------------------------------
Unit value $ 59.16 $ 63.54 $ 72.38 $ 71.34
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3 3 4 6
- -----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- -----------------------------------------------------------------------------------------------------
Unit value $ 157.69 $ 162.53 $ 164.70 $ 169.90
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 3 5 4
- -----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- -----------------------------------------------------------------------------------------------------
Unit value $ 143.04 $ 161.98 $ 179.44 $ 194.31
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 6 7 11 11
- -----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- -----------------------------------------------------------------------------------------------------
Unit value $ 104.15 $ 117.09 $ 122.34 $ 147.18
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3 7 13 18
- -----------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- -----------------------------------------------------------------------------------------------------
Unit value $ 99.57 $ 102.25 $ 108.95 $ 109.53
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- -----------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- -----------------------------------------------------------------------------------------------------
Unit value -- $ 107.08 $ 112.64 $ 129.46
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 1
- -----------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- -----------------------------------------------------------------------------------------------------
Unit value $ 81.01 $ 83.16 $ 89.61 $ 93.45
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 2 3
- -----------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- -----------------------------------------------------------------------------------------------------
Unit value $ 67.15 $ 70.23 $ 73.16 $ 77.86
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 1 1
- -----------------------------------------------------------------------------------------------------
3
EQUI-VEST(SM) Modified TSA Froedtert Memorial Lutheran Hospital
Unit values and number of units outstanding at year end for each variable
investment option, except for those options offered for the first time on or
after December 31, 2006 (continued)
- -----------------------------------------------------------------------------------------------------
For the years ending December 31,
----------------------------------------------------
2003 2004 2005 2006
- -----------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- -----------------------------------------------------------------------------------------------------
Unit value $ 90.25 $ 101.61 $ 117.94 $ 139.38
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 2 4 5
- -----------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- -----------------------------------------------------------------------------------------------------
Unit value $106.04 $ 116.55 $ 122.50 $ 136.03
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 7 8 14 14
- -----------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- -----------------------------------------------------------------------------------------------------
Unit value $103.77 $ 112.42 $ 118.06 $ 128.65
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 6 8 10 11
- -----------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- -----------------------------------------------------------------------------------------------------
Unit value -- -- $ 104.28 $ 111.58
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- -----------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- -----------------------------------------------------------------------------------------------------
Unit value $173.95 $ 190.50 $ 197.59 $ 225.93
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 10 14 23 26
- -----------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- -----------------------------------------------------------------------------------------------------
Unit value -- -- $ 97.60 $ 100.03
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- -----------------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- -----------------------------------------------------------------------------------------------------
Unit value $ 79.22 $ 84.03 $ 86.57 $ 90.83
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 2 3
- -----------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- -----------------------------------------------------------------------------------------------------
Unit value $ 98.80 $ 113.60 $ 119.75 $ 132.35
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 4 6 15 19
- -----------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- -----------------------------------------------------------------------------------------------------
Unit value $100.68 $ 117.59 $ 129.73 $ 144.61
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 5 8 15 16
- -----------------------------------------------------------------------------------------------------
EQ/Franklin Income
- -----------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 104.43
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- -----------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- -----------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 108.37
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- -----------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- -----------------------------------------------------------------------------------------------------
Unit value -- -- $ 105.35 $ 117.15
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- -----------------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- -----------------------------------------------------------------------------------------------------
Unit value -- $ 113.34 $ 117.17 $ 137.99
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 2
- -----------------------------------------------------------------------------------------------------
EQ/International Growth
- -----------------------------------------------------------------------------------------------------
Unit value -- -- $ 115.34 $ 143.61
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- -----------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- -----------------------------------------------------------------------------------------------------
Unit value $ 55.28 $ 61.44 $ 65.32 $ 65.50
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 2 3 4
- -----------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- -----------------------------------------------------------------------------------------------------
Unit value $110.17 $ 113.65 $ 115.13 $ 118.73
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 2 3 4
- -----------------------------------------------------------------------------------------------------
4
EQUI-VEST(SM) Modified TSA Froedtert Memorial Lutheran Hospital
Unit values and number of units outstanding at year end for each variable
investment option, except for those options offered for the first time on or
after December 31, 2006 (continued)
- -----------------------------------------------------------------------------------------------------
For the years ending December 31,
----------------------------------------------------
2003 2004 2005 2006
- -----------------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- -----------------------------------------------------------------------------------------------------
Unit value $ 98.05 $ 107.74 $ 109.96 $ 132.37
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 1 5 5
- -----------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- -----------------------------------------------------------------------------------------------------
Unit value -- -- $ 106.52 $ 112.77
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- -----------------------------------------------------------------------------------------------------
EQ/Long Term Bond
- -----------------------------------------------------------------------------------------------------
Unit value -- -- $ 100.29 $ 101.20
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- -----------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- -----------------------------------------------------------------------------------------------------
Unit value -- -- $ 106.30 $ 123.48
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- -----------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- -----------------------------------------------------------------------------------------------------
Unit value -- -- $ 105.93 $ 118.30
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- -----------------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- -----------------------------------------------------------------------------------------------------
Unit value -- -- $ 111.82 $ 124.58
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- -----------------------------------------------------------------------------------------------------
EQ/Marsico Focus
- -----------------------------------------------------------------------------------------------------
Unit value $120.75 $ 132.24 $ 145.08 $ 157.18
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3 5 11 16
- -----------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- -----------------------------------------------------------------------------------------------------
Unit value $144.90 $ 158.78 $ 161.99 $ 194.11
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3 4 9 9
- -----------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- -----------------------------------------------------------------------------------------------------
Unit value $ 97.27 $ 117.26 $ 128.80 $ 160.43
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 5 6 10 14
- -----------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- -----------------------------------------------------------------------------------------------------
Unit value $ 81.47 $ 90.93 $ 87.96 $ 104.93
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 6 7 25 26
- -----------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- -----------------------------------------------------------------------------------------------------
Unit value $ 81.18 $ 89.62 $ 95.21 $ 106.56
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 1 1
- -----------------------------------------------------------------------------------------------------
EQ/Money Market
- -----------------------------------------------------------------------------------------------------
Unit value $127.81 $ 127.96 $ 130.47 $ 108.50
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 2 19 1
- -----------------------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- -----------------------------------------------------------------------------------------------------
Unit value -- $ 104.76 $ 109.43 $ 117.07
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- -----------------------------------------------------------------------------------------------------
EQ/Mutual Shares
- -----------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 107.25
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- -----------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- -----------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 111.10
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- -----------------------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- -----------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 111.14
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- -----------------------------------------------------------------------------------------------------
5
EQUI-VEST(SM) Modified TSA Froedtert Memorial Lutheran Hospital
Unit values and number of units outstanding at year end for each variable
investment option, except for those options offered for the first time on or
after December 31, 2006 (continued)
- -----------------------------------------------------------------------------------------------------
For the years ending December 31,
----------------------------------------------------
2003 2004 2005 2006
- -----------------------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- -----------------------------------------------------------------------------------------------------
Unit value -- -- $ 99.64 $ 99.13
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 4
- -----------------------------------------------------------------------------------------------------
EQ/Short Duration Bond
- -----------------------------------------------------------------------------------------------------
Unit value -- -- $ 100.09 $ 103.12
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- -----------------------------------------------------------------------------------------------------
EQ/Small Cap Value
- -----------------------------------------------------------------------------------------------------
Unit value $ 155.30 $ 180.23 $ 186.98 $ 215.15
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 4 9 10
- -----------------------------------------------------------------------------------------------------
EQ/Small Company Growth
- -----------------------------------------------------------------------------------------------------
Unit value -- $ 114.70 $ 122.18 $ 133.44
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 1
- -----------------------------------------------------------------------------------------------------
EQ/Small Company Index
- -----------------------------------------------------------------------------------------------------
Unit value $ 118.42 $ 138.09 $ 142.68 $ 166.44
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 2 5 6
- -----------------------------------------------------------------------------------------------------
EQ/TCW Equity
- -----------------------------------------------------------------------------------------------------
Unit value -- $ 111.33 $ 114.73 $ 109.14
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- -----------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- -----------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 107.73
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- -----------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- -----------------------------------------------------------------------------------------------------
Unit value -- $ 109.34 $ 118.12 $ 133.62
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- -----------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- -----------------------------------------------------------------------------------------------------
Unit value -- -- $ 104.60 $ 120.15
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- -----------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- -----------------------------------------------------------------------------------------------------
Unit value $ 134.89 $ 165.33 $ 217.56 $ 295.50
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 2 2 6
- -----------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- -----------------------------------------------------------------------------------------------------
Unit value -- -- $ 124.11 $ 134.38
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- -----------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- -----------------------------------------------------------------------------------------------------
Unit value -- -- $ 119.40 $ 143.93
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- -----------------------------------------------------------------------------------------------------
Target 2015 Allocation
- -----------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 108.47
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- -----------------------------------------------------------------------------------------------------
Target 2025 Allocation
- -----------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 109.42
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- -----------------------------------------------------------------------------------------------------
Target 2035 Allocation
- -----------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 110.31
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- -----------------------------------------------------------------------------------------------------
Target 2045 Allocation
- -----------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 111.10
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- -----------------------------------------------------------------------------------------------------
6
EQUI-VEST(SM) Modified TSA Froedtert Memorial Lutheran Hospital
Unit values and number of units outstanding at year end for each variable
investment option, except for those options offered for the first time on or
after December 31, 2006 (continued)
- -----------------------------------------------------------------------------------------------------
For the years ending December 31,
----------------------------------------------------
2003 2004 2005 2006
- -----------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- -----------------------------------------------------------------------------------------------------
Unit value $ 106.93 $ 144.19 $ 166.84 $ 227.62
- -----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 2 3
- -----------------------------------------------------------------------------------------------------
Because you are purchasing an annuity contract 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," in the Prospectus).
FOR USE ONLY WITH TSA CERTIFICATES/CONTRACTS OF
FROEDTERT MEMORIAL LUTHERAN HOSPITAL
MILWAUKEE, WISCONSIN
Copyright 2007. AXA Equitable Life Insurance Company 1290 Avenue of the
Americas New York, New York 10104
(212) 554-1234
All rights reserved. EQUI-VEST(SM) is a service mark of AXA Equitable Life
Insurance Company.
7
AXA Equitable Life Insurance Company
SUPPLEMENT DATED MAY 1, 2007 TO THE MAY 1, 2007 EQUI-VEST(SM) EMPLOYER-SPONSORED
RETIREMENT PROGRAMS PROSPECTUS, SUPPLEMENT TO PROSPECTUS AND STATEMENT OF
ADDITIONAL INFORMATION ("SAI") FOR:
EQUI-VEST(SM) TSA SERIES 200 CERTIFICATES AND CONTRACTS (THE "MODIFIED TSA
CONTRACTS") FOR BROWARD COUNTY PUBLIC SCHOOLS, FLORIDA
- --------------------------------------------------------------------------------
This Supplement modifies certain information in the above-referenced
prospectus, supplement to prospectus and SAI, as supplemented to date
(together, the "Prospectus"), for EQUI-VEST(SM) employer-sponsored retirement
programs offered by AXA Equitable Life Insurance Company ("AXA Equitable").
AXA Equitable offers the Modified TSA Contracts as described below, to
participants in the TSA Plan for Broward County Public Schools, Florida. This
Supplement describes the material differences between the Modified TSA
Contracts and the EQUI-VEST(SM) series 200 contracts described in the
Prospectus. Terms in this Supplement have the same meaning as in the Prospectus.
Material differences between the Modified TSA Contracts and the TSA provisions
described in the EQUI-VEST(SM) series 200 Prospectus include the following:
A. Administrative charge. The annual administrative charge is waived;
therefore, all references in the Prospectus to "annual administrative
charge" or "administrative charge" are deleted in their entirety.
B. Withdrawal charges. The following changes are made to reflect the changes
in circumstances under which withdrawal charges are imposed:
1. The next to the last bullet in "Additional features" under "EQUI-VEST(SM)
employer-sponsored retirement programs at a glance--key features" is
deleted in its entirety and replaced by the following:
Waiver of withdrawal charge under certain circumstances and contracts. See
"Charges and expenses" later in this prospectus.
2. In the section "Charges and expenses" of the Prospectus, under "For SEP,
SARSEP, TSA, EDC and Annuitant-Owned HR-10 contracts" the following is
added after the bullet under the heading "No withdrawal charge applies
under a TSA or EDC (subject to state availability) contract if:" FOR THE
MODIFIED TSA CONTRACTS ONLY:
No withdrawal charge applies for the Modified TSA Contracts if:
(1) the participant has retired from employment;
(2) the participant has separated from service at any time;
(3) the participant has reached age 59-1/2;
(4) the amount withdrawn is intended to satisfy the minimum distribution
requirements;
(5) the employer certifies to us that the amount withdrawn is a "hardship
withdrawal" pursuant to applicable Treasury Regulations;
(6) the participant is disabled (special federal income definition);
(7) we receive proof satisfactory to us that the participant's life expectancy
is six months or less (such proof must include, but is not limited to,
certification by a licensed physician);
(8) the amount withdrawn is attributable to contributions that were made prior
to 1/1/1989, and any earnings credited on such contributions prior to
1/1/1989;
(9) the participant is rolling over funds as a result of one of the
distributable events in (1), (2), (3) and (6) above and (10) below for
spousal beneficiaries only, or rollover of unrestricted funds in (8) from
EQUI-VEST to another third-party provider;
(10) the participant dies and a death benefit is payable to the beneficiary;
(11) the withdrawal is made to purchase a payout annuity from AXA Equitable.
Because you are purchasing an annuity contract 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," in the Prospectus).
FOR USE ONLY WITH TSA CERTIFICATES/CONTRACTS OF
BROWARD COUNTY PUBLIC SCHOOLS, FLORIDA
Copyright 2007. AXA Equitable Life Insurance Company 1290 Avenue of the
Americas, New York, New York 10104
(212) 554-1234
All rights reserved. EQUI-VEST(SM) is a service mark of AXA Equitable Life
Insurance Company.
x01520
AXA Equitable Life Insurance Company
SUPPLEMENT DATED MAY 1, 2007 TO THE MAY 1, 2007 EQUI-VEST(SM) EMPLOYER-SPONSORED
RETIREMENT PROGRAMS PROSPECTUS, SUPPLEMENT TO PROSPECTUS AND STATEMENT OF
ADDITIONAL INFORMATION ("SAI") FOR:
EQUI-VEST(SM) TSA series 100 and 200 certificates and contracts and EDC series
200 contracts (the "Modified Contracts") for the Douglas County School
District, Colorado.
- --------------------------------------------------------------------------------
This Supplement modifies certain information in the above-referenced
prospectus, supplement to prospectus and SAI, as supplemented to date
(together, the "Prospectus"), for EQUI-VEST(SM) employer-sponsored retirement
programs offered by AXA Equitable Life Insurance Company ("AXA Equitable").
AXA Equitable offers the Modified Contracts described below to participants in
the TSA and EDC Plans for the Douglas County School District, Colorado. This
Supplement describes the material differences between the Modified Contracts
and the EQUI-VEST(SM) series 100 and 200 certificates/contracts described in the
Prospectus. Terms in this Supplement have the same meaning as in the
Prospectus. Material differences between the Modified Contracts and the TSA and
EDC provisions described in the series 100 and 200 prospectus include the
following:
A. Administrative charge. The annual administrative charge is waived;
therefore, all references in the Prospectus to "annual administrative
charge" or "administrative charge" are deleted in their entirety.
B. Withdrawal charges. The following changes are made to reflect the changes
in circumstances under which withdrawal charges are imposed:
1. The next to last bullet in "Additional features" under "EQUI-VEST(SM)
employer-sponsored retirement programs at a glance -- key features" is
deleted in its entirety and replaced with the following:
o Waiver of withdrawal charge under certain circumstances and contracts.
See "Charges and expenses" later in this Prospectus.
2. In the section "Charges and expenses" of the Prospectus, under
"Withdrawal charge for series 100 and 200 contracts," "For SEP,
SARSEP, TSA, EDC and Annuitant-Owned HR-10 contracts," the fifth
paragraph and bulleted statement that follow that paragraph are
replaced with the following:
No withdrawal charge applies under TSA or EDC contracts if:
o The annuitant separates from service at any time;
o The annuitant has qualified to receive Social Security disability
benefits as certified by the Social Security Administration or is
totally disabled;
o The annuitant makes a withdrawal to satisfy minimum distribution
requirements;
o The annuitant elects a withdrawal that qualifies as a hardship
withdrawal (or for EDC, an unforeseeable emergency withdrawal) under
the Internal Revenue Code;
o We receive proof satisfactory to us (including certification by a
licensed physician) that the annuitant's life expectancy is six months
or less;
or
o The annuitant has been confined to a nursing home for more than 90
days (or such other period, as required in your state) as verified by
a licensed physician. A nursing home for this purpose means one that
is (a) approved by Medicare as a provider of skilled nursing care
services, or (b) licensed as a skilled nursing home by the state or
territory in which it is located (it must be within the United States,
Puerto Rico, U.S. Virgin Islands, or Guam) and meets all of the
following:
-- its main function is to provide skilled, intermediate or custodial
nursing care;
-- it provides continuous room and board to three or more persons;
-- it is supervised by a registered nurse or licensed practical nurse;
-- it keeps daily medical records of each patient;
-- it controls and records all medications dispensed; and
-- its primary service is other than to provide housing for residents.
For use with TSA and EDC certificates/contracts of the Douglas County
School District, Colorado
x01521
C. Current total Separate Account A annual expenses. The following changes are
made to reflect a change in the current total Separate Account A annual
expenses:
1. The following sentence is added at the end of the first bullet in
"Fees and charges" under the "EQUI-VEST(SM) employer-sponsored
retirement programs at a glance -- key features" in the Prospectus:
For series 100 and 200 Modified Contracts only, we deduct a daily
charge on amounts invested in the variable investment options for
mortality and expense risks and other expenses at a current annual
rate of 0.90%.
2. The following footnote(+) is added to "Maximum total Separate Account
A annual expenses" under "Fee table" in the Prospectus:
(+) For Modified Contracts, the current total Separate Account A
annual charge is 0.90% of the value of the assets in each
variable investment option (this reflects a decrease in the
current charge for the mortality and expense risk charge or other
expenses).
3. The section entitled, "Charges under the contracts" under "Charges and
expenses" is modified as follows:
MORTALITY AND EXPENSE RISKS CHARGE. The following information replaces the
first paragraph (including the chart) of this section:
We deduct a daily charge from the net assets in each variable investment
option to compensate us for mortality and expense risks, including the
death benefit. The daily charge is equivalent to an annual rate of 0.65% of
the net assets in each of the variable investment options.
CHARGE FOR OTHER EXPENSES. The following information replaces this section
in its entirety:
We deduct a daily charge from the net assets in each variable investment
option to reimburse us for the cost of financial accounting services we
provide under the contracts. The daily charge is equivalent to an annual
rate of 0.25% of the net assets in each of the variable investment options.
D. Condensed Financial Information. The unit values and number of units
outstanding shown below as of December 31, 2006 are for contracts offered
under Separate Account A with the same daily asset charge of 0.90%.
2
EQUI-VEST(SM) Modified Douglas County School District
Unit values and number of units outstanding for each variable investment option,
except for those options offered for the first time on or after December 31,
2006.
- ----------------------------------------------------------------------------------------------------
For the years ending December 31,
2003 2004 2005 2006
- ----------------------------------------------------------------------------------------------------
AXA Aggressive Allocation
- ----------------------------------------------------------------------------------------------------
Unit value $ 109.27 $ 121.06 $ 129.64 $ 151.46
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 1 5
- ----------------------------------------------------------------------------------------------------
AXA Conservative Allocation
- ----------------------------------------------------------------------------------------------------
Unit value $ 102.27 $ 107.45 $ 109.09 $ 115.00
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 1
- ----------------------------------------------------------------------------------------------------
AXA Conservative-Plus Allocation
- ----------------------------------------------------------------------------------------------------
Unit value $ 104.26 $ 111.33 $ 113.91 $ 122.77
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 2 4
- ----------------------------------------------------------------------------------------------------
AXA Moderate Allocation
- ----------------------------------------------------------------------------------------------------
Unit value $ 163.61 $ 176.72 $ 183.99 $ 201.66
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 43 46 56 60
- ----------------------------------------------------------------------------------------------------
AXA Moderate-Plus Allocation
- ----------------------------------------------------------------------------------------------------
Unit value $ 108.08 $ 119.63 $ 126.46 $ 143.50
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 3 6 16
- ----------------------------------------------------------------------------------------------------
AXA Premier VIP Aggressive Equity
- ----------------------------------------------------------------------------------------------------
Unit value $ 86.37 $ 96.18 $ 103.39 $ 107.97
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 49 50 54 53
- ----------------------------------------------------------------------------------------------------
AXA Premier VIP Core Bond
- ----------------------------------------------------------------------------------------------------
Unit value $ 110.22 $ 113.47 $ 114.42 $ 117.67
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 2 2
- ----------------------------------------------------------------------------------------------------
AXA Premier VIP Health Care
- ----------------------------------------------------------------------------------------------------
Unit value $ 100.74 $ 111.95 $ 118.66 $ 123.63
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 2 3
- ----------------------------------------------------------------------------------------------------
AXA Premier VIP High Yield
- ----------------------------------------------------------------------------------------------------
Unit value $ 130.87 $ 141.28 $ 144.66 $ 157.99
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 2 4 4
- ----------------------------------------------------------------------------------------------------
AXA Premier VIP International Equity
- ----------------------------------------------------------------------------------------------------
Unit value $ 104.39 $ 121.98 $ 139.55 $ 173.31
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 2 4
- ----------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Core Equity
- ----------------------------------------------------------------------------------------------------
Unit value $ 97.48 $ 105.95 $ 112.07 $ 126.14
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 --
- ----------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Growth
- ----------------------------------------------------------------------------------------------------
Unit value $ 88.25 $ 93.28 $ 99.37 $ 98.58
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 2 4
- ----------------------------------------------------------------------------------------------------
AXA Premier VIP Large Cap Value
- ----------------------------------------------------------------------------------------------------
Unit value $ 103.20 $ 117.02 $ 124.20 $ 146.87
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 2 2
- ----------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Growth
- ----------------------------------------------------------------------------------------------------
Unit value $ 86.54 $ 95.83 $ 102.93 $ 111.81
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 3 3
- ----------------------------------------------------------------------------------------------------
AXA Premier VIP Mid Cap Value
- ----------------------------------------------------------------------------------------------------
Unit value $ 103.15 $ 117.75 $ 125.26 $ 142.42
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 2 2
- ----------------------------------------------------------------------------------------------------
AXA Premier VIP Technology
- ----------------------------------------------------------------------------------------------------
Unit value $ 88.87 $ 92.46 $ 101.96 $ 108.42
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 4 6 6
- ----------------------------------------------------------------------------------------------------
3
- ----------------------------------------------------------------------------------------------------
For the years ending December 31,
2003 2004 2005 2006
- ----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Common Stock
- ----------------------------------------------------------------------------------------------------
Unit value $ 175.55 $ 199.03 $ 206.24 $ 226.80
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 44 45 65 65
- ----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Income
- ----------------------------------------------------------------------------------------------------
Unit value $ 219.38 $ 244.96 $ 256.76 $ 302.39
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 14 15 23 24
- ----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Intermediate
Government Securities
- ----------------------------------------------------------------------------------------------------
Unit value $ 149.21 $ 151.11 $ 151.99 $ 155.73
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3 2 3 3
- ----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein International
- ----------------------------------------------------------------------------------------------------
Unit value $ 109.44 $ 128.49 $ 147.18 $ 180.59
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 18 20 28 31
- ----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Large Cap Growth
- ----------------------------------------------------------------------------------------------------
Unit value $ 59.16 $ 63.54 $ 72.38 $ 71.34
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3 3 4 6
- ----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Quality Bond
- ----------------------------------------------------------------------------------------------------
Unit value $ 157.69 $ 162.53 $ 164.70 $ 169.90
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 3 5 4
- ----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Small Cap Growth
- ----------------------------------------------------------------------------------------------------
Unit value $ 143.04 $ 161.98 $ 179.44 $ 194.31
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 6 7 11 11
- ----------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Value
- ----------------------------------------------------------------------------------------------------
Unit value $ 104.15 $ 117.09 $ 122.34 $ 147.18
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3 7 13 18
- ----------------------------------------------------------------------------------------------------
EQ/AXA Rosenberg Value Long/Short Equity
- ----------------------------------------------------------------------------------------------------
Unit value $ 99.57 $ 102.25 $ 108.95 $ 109.53
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
EQ/Boston Advisors Equity Income
- ----------------------------------------------------------------------------------------------------
Unit value -- $ 107.08 $ 112.64 $ 129.46
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 1
- ----------------------------------------------------------------------------------------------------
EQ/Calvert Socially Responsible
- ----------------------------------------------------------------------------------------------------
Unit value $ 81.01 $ 83.16 $ 89.61 $ 93.45
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 2 3
- ----------------------------------------------------------------------------------------------------
EQ/Capital Guardian Growth
- ----------------------------------------------------------------------------------------------------
Unit value $ 67.15 $ 70.23 $ 73.16 $ 77.86
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 1 1
- ----------------------------------------------------------------------------------------------------
EQ/Capital Guardian International
- ----------------------------------------------------------------------------------------------------
Unit value $ 90.25 $ 101.61 $ 117.94 $ 139.38
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 2 4 5
- ----------------------------------------------------------------------------------------------------
EQ/Capital Guardian Research
- ----------------------------------------------------------------------------------------------------
Unit value $ 106.04 $ 116.55 $ 122.50 $ 136.03
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 7 8 14 14
- ----------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity
- ----------------------------------------------------------------------------------------------------
Unit value $ 103.77 $ 112.42 $ 118.06 $ 128.65
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 6 8 10 11
- ----------------------------------------------------------------------------------------------------
EQ/Caywood-Scholl High Yield Bond
- ----------------------------------------------------------------------------------------------------
Unit value -- -- $ 104.28 $ 111.58
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
EQ/Equity 500 Index
- ----------------------------------------------------------------------------------------------------
Unit value $ 173.95 $ 190.50 $ 197.59 $ 225.93
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 10 14 23 26
- ----------------------------------------------------------------------------------------------------
4
- ----------------------------------------------------------------------------------------------------
For the years ending December 31,
2003 2004 2005 2006
- ----------------------------------------------------------------------------------------------------
EQ/Evergreen International Bond
- ----------------------------------------------------------------------------------------------------
Unit value -- -- $ 97.60 $ 100.03
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
EQ/Evergreen Omega
- ----------------------------------------------------------------------------------------------------
Unit value $ 79.22 $ 84.03 $ 86.57 $ 90.83
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 2 3
- ----------------------------------------------------------------------------------------------------
EQ/FI Mid Cap
- ----------------------------------------------------------------------------------------------------
Unit value $ 98.80 $ 113.60 $ 119.75 $ 132.35
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 4 6 15 19
- ----------------------------------------------------------------------------------------------------
EQ/FI Mid Cap Value
- ----------------------------------------------------------------------------------------------------
Unit value $100.68 $ 117.59 $ 129.73 $ 144.61
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 5 8 15 16
- ----------------------------------------------------------------------------------------------------
EQ/Franklin Income
- ----------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 104.43
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- ----------------------------------------------------------------------------------------------------
EQ/Franklin Small Cap Value
- ----------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 108.37
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
EQ/GAMCO Mergers and Acquisitions
- ----------------------------------------------------------------------------------------------------
Unit value -- -- $ 105.35 $ 117.15
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
EQ/GAMCO Small Company Value
- ----------------------------------------------------------------------------------------------------
Unit value -- $ 113.34 $ 117.17 $ 137.99
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 2
- ----------------------------------------------------------------------------------------------------
EQ/International Growth
- ----------------------------------------------------------------------------------------------------
Unit value -- -- $ 115.34 $ 143.61
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- ----------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth
- ----------------------------------------------------------------------------------------------------
Unit value $ 55.28 $ 61.44 $ 65.32 $ 65.50
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 2 3 4
- ----------------------------------------------------------------------------------------------------
EQ/JPMorgan Core Bond
- ----------------------------------------------------------------------------------------------------
Unit value $110.17 $ 113.65 $ 115.13 $ 118.73
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 2 3 4
- ----------------------------------------------------------------------------------------------------
EQ/JPMorgan Value Opportunities
- ----------------------------------------------------------------------------------------------------
Unit value $ 98.05 $ 107.74 $ 109.96 $ 132.37
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 1 5 5
- ----------------------------------------------------------------------------------------------------
EQ/Legg Mason Value Equity
- ----------------------------------------------------------------------------------------------------
Unit value -- -- $ 106.52 $ 112.77
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- ----------------------------------------------------------------------------------------------------
EQ/Long Term Bond
- ----------------------------------------------------------------------------------------------------
Unit value -- -- $ 100.29 $ 101.20
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- ----------------------------------------------------------------------------------------------------
EQ/Lord Abbett Growth and Income
- ----------------------------------------------------------------------------------------------------
Unit value -- -- $ 106.30 $ 123.48
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- ----------------------------------------------------------------------------------------------------
EQ/Lord Abbett Large Cap Core
- ----------------------------------------------------------------------------------------------------
Unit value -- -- $ 105.93 $ 118.30
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
EQ/Lord Abbett Mid Cap Value
- ----------------------------------------------------------------------------------------------------
Unit value -- -- $ 111.82 $ 124.58
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- ----------------------------------------------------------------------------------------------------
5
- ----------------------------------------------------------------------------------------------------
For the years ending December 31,
2003 2004 2005 2006
- ----------------------------------------------------------------------------------------------------
EQ/Marsico Focus
- ----------------------------------------------------------------------------------------------------
Unit value $ 120.75 $ 132.24 $ 145.08 $ 157.18
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3 5 11 16
- ----------------------------------------------------------------------------------------------------
EQ/Mercury Basic Value Equity
- ----------------------------------------------------------------------------------------------------
Unit value $ 144.90 $ 158.78 $ 161.99 $ 194.11
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 3 4 9 9
- ----------------------------------------------------------------------------------------------------
EQ/Mercury International Value
- ----------------------------------------------------------------------------------------------------
Unit value $ 97.27 $ 117.26 $ 128.80 $ 160.43
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 5 6 10 14
- ----------------------------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies
- ----------------------------------------------------------------------------------------------------
Unit value $ 81.47 $ 90.93 $ 87.96 $ 104.93
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 6 7 25 26
- ----------------------------------------------------------------------------------------------------
EQ/MFS Investors Trust
- ----------------------------------------------------------------------------------------------------
Unit value $ 81.18 $ 89.62 $ 95.21 $ 106.56
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 1 1 1
- ----------------------------------------------------------------------------------------------------
EQ/Money Market
- ----------------------------------------------------------------------------------------------------
Unit value $ 127.81 $ 127.96 $ 130.47 $ 108.50
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 2 19 1
- ----------------------------------------------------------------------------------------------------
EQ/Montag & Caldwell Growth
- ----------------------------------------------------------------------------------------------------
Unit value -- $ 104.76 $ 109.43 $ 117.07
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
EQ/Mutual Shares
- ----------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 107.25
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- ----------------------------------------------------------------------------------------------------
EQ/Oppenheimer Global
- ----------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 111.10
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
EQ/Oppenheimer Main Street Small Cap
- ----------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 111.14
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
EQ/PIMCO Real Return
- ----------------------------------------------------------------------------------------------------
Unit value -- -- $ 99.64 $ 99.13
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
EQ/Short Duration Bond
- ----------------------------------------------------------------------------------------------------
Unit value -- -- $ 100.09 $ 103.12
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
EQ/Small Cap Value
- ----------------------------------------------------------------------------------------------------
Unit value $ 155.30 $ 180.23 $ 186.98 $ 215.15
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 4 9 10
- ----------------------------------------------------------------------------------------------------
EQ/Small Company Growth
- ----------------------------------------------------------------------------------------------------
Unit value -- $ 114.70 $ 122.18 $ 133.44
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- 1 1
- ----------------------------------------------------------------------------------------------------
EQ/Small Company Index
- ----------------------------------------------------------------------------------------------------
Unit value $ 118.42 $ 138.09 $ 142.68 $ 166.44
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 1 2 5 6
- ----------------------------------------------------------------------------------------------------
EQ/TCW Equity
- ----------------------------------------------------------------------------------------------------
Unit value -- $ 111.33 $ 114.73 $ 109.14
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
EQ/Templeton Growth
- ----------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 107.73
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- ----------------------------------------------------------------------------------------------------
6
- ----------------------------------------------------------------------------------------------------
For the years ending December 31,
2003 2004 2005 2006
- ----------------------------------------------------------------------------------------------------
EQ/UBS Growth and Income
- ----------------------------------------------------------------------------------------------------
Unit value -- $ 109.34 $ 118.12 $ 133.62
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
EQ/Van Kampen Comstock
- ----------------------------------------------------------------------------------------------------
Unit value -- -- $ 104.60 $ 120.15
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- ----------------------------------------------------------------------------------------------------
EQ/Van Kampen Emerging Markets Equity
- ----------------------------------------------------------------------------------------------------
Unit value $ 134.89 $ 165.33 $ 217.56 $ 295.50
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) 2 2 2 6
- ----------------------------------------------------------------------------------------------------
EQ/Van Kampen Mid Cap Growth
- ----------------------------------------------------------------------------------------------------
Unit value -- -- $ 124.11 $ 134.38
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- ----------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Small Cap
- ----------------------------------------------------------------------------------------------------
Unit value -- -- $ 119.40 $ 143.93
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- 1
- ----------------------------------------------------------------------------------------------------
Target 2015 Allocation
- ----------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 108.47
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
Target 2025 Allocation
- ----------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 109.42
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
Target 2035 Allocation
- ----------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 110.31
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
Target 2045 Allocation
- ----------------------------------------------------------------------------------------------------
Unit value -- -- -- $ 111.10
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- -- -- --
- ----------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II
- ----------------------------------------------------------------------------------------------------
Unit value $ 106.93 $ 144.19 $ 166.84 $ 227.62
- ----------------------------------------------------------------------------------------------------
Number of units outstanding (000's) -- 1 2 3
- ----------------------------------------------------------------------------------------------------
Because you are purchasing an annuity contract 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," in the Prospectus).
Copyright 2007. AXA Equitable Life Insurance Company 1290 Avenue of the
Americas New York, New York 10104
(212) 554-1234
All rights reserved. EQUI-VEST(SM) is a service mark of AXA Equitable Life
Insurance Company
7
AXA Equitable Life Insurance Company
SUPPLEMENT DATED MAY 1, 2007 TO THE MAY 1, 2007 EQUI-VEST(SM) EMPLOYER-SPONSORED
RETIREMENT PROGRAMS PROSPECTUS, SUPPLEMENT TO PROSPECTUS AND STATEMENT OF
ADDITIONAL INFORMATION ("SAI") FOR:
EQUI-VEST(SM) TSA SERIES 100 AND 200 CERTIFICATES AND CONTRACTS AND EDC SERIES
200 CONTRACTS (THE "MODIFIED CONTRACTS") FOR CHARLOTTE-MECKLENBERG PUBLIC
SCHOOLS, NORTH CAROLINA.
- --------------------------------------------------------------------------------
This Supplement modifies certain information in the above-referenced prospectus,
supplement to prospectus and SAI, as supplemented to date (together, the
"Prospectus"), for EQUI-VEST(SM) employer-sponsored retirement programs offered
by AXA Equitable Life Insurance Company ("AXA Equitable"). Unless otherwise
indicated, all other information included in the Prospectus remains unchanged.
The terms and section headings we use in this supplement have the same meaning
as in the Prospectus.
AXA Equitable offers the Modified Contracts described below to participants in
the TSA and EDC Plans for Charlotte-Mecklenberg Public Schools, North Carolina.
This Supplement describes the material differences between the Modified
Contracts and the EQUI-VEST(SM) series 100 and 200 contracts described in the
Prospectus. Terms in this Supplement have the same meaning as in the
Prospectus. Material differences between the Modified Contracts and the TSA and
EDC provisions described in the series 100 and 200 prospectus include the
following:
A. Administrative charge. The annual administrative charge is waived; therefore,
all references in the Prospectus to "annual administrative charge" or
"administrative charge" are deleted in their entirety.
B. Withdrawal charges. The following changes are made to reflect the changes in
circumstances under which withdrawal charges are imposed:
1. The next to last bullet in "Additional features" under "EQUI-VEST(SM)
employer-sponsored retirement programs at a glance - key features" is
deleted in its entirety and replaced with the following:
o Waiver of withdrawal charge under certain circumstances and contracts.
See "Charges and expenses" later in this Prospectus.
2. In the section "Charges and expenses" of the Prospectus, under "Withdrawal
charge for series 100 and 200 contracts," "For SEP, SARSEP, TSA, EDC and
Annuitant-Owned HR-10 contracts," the fifth paragraph and bulleted
statement that follow that paragraph are replaced with the following:
No withdrawal charge applies under TSA or EDC contracts if:
o The annuitant separates from service at any time;
o The annuitant has qualified to receive Social Security disability
benefits as certified by the Social Security Administration or is
totally disabled;
o The annuitant retires from employment;
o The annuitant makes a withdrawal to satisfy minimum distribution
requirements; or
o The annuitant elects a withdrawal that qualifies as a hardship
withdrawal (or for EDC, an unforeseeable emergency withdrawal) under
the Internal Revenue Code.
Because you are purchasing an annuity contract 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," in the Prospectus).
FOR USE WITH TSA and EDC CERTIFICATES/CONTRACTS OF CHARLOTTE-MECKLENBERG
PUBLIC SCHOOLS NORTH CAROLINA
Copyright 2007. AXA Equitable Life Insurance Company 1290 Avenue of the Americas
New York, New York 10104
(212) 554-1234
All rights reserved. EQUI-VEST(SM) is a service mark of
AXA Equitable Life Insurance Company
888-1359 x01522
AXA Equitable Life Insurance Company
SUPPLEMENT DATED MAY 1, 2007 TO THE MAY 1, 2007 EQUI-VESTSM EMPLOYER-SPONSORED
RETIREMENT PROGRAMS PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION ("SAI")
FOR:
EQUI-VESTSM TSA SERIES 100 AND 200 CERTIFICATES AND CONTRACTS (THE "MODIFIED
CONTRACTS") TO THE EMPLOYEES FOR THE SCHOOL DISTRICT OF PHILADELPHIA IN THE
STATE OF PENNSYLVANIA.
- --------------------------------------------------------------------------------
This Supplement modifies certain information in the above-referenced prospectus
and SAI, as supplemented to date (together, the "Prospectus"), for EQUI-VESTSM
employer-sponsored retirement programs offered by AXA Equitable Life Insurance
Company ("AXA Equitable"). Unless otherwise indicated, all other information
included in the Prospectus remains unchanged. The terms and section headings we
use in this supplement have the same meaning as in the Prospectus.
AXA Equitable offers the Modified Contracts described below to employees in the
School District of Philadelphia 403(b) Plan in the State of Pennsylvania. This
Supplement describes the material differences between the Modified Contracts
and the EQUI-VESTSM series 100 and 200 contracts described in the Prospectus.
Terms in this Supplement have the same meaning as in the Prospectus. Material
differences between the Modified Contracts and the TSA provisions described in
the series 100 and 200 prospectus include the following:
A. Administrative charge. The annual administrative charge is waived; therefore,
all references in the Prospectus to "annual administrative charge" or
"administrative charge" are deleted in their entirety.
B. Withdrawal charges. The following changes are made to reflect the changes in
circumstances under which withdrawal charges are imposed:
1. The next to last bullet in "Additional features" under "EQUI-VESTSM
employer-sponsored retirement programs at a glance - key features" is
deleted in its entirety and replaced with the following:
o Waiver of withdrawal charge under certain circumstances and contracts.
See "Charges and expenses" later in this Prospectus.
2. In the section "Charges and expenses" of the Prospectus, under "Withdrawal
charge for series 100 and 200 contracts," "For SEP, SARSEP, TSA, EDC and
Annuitant-Owned HR-10 contracts," the following is added after the bullet
under the heading "No withdrawal charge applies under a TSA or EDC
(subject to state availability) contract if:"
FOR THE MODIFIED CONTRACTS ONLY
No withdrawal charge applies under TSA contracts if:
o The participant separates from service at any time;
o The participant has qualified to receive Social Security disability
benefits as certified by the Social Security Administration or is
totally disabled;
o The participant makes a withdrawal to satisfy minimum distribution
requirements;
o The participant elects a withdrawal that qualifies as a hardship
withdrawal under the Internal Revenue Code;
o We receive proof satisfactory to us (including certification by a
licensed physician) that the participant's life expectancy is six
months or less;
o The participant has been confined to a nursing home for more than 90
days (or such other period, as required in your state) as verified by
a licensed physician. A nursing home for this purpose means one that
is (a) approved by Medicare as a provider of skilled nursing care
services, or (b) licensed as a skilled nursing home by the state or
territory in which it is located (it must be within the United States,
Puerto Rico, U.S. Virgin Islands, or Guam) and meets all of the
following:
-- its main function is to provide skilled, intermediate or custodial
nursing care;
-- it provides continuous room and board to three or more persons;
-- it is supervised by a registered nurse or licensed practical nurse;
-- it keeps daily medical records of each patient;
-- it controls and records all medications dispensed;
-- its primary service is other than to provide housing for residents;
or
o The participant dies and a death benefit is payable to the beneficiary.
Because you are purchasing an annuity contract 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," in the Prospectus).
Copyright 2007. AXA Equitable Life Insurance Company 1290 Avenue of the Americas
New York, New York 10104
(212) 554-1234
All rights reserved. EQUI-VESTSM is a service mark of
AXA Equitable Life Insurance Company
FOR USE WITH TSA CERTIFICATES/CONTRACTS OF THE SCHOOL DISTRICT OF PHILADELPHIA
PENNSYLVANIA
888-1401 (5/07) Catalog No. 136841 (5/07)
x01529
AXA Equitable Life Insurance Company
SUPPLEMENT DATED MAY 1, 2007 TO THE MAY 1, 2007 PROSPECTUS FOR EQUI-VEST(SM)
EXPRESS(SM), EQUI-VEST(SM) SERIES 800, EQUI-VEST(SM) VANTAGE(SM), EQUI-VEST(SM)
VANTAGE(SM) ADDITIONAL CONTRIBUTIONS TAX-SHELTERED (ACTS) PROGRAM, EQUI-VEST(SM)
TSA ADVANTAGE(SM) AND EQUI-VEST(SM) TSA CONTRACTS (SERIES 200) OFFERED TO
EMPLOYEES OF CERTAIN NON-PROFIT ORGANIZATIONS WITHIN THE STATE OF OREGON
- --------------------------------------------------------------------------------
This Supplement modifies certain information in each above-referenced
Prospectus, Supplements to the Prospectus and Statement of Additional
Information, dated May 1, 2007, as previously supplemented (the
"Prospectuses"). You should read this Supplement in conjunction with the
Prospectuses and retain it for future reference. Unless otherwise indicated,
all other information included in the Prospectuses remains unchanged. The terms
and section headings we use in this Supplement have the same meaning as in the
Prospectuses. We will send you another copy of any prospectus or supplement
without charge upon request. Please contact the customer service group
referenced in your prospectus.
The purpose of this supplement is to provide you with information regarding
certain Portfolio substitutions, name changes and sub-adviser changes. The
Portfolios discussed below are not available in all contracts. As applicable to
your contract, please note the following changes:
CHANGES TO PORTFOLIOS OF THE EQ ADVISORS TRUST
1. PORTFOLIO NAME AND ADVISER (AND SUB-ADVISER(S), AS APPLICABLE) CHANGES --
MAY 29, 2007
Effective on or about May 29, 2007, subject to regulatory approval, the
following Portfolio name changes as listed below will occur. Accordingly,
all references to their respective corresponding investment options in the
Prospectus are also changed.
- --------------------------------------------------------------------------------
Existing Portfolio Name New Portfolio Name
- --------------------------------------------------------------------------------
EQ/Capital Guardian International MarketPLUS International Core
- --------------------------------------------------------------------------------
EQ/FI Mid Cap Value MarketPLUS Mid Cap Value
- --------------------------------------------------------------------------------
EQ/MFS Emerging Growth Companies MarketPLUS Large Cap Growth
- --------------------------------------------------------------------------------
EQ/MFS Investors Trust MarketPLUS Large Cap Core
- --------------------------------------------------------------------------------
EQ/Small Cap Value Multimanager Small Cap Value+
- --------------------------------------------------------------------------------
EQ/Small Company Growth Multimanager Small Cap Growth+
- --------------------------------------------------------------------------------
+ These Portfolios will also be reorganized as Portfolios of the AXA Premier
VIP Trust ("VIP Trust"). AXA Equitable Life Insurance Company ("AXA
Equitable") in its capacity as Investment Manager of the VIP Trust will
manage the assets of both Portfolios.
In addition to the name changes shown in the table above, the following changes
to each portfolio's objective and Investment Manager and/or Sub-Adviser(s) will
also occur. The following is added under "Portfolios of the Trusts" under
"Contract features and benefits" for the New Portfolios, replacing information
shown for Existing Portfolios listed above:
- ------------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
MarketPLUS International Core Seeks to achieve long-term growth of capital. o AXA Equitable
o Mellon Equity Associates LLC
o Wentworth Hauser and Violich, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
MarketPLUS Large Cap Core Seeks long-term growth of capital with a secondary o AXA Equitable
objective to seek reasonable current income. For o Institutional Capital Corporation LLC
purposes of this Portfolio, the words "reasonable o Mellon Equity Associates LLC
current income" mean moderate income.
- ------------------------------------------------------------------------------------------------------------------------------------
MarketPLUS Large Cap Growth Seeks to provide long-term capital growth. o AXA Equitable
o Marsico Capital Management LLC
o Mellon Equity Associates LLC
- ------------------------------------------------------------------------------------------------------------------------------------
x01643
- ------------------------------------------------------------------------------------------------------------------------------------
EQ Advisors Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
MarketPLUS Mid Cap Value Seeks long-term capital appreciation. o AXA Equitable
o Mellon Equity Associates LLC
o Wellington Management Company LLP
- ------------------------------------------------------------------------------------------------------------------------------------
AXA Premier VIP Trust Investment Manager (or Sub-Adviser(s), as
Portfolio Name Objective applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
Multimanager Small Cap Growth Long-term growth of capital. o Bear Stearns Asset Management Inc.
o Eagle Asset Management, Inc.
o Wells Capital Management Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
Multimanager Small Cap Value Long-term growth of capital. o Franklin Advisory Services, LLC
o Lazard Asset Management LLC
- ------------------------------------------------------------------------------------------------------------------------------------
2. PORTFOLIO SUBSTITUTION -- JULY 9, 2007
Effective on or about July 9, 2007, subject to regulatory approval,
interests in the EQ/Van Kampen Real Estate investment option (the "surviving
option") will replace interests in the U.S. Real Estate -- Class II
investment option (the "replaced option"). The table below shows the
objective and the sub-adviser for the surviving option. We will move the
assets from the replaced option into the surviving option on the date of the
substitution. The value of your interest in the surviving option will be the
same as it was in the replaced option. We will also automatically direct any
contributions made to the replaced option to the surviving option. An
allocation election to the replaced option will be considered as an
allocation election to the surviving option. You may transfer your account
value among the investment options, as usual. However, we may impose
restrictions on transfers to prevent or limit disruptive transfer and other
"market timing" activities by contract owners or registered representatives
as more fully described in "Transferring your money among investment
options" under "Disruptive transfer activity." Any account value remaining
in the replaced option on the substitution date will be transferred to the
surviving option. For more information about this substitution and for
information on how to transfer your account value, please contact a customer
service representative referenced in your Prospectus.
- ------------------------------------------------------------------------------------------------------------------------------------
Investment Manager (or
Replaced (Current) Portfolio Surviving/New Portfolio Objective Sub-Adviser(s), as applicable)
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Real Estate -- Class II EQ/Van Kampen Real Estate Seeks to provide above average Morgan Stanley Investment
current income and long-term Management, Inc.
capital appreciation.
- ------------------------------------------------------------------------------------------------------------------------------------
3. PORTFOLIO MERGERS -- JULY 9, 2007 AND AUGUST 20, 2007
Effective on or about July 9, 2007 and August 20, 2007, subject to regulatory
and shareholder approvals, interests in certain investment options (the
"surviving options") will replace interests in current investment options
(the "replaced options"), as listed in the table below. The table also shows
the objective and the sub-adviser(s), for each surviving option. We will move
the assets from each replaced option into the applicable surviving option on
the date of the scheduled merger. The value of your interest in each
surviving option will be the same as it was in the corresponding replaced
option. We will also automatically direct any contributions made to a
replaced option to the applicable surviving option. Any allocation election
to a replaced option will be considered as an allocation election to the
applicable surviving option. For more information about these Portfolio
mergers, please contact a customer service representative referenced in your
Prospectus.
The mergers of the EQ/Capital Guardian U.S. Equity, EQ/Janus Large Cap Growth
and EQ/Wells Fargo Montgomery Small Cap Portfolios will occur on or about
July 9, 2007. The merger of the EQ/AllianceBernstein Growth and Income
Portfolio will occur on or about August 20, 2007.
Also, T. Rowe Price Associates, Inc. will replace TCW Investment Management
Company as the Portfolio's sub-adviser and there will be a corresponding name
change of the Portfolio to EQ/T. Rowe Price Growth Stock Portfolio. The
expenses for the new EQ/T. Rowe Price Growth Stock Portfolio are shown in the
Fee Table below.
2
- ---------------------------------------------------------------------------------------------------
Replaced (Current) Portfolio Surviving/New Portfolio
- ---------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and EQ/AllianceBernstein Value
Income
- ---------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity EQ/Capital Guardian Research
- ---------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth EQ/T. Rowe Price Growth Stock
- ---------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Multimanager Small Cap Growth
Small Cap
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
Investment Manager (or
Replaced (Current) Portfolio Objective Sub-Adviser(s), as applicable)
- ---------------------------------------------------------------------------------------------------
EQ/AllianceBernstein Growth and Seeks capital appreciation. AllianceBernstein L.P.
Income
- ---------------------------------------------------------------------------------------------------
EQ/Capital Guardian U.S. Equity Seeks to achieve long-term Capital Guardian Trust Company
growth of capital.
- ---------------------------------------------------------------------------------------------------
EQ/Janus Large Cap Growth Seeks to achieve long-term T. Rowe Price Associates, Inc.
capital appreciation.
- ---------------------------------------------------------------------------------------------------
EQ/Wells Fargo Montgomery Long-term growth of capital. o Bear Stearns Asset
Small Cap Management Inc.
o Eagle Asset Management, Inc.
o Wells Capital Management Inc.
- ---------------------------------------------------------------------------------------------------
4. FEE TABLE
The following is added under "Portfolio operating expenses expressed as an
annual percentage of daily net assets", replacing the information shown for
the Existing and Replaced Portfolios listed above:
- -----------------------------------------------------------------------
Management 12b-1 Other
Portfolio Name Fees Fees Expenses
- -----------------------------------------------------------------------
AXA Premier VIP Trust:
- -----------------------------------------------------------------------
Multimanager Small Cap Growth++ 1.05% 0.25% 0.23%
Multimanager Small Cap Value++ 1.03% 0.25% 0.18%
- -----------------------------------------------------------------------
EQ Advisors Trust:
- -----------------------------------------------------------------------
EQ/T. Rowe Price Growth Stock++ 0.78% 0.25% 0.14%
EQ/Van Kampen Real Estate* 0.90% 0.25% 0.13%
MarketPLUS International Core++ 0.60% 0.25% 0.24%
MarketPLUS Large Cap Core++ 0.50% 0.25% 0.23%
MarketPLUS Large Cap Growth++ 0.50% 0.25% 0.19%
MarketPLUS Mid Cap Value++ 0.55% 0.25% 0.18%
- -----------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
Acquired Total Annual Fee Waivers Net Total
Fund Fees Expenses and/or Annual
and Expenses (Before Expense Expenses
(Underlying Expense Reimburse- (After Expense
Portfolio Name Portfolios) Limitations) ments Limitations)
- ---------------------------------------------------------------------------------------------------
AXA Premier VIP Trust:
- --------------------------------------------------------------------------------------------------
Multimanager Small Cap Growth++ -- 1.53% 0.00% 1.53%
Multimanager Small Cap Value++ -- 1.46% 0.00% 1.46%
- ---------------------------------------------------------------------------------------------------
EQ Advisors Trust:
- --------------------------------------------------------------------------------------------------
EQ/T. Rowe Price Growth Stock++ -- 1.17% (0.02)% 1.15%
EQ/Van Kampen Real Estate* -- 1.28% (0.02)% 1.26%
MarketPLUS International Core++ 0.05% 1.14% 0.00% 1.14%
MarketPLUS Large Cap Core++ 0.02% 1.00% (0.03)% 0.97%
MarketPLUS Large Cap Growth++ 0.02% 0.96% 0.00% 0.96%
MarketPLUS Mid Cap Value++ 0.03% 1.01% 0.00% 1.01%
- ---------------------------------------------------------------------------------------------------
++ The expenses for this portfolio are based on the asset levels of its
predecessor portfolio for the last fiscal year, adjusted to reflect current
fees.
* This is a newly created portfolio of the EQ Advisors Trust. Therefore, the
fees and expenses presented in the table above are estimates for the current
fiscal period.
3
The following is added under "Example" replacing the information shown for the
Existing and Replaced Portfolios listed above:
- ---------------------------------------------------------------------------------------------------------------
If you annuitize at the end of the
applicable time period and select a
non-life contingent period certain
If you surrender your contract at the annuity option with less than ten
end of the applicable time period years*
- ---------------------------------------------------------------------------------------------------------------
1 3 5 10 1 3 5 10
Portfolio Name year years years years year years years years
- ---------------------------------------------------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- ---------------------------------------------------------------------------------------------------------------
Multimanager Small Cap Growth $1,014 $1,706 $2,507 $3,987 N/A $1,706 $2,507 $3,987
Multimanager Small Cap Value $1,007 $1,685 $2,474 $3,923 N/A $1,685 $2,474 $3,923
- ---------------------------------------------------------------------------------------------------------------
EQ ADVISORS TRUST:
- ---------------------------------------------------------------------------------------------------------------
EQ/T. Rowe Price Growth Stock $ 978 $1,601 $2,337 $3,650 N/A $1,601 $2,337 $3,650
EQ/Van Kampen Real Estate $ 989 $1,633 $2,389 $3,755 N/A $1,633 $2,389 $3,755
MarketPLUS International Core $ 975 $1,592 $2,323 $3,622 N/A $1,592 $2,323 $3,622
MarketPLUS Large Cap Core $ 962 $1,554 $2,261 $3,496 N/A $1,554 $2,261 $3,496
MarketPLUS Large Cap Growth $ 958 $1,540 $2,237 $3,448 N/A $1,540 $2,237 $3,448
MarketPLUS Mid Cap Value $ 961 $1,551 $2,256 $3,487 N/A $1,551 $2,256 $3,487
- ---------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------
If you do not surrender your
contract
at the end of the applicable time
period
- -----------------------------------------------------------------------
1 3 5 10
Portfolio Name year years years years
- -----------------------------------------------------------------------
AXA PREMIER VIP TRUST:
- -----------------------------------------------------------------------
Multimanager Small Cap Growth $377 $1,146 $1,933 $3,987
Multimanager Small Cap Value $370 $1,124 $1,898 $3,923
- -----------------------------------------------------------------------
EQ ADVISORS TRUST:
- -----------------------------------------------------------------------
EQ/T. Rowe Price Growth Stock $339 $1,035 $1,752 $3,650
EQ/Van Kampen Real Estate $351 $1,069 $1,808 $3,755
MarketPLUS International Core $336 $1,025 $1,737 $3,622
MarketPLUS Large Cap Core $323 $ 985 $1,671 $3,496
MarketPLUS Large Cap Growth $317 $ 970 $1,646 $3,448
MarketPLUS Mid Cap Value $322 $ 982 $1,666 $3,487
- -----------------------------------------------------------------------
* Depending on your product, if a non-life contingent period certain annuity
option of ten years or more is chosen, a withdrawal charge may still apply.
EQUI-VEST Series 100 and 200 and EQUI-VEST Employer Sponsored Retirement
Programs 100 and 200 contracts, under certain circumstances, may not have a
withdrawal charge when a non-life contingent period certain annuity of less
than ten years is chosen. Please see your Prospectus for more information on
when withdrawal charges do not apply.
AXA Equitable Life Insurance Company
1290 Avenue of the Americas
New York, NY 10104
212-554-1234
4
811-04335
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 13. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION
ESTIMATED
ITEM OF EXPENSE EXPENSE
- --------------------------------------------------------------- ---------
Registration fees $ 0
Federal taxes N/A
State taxes and fees (based on 50 state average) N/A
Trustees' fees N/A
Transfer agents' fees N/A
Printing and filing fees $50,000*
Legal fees N/A
Accounting fees N/A
Audit fees $20,000*
Engineering fees N/A
Directors and officers insurance premium paid by Registrant N/A
- -------------
* Estimated expense.
Item 14. Indemnification of Directors and Officers
-----------------------------------------
AXA Equitable By-Laws provide, in Article VII, as follows:
7.4 Indemnification of Directors, Officers and Employees.
-----------------------------------------------------
(a) To the extent permitted by the law of the State of
New York and subject to all applicable requirements
thereof:
(i) any person made or threatened to be made a party to
any action or proceeding, whether civil or criminal,
by reason of the fact that he or she, or his or her
testator or intestate, is or was a director, officer
or employee of the Company shall be indemnified by
the Company;
(ii) any person made or threatened to be made a party to
any action or proceeding, whether civil or criminal,
by reason of the fact that he or she, or his or her
testator or intestate serves or served any other
organization in any capacity at the request of the
Company may be indemnified by the Company; and
(iii) the related expenses of any such person in any of
said categories may be advanced by the Company
(b) To the extent permitted by the law of the
State of New York, the Company may provide
for further indemnification or advancement
of expenses by resolution of shareholders of
the Company or the Board of Directors, by
amendment of these By-Laws, or by agreement.
{Business Corporation Law ss.ss. 721 -726;
Insurance Law ss.1216}
The directors and officers of AXA Equitable are insured under
policies issued by Arch Insurance Company, X. L. Insurance
Company, ACE Insurance Company, Endurance Insurance Company,
U.S. Specialty Insurance, Starr Excess Liability International
and Lloyd's of London. The annual limit on such policies is $150
million, and the policies insure the officers and directors
against certain liabilities arising out of their conduct in such
capacities.
Item 15. RECENT SALES OF UNREGISTERED SECURITIES
None
Item 16. Exhibits
--------
Exhibits No.
------------
(1) (a) Distribution and Servicing Agreement among
Equico Securities, Inc. (now AXA Advisors,
LLC), Equitable and Equitable Variable
Life Insurance Company, dated as of May 1,
1994, incorporated by reference to Exhibit
3.(c) to Registration Statement File
No. 2-30070, previously filed on February
14, 1995, refiled electronically on July 10,
1998.
II-1
(b) Sales Agreement dated as of January 1, 1995
by and among Equico Securities, Inc. (now
AXA Advisors, LLC), Equitable, Separate
Account A, Separate Account No. 301 and
Separate Account No. 51, previously filed as
Exhibit 1(c) to this Registration Statement
No. 33-89510 on April 24, 1995, incorporated
by reference to Exhibit 3(e) to Registration
Statement File No. 2-30070, filed
electronically July 10, 1998.
(c)(i) Participation Agreement among EQ Advisors
Trust, The Equitable Life Assurance Society
of the United States, Equitable
Distributors, Inc. and EQ Financial
Consultants, Inc. (now AXA Advisors, LLC),
dated as of the 14th day of April 1997,
incorporated by reference to the
Registration Statement of EQ Advisors Trust
(File No. 333-17217) on Form N-1A, filed
August 28, 1997.
(c)(ii) Form of Participation Agreement among EQ
Advisors Trust, Equitable, AXA Distributors
LLC and AXA Advisors, LLC, incorporated
herein by reference to Exhibit 23.(h)(4)(ix)
to Post-Effective Amendment No. 27 to
Registration Statement on Form N-1A to the
Registration Statement of EQ Advisors
Trust on Form N-1A (File Nos. 333-17217 and
811-07953), filed on January 15, 2004.
(d) Distribution Agreement for services by The
Equitable Life Assurance Society of the
United States to AXA Network, LLC and its
subsidiaries dated January 1, 2000
previously filed with Registration
Statement, File No. 33-89510, on
April 20, 2001 and incorporated herein by.
reference.
(e) Distribution Agreement for services by AXA
Network, LLC to The Equitable Life Assurance
Society of the United States dated
January 1, 2000 previously filed with
Registration Statement, File No. 33-89510,
on April 20, 2001 and incorporated herein by
reference.
(f) Form of Participation Agreement among AXA
Premier VIP Trust, Equitable Distributors,
Inc., AXA Distributors, LLC and AXA
Advisors, LLC, previously filed with
Registration Statement File No. 333-64749
on December 5, 2001 and incorporated herein
by reference.
(g) Form of Participation Agreement among The
Equitable Life Assurance Society of the
United States, The Universal Institutional
Funds, Inc. and Morgan Stanley Investment
Management Inc., incorporated herein by
reference to Exhibit No. 1-A(9)(d) to
Registration Statement on Form S-6, File
No. 333-17641, filed on October 8, 2002.
(h) Form of Participation Agreement among BARR
Rosenberg Variable Insurance Trust, BARR
ROSENBERG FUNDS DISTRIBUTOR, INC., AXA
ROSENBERG INVESTMENT MANAGEMENT LLC, and the
Equitable Life Assurance Company of the
United States, incorporated herein by
reference to Exhibit No. 8(d) to
Registration Statement on Form N-4, File
No. 2-30070, filed on August 5, 2003.
(i) General Agent Sales Agreement dated January
1, 2000 between The Equitable Life Assurance
Society of the United States and AXA
Network, LLC and its subsidiaries,
incorporated herein by reference to Exhibit
3(h) to the Registration Statement on Form
N-4, File No. 2-30070, filed April 19, 2004.
(j) First Amendment to General Agent Sales
Agreement dated January 1, 2000 between The
Equitable Life Assurance Society of the
United States and AXA Network, LLC and its
subsidiaries, incorporated herein by
reference to Exhibit 3(i) to the
Registration Statement on Form N-4, File No.
2-30070, filed April 19, 2004.
(k) Second Amendment to General Agent Sales
Agreement dated January 1, 2000 between The
Equitable Life Assurance Society of the
United States and AXA Network, LLC and its
subsidiaries, incorporated herein by
reference to Exhibit 3(j) to the
Registration Statement on Form N-4, File No.
2-30070, filed April 19, 2004.
(l) (i) Form of Distribution Agreement dated as of
January 1, 1998 among The Equitable Life
Assurance Society of the United States (now
AXA Equitable Life Insurance Company) for
itself and as depositor on behalf of certain
Separate Accounts, and Equitable
Distributors, Inc. (now AXA Distributors,
LLC), incorporated herein by reference to
Exhibit 3(b) to the Registration Statement
on Form N-4 (File No. 333-05593), filed on
May 1, 1998.
(l) (ii) Form of First Amendment (dated January 1,
2001) to Distribution Agreement dated
January 1, 1998, incorporated herein by
reference to Registration Statement
(File No. 2-30070) on Form N-4 filed on
December 30, 2004.
(m) Form of Brokerage General Agent Sales
Agreement with Schedule and Amendment to
Brokerage General Agent Sales Agreement
among [Brokerage General Agent] and AXA
Distributors, LLC, AXA Distributors
Insurance Agency, LLC, AXA Distributors
Insurance Agency of Alabama, LLC, and AXA
Distributors Insurance Agency of
Massachusetts, LLC, incorporated herein by
reference to Exhibit No. 3.(i) to
Registration Statement (File No. 333-05593)
on Form N-4, filed on April 20, 2005.
(n) Form of Wholesale Broker-Dealer Supervisory
and Sales Agreement among [Broker-Dealer]
and AXA Distributors, LLC, incoporated
herein by reference to Exhibit No. 3.(j) to
Registration Statement (File No. 333-05593)
on Form N-4, filed on April 20, 2005.
(o) Third Amendment to General Agent Sales
Agreement dated as of January 1, 2000 by and
between The Equitable Life Assurance Society
of the United States and AXA Network, LLC
and its subsidiaries incorporated herein by
reference to Registration Statement on Form
N-4 (File No. 333-127445), filed on August
11, 2005.
(p) Fourth Amendment to General Agent Sales
Agreement dated as of January 1, 2000 by and
between The Equitable Life Assurance Society
of the United States and AXA Network, LLC
and its subsidiaries incorporated herein by
reference to Registration Statement on Form
N-4 (File No. 333-127445), filed on August
11, 2005.
(q) Fifth Amendment, dated as of November 1,
2006, to General Agent Sales Agreement dated
as of January 1, 2000 by and between The
Equitable Life Assurance Society of the
United States and AXA Network, LLC and its
subsidiaries incorporated herein by
reference to Exhibit 3.(p) to the
Registration Statement on Form N-4 (File No.
2-30070), filed on April 24, 2007.
(2) Not applicable.
(3) Article of Incorporation and By-laws
(a) Restated Charter of AXA Equitable, as
amended December 6, 2004, incorporated
herein by reference to Exhibit No. 3.2 to
Form 10-K, (File No. 000-20501), filed on
March 31, 2005.
(b) By-Laws of AXA Equitable, as amended
September 7, 2004, incorporated herein by
reference to Exhibit No. 6.(c) to
Registration Statement on Form N-4, (File
No. 333-05593), filed on April 20, 2006.
(4) (a) Form of group annuity contract no.
1050-94IC, previously filed with this
Registration Statement No. 33-89510 on April
24, 1995, incorporated herein by reference
to Exhibit 4(f) to Registration Statement
File No. 2-30070, refiled electronically
July 10, 1998.
(b) Form of group annuity certificate nos. 94ICA
and 94ICB, previously filed with this
Registration Statement No. 33-89510 on April
24, 1995, incorporated herein by reference
to Exhibit 4(g) to Registration Statement
File No. 2-30070, refiled electronically
July 10, 1998.
(c) Forms of endorsement nos. 94ENIRAI, 94ENNQI
and 94ENMVAI to contract no. 1050-94IC,
previously filed with this Registration
Statement No. 33-89510 on April 24, 1995,
incorporated herein by reference to Exhibit
4(h) to Registration Statement File No.
2-30070, refiled electronically July 10,
1998.
(d) Forms of data pages to endorsement nos.
94ENIRAI, 94ENNQI and 94ENMVAI, previously
filed with this Registration Statement No.
33-89510 on April 24, 1995, incorporated
herein by reference to Registration
Statement File No. 2-30070, refiled
electronically July 10, 1998.
(e) Form of application used with the annuity
contract identified above, previously filed
with Registration Statement No.
33-89510 on April 26, 1996 and incorporated
herein by reference.
(f) Form of data pages for standard Roth IRA
Certificates, incorporated herein by
reference to Exhibit 4(m) to the
Registration Statement on Form N-4, File No.
2-30070, filed June 9, 1998.
(g)(i) Form of endorsement for standard Roth IRA
Certificates, incorporated herein by
reference to Exhibit 4(n) to the
Registration Statement on Form N-4, File No.
2-30070, filed June 9, 1998.
(g)(ii) Form of application for use with standard
IRA Certificates and Roth Advantage
Certificates, incorporated herein by
reference to Exhibit No. 5(c) to the
Registration Statement on Form N-4, File No.
2-30070, filed June 9, 1998.
(h) Form of data pages for Roth Advantage
Certificates, incorporated herein by
reference to Exhibit 4(o) to the
Registration Statement on Form N-4, File No.
2-30070, filed June 9, 1998.
(i) Form of endorsement for Roth Advantage
Certificates, incorporated herein by
reference to Exhibit 4(p) to the
Registration Statement on Form N-4, File No.
2-30070, filed June 9, 1998.
(j) Form of data pages for EQUI-VEST Express No.
94ICA/B (8/99), incorporated herein by
reference to Exhibit No. 4(g) to the
Registration Statement File No. 333-81393,
filed on Form N-4 on June 23, 1999.
(k)(i) Form of data pages for EQUI-VEST Tax
Deferred Variable Annuity Application Form
#180-1009, incorporated herein by
reference to Exhibit No. 5(a) to the
Registration Statement File No. 333-81393,
filed on Form N-4 on June 23, 1999.
(k)(ii) Form of EQUI-VEST(R) Tax-Deferred Variable
Individual Annuity Application, Form No.
180-1009, incorporated herein by reference
to Exhibit No. 5(a) to Registration
Statement File No. 333-81501, filed on
Form N-4 on June 24, 1999.
(l) Form of Guaranteed Death Benefit Rider,
Form No. 99GDB, incorporated herein by
reference to Exhibit No. 4(g) to
Registration Statement File No. 333-81501
filed on Form N-4 on June 24, 1999.
(m) Form of EQUI-VEST data pages, Form No.
94ICA/B (8/99), incorporated herein by
reference to Exhibit No. 4(h) to
Registration Statement File No. 333-81501
filed on Form N-4 on June 24, 1999.
(n) Form of endorsement -- EQUI-VEST Beneficiary
Continuation Option (for use with IRA
contracts) previously filed with
Registration Statement File No. 33-89510
on April 26, 2000 and incorporated herein
by reference.
(o) Form of Endorsement (No. 2001 ENJONQ)
applicable to Non Qualified Certificates
incorporated herein by reference to Exhibit
4(i) to Registration Statement File No.
333-81393 filed on form N-4 on April 19,
2001.
(p) Form of Endorsement (No. 2000 ENMVA)
applicable to Market Value Adjustment Terms
incorporated herein by reference to Exhibit
4(s) to Registration Statement File No.
2-30070 filed on form N-4 on April 19, 2001.
(q) Form of Amendment (No. 2001 BCOTSA6) to
Certificate 9412CAIB and Endorsement 96
ENTSAIL and 96 ENTSAILI incorporated herein
by reference to Exhibit 4(u) to Registration
Statement File No. 2-30070 filed on form N-4
on April 19, 2001.
(r) Form of Amendment (No. 2001 BCOTSA2) to
Equivest Series 2000 contract incorporated
herein by reference to Exhibit 4(v) to
Registration Statement File No. 2-30070
filed on form N-4 on April 19, 2001.
(s) Form of Amendment (No 2001 BCOTSAI) to
Certificate issued under Contract No. 11930T
incorporated herein by reference to Exhibit
4(t) to Registration Statement File No.
2-30070 filed on form N-4 on April 19, 2001.
(t) Forms of Group Annuity Contract (No.
2001-TSAGAC-TXTRS, Certificate No.
2001TSACERTB-TXTRS and Data Pages,
incorporated herein by reference to Exhibit
No. 4(y) to Registration Statement File No.
2-30070 on Form N-4, filed on July 11, 2002.
(u) Forms of Endorsement and Data Pages for
series 200 contracts in connection with
Texas Teacher Retirement System
incorporated herein by reference to
Exhibit No. 4(z) to Registration Statement
No. 2-30070 on Form N-4, filed on July
11, 2002
(v) Form of data pages for IRA Takeover
Beneficiary Continuation Option, Form No.
2002IRATOBCO-EV, incorporated herein by
reference to Exhibit No. 4(j) to
Registration Statement File No. 333-81393
on Form N-4 filed on April 17, 2003.
(w) Form of Endorsement for Traditional IRA
Takeover Beneficiary Continuation Option
Form No. 2002IRATOBCO, incorporated
herein by reference to Exhibit No. 4(k)
to Registration Statement File No.
333-81393 on Form N-4 filed on April 17,
2003.
(x) Form of Endorsement for Roth IRA Takeover
Beneficiary Continuation Option, Form No.
2002ROTHTOBCO, incorporated by reference
to Exhibit No. 4(l) to Registration
Statement File No. 333-81393 on Form N-4
filed on April 17, 2003.
(y) Form of Endorsement Applicable to
Non-Qualified (in-force) Contract/
Certificates with Beneficiary
Continuation Option, Form No. 2002NQBCO,
incorporated herein by reference to
Exhibit No. 4(m) to Registration
Statement File No. 333-81393 on Form N-4
filed on April 17, 2003.
(z) Form of Application for EQUI-VEST
Takeover Beneficiary Continuation Option,
Form No. 180-3000BCO, incorporated herein
by reference to Exhibit No. 5(b) to
Registration Statement File No. 333-81393
on Form N-4 filed on April 17, 2003.
(a)(a) Form of Endorsement for series 200 EDC
plans, No. 2002EDC(10/02), incorporated
herein by reference to Exhibit No.
4(a)(a) to Registration Statement File
No. 2-30070, filed on Form N-4, on April
17, 2003.
(b)(b) Form of Endorsement for series 100 EDC
plans, No. 2002EDC-100, incorporated
herein by reference to Exhibit No.
4(b)(b) to Registration Statement File
No. 2-30070, filed on Form N-4, on April
17, 2003.
(c)(c) Form of Group Annuity Contract for series
200 EDCA contracts, No. 2002EDCA,
incorporated herein by reference to
Exhibit No. 4(c)(c) to Registration
Statement File No. 2-30070, filed on Form
N-4 on April 17, 2003.
(d)(d) Form of Endorsement for Series 300
Contracts, No. 2003PRO-RATA incorporated
herein by reference to Exhibit No. 4(d)(d)
to Registration Statement File No. 2-30070,
filed on Form N-4 on April 16, 2004.
(e)(e) Form of Endorsement for All Series
Contracts, No. 2003GIARATE incorporated
herein by reference to Exhibit No. 4(e)(e)
to Registration Statement File No. 2-30070,
filed on Form N-4 on April 16, 2004.
(f)(f) Form of Endorsement 2.5% minimum guaranteed
annuity rate, No. 2004GAPIR incorporated
herein by reference to Exhibit No. 4(f)(f)
to Registration Statement File No. 2-30070,
filed on Form N-4 on April 16, 2004.
(g)(g) Form of Endorsement applicable to
EGTRRA-SEP, No. 2003ENSEP incorporated
herein by reference to Exhibit No. 4(g)(g)
to Registration Statement File No. 2-30070,
filed on Form N-4 on April 16, 2004.
(h)(h) Form of Endorsement applicable to
EGTRRA-SIMPLE IRA, No. 2003ENSIMI
incorporated herein by reference to Exhibit
No. 4(h)(h) to Registration Statement File
No. 2-30070, filed on Form N-4 on April 16,
2004.
(i)(i) Form of Group Annuity Contract for NJ ACTS
TSA No. 203-TSAGAC403(b) incorporated
herein by reference to Exhibit No. 4(i)(i)
to Registration Statement File No. 2-30070,
filed on Form N-4 on April 16, 2004.
(j)(j) Form of Group Annuity Certificate for NJ
ACTS TSA No. 2003NJ403(b) incorporated
herein by reference to Exhibit No. 4(j)(j)
to Registration Statement File No. 2-30070,
filed on Form N-4 on April 16, 2004.
(k)(k) Form of Data pages for NJ ACTS TSA No.
2003NJ403(b) incorporated herein by
reference to Exhibit No. 4(k)(k) to
Registration Statement File No. 2-30070,
filed on Form N-4 on April 16, 2004.
(l)(l) Form of Group Flexible Premium Deferred
Variable Annuity Contract, No. 2004EDCGAC,
incorporated herein by reference to Exhibit
No. 4(l)(l) to Registration Statement
File No. 2-30070, filed on Form N-4
on December 29, 2004.
(m)(m) Form of Group Flexible Premium Deferred
Variable Annuity Contract, No. 2004TSAGAC,
incorporated herein by reference to Exhibit
No. 4(m)(m) to Registration Statement
File No. 2-30070, filed on Form N-4
on December 29, 2004.
(n)(n) Form of Flexible Premium Deferred Variable
Annuity Certificate No. 2004EDCCERT-A,
incorporated herein by reference to Exhibit
No. 4(n)(n) to Registration Statement
File No. 2-30070, filed on Form N-4
on December 29, 2004.
(o)(o) Form of Flexible Premium Deferred Variable
Annuity Certificate No. 2004EDCCERT-B,
incorporated herein by reference to Exhibit
No. 4(o)(o) to Registration Statement
File No. 2-30070, filed on Form N-4
on December 29, 2004.
(p)(p) Form of Data Pages for EQUI-VEST Strategies,
No. 2004EDCCERT-A/B, incorporated herein by
reference to Exhibit No. 4(p)(p) to
Registration Statement No. 2-30070, filed on
Form N-4 on December 29, 2004.
(q)(q) Form of TSA 403(B) Group Annuity Contract
Application for EQUI-VEST Strategies,
No. 2004/403(B), incorporated herein by
reference to Exhibit No. 4(q)(q) to
Registration Statement No. 2-30070, filed on
Form N-4 on December 29, 2004.
(r)(r) Form of EQUI-VEST Strategies 457(b)
EDC Enrollment Form, No. 2004 EDC STRAT,
incorporated herein by reference to Exhibit
No. 4(r)(r) to Registration Statement No.
2-30070, filed on Form N-4 on
December 29, 2004.
(s)(s) Form of EQUI-VEST Strategies 403(b) TSA
Enrollment Form, No. 2004 TSA STRAT,
incorporated herein by reference to
Exhibit No. 4(s)(s) to Registration
Statement No. 2-30070, filed on
Form N-4 on December 29, 2004.
(t)(t) Form of Endorsement for Vantage ACTS re:
Unallocated Account, No. 2005EN-NJACT,
incorporated herein by reference to
Exhibit No. 4(t)(t) to Registration
Statement File No. 2-30070 on Form N-4,
filed on April 22, 2005.
(u)(u) Form of Endorsement for EDC re: Amendment
to Amount of Annuity Benefits section,
No. 2004GAPIR, incorporated herein by
reference to Exhibit No. 4(u)(u) to
Registration Statement File No. 2-30070
on Form N-4, filed on April 22, 2005.
(v)(v) Form of Endorsement Applicable to TSA
Contracts, No. 2004TSA, incorporated herein
by reference to Exhibit No. 4(v)(v) to
Registration Statement File No. 2-30070 on
Form N-4, filed on April 22, 2005.
(w)(w) Form of Endorsement to deferred annuity
contract for 403(b) arrangement TSA
Elective Deferral, incorported herein by
reference to Exhibit No. 4.(w)(w) to
Registration Statement (File No. 3-30070) on
Form N-4, filed on April 21, 2006.
(x)(x) Form of Flexible Premium Deferred Annuity
Certificate (Policy Form 2004EDCCERT-B)
previously filed as an exhibit to
Registration Statement (File No. 333-130988)
on Form N-4, on January 12, 2006, and
incorporated herein by reference.
(y)(y) Form of Group Flexible Premium Combination
Fixed and Variable Deferred Annuity
Certificate (Policy Form 2004TSACERT-B)
previously filed as an exhibit to
Registration Statement (File No. 333-130988)
on Form N-4, on January 12, 2006, and
incorporated herein by reference.
(z)(z) Form of Group Flexible Premium Combination
Fixed and Variable Deferred Variable Annuity
Contract (Policy Form 2004TSAGAC) previously
filed as an exhibit to Registration
Statement (File No. 333-130988) on Form N-4,
on January 12, 2006, and incorporated herein
by reference.
(a)(a)(a) Form of Group Flexible Premium Deferred
Variable Annuity Contract (Policy Form
2004EDCGAC) previously filed as an exhibit
to Registration Statement (File No.
333-130988) on Form N-4, on January 12,
2006, and incorporated herein by reference.
(b)(b)(b) Form of Group Flexible Premium Combination
Fixed and Variable Deferred Annuity
Certificate (Policy Form 2004TSACERT-A)
previously filed as an exhibit to
Registration Statement (File No. 333-130988)
on Form N-4, on January 12, 2006, and
incorporated herein by reference.
(c)(c)(c) Form of Flexible Premium Deferred Variable
Annuity Certificate (Policy Form
2004EDCCERT-A) previously filed as an
exhibit to Registration Statement (File No.
333-130988) on Form N-4, on January 12,
2006, and incorporated herein by reference.
(d)(d)(d) Form of TSA 403(b) Group Annuity Contract
Application (Policy Form 2004/403(b))
previously filed as an exhibit to
Registration Statement (File No. 333-130988)
on Form N-4, on January 12, 2006, and
incorporated herein by reference.
(e)(e)(e) Form of EDC (457) Group Annuity Contract
Application (Policy Form 2004/457)
previously filed as an exhibit to
Registration Statement (File No. 333-130988)
on Form N-4, on January 12, 2006, and
incorporated herein by reference.
(f)(f)(f) Form of EQUI-VEST Strategies 457(b) EDC
Enrollment Form (Policy Form 2004 EDC STRAT)
previously filed as an exhibit to
Registration Statement (File No. 333-130988)
on Form N-4, on January 12, 2006, and
incorporated herein by reference.
(g)(g)(g) Form of EQUI-VEST Strategies 403(b) TSA
Enrollment Form (Policy Form 2004 TSA STRAT)
previously filed as an exhibit to
Registration Statement (File No. 333-130988)
on Form N-4, on January 12, 2006, and
incorporated herein by reference.
(h)(h)(h) Form of EQUI-VEST Strategies 457(b) EDC
Enrollment Form (Policy Form 2004 EDC STRAT
ST VAR) previously filed as an exhibit to
Registration Statement (File No. 333-130988)
on Form N-4, on January 12, 2006, and
incorporated herein by reference.
(i)(i)(i) Form of EQUI-VEST Strategies 403(b) TSA
Enrollment Form (2004 TSA STRAT ST VAR)
previously filed as an exhibit to
Registration Statement (File No. 333-130988)
on Form N-4, on January 12, 2006, and
incorporated herein by reference.
(j) (j) (j) Form of Endorsement Applicable to Fixed
Maturity Options (Form 2006FMOEQV)
previously filed as Exhibit 4.(c) to
Registration Statement File (No. 333-137052)
on Form N-4/A on December 6, 2006 and
incorporated herein by reference.
(k) (k) (k) Form of Deferred Variable Annuity
Application for IRA and NQ (Form No.
180-3005) previously filed as Exhibit 5.(a)
Registration Statement (File No. 333-137052)
on Form N-4/A on December 6, 2006 and
incorporated herein by reference.
(l) (l) (l) Form of Deferred Variable Annuity
Application for TSA (Form No. 180-3006)
previously filed as Exhibit 5.(b)
Registration Statement (File No. 333-137052)
on Form N-4/A on December 6, 2006 and
incorporated herein by reference.
(5) (m) (m) (m) 2006 Form of Conversion Endorsement to
EQUI-VEST At Retirement is incorporated
herein by reference to Exhibit 4. (x)(x) to
the Registration Statement on Form N-4
(File No. 2-30070), filed on April 24,
2007.
(a) Opinion and Consent of Dodie Kent, Esq.,
Vice-President and Associate General Counsel
of AXA Equitable, as to the legality of the
securities being registered.
(b) Copies of the Internal Revenue Service
determination letters regarding
qualification under Section 408 of the
Internal Revenue Code, previously filed with
Registration Statement No. 33-89510 on
April 26, 1996 and incorporated herein by
reference.
(8) Not applicable.
10) Material Contracts
(a) Participation Agreement among EQ Advisors
Trust, The Equitable Life Assurance Society of
the United States, Equitable Distributors,
Inc., and EQ Financial Consultants, Inc. (now
AXA Advisors, LLC), dated as of the 14th day of
April 1997, incorporated by reference to the
Registration Statement of EQ Advisors Trust
(File No. 333-17217) on Form N-1A filed August
28, 1997.
(b) Form of Participation Agreement among EQ
Advisors Trust, Equitable, AXA Distributors LLC
and AXA Advisors, LLC, incorporated herein by
reference to Exhibit 23. (h)(4)(ix) to
Post-Effective Amendment No. 27 to Registration
Statement on Form N-1A to the Registration
Statement of EQ Advisors Trust on Form N-1A
(File Nos. 333-17217 and 811-07953), filed on
January 15, 2004.
(c) Form of Participation Agreement among AXA
Premier VIP Trust, Equitable Distributors,
Inc., AXA Distributors, LLC, and AXA Advisors,
LLC, previously filed with Registration
Statement File No. 333-58950 on December 5,
2001 and incorporated herein by reference.
(d) Form of Participation Agreement among The
Equitable Life Assurance Society of the United
States, The Universal Institutional Funds, Inc.
and Morgan Stanley Investment Management Inc.,
incorporated herein by reference to Exhibit No.
1-A(9)(d) to Registration Statement on Form
S-6, File No. 333-17641, filed on October 8,
2002.
(e) Form of Participation Agreement among BARR
Rosenberg Variable Insurance Trust, BARR
ROSENBERG FUNDS DISTRIBUTOR, INC., AXA
ROSENBERG INVESTMENT MANAGEMENT LLC, and the
Equitable Life Assurance Company of the United
States, previously filed with Registration
Statement, File No. 33-58950 on Form N-4, on
August 5, 2003 and incorporated herein by
reference.
(12) Not applicable.
(15) Not applicable.
(16) Letter re Change in Certifying Accountant
(a) Letter regarding change in certifying
accountant by KPMG, dated March 13, 2006,
incorporated herein by reference to Exhibit No.
16.1 to Form 8-K (File No. 000-20501) filed on
March 13, 2006.
(23) (a) Consent of PricewaterhouseCoopers LLP.
(b) Consent of KPMG LLP.
II-2
(24) (a) Powers of Attorney are filed herewith.
(26) Not applicable.
(27) Not applicable.
(28) Not applicable.
Item 17. Undertakings
------------
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or
sales are being made, a post-effective amendment
to this registration statement:
(i) to include any prospectus required
by section 10(a)(3) of the
Securities Act of 1933;
(ii) to reflect in the prospectus any
facts or events arising after the
effective date of the registration
statement (or the most recent
post-effective amendment thereof)
which, individually or in the
aggregate represent a fundamental
change in the information set forth
in the registration statement.
Notwithstanding the foregoing, any
increase or decrease in volume of
securities offered (if the total
dollar value of securities offered
would not exceed that which was
registered) and any deviation from
the low or high end of the estimated
maximum offering range may be
reflected in the form of prospectus
filed with the Commission pursuant
to Rule 424(b) if, in the aggregate,
the changes in volume and price
represent no more than 20% change in
the maximum aggregate offering price
set forth in the "Calculation of
Registration Fee" table in the
effective registration statement;
(iii) to include any material information
with respect to the plan of
distribution not previously
disclosed in the registration
statement or any material change to
such information in the registration
statement;
provided, however, that paragraphs (a)(1)(i), (a)(1)(ii) and
(a)(1)(iii) do not apply if the information required to be
included in a post-effective amendment by those paragraphs is
contained in periodic reports filed with or furnished to the
Commission by the registrant pursuant to Section 13 or 15(d)
of the Securities Act of 1934 that are incorporated by
reference in the registration statement, or is contained in a
form of prospectus filed pursuant to Rule 424(b) that is part
of this Registration Statement.
(2) That, for the purpose of determining any
liability under the Securities Act of 1933,
each such post-effective amendment shall be
deemed to be a new registration statement
relating to the securities offered therein,
and the offering of such securities at that
time shall be deemed to be the initial bona
fide offering thereof.
(3) To remove from registration by means of a
post-effective amendment any of the
securities being registered which remain
unsold at the termination of the offering.
(4) That, for the purpose of determining
liability under the Securities Act of 1933
to any purchaser, each prospectus filed
pursuant to Rule 424(b) as part of a
registration statement relating to an
offering, other than registration statements
relying on Rule 430B or other than
prospectuses filed in reliance on Rule 430A,
shall be deemed to be part of and included
in the registration statement as of the date
it is first used after effectiveness.
Provided, however, that no statement made in
a registration statement or prospectus that
is part of the registration statement or
made in a document incorporated or deemed
incorporated by reference into the
registration statement or prospectus that is
part of the registration statement will, as
to a purchaser with a time of contract of
sale prior to such first use, supersede or
modify any statement that was made in the
registration statement or prospectus that
was part of the registration statement or
made in any such document immediately prior
to such date of first use.
(5) That, for the purpose of determining
liability of the Registrant under the
Securities Act of 1933 to any purchaser in
the initial distribution of the securities:
The undersigned Registrant undertakes that
in a primary offering of securities of the
undersigned Registrant pursuant to this
registration statement, regardless of the
underwriting method used to sell the
securities to the purchaser, if the
securities are offered or sold to such
purchaser by means of any of the following
communications, the undersigned Registrant
will be a seller to the purchaser and will
be considered to offer or sell such
securities to such purchaser: (i) Any
preliminary prospectus or prospectus of the
undersigned Registrant relating to the
offering required to be filed pursuant to
Rule 424; (ii) Any free writing prospectus
relating to the offering prepared by or on
behalf of the undersigned Registrant or used
or referred to by the undersigned
Registrant; (iii) The portion of any other
free writing prospectus relating to the
offering containing material information
about the undersigned Registrant or its
securities provided by or on behalf of the
undersigned Registrant; and (iv) Any other
communication that is an offer in the
offering made by the undersigned Registrant
to the purchaser.
(b) The undersigned registrant hereby undertakes
that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the
registrant's annual report pursuant to Section 13(a)
or 15(d) of the Securities Exchange Act of 1934 that
is incorporated by reference in the registration
statement shall be deemed to be a new registration
statement relating to the securities offered
therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide
offering thereof.
(c) Insofar as indemnification for liabilities arising
under the Securities Act of 1933 may be permitted to
directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or
otherwise, the registrant has been advised that in
the opinion of the Securities and Exchange
Commission such indemnification is against public
policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for
indemnification against such liabilities (other than
the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person
of the registrant in the successful defense of any
action, suit or proceeding) is asserted by such
director, officer or controlling person in
connection with the securities being registered, the
registrant will, unless in the opinion of its
counsel the matter has been settled by controlling
precedent, submit to a court of appropriate
jurisdiction the question whether such
indemnification by it is against public policy as
expressed in the Act and will be governed by the
final adjudication of such issue.
II-3
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-1 and has duly caused this amendment to
the Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City and State of New York, on April 24, 2007.
AXA EQUITABLE LIFE INSURANCE
(Registrant)
By: /s/ Dodie Kent
----------------------
Dodie Kent
Vice President and
Associate General Counsel
Pursuant to the requirements of the Securities Act of 1933, this
amendment to the Registration Statement has been signed by or on behalf of the
following persons in the capacities and on the date indicated.
PRINCIPAL EXECUTIVE OFFICERS:
*Richard S. Dziadzio Executive Vice President and
Chief Executive Officer
PRINCIPAL FINANCIAL OFFICER:
*Richard Dziadzio Executive Vice President and
Chief Financial Officer
PRINCIPAL ACCOUNTING OFFICER:
*Alvin H. Fenichel Senior Vice President and
Controller
*DIRECTORS:
Bruce W. Calvert Anthony J. Hamilton Lorie A. Slutsky
Christopher M. Condron Mary R. (Nina) Henderson Ezra Suleiman
Henri de Castries James F. Higgins Peter J. Tobin
Denis Duverne Scott D. Miller
Charlynn Goins Joseph H. Moglia
*By: /s/ Dodie Kent
- ---------------------------
Dodie Kent
Attorney-in-Fact
April 24, 2007
II-4
EXHIBIT LIST
Exhibit No. TAG VALUE
- ----------- ---------
(5)(a) Opinion and Consent of Counsel EX-99.5a
(23)(a) Consent of PricewaterhouseCoopers LLP. EX-99.23a
(23)(b) Consent of KPMG LLP. EX-99.23b
(24)(b) Powers of Attorney. EX-99.24b
II-5