485BPOS 1 e11167.txt POST-EFFECTIVE AMENDMENT ON FORM N-4 Registration No. 333-31131 Registration No. 811-07659 ----------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------- FORM N-4 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [ ] Pre-Effective Amendment No. [ ] Post-Effective Amendment No. 42 [X] AND/OR REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [ ] Amendment No. 221 [X] (Check appropriate box or boxes) ------------------- SEPARATE ACCOUNT No. 49 of AXA EQUITABLE LIFE INSURANCE COMPANY (Exact Name of Registrant) ------------------- AXA EQUITABLE LIFE INSURANCE COMPANY (Name of Depositor) 1290 Avenue of the Americas, New York, New York 10104 (Address of Depositor's Principal Executive Offices) Depositor's Telephone Number, including Area Code: (212) 554-1234 -------------------- DODIE KENT VICE PRESIDENT AND ASSOCIATE GENERAL COUNSEL AXA Equitable Life Insurance Company 1290 Avenue of the Americas, New York, New York 10104 (Name and Address of Agent for Service) --------------------- Please send copies of all communications to: CHRISTOPHER E. PALMER, ESQ. GOODWIN PROCTER LLP 901 NEW YORK AVENUE, N.W. WASHINGTON, D.C. 20001 Approximate Date of Proposed Public Offering: Continuous It is proposed that this filing will become effective (check appropriate box): [ ] Immediately upon filing pursuant to paragraph (b) of Rule 485. [X] On May 1, 2009 pursuant to paragraph (b) of Rule 485. [ ] 60 days after filing pursuant to paragraph (a)(1) of Rule 485. [ ] On (date) pursuant to paragraph (a)(1) of Rule 485. If appropriate, check the following box: [ ] This post-effective amendment designates a new effective date for previously filed post-effective amendment. Title of Securities Being Registered: Units of interest in Separate Account under variable annuity contracts. NOTE This Post Effective Amendment No. 42 ("PEA") to the Form N-4 Registration Statement No. 333-31131 ("Registration Statement") of AXA Equitable Life Insurance Company ("AXA Equitable") and its Separate Account No. 49 is being filed for the purpose of including in the Registration Statement the additions/modifications reflected in the Prospectuses, supplements and Statements of Additional Information. Part C of this Registration Statement has also been updated pursuant to the requirements of Form N-4. The PEA does not amend or delete any other Prospectus or supplements to any Prospectus or any other part of the Registration Statement except as specifically noted herein. To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Accumulator(R) Select(SM) A combination variable and fixed deferred annuity contract PROSPECTUS DATED MAY 1, 2009 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. This Prospectus supersedes all prior Prospectuses and supplements. You should read the prospectuses for each Trust which contain important information about the portfolios. -------------------------------------------------------------------------------- WHAT IS ACCUMULATOR(R) SELECT(SM)? Accumulator(R) Select(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"). This Prospectus is not your contract. Your contract and any endorsements, riders and data pages as identified in your contract are the entire contract between you and AXA Equitable and governs with respect to all features, benefits, rights and obligations. The description of the contract's provisions in this Prospectus is current as of the date of this Prospectus; however, because certain provisions may be changed after the date of this Prospectus in accordance with the contract, the description of the contract's provisions in this Prospectus is qualified in its entirety by the terms of the actual contract. The contract should be read carefully. You have the right to cancel the contract within a certain number of days after receipt of the contract. You should read this Prospectus in conjunction with any applicable supplements. There is no withdrawal charge under the contract. Certain features and benefits described in this Prospectus may vary in your state; all features and benefits may not be available in all contracts, in all states or from all selling broker-dealers. Please see Appendix VII later in this Prospectus for more information on state availability and/or variations of certain features and benefits. All optional features and benefits described in this Prospectus may not have been available at the time you purchased the contract. We have the right to restrict availability of any optional feature or benefit. In addition, not all optional features and benefits may be available in combination with other optional features and benefits. We can refuse to accept any contribution from you at any time, including after you purchase the contract. -------------------------------------------------------------------------------- Variable investment options -------------------------------------------------------------------------------- o AXA Aggressive Allocation* o EQ/Boston Advisors Equity Income o AXA Conservative Allocation* o EQ/Calvert Socially Responsible o AXA Conservative-Plus Allocation* o EQ/Capital Guardian Growth o AXA Moderate Allocation* o EQ/Capital Guardian Research o AXA Moderate-Plus Allocation* o EQ/Caywood-Scholl High Yield Bond o EQ/AllianceBernstein International o EQ/Common Stock Index** o EQ/AllianceBernstein Small Cap o EQ/Core Bond Index Growth o EQ/Davis New York Venture o EQ/Ariel Appreciation II o EQ/Equity 500 Index o EQ/AXA Franklin Income Core** o EQ/Evergreen Omega o EQ/AXA Franklin Small Cap o EQ/Focus PLUS** Value Core** o EQ/GAMCO Mergers and Acquisitions o EQ/AXA Franklin Templeton Founding o EQ/GAMCO Small Company Value Strategy Core** o EQ/Global Bond PLUS** o EQ/AXA Mutual Shares Core** o EQ/Global Multi-Sector Equity** o EQ/AXA Rosenberg Value Long/Short o EQ/Intermediate Government Equity Bond Index o EQ/AXA Templeton Growth Core** o EQ/International Core PLUS o EQ/BlackRock Basic Value Equity o EQ/International Growth o EQ/BlackRock International Value o EQ/JPMorgan Value Opportunities -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Variable investment options -------------------------------------------------------------------------------- o EQ/Large Cap Core PLUS o EQ/Short Duration Bond o EQ/Large Cap Growth Index o EQ/Small Company Index o EQ/Large Cap Growth PLUS o EQ/T. Rowe Price Growth Stock o EQ/Large Cap Value Index o EQ/UBS Growth and Income o EQ/Large Cap Value PLUS o EQ/Van Kampen Comstock o EQ/Long Term Bond o EQ/Van Kampen Mid Cap Growth o EQ/Lord Abbett Growth and Income o EQ/Van Kampen Real Estate o EQ/Lord Abbett Large Cap Core o Multimanager Aggressive Equity o EQ/Lord Abbett Mid Cap Value o Multimanager Core Bond o EQ/Mid Cap Index o Multimanager Health Care o EQ/Mid Cap Value PLUS o Multimanager International Equity o EQ/Money Market o Multimanager Large Cap Core Equity o EQ/Montag & Caldwell Growth o Multimanager Large Cap Growth o EQ/Oppenheimer Global 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 o Multimanager Multi-Sector Bond** Small Cap o Multimanager Small Cap Growth o EQ/PIMCO Ultra Short Bond** o Multimanager Small Cap Value o EQ/Quality Bond PLUS o Multimanager Technology -------------------------------------------------------------------------------- * The "AXA Allocation" portfolios. ** This is the variable investment option's new name, effective on or about May 1, 2009, subject to regulatory approval. Please see "Portfolios of the Trusts" under "Contract features and benefits" later in this Prospectus for the variable investment option's former name. You may allocate amounts to any of the variable investment options. At any time, we have the right to limit or terminate your contributions. Each variable investment option is a subaccount of Separate Account No. 49. Each variable investment option, in turn, invests in a corresponding securities Portfolio ("portfolio") of the AXA Premier VIP Trust or the EQ Advisors Trust (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. X02398/Select '02/'04 Series (R-4/15) To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green TYPES OF CONTRACTS. Contracts were offered for use as: o A nonqualified annuity ("NQ") for after-tax contributions only. o An individual retirement annuity ("IRA"), either traditional IRA ("Rollover IRA") or Roth IRA ("Roth Conversion IRA"). o Traditional and Roth Inherited IRA beneficiary continuation contract ("Inherited IRA") (direct transfer contributions only). o An Internal Revenue Code Section 403(b) Tax-Sheltered Annuity ("TSA") -- ("Rollover TSA") (Rollover and direct transfer contributions only; employer or plan approval required). A contribution of at least $25,000 was required to purchase a 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, 2009, 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 1547, Secaucus, NJ 07096-1547, or calling 1-800-789-7771. The SAI is incorporated by this 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 contract is no longer available for new purchasers. The contract is no longer being sold. This Prospectus is designed for current contract owners. In addition to the possible state variations noted above, you should note that your contract features and charges may vary depending on the date on which you purchased your contract. For more information about the particular features, charges and options applicable to you, please contact your financial professional or refer to your contract, as well as review Appendix VIII later in this Prospectus for contract variation information and timing. You may not change your contract or its features as issued. To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Contents of this Prospectus -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- (Not all of the features listed are available under all contracts or in all states.) -------------------------------------------------------------------------------- ACCUMULATOR(R) SELECT(SM) -------------------------------------------------------------------------------- Index of key words and phrases 5 Who is AXA Equitable? 7 How to reach us 8 Accumulator(R) Select(SM) at a glance -- key features 10 -------------------------------------------------------------------------------- FEE TABLE 14 -------------------------------------------------------------------------------- Example 16 Condensed financial information 16 -------------------------------------------------------------------------------- 1. CONTRACT FEATURES AND BENEFITS 17 -------------------------------------------------------------------------------- How you can contribute to your contract 17 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 29 Guaranteed minimum death benefit and Guaranteed minimum income benefit base 32 Annuity purchase factors 33 Guaranteed minimum income benefit option* 33 Guaranteed minimum death benefit 36 Principal Protector(SM) 37 Inherited IRA beneficiary continuation contract 40 Your right to cancel within a certain number of days 41 -------------------------------------------------------------------------------- 2. DETERMINING YOUR CONTRACT'S VALUE 42 -------------------------------------------------------------------------------- Your account value and cash value 42 Your contract's value in the variable investment options 42 Your contract's value in the guaranteed interest option 42 Your contract's value in the fixed maturity options 42 Insufficient account value 42 ---------------------- * Depending on when you purchased your contract, this benefit may be called the "Living Benefit." Accordingly, if applicable, all references to the Guaranteed minimum income benefit in this Prospectus and any related registration statement documents are references to the Living Benefit. "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 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green -------------------------------------------------------------------------------- 3. TRANSFERRING YOUR MONEY AMONG INVESTMENT OPTIONS 44 -------------------------------------------------------------------------------- Transferring your account value 44 Disruptive transfer activity 44 Rebalancing your account value 45 -------------------------------------------------------------------------------- 4. ACCESSING YOUR MONEY 47 -------------------------------------------------------------------------------- Withdrawing your account value 47 How withdrawals are taken from your account value 48 How withdrawals (and transfers out of the Special 10 year fixed maturity option) affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Guaranteed principal benefit option 2 48 How withdrawals affect Principal Protector(SM) 49 Withdrawals treated as surrenders 49 Loans under Rollover TSA contracts 49 Surrendering your contract to receive its cash value 50 When to expect payments 50 Your annuity payout options 50 -------------------------------------------------------------------------------- 5. CHARGES AND EXPENSES 53 -------------------------------------------------------------------------------- Charges that AXA Equitable deducts 53 Charges that the Trusts deduct 56 Group or sponsored arrangements 56 Other distribution arrangements 56 -------------------------------------------------------------------------------- 6. PAYMENT OF DEATH BENEFIT 57 -------------------------------------------------------------------------------- Your beneficiary and payment of benefit 57 How death benefit payment is made 58 Spousal protection 59 Beneficiary continuation option 59 -------------------------------------------------------------------------------- 7. TAX INFORMATION 63 -------------------------------------------------------------------------------- Overview 63 Contracts that fund a retirement arrangement 63 Suspension of required minimum distributions for 2009 63 Transfers among investment options 63 Taxation of nonqualified annuities 63 Individual retirement arrangements (IRAs) 65 Traditional individual retirement annuities (traditional IRAs) 66 Roth individual retirement annuities (Roth IRAs) 71 Tax-sheltered annuity contracts (TSAs) 75 Federal and state income tax withholding and information reporting 79 Impact of taxes to AXA Equitable 80 -------------------------------------------------------------------------------- 8. MORE INFORMATION 81 -------------------------------------------------------------------------------- About Separate Account No. 49 81 About the Trusts 81 About our fixed maturity options 81 About the general account 82 About other methods of payment 83 Dates and prices at which contract events occur 83 About your voting rights 84 Statutory compliance 84 About legal proceedings 84 Financial statements 85 Transfers of ownership, collateral assignments, loans and borrowing 85 Distribution of the contracts 85 -------------------------------------------------------------------------------- 9. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE 87 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- APPENDICES -------------------------------------------------------------------------------- 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 -- Guaranteed principal benefit example E-1 VI -- Protection Plus(SM) example F-1 VII -- State contract availability and/or variations of certain features and benefits G-1 VIII -- Contract variations H-1 -------------------------------------------------------------------------------- STATEMENT OF ADDITIONAL INFORMATION TABLE OF CONTENTS -------------------------------------------------------------------------------- 4 Contents of this Prospectus To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Index of key words and phrases -------------------------------------------------------------------------------- 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 enhanced death benefit 32 12 month dollar cost averaging 31 account value 42 administrative charge 53 annual administrative charge 53 Annual Ratchet to age 85 enhanced death benefit 32 annuitant 17 annuitization 50 annuity maturity date 52 annuity payout options 50 annuity purchase factors 33 automatic investment program 83 beneficiary 57 Beneficiary continuation option ("BCO") 59 business day 83 cash value 42 charges for state premium and other applicable taxes 55 contract date 21 contract date anniversary 21 contract year 21 contributions to Roth IRAs 72 regular contributions 72 rollovers and transfers 72 conversion contributions 72 contributions to traditional IRAs 66 regular contributions 66 rollovers and transfers 67 disruptive transfer activity 44 distribution charge 53 ERISA 56 Fixed-dollar option 31 fixed maturity options 28 free look 41 general account 82 general dollar cost averaging 31 guaranteed interest option 28 Guaranteed minimum death benefit 36 Guaranteed minimum death benefit and Guaranteed minimum income benefit base 32 Guaranteed minimum death benefit charge 54 Guaranteed minimum death benefit/guaranteed minimum income benefit roll-up benefit base reset option 33 Guaranteed minimum income benefit 34 Guaranteed minimum income benefit charge 54 Guaranteed minimum income benefit "no lapse guarantee" 34 Guaranteed principal benefits 29 Page in Term Prospectus IRA cover IRS 63 Inherited IRA cover investment options cover Investment Simplifier 31 Lifetime minimum distribution withdrawals 48 loan reserve account 50 loans under Rollover TSA 49 market adjusted amount 28 market timing 44 maturity dates 28 market value adjustment 28 maturity value 28 Mortality and expense risks charge 53 NQ cover Online Account Access 8 Optional step up charge 55 partial withdrawals 47 Portfolio cover Principal assurance 30 processing office 8 Principal Protector(SM) 37 Principal Protector(SM) charge 55 Protection Plus(SM) 37 Protection Plus(SM) charge 55 rate to maturity 28 Rebalancing 45 Rollover IRA cover Roth IRA cover SAI cover SEC cover self-directed allocation 29 Separate Account No. 49 81 Spousal protection 59 Standard death benefit 32 substantially equal withdrawals 47 Successor owner and annuitant 58 Systematic withdrawals 47 TOPS 8 Trusts 81 traditional IRA cover TSA cover unit 42 variable investment options 21 wire transmittals and electronic applications 83 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. Also, depending on when you purchased your contract, some of these may not apply to you or may be named differently under your contract. Your financial professional can provide further explanation about your contract or supplemental materials. Index of key words and phrases 5 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green -------------------------------------------------------------------------------- Prospectus Contract or Supplemental Materials -------------------------------------------------------------------------------- fixed maturity options Guarantee Periods (Guaranteed Fixed Interest Accounts in supplemental materials) variable investment options Investment Funds account value Annuity Account Value rate to maturity Guaranteed Rates unit Accumulation Unit Guaranteed minimum death benefit Guaranteed death benefit Guaranteed minimum income benefit Guaranteed Income Benefit or Living Benefit guaranteed interest option Guaranteed Interest Account Principal Protector(SM) Guaranteed withdrawal benefit GWB benefit base Principal Protector(SM) benefit base GWB Annual withdrawal amount Principal Protector(SM) Annual withdrawal amount GWB Annual withdrawal option Principal Protector(SM) Annual withdrawal option GWB Excess withdrawal Principal Protector(SM) Excess withdrawal -------------------------------------------------------------------------------- 6 Index of key words and phrases To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 SA ("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 Equitable 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 $543.2 billion in assets as of December 31, 2008. 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 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green HOW TO REACH US Please communicate with us at the mailing addresses listed below for the purposes described. Certain methods of contacting us, such as by telephone or electronically, may be unavailable or delayed. For example, our facsimile service may not be available at all times and/or we may be unavailable due to emergency closing. In addition, the level and type of service available may be restricted based on criteria established by us. In order to avoid delays in processing, please send your correspondence and check to the appropriate location, as follows: -------------------------------------------------------------------------------- FOR CORRESPONDENCE WITH CHECKS: -------------------------------------------------------------------------------- FOR CONTRIBUTIONS SENT BY REGULAR MAIL: Accumulator(R) Select(SM) P.O. Box 1577 Secaucus, NJ 07096-1577 FOR CONTRIBUTIONS SENT BY EXPRESS DELIVERY: Accumulator(R) Select(SM) 500 Plaza Drive, 6th Floor Secaucus, NJ 07094 -------------------------------------------------------------------------------- FOR CORRESPONDENCE WITHOUT CHECKS: -------------------------------------------------------------------------------- FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT BY REGULAR MAIL: Accumulator(R) Select(SM) (SM)P.O. Box 1547 Secaucus, NJ 07096-1547 FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT BY EXPRESS DELIVERY: Accumulator(R) Select(SM) 500 Plaza Drive, 6th Floor Secaucus, NJ 07094 Your correspondence will be picked up at the mailing address noted above and delivered to our processing office. Your correspondence, however, is not considered received by us until it is received at our processing office. Where this Prospectus refers to the day when we receive a contribution, request, election, notice, transfer or any other transaction request from you, we mean the day on which that item (or the last thing necessary for us to process that item) arrives in complete and proper form at our processing office or via the appropriate telephone or fax number if the item is a type we accept by those means. There are two main exceptions: if the item arrives (1) on a day that is not a business day or (2) after the close of a business day, then, in each case, we are deemed to have received that item on the next business day. Our processing office is: 500 Plaza Drive, 6th Floor, Secaucus, New Jersey 07094. -------------------------------------------------------------------------------- REPORTS WE PROVIDE: -------------------------------------------------------------------------------- o written confirmation of financial transactions; o statement of your contract values at the close of each calendar year, and any calendar quarter in which there was a transaction; 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 Roll-Up benefit base reset option. -------------------------------------------------------------------------------- TELEPHONE OPERATED PROGRAM SUPPORT ("TOPS") AND ONLINE ACCOUNT ACCESS SYSTEMS: -------------------------------------------------------------------------------- TOPS is designed to provide you with up-to-date information via touch-tone telephone. Online Account Access 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 (not available through Online Account Access); 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 investment options; o elect to receive certain contract statements electronically; o enroll in, modify or cancel a rebalancing program (through Online Account Access only); o change your address (not available through TOPS); o change your TOPS personal identification number ("PIN") (through TOPS only) and your Online Account Access password (through EQAccess only); and o access Frequently Asked Questions and Service Forms (not available through TOPS). TOPS and Online Account Access are normally available seven days a week, 24 hours a day. You may use TOPS by calling toll free 1-888-909-7770. If you are a client with AXA Advisors, you may use Online Account Access by visiting our website at www.axaonline.com and logging in to access your account. All other clients may access Online Account Access by visiting our website at www.axa-equitable.com. 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 any transfers. If we do not employ rea- 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 any transfers. If we do not employ rea- 8 Who is AXA Equitable? To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green sonable 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 (1-800-789-7771) to speak with one of our customer service representatives. Our customer service representatives are available on any business day from 8:30 a.m. until 5:30 p.m., Eastern time. WE REQUIRE THAT THE FOLLOWING TYPES OF COMMUNICATIONS BE ON SPECIFIC FORMS WE PROVIDE FOR THAT PURPOSE: (1) authorization for telephone transfers by your financial professional (available only for contracts distributed through AXA Distributors); (2) conversion of a traditional IRA to a Roth Conversion IRA contract; (3) election of the automatic investment program; (4) requests for loans under Rollover TSA contracts (employer or plan approval required); (5) spousal consent for loans under Rollover TSA contracts; (6) requests for withdrawals or surrenders from Rollover TSA contracts; (7) tax withholding elections; (8) election of the beneficiary continuation option; (9) IRA contribution recharacterizations; (10) Section 1035 exchanges; (11) direct transfers and rollovers; (12) exercise of the Guaranteed minimum income benefit; (13) requests to reset your Roll-Up benefit base (for certain contracts with 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); (14) requests to step up your Guaranteed withdrawal benefit ("GWB") benefit base, if applicable, under the Optional step up provision; (15) requests to terminate or reinstate your GWB, if applicable, under the Beneficiary continuation option, if applicable; (16) death claims; (17) purchase by, or change of ownership to, a non-natural person; (18) change in ownership (NQ only, if available under your contract); and (19) enrollment in our "automatic required minimum distribution (RMD) service." WE ALSO HAVE SPECIFIC FORMS THAT WE RECOMMEND YOU USE FOR THE FOLLOWING TYPES OF REQUESTS: (1) beneficiary changes; (2) contract surrender and withdrawal requests; (3) general dollar cost averaging (including the fixed dollar and interest sweep options); and (4) 12 month dollar cost averaging. TO CANCEL OR CHANGE 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 (including the fixed dollar and interest sweep options); (3) 12 month dollar cost averaging; (4) substantially equal withdrawals; (5) systematic withdrawals; and (6) 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. Who is AXA Equitable? 9 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Accumulator(R) Select(SM) at a glance -- key features -------------------------------------------------------------------------------- (Not all of the features listed are available under all contracts or in all states.) -------------------------------------------------------------------------------- Professional investment Accumulator(R) Select(SM)'s variable investment options invest in different Portfolios managed by management professional investment advisers. ------------------------------------------------------------------------------------------------------------------------------------ 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. o Special 10 year fixed maturity option (available under Guaranteed principal benefit option 2 only). ------------------------------------------------------------------------------------------------------- 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 a fixed maturity amount, 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. ------------------------------------------------------------------------------------------------------------------------------------ Guaranteed interest o Principal and interest guarantees. option o Interest rates set periodically. ------------------------------------------------------------------------------------------------------------------------------------ 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. ------------------------------------------------------------------------------------------------------- You should be aware that annuity contracts that were purchased as an Individual Retirement Annuity (IRA) or tax sheltered annuity (TSA) do not provide tax deferral benefits beyond those already provided by the Internal Revenue Code for these types of arrangements. Before you purchased your contract, you should have considered its features and benefits beyond tax deferral, as well as its features, benefits and costs relative to any other investment that you may have chosen in connection with your retirement plan or arrangement, to determine whether it would meet your needs and goals. Depending on your personal situation, the contract's guaranteed benefits may have limited usefulness because of required minimum distributions ("RMDs"). ------------------------------------------------------------------------------------------------------------------------------------ Guaranteed minimum The Guaranteed minimum income benefit provides income protection for you during the annuitant's life income benefit (or "Living once you elect to annuitize the contract. Benefit") ------------------------------------------------------------------------------------------------------------------------------------ Principal Protector(SM) Principal Protector(SM) is our optional Guaranteed withdrawal benefit ("GWB"), which provides for recovery of your total contributions through withdrawals, even if your account value falls to zero, provided that during each contract year, your total withdrawals do not exceed a specified amount. This feature may not have been available under your contract. ------------------------------------------------------------------------------------------------------------------------------------ Contribution amounts o Initial minimum: $25,000 o Additional minimum: $500 (NQ and Rollover TSA) $100 monthly and $300 quarterly under our automatic investment program (NQ contracts) $1,000 (Inherited IRA contracts) $50 (IRA contracts) ------------------------------------------------------------------------------------------------------- o Maximum contribution limitations apply to all contracts. ------------------------------------------------------------------------------------------------------- In general, contributions are limited to $1.5 million ($500,000 for certain owners or annuitants who are age 81 and older at contract issue). Upon advance notice to you, we may exercise certain rights we have under the contract regarding contributions, including our rights to (i) change minimum and maximum contribution requirements and limitations, and (ii) discontinue acceptance of contributions. Further, we may at any time exercise our rights to limit or terminate your contributions. For more information, see "How you can contribute to your contract" in "Contract features and benefits" later in this Prospectus. ------------------------------------------------------------------------------------------------------------------------------------
10 Accumulator(R) Select(SM) at a glance -- key features To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green ------------------------------------------------------------------------------------------------------------------------------------ Access to your money o Partial withdrawals o Several withdrawal options on a periodic basis o Loans under Rollover TSA contracts (employer or plan approval required) o Contract surrender You may incur income tax and a tax penalty. Certain withdrawals will diminish the value of optional benefits. ------------------------------------------------------------------------------------------------------------------------------------ Payout options o Fixed annuity payout options o Variable Immediate Annuity payout options (described in a separate prospectus for that option) o Income Manager(R) payout options (described in a separate prospectus for that option) ------------------------------------------------------------------------------------------------------------------------------------ Additional features* o Guaranteed minimum death benefit options o Guaranteed principal benefit options (including Principal assurance) o Dollar cost averaging o Automatic investment program o Account value rebalancing (quarterly, semi-annually and annually) o Free transfers o Protection Plus(SM), an optional death benefit available under certain contracts (subject to state availability) o Spousal protection (not available under certain contracts) o Successor owner/annuitant o Beneficiary continuation option o Guaranteed minimum income benefit no lapse guarantee (available under contracts with applications that were signed and submitted on or after January 1, 2005 subject to state availability) o Guaranteed minimum death benefit/guaranteed minimum income benefit roll-up benefit base reset (available under contracts with applications that were signed and submitted on or after October 1, 2005 subject to state availability). * Not all features are available under all contracts. Please see Appendix VIII later in this Prospectus for more information. ------------------------------------------------------------------------------------------------------------------------------------
Accumulator(R) Select(SM) at a glance -- key features 11 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green ------------------------------------------------------------------------------------------------------------------------------------ Fees and charges+ o Daily charges on amounts invested in the variable investment options for mortality and expense risks, administrative charges and distribution charges at an annual rate of 1.70%. o The charges for the Guaranteed minimum death benefits range from 0.0% to 0.60%, annually, of the applicable benefit base. The benefit base is described under "Guaranteed minimum death benefit and Guaranteed minimum income benefit base" in "Contract features and benefits" later in this Prospectus. o An annual charge of 0.65% of the applicable benefit base charge for the optional Guaranteed minimum income benefit until you exercise the benefit, elect another annuity payout option or the contract date anniversary after the annuitant reaches age 85, whichever occurs first. The benefit base is described under "Guaranteed minimum death benefit and Guaranteed minimum income benefit base" in "Contract features and benefits" later in this Prospectus. o An annual charge for the optional Guaranteed principal benefit option 2 (if available) deducted the first ten contract date anniversaries equal to 0.50% of account value. o If your account value at the end of the contract year is less than $50,000, we deduct an annual administrative charge equal to $30, or during the first two contract years, 2% of your account value, if less. If your account value on the contract date anniversary, is $50,000 or more, we will not deduct the charge. o An annual charge of 0.35% of your account value for the 5% GWB Annual withdrawal option (if available) or 0.50% of your account value for the 7% GWB Annual withdrawal option (if available) for the Principal Protector(SM) benefit. If you "step up" your GWB benefit base, we reserve the right to raise the charge up to 0.60% and 0.80%, respectively. See "Principal Protector(SM)" in "Contract features and benefits" later in this Prospectus. o An annual charge of 0.35% of your account value for the Protection Plus(SM) optional death benefit. o No sales charge deducted at the time you make contributions and no withdrawal charge. ----------------------------------------------------------------------------------------------------- The "contract date" is the effective date of a contract. This usually is the business day we received the properly completed and signed application, along with any other required documents, and your initial contribution. Your contract date appears 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. This charge is generally deducted from the amount applied to an annuity payout option. o We currently deduct a $350 annuity administrative fee from amounts applied to purchase the variable immediate annuitization 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 fees and charges shown in this section are the maximum charges a contract owner will pay. Please see your contract for the fees and charges that apply to you. Also, some of the optional benefits may not be available under your contract. ------------------------------------------------------------------------------------------------------------------------------------ Annuitant issue ages NQ: 0-85 Rollover IRA, Roth Conversion IRA and Rollover TSA: 20-85 Inherited IRA: 0-70 ------------------------------------------------------------------------------------------------------------------------------------
The table above summarizes only certain current key features and benefits of the contract. The table also summarizes certain current limitations, restrictions and exceptions to those features and benefits that we have the right to impose under the contract and that are subject to change in the future. In some cases, other limitations, restrictions and exceptions may apply. The contract may not currently be 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, in all states or from all selling broker-dealers. Please see Appendix VII 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. This Prospectus is not your contract. Your contract and any endorsements, riders and data pages are the entire contract between you and AXA Equitable and governs with respect to all features, benefits, rights and obligations. The contract should be read carefully before investing. Please feel free to speak with your financial professional or call us, if you have questions. 12 Accumulator(R) Select(SM) at a glance -- key features To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 every 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. Accumulator(R) Select(SM) at a glance -- key features 13 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Fee table -------------------------------------------------------------------------------- The following tables describe the fees and expenses that you pay when owning the contract. Each of the charges and expenses is more fully described in "Charges and expenses" later in this Prospectus. The fees and charges shown in this section are the maximum fees and charges that a contract owner will pay. Please see your contract and/or Appendix VIII later in this prospectus for the fees and charges that apply under your contract. All features listed below may not have been available at the time you purchased your contract. See Appendix IX later in this Prospectus for more information. 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 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(1) If your account value on a contract date anniversary is less than $ 50,000(2) $30 If your account value on a contract date anniversary is $50,000 or more $0 -------------------------------------------------------------------------------- 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 1.10%(3) Administrative 0.25% Distribution 0.35% ------- Total Separate account annual expenses 1.70% -------------------------------------------------------------------------------- Charges we deduct from your account value each year if you elect any of the following optional benefits -------------------------------------------------------------------------------- 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.) Standard death benefit 0.00% Annual Ratchet to age 85 0.30% of the Annual Ratchet to age 85 benefit base (maximum); 0.25% (current) 6% Roll-Up to age 85 0.45% of the 6% Roll-Up to age 85 benefit base Greater of 5% Roll-Up to age 85 or 0.50% of the greater of 5% Roll-Up to Annual Ratchet to age 85 age 85 benefit base of the Annual Ratchet to age 85 benefit base, as applicable. Greater of 6% Roll-Up to age 85 or 0.60% of the greater of 6% Roll-Up to Annual Ratchet to age 85 age 85 benefit base or the Annual Ratchet to age 85 benefit base, as applicable -------------------------------------------------------------------------------- Guaranteed principal benefit charge for option 2 (Calculated as a percentage of the account value. Deducted annually(1) on the first 10 contract date anniversaries.) 0.50% -------------------------------------------------------------------------------- Guaranteed minimum income (or "Living Benefit") 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% -------------------------------------------------------------------------------- 14 Fee table To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green -------------------------------------------------------------------------------- Protection Plus(SM) benefit charge (Calculated as a percentage of the account value. Deducted annually(1) on each contract date anniversary for which the benefit is in effect.) 0.35% -------------------------------------------------------------------------------- Principal Protector(SM) benefit charge 0.35% for the 5% GWB Annual withdrawal (Calculated as a percentage of the option account value. Deducted annually(1) on each contract date anniversary, provided 0.50% for the 7% GWB Annual withdrawal your GWB benefit base is greater than option zero.) If you "step up" your GWB benefit base, 0.60% for the 5% GWB Annual withdrawal we reserve the right to increase your option charge up to: 0.80% for the 7% GWB Annual withdrawal option Please see "Principal Protector(SM)" in "Contract features and benefits" for more information about this feature, including its benefit base and the optional step up provision, and "Principal Protector(SM) charge" in "Charges and expenses," both later in this Prospectus, for more information about when the charge applies. -------------------------------------------------------------------------------- Net loan interest charge -- Rollover TSA contracts only (Calculated and deducted daily as a percentage of the outstanding loan amount) 2.00%(4) -------------------------------------------------------------------------------- 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 2008 Lowest Highest (expenses that are deducted from Portfolio assets ------ ------- including management fees, 12b-1 fees, service 0.64% 3.65% fees, and/or other expenses)(5) 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 year. If you are an existing contract owner, this pro rata deduction may not apply under your contract. See Appendix VIII later in this Prospectus for more information. For Principal Protector(SM) only, (if available) if the contract and benefit are continued under the Beneficiary continuation option with Principal Protector(SM), the pro rata deduction for the Principal Protector(SM) charge is waived. (2) During the first two contract years this charge, if applicable, is equal to the lesser of $30 or 2% of your account value. Thereafter, if applicable, the charge is $30 for each contract year. (3) These charges compensate us for certain risks we assume and expenses we incur under the contract. We expect to make a profit from these charges. (4) We charge interest on loans under Rollover 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 Rollover TSA contracts" later in this Prospectus for more information on how the loan interest is calculated and for restrictions that may apply. (5) "Total Annual Portfolio Operating Expenses" are based, in part, on estimated amounts for options added during the fiscal year 2008 and for the underlying portfolios. Fee table 15 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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). The example below shows the expenses that a hypothetical contract owner (who has elected the Guaranteed minimum income benefit with the enhanced death benefit that provides for the greater of the 6% Roll-Up to age 85 or the Annual Ratchet to age 85 and Protection Plus(SM)) would pay in the situations illustrated. The example uses an average annual administrative charge based on the charges paid in 2008, which results in an estimated administrative charge of 0.004% of contract value. The fixed maturity options, guaranteed interest option and the 12 month dollar cost averaging program are not covered by the example. However, the annual administrative charge, 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, guaranteed interest option and the 12 month dollar cost averaging program. 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. Other than the administrative charge (which is described immediately above), 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 surrender or do not surrender If you annuitize at the end of the your contract at the end of the applicable applicable time period time period ------------------------------------------------------------------------------------------------------------------------------------ 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years ------------------------------------------------------------------------------------------------------------------------------------ (a) assuming maximum fees and expenses of N/A $2,527 $3,949 $7,415 $731 $2,177 $3,599 $7,065 any of the Portfolios (b) assuming minimum fees and expenses of N/A $1,627 $2,533 $5,008 $415 $1,277 $2,183 $4,658 any of the Portfolios ------------------------------------------------------------------------------------------------------------------------------------
CONDENSED FINANCIAL INFORMATION Please see Appendix I 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, 2008. 16 Fee table To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 1. Contract features and benefits -------------------------------------------------------------------------------- HOW YOU CAN CONTRIBUTE TO YOUR CONTRACT You may currently make additional contributions of at least $500 each for NQ and Rollover TSA contracts and $50 for Rollover IRA and Roth Conversion contracts and $1000 for Inherited IRA contracts, subject to limitations noted below. Maximum contribution limitations also apply. The following table summarizes our current rules regarding contributions to your contract, which rules are subject to change. We can refuse to accept any contribution from you at any time, including after you purchase the contract. In some states our rules may vary. All ages in the table refer to the age of the annuitant named in the contract. Initial contribution amounts are provided for informational purposes only. The contract is no longer available to new purchasers. Upon advance notice to you, we may exercise certain rights we have under the contract regarding contributions including our rights to (i) change minimum and maximum contribution requirements and limitations, and (ii) discontinue acceptance of contributions. Further, we may at any time exercise our rights to limit or terminate your contributions. -------------------------------------------------------------------------------- We reserve the right to change our current limitations on your contributions and to discontinue acceptance of contributions. -------------------------------------------------------------------------------- We currently limit aggregate contributions on your contract made after the first contract year to 150% of first-year contributions (the "150% limit"). The 150% limit can be reduced or increased at any time upon advance notice to you. Even if the aggregate contributions on your contract do not exceed the 150% limit, we currently do not accept any contribution if: (i) the aggregate contributions under one or more Accumulator(R) series contracts with the same owner or annuitant would then total more than $1,500,000 ($500,000 for the same owner or annuitant who is age 81 and older at contract issue); or (ii) the aggregate contributions under all AXA Equitable annuity accumulation contracts with the same owner or annuitant would then total more than $2,500,000. We may waive these and other contribution limitations based on certain criteria that we determine, including elected benefits, issue age, aggregate contributions, variable investment option allocations and selling broker-dealer compensation. These and other contribution limitations may not be applicable in your state. Please see Appendix VII later in this Prospectus. -------------------------------------------------------------------------------- The "annuitant" is the person who is the measuring life for determining contract benefits. The annuitant is not necessarily the contract owner. --------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ Available Contract for annuitant type issue ages* Minimum contributions Source of contributions Limitations on contributions+ ------------------------------------------------------------------------------------------------------------------------------------ NQ 0 through 85 o $25,000 (initial) o After-tax money. o No additional contributions after attainment of age 86 or, if o $500 (additional) o Paid to us by check or later, the first contract date transfer of contract value anniversary.* o $100 monthly and $300 in a tax-deferred exchange quarterly under our auto- under Section 1035 of the matic investment program Internal Revenue Code. (additional) ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ Available Contract for annuitant type issue ages* Minimum contributions Source of contributions Limitations on contributions+ ------------------------------------------------------------------------------------------------------------------------------------ Rollover IRA 20 through 85 o $25,000 (initial) o Eligible rollover distributions o No rollover or direct transfer from 403(b) plans, qualified contributions after attainment of o $50 (additional) plans, and governmental employer age 86 or, if later, the first 457(b) plans. contract date anniversary.* o Rollovers from another o Contributions after age 70-1/2 traditional individual retire- must be net of required minimum ment arrangement. distributions. o Direct custodian-to-custodian o Although we accept regular IRA transfers from another contributions (limited to $5,000) traditional individual retirement under the Rollover IRA contracts, arrangement. we intend that the contract be used primarily for rollover and o Regular IRA contributions. direct transfer contributions. o Additional catch-up contri- butions. 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. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ Available Contract for annuitant type issue ages* Minimum contributions Source of contributions Limitations on contributions+ ------------------------------------------------------------------------------------------------------------------------------------ Roth Conversion 20 through 85 o $25,000 (initial) o Rollovers from another Roth IRA. o No additional rollover or direct IRA transfer contributions after o $50 (additional) o Rollovers from a "designated Roth attainment of age 86 or, if contribution account" under a later, the first contract date 401(k) plan or 403(b) plan. anniversary.* o Conversion rollovers from a o Conversion rollovers after age traditional IRA or other eligible 70-1/2 must be net of required retirement plan. minimum distributions for the traditional IRA or other eligible o Direct transfers from another retirement plan which is the Roth IRA. source of the conversion rollover. o Regular Roth IRA contributions. o Before 2010, you cannot roll over o Additional catch-up contributions. funds from a traditional IRA or other eligible retirement plan if your adjusted gross income is $100,000 or more. o Although we accept regular Roth IRA contributions (limited to $5,000) under the Roth IRA contracts, we intend that the contract be used primarily for rollover and direct transfer contributions. o Additional catch-up contri- butions of up to $1,000 per calendar year where the owner is at least age 50 at any time during the calendar year for which the contribution is made. ------------------------------------------------------------------------------------------------------------------------------------ Rollover TSA** 20 through 85 o $25,000 (initial) o With documentation of employer o No additional rollover or direct or plan approval, and limited to transfer contributions after o $500 (additional) pre-tax funds, direct attainment of age 86 or, if plan-to-plan transfers from later, the first contract date another 403(b) plan or contract anniversary.* exchanges from another 403(b) plan or contract exchanges from o Contributions after age 70-1/2 another 403(b) contract under must be net of any required the same plan. minimum distributions. o With documentation of employer o We do not accept employer- or plan approval, and limited to remitted contributions. pre-tax funds, eligible rollover distributions from other 403(b) o We do not accept after tax plans, qualified plans, gov- contributions, including des- ernmental employer 457(b) plans ignated Roth contributions. or traditional IRAs. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ Available Contract for annuitant type issue ages* Minimum contributions Source of contributions Limitations on contributions+ ------------------------------------------------------------------------------------------------------------------------------------ Inherited IRA 0-70 o $25,000 (initial) o Direct custodian-to-custodian o Any additional contributions must Beneficiary transfers of your interest as a be from the same type of IRA of Continuation o $1,000 (additional) death beneficiary of the deceased the same deceased owner. Contract owner's traditional individual (traditional IRA retirement arrangement or Roth o Non-spousal beneficiary direct or Roth IRA) IRA to an IRA of the same type. rollover contributions from qualified plans, 403(b) plans and governmental employer 457(b) plans may be made to an Inherited IRA contract under specified circumstances. ------------------------------------------------------------------------------------------------------------------------------------
+ If you purchase Guaranteed principal benefit option 2, no contributions are permitted after the six month period beginning on the contract date. Additional contributions may not be permitted under certain conditions in your state. Please see Appendix VII later in this Prospectus to see if additional contributions are permitted in your state. * Please see Appendix VIII for variations that may apply to your contract. ** May not be available from all Selling broker-dealers. Also, Rollover TSA is available only where the employer sponsoring the 403(b) plan currently contributes to one or more other 403(b) annuity contracts issued by AXA Equitable for active plan participants (the purchaser of the Accumulator(R) Select(SM) Rollover TSA may also be, but need not be, an owner of the other 403(b) annuity contract). See "Tax information" later in this Prospectus for a more detailed discussion of sources of contributions and certain contribution limitations. 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. Please review your contract for information on contribution limitations. 20 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green OWNER AND ANNUITANT REQUIREMENTS 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 the contract to other non-natural owners. Only natural persons can be joint owners. If the Spousal protection feature is available under your contract and is elected, the spouses must be joint owners, one of the spouses must be the annuitant and both must be named as the only primary beneficiaries. The determination of spousal status is made under applicable state law. However, in the event of a conflict between federal and state law, we follow federal rules. In general, we will not permit a contract to be owned by a minor unless it is pursuant to the Uniform Gift to Minors Act or the Uniform Transfers to Minors Act in your state. Under all IRA and Rollover TSA contracts, the owner and annuitant must be the same person. In some cases, an IRA contract may be held in a custodial individual retirement account for the benefit of the individual annuitant. This option may not be available under your contract. See Inherited IRA beneficiary continuation contract later in this section for Inherited IRA owner and annuitant requirements. HOW YOU CAN MAKE YOUR CONTRIBUTIONS Except as noted below, contributions must be 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 an intended Section 1035 tax-free exchange or a direct transfer. We do not accept starter checks or travelers' checks. 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 your convenience, we will accept contributions by wire transmittal from certain broker-dealers who have agreements with us for this purpose, including circumstances under which such contributions are considered received by us when your order is taken by such broker-dealers. Additional contributions may also be made under our automatic investment program. These methods of payment are discussed in detail in "More information" 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. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Our "business day" is generally any day the New York Stock Exchange is open for regular trading and generally ends at 4:00 p.m. Eastern Time (or as of an earlier close of regular trading). A business day does not include a day on which we are not open due to emergency conditions determined by the Securities and Exchange Commission. We may also close early due to such emergency conditions. For more information about our business day and our pricing of transactions, please see "Dates and prices at which contract events occur." -------------------------------------------------------------------------------- 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. 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. We may, at any time, exercise our rights to limit or terminate your contributions. Contract features and benefits 21 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green PORTFOLIOS OF THE TRUSTS The AXA Allocation Portfolios and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio 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 and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio 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 the 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 and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio than certain other Portfolios available to you under your contract. In addition, due to the relative diversification of the underlying portfolios covering various asset classes and categories, the AXA Allocation Portfolios and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio 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" 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 sub-adviser(s) for each Portfolio, if any. The chart below also shows the currently available Portfolios and their investment objectives.
------------------------------------------------------------------------------------------------------------------------------------ AXA Premier VIP Trust -- Class B shares* Investment Manager (or Sub-Adviser(s), Portfolio Name Objective as 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 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 o ClearBridge Advisors, LLC o Legg Mason Capital Management, Inc. o Marsico Capital Management, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER CORE BOND To seek a balance of high current income and capital o BlackRock Financial Management, Inc. appreciation, consistent with a prudent level of risk. o Pacific Investment Management Company LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER HEALTH CARE Long-term growth of capital. o Invesco Aim Capital Management, Inc. o RCM Capital Management LLC o SSgA Funds Management, Inc. o Wellington Management Company, LLP ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER INTERNATIONAL Long-term growth of capital. o AllianceBernstein L.P. EQUITY o JPMorgan Investment Management Inc. o Marsico Capital Management, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ AXA Premier VIP Trust -- Class B shares* Investment Manager (or Sub-Adviser(s), Portfolio Name Objective as applicable) ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER LARGE CAP Long-term growth of capital. o AllianceBernstein L.P. CORE EQUITY o Janus Capital Management LLC o SSgA Funds Management, Inc. o Thornburg Investment Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER LARGE CAP Long-term growth of capital. o Goodman & Co. NY Ltd. GROWTH o SSgA Funds Management, Inc. o T. Rowe Price Associates, Inc. o Westfield Capital Management Company, L.P. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER LARGE CAP Long-term growth of capital. o AllianceBernstein L.P. VALUE o Institutional Capital LLC o MFS Investment Management o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER MID CAP Long-term growth of capital. o AllianceBernstein L.P. GROWTH o Franklin Advisers, Inc. o SSgA Funds Management, Inc. o Wellington Management Company, LLP ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER MID CAP VALUE Long-term growth of capital. o AXA Rosenberg Investment Management LLC o SSgA Funds Management, Inc. o Tradewinds Global Investors, LLC o Wellington Management Company, LLP ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER MULTI-SECTOR High total return through a combination of current o Pacific Investment Management Company LLC BOND(1) income and capital appreciation. o Post Advisory Group, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER SMALL CAP Long-term growth of capital. o Eagle Asset Management, Inc. GROWTH o SSgA Funds Management, Inc. o Wells Capital Management Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER SMALL CAP Long-term growth of capital. o Franklin Advisory Services, LLC VALUE o Pacific Global Investment Management Company o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER TECHNOLOGY Long-term growth of capital. o Firsthand Capital Management, Inc. o RCM Capital Management LLC o SSgA Funds Management, Inc. o Wellington Management Company, LLP ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ EQ Advisors Trust -- Class IB shares* Investment Manager (or Sub-Adviser(s), Portfolio Name Objective asapplicable) ------------------------------------------------------------------------------------------------------------------------------------ EQ/ALLIANCEBERNSTEIN Seeks to achieve long-term growth of capital. o AllianceBernstein L.P. INTERNATIONAL ------------------------------------------------------------------------------------------------------------------------------------ EQ/ALLIANCEBERNSTEIN SMALL Seeks to achieve long-term growth of capital. o AllianceBernstein L.P. CAP GROWTH ------------------------------------------------------------------------------------------------------------------------------------ EQ/ARIEL APPRECIATION II Seeks to achieve long-term capital appreciation. o Ariel Capital Management, LLC ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA FRANKLIN INCOME Seeks to maximize income while maintaining prospects o BlackRock Investment Management, LLC CORE(2) for capital appreciation. o Franklin Advisers, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA FRANKLIN SMALL CAP Seeks to achieve long-term total return. o BlackRock Investment Management, LLC VALUE CORE(3) o Franklin Advisory Services, LLC ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA FRANKLIN TEMPLETON Primarily seeks capital appreciation and secondarily seeks o AXA Equitable FOUNDING STRATEGY CORE(4) income. ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA MUTUAL SHARES CORE(5) Seeks to achieve capital appreciation, which may occa- o BlackRock Investment Management, LLC sionally be short-term, and secondarily, income. o Franklin Mutual Advisers, LLC ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA ROSENBERG VALUE Seeks to increase value through bull markets and bear o AXA Rosenberg Investment Management LONG/SHORT EQUITY markets using strategies that are designed to limit expo- LLC sure to general equity market risk. ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA TEMPLETON GROWTH Seeks to achieve long-term capital growth. o BlackRock Investment Management, LLC CORE(6) o Templeton Global Advisors Limited ------------------------------------------------------------------------------------------------------------------------------------ EQ/BLACKROCK BASIC VALUE Seeks to achieve capital appreciation and secondarily, o BlackRock Investment Management, LLC EQUITY income. ------------------------------------------------------------------------------------------------------------------------------------ EQ/BLACKROCK INTERNATIONAL Seeks to provide current income and long-term growth of o BlackRock Investment Management VALUE income, accompanied by growth of capital. International Limited ------------------------------------------------------------------------------------------------------------------------------------ EQ/BOSTON ADVISORS EQUITY Seeks to achieve a combination of growth and income to o Boston Advisors, LLC INCOME achieve an above-average and consistent total return. ------------------------------------------------------------------------------------------------------------------------------------ EQ/CALVERT SOCIALLY Seeks to achieve long-term capital appreciation. o Calvert Asset Management Company, RESPONSIBLE Inc. o Bridgeway Capital Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/CAPITAL GUARDIAN GROWTH Seeks to achieve long-term growth of capital. o Capital Guardian Trust Company ------------------------------------------------------------------------------------------------------------------------------------ EQ/CAPITAL GUARDIAN Seeks to achieve long-term growth of capital. o Capital Guardian Trust Company RESEARCH ------------------------------------------------------------------------------------------------------------------------------------ EQ/CAYWOOD-SCHOLL HIGH Seeks to maximize current income. o Caywood-Scholl Capital Management YIELD BOND ------------------------------------------------------------------------------------------------------------------------------------ EQ/COMMON STOCK INDEX(7) Seeks to achieve a total return before expenses that o AllianceBernstein L.P. approximates the total return performance of the Russell 3000 Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 3000 Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/CORE BOND INDEX Seeks to achieve a total return before expenses that o SSgA Funds Management, Inc. approximates the total return performance of the Barclays Capital U.S. Aggregate Bond Index, including reinvest- ment of dividends, at a risk level consistent with that of the Barclays Capital U.S. Aggregate Bond Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/DAVIS NEW YORK VENTURE Seeks to achieve long-term growth of capital. o Davis Selected Advisers, L.P. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ EQ Advisors Trust -- Class IB shares* Investment Manager (or Sub-Adviser(s), Portfolio Name Objective as applicable) ------------------------------------------------------------------------------------------------------------------------------------ EQ/EQUITY 500 INDEX Seeks to achieve 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 OMEGA Seeks to achieve long-term capital growth. o Evergreen Investment Management Company, LLC ------------------------------------------------------------------------------------------------------------------------------------ EQ/FOCUS PLUS(8) Seeks to achieve long-term growth of capital. o AXA Equitable o Marsico Capital Management, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ 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/GLOBAL BOND PLUS(9) Seeks to achieve capital growth and current income. o BlackRock Investment Management, LLC o Evergreen Investment Management Company, LLC o First International Advisors, LLC (dba "Evergreen International") ------------------------------------------------------------------------------------------------------------------------------------ EQ/GLOBAL MULTI-SECTOR Seeks to achieve long-term capital appreciation. o BlackRock Investment Management, LLC EQUITY(10) o Morgan Stanley Investment Management Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/INTERMEDIATE GOVERNMENT Seeks to achieve a total return before expenses that o SSgA Funds Management, Inc. BOND INDEX approximates the total return performance of the Barclays Capital Intermediate Government Bond Index, including reinvestment of dividends, at a risk level consistent with that of the Barclays Capital Intermediate Government Bond Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/INTERNATIONAL CORE PLUS Seeks to achieve long-term growth of capital. o AXA Equitable o Hirayama Invesmetnts, LLC o SSgA Funds Management, Inc. o Wentworth Hauser and Violich, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/INTERNATIONAL GROWTH Seeks to achieve capital appreciation. o MFS Investment Management ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMORGAN VALUE Seeks to achieve long-term capital appreciation. o JPMorgan Investment Management Inc. OPPORTUNITIES ------------------------------------------------------------------------------------------------------------------------------------ EQ/LARGE CAP CORE PLUS Seeks to achieve long-term growth of capital with a sec- o AXA Equitable ondary objective to seek reasonable current income. For purposes of this Portfolio, the words "reasonable current o Institutional Capital LLC income" mean moderate income. o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LARGE CAP GROWTH INDEX Seeks to achieve a total return before expenses that o AllianceBernstein L.P. approximates the total return performance of the Russell 1000 Growth Index, including reinvestment of dividends at a risk level consistent with that of the Russell 1000 Growth Index. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ EQ Advisors Trust -- Class IB shares* Investment Manager (or Sub-Adviser(s), Portfolio Name Objective as applicable) ------------------------------------------------------------------------------------------------------------------------------------ EQ/LARGE CAP GROWTH PLUS Seeks to provide long-term capital growth. o AXA Equitable o Marsico Capital Management, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LARGE CAP VALUE INDEX Seeks to achieve a total return before expenses that o SSgA Funds Management, Inc. approximates the total return performance of the Russell 1000 Value Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 1000 Value Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LARGE CAP VALUE PLUS Seeks to achieve capital appreciation. o AllianceBernstein L.P. o AXA Equitable ------------------------------------------------------------------------------------------------------------------------------------ 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 Seeks to achieve capital appreciation and growth of o Lord, Abbett & Co. LLC INCOME income without excessive fluctuation in market value. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LORD ABBETT LARGE CAP Seeks to achieve capital appreciation and growth of o Lord, Abbett & Co. LLC CORE income with reasonable risk. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LORD ABBETT MID CAP VALUE Seeks to achieve capital appreciation. o Lord, Abbett & Co. LLC ------------------------------------------------------------------------------------------------------------------------------------ EQ/MID CAP INDEX Seeks to achieve a total return before expenses that o SSgA Funds Management, Inc. approximates the total return performance of the S&P Mid Cap 400 Index, including reinvestment of dividends, at a risk level consistent with that of the S&P Mid Cap 400 Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/MID CAP VALUE PLUS Seeks to achieve long-term capital appreciation. o AXA Equitable o SSgA Funds Management, Inc. o Wellington Management Company LLP ------------------------------------------------------------------------------------------------------------------------------------ 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 Seeks to achieve capital appreciation. o Montag & Caldwell, Inc. GROWTH ------------------------------------------------------------------------------------------------------------------------------------ EQ/OPPENHEIMER GLOBAL Seeks to achieve capital appreciation. o OppenheimerFunds, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/OPPENHEIMER MAIN STREET Seeks to achieve long-term capital appreciation. o OppenheimerFunds, Inc. OPPORTUNITY ------------------------------------------------------------------------------------------------------------------------------------ EQ/OPPENHEIMER MAIN STREET Seeks to achieve capital appreciation. o OppenheimerFunds, Inc. SMALL CAP ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO ULTRA SHORT BOND(11) Seeks to generate a return in excess of traditional o Pacific Investment Management Company, money market products while maintaining an emphasis on LLC preservation of capital and liquidity. ------------------------------------------------------------------------------------------------------------------------------------ EQ/QUALITY BOND PLUS Seeks to achieve high current income consistent with o AllianceBernstein L.P. moderate risk to capital. o AXA Equitable o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/SHORT DURATION BOND Seeks to achieve current income with reduced volatility o BlackRock Financial Management, Inc. of principal. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ EQ Advisors Trust -- Class IB shares* Investment Manager (or Sub-Adviser(s), Portfolio Name Objective as applicable) ------------------------------------------------------------------------------------------------------------------------------------ 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/T. ROWE PRICE GROWTH Seeks to achieve long-term capital appreciation and o T. Rowe Price Associates, Inc. STOCK secondarily, income. ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS GROWTH AND INCOME Seeks to achieve total return through capital appreciation o UBS Global Asset Management (Americas) with income as a secondary consideration. Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/VAN KAMPEN COMSTOCK Seeks to achieve capital growth and income. o Morgan Stanley Investment Management Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/VAN KAMPEN MID CAP Seeks to achieve capital growth. o Morgan Stanley Investment Management Inc. GROWTH ------------------------------------------------------------------------------------------------------------------------------------ EQ/VAN KAMPEN REAL ESTATE Seeks to provide above average current income and long- o Morgan Stanley Investment Management Inc. term capital appreciation. ------------------------------------------------------------------------------------------------------------------------------------
* The chart below reflects the portfolio's former name in effect until on or about May 1, 2009, subject to regulatory approval. The number in the "Footnote No." column corresponds with the number contained in the chart above. ----------------------------------------------------------- Footnote No. Portfolio's Former Name ----------------------------------------------------------- AXA Premier VIP Trust ----------------------------------------------------------- (1) Multimanager High Yield ----------------------------------------------------------- EQ Advisors Trust ----------------------------------------------------------- (2) EQ/Franklin Income ----------------------------------------------------------- (3) EQ/Franklin Small Cap Value ----------------------------------------------------------- (4) EQ/Franklin Templeton Founding Strategy ----------------------------------------------------------- (5) EQ/Mutual Shares ----------------------------------------------------------- (6) EQ/Templeton Growth ----------------------------------------------------------- (7) EQ/AllianceBernstein Common Stock ----------------------------------------------------------- (8) EQ/Marsico Focus ----------------------------------------------------------- (9) EQ/Evergreen International Bond ----------------------------------------------------------- (10) EQ/Van Kampen Emerging Markets Equity ----------------------------------------------------------- (11) EQ/PIMCO Real Return ----------------------------------------------------------- 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 1-800-789-7771. Contract features and benefits 27 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 interest 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 before deduction of annual administrative charges and any optional benefit charges. See Appendix VII later in this Prospectus for state variations. Depending on the state where your contract was issued, your lifetime minimum rate ranges from 1.50% 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 2009 is 1.50%, 2.25%, 2.75% or 3.00%, depending on your lifetime minimum rate. 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 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 any given time, we may not offer fixed maturity options with all ten possible maturity dates. You can allocate your contributions to one or more of these fixed maturity options, however, you may not have more than 12 different maturities running during any contract year. This limit includes any maturities that have had any allocation or transfers even if the entire amount is withdrawn or transferred during the contract year. 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 all states. Check with your financial professional or see Appendix VII later in this Prospectus to see if fixed maturity options are available in your state. -------------------------------------------------------------------------------- Fixed maturity options range from one to ten years to maturity. -------------------------------------------------------------------------------- Under the Special 10 year fixed maturity option (which is available only under contracts that offer GPB Option 2), additional contributions will have the same maturity date as your initial contribution (see "the Guaranteed Principal benefits" below.) The rate to maturity you will receive for each additional contribution 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, to the date of the calculation. This is the fixed maturity option's "maturity value." Before maturity, the current value we will report for your fixed maturity amounts will reflect a market value adjustment. Your current value was 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 offer fixed maturity options with maturity dates ranging from one to ten years. Not all of these fixed maturity options will be available for annuitant ages 76 and older. See "Allocating your contributions" below. Each new contribution is applied to a new fixed maturity option. When you applied for an Accumulator(R) Select(SM) contract, a 60-day rate lock-in applied from the date the application was signed. Any contributions received and designated for a fixed maturity option during that period received the then current fixed maturity option rate or the rate that was in effect on the date that the application was signed, whichever had been greater. There is no rate lock available for subsequent contributions to the contract after 60 days, transfers from any of the variable investment options or the guaranteed interest option into a fixed maturity option or transfers from one fixed maturity option to another. YOUR CHOICES AT THE MATURITY DATE. We will notify you between 15 and 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 restrictive conditions listed in "Allocating your contributions," below would apply: (a) transfer the maturity value into another available fixed maturity option, any of the variable investment options or the guaranteed interest option; 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 shortest available maturity option beginning on that date. As of February 17, 2009, the next available maturity date was February 16, 2016. If no fixed maturity options are available we will transfer your maturity value to the EQ/Money Market option. MARKET VALUE ADJUSTMENT. If you make any withdrawals (including transfers, surrender 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 28 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green date and may apply on payment of a death benefit. 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 market value adjustment 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 we have in effect at that time for new fixed maturity options, (adjusted to reflect a similar maturity date) and (b) the length of time remaining until the maturity date. If fixed maturity option 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 fixed maturity option 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 amounts 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 choose from among three ways to allocate your contributions under your contract: self-directed, the guaranteed principal benefits (at contract issue only) or dollar cost averaging. Subsequent contributions are allocated according to instructions on file unless you provide new instructions. 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. If your financial professional is with AXA Advisors, he or she 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. SELF-DIRECTED ALLOCATION You may allocate your contributions to one or more, or all, of the variable investment options, guaranteed interest option (subject to restrictions in certain states -- See Appendix VII later in this Prospectus for state variations) and fixed maturity options. 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. If you are an existing contract owner, this restriction may not apply. The total of your allocations into all available investment options must equal 100%. If the annuitant is age 76-80, you may allocate contributions to fixed maturity options with maturities of seven years or less. If the annuitant is age 81 or older, you may allocate contributions to fixed maturity options with maturities of five years or less. 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 GUARANTEED PRINCIPAL BENEFITS (INCLUDING PRINCIPAL ASSURANCE) We offered a guaranteed principal benefit ("GPB") with two options. See Appendix VII later in this Prospectus for more information on state availability and Appendix VIII for contract variation and/or availability of these benefits. You could only elect one of the GPBs. Neither GPB was available under Inherited IRA contracts. We did not offer either GPB when the rate to maturity for the applicable fixed maturity option was 3%. Both GPB options allow you to allocate a portion of your total contributions to the variable investment options, while ensuring that your account value will at least equal your contributions, adjusted for withdrawals and transfers, on a specified date. GPB Option 2 generally provides you with the ability to allocate more of your contributions to the variable investment options than could be allocated using GPB Option 1 (also known as Principal assurance). If you elected either GPB, you could not elect the Guaranteed minimum income benefit, Principal Protector(SM), the systematic withdrawals option or the substantially equal withdrawals option. However, certain contract owners who elected GPB are not subject to these restrictions. See Appendix VIII for information on what applies under your contract. You could elect GPB Option 1 only if the annuitant was age 80 or younger when the contract was issued (after age 75, only the 7-year fixed maturity option was available). You could elect GPB Option 2 only if the annuitant was age 75 or younger when the contract was issued. If you purchased an IRA or Rollover TSA contract, before you either purchased GPB Option 2 or elected GPB Option 1 with a maturity year that would extend beyond the year in which you will reach age 70-1/2, you should have considered whether your value in the variable investment options, guaranteed interest option and permissible funds outside the contract were sufficient to meet your required minimum distributions. See "Tax information" later in this Prospectus. If you elected GPB Option 2 and change ownership of the contract, GPB Option 2 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. Contract features and benefits 29 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green GUARANTEED PRINCIPAL BENEFIT OPTION 1 (UNDER CERTAIN CONTRACTS, THIS FEATURE IS CALLED "PRINCIPAL ASSURANCE"). GPB Option I was available at contract issue only. Under GPB Option 1, you selected a fixed maturity option at the time you signed your application. We specified a portion of your initial contribution and allocated it 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 percentage of your contribution allocated to the fixed maturity option was calculated based upon the rate to maturity then in effect for the fixed maturity option you chose. Your contract contains information on the amount of your contribution allocated to the fixed maturity option. The maturity date you selected generally could not be later than 10 years, or earlier than 7 years from your contract date. If you were to make any withdrawals or transfers from the fixed maturity option before the option's maturity date, the amount in the fixed maturity option will be adjusted and may no longer grow to equal your initial contribution under GPB Option 1. You allocated the remainder of your initial contribution to the investment options however you chose, other than the Investment simplifier. (If you elected the General or 12 month dollar cost averaging program, the remainder of your initial contribution (that is, amounts other than those allocated to the fixed maturity option under GPB Option 1) was allocated to that dollar cost averaging program). Upon the maturity date of the fixed maturity option, you will be provided with the same notice and the same choices with respect to the maturity value as described above under "Your choices at the maturity date." There is no charge for GPB Option 1. GUARANTEED PRINCIPAL BENEFIT OPTION 2. You may purchase GPB Option 2 was only available at contract issue. IF YOU PURCHASED GPB OPTION 2, YOU MAY NOT MAKE ADDITIONAL CONTRIBUTIONS TO YOUR CONTRACT AFTER SIX MONTHS FROM THE CONTRACT ISSUE DATE OR AT ANY EARLIER TIME IF AT SUCH TIME THE THEN APPLICABLE RATE TO MATURITY ON THE SPECIAL 10 YEAR FIXED MATURITY OPTION IS 3%. Therefore, any discussion in this Prospectus that involves any additional contributions after the first six months will be inapplicable. This feature was not available under all contracts. We have specified the portion of your initial contribution, and any additional permitted contributions, to be allocated to a special 10 year fixed maturity option. Your contract contains information on the percentage of applicable contributions allocated to the Special 10 year fixed maturity option. You may allocate the rest of your contributions among the investment options (other than the Special 10 year fixed maturity option) however you choose, as permitted under your contract, and other than the Investment simplifier. (If you elect the General or 12 month dollar cost averaging program, the remainder of all contributions (that is, amounts other than those allocated to the Special 10 year fixed maturity option) must be allocated to that dollar cost averaging program). The Special 10 year fixed maturity option will earn interest at the specified rate to maturity then in effect. If on the 10th contract date anniversary, your annuity account value is less than the amount that is guaranteed under GPB Option 2, we will increase your annuity account value to be equal to the guaranteed amount under GPB Option 2. Any such additional amounts added to your annuity account value will be allocated to the EQ/Money Market investment option. After the maturity date of the Special 10 year fixed maturity option, the guarantee under GPB Option 2 will terminate. Upon the maturity date of the Special 10 year fixed maturity option, you will be provided with the same notice and the same choices with respect to the maturity value as described above under "Your choices at the maturity date." The guaranteed amount under GPB Option 2 is equal to your initial contribution adjusted for any additional permitted contributions, transfers out of the Special 10 year fixed maturity option and withdrawals from the contract (see "How withdrawals (and transfers out of the Special 10 year fixed maturity option) affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Guaranteed principal benefit option 2" in "Accessing your money" later in this Prospectus). Any transfers or withdrawals from the Special 10 year fixed maturity option will also be subject to a market value adjustment (see "Market value adjustment" under "Fixed maturity options" above in this section). If you purchased the Guaranteed principal benefit option 2, you can- not voluntarily terminate this benefit. GPB Option 2 will terminate if the contract terminates before the maturity date of the Special 10 year fixed maturity option. If the owner and the annuitant are different people and the owner dies before the maturity date of the Special 10 year fixed maturity option, we will continue GPB Option 2 only if the contract can continue through the maturity date of the Special 10 year fixed maturity option. If the contract cannot so continue, we will terminate GPB Option 2. GPB Option 2 will continue where there is a successor owner/annuitant. GPB Option 2 will terminate upon the exercise of the beneficiary continuation option. See "Payment of death benefit" later in this Prospectus for more information about the continuation of the contract after the death of the owner and/or the annuitant. There is a fee associated with GPB Option 2 (see "Charges and expenses" later in this Prospectus). You should note that the purchase of GPB Option 2 would not have been appropriate if you wanted to make additional contributions to your contract beyond the first six months after your contract was issued. If you later decide that you would like to make additional contributions to the Accumulator(R) Select(SM) contract, we may permit you to purchase another contract. If we do, however, you should note that we do not reduce or waive any of the charges on the new contract, nor do we guarantee that the features available under the contract will be available under the new contract. This means that you might end up paying more with respect to certain charges than if you had simply purchased a single contract (for example, the administrative charge). The purchase of GPB Option 2 also would not have been appropriate if you planned on terminating your contract before the maturity date of the Special 10 year fixed maturity option. In addition, because we prohibit contributions to your contract after the first six months, certain contract benefits that are dependent upon contributions or account value will be limited (for example, the guaranteed death benefits and Protection Plus(SM)). You should also note that if you intended to allocate a large percentage of your contributions to the guaranteed interest option or other fixed maturity options, the purchase of GPB Option 2 would not have been appropriate because of the guarantees already 30 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green provided by these options. An example of the effect of GPB Option 1 and GPB Option 2 on your annuity contract is included in Appendix V later in this Prospectus. 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. -------------------------------------------------------------------------------- Units measure your value in each variable investment option. -------------------------------------------------------------------------------- 12 MONTH DOLLAR COST AVERAGING PROGRAM. You may dollar cost average from the EQ/Money Market option into any of the other variable investment options. You may elect to participate in the 12 month dollar cost averaging program at any time subject to the age limitation on contributions described earlier in this Prospectus. Contributions into the account for 12 month dollar cost averaging may not be transfers from other investment options. You must allocate your entire initial contribution into the EQ/Money Market option if you are selecting the 12 month dollar cost averaging program at application to purchase an Accumulator(R) Select(SM) contract; thereafter, initial allocations to any new 12 month dollar cost averaging program time period must be at least $2,000 and any subsequent contribution to that same time period must be at least $250. You may only have one time period in effect at any time. We will transfer your value in the EQ/Money Market option into the other variable investment options that you select over the next 12 months or such other period we may offer. Once the time period then in effect has run, you may then select to participate in the dollar cost averaging program for an additional time period. At that time, you may also select a different allocation for transfers to the variable investment options, or, if you wish, we will continue to use the selection that you have previously made. Currently, the transfer date will be the same day of the month as the contract date, but not later than the 28th. For a 12 month dollar cost averaging program selected after application, the first transfer date and each subsequent transfer date for the time period selected will be one month from the date the first contribution is made into the 12 month dollar cost averaging program, but not later than the 28th of the month. All amounts will be transferred out by the end of the time period then in effect. Under this program we will not deduct the mortality and expense risks, administrative, and distribution charges from assets in the EQ/Money Market option. You may not transfer amounts to the EQ/Money Market option established for this program that are not part of the 12 month dollar cost averaging program. The only amounts that should be transferred from the EQ/Money Market option are your regularly scheduled transfers to the other variable investment options. If you request to transfer or withdraw any other amounts from the EQ/Money Market option, we will transfer all of the value that you have remaining in the account for 12 month dollar cost averaging to the investment options according to the allocation percentages we have on file for you. You may ask us to cancel your participation at any time. GENERAL DOLLAR COST AVERAGING PROGRAM. If your value in the EQ/Money Market option is at least $5,000, you may choose, at any time, to have a specified dollar amount or percentage of your value transferred from that option to the other variable investment options. You can select to have transfers made on a monthly, quarterly or annual basis. The transfer date will be the same calendar day of the month as the contract date, but not later than the 28th day of the month. 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 $250. 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. INVESTMENT SIMPLIFIER 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. Transfers may be made on a monthly, quarterly or annual basis. You can specify the number of transfers or instruct us to continue to make 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. The transfer date will be the same calendar day of the month as the contract date but not later than the 28th day of the month. The minimum transfer amount is $50. The fixed-dollar option is subject to the guaranteed interest option transfer limitations described under "Transferring your account value" in "Transferring your money among investment options" later in this Prospectus. While the program is running, any transfer that exceeds those limitations will cause the program to end for that contract year. You will be notified. You must send in a request form to resume the program in the next or subsequent contract years. If, on any transfer date your value in the guaranteed interest option is equal to or less than the amount you have elected to have transferred, the entire amount will be transferred, and the program will end. You may change the transfer amount once each contract year or cancel this program at any time. Interest sweep option. Under this option, you may elect to have monthly transfers from amounts in the guaranteed interest option into the variable investment options of your choice. The transfer date will be the last business day of the month. 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 Contract features and benefits 31 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green the guaranteed interest option on the date we receive your election. On the last day of each month, we check to see whether you have at least $7,500 in the guaranteed interest option. We will automatically cancel the interest sweep program if the amount in the guaranteed interest option is less than $7,500 on the last day of the month for two months in a row. For the interest sweep option, 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. ---------------------------------- You may not currently participate in any dollar cost averaging program if you are participating in the Option II rebalancing program. Only investment simplifier is available with the Option 1 rebalancing program. If you elect a GPB, you may also elect the 12 month or General dollar cost averaging program. If you elect either of these programs, everything other than amounts allocated to the fixed maturity option under the GPB must be allocated to that dollar cost averaging program. You may still elect the Investment simplifier for amounts transferred from investment options (other than the fixed maturity option under the GPB you have elected), and, for GPB Option 1, you may also elect Investment simplifier for subsequent contributions. You may only participate in one dollar cost averaging program at a time. See "Transferring your money among investment options" later in this Prospectus. Also, 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 (or the "Living Benefit") base" immediately below. We do not deduct a transfer charge for any transfer made in connection with our dollar cost averaging and Investment Simplifier programs. Not all dollar cost averaging programs are available in all states (see Appendix VII later in this Prospectus for more information on state availability). GUARANTEED MINIMUM DEATH BENEFIT AND GUARANTEED MINIMUM INCOME BENEFIT BASE 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 an enhanced death benefit will be calculated as described below in this section whether these options are elected individually or in combination. Your benefit base (known as the "Living Benefit" under certain existing contracts) 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 additional contributions to the contract; less o a deduction that reflects any withdrawals you make. The amount of the deduction is described under "How withdrawals (and transfers out of the Special 10 year fixed maturity option) affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Guaranteed principal benefit option 2" in "Accessing your money" later in this Prospectus. 6% (OR 5%) ROLL-UP TO AGE 85 (USED FOR THE 6% ROLL-UP TO AGE 85 ENHANCED DEATH BENEFIT AND THE GREATER OF THE 6% (OR 5%) ROLL-UP TO AGE 85 ENHANCED DEATH BENEFIT 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 additional 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 (and transfers out of the Special 10 year fixed maturity option) affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Guaranteed principal benefit option 2" 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% (or 5%) with respect to the variable investment options (other than EQ/Intermediate Government Bond Index, EQ/Money Market, and EQ/Short Duration Bond) and monies allocated to the 12 month dollar cost averaging program; the effective annual rate is 4% in Washington. Please see Appendix VII later in this Prospectus to see what roll-up rate applies in your state (or Appendix VIII for what applies to your contract); and o 3% with respect to the EQ/Intermediate Government Bond Index, EQ/Money Market, and EQ/Short Duration Bond, the fixed maturity options, the Special 10 year fixed maturity option, the guaranteed interest option and the loan reserve account under Rollover TSA (if applicable). The benefit base stops rolling up after the contract date 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% (OR 5%) ROLL-UP TO AGE 85 OR THE ANNUAL RATCHET TO AGE 85 ENHANCED DEATH BENEFIT AND FOR THE GUARANTEED MINIMUM INCOME BENEFIT). If you have not taken a withdrawal from your contract, your benefit base is equal to the greater of either: o your initial contribution to the contract (plus any additional contributions), or o your highest account value on any contract date anniversary up to the contract date anniversary following the owner's (or older joint owner's, if applicable) 85th birthday (plus any contributions made since the most recent Annual Ratchet). If you take a withdrawal from your contract, your benefit base will be reduced as described under "How withdrawals (and transfers out of the Special 10 year fixed maturity option) affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Guaranteed principal benefit option 2" in "Accessing your money" later in this Prospectus. After such withdrawal, your benefit base is equal to the greater of either: 32 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green o your benefit base immediately following the most recent withdrawal (plus any additional contributions made after the date of such withdrawal), or o your highest account value on any contract date anniversary after the date of the most recent withdrawal, up to the contract date anniversary following the owner's (or older joint owner's, if applicable) 85th birthday (plus any contributions made since the most recent Annual Ratchet after the date of such withdrawal). GREATER OF THE 6% (OR 5%) 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% (or 5%) 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 later contract date anniversary. 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 the contract as Successor owner/annuitant, 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 annuitant age 75. It is important to note that once you have reset your Roll-Up benefit base, a new 10 year 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 reset or, if later, the earliest date you would have been permitted to exercise without regard to the reset. See "Exercise rules" under "Guaranteed minimum income benefit option" below for more information. Please note that in almost all cases, resetting your Roll-Up benefit base will lengthen the exercise waiting period. Also, even when 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" in the 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. For information about whether the Guaranteed death benefit/ Guaranteed minimum income benefit roll-up benefit base reset is available under your contract, please see Appendix VIII later in this Prospectus. The availability of the Guaranteed minimum death benefit/ guaranteed minimum income benefit roll-up benefit base reset is also subject to state approval. Please contact your financial professional for more information about availability in your state. 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. 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. Annuity purchase factors are based on interest rates, mortality tables, frequency of payments, the form of annuity benefit, and the annuitant's (and any joint annuitant's) age and sex in certain instances. GUARANTEED MINIMUM INCOME BENEFIT OPTION (DEPENDING ON WHEN YOU PURCHASED YOUR CONTRACT, THIS BENEFIT MAY BE CALLED THE "LIVING BENEFIT." SEE APPENDIX VIII LATER IN THIS PROSPECTUS FOR MORE INFORMATION.) The Guaranteed minimum income benefit was available if the annuitant was age 20 through 75 at the time the contract was issued. 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. If you purchased the contract as an Inherited IRA or if you elected a GPB option or Principal Protector(SM), the Guaranteed minimum income benefit is not available. Depending on when you purchased your contract, the Guaranteed minimum income benefit rider may have been available with Principal assurance. See Appendix VIII later in this Prospectus for more information. If you purchased the contract to fund a charitable remainder trust, the Guaranteed minimum income benefit was not available, except for certain split-funded charitable remainder trusts. If the annuitant was older than age 60 at the time an IRA or Rollover 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 the owner and annuitant are different in an NQ contract, there may be circumstances where the benefit may not be exercisable after an owner's death. Depending on when you purchased your contract, if you elected the Guaranteed minimum income benefit option and change ownership of the contract, this benefit will automatically terminate, except under Contract features and benefits 33 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green certain circumstances. See "Transfers of ownership, collateral assignments, loans and borrowing" in "More information," later in this Prospectus for more information. Also, for more information about when the Guaranteed minimum income benefit will terminate under your contract, please see Appendix VIII later in this Prospectus. 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. Depending on when you purchased your contract, your options may be different. See Appendix VIII later in this Prospectus for more information. 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 annuitant's age as follows: -------------------------------------------------------------------------------- Level payments -------------------------------------------------------------------------------- Period certain years ------------------- Annuitant'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. It provides income protection if you elect an income payout while the annuitant is alive. -------------------------------------------------------------------------------- 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 to guaranteed annuity purchase factors, or (ii) the income provided by applying your account value to our then current annuity purchase factors. For Rollover 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. If you elect monthly or quarterly payments, the aggregate payments you receive in a contract year will be less than what you would have received if you had elected an annual payment, as monthly and quarterly payments reflect the time value of money with regard to both interest and mortality. 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 (including its death benefit and any account or cash values) 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. The Guaranteed minimum income benefit 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". Subject to availability, 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), the Guaranteed minimum income benefit will be exercised automatically, based on the annuitant's 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. Upon exercise, your contract (including its death benefit and any account or cash values) will terminate. o You will have 30 days from when we notify you to change the payout option and/or the payment frequency. Please note that we will not automatically exercise the Guaranteed minimum income benefit, as described above, if you have a TSA contract and withdrawal restrictions apply. 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); 34 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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); o On the contract date anniversary following annuitant's 85th birthday. For information about whether the Guaranteed minimum income benefit no lapse guarantee is available under your contract, please see Appendix VIII later in this Prospectus. The availability of the Guaranteed minimum income benefit no lapse guarantee is dependent on when, and in what state, you purchased your contract. Please see Appendices VII and VIII, later in this Prospectus. 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 annuitant 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 Rollover TSA contracts, and assuming there were no allocations to the EQ/Intermediate Government Bond Index, EQ/Money Market, EQ/Short Duration Bond, the guaranteed interest option, the fixed maturity options (including the Special 10 year fixed maturity option, if available) 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. 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, then end of the period certain (where the payout option chosen includes a period certain). EXERCISE RULES. You will be eligible to exercise the Guaranteed minimum income benefit during your life and the annuitant's life, as follows: o If the annuitant was at least age 20 and not older than age 44 when the contract was issued, you are eligible to exercise the Guaranteed minimum income benefit within 30 days following each contract date anniversary beginning with the 15th contract date anniversary. o If the annuitant was at least age 45 and not older than age 49 when the contract was issued, you are eligible to exercise the Guaranteed minimum income benefit within 30 days following each contract date anniversary after the annuitant is age 60. o If the annuitant was at least age 50 and not older than age 75 when the contract was issued, 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 the annuitant's 85th birthday; (ii) if the annuitant was age 75 when the contract was issued or the Roll-Up benefit base was reset, if applicable, the only time you may exercise the Guaranteed minimum income benefit is within 30 days following the contract date anniversary following the annuitant's attainment of age 85; (iii) for Accumulator(R) Select(SM) Rollover TSA contracts, you may exercise the Guaranteed minimum income benefit only if you effect a rollover of the TSA contract to an Accumulator(R) Select(SM) Rollover IRA. This may only occur when you are eligible for a distribution from the TSA. This process must be completed within the 30-day time frame following the contract date anniversary in order for you to be eligible to exercise. However, if the Guaranteed minimum income benefit is automatically exercised as a result of the no lapse guarantee, a rollover into an IRA will not be effected and payments will be made directly to the trustee; (iv) if you reset the Roll-Up benefit base (if available and as described earlier in this section), your new exercise date will be the tenth contract date anniversary following the reset or, if later, the earliest date you would have been permitted to exercise without regard to the reset. Please note that in almost all cases, resetting your Roll-Up benefit base will lengthen the waiting period; (v) a successor owner/annuitant may only continue the Guaranteed minimum income benefit if the contract is not past the last date on which the original annuitant could have exercised the benefit. In addition, the successor owner/annuitant 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 successor owner/annuitant's age on the date of the annuitant's death replaces the annuitant'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. If Spousal Protection is available under your contract and is elected, and the spouse who is the annuitant dies, the above rules apply if the contract is continued by the surviving spouse as the successor owner annuitant; and Contract features and benefits 35 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green (vi) if you are the owner but not the annuitant and you die prior to exercise, then the following applies: o A successor owner who is not the annuitant may not be able to exercise the Guaranteed minimum income benefit without causing a tax problem. You should consider naming the annuitant as successor owner, or if you do not name a successor owner, as the sole primary beneficiary. You should carefully review your successor owner and/or beneficiary designations at least one year prior to the first contract date anniversary on which you could exercise the benefit. o If the successor owner is the annuitant, the Guaranteed minimum income benefit continues only if the benefit could be exercised under the rules described above on a contract date anniversary that is within one year following the owner's death. This would be the only opportunity for the successor owner to exercise. If the Guaranteed minimum income benefit cannot be exercised within this timeframe, the benefit will terminate and the charge for it will no longer apply as of the date we receive proof of your death and any required information. o If you designate your surviving spouse as successor owner, the Guaranteed minimum income benefit continues and your surviving spouse may exercise the benefit according to the rules described above, even if your spouse is not the annuitant and even if the benefit is exercised more than one year after your death. If your surviving spouse dies prior to exercise, the rule described in the previous bullet applies. o A successor owner or beneficiary that is a trust or other non- natural person may not exercise the benefit; in this case, the benefit will terminate and the charge for it will no longer apply as of the date we receive proof of your death and any required information. See "When an NQ contract owner dies before the annuitant" 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 (and transfers out of the Special 10 year fixed maturity option) affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Guaranteed principal benefit option 2" in "Accessing your money" later in this Prospectus for more information on these guaranteed benefits. GUARANTEED MINIMUM DEATH BENEFIT Your contract provides a standard death benefit. If you did not elect one of the enhanced death benefits described below, 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 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 and any taxes that apply. The standard death benefit was the only death benefit available for annuitants who were ages 76 through 85 at issue. The applicable issue ages may be different for certain contract owners, depending on when you purchased your contract. Please see Appendix VIII later in this Prospectus for more information. Once your contract has been issued, you may not change or voluntarily terminate your death benefit. If you elected one of the enhanced death benefits, 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 annuitant's 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 annuitant's death (adjusted for any subsequent withdrawals and taxes that apply), whichever provides the higher amount. If you elected the Spousal protection option, if available, the Guaranteed minimum death benefit is based on the age of the older spouse, who may or may not be the annuitant, for the life of the contract. See "Spousal protection" in "Payment of death benefit" later in this Prospectus for more information. Any of the enhanced death benefits or the standard death benefit can be elected by themselves or with the Guaranteed minimum income benefit. If you elected 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. See "Transfers of ownership, collateral assignments, loans and borrowing" in "More information," later in this Prospectus for more information. OPTIONAL ENHANCED DEATH BENEFITS APPLICABLE FOR ANNUITANTS AGES 0 THROUGH 75 AT ISSUE OF NQ CONTRACTS; 20 THROUGH 75 AT ISSUE OF ROLLOVER IRA, ROTH CONVERSION IRA AND ROLLOVER TSA CONTRACTS; AND 0 THROUGH 70 AT ISSUE OF INHERITED IRA CONTRACTS. DEPENDING ON WHEN YOU PURCHASED YOUR CONTRACT, YOUR AVAILABLE ISSUE AGES MAY HAVE BEEN OLDER AT THE TIME YOU PURCHASED YOUR CONTRACT. Subject to state availability and contract availability (please see Appendix VII for state availability of these benefits and Appendix VIII for contract variations later in this Prospectus), the following enhanced death benefits were available: o Annual Ratchet to age 85. o 6% Roll-Up to age 85. o The Greater of 5% Roll-Up to age 85 or Annual Ratchet to age 85 o The Greater of 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. If you elected Principal Protector(SM), only the standard death benefit and the Annual Ratchet to Age 85 enhanced death benefit were available. 36 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Please see both "Insufficient account value" in "Determining your contract value" and "How withdrawals and (transfers out of the Special 10 year fixed maturity option) affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Guaranteed principal benefit option 2" 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. Protection Plus(SM) The following section provides information about the Protection Plus(SM) option, which was only available at the time you purchased your contract. If Protection Plus(SM) was not elected when the contract was first issued, neither the owner nor the successor owner/annuitant can add it subsequently. Protection Plus(SM) is an additional death benefit as described below. See "Tax information" later in this Prospectus for the potential tax consequences of having purchased the Protection Plus(SM) feature in an NQ, IRA or Rollover TSA contract. If you purchased the Protection Plus(SM) feature, you may not voluntarily terminate this feature. If you elected Principal Protector(SM) the Protection Plus(SM) feature is not available. Depending on when you purchased your contract, if you elected the Protection Plus(SM) option described below and change ownership of the contract, generally 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. If the annuitant was 70 or younger when we issued your Contract (or if the successor owner/annuitant is 70 or younger when he or she becomes the successor owner/annuitant and Protection Plus(SM) had been elected at issue), the death benefit will be: the greater of: o the account value or o any applicable death benefit Increased by: o such death benefit less total net contributions, multiplied by 40%. For purposes of calculating your Protection Plus(SM) benefit, the following applies: (i) "Net contributions" are the total contributions made (or, if applicable, the total amount that would otherwise have been paid as a death benefit had the successor owner/annuitant election not been made plus any subsequent contributions) adjusted for each withdrawal that exceeds your Protection Plus(SM) earnings. "Net contributions" are reduced by the amount of that excess. Protection Plus(SM) earnings are equal to (a) minus (b) where (a) is the greater of the account value and the death benefit immediately prior to the withdrawal and (b) is the net contributions as adjusted by any prior withdrawals; and (ii) "Death benefit" is equal to the greater of the account value as of the date we receive satisfactory proof of death or any applicable Guaranteed minimum death benefit as of the date of death. If you are an existing contract owner and not a new purchaser, your net contributions may be reduced on a pro rata basis to reflect withdrawals (including any TSA loans). For information about what applies to your contract, see Appendix VIII later in this Prospectus. If the annuitant was age 71 through 75 (this age may be higher for certain contract owners, depending on when you purchased your contract) when we issued your contract (or if the successor owner/ annuitant is between the ages of 71 and 75 when he or she becomes the successor owner/annuitant and Protection Plus(SM) had been elected at issue), the death benefit will be: the greater of: o the account value or o any applicable death benefit Increased by: o such death benefit (as described above) less total net contributions, multiplied by 25%. The value of the Protection Plus(SM) death benefit is frozen on the first contract date anniversary after the annuitant turns age 80, except that the benefit will be reduced for withdrawals on a pro rata basis. Reduction on a pro rata basis means that we calculate the percentage of the current account value that is being withdrawn and we reduce the benefit by that percentage. For example, if the account value is $30,000 and you withdraw $12,000, you have withdrawn 40% of your account value. If the benefit is $40,000 before the withdrawal, it would be reduced by $16,000 ($40,000 x .40) and the benefit after the withdrawal would be $24,000 ($40,000 - $16,000). For an example of how the Protection Plus(SM) death benefit is calculated, please see Appendix VI. If you elected Spousal protection, the Protection Plus(SM) benefit is based on the age of the older spouse, who may or may not be the annuitant. Upon the death of the non-annuitant spouse, the account value will be increased by the value of the Protection Plus(SM) benefit as of the date we receive due proof of death. Upon the death of the annuitant, the value of the Protection Plus(SM) benefit is either added to the death benefit payment or to the account value if Successor owner/annuitant is elected. If the surviving spouse elects to continue the contract, the benefit will be based on the age of the surviving spouse as of the date of the deceased spouse's death for the remainder of the contract. If the surviving spouse is age 76 or older, the benefit will terminate and the charge will no longer be in effect. See "Spousal protection" in "Payment of death benefit" later in this Prospectus for more information. Ask your financial professional or see Appendix VII later in this Prospectus to see if this feature was available in your state. PRINCIPAL PROTECTOR(SM) The following section provides information about the Principal Protector(SM) option, which was only available at the time you purchased your contract. If Principal Protector(SM) was not elected when the contract was first issued, neither the owner nor the successor owner/annuitant can add it subsequently. As described below, Principal Protector(SM) provides for recovery of your total contributions through withdrawals, even if your account value falls to zero, provided that during each contract year, your total with- Contract features and benefits 37 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green drawals do not exceed your GWB Annual withdrawal amount. Principal Protector(SM) is not an automated withdrawal program. You may request a withdrawal through any of our available withdrawal methods. See "Withdrawing your account value" in "Accessing your money" later in this Prospectus. All withdrawals reduce your account value and the guaranteed minimum death benefit. Principal Protector(SM) could be elected at contract issue, for an additional charge, if the annuitant was age 0 through 85 for NQ contracts or age 20 through 75 for all IRA contracts. Please see "Principal Protector(SM) charge" in "Charges and expenses" later in this Prospectus for a description of the charge and when it applies. If you elected this benefit, you cannot terminate it. Depending on when you purchased your contract, this feature may not be available. See Appendix VIII later in this Prospectus for more information. If you die, and your beneficiary elects the Beneficiary continuation option, if available, your beneficiary may continue Principal Protector(SM) provided that the beneficiary was 75 or younger on the original contract date. If the beneficiary was older, Principal Protector(SM) will terminate without value even if the GWB benefit base is greater than zero. In the case of multiple beneficiaries, any beneficiary older than 75 may not continue Principal Protector(SM) and that beneficiary's portion of the GWB benefit base will terminate without value, even if it was greater than zero. The ability to continue Principal Protector(SM) under the Beneficiary continuation option is subject to state availability. If it was approved in your state, it was added to your contract if you had already elected Principal Protector(SM). See "Beneficiary continuation option" under "Payment of death benefit" later in the Prospectus for more information on continuing Principal Protector(SM) under the Beneficiary continuation option. If you purchased the contract as a TSA or Inherited IRA, Principal Protector(SM) was not available. This benefit was also not available if you elected the Guaranteed minimum income benefit, the Greater of 6% Roll-Up to age 85 and Annual Ratchet to Age 85 enhanced death benefit, Protection Plus(SM), GPB Option 1 or GPB Option 2. This benefit may not have been available under your contract. For more information, please see Appendix VIII later in this Prospectus. If you elected the Principal Protector(SM) option described below and change ownership of the contract, generally 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. Withdrawals in excess of your GWB Annual withdrawal amount significantly reduce or eliminate the value of the benefit. See "Effect of GWB Excess withdrawals" below. For traditional IRAs, the Principal Protector(SM) makes provision for you to take lifetime required minimum distributions ("RMDs") without losing the value of the Principal Protector(SM) guarantee, provided you comply with the conditions under "Lifetime required minimum distribution withdrawals" in "Accessing your money" later in this Prospectus including utilizing our Automatic RMD service. If you do not expect to comply with these conditions, including utilization of our Automatic RMD service, this benefit may have limited usefulness for you. Please consult your tax adviser. YOUR GWB BENEFIT BASE At issue, your GWB benefit base is equal to your initial contribution and will increase or decrease, as follows: o Your GWB benefit base increases by the dollar amount of any additional contributions. o Your GWB benefit base decreases by the dollar amount of withdrawals. o Your GWB benefit base may be further decreased if a withdrawal is taken in excess of your GWB Annual withdrawal amount. o Your GWB benefit base may also be increased under the Optional step up provision. o Your GWB benefit base may also be increased under the one time step up applicable with the Beneficiary continuation option. Each of these events is described in detail below. Once your GWB benefit base is depleted, you may continue to make withdrawals from your account value, but they are not guaranteed under Principal Protector(SM). YOUR GWB ANNUAL WITHDRAWAL AMOUNT Your GWB Annual withdrawal amount is equal to either 5% or 7% ("Applicable percentage"), as applicable, of your initial GWB benefit base, and is the maximum amount that you can withdraw each year without making a GWB Excess withdrawal, as described below. When you purchased your contract, you chose between two available GWB Annual withdrawal options: o 7% GWB Annual withdrawal option o 5% GWB Annual withdrawal option The GWB Annual withdrawal amount may decrease as a result of a GWB Excess withdrawal and may increase as a result of an Automatic reset, additional contributions or a "step up" of the GWB benefit base; each of these transactions are discussed below in detail. Once you elect a GWB Annual withdrawal option, it cannot be changed. Your GWB Annual withdrawal amounts are not cumulative. If you withdraw less than the GWB Annual withdrawal amount in any contract year, you may not add the remainder to your GWB Annual withdrawal amount in any subsequent year. EFFECT OF GWB EXCESS WITHDRAWALS A GWB Excess withdrawal is caused when you withdraw more than your GWB Annual withdrawal amount in any contract year. Once a withdrawal causes cumulative withdrawals in a contract year to exceed your GWB Annual withdrawal amount, the entire amount of the withdrawal and each subsequent withdrawal in that contract year are GWB Excess withdrawals. A GWB Excess withdrawal can cause a significant reduction in both your GWB benefit base and your GWB Annual withdrawal amount. If you make a GWB Excess withdrawal, we will recalculate your GWB benefit base and the GWB Annual withdrawal amount. As of the date of the GWB Excess withdrawal, the GWB benefit base is first reduced by the dollar amount of the withdrawal, and the reduced GWB benefit base and the GWB Annual withdrawal amount are then further adjusted, as follows: 38 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green o If the account value after the deduction of the withdrawal is less than the GWB benefit base, then the GWB benefit base is reset equal to the account value. o If the account value after the deduction of the withdrawal is greater than or equal to the GWB benefit base, then the GWB benefit base is not adjusted further. o The GWB Annual withdrawal amount equals the lesser of: (i) the Applicable percentage of the adjusted GWB benefit base and (ii) the GWB Annual withdrawal amount prior to the GWB Excess withdrawal. You should not purchase this benefit if you plan to take withdrawals in excess of your GWB Annual withdrawal amount, as such withdrawals significantly reduce or eliminate the value of Principal Protector(SM). If your account value is less than your GWB benefit base (due, for example, to negative market performance), a GWB Excess withdrawal, even one that is only slightly more than your GWB Annual withdrawal amount, can significantly reduce your GWB benefit base and the GWB Annual withdrawal amount. For example, if you contribute $100,000 at contract issue, your initial GWB benefit base is $100,000. If you elect the 7% GWB Annual withdrawal option, your GWB Annual withdrawal amount is equal to $7,000 (7% of $100,000). Assume in contract year four that your account value is $80,000, you have not made any prior withdrawals, and you request an $8,000 withdrawal. Your $100,000 benefit base is first reduced by $8,000 to now equal $92,000. Your GWB benefit base is then further reduced to equal the new account value: $72,000 ($80,000 minus $8,000). In addition, your GWB Annual withdrawal amount is reduced to $5,040 (7% of $72,000), instead of the original $7,000. You should further note that a GWB Excess withdrawal that reduces your account value to zero eliminates any remaining value in your GWB benefit base. See "Insufficient account value" in "Determining your contract value" later in this Prospectus. In general, if you purchase the contract as a traditional IRA and participate in our Automatic RMD service, and you do not take any other withdrawals, an automatic withdrawal under that program will not cause a GWB Excess withdrawal, even if it exceeds your GWB Annual withdrawal amount. For more information, see "Lifetime required minimum distribution withdrawals" in "Accessing your money" later in this Prospectus. If you die, and your beneficiary continues Principal Protector(SM) under the Beneficiary continuation option and chooses scheduled payments, such payments will not cause a GWB Excess withdrawal, provided no additional withdrawals are taken. If your beneficiary chooses the "5-year rule" instead of scheduled payments, this waiver does not apply and a GWB Excess withdrawal may occur if withdrawals exceed the GWB Annual withdrawal amounts. EFFECT OF AUTOMATIC RESET If you take no withdrawals in the first five contract years, the Applicable percentage to determine your GWB Annual withdrawal amount will be automatically reset at no additional charge. The Applicable percentage under the 7% GWB Annual withdrawal option will be increased to 10%, and the Applicable percentage under the 5% GWB Annual withdrawal option will be increased to 7%. The Applicable percentage is automatically reset on your fifth contract date anniversary, and your GWB Annual withdrawal amount will be recalculated. If you die before the fifth contract date anniversary, and your beneficiary continues Principal Protector(SM) under the Beneficiary continuation option, if available, the Automatic reset will apply on the fifth contract date anniversary if you have not taken any withdrawals and: (1) your beneficiary chooses scheduled payments and payments have not yet started; or, (2) if your beneficiary chooses the "5-year rule" option and has not taken withdrawals. See "Beneficiary continuation option" in "Payment of death benefit" later in this Prospectus. EFFECT OF ADDITIONAL CONTRIBUTIONS Anytime you make an additional contribution, we will recalculate your GWB benefit base and your GWB Annual withdrawal amount. Your GWB benefit base will be increased by the amount of the contribution and your GWB Annual withdrawal amount will be equal to the greater of (i) the Applicable percentage of the new GWB benefit base, or (ii) the GWB Annual withdrawal amount in effect immediately prior to the additional contribution. If you die, and your beneficiary continues Principal Protector(SM) under the Beneficiary continuation option, no additional contributions will be permitted. OPTIONAL STEP UP PROVISION Except as stated below, any time after the fifth contract date anniversary, you may request a step up in the GWB benefit base to equal your account value. If your GWB benefit base is higher than the account value as of the date we receive your step up request, no step up will be made. If a step up is made, we may increase the charge for the benefit. For a description of the charge increase, see "Principal Protector(SM) charge" in "Charges and expenses" later in this Prospectus. Once you elect to step up the GWB benefit base, you may not do so again for five complete contract years from the next contract date anniversary. Under both the Spousal protection and the successor owner annuitant features, upon the first death, the surviving spouse must wait five complete contract years from the last step up or from contract issue, whichever is later, to be eligible for a step up. As of the date of your GWB benefit base step up, your GWB Annual withdrawal amount will be equal to the greater of (i) your GWB Annual withdrawal amount before the step up, and (ii) your GWB Applicable percentage applied to your stepped up GWB benefit base. It is important to note that a step up in your GWB benefit base may not increase your GWB Annual withdrawal amount. In that situation, the effect of the step up is only to increase your GWB benefit base and support future withdrawals. We will process your step up request even if it does not increase your GWB Annual withdrawal amount, and we will increase the Principal Protector(SM) charge, if applicable. In addition, you will not be eligible to request another step up for five complete contract years. After processing your request, we will send you a confirmation showing the amount of your GWB benefit base and your GWB Annual withdrawal amount. Contract features and benefits 39 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green For example, if you contribute $100,000 at contract issue, your initial GWB benefit base is $100,000. If you elect the 7% GWB Annual withdrawal option, your GWB Annual withdrawal amount is equal to $7,000 (7% of $100,000). Assume you take withdrawals of $7,000 in each of the first five contract years, reducing the GWB benefit base to $65,000. After five contract years, further assume that your account value is $92,000, and you elect to step up the GWB benefit base from $65,000 to $92,000. The GWB Annual withdrawal amount is recalculated to equal the greater of 7% of the new GWB benefit base, which is $6,440 (7% of $92,000), or the current GWB Annual withdrawal amount, $7,000. Therefore, following the step up, even though your GWB benefit base has increased, your GWB Annual withdrawal amount does not increase and remains $7,000. The Optional step up provision is not available once your beneficiary continues Principal Protector(SM) under the Beneficiary continuation option. However, if you die, and your beneficiary continues Principal Protector(SM) under the Beneficiary continuation option, the GWB benefit base will be stepped up to equal the account value, if higher, as of the transaction date that we receive the Beneficiary continuation option election. As of the date of the GWB benefit base step up, your beneficiary's GWB Annual withdrawal amount will be equal to the greater of (i) your GWB Annual withdrawal amount before the step up, and (ii) your GWB Applicable percentage applied to the stepped up GWB benefit base. This is a one-time step up at no additional charge. OTHER IMPORTANT CONSIDERATIONS o Principal Protector(SM) protects your principal only through with-drawals. Your account value may be less than your total contributions. o You can take withdrawals under your contract without purchasing Principal Protector(SM). In other words, you do not need this benefit to make withdrawals. o Withdrawals made under Principal Protector(SM) will be treated, for tax purposes, in the same way as other withdrawals under your contract. o All withdrawals are subject to all of the terms and conditions of the contract. Principal Protector(SM) does not change the effect of withdrawals on your account value or guaranteed minimum death benefit; both are reduced by withdrawals whether or not you elect Principal Protector(SM). See "How withdrawals are taken from your account value" and "How withdrawals (and transfers out of the Special 10 year fixed maturity option) affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Guaranteed principal benefit option 2" in "Accessing your money" later in this Prospectus. o If you withdraw less than the GWB Annual withdrawal amount in any contract year, you may not add the remainder to your GWB Annual withdrawal amount in any subsequent year. o GWB Excess withdrawals can significantly reduce or completely eliminate the value of this benefit. See "Effect of GWB Excess withdrawals" above in this section and "Withdrawing your account value" in "Accessing your money" later in this Prospectus. o If you surrender your contract to receive its cash value, all benefits under the contract will terminate, including Principal Protector(SM) if your cash value is greater than your GWB Annual withdrawal amount. Therefore, when surrendering your contract, you should seriously consider the impact on Principal Protector(SM) when you have a GWB benefit base that is greater than zero. o If you die and your beneficiary elects the Beneficiary continuation option, then your beneficiary should consult with a tax adviser before choosing to use the "5-year rule." The "5-year rule" is described in "Payment of death benefit" under "Beneficiary continuation option" later in this Prospectus. The GWB benefit base may be adversely affected if the beneficiary makes any withdrawals that cause a GWB Excess withdrawal. Also, when the contract terminates at the end of 5 years, any remaining GWB benefit base would be lost. INHERITED IRA BENEFICIARY CONTINUATION CONTRACT There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for 2009" later in this Prospectus. We will make distributions for calendar year 2009 unless we receive, before we make the payment, a written request to suspend the 2009 distribution. The contract was 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." The 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. The contract is not suitable for beneficiaries electing the "5-year rule." See "Beneficiary continuation option for IRA and Roth IRA contracts" under "Beneficiary continuation option" in "Payment of death benefit" later in this Prospectus. You should discuss with your tax adviser your own personal situation. The contract may not have been available in all states. Please speak with your financial professional for further information. Depending on when you purchased your contract, the contract may not have been available. See Appendix VIII later in this Prospectus for more information. The inherited IRA beneficiary continuation contract could only have been purchased by a direct transfer of the beneficiary's interest under the deceased owner's original IRA. 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 con- 40 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green tract 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 could have been 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 may have elected 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 You must receive payments from the contract even if you are receiving payments from another IRA of the deceased owner in an amount that would otherwise satisfy the amount required to be distributed from the contract. o The beneficiary of the original IRA is 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 is the annuitant. o An inherited IRA beneficiary continuation contract not available for annuitants over age 70. o The initial contribution had to be a direct transfer from the deceased owner's original IRA and was subject to minimum contribution amounts. See "How you can contribute to your contract" earlier in this section. 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. 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. o The Guaranteed minimum income benefit, successor owner/ annuitant feature, 12-month dollar cost averaging program, automatic investment program, GPB Options 1 and 2, Principal Protector(SM) and systematic withdrawals are not available under the Inherited IRA beneficiary continuation contract. o If you die, we will pay to a beneficiary that you choose the greater of the annuity 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 single 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. If you had elected any enhanced death benefits, they will no longer be in effect and charges for such benefits will stop. The Guaranteed minimum death benefit will also no longer be in effect. YOUR RIGHT TO CANCEL WITHIN A CERTAIN NUMBER OF DAYS This is provided for informational purposes only. Since the contracts are no longer available to new purchasers, this cancellation provision is no longer applicable. 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, 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 to find out what applies in your state. Generally, your refund will be the same as any other surrender and you will receive your account value (less loan reserve account under Rollover TSA contracts) under the contract on the day we receive notification of your decision to cancel the contract, which will reflect (i) any investment gain or loss in the variable investment options (less the daily charges we deduct), (ii) any guaranteed interest in the guaranteed interest option, and (iii) any positive or negative market value adjustments in the fixed maturity options through the date we receive your contract. Some states, however, require that we refund the full amount of your contribution (not reflecting (i), (ii) or (iii) above). For any 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, 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 convert an existing traditional IRA contract to a Roth Conversion IRA contract, you may cancel your Roth Conversion IRA contract and return to a Rollover IRA contract. Our processing office, or your financial professional, can provide you with the cancellation instructions. Contract features and benefits 41 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 Rollover 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 the annual administrative charge, as well as optional benefit charges*; and (ii) the amount of any outstanding loan plus accrued interest (applicable to Rollover TSA contracts only). Please see "Surrendering your contract to receive its cash value" in "Accessing your money" later in this Prospectus. ---------------------------------- * Depending on when you purchased your contract, your account value will be reduced by a pro rata portion of the administrative charge only. See Appendix VIII later in this Prospectus for more information. 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 additional 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 Rollover TSA contract. In addition, if applicable, when we deduct the enhanced death benefit, Guaranteed minimum income benefit, GPB Option 2, Principal Protector(SM) and/or the Protection Plus(SM) benefit charges, the number of units credited to your contract will be reduced. Your units are also reduced when we deduct the annual administrative charge. 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 VII later in this Prospectus for any state variations with regard to the termination of your contract. GUARANTEED MINIMUM INCOME BENEFIT NO LAPSE GUARANTEE (not available under all contracts). 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. PRINCIPAL PROTECTOR(SM) (not available under all contracts) If you elected Principal Protector(SM) and your account value falls to zero due to a GWB Excess withdrawal, we will terminate your contract and you will receive no payment or supplementary annuity contract, as discussed below, even if your GWB 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 GWB Excess withdrawal or due to a deduction of charges, please note the following: 42 Determining your contract's value To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green o If your GWB benefit base equals zero, we will terminate your contract and make no payment. o If your GWB benefit base is greater than zero but less than or equal to the balance of your GWB Annual withdrawal amount, if any, for that contract year, we will terminate your contract and pay you any remaining GWB benefit base. o If your GWB benefit base is greater than the balance of your remaining GWB Annual withdrawal amount, if any, for that contract year, we will pay you your GWB Annual withdrawal amount balance and terminate your contract, and we will pay you your remaining GWB benefit base as an annuity benefit, as described below. o If the Beneficiary continuation option is elected (not available in all states), and the account value falls to zero while there is a remaining GWB benefit base, we will make payments to the beneficiary as follows: o If the beneficiary had elected scheduled payments we will continue to make scheduled payments over remaining life expectancy until the GWB benefit base is zero, and the Principal Protector(SM) charge will no longer apply. o If the beneficiary had elected the "5-year rule" and the GWB benefit base is greater than the remaining GWB Annual withdrawal amount, if any, for that contract year, we will pay the beneficiary the GWB Annual withdrawal amount balance. We will continue to pay the beneficiary the remaining GWB Annual withdrawal amount each year until the GWB benefit base equals zero, or the contract terminates at the end of the fifth contract year, whichever comes first. Any remaining GWB benefit base at the end of the fifth contract year will terminate without value. ANNUITY BENEFIT. If the contract terminates and the remaining GWB benefit base is to be paid in installments, we will issue you an annuity benefit contract and make annual payments equal to your GWB Annual withdrawal amount on the contract date anniversary beginning on the next contract date anniversary, until the cumulative amount of such payments equals the remaining GWB benefit base (as of the date the contract terminates). The last installment payment may be smaller than the previous installment payments in order for the total of such payments to equal the remaining GWB benefit base. The annuity benefit supplemental contract will carry over the same owner, annuitant and beneficiary as under your contract. If you die before receiving all of your payments, we will make any remaining payments to your beneficiary. The charge for Principal Protector(SM) will no longer apply. If at the time of your death the GWB Annual withdrawal amount was being paid to you as an annuity benefit, your beneficiary may not elect the Beneficiary continuation option. Determining your contract's value 43 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 may not transfer to a fixed maturity option that has a rate to maturity of 3% or less. o You may not transfer any amount to the 12-month dollar cost averaging program. o If the annuitant is age 76-80, you must limit your transfers to fixed maturity options with maturities of seven years or less. If the annuitant is age 81 or older, you must limit your transfers to fixed maturity options of five years or less. 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 make transfers out of a fixed maturity option other than at its maturity date, the transfer may cause a market value adjustment and affect your GPB. o A transfer into the guaranteed interest option will not be permitted 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. If you are an existing contract owner, this restriction may not apply. See Appendix VIII later in this Prospectus for contract variations. o No transfers are permitted into the Special 10 year fixed maturity option. 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, the interest sweep option and dollar cost averaging programs described under "Allocating your contributions" in "Contract features and benefits" earlier in this Prospectus) 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 Online Account Access. 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 "Contracts 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 44 Transferring your money among investment options To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 (together, the "trusts"). The trusts have adopted policies and procedures regarding disruptive transfer activity. They discourage frequent purchases and redemptions of portfolio shares and will not make special arrangements to accommodate such transactions. They aggregate inflows and outflows for each portfolio on a daily basis. On any day when a portfolio's net inflows or outflows exceed an established monitoring threshold, the trust obtains from us contract owner trading activity. The trusts currently consider transfers into and out of (or vice versa) the same variable investment option within a five business day period as potentially disruptive transfer activity. Each trust reserves the right to reject a transfer that it believes, in its sole discretion, is disruptive (or potentially disruptive) to the management of one of its portfolios. Please see the prospectuses for the trusts for more information. When a contract is identified in connection with potentially disruptive transfer activity 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, the trusts had not implemented such a fee. If a redemption fee is implemented by a trust, that fee, like any other trust fee, will be borne by the 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. REBALANCING YOUR ACCOUNT VALUE We offer rebalancing, which you can use to automatically reallocate your account value among your investment options. We currently offer two options: "Option I" and "Option II." Option I allows you to rebalance your account value among the variable investment options. Option II allows you to rebalance among the variable investment options and the guaranteed interest option. Under both options, rebalancing is not available for amounts you have allocated to the fixed maturity options. To enroll in one of our rebalancing programs, you must notify us in writing or through Online Account Access and tell us: (a) the percentage you want invested in each investment option (whole percentages only), and (b) how often you want the rebalancing to occur (quarterly, semiannually, or annually on a contract year basis) Rebalancing will occur on the same day of the month as the contract date. If a contract is established after the 28th, rebalancing will occur on the first business day of the month following the contract issue date. You may elect or terminate the rebalancing program at any time. You may also change your allocations under the program at any time. Once enrolled in the rebalancing program, it will remain in effect until you instruct us in writing to terminate the program. Requesting an investment option transfer while enrolled in our rebalancing program will not automatically change your allocation instructions for rebalancing your account value. This means that upon the next scheduled rebalancing, we will transfer amounts among your investment options pursuant to the allocation instructions previously on file for your program. Changes to your allocation instructions for the rebalancing program (or termination of your enrollment in the program) must be in Transferring your money among investment options 45 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green writing and sent to our Processing Office. Termination requests can be made online through Online Account Access. See "How to reach us" in "Who is AXA Equitable?" earlier in this Prospectus. There is no charge for the rebalancing feature. -------------------------------------------------------------------------------- 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. -------------------------------------------------------------------------------- While your rebalancing program is in effect, we will transfer amounts among the investment options so that the percentage of your account value that you specify is invested in each option at the end of each rebalancing date. If you select Option II, you will be subject to our rules regarding transfers between the guaranteed interest option and the variable investment options. These rules are described in "Transferring your account value" earlier in this section. Under Option II, a transfer into or out of the guaranteed interest option to initiate the rebalancing program will not be permitted if such transfer would violate these rules. If this occurs, the rebalancing program will not go into effect. You may not elect Option II if you are participating in any dollar cost averaging program. You may not elect Option I if you are participating in general or 12 month dollar cost averaging. 46 Transferring your money among investment options To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. If you withdraw more than 90% of your contract's current cash value, we will treat it as a request to surrender your contract for its cash value. See "Surrendering your contract to receive its cash value" below. For the potential tax consequences of withdrawals, see "Tax information" later in this Prospectus. Please see "Insufficient account value" in "Determining your contract value" earlier in this Prospectus and "How withdrawals (and transfers out of the Special 10 year fixed maturity option) affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Guaranteed principal benefit option 2" below for more information on how withdrawals affect your guaranteed benefits and could potentially cause your contract to terminate. -------------------------------------------------------------------------------- Method of withdrawal -------------------------------------------------------------------------------- Lifetime required Substantially minimum Contract Partial Systematic equal distribution -------------------------------------------------------------------------------- NQ Yes Yes No No -------------------------------------------------------------------------------- Rollover IRA Yes Yes Yes Yes -------------------------------------------------------------------------------- Roth Conversion IRA Yes Yes Yes No -------------------------------------------------------------------------------- Rollover TSA* Yes Yes No Yes -------------------------------------------------------------------------------- Inherited IRA No No No ** -------------------------------------------------------------------------------- * Employer or plan approval is required for all transactions. Your ability to take with drawals or loans from, or surrender your TSA contract may be limited. See "Tax Sheltered Annuity contracts (TSAs)" in "Tax information" later in this Prospectus. ** The contract pays out post-death required minimum distributions. See "Inherited beneficiary contract" in "Contract, features and benefits" earlier in this Prospectus. PARTIAL WITHDRAWALS (All contracts) You may take partial withdrawals from your account value at any time. (Rollover TSA contracts may have restrictions and employer or plan approval is required.) The minimum amount you may withdraw is $300. Under Rollover TSA contracts, if a loan is outstanding, you may only take partial withdrawals as long as the cash value remaining after any withdrawal equals at least 10% of the outstanding loan plus accrued interest. SYSTEMATIC WITHDRAWALS (All contracts except Inherited IRAs) You may take systematic withdrawals of a particular dollar amount or a particular percentage of your account value. (Rollover TSA contracts may have restrictions and employer or plan approval is required). You may take systematic withdrawals on a monthly, quarterly or annual basis as long as the withdrawals do not exceed the following percentages of your account value: 0.8% monthly, 2.4% quarterly and 10% annually. The minimum amount you may take in each systematic withdrawal is $250. If the amount withdrawn would be less than $250 on the date a withdrawal is to be taken, we will not make a payment and we will terminate your systematic withdrawal election. If you already own your contract, the applicable percentages may be higher. See Appendix VIII later in this Prospectus for information on what applies to your contract. 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, we will make the withdrawals on the same calendar day of the month as the contract date. You must wait at least 28 days after your contract is issued before your systematic withdrawals can begin. 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. You may change the payment frequency, or the amount or percentage of your systematic withdrawals, once each contract year. However, you may not change the amount or percentage in any contract year in which you have already taken a partial withdrawal. You can cancel the systematic withdrawal option at any time. This option is not available if you have elected a guaranteed principal benefit-- this restriction may not apply to certain contract owners, depending on when you purchased your contract. See Appendix VIII later in this Prospectus for more information. SUBSTANTIALLY EQUAL WITHDRAWALS (All Rollover IRA and Roth Conversion IRA contracts) We offer our "substantially equal withdrawals option" to allow you to receive distributions from your account value without triggering the 10% additional federal income tax penalty, which normally applies to distributions made before age 59-1/2. See "Tax information" later in this Prospectus. We use one of the IRS-approved methods for doing this; this is not the exclusive method of meeting this exception. After consultation with your tax adviser, you may decide to use another method which would require you to compute amounts yourself and request partial withdrawals. Once you begin to take substantially equal withdrawals, you should not (i) stop them; (ii) change the pattern of your withdrawals for example, by taking an additional partial withdrawal; or (iii) contribute any more to the contract until after the later of age 59-1/2 or five full years after the first withdrawal. If you alter the pattern of withdrawals, you may be liable for the 10% federal tax penalty that would have otherwise been due on prior withdrawals made under this option and for any interest on the delayed payment of the penalty. In accordance with IRS guidance, an individual who has elected to receive substantially equal withdrawals may make a one time change, without penalty, from one of the IRS-approved methods of calculating Accessing your money 47 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green fixed payments to another IRS-approved method (similar to the required minimum distribution rules) of calculating payments which vary each year. You may elect to take substantially equal withdrawals at any time before age 59-1/2. 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. We will calculate the amount of your substantially equal withdrawals using the IRS-approved method we offer. The payments will be made monthly, quarterly or annually as you select. These payments will continue until (i) we receive written notice from you to cancel this option; (ii) you take an additional partial withdrawal; or (iii) you contribute any more to the contract. You may elect to start receiving substantially equal withdrawals again, but the payments may not restart in the same calendar year in which you took a partial withdrawal or added amounts to the contract. We will calculate the new withdrawal amount. Depending on when you purchased your contract, this option may not be available if you have elected a guaranteed principal benefit. This restriction may not apply to all contract owners. See Appendix VIII later in this Prospectus for more information. LIFETIME REQUIRED MINIMUM DISTRIBUTION WITHDRAWALS (Rollover IRA and Rollover TSA contracts only -- See "Tax information" later in this Prospectus) There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for 2009" later in this Prospectus. We will make distributions for calendar year 2009 unless we receive, before we make the payment, a written request to suspend the 2009 distribution. We offer our "automatic required minimum distribution (RMD) service" 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 or Guaranteed minimum income benefit, amounts withdrawn from the contract to meet RMDs 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 service in the year in which you reach age 70-1/2 or in any later year. The minimum amount we will pay out is $250. 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. -------------------------------------------------------------------------------- For Rollover IRA and Rollover 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). -------------------------------------------------------------------------------- Under Rollover TSA contracts, you may not elect our automatic RMD service if a loan is outstanding. FOR CONTRACTS WITH PRINCIPAL PROTECTOR(SM). If you elected Principal Protector(SM), provided no other withdrawals are taken during a contract year in which you participate in our Automatic RMD service, an automatic withdrawal using our service will not cause a GWB Excess withdrawal, even if it exceeds your GWB Annual withdrawal amount. If you take any other withdrawal while you participate in the service, however, this GWB Excess withdrawal exception terminates permanently. In order to take advantage of this exception, you must elect and maintain participation in our Automatic RMD service at your required beginning date, or the contract date, if your required beginning date has occurred before the contract was purchased. See "Principal Protector(SM)" in "Contract features and benefits" earlier in this Prospectus for further information. 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 (other than the Special 10 year fixed maturity option, if applicable) in the order of the earliest maturity date(s) first. If such amounts are still insufficient, we will deduct any remaining portion from the Special 10 year fixed maturity option. 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 (including the Special 10 year fixed maturity option, if applicable). HOW WITHDRAWALS (AND TRANSFERS OUT OF THE SPECIAL 10 YEAR FIXED MATURITY OPTION) AFFECT YOUR GUARANTEED MINIMUM INCOME BENEFIT, GUARANTEED MINIMUM DEATH BENEFIT AND GUARANTEED PRINCIPAL BENEFIT OPTION 2 In general, withdrawals 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, 48 Accessing your money To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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). Transfers out of the Special 10 year fixed maturity option will reduce the GPB Option 2 amount on a pro rata basis. In addition, if you make a contract withdrawal from the Special 10 year fixed maturity option, we will reduce your GPB Option 2 in a similar manner; however, the reduction will reflect both a transfer out of the Special 10 year fixed maturity option and a withdrawal from the contract. Therefore, the reduction in the GPB Option 2 is greater when you take a contract withdrawal from the Special 10 year fixed maturity option than it would be if you took the withdrawal from another investment option. Similar to the example above, if your account value is $30,000 and you withdraw $12,000 from the Special 10 year fixed maturity option, you have withdrawn 40% of your account value. If your GPB Option 2 benefit was $40,000 before the withdrawal, the reduction to reflect the transfer out of the Special 10 year fixed maturity option would equal $16,000 ($40,000 x .40). The amount used to calculate the reduction to reflect the withdrawal from the contract is $24,000 ($40,000 - $16,000). The reduction to reflect the withdrawal would equal $9,600 ($24,000 x .40), and your new benefit after the withdrawal would be $14,400 ($24,000 - $9,600). With respect to the Guaranteed minimum income benefit and the Greater of 6% (or 5%) Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced death benefit, withdrawals will reduce each of the benefits' 6% (or 5%) 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 5%) or less of the 6% (or 5%) Roll-Up benefit base on the most recent contract date anniversary. 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% (or 5%) of the benefit base on the most recent anniversary, that entire withdrawal 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% (or 5%) 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. The effect of withdrawals on your Guaranteed minimum income benefit and Guaranteed minimum death benefit (including) the Greater of 6% Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced death benefit, may be different. See Appendix VIII later in this Prospectus for information on what applies to your contract. HOW WITHDRAWALS AFFECT PRINCIPAL PROTECTOR(SM) If you elected Principal Protector(SM), if available, any withdrawal reduces your GWB benefit base by the amount of the withdrawal. In addition, a GWB Excess withdrawal can significantly reduce your GWB Annual withdrawal amount and further reduce your GWB benefit base. For more information, see "Effect of GWB Excess withdrawals" and "Other important considerations" under "Principal Protector(SM)" in "Contract features and benefits" earlier in this Prospectus. 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. Also, under certain contracts, we have the right to pay the cash value and terminate the contract if no contributions are made during the last three completed contract years, and the account value is less than $500, or if you make a withdrawal that would result in a cash value of less than $500. If you are an existing contract owner, the rules in the preceding sentence may not apply under your contract or if the Guaranteed minimum income benefit no lapse guarantee is available and in effect on your contract. See Appendix VIII later in this Prospectus for information See also "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 PRINCIPAL PROTECTOR(SM) . If you elected Principal Protector(SM), all withdrawal methods described above can be used. 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 GWB 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 GWB Excess withdrawal. In other words, if you take a GWB 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 GWB benefit base is greater than zero. Please also see "Insufficient account value" in "Determining your contract value" earlier in this Prospectus. Please also see "Principal Protector(SM)" 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 ROLLOVER TSA CONTRACTS Loans under a Rollover TSA contract are not permitted without employer or plan approval. We will not permit you to take a loan or have a loan outstanding while you are enrolled in our "automatic required minimum distribution (RMD) service." Loans are subject to federal income tax limits and are also subject to the limits of the plan. The loan rules under ERISA may apply to plans not sponsored by a governmental employer. Federal income tax rules apply to all plans, even if the plan is not subject to ERISA. A loan will not be treated as a taxable distribution unless: o It exceeds limits of federal income tax rules; o Interest and principal are not paid when due; or o In some instances, service with the employer terminates. Taking a loan in excess of the Internal Revenue Code limits may result in adverse tax consequences. Before we make a loan, you must properly complete and sign a loan request form. Loan processing may not be completed until we receive all information and approvals required to process the loan at our processing office. Accessing your money 49 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green We will permit you to have only one loan outstanding at a time. The minimum loan amount is $1,000. The maximum amount is $50,000 or, if less, 50% of your account value, subject to any limits under the federal income tax rules. The term of a loan is five years. However, if you use the loan to acquire your primary residence, the term is 10 years. The term may not extend beyond the earliest of: (1) the date annuity payments begin, (2) the date the contract terminates, and (3) the date a death benefit is paid (the outstanding loan including any accrued and unpaid loan interest, will be deducted from the death benefit amount). A loan request under your Rollover 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. Interest will accrue daily on your outstanding loan at a rate we set. The loan interest rate will be equal to the Moody's Corporate Bond Yield Averages for Baa bonds for the calendar month ending two months before the first day of the calendar quarter in which the rate is determined. Please see Appendix VII later in this Prospectus for any state rules that may affect loans from a TSA contract. Also, see "Tax information" later in this Prospectus for general rules applicable to loans. Tax consequences for 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. LOAN RESERVE ACCOUNT. On the date your loan is processed, we will transfer the amount of your loan to the loan reserve account. Unless you specify otherwise, we will subtract your loan on a pro rata basis from your value in the variable investment options and the guaranteed interest option. If those amounts are insufficient, any additional amount of the loan will be subtracted from the fixed maturity options (other than the Special 10 year fixed maturity option) in the order of the earliest maturity date(s) first. If such amounts are still insufficient, we will deduct any remaining portion from the Special 10 year fixed maturity option. A market value adjustment will apply to withdrawals from the fixed maturity options (including the Special 10 year fixed maturity option). If the amounts are withdrawn from the Special 10 year fixed maturity option, the guaranteed benefit will be adversely affected. See "Guaranteed principal benefit option 2" in "Contract features and benefits" earlier in this Prospectus. For the period of time your loan is outstanding, the loan reserve account rate we will credit will equal the loan interest rate minus a maximum rate of 2%. When you make a loan repayment, unless you specify otherwise, we will transfer the dollar amount of the loan repaid and the amount of interest earned from the loan reserve account to the investment options according to the allocation percentages we have on our records. SURRENDERING 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. (Rollover TSA contracts may have restrictions and employer or plan approval is required.) 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 Principal Protector(SM) (if applicable) if your cash value is greater than your GWB Annual withdrawal amount. If you have a GWB benefit base greater than zero, you should consider the impact of a contract surrender on the Principal Protector(SM) benefit. If your surrender request does not constitute a GWB Excess withdrawal, you may be eligible for additional benefits. If, however, your surrender request constitutes a GWB Excess withdrawal, you will lose those benefits. Also, if the Guaranteed minimum income benefit no lapse guarantee is in effect under your contract, the Guaranteed minimum income 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 "Annuity benefit" under "Insufficient account value" in "Determining your contract value" and "Principal Protector(SM)" 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) the SEC determines that an emergency exists as a result of which sales of securities or determination of the fair value of a variable investment option's assets is not reasonably practicable, or (3) the SEC, by order, permits us to defer payment to protect people remaining in the variable investment options. 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. We also may defer payments for a reasonable amount of time (not to exceed 10 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 service at your expense. YOUR ANNUITY PAYOUT OPTIONS Deferred annuity contracts such as Accumulator(R) Select(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 50 Accessing your money To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Accumulator(R) Select(SM) contract and 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 Accumulator(R) Select(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. We have the right to require you to provide any information we deem necessary to provide an annuity payout option. If an annuity payout is later found to be based on incorrect information, it will be adjusted on the basis of the correct information. Your Accumulator(R) Select(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. We reserve the right, with advance notice to you, to change your annuity purchase factor any time after your fifth contract date anniversary and at not less than five year intervals after the first change. (Please see your contract and SAI for more information.) 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 VII later in this Prospectus for variations that may apply in your state. 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 when the contract was issued. 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 Principal Protector(SM) and choose to annuitize your contract before the maturity date, Principal Protector(SM) will terminate without value even if your GWB 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 Principal Protector(SM). See "Principal Protector(SM)" 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 Life annuity with period certain -------------------------------------------------------------------------------- Income Manager(R) payout options Life annuity with period certain (available for annuitants age 83 Period certain annuity or less at contract issue) -------------------------------------------------------------------------------- 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. Accessing your money 51 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green INCOME MANAGER(R) PAYOUT OPTIONS The Income Manager(R) 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(R) payout annuity contract. You may request an illustration of the Income Manager(R) payout annuity contract from your financial professional. Income Manager(R) payout options are described in a separate prospectus that is available from your financial professional. Before you select an Income Manager(R) payout option, you should read the prospectus which contains important information that you should know. Both NQ and IRA Income Manager(R) payout options provide guaranteed level payments. The Income Manager(R) (life annuity with period certain) also provides guaranteed increasing payments (NQ contracts only). For Rollover TSA contracts, if you want to elect an Income Manager(R) payout option, we will first roll over amounts in such contract to a Rollover IRA contract with the plan participant as owner. You must be eligible for a distribution under the Rollover TSA contract. You may choose to apply only part of the account value of your Accumulator(R) Select(SM) contract to an Income Manager(R) payout annuity. In this case, we will consider any amounts applied as a withdrawal from your Accumulator(R) Select(SM). For the tax consequences of withdrawals, see "Tax information" later in this Prospectus. The Income Manager(R) 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. 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. In most states, it may not be earlier than thirteen months from the Accumulator(R) Select(SM) contract date. Please see Appendix VII later in this Prospectus for information on state variations. Except with respect to the Income Manager(R) 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 be less with a greater frequency of payments, or with a longer duration of a non-life contingent annuity or a longer 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(R) annuity payout option is chosen. ANNUITY MATURITY DATE Your contract has a maturity date by which you must either take a lump sum payment or select an annuity payout option. The maturity date is generally the contract date anniversary that follows the annuitant's 95th birthday. We will send a notice with the contract statement one year prior to the maturity date. If you elected Principal Protector(SM) and your contract is annuitized at maturity, we will offer an annuity payout option for life that guarantees you will receive payments that are at least equal to what you would have received under Principal Protector until the point at which your GWB Benefit Base is depleted. After your GWB Benefit Base is depleted, you will continue to receive periodic payments while you are living. The amount of each payment will be the same as the payment amount that you would have received if you had applied your account value on the maturity date to purchase a life annuity at the annuity purchase rate guaranteed in your contract; this payment amount may be more or less than your GWB Annual Withdrawal amount. Please see Appendix VII later in this Prospectus for variations that may apply in your state. 52 Accessing your money To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 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 -- an annual administrative charge, if applicable. o On each contract date anniversary -- a charge for each optional benefit that you have elected: a death benefit (other than the Standard death benefit); the Guaranteed minimum income benefit; Principal Protector(SM); and Protection Plus(SM). o On the first 10 contract date anniversaries -- a charge for GPB Option 2, if you have elected this optional 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. An annuity administrative fee may also apply. More information about these charges appears below. The fees and charges described are the maximum fees and charges that a contract owner will pay. Please see your contract and/or Appendix VIII for the fees and charges that apply under your contract. 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" later in this section . 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 contracts. 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. SEPARATE ACCOUNT ANNUAL EXPENSES 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 guaranteed minimum death benefit. The daily charge is equivalent to an annual rate of 1.10% 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 0.25% 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 0.35% of the net assets in each variable investment option. ANNUAL ADMINISTRATIVE CHARGE We deduct an administrative charge from your account value on each contract date anniversary. We deduct the charge if your account value on the last business day of the contract year is less than $50,000. If your account value on such date is $50,000 or more, we do not deduct the charge. During the first two contract years, the charge is equal to $30 or, if less, 2% of your account value. The charge is $30 for contract years three and later. We will deduct this charge from your value in the variable investment options and the guaranteed interest option (see Appendix VII 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 insufficient, we will deduct all or a portion of the charge from the fixed maturity options (other than the Special 10 year fixed maturity option, if applicable) in the order of the earliest maturity date(s) first. If such amounts are still insufficient, we will deduct any remaining portion from the Special 10 year fixed maturity option. If the Charges and expenses 53 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green contract is surrendered or annuitized or a death benefit is paid on a date other than a contract date anniversary, we will deduct a pro rata portion of the charge for that year. See Appendix VIII later in this Prospectus for more information. A market value adjustment will apply to deductions from the fixed maturity options (including the Special 10 year fixed maturity option). 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's value" earlier in this Prospectus. GUARANTEED MINIMUM DEATH BENEFIT CHARGE ANNUAL RATCHET TO AGE 85. If you elected 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. If you are an existing contract owner, the charge may be as much as 0.30% of the Annual Ratchet to age 85 benefit base. Please see Appendix VIII later in this Prospectus or your contract for more information. GREATER OF 5% ROLL-UP TO AGE 85. If you elected this enhanced death benefit, we deduct a charge annually from your account value on each date anniversary for which it is in effect. The charge is equal to 0.50% of the Greater of the 5% Roll-Up to age 85 or the Annual Ratchet to age 85 benefit base. GREATER OF 6% ROLL-UP TO AGE 85 OR ANNUAL RATCHET TO AGE 85. If you elected 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. For certain contract owners, your charge may be less, depending on when you purchased your contract. Please see Appendix VIII later in this Prospectus or your contract for more information. 6% ROLL-UP TO AGE 85. If you elected the 6% Roll-Up 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 0.45% of the 6% Roll-Up to age 85 benefit base. WHEN WE DEDUCT THESE CHARGES. We will deduct these charges from your value in the variable investment options and the guaranteed interest option (see Appendix VII later in this Prospectus to see if deducting these charges from the guaranteed interest option is permitted in your state) on a pro rata basis. If these amounts are insufficient, we will deduct all or a portion of these charges from the fixed maturity options (other than the Special 10 year fixed maturity option) in the order of the earliest maturity date(s) first. If such amounts are still insufficient, we will deduct any remaining portion from the Special 10 year fixed maturity option. If the contract is surrendered or annuitized or a death benefit is paid on a date other than a contract date anniversary, we will deduct a pro rata portion of the charge for that year. For certain contract owners, this pro rata deduction may not apply, depending on when you purchased your contract. See Appendix VIII later in this Prospectus for more information. A market value adjustment will apply to deductions from the fixed maturity options (including the Special 10 year fixed maturity option). 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's value" earlier in this Prospectus. There is no charge if you exercise the Guaranteed minimum death benefit/Guaranteed minimum income benefit roll-up benefit base reset option. STANDARD DEATH BENEFIT. There is no additional charge for the standard death benefit. GUARANTEED PRINCIPAL BENEFIT OPTION 2 If you purchased GPB Option 2, we deduct a charge annually from your account value on the first 10 contract date anniversaries. The charge is equal to 0.50% of the account value. We will deduct this charge from your value in the variable investment options and the guaranteed interest option (see Appendix VII 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 insufficient, we will deduct any remaining portion of the charge from amounts in any fixed maturity options (other than the Special 10 year fixed maturity option) in the order of the earliest maturity date(s) first. If such amounts are still insufficient, we will deduct any remaining portion from the Special 10 year fixed maturity option. If the contract is surrendered or annuitized or a death benefit is paid on a date other than a contract date anniversary, we will deduct a pro rata portion of the charge for that year. For certain contract owners, this pro rata deduction may not apply, depending on when you purchased your contract. See Appendix VIII later in this Prospectus for more information. A market value adjustment will apply to deductions from the fixed maturity options (including the Special 10 year fixed maturity option). 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's value" earlier in this Prospectus. GUARANTEED MINIMUM INCOME BENEFIT (THE "LIVING BENEFIT") CHARGE If you elected 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 annuitant reaches 85, whichever occurs first. The charge is equal to 0.65% of the applicable benefit base in effect on the contract date anniversary. For certain contract owners, your charge may be less, depending on when you purchased your contract. Please see Appendix VIII later in this Prospectus or your contract for more information. We will deduct this charge from your value in the variable investment options and the guaranteed interest option on a pro rata basis. (See Appendix VII later in this Prospectus to see if deducting this charge from the guaranteed interest option is permitted in your state.) If those amounts are still insufficient, we will deduct all or a portion of the 54 Charges and expenses To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 a date other than a contract date anniversary, we will deduct a pro rata portion of the charge for that year. For certain contract owners, this pro rata deduction may not apply, depending on when you purchased your contract. See Appendix VIII later in this Prospectus for more information. A market value adjustment will apply to deductions from the fixed maturity options (including the Special 10 year fixed maturity option, if available). 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's value" earlier in this Prospectus. There is no charge if you exercise the Guaranteed minimum death benefit/guaranteed minimum income benefit roll-up benefit base reset option or for the Guaranteed minimum income benefit no lapse guarantee. This option is not available under all contracts. PROTECTION PLUS(SM) CHARGE If you elected Protection Plus(SM), 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 0.35% of the account value on each contract date anniversary. 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 (other than the Special 10 year fixed maturity option) in the order of the earliest maturity date(s) first. If such amounts are still insufficient, we will deduct any remaining portion from the Special 10 year fixed maturity option. If the contract is surrendered or annuitized or a death benefit is paid on a date other than a contract date anniversary, we will deduct a pro rata portion of the charge for that year. If you are an existing contract owner, this pro rata deduction may not apply under your contract. See Appendix VIII later in this Prospectus for more information. A market value adjustment will apply to deductions from the fixed maturity options (including the Special 10 year fixed maturity option). 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's value" earlier in this Prospectus. PRINCIPAL PROTECTOR(SM) CHARGE If you elected Principal Protector(SM), we deduct a charge annually as a percentage of your account value on each contract date anniversary. If you elect the 5% GWB Annual withdrawal option, the charge is equal to 0.35%. If you elect the 7% GWB Annual withdrawal option, the charge is equal to 0.50%. We will deduct this charge from your value in the variable investment options and the guaranteed interest option (see Appendix VII 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 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 a date other than a contract date anniversary, we will deduct a pro rata portion of the charge for that year. For certain contract owners, this pro rata deduction may not apply, depending on when you purchased your contract. See Appendix VIII later in this Prospectus for more information. If you die, and your beneficiary continues Principal Protector(SM) under the Beneficiary continuation option, we will not deduct a pro rata portion of the charge upon your death. However the Principal Protector(SM) charge will continue. A market value adjustment will apply to deductions from the fixed maturity options. If your GWB benefit base falls to zero but your contract is still in force, the charge will be suspended as of the next contract date anniversary. The charge will be reinstated, as follows: (i) if you make a subsequent contribution, we will reinstate the charge that was in effect at the time your GWB benefit base became depleted, (ii) if you elect to exercise the Optional step up provision, we will reinstate a charge, as discussed immediately below, and (iii) if your beneficiary elects the Beneficiary continuation option and reinstates the Principal Protector(SM) benefit with a one time step up, we will reinstate the charge that was in effect when the GWB benefit base fell to zero. If your beneficiary elects the Beneficiary continuation option, and is eligible to continue Principal Protector(SM), the benefit and the charge will continue unless your beneficiary tells us to terminate the benefit at the time of election. OPTIONAL STEP UP CHARGE. Every time you elect the Optional step up, we reserve the right to raise the benefit charge at the time of the step up. The maximum charge for Principal Protector(SM) with a 5% GWB Annual withdrawal option is 0.60%. The maximum charge for Principal Protector(SM) with a 7% GWB Annual withdrawal amount option is 0.80%. The increased charge, if any, will apply as of the next contract anniversary following the step up and on all contract date anniversaries thereafter. If you die and your beneficiary elects the Beneficiary continuation option, if available, a one time step up only (at no additional charge) is applicable. For more information on the Optional step up, one time step up and Automatic reset provisions, see "Principal Protector(SM) " in "Contract features and benefits." 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's value" earlier in this Prospectus. 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 currently 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 and expenses 55 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green CHARGES THAT THE TRUSTS DEDUCT The Trusts deduct charges for the following types of fees and expenses: o Management fees. o 12b-1 fees. 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 12b-1 fees. 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 Rollover IRA and Roth Conversion 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 ("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. 56 Charges and expenses To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 6. Payment of death benefit -------------------------------------------------------------------------------- YOUR BENEFICIARY AND PAYMENT OF BENEFIT You designated your beneficiary when you applied for your contract. You may change your beneficiary at any time. The change will be effective as of the date the written request is executed, whether or not you are living on the date 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 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. You may be limited as to the beneficiary you can designate in a Rollover TSA contract. Where an NQ contract is owned for the benefit of a minor pursuant to the Uniform Gift to Minors Act or the Uniform Transfer to Minors Act, the beneficiary must be the estate of the minor. Where an IRA contract is owned in a custodial individual retirement account, the custodian must be the beneficiary. 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) and any amount applicable under the Protection Plus(SM) feature, as of the date we receive satisfactory proof of the annuitant's 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 annuitant's death, adjusted for any subsequent withdrawals. For Rollover 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. Payment of the death benefit terminates the contract. Your beneficiary designation may specify the form of death benefit payout (such as a life annuity), provided the payout you elect is one that we offer both at the time of designation and when the death benefit is payable. In general, the beneficiary will have no right to change the election. You should be aware that (i) in accordance with current federal income tax rules, we apply a predetermined death benefit annuity payout election only if payment of the death benefit amount begins within one year following the date of death, which payment may not occur if the beneficiary has failed to provide all required information before the end of that period, (ii) we will not apply the predetermined death benefit payout election if doing so would violate any federal income tax rules or any other applicable law, and (iii) a beneficiary or a successor owner who continues the contract under one of the continuation options described below will have the right to change your annuity payout election. 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, a surviving spouse, who is the sole primary beneficiary, of the deceased owner/annuitant can choose to be treated as the successor owner/annuitant and continue the contract. The Successor owner/ annuitant feature is only available under NQ and individually owned IRA (other than Inherited IRAs) contracts. See "Inherited IRA beneficiary continuation contract" in "Contracts features and benefits," earlier in this Prospectus. For NQ and all types of IRA contracts, a beneficiary may be able to have limited ownership as discussed under "Beneficiary continuation option" below. 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 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, the beneficiary named to receive this death benefit upon the annuitant's death will become the successor owner. If you do not want this beneficiary to be the successor owner, you should name a specific successor owner. You may name a successor owner at any time during your life 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. The surviving owner automatically takes the place of any other beneficiary designation. You should carefully consider the following if you have elected the Guaranteed minimum income benefit and you are the owner, but not the annuitant. Because the payments under the Guaranteed minimum income benefit are based on the life of the annuitant, and the federal tax law required distributions described below are based on the life of the successor owner, a successor owner who is not also the annuitant may not be able to exercise the Guaranteed minimum income benefit, if you die before annuity payments begin. Therefore, one year before you become eligible to exercise the Guaranteed minimum income benefit, you should consider the effect of your beneficiary designations on potential payments after your death. For more information, see "Exercise rules," under "Guaranteed minimum income benefit option," in "Contract features and benefits" earlier in this Prospectus. 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 (the "5-year rule"), or in a joint ownership situation, the death of the first owner to die. Payment of death benefit 57 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green o If Principal Protector(SM) was elected and if the "5-year rule" is elected and the successor owner dies prior to the end of the fifth year, we will pay any remaining account value in a lump sum and the contract and any remaining GWB benefit base will terminate without value. The successor owner should consult with a tax adviser before choosing to use the "5 year rule." The GWB benefit base may be adversely affected if the successor owner makes any withdrawals that cause a GWB Excess withdrawal. Also, when the contract terminates at the end of 5 years, any remaining GWB benefit base would be lost. If you elected Principal Protector(SM), the successor owner has the option to terminate the benefit and charge upon receipt by us of due proof of death and notice to discontinue the benefit; otherwise, the benefit and charge will automatically continue. 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 successor 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). o A successor owner should consider naming a new beneficiary. 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 in "Beneficiary continuation option" below. 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. Payment of the death benefit in a lump sum terminates all rights and any applicable guarantees under the contract, including Guaranteed minimum income benefit, GPB Options 1 and 2, and Principal Protector(SM). 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. SUCCESSOR OWNER AND ANNUITANT If you are both the contract owner and the annuitant, and your spouse is the sole primary beneficiary or the joint owner, then your spouse may elect to receive the death benefit or continue the contract as successor owner/annuitant. The successor owner/annuitant must be 85 or younger as of the date of the non-surviving spouse's death. The determination of spousal status is made under applicable state law. However, in the event of a conflict between federal and state law, we follow federal rules. If your surviving spouse decides to continue the contract, then as of the date we receive satisfactory proof of your death, any required instructions, information and forms necessary to effect the Successor owner/annuitant feature, we will increase the account value to equal your elected Guaranteed minimum death benefit as of the date of your death if such death benefit is greater than such account value, plus any amount applicable under the Protection Plus(SM) feature 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. In determining whether your applicable Guaranteed minimum death benefit option will continue to grow, we will use your surviving spouse's age as of the date we receive satisfactory proof of your death, any required instructions and the information and forms necessary to effect the successor owner/annuitant feature. We will determine whether your applicable Guaranteed minimum death benefit option will continue as follows: o If the successor owner/annuitant is age 75 or younger on the date of the original owner/annuitant's death, and the original owner/ annuitant was age 84 or younger at death, the guaranteed minimum death benefit continues based upon the option that was elected by the original owner/annuitant and will continue to grow according to its terms until the contract date anniversary following the date the successor owner/annuitant reaches age 85. o If the successor owner/annuitant is age 75 or younger on the date of the original owner/annuitant's death, and the original owner/ annuitant was age 85 or older at death, we will reinstate the Guaranteed minimum death benefit that was elected by the original owner/annuitant. The benefit will continue to grow according to its terms until the contract date anniversary following the date the successor owner/annuitant reaches age 85. o If the successor owner/annuitant is age 76 or over on the date of the original owner/annuitant's death, the Guaranteed minimum death benefit will no longer grow, and we will no longer charge for the benefit. If you elected Principal Protector(SM), the benefit and charge will remain in effect. If the GWB benefit base is zero at the time of your death, and the charge had been suspended, the charge will be reinstated if any of the events, described in "Principal Protector(SM) charge" in "Charges and expenses" earlier in this Prospectus, occur. The GWB benefit base will not automatically be stepped up to equal the account value, if higher, upon your death. Your spouse must wait five complete years from the prior step up or from contract issue, whichever is later, in order to be eligible for the Optional step up. For more information, see "Principal Protector(SM)" in "Contract features and benefits" earlier in this Prospectus. Where an IRA contract is owned in a custodial individual retirement account, and your spouse is the sole beneficiary of the account, the custodian may request that the spouse be substituted as annuitant after your death. For information on the operation of the successor owner/annuitant feature with the Guaranteed minimum income benefit, see "Exercise of Guaranteed minimum income benefit" under "Guaranteed mini- For information on the operation of the successor owner/annuitant feature with the Guaranteed minimum income benefit, see "Exercise of Guaranteed minimum income benefit" under "Guaranteed mini- 58 Payment of death benefit To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green mum income benefit option" in "Contract features and benefits," earlier in this Prospectus. For information on the operation of this feature with Protection Plus(SM), see "Protection Plus(SM)" in "Guaranteed minimum death benefit "under "Contract features and benefits," earlier in this Prospectus. SPOUSAL PROTECTION SPOUSAL PROTECTION OPTION FOR NQ CONTRACTS ONLY. This feature permits spouses who are joint contract owners to increase the account value to equal the guaranteed minimum death benefit, if higher, and by the value of any Protection Plus(SM) benefit, if elected, upon the death of either spouse. This account value "step up" occurs even if the surviving spouse was the named annuitant. If you and your spouse jointly own the contract and one of you is the named annuitant, you had the right to elect the Spousal protection option at the time you purchased your contract at no additional charge. Both spouses must be between the ages of 20 and 70 at the time the contract was issued and must each have been named the primary beneficiary in the event of the other's death. The annuitant's age is generally used for the purpose of determining contract benefits. However, for the Annual Ratchet to age 85 and the Greater of 6% Roll-Up to age 85 or the Annual Ratchet to age 85 guaranteed minimum death benefits and the Protection Plus(SM) benefit, the benefit is based on the older spouse's age. The older spouse may or may not be the annuitant. However, for purposes of the Guaranteed minimum death benefit/guaranteed minimum income benefit roll-up benefit base reset option, the last age at which the benefit base may be reset is based on the annuitant's age, not the older spouse's age. If the annuitant dies prior to annuitization, the surviving spouse may elect to receive the death benefit, including the value of the Protection Plus(SM) benefit, or, if eligible, continue the contract as the sole owner/ annuitant by electing the successor owner/annuitant option. If the non-annuitant spouse dies prior to annuitization, the surviving spouse continues the contract automatically as the sole owner/annuitant. In either case, the contract would continue, as follows: o As of the date we receive due proof of the spouse's death, the account value will be reset to equal the Guaranteed minimum death benefit as of the date of the non-surviving spouse's death, if higher, increased by the value of the Protection Plus(SM) benefit. o The Guaranteed minimum death benefit continues to be based on the older spouse's age for the life of the contract, even if the younger spouse is originally or becomes the sole owner/annuitant. o The Protection Plus(SM) benefit will now be based on the surviving spouse's age at the date of the non-surviving spouse's death for the remainder of the life of the contract. If the benefit had been previously frozen because the older spouse had attained age 80, it will be reinstated if the surviving spouse is age 75 or younger. The benefit is then frozen on the contract date anniversary after the surviving spouse reaches age 80. If the surviving spouse is age 76 or older, the benefit will be discontinued even if the surviving spouse is the older spouse (upon whose age the benefit was originally based). o The Guaranteed minimum income benefit may continue if the benefit had not already terminated and the benefit will be based on the successor owner/annuitant, if applicable. See "Guaranteed minimum income benefit" in "Contract features and benefits" earlier in this Prospectus. o If you elect Principal Protector(SM), the benefit and charge will remain in effect. If your GWB benefit base is zero at the time of your death, and the charge had been suspended, the charge will be reinstated if any of the events, described in "Principal Protector(SM) charge" in "Charges and expenses" earlier in this Prospectus, occur. The GWB benefit base will not automatically be stepped up to equal the account value, if higher, upon your death. Your spouse must wait five complete years from the prior step up or from contract issue, whichever is later, in order to be eligible for the Optional step up. For more information, see "Principal Protector(SM)" in "Contract features and benefits" earlier in this Prospectus. We will not allow Spousal protection to be added after contract issue. If there is a change in owner or primary beneficiary, the Spousal protection benefit will be terminated. If you divorce but do not change the owner or primary beneficiary, Spousal protection continues. Depending on when you purchase your contract, this feature may not be available to you. See Appendix VIII later in this Prospectus for more information about your contract. BENEFICIARY CONTINUATION OPTION This feature permits a designated individual, on the contract owner's death, to maintain a contract with the deceased contract owner's name on it 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, subject to state availability. Please speak with your financial professional or see Appendix VII later in this Prospectus for further information. Where an IRA contract is owned in a custodial individual retirement account, the custodian may reinvest the death benefit in an individual retirement annuity contract, using the account beneficiary as the annuitant. Please speak with your financial professional for further information. 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, plus any amount applicable under the Protection Plus(SM) feature, 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 Payment of death benefit 59 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 later in this Prospectus in "Tax information" under "Individual retirement arrangements (IRAs)," the beneficiary may choose the "5-year rule" option 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. There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for 2009" later in this Prospectus. We will make distributions for calendar year 2009 unless we receive, before we make the payment, a written request to suspend the 2009 distribution. Under the beneficiary continuation option for IRA and Roth IRA contracts: o The contract continues with your name on it 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 If you had elected the Guaranteed minimum income benefit, an optional enhanced death benefit, GPB Option 2 or Principal Protector(SM) (in certain circumstances) 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. See below for certain circumstances where Principal Protector(SM) may continue to apply. 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. o If you had elected Principal Protector(SM), your spousal beneficiary may not continue Principal Protector(SM), and the benefit will terminate without value, even if the GWB benefit base is greater than zero. In general, spousal beneficiaries who wish to continue Principal Protector(SM) should consider continuing the contract under the Successor owner and annuitant feature, if eligible. In general, eligibility requires that your spouse must be the sole primary beneficiary. Please see "Successor owner and annuitant" in "How death benefit payment is made" under "Payment of death benefit" earlier in this Prospectus for further details. If there are multiple beneficiaries who elect the Beneficiary continuation option, the spousal beneficiary may continue the contract without Principal Protector(SM) and non-spousal beneficiaries may continue with Principal Protector(SM). In this case, the spouse's portion of the GWB benefit base will terminate without value. o If you had elected Principal Protector(SM), your non-spousal beneficiary may continue the benefit, as follows: -- The beneficiary was 75 or younger on the original contract date. -- The benefit and charge will remain in effect unless your ben eficiary tells us to terminate the benefit at the time of the Beneficiary continuation option election. -- One time step up: Upon your death, if your account value is greater than the GWB benefit base, the GWB benefit base will be automatically stepped up to equal the account value, at no additional charge. If Principal Protector(SM) is not in effect at the time of your death because the GWB benefit base is zero, the beneficiary may reinstate the benefit (at the charge that was last in effect) with the one time step up. If the beneficiary chooses not to reinstate the Principal Protector(SM) at the time the Beneficiary continuation option is elected, Principal Protector(SM) will terminate. -- If there are multiple beneficiaries each beneficiary's interest in the GWB benefit base will be separately accounted for. -- As long as the GWB benefit base is $5,000 or greater, the beneficiary may elect the Beneficiary continuation option and continue Principal Protector(SM) even if the account value is less than $5,000. -- If scheduled payments are elected, the beneficiary's sched uled payments will be calculated, using the greater of the account value or the GWB benefit base, as of each December 31. If the beneficiary dies prior to receiving all payments, we will make the remaining payments to the person designated by the deceased non-spousal beneficiary, unless that person elects to take any remaining account value in a lump sum, in which case any remaining GWB benefit base will terminate without value. -- If the "5-year rule" is elected and the beneficiary dies prior to the end of the fifth year, we will pay any remaining 60 Payment of death benefit To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green account value in a lump sum and the contract and any remaining GWB benefit base will terminate without value. -- Provided no other withdrawals are taken during a contract year while the beneficiary receives scheduled payments, the scheduled payments will not cause a GWB Excess withdrawal, even if they exceed the GWB Annual withdrawal amount. If the beneficiary takes any other withdrawals while the Beneficiary continuation option scheduled payments are in effect, the GWB Excess withdrawal exception terminates permanently. In order to take advantage of this exception, the beneficiary must elect the scheduled payments rather than the "5-year rule." If the beneficiary elects the "5-year rule," there is no exception. 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 annuity maturity date, 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 with your name on it 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 If you had elected the Guaranteed minimum income benefit, an optional enhanced death benefit, GPB Option 2 or Principal Protector(SM) (in certain circumstances) 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. See below for certain circumstances where Principal Protector(SM) may continue to apply. 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 receive satisfactory proof of death, any required instructions for the method of payment and any required information and forms necessary to effect payment. o If you had elected Principal Protector(SM), your spousal beneficiary may not continue Principal Protector(SM), and the benefit will terminate without value, even if the GWB benefit base is greater than zero. In general, spousal beneficiaries who wish to continue Principal Protector(SM) should consider continuing the contract under the Successor owner and annuitant feature, if eligible. In general, eligibility requires that you must be the owner and annuitant and your spouse must be the sole primary beneficiary. Please see "Successor owner and annuitant" in "How death benefit payment is made" under "Payment of death benefit" earlier in this Prospectus for further details. If there are multiple beneficiaries who elect the Beneficiary continuation option, the spousal beneficiary may continue the contract without Principal Protector(SM) and non-spousal beneficiaries may continue with Principal Protector(SM). In this case, the spouse's portion of the GWB benefit base will terminate without value. o If the non-spousal beneficiary chooses scheduled payments under "Withdrawal Option 1," as discussed above in this section, Principal Protector(SM) may not be continued and will automatically terminate without value even if the GWB benefit base is greater than zero. o If you had elected Principal Protector(SM), your non-spousal beneficiary may continue the benefit, as follows: Payment of death benefit 61 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green -- The beneficiary was 75 or younger on the original contract date. -- The benefit and charge will remain in effect unless your beneficiary tells us to terminate the benefit at the time of the Beneficiary continuation option election. -- One time step up: Upon your death, if your account value is greater than the GWB benefit base, the GWB benefit base will be automatically stepped up to equal the account value, at no additional charge. If Principal Protector(SM) is not in effect at the time of your death because the GWB benefit base is zero, the beneficiary may reinstate the benefit (at the charge that was last in effect) with the one time step up. If the beneficiary chooses not to reinstate the Principal Protector(SM) at the time the Beneficiary continuation option is elected, Principal Protector(SM) will terminate. -- If there are multiple beneficiaries, each beneficiary's interest in the GWB benefit base will be separately accounted for. -- As long as the GWB benefit base is $5,000 or greater, the beneficiary may elect the Beneficiary continuation option and continue Principal Protector(SM) even if the account value is less than $5,000. -- If scheduled payments under "Withdrawal Option 2" is elected, the beneficiary's scheduled payments will be calculated using the greater of the account value or the GWB benefit base, as of each December 31. If the beneficiary dies prior to receiving all payments, we will make the remaining payments to the person designated by the deceased non-spousal beneficiary, unless that person elects to take any remaining account value in a lump sum, in which case any remaining GWB benefit base will terminate without value. -- If the "5-year rule" is elected and the beneficiary dies prior to the end of the fifth year, we will pay any remaining account value in a lump sum and the contract and any remaining GWB benefit base will terminate without value. -- Provided no other withdrawals are taken during a contract year while the beneficiary receives scheduled payments, the scheduled payments will not cause a GWB Excess withdrawal, even if they exceed the GWB Annual withdrawal amount. If the beneficiary takes any other withdrawals while the Beneficiary continuation option scheduled payments are in effect, the GWB Excess withdrawal exception terminates permanently. In order to take advantage of this exception, the beneficiary must elect scheduled payments under "Withdrawal Option 2" rather than the "5-year rule." If the beneficiary elects the "5-year rule," there is no exception. 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 annuity account value to equal the applicable death benefit if such death benefit is greater than such account value, plus any amount applicable under the Protection Plus(SM) feature, adjusted for any subsequent withdrawals. 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 annuity account value will not be reset to the death benefit amount. 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" earlier in this section. o If the deceased joint owner was not the annuitant, see "If the owner and annuitant are not the same person" earlier in this section. 62 Payment of death benefit To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 7. Tax information -------------------------------------------------------------------------------- OVERVIEW In this part of the prospectus, we discuss the current federal income tax rules that generally apply to Accumulator(R) Select(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. CONTRACTS THAT FUND A RETIREMENT ARRANGEMENT Generally, there are two types of funding vehicles that are available for Individual Retirement Arrangements ("IRAs"): an individual retirement annuity contract such as the ones offered in this Prospectus, or a custodial or trusteed individual retirement account. Similarly, a 403(b) plan can be funded through a 403(b) annuity contract or a 403(b)(7) custodial account. How these arrangements work, including special rules applicable to each, are described in the specific sections for each type of arrangement, below. You should be aware that the funding vehicle for a tax-qualified arrangement does not provide any tax deferral benefit beyond that already provided by the Code for all permissible funding vehicles. Before choosing an annuity contract, therefore, you should consider the annuity's features and benefits, such as Accumulator(R) Select(SM)'s 12 month dollar cost averaging, choice of death benefits, the Principal Protector(SM) benefit, the Guaranteed minimum income benefit, selection of variable investment options, guaranteed interest option, fixed maturity options and its choices of payout options, as well as the features and benefits of other permissible funding vehicles and the relative costs of annuities and other arrangements. You should be aware that cost may vary depending on the features and benefits made available and the charges and expenses of the investment options or funds that you elect. Certain provisions of the Treasury Regulations on required minimum distributions concerning the actuarial present value of additional contract benefits could increase the amount required to be distributed from annuity contracts funding qualified plans, 403(b) plans and IRAs. For this purpose additional annuity contract benefits may include, but are not limited to, the guaranteed minimum income benefit 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. SUSPENSION OF REQUIRED MINIMUM DISTRIBUTIONS FOR 2009 Congress has enacted a limited suspension of account-based required minimum distribution withdrawals only for calendar year 2009. The suspension does not apply to annuity payments. The suspension does not affect the determination of the Required Beginning Date. Neither lifetime nor post-death required minimum distributions need to be made during 2009. Please note that if you have previously elected to have amounts automatically withdrawn from a contract to meet required minimum distribution rules (for example, our "automatic required minimum distribution (RMD) service" or our "beneficiary continuation option" under a deceased individual's IRA contract each discussed earlier in this Prospectus) we will make distributions for calendar year 2009 unless you request in writing before we make the distribution that you want no required minimum distribution for calendar year 2009. If you receive a distribution which would have been a lifetime required minimum distribution (but for the 2009 suspension), you may preserve the tax deferral on the distribution by rolling it over within 60 days after you receive it to an IRA or other eligible retirement plan. Please note that any distribution to a nonspousal beneficiary which would have been a post-death required minimum distribution (but for the 2009 suspension) is not eligible for the 60-day rollover. 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: Tax information 63 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. Federal tax law requires that all nonqualified deferred annuity contracts that AXA Equitable and its affiliates issue to you during the same calendar year be linked together and treated as one contract for calculating the taxable amount of any distribution from any of those contracts. ANNUITY PAYMENTS Annuitization payments that are based on life or life expectancy are considered annuity payments for income 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 "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. In order to get annuity payment tax treatment, all amounts under the contract must be applied to the annuity payout option; we do not "partially annuitize" nonqualified deferred annuity contracts. WITHDRAWALS 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. PROTECTION PLUS(SM) FEATURE In order to enhance the amount of the death benefit to be paid at the annuitant's death, you may have purchased a Protection Plus(SM) rider for your NQ contract. Although we regard this benefit as an investment protection feature which is part of the contract and which should have no adverse tax effect, it is possible that the IRS could take a contrary position or assert that the Protection Plus(SM) rider is not part of the contract. In such a case the charges for the Protection Plus(SM) rider could be treated for federal income tax purposes as a partial withdrawal from the contract. If this were so, such a deemed withdrawal could be taxable, and for contract owners under age 59-1/2, also subject to a tax penalty. Were the IRS to take this position, AXA Equitable would take all reasonable steps to attempt to avoid this result, which could include amending the contract (with appropriate notice to you). CONTRACTS PURCHASED THROUGH EXCHANGES The following information applies if you purchased your NQ contract through an exchange of another contract. Normally, exchanges of contracts are taxable events. The exchange was not taxable under Section 1035 of the Internal Revenue Code if: o the contract that was the source of the funds you used to purchase the NQ contract was another nonqualified deferred annuity contract (or life insurance or endowment contract). o The owner and the annuitant were the same under the source contract and the Accumulator(R) Select(SM) NQ contract. If you are using a life insurance or endowment contract the owner and the insured must have been 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 carried over to the Accumulator(R) Select(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 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 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 "Beneficiary 64 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 ruling also does not address the effect of the retention of the Principal Protector(SM) feature discussed earlier in this Prospectus under "Contract features and benefits," which a non-spousal beneficiary may elect under certain conditions. Before electing the beneficiary continuation option feature, the individuals you designate as beneficiary or successor owner should discuss with their tax advisers the consequences of such elections. 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 No. 49. If you were treated as the owner, you would be taxable 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 No. 49. 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 No. 49, 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 No. 49. 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/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; 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 have purchased the contract as either a traditional IRA ("Rollover IRA") or Roth IRA ("Roth Conversion IRA"). We also offered the Inherited IRA for payment of post-death required minimum distributions from traditional IRAs and Roth IRAs. We currently do not offer traditional IRA contracts for use as employer-funded SEP-IRA or SIMPLE IRA plans, although we may do so in the future. Tax information 65 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green This Prospectus contains the information that the IRS required you to have before you purchased 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. For contracts owned in a custodial individual retirement account, the disclosure will apply only if you terminate your account or transfer ownership of the contract to yourself. 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). For some of the contracts covered by this Prospectus, we have received an opinion letter from the IRS approving the respective forms of the Accumulator(R) Select(SM) traditional and Roth IRA contracts for use as a traditional IRA and a Roth IRA, respectively. For others, we have not applied for an opinion letter from the IRS to approve the respective forms of the Accumulator(R) Select(SM) traditional and Roth IRA contracts for use as a traditional and 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 any series of Accumulator(R) Select(SM) traditional and Roth IRA contracts. YOUR RIGHT TO CANCEL WITHIN A CERTAIN NUMBER OF DAYS This is provided for informational purposes only. Since the contract is no longer available to new purchasers, this cancellation provision is no longer available. You can cancel any version of the Accumulator(R) Select(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 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. 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"). 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, $5,000 is the maximum amount that you may contribute to all IRAs (including Roth IRAs). When your earnings are below $5,000, 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 tax year in which you reach age 70-1/2 or any tax year after that. If you are at least age 50 at any time during the taxable year for which you are making a regular contribution to your IRA, you may be eligible to make additional "catch up contributions" of up to $1,000 to your traditional IRA. 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 $5,000, married individuals filing jointly can contribute up to $10,000 per year to any combination of traditional IRAs and Roth IRAs. 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 $5,000 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 $5,000 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 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 earlier in this section under "Limits on contributions." That is, your fully deductible contribution can be up to $5,000, or if less, your earned income. The dollar limit is $6,000 for people eligible to make age 50-70-1/2 catch-up contributions. 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. 66 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Cost of living indexing adjustments apply to the income limits to deductible contributions. 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 2009, AGI between $55,000 and $65,000 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 2009, AGI between $89,000 and $109,000 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 an AGI between $150,000 and $160,000 (for 2009, AGI between $166,000 and $176,000 after adjustment). To determine the deductible amount of the contribution for 2009, for example, you determine AGI and subtract $55,000 if you are single, or $89,000 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 contribution for the year 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 for which the contribution is made. You cannot be a full-time student or claimed as a dependent on someone else's tax return, and your adjusted gross income cannot exceed $50,000 ($55,000 after cost of living indexing adjustment for 2009). 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, including extensions. Saver's credit-eligible contributions may be made to a 401(k) plan, 403(b) plan, 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 $5,000 maximum per person limit for the applicable taxable year. The dollar limit is $6,000 for people eligible to make age 50-70-1/2 catch-up contributions. See "Excess contributions to traditional IRAs" later in this section for more information. 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" later in this section for more information. 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 taxable 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; o 403(b) plans; 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. During calendar year 2009 only, due to the temporary suspension of account-based required minimum distribution withdrawals, you may Tax information 67 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green be able to roll over to a traditional IRA a distribution that normally would not be eligible to be rolled over. Please note that distributions from inherited IRAs made to beneficiaries may not be rolled over once distributed. There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for 2009" earlier in this Prospectus. 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. A non-spousal death beneficiary may also be able to make a direct rollover to an inherited IRA under certain circumstances. The Accumulator(R) Select(SM) IRA contract is not available for purchase by a non-spousal death beneficiary direct rollover. 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 qualified plan, 403(b) plan, or governmental employer 457(b) plan are eligible rollover distributions, unless the distributions are: o (for every year except 2009) "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 death benefit payments to a beneficiary who is not your surviving spouse; or o qualified domestic relations order distributions to a beneficiary who is not your current spouse 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 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 403(b) plan (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 section 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, 403(b) plan 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 spouse beneficiary of a deceased individual can roll over funds from, or directly transfer funds from, an inherited IRA to one or more other traditional IRAs. A non-spousal death beneficiary may also be able to make a direct rollover to an inherited IRA under certain circumstances. The Accumulator(R) Select(SM) IRA contract is not available for purchase by a non-spousal death beneficiary direct rollover. 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 TO TRADITIONAL IRAS 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 contri bution 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 (for every year except 2009). 68 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 later in this section 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 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 to traditional IRAs" earlier in this section; 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" earlier in this section for more information.) The following are eligible to receive rollovers of distributions from a traditional IRA: a qualified plan, a 403(b) plan 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, 403(b) plan 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 2009 directly transferred to charitable organizations may be tax-free to IRA owners 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. 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 Tax information 69 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green be distributed from the contracts if you take annual withdrawals instead of annuitizing. Please consult your tax adviser concerning applicability of these complex rules to your situation. There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for 2009" earlier in this Prospectus. 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 1st - April 1st). 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 "automatic required minimum distribution (RMD) service." 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 70 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 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, the required minimum distribution rules are applied as if your surviving spouse is the contract owner. 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). To meet this last exception, you could elect to apply your contract value to an Income Manager(R) (life annuity with a period certain) payout annuity contract (level payments version). You could also elect the substantially equal withdrawals option. We will calculate the substantially equal annual payments using your choice of IRS-approved methods we offer. Although substantially equal withdrawals and Income Manager(R) payments are not subject to the 10% penalty tax, they are taxable as discussed in "Withdrawals, payments and transfers of funds out of traditional IRAs" above. Once substantially equal withdrawals or Income Manager(R) annuity payments begin, the distributions should not be stopped or changed until after the later of your reaching age 59-1/2 or five years after the date of the first distribution, or the penalty tax, including an interest charge for the prior penalty avoidance, may apply to all prior distributions under this option. Also, it is possible that the IRS could view any additional withdrawal or payment you take from, or any additional contributions or transfers you make to, your contract as changing your pattern of substantially equal withdrawals or Income Manager(R) payments for purposes of determining whether the penalty applies. 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 individual retirement annuities (traditional IRAs)." The Accumulator(R) Select(SM) Roth Conversion IRA contract is designed to qualify as a Roth individual retirement annuity under Sections 408A(b) and 408(b) of the Internal Revenue Code. Tax information 71 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 or other eli gible retirement plans ("conversion rollover" contributions); or o tax-free rollover contributions from other Roth individual retire ment arrangements or designated Roth accounts under defined contribution plans; or o tax-free direct custodian-to-custodian transfers from other Roth IRAs ("direct transfers"). Regular after-tax, direct transfer and rollover contributions may be made to a Roth Conversion IRA contract. See "Rollovers and direct transfer contributions to Roth IRAs" later in this section for more information. 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. 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, $5,000 is the maximum amount that you may contribute to all IRAs (including Roth IRAs). 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 $5,000, 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 "Special rules for spouses" earlier in this section 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, you may be eligible to make additional catch-up contributions of up to $1,000. 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); o your federal income tax filing status is "married filing jointly" and your modified adjusted gross income is over $160,000 (for 2009, $176,000 after adjustment); or o your federal income tax filing status is "single" and your modified adjusted gross income is over $110,000 (for 2009, $120,000 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 2009, between $166,000 and $176,000 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 2009, between $105,000 and $120,000 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 regular Roth IRA contributions. WHEN YOU CAN MAKE CONTRIBUTIONS. Same as traditional IRAs. DEDUCTIBILITY OF CONTRIBUTIONS. Roth IRA contributions are not tax deductible. ROLLOVERS AND DIRECT TRANSFER CONTRIBUTIONS TO ROTH IRAS 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 make a rollover 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; o a 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 rollover"); o a "designated Roth contribution account" under a 401(k) plan or a 403(b) plan (direct or 60-day); or o from non-Roth accounts under another eligible retirement plan, subject to limits specified below under "Conversion rollover contributions to Roth IRAs." 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 72 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 ROLLOVER 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. Amounts can also be rolled over from non-Roth accounts under another eligible retirement plan, including a Code Section 401(a) qualified plan, a 403(b) plan, and a governmental employer Section 457(b) plan. Until 2010 you must meet AGI limits specified below. Unlike a rollover from a traditional IRA to another traditional IRA, a conversion rollover transaction from a traditional IRA or other eligible retirement plan to a Roth IRA is not tax-free. Instead, the distribution from the traditional IRA or other eligible retirement plan is generally fully taxable. In the case of a traditional IRA conversion rollover for example, we are required to withhold 10% federal income tax from the amount treated as converted unless you properly elect out of such withholding. If you are converting all or part of a traditional IRA, and you have ever made nondeductible regular 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. Even if you are under age 59-1/2, the early distribution penalty tax does not apply to conversion rollover contributions to a Roth IRA. The following rules apply until 2010: You cannot make conversion rollover 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 computed without the gross income stemming from the conversion rollover. Modified adjusted gross income for this purpose excludes any lifetime required minimum distribution from a traditional IRA or other eligible retirement plan.) 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 or other eligible retirement plan are subject to the lifetime annual required minimum distribution rules. 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 issued 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 a 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. Roth IRA conversion contributions from a SEP-IRA or SIMPLE IRA can be recharacterized to a SEP-IRA or SIMPLE IRA (including the original SEP-IRA or SIMPLE IRA). You cannot recharacterize back to the original plan a contribution directly rolled over from an eligible retirement plan which is not a 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. Tax information 73 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. 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, then 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 (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 2009 and the conversion contribution is made in 2010, the conversion contribution is treated as contributed prior to other conversion contributions made in 2010. 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?", assuming death before the required Beginning Date. The suspension of account-based required minimum distribution withdrawals for calendar year 2009 applies to post-death required minimum distribution withdrawals from Roth IRAs. 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. 74 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green EXCESS CONTRIBUTIONS TO ROTH IRAS 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, until 2010, 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. TAX-SHELTERED ANNUITY CONTRACTS (TSAS) GENERAL This section of the Prospectus reflects our current understanding of some of the special federal income tax rules applicable to annuity contracts used to fund employer plans under Section 403(b) of the Internal Revenue Code. We refer to these contracts as "403(b) annuity contracts" or "Tax Sheltered Annuity contracts (TSAs)." If the rules are the same as those that apply to another kind of contract, for example, traditional IRA contracts, we will refer you to the same topic under "Traditional individual retirement annuities (traditional IRAs)." -------------------------------------------------------------------------------- The disclosure generally assumes that the TSA has 403(b) contract status or qualifies as a 403(b) contract. Due to the Internal Revenue Service and Treasury regulatory changes in 2007 which became fully effective on January 1, 2009, contracts issued prior to September 25, 2007 which qualified as 403(b) contracts under the rules at the time of issue may lose their status as 403(b) contracts or have the availability of transactions under the contract restricted as of January 1, 2009 unless the individual's employer or the individual take certain actions. Please consult your tax adviser regarding the effect of these rules (which may vary depending on the owner's employment status, plan participation status, and when and how the contract was acquired) on your personal situation. -------------------------------------------------------------------------------- FINAL REGULATIONS UNDER SECTION 403(B) In 2007, the IRS and the Treasury Department published final Treasury Regulations under Section 403(b) of the Code ("2007 Regulations"). As a result, there are significant revisions to the establishment and operation of plans and arrangements under Section 403(b) of the Code, and the contracts issued to fund such plans. These rules became fully effective on January 1, 2009, but various transition rules applied beginning in 2007. The 2007 Regulations raise a number of questions as to the effect of the 2007 Regulations on TSAs issued prior to the effective date of the 2007 Regulations. The IRS has issued guidance intended to clarify some of these questions, and may issue further guidance in future years. PERMISSIBLE INVESTMENTS. The 2007 Regulations retain the rule that there are generally two types of investments available to fund 403(b) plans -- 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) funding vehicles qualify for tax deferral. EMPLOYER PLAN REQUIREMENT. The thrust of the 2007 Regulations is to eliminate informal Section 403(b) arrangements with minimal or diffuse employer oversight and to require employers purchasing annuity contracts for their employees under Section 403(b) of the Code to conform to other tax-favored, employer-based retirement plans with salary reduction contributions, such as Section 401(k) plans and governmental employer Section 457(b) plans. The 2007 Regulations require employers sponsoring 403(b) plans as of January 1, 2009, to have a written plan designating administrative responsibilities for various functions under the plan, and the plan in operation must conform to the plan terms. The IRS has announced relief measures for failure to have a written plan finalized by the beginning of 2009, as long as the written plan is adopted by December 31, 2009, and the plan operates in accordance with the 2007 Regulations beginning by January 1, 2009. LIMITATIONS ON INDIVIDUAL INITIATED DIRECT TRANSFERS. The 2007 Regulations revoke Revenue Ruling 90-24 (Rev. Rul. 90-24), effective January 1, 2009. Prior to the 2007 Regulations, Rev. Rul. 90-24 had permitted individual-initiated, tax-free direct transfers of funds from one 403(b) annuity contract to another, without reportable taxable income to the individual. Under the 2007 Regulations and other IRS published guidance, direct transfers made after September 24, 2007 may still be permitted with plan or employer approval as described below. EFFECT OF THE 2007 REGULATIONS ON CONTRIBUTIONS TO THE ACCUMULATOR(R) SELECT(SM) TSA CONTRACT Because the Accumulator(R) Select(SM) TSA contract (i) was designed to be purchased through either an individual-initiated, Rev. Rul. 90-24 tax-free direct transfer of funds from one 403(b) arrangement to another, or a rollover from another 403(b) arrangement and (ii) does not accept employer-remitted contributions, contributions and exchanges to an Accumulator(R) Select(SM) TSA contract are extremely limited as described below. Accumulator(R) Select(SM) TSA contracts issued pursuant to a Rev. Rul. 90-24 direct transfer where applications and all transfer paperwork were received by our processing office in good order prior to September 25, 2007 are "grandfathered" as to 403(b) status. However, future transactions such as loans and distributions under such "grandfathered" 403(b) annuity contracts may result in adverse tax consequences to the owner unless the 403(b) annuity contracts are or become part of the employer's 403(b) plan, or the employer enters into an information sharing agreement with us. Contributions to an Accumulator(R) Select(SM) TSA contract may only be made where AXA Equitable is an "approved vendor" under an employer's 403(b) plan. That is, some or all of the participants in the employer 403(b) plan are currently contributing to a non-Accumulator AXA Equitable 403(b) annuity contract. AXA Equitable and the employer Tax information 75 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green must agree to share information with respect to the Accumulator(R) Select(SM) TSA contract and other funding vehicles under the plan. AXA Equitable does not accept contributions of after-tax funds, including designated Roth contributions to the Accumulator(R) Select(SM) TSA contracts. We will accept contributions of pre-tax funds only with documentation satisfactory to us of employer or its designee or plan approval of the transaction. CONTRIBUTIONS TO 403(B) ANNUITY CONTRACTS Because the Accumulator(R) Select(SM) Rollover TSA contracts are or have been purchased through direct transfers, the characterization of funds in the contract can remain the same as under the prior contract. We provide the following discussion as part of our description of restrictions on the distribution of funds directly transferred, which include employer-remitted contributions to other 403(b) annuity contracts. EMPLOYER-REMITTED CONTRIBUTIONS. Employer-remitted contributions to TSA contracts made through the employer's payroll are subject to annual limits. (Tax-free plan-to-plan direct transfer contributions from another 403(b) plan, contract exchanges under the same plan, and 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 contract are made under a salary reduction agreement between the employee and the employer. These contributions are called "salary reduction" or "elective deferral" contributions. However, a TSA contract can also be wholly or partially funded through non-elective employer contributions or after-tax employee contributions. Amounts attributable to salary reduction contributions to TSA contracts are generally subject to withdrawal restrictions. Also, all amounts attributable to investments in a 403(b)(7) custodial account are subject to withdrawal restrictions discussed below. ROLLOVER AND DIRECT TRANSFER CONTRIBUTIONS. It is unlikely that rollover or direct transfer contributions can be made for an individual no longer actively participating in a 403(b) plan; however, there may be circumstances where an individual must take a required minimum distribution from a distributing plan or contract before rolling over or transferring the distribution to the Accumulator(R) Select(SM) contract. The amount of any rollover or direct transfer contributions made to a 403(b) annuity contract must be net of the required minimum distribution for the tax year in which the 403(b) annuity contract is issued if the owner is at least age 70-1/2 in the calendar year the contribution is made, and has retired from service with the employer who sponsored the plan or provided the funds to purchase the 403(b) annuity contract which is the source of the contribution. For calendar year 2009 only, account-based required minimum distribution withdrawals are suspended, so certain rollovers which would be impermissible in other years may be made. ROLLOVER CONTRIBUTIONS. After a TSA contract has been established with 403(b) plan source funds, federal tax law permits rollover contributions to be made to a TSA contract from these sources: qualified plans, governmental employer 457(b) plans and traditional IRAs, as well as other 403(b) plan funding vehicles. The recipient 403(b) plan must allow such contributions to be made. Generally, funds may be rolled over when a plan participant has a distributable event from an eligible retirement plan as a result of: o termination of employment with the employer who provided the funds for the plan; or o reaching age 59-1/2 even if still employed; or o disability (special federal income tax definition). If the source of the rollover contribution is pre-tax funds from a traditional IRA, no specific event is required. 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 penalty if you roll the funds to a different type of eligible retirement plan and subsequently take a premature distribution. Further, in light of the restrictions on the ability to take distributions or loans from a 403(b) annuity contract without plan or employer approval under the 2007 Regulations, a plan participant should consider carefully whether to roll an eligible rollover distribution (which is no longer subject to distribution restrictions) to a 403(b) plan funding vehicle, or to a traditional IRA instead. 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. Because AXA Equitable does not separately account for rollover contributions from other eligible retirement plans in the Accumulator(R) Plus(SM) TSA contract, amounts that would be free of distribution restrictions in a traditional IRA, for example, are subject to distribution restrictions in the Accumulator(R) Select(SM) TSA contract. DIRECT TRANSFER CONTRIBUTIONS. A tax-free direct transfer occurs when changing the 403(b) plan funding vehicle, even if there is no distributable event. Under a direct transfer a plan participant does not receive a distribution. The 2007 Regulations provide for two types of direct transfers between 403(b) funding vehicles: "plan-to-plan transfers" and "contract exchanges within the same 403(b) plan." 403(b) plans do not have to offer these options. A "plan-to-plan transfer" must meet the following conditions: (i) both the source 403(b) plan and the recipient 403(b) plan permit plan-to-plan transfers; (ii) the transfer from one 403(b) plan to another 403(b) plan is made for a participant (or beneficiary of a deceased participant) who is an employee or former employee of the employer sponsoring the recipient 403(b) plan; (iii) immediately after the transfer the accumulated benefit of the participant (or beneficiary) whose assets are being transferred is at least equal to the participant's (or beneficiary's) accumulated benefit immediately before the transfer; (iv) the recipient 403(b) plan imposes distribution restrictions on transferred amounts at least as stringent as those imposed under the source 403(b) plan; and (v) if the plan-to- 76 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green plan transfer is not a complete transfer of the participant's (or beneficiary's) interest in the source 403(b) plan, the recipient 403(b) plan treats the amount transferred as a continuation of a pro rata portion of the participant's (or beneficiary's) interest in the source 403(b) plan (for example, with respect to the participant's interest in any after-tax employee contributions). A "contract exchange within the same 403(b) plan" must meet the following conditions: (i) the 403(b) plan under which the contract is issued must permit contract exchanges; (ii) immediately after the exchange the accumulated benefit of the participant (or beneficiary of a deceased participant) is at least equal to the participant's (or beneficiary's) accumulated benefit immediately before the exchange (taking into account the accumulated benefit of that participant (or beneficiary) under both section 403(b) annuity contracts immediately before the exchange); (iii) the contract issued in the exchange is subject to distribution restrictions with respect to the participant that are not less stringent than those imposed on the contract being exchanged; and (iv) the employer sponsoring the 403(b) plan and the issuer of the contract issued in the exchange agree to provide each other with specified information from time to time in the future ("an information sharing agreement"). The shared information is designed to preserve the requirements of Section 403(b), primarily to comply with loan requirements, hardship withdrawal rules, and distribution restrictions. DISTRIBUTIONS FROM TSAS GENERAL. Generally, after the 2007 Regulations, employer or plan administrator consent is required for loan, withdrawal or distribution transactions under a 403(b) annuity contract. Processing of a requested transaction will not be completed until the information required to process the transaction is received from the employer or its designee. This information will be transmitted as a result of an information sharing agreement between AXA Equitable and the employer sponsoring the plan. WITHDRAWAL RESTRICTIONS. AXA Equitable treats all amounts under an Accumulator(R) Select(SM) Rollover TSA contract as not eligible for withdrawal until: o the owner is severed from employment with the employer who provided the funds used to purchase the TSA contract; o the owner dies; or o the plan under which the Accumulator(R) Select(SM) TSA contract is purchased is terminated. If any portion of the funds directly transferred to your TSA contract (in a Rev. Rul. 90-24 exchange or other permitted transfer or exchange) 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 contract you made and any earnings on them. These restrictions do not apply to the amount directly transferred to your TSA contract that represents your December 31, 1988, account balance attributable to salary reduction contributions to a TSA contract and earnings. 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 transferred to your TSA contract. TAX TREATMENT OF DISTRIBUTIONS. Amounts held under TSA contracts 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 TSA contracts are includible in gross income as ordinary income. Distributions from TSA contracts 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 contract 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 AXA Equitable does not accept after-tax funds to Accumulator(R) Select(SM) Rollover TSA contract, we do not track your investment in the contract, if any. We will report all distributions from this Rollover TSA contract as fully taxable. You will have to determine how much of the distribution is taxable. 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 contract 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. If you elect an annuity payout option, you will recover any investment in the TSA contract as each payment is received by dividing the investment in the TSA 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 TSA 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 TSA 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 contract generally receive the same tax treatment as distributions during your lifetime. In some instances, distributions from a TSA contract made to your surviving spouse may be rolled over to a traditional IRA or other eligible retirement plan. A surviving spouse might also be eligible to directly roll over a TSA contract death benefit to a Roth IRA in a taxable conversion rollover. A non-spousal death beneficiary may be able to directly roll over death benefits to a new inherited IRA under certain circumstances. EFFECT OF 2007 REGULATIONS ON LOANS FROM TSAS As a result of the 2007 Regulations, loans are not available without employer or plan administrator approval. If loans are available, loan processing may be delayed pending receipt of information required to process the loan under an information sharing agreement. The pro- Tax information 77 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green cessing of a loan request will not be completed until the information required to process the transaction is received from the employer or its designee. This information will be transmitted as a result of an information sharing agreement between AXA Equitable and the employer sponsoring the plan. If loans are available: 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 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 under TSA contracts are subject to the following conditions: 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; and (2) $50,000 reduced by the excess (if any) of the highest outstanding loan balance over the previous 12 months over the outstanding loan balance of plan loans on the date the loan was made. o In general, the term of the loan cannot exceed five years unless the loan is used to acquire the participant's primary residence. Accumulator(R) Select(SM) Rollover TSA contracts have a term limit of ten 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 and not repaid may be treated as a distribution if: o the loan does not qualify under the conditions above; o the participant fails to repay the interest or principal when due; or o in some instances, the participant separates from service with the employer who provided the funds or the plan is terminated. 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. For purposes of calculating any subsequent loans which may be made under any plan of the same employer, a defaulted loan which has not been fully repaid is treated as still outstanding, even after the default is reported to the IRS on Form 1099-R. The amount treated as still outstanding (which limits subsequent loans) includes interest accruing on the unpaid balance. TAX-DEFERRED ROLLOVERS AND FUNDING VEHICLE TRANSFERS. You may roll over an "eligible rollover distribution" from a 403(b) annuity contract 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 403(b) annuity contract to any of the following: another 403(b) plan funding vehicle, 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. A non-spousal death beneficiary may be able to directly roll over death benefits to a new inherited IRA under certain circumstances. Distributions from a 403(b) annuity contract can be rolled over to a Roth IRA. Such conversion rollover transactions are taxable. Any taxable portion of the amount rolled over will be taxed at the time of the rollover. Rollovers are subject to the Roth IRA conversion rules, which, prior to 2010, restrict conversions of traditional IRAs to Roth IRAs to taxpayers with adjusted gross income of no more than $100,000, whether single or married filing jointly. 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. Suspension of account-based required minimum distribution withdrawals for calendar year 2009 temporarily permits distributions which would be ineligible lifetime required minimum distributions in any other year to be rolled over to another eligible retirement plan in calendar year 2009. Direct transfers from one 403(b) annuity contract to another (whether under a plan-to-plan transfer, contract exchange under the same 403(b) plan, or under Rev. Rul. 90-24 prior to the 2007 Regulations), are not distributions. REQUIRED MINIMUM DISTRIBUTIONS Please note the temporary suspension of account-based required minimum distribution withdrawals, both lifetime and post-death, in calendar year 2009. Generally the same as traditional IRA with these differences: When you have to take the first required minimum distribution. The minimum distribution rules force 403(b) plan participants to start calculating and taking annual distributions from their 403(b) annuity contracts 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 403(b) plan participants who have not retired from service with the employer maintaining the 403(b) plan by the calendar year the 78 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green participant turns age 70-1/2, the required beginning date for minimum distributions is extended to April 1 following the calendar year of retirement. o 403(b) plan participants may also delay the start of required minimum distributions to age 75 for the portion of their account value attributable to their December 31, 1986 TSA contract account balance, even if retired at age 70-1/2. We will know whether or not you qualify for this exception because it only applies to individuals who established their Accumulator(R) Select(SM) Rollover TSA contract by direct Revenue Ruling 90-24 transfer prior to September 25, 2007, or by a contract exchange or a plan-to-plan exchange approved under the employer's plan after that date. If you do not give us the amount of your December 31, 1986, account balance that is being transferred to the Accumulator(R) Select(SM) Rollover TSA contract on the form used to establish the TSA contract, you do not qualify. SPOUSAL CONSENT RULES Your employer will tell us on the form used to establish the TSA contract whether or not you need to get spousal consent for loans, withdrawals or other distributions. If you do, you will need such consent if you are married when you request a withdrawal 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 TSA contract and the plan of the employer who provided the funds for the TSA contract. EARLY DISTRIBUTION PENALTY TAX A penalty tax of 10% of the taxable portion of a distribution applies to distributions from a TSA contract 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). 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 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. Generally, an election out of federal withholding will also be considered an election out of state withholding. In some states, you may elect out of state withholding, even if federal withholding applies. If you need more information concerning a particular state or any required forms, call our processing office at the toll-free number. Tax information 79 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green FEDERAL INCOME TAX WITHHOLDING ON PERIODIC ANNUITY PAYMENTS Federal tax rules require payers to withhold differently on "periodic" and "non-periodic" payments. Payers are to withhold from periodic annuity payments as if the payments were wages. The annuity contract owner is to specify marital status and the number of withholding exemptions claimed on an IRS Form W-4P or similar substitute election form. If the owner does not claim a different number of withholding exemptions or marital status, the payer is to withhold assuming that the owner is married and claiming three withholding exemptions. Based on the assumption that an annuity contract owner is married and claiming three withholding exemptions, periodic annuity payments totaling less than $19,200, in 2009 will generally be exempt from federal income tax withholding. If the owner does not provide the owner's correct Taxpayer Identification Number a payer is to withhold from periodic annuity payments as if the owner were single with no exemptions. A contract owner's withholding election remains effective unless and until the owner revokes it. The contract owner may revoke or change a withholding election at any time. FEDERAL INCOME TAX WITHHOLDING ON NON-PERIODIC ANNUITY PAYMENTS (WITHDRAWALS) Non-periodic distributions include partial withdrawals, total surrenders and death benefits. Payers generally withhold federal income tax at a flat 10% rate from (i) the taxable amount in the case of nonqualified contracts, and (ii) 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. As described below, there is no election out of federal income tax 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 election out is permitted. If there is no election out, the 10% withholding rate applies. MANDATORY WITHHOLDING FROM TSA AND QUALIFIED PLAN DISTRIBUTIONS Unless the distribution is directly rolled over to another eligible retirement plan, eligible rollover distributions from qualified plans and TSAs are subject to mandatory 20% withholding. The plan administrator is responsible for withholding from qualified plan distributions. All distributions from a TSA 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 from service with the employer; or o substantially equal periodic payments made at least annually for the life (or life expectancy) or the joint lives (or joint life expectancies) of the plan participant (and designated beneficiary); ors 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 the plan par ticipant's surviving spouse; or o a qualified domestic relations order distribution to a beneficiary who is not the plan participant's current spouse or former spouse. A death benefit payment to the plan participant's surviving spouse, or a qualified domestic relations order distribution to the plan participant's 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 No. 49 for taxes. We do not now, but may in the future set up reserves for such taxes. 80 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 8. More information -------------------------------------------------------------------------------- ABOUT SEPARATE ACCOUNT NO. 49 Each variable investment option is a subaccount of Separate Account No. 49. We established Separate Account No. 49 in 1996 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 No. 49 and may withdraw any amounts that exceed our reserves and other liabilities with respect to variable investment options under our contracts. For example, we may withdraw amounts from Separate Account No. 49 that represent our investments in Separate Account No. 49 or that represent fees and charges under the contracts that we have earned. Also, we may, at our sole discretion, invest Separate Account No. 49 assets in any investment permitted by applicable law. The results of Separate Account No. 49'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 No. 49. However, the obligations themselves are obligations of AXA Equitable. Separate Account No. 49 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 No. 49. Although Separate Account No. 49 is registered, the SEC does not monitor the activity of Separate Account No. 49 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 No. 49 invests solely in class B/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 No. 49 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 No. 49 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 No. 49 or a variable investment option directly); (5) to deregister Separate Account No. 49 under the Investment Company Act of 1940; (6) to restrict or eliminate any voting rights as to Separate Account No. 49; and (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. If the exercise of these rights results in a material change in the underlying investment of Separate Account No. 49, you will be notified of such exercise, as required by law. 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. Fixed maturity option rates are determined daily. The rates in the table below are illustrative only and will most likely differ from the rates applicable at time of purchase. Current fixed maturity option rates can be obtained from your financial professional. The rates to maturity for new allocations as of February 17, 2009 and the related price per $100 of maturity value were as shown below: -------------------------------------------------------------------------------- Fixed Maturity Options with February 15th Rate to Price Maturity Date of Maturity as of Per $100 of Maturity Year February 17, 2009 Maturity Value -------------------------------------------------------------------------------- 2010 3.00%* $97.09 2011 3.00%* $94.26 2012 3.00%* $91.51 2013 3.00%* $88.84 2014 3.00%* $86.25 2015 3.00%* $83.74 -------------------------------------------------------------------------------- More information 81 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green -------------------------------------------------------------------------------- Fixed Maturity Options with February 15th Rate to Price Maturity Date of Maturity as of Per $100 of Maturity Year February 17, 2009 Maturity Value -------------------------------------------------------------------------------- 2016 3.12% $80.64 2017 3.42% $76.40 2018 3.61% $72.66 2019 3.75% $69.19 -------------------------------------------------------------------------------- * Since these rates to maturity are 3%, no amounts could have been allocated to these options. HOW WE DETERMINE THE MARKET VALUE ADJUSTMENT We use the following procedure to calculate the market value adjustment (positive or negative) 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 for your FMO based on the rate for a new fixed maturity option issued on the same date and having the same maturity date as your fixed maturity option; if the same maturity date is not available for new fixed maturity options, we determine a rate that is between the rates for new fixed maturity option maturities that immediately precede and immediately follow your fixed maturity option's maturity date. (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. 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 option, the "current rate to maturity" will be determined by using a widely-published Index. We reserve the right to add up to 0.25% 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 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 obligations and any guaranteed benefits under the contract are supported by AXA Equitable's general account and are subject to AXA Equitable's claims paying ability. For more information about AXA Equitable's financial strength, you may review its financial statements and/or check its current rating with one or more of the independent sources that rate insurance companies for their financial strength and stability. Such ratings are subject to change and have no bearing on the performance of the variable investment options. You may also speak with your financial representative. 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- 82 More information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 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. ABOUT OTHER METHODS OF PAYMENT WIRE TRANSMITTALS AND ELECTRONIC APPLICATIONS We accept contributions sent by wire to our processing office by agreement with certain broker-dealers. Such transmittals must be accompanied by information we require to allocate your contribution. Wire orders not accompanied by complete information may be retained as described under "How you can make your contributions" under "Contract features and benefits" earlier in this Prospectus. Even if we accepted the wire order and essential information, a contract generally was not issued until we received and accepted a properly completed application. In certain cases, we may have issued a contract based on information provided through certain broker-dealers with whom we have established electronic facilities. In any such cases, you must have signed our Acknowledgement of Receipt form. Where we required a signed application, the above procedures did not apply and no financial transactions were permitted until we received the signed application and issued the contract. Where we issued a contract based on information provided through electronic facilities, we required an Acknowledgement of Receipt form. Financial transactions were only permitted if you requested them in writing, signed the request and had it signature guaranteed, until we received the signed Acknowledgement of Receipt form. After a contract is issued, additional contributions are allowed by wire. In general, the transaction date for electronic transmissions is the date on which we receive at our regular processing office all required information and the funds due for your contribution. We may also establish same-day electronic processing facilities with a broker-dealer that has undertaken to pay contribution amounts on behalf of its customers. In such cases, the transaction date for properly processed orders is the business day on which the broker-dealer inputs all required information into its electronic processing system. You can contact us to find out more about such arrangements. AUTOMATIC INVESTMENT PROGRAM -- FOR NQ CONTRACTS ONLY You may use our automatic investment program, or "AIP," to have a specified amount automatically deducted from a checking account, money market account, or credit union checking account and contributed as an additional contribution into an NQ contract on a monthly or quarterly basis. AIP is not available for Rollover IRA, Roth Conversion IRA, Inherited IRA Beneficiary Continuation (traditional IRA or Roth IRA) or Rollover TSA contracts, nor is it available with GPB Option 2. Please see Appendix VII later in this Prospectus to see if the automatic investment program is available in your state. The minimum amounts we will deduct are $100 monthly and $300 quarterly. AIP additional contributions may be allocated to any of the variable investment options and available fixed maturity options. 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. 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 the New York Stock Exchange ("NYSE") is open for regular trading and generally ends at 4:00 p.m. Eastern Time (or as of an earlier close of regular trading). A business day does not include a day on which we are not open due to emergency conditions determined by the Securities and Exchange Commission. We may also close early due to such emergency conditions. 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 any of the following, we will use the next business day: - on a non-business day; - after 4:00 p.m. Eastern Time on a business day; or - after an early close of regular trading on the NYSE on a business day. o A loan request under your Rollover 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. o If we have entered into an agreement with your broker-dealer for automated processing of contributions upon receipt of customer More information 83 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green order, your contribution will be considered received at the time your broker-dealer receives your contribution and all information needed to process your application, along with any required documents. Your broker-dealer will then transmit your order to us in accordance with our processing procedures. However, in such cases, your broker-dealer is considered a processing office for the purpose of receiving the contribution. Such arrangements may apply to initial contributions, subsequent contributions, or both, and may be commenced or terminated at any time without prior notice. If required by law, the "closing time" for such orders will be earlier than 4:00 p.m., Eastern Time. 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 (unless a rate lock-in is applicable). 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 be based on the rate to maturity in effect for that fixed maturity option on the business day of the transfer. o Transfers to the guaranteed interest option will receive the crediting rate in effect on that business day for the specified time period. o For the interest sweep option, 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. 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 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 NO. 49 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 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. One result of proportional voting is that a small number of contract owners may control the outcome of a vote. 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. STATUTORY COMPLIANCE We have the right to change your contract without the consent of any other person in order to comply with any laws and regulations that apply, 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 your contract must be in writing and made by an authorized officer of AXA Equitable. We will provide notice of any contract change. The benefits under your contract will not be less than the minimum benefits required by any state law that applies. ABOUT LEGAL PROCEEDINGS AXA Equitable and its affiliates are parties to various legal proceedings. In our view, none of these proceedings would be considered material with respect to a contract owner's interest in Separate Account No. 49, 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. 84 More information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green FINANCIAL STATEMENTS The financial statements of Separate Account No. 49, as well as the consolidated financial statements of AXA Equitable, are in the SAI. The financial statements of AXA Equitable have relevance to the contracts only to the extent that they bear upon the ability of AXA Equitable to meet its obligations under the contracts. The SAI is available free of charge. You may request one by writing to our processing office or calling 1-800-789-7771. 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, Protection Plus(SM) death benefit, Guaranteed principal benefit option 2, and/or the Principal Protector(SM) ("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. For certain contract owners, this restriction may not apply to you, depending on when you purchased your contract. See Appendix VIII later in this Prospectus for more information. However, the Benefit will not terminate if the ownership of the contract is transferred to: (i) a family member (as defined in the contract); (ii) a trust created for the benefit of a family member or members; (iii) a trust qualified under section 501(c) of the Internal Revenue Code; or (iv) a successor by operation of law, such as an executor or guardian. Please speak with your financial professional for further information. See Appendix VII later in this Prospectus for any state variations with regard to terminating any benefits under your contract. You cannot assign or transfer ownership of Rollover IRA, Roth Conversion IRA or Rollover TSA contract except by surrender to us. If your individual retirement annuity contract is held in your custodial individual retirement account, you may only assign or transfer ownership of such an IRA contract to yourself. Loans are not available (except for Rollover TSA contracts) and you cannot assign Rollover IRA, Roth Conversion IRA or Rollover TSA contracts as security for a loan or other obligation. Loans are available under a Rollover TSA contract only if permitted under the sponsoring employer's plan. 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 Rollover IRA, Roth Conversion IRA or Rollover TSA contract to another similar arrangement under federal income tax rules. ABOUT CUSTODIAL IRAS For certain custodial IRA accounts, after your contract has been issued, we may accept transfer instructions by telephone, mail, facsimile or electronically from a broker-dealer, provided that we or your broker-dealer have your written authorization to do so on file. Accordingly, AXA Equitable will rely on the stated identity of the person placing instructions as authorized to do so on your behalf. AXA Equitable will not be liable for any claim, loss, liability or expenses that may arise out of such instructions. AXA Equitable will continue to rely on this authorization until it receives your written notification at its processing office that you have withdrawn this authorization. AXA Equitable may change or terminate telephone or electronic or overnight mail transfer procedures at any time without prior written notice and restrict facsimile, internet, telephone and other electronic transfer services because of disruptive transfer activity. 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 No. 49. 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 Financial Industry Regulatory Authority, Inc. ("FINRA"). 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 8.50% 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 1.00% 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 2.00% of the total contributions made under the contracts. AXA Distributors, in turn, pays the More information 85 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 1.25% 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 Accumulator(R) Select(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 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 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." 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. AXA Advisors may provide other forms of compensation to its financial professionals, including health and retirement benefits. 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 FINRA, 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 FINRA rules and other laws and regulations. 86 More information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 9. Incorporation of certain documents by reference -------------------------------------------------------------------------------- AXA Equitable's Annual Report on Form 10-K for the period ended December 31, 2008 (the "Annual Report") is considered to be part of this Prospectus because it is incorporated by reference. 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 fixed maturity option (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. After the date of this Prospectus and before we terminate the offering of the securities under the Registration Statement, all documents or reports we file with the SEC under the Securities Exchange Act of 1934 ("Exchange Act"), will be considered to become part of this Prospectus because they are incorporated by reference. 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 the Registration Statement and 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. In accordance with SEC rules, we will provide copies of any exhibits specifically incorporated by reference into the text of the Exchange Act reports (but not any other exhibits). 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). You can access our website at www.axa-equitable.com. Incorporation of certain documents by reference 87 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix I: Condensed financial information -------------------------------------------------------------------------------- The unit values and number of units outstanding shown below are for contracts offered under Separate Account No. 49 with the same daily asset charges of 1.70%. 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, 2008.
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------------------------------------------------------------------------ 2008 2007 2006 2005 2004 2003 2002 ------------------------------------------------------------------------------------------------------------------------------------ AXA Aggressive Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.00 $ 15.05 $ 14.43 $ 12.45 $ 11.72 $ 10.66 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 8,484 6,377 3,109 1,519 656 32 -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.29 $ 11.76 $ 11.31 $ 10.82 $ 10.74 $ 10.30 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,824 2,454 1,800 1,000 281 1 -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.82 $ 12.40 $ 11.96 $ 11.19 $ 11.02 $ 10.41 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,505 2,753 3,022 2,176 414 84 -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 35.84 $ 48.27 $ 46.21 $ 42.61 $ 41.36 $ 38.70 $ 33.05 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,019 3,098 2,325 1,725 893 383 86 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.69 $ 14.45 $ 13.82 $ 12.28 $ 11.71 $ 10.66 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 27,177 23,506 14,705 6,917 2,788 46 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $134.51 $243.48 $239.38 $219.99 $214.55 $191.26 $130.09 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 63 65 73 73 64 29 9 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 19.16 $ 18.82 $ 17.92 $ 17.67 $ 17.76 $ 17.72 $ 17.65 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 948 404 376 481 416 458 259 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.40 $ 19.41 $ 17.67 $ 14.55 $ 12.84 $ 11.05 $ 8.32 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,924 2,236 1,508 1,037 649 530 142 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.96 $ 20.14 $ 17.56 $ 16.39 $ 14.95 $ 13.34 $ 9.63 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 421 443 462 372 312 478 121 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Ariel Appreciation II ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.65 $ 10.99 $ 11.31 $ 10.35 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 339 227 123 40 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA Rosenberg Value Long/Short Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.26 $ 11.07 $ 10.91 $ 10.94 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 458 383 13,017 784 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock Basic Value Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.49 $ 23.24 $ 23.37 $ 19.66 $ 19.43 $ 17.87 $ 13.86 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 834 842 856 849 802 502 184 ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock International Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.43 $ 23.97 $ 22.13 $ 17.91 $ 16.44 $ 13.75 $ 10.92 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,000 1,136 1,052 782 522 441 161 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Boston Advisors Equity Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.47 $ 6.71 $ 6.59 $ 5.78 $ 5.54 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 730 571 504 326 15 -- -- ------------------------------------------------------------------------------------------------------------------------------------
A-1 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008.
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------------------------------------------------------------------------ 2008 2007 2006 2005 2004 2003 2002 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.23 $ 9.71 $ 8.81 $ 8.51 $ 7.96 $ 7.82 $ 6.22 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 286 373 353 314 204 249 42 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.70 $13.14 $12.67 $12.00 $11.62 $11.20 $ 9.19 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,426 1,289 1,484 351 160 164 40 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.54 $12.71 $12.72 $11.55 $11.08 $10.16 $ 7.86 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,528 3,063 1,393 1,585 1,200 776 200 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Caywood-Scholl High Yield Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.85 $11.12 $11.01 $10.37 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,204 180 225 81 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Davis New York Venture ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.60 $11.05 $10.84 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,517 1,189 216 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $18.20 $29.54 $28.64 $25.31 $24.66 $22.76 $18.11 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,308 1,547 1,418 1,604 1,386 1,074 399 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen International Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $11.14 $10.64 $ 9.90 $ 9.74 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,063 476 185 8 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.75 $ 9.49 $ 8.67 $ 8.33 $ 8.15 $ 7.75 $ 5.70 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 353 249 215 280 377 218 32 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.01 $10.45 $10.42 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,649 1,574 368 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.36 $ 9.71 $10.81 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 377 421 38 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Templeton Founding Strategy ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.89 $ 9.49 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,195 2,805 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Mergers and Acquisitions ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.95 $11.75 $11.56 $10.48 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 305 337 193 77 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Small Company Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $18.86 $27.67 $25.76 $22.05 $21.50 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 610 618 233 79 9 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.68 $16.01 $14.13 $12.06 $10.47 $ 9.38 $ 7.19 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,341 2,289 3,208 2,337 1,926 1,026 282 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.50 $16.18 $14.17 $11.47 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 796 665 269 56 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $12.59 $14.07 $13.88 $13.57 $13.50 $13.20 $12.99 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,216 1,473 1,477 1,527 1,343 1,175 441 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Value Opportunities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.93 $15.08 $15.53 $13.12 $12.84 $11.78 $ 9.45 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 280 288 351 347 370 307 128 ------------------------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information A-2 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008.
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------------------------------------------------------------------------ 2008 2007 2006 2005 2004 2003 2002 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.46 $ 10.50 $ 10.28 $ 9.26 $ 8.79 $ 8.03 $ 6.69 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 389 458 510 603 610 598 229 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.78 $ 7.62 $ 6.80 $ 6.96 $ 6.16 $ 5.78 $ 4.77 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,004 1,050 1,042 1,055 981 856 341 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $10.06 $ 16.57 $ 14.58 $ 13.76 $ 12.84 $ 11.60 $ 9.12 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 298 492 192 184 149 93 38 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.39 $ 10.32 $ 11.17 $ 10.63 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 847 809 532 144 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.09 $ 16.31 $ 17.38 $ 14.57 $ 14.06 $ 12.60 $ 9.96 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,668 3,123 2,507 2,363 2,169 1,481 530 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Long Term Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $10.88 $ 10.54 $ 9.98 $ 9.98 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 237 248 135 173 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.73 $ 12.39 $ 12.18 $ 10.57 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 351 369 308 83 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.62 $ 12.70 $ 11.67 $ 10.54 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 425 442 196 84 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.29 $ 12.15 $ 12.29 $ 11.12 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 922 888 591 290 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $10.61 $ 18.08 $ 16.13 $ 15.01 $ 13.79 $ 12.69 $ 9.85 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,228 3,346 2,714 2,354 1,938 1,510 386 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.66 $ 13.35 $ 12.57 $ 11.47 $ 10.97 $ 9.62 $ 6.81 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,863 2,166 1,890 1,556 1,391 883 285 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.74 $ 16.40 $ 16.96 $ 15.34 $ 14.02 $ 12.10 $ 9.24 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 902 1,069 1,156 1,107 1,007 636 237 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market ------------------------------------------------------------------------------------------------------------------------------------ Unit value $27.75 $ 27.65 $ 26.86 $ 26.15 $ 25.92 $ 26.17 $ 26.47 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,943 1,051 1,102 845 349 434 630 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Montag & Caldwell Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 3.74 $ 5.66 $ 4.77 $ 4.49 $ 4.34 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,560 657 83 72 22 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mutual Shares ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.50 $ 10.69 $ 10.70 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,644 1,727 258 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Global ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.71 $ 11.51 $ 11.08 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 786 674 83 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Opportunity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.68 $ 11.10 $ 10.92 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 130 154 20 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
A-3 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008.
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------------------------------------------------------------------------ 2008 2007 2006 2005 2004 2003 2002 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Small Cap ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.50 $ 10.70 $ 11.09 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 340 277 19 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO Real Return ------------------------------------------------------------------------------------------------------------------------------------ Unit value $10.11 $ 10.72 $ 9.78 $ 9.91 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,525 1,235 730 286 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/ Quality Bond PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $14.75 $ 16.06 $ 15.63 $ 15.31 $ 15.27 $ 14.97 $ 14.71 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 502 626 590 573 555 512 198 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $10.15 $ 10.53 $ 10.17 $ 9.96 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 475 262 202 60 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $10.37 $ 16.02 $ 16.60 $ 14.35 $ 14.00 $ 12.10 $ 8.44 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 720 713 744 596 575 449 122 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T. Rowe Price Growth Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.26 $ 16.30 $ 15.46 $ 16.39 $ 16.03 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 421 401 47 41 6 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Templeton Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.27 $ 10.78 $ 10.75 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 848 853 178 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 3.56 $ 6.04 $ 6.07 $ 5.41 $ 5.05 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 153 89 104 69 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Comstock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.04 $ 11.36 $ 11.85 $ 10.40 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 545 539 602 296 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Emerging Markets Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $10.67 $ 25.45 $ 18.23 $ 13.53 $ 10.37 $ 8.53 $ 5.56 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,528 1,726 1,239 755 609 457 69 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.26 $ 15.95 $ 13.26 $ 12.34 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 695 782 297 179 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ Van Kampen Real Estate ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.97 $ 8.27 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,342 1,440 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $31.77 $ 60.62 $ 55.37 $ 53.59 $ 50.38 $ 45.72 $ 33.82 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 53 56 47 25 28 10 4 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $11.89 $ 11.80 $ 11.30 $ 11.08 $ 11.07 $ 10.84 $ 10.63 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,511 1,494 2,030 1,611 1,424 1,202 628 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.15 $ 12.72 $ 11.87 $ 11.49 $ 10.93 $ 9.91 $ 7.87 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 429 390 400 338 284 143 57 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield ------------------------------------------------------------------------------------------------------------------------------------ Unit value $23.07 $ 30.68 $ 30.26 $ 28.00 $ 27.64 $ 25.87 $ 21.48 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 523 526 758 755 771 557 125 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.54 $ 18.39 $ 16.64 $ 13.51 $ 11.90 $ 10.27 $ 7.78 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 951 1,047 1,030 783 806 360 135 ------------------------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information A-4 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008.
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------------------------------------------------------------------------ 2008 2007 2006 2005 2004 2003 2002 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.43 $ 12.50 $ 12.11 $ 10.85 $ 10.34 $ 9.59 $ 7.61 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 447 473 453 353 272 238 104 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.56 $ 10.35 $ 9.47 $ 9.62 $ 9.10 $ 8.68 $ 6.76 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 840 881 1,014 980 876 792 408 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.83 $ 14.37 $ 14.10 $ 12.02 $ 11.42 $ 10.15 $ 7.88 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 921 1,210 1,363 1,238 1,242 726 316 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.55 $ 11.81 $ 10.74 $ 9.96 $ 9.35 $ 8.52 $ 6.18 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 813 934 1,035 1,075 1,055 731 292 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.47 $ 13.46 $ 13.68 $ 12.13 $ 11.49 $ 10.15 $ 7.34 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 727 805 1,010 876 1,011 560 206 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.95 $ 8.71 $ 8.54 $ 7.89 $ 7.46 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 687 788 475 242 59 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $10.31 $ 16.88 $ 19.05 $ 16.69 $ 16.22 $ 14.09 $ 10.43 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 666 748 1201 991 884 641 270 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Technology ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.29 $ 12.10 $ 10.41 $ 9.87 $ 9.02 $ 8.74 $ 5.64 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 462 597 350 311 306 98 14 ------------------------------------------------------------------------------------------------------------------------------------
A-5 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 February 17, 2009 to a fixed maturity option with a maturity date of February 15, 2017 (eight years later) at a hypothetical rate to maturity of 7.00% ("h" in the calculations below), 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 February 15, 2013(a).
------------------------------------------------------------------------------------------------------------------------------------ Hypothetical assumed rate to maturity ("j" in the calculations below) February 15, 2013 ------------------------------------------------------ 5.00% 9.00% ------------------------------------------------------------------------------------------------------------------------------------ As of February 15, 2013 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 February 15, 2013 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% (D/365) (1,461/365) (1+j) (1+j) (c) Fixed maturity amount is based on the following calculation: Maturity value $171,882 ________________ = ___________________ (D/365) (1,461/365) (1+h) (1+0.07) (d) Maturity value is based on the following calculation: (D/365) (1,461/365)) Fixed maturity amount X(1+h) =($84,741 or $77,257)X(1+0.07) Appendix II: Market value adjustment example B-1 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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/Intermediate Government Bond Index, EQ/Money Market, EQ/Short Duration Bond, the guaranteed interest option or the fixed maturity options or the Special 10 year fixed maturity option), no additional contributions, no transfers, no withdrawals and no loans under a Rollover TSA contract, the enhanced death benefit for an annuitant age 45 would be calculated as follows: -------------------------------------------------------------------------------- End of Annual Ratchet to contract 6% Roll-Up to age 85 age 85 year Account value benefit base(1) benefit base -------------------------------------------------------------------------------- 1 $105,000 $106,000(1) $105,000(3) -------------------------------------------------------------------------------- 2 $115,500 $112,360(2) $115,500(3) -------------------------------------------------------------------------------- 3 $129,360 $119,102(2) $129,360(3) -------------------------------------------------------------------------------- 4 $103,488 $126,248(1) $129,360(4) -------------------------------------------------------------------------------- 5 $113,837 $133,823(1) $129,360(4) -------------------------------------------------------------------------------- 6 $127,497 $141,852(1) $129,360(4) -------------------------------------------------------------------------------- 7 $127,497 $150,363(1) $129,360(4) -------------------------------------------------------------------------------- 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. 6% ROLL-UP TO AGE 85 (1) At the end of contract years 1 and 4 through 7, the 6% Roll-Up to age 85 enhanced death benefit is greater than the current account value. (2) At the end of contract years 2 and 3, the 6% Roll-Up to age 85 enhanced death benefit is equal to the current account value. ANNUAL RATCHET TO AGE 85 (3) At the end of contract years 1 through 3, the Annual Ratchet to age 85 enhanced death benefit is equal to the current account value. (4) At the end of contract years 4 through 7, the death benefit is equal to the Annual Ratchet to age 85 enhanced death benefit at the end of the prior year since it is 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 is the greater of the amounts shown under the 6% Roll-Up to age 85 or the Annual Ratchet to age 85. C-1 Appendix III: Enhanced death benefit example To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, the Protection Plus(SM) benefit and the Guaranteed minimum income benefit under certain hypothetical circumstances for an Accumulator(R) Select(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 (2.87)%, 3.13% for the Accumulator(R) Select(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, Protection Plus(SM) benefit and the Guaranteed minimum income benefit features, as well as the annual administrative charge. 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 or the Annual Ratchet to age 85" Guaranteed minimum death benefit charge, the Protection Plus(SM) benefit charge, the Guaranteed minimum income benefit charge and any applicable administrative 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 date 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 0.61%, and (2) an assumed average asset charge for all other expenses of the underlying portfolios equivalent to an effective annual rate of 0.31% 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 account value 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. Appendix IV: Hypothetical illustrations D-1 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Variable deferred annuity Accumulator(R) Select(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 Protection Plus 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 Total Death Benefit ---------------------------------- Minimum with Protection Guaranteed Hypothetical Account Value Cash Value Benefit Death Plus Income Income Contract ------------------- ------------------- ------------------- ------------------- ----------------- ---------------- Year 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% Age --------- --------- --------- --------- --------- --------- --------- --------- --------- -------- -------- -------- ------- 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 95,469 101,448 95,469 101,448 106,000 106,000 108,400 108,400 N/A N/A N/A N/A 62 3 91,003 102,856 91,003 102,856 112,360 112,360 117,304 117,304 N/A N/A N/A N/A 63 4 86,597 104,219 86,597 104,219 119,102 119,102 126,742 126,742 N/A N/A N/A N/A 64 5 82,242 105,531 82,242 105,531 126,248 126,248 136,747 136,747 N/A N/A N/A N/A 65 6 77,933 106,784 77,933 106,784 133,823 133,823 147,352 147,352 N/A N/A N/A N/A 66 7 73,661 107,972 73,661 107,972 141,852 141,852 158,593 158,593 N/A N/A N/A N/A 67 8 69,419 109,086 69,419 109,086 150,363 150,363 170,508 170,508 N/A N/A N/A N/A 68 9 65,201 110,119 65,201 110,119 159,385 159,385 183,139 183,139 N/A N/A N/A N/A 69 10 60,999 111,060 60,999 111,060 168,948 168,948 196,527 196,527 N/A N/A N/A N/A 74 15 39,888 114,039 39,888 114,039 226,090 226,090 276,527 276,527 14,266 14,266 14,266 14,266 79 20 17,852 112,958 17,852 112,958 302,560 302,560 383,584 383,584 20,393 20,393 20,393 20,393 84 25 0 105,700 0 105,700 0 404,893 0 493,179 0 34,821 0 34,821 89 30 0 104,468 0 104,468 0 429,187 0 517,472 N/A N/A N/A N/A 94 35 0 106,167 0 106,167 0 429,187 0 517,472 N/A N/A N/A N/A 95 36 0 106,536 0 106,536 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. D-2 Appendix IV: Hypothetical illustrations To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix V: Guaranteed principal benefit example -------------------------------------------------------------------------------- For purposes of these examples, we assume that there is an initial contribution of $100,000, made to the contract on February 17, 2009. We also assume that no additional contributions, no transfers among options and no withdrawals from the contract are made. For GPB Option 1, the example also assumes that a 10 year fixed maturity option is chosen. The hypothetical gross rates of return with respect to amounts allocated to the variable investment options are 0%, 6% and 10%. The numbers below reflect the deduction of all applicable separate account and contract charges and also reflect the charge for GPB Option 2. Also, for any given performance of your variable investment options, GPB Option 1 produces higher account values than GPB Option 2 unless investment performance has been significantly positive. The examples should not be considered a representation of past or future expenses. Similarly, the annual rates of return assumed in the example are not an estimate or guarantee of future investment performance. GPB Options 1 and 2 were only available at issue. The dates in the example are provided for illustrative purposes only.
------------------------------------------------------------------------------------------------------------------------------------ Assuming 100% in Assuming 100% in variable fixed maturity Under GPB Under GPB investment option Option 1 Option 2 options ------------------------------------------------------------------------------------------------------------------------------------ Amount allocated to FMO on February 17, 2009 based upon a 3.75% rate to maturity 100,000 69,190 40,000 -- ------------------------------------------------------------------------------------------------------------------------------------ Initial account value allocated to the variable investment options on February 17, 2009 0 30,810 60,000 100,000 ------------------------------------------------------------------------------------------------------------------------------------ Account value in the fixed maturity option on February 17, 2019 144,534 100,000 57,813 0 ------------------------------------------------------------------------------------------------------------------------------------ Annuity account value (computed by adding together the value at the maturity date of the applicable fixed maturity option plus the value of amounts in the variable investment options on February 17, 2019 , assuming a 0% gross rate of return) 144,534 123,026 100,000* 74,737 ------------------------------------------------------------------------------------------------------------------------------------ Annuity account value (computed by adding together the value at the maturity date of the applicable fixed maturity option plus the value of amounts in the variable investment options on February 17, 2019 , assuming a 6% gross rate of return) 144,534 141,932 132,728** 136,098 ------------------------------------------------------------------------------------------------------------------------------------ Annuity account value (computed by adding together the value at the maturity date of the applicable fixed maturity option plus the value of amounts in the variable investment options on February 17, 2019 , assuming a 10% gross rate of return) 144,534 161,348 168,169** 199,118 ------------------------------------------------------------------------------------------------------------------------------------
* Since the annuity account value is less than the alternate benefit under GPB Option 2, the annuity account value is adjusted upward to the guaranteed amount or an increase of $499 in this example ** Since the annuity account value is greater than the alternate benefit under GPB Option 2, GPB Option 2 will not affect the annuity account value. Appendix V: Guaranteed principal benefit example E-1 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix VI: Protection Plus(SM) example -------------------------------------------------------------------------------- The following illustrates the calculation of a death benefit that includes Protection Plus for an annuitant age 45. The example assumes a contribution of $100,000 and no additional contributions. Where noted, a single withdrawal in the amount shown is also assumed. If you purchased your contract after approximately September 2003, the example shown in the second and third columns apply. For all other contract owners, the example in the last two columns apply. The calculation is as follows:
$3000 $6000 withdrawal - withdrawal - No $3000 $6000 Prorata Prorata Withdrawal withdrawal withdrawal Treatment Treatment ------------------------------------------------------------------------------------------------------------------------------------ A Initial Contribution 100,000 100,000 100,000 100,000 100,000 ------------------------------------------------------------------------------------------------------------------------------------ B Death Benefit: prior to withdrawal.* 104,000 104,000 104,000 104,000 104,000 ------------------------------------------------------------------------------------------------------------------------------------ Protection Plus Earnings: Death Benefit less net C contributions (prior to the withdrawal in D). 4,000 4,000 4,000 N/A N/A B minus A. ------------------------------------------------------------------------------------------------------------------------------------ D Withdrawal 0 3,000 6,000 3,000 6,000 ------------------------------------------------------------------------------------------------------------------------------------ Withdrawal % as a % of AV (assuming Death E Benefit = AV) 0.00% N/A N/A 2.88% 5.77% greater of D divided by B ------------------------------------------------------------------------------------------------------------------------------------ Excess of the withdrawal over the Protection Plus F earnings 0 0 2,000 N/A N/A greater of D minus C or zero ------------------------------------------------------------------------------------------------------------------------------------ Net Contributions (adjusted for the withdrawal in D) G 100,000 100,000 98,000 97,115 94,231 A reduced for E or F ------------------------------------------------------------------------------------------------------------------------------------ Death Benefit (adjusted for the withdrawal in D) H 104,000 101,000 98,000 101,000 98,000 B minus D ------------------------------------------------------------------------------------------------------------------------------------ Death Benefit less Net Contributions I 4,000 1,000 0 3,885 3,769 H minus G ------------------------------------------------------------------------------------------------------------------------------------ J Protection Plus Factor 40% 40% 40% 40% 40% ------------------------------------------------------------------------------------------------------------------------------------ Protection Plus Benefit K 1,600 400 0 1,554 1,508 I times J ------------------------------------------------------------------------------------------------------------------------------------ Death Benefit: Including Protection Plus L 105,600 101,400 98,000 102,554 99,508 H plus K ------------------------------------------------------------------------------------------------------------------------------------
* The Death Benefit is the greater of the Account Value or any applicable death benefit. F-1 Appendix VI: Protection Plus(SM) example To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix VII: State contract availability and/or variations of certain features and benefits -------------------------------------------------------------------------------- The following information is a summary of the states where the Accumulator(R) Select(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. Certain features and/or benefits may have been approved in your state after your contract was issued and can not be added. Please contact your financial professional for more information about availability in your state. See also the "Contract Variations" appendix later in this Prospectus for information about the availability of certain features and their charges, if applicable, under your contract. STATES WHERE CERTAIN ACCUMULATOR(R) SELECT(SM) FEATURES AND/OR BENEFITS ARE NOT AVAILABLE OR VARY:
------------------------------------------------------------------------------------------------------------------------------------ State Features and Benefits Availability or Variation ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA See "Contract features and benefits"--"Your right to If you reside in the state of California and you are age cancel within a certain number of days" 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 money market account (and/or guaranteed interest option, if available), 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 money market account) 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. ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA See "Transfers of ownership, collateral assignments, The second paragraph in this section is deleted. loans and borrowing" in "More information" ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS See "Selecting an annuity payout option" under "Your Annuity payments may be elected twelve months from the annuity payout options" in "Accessing your money" contract date. ------------------------------------------------------------------------------------------------------------------------------------ MARYLAND Fixed maturity options Not Available Guaranteed principal benefit option1 and Guaranteed Not Available principal benefit option 2 ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS Automatic investment program Not Available Annual administrative charge The annual administrative charge will not be deducted from amounts allocated to the Guaranteed interest option. ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA See "Principal Protector(SM)" in "Contract features and Principal Protector(SM) is discontinued if the benefits" and "Beneficiary continuation option" in Beneficiary continuation option is elected. "Payment of death benefit" ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK Greater of the 6% Roll-Up or Annual Ratchet Guaran- Not Available (you have a choice of the standard death teed minimum death benefit benefit or the Annual Ratchet to age 85 guaranteed minimum death benefit), as described earlier in this Prospectus. Guaranteed minimum death benefit/guaranteed mini- Not Available mum income benefit roll-up benefit base reset Guaranteed minimum income benefit no lapse guar- Not Available antee ------------------------------------------------------------------------------------------------------------------------------------
Appendix VII: State contract availability and/or variations of certain features and benefits G-1 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------------------------------------------------ State Features and Benefits Availability or Variation ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK, Principal Protector(SM) Not Available CONTINUED Protection Plus(SM) Not Available See "Insufficient account value" in "Determining your If your account value in the variable investment options contract's value" and the fixed maturity options is insufficient to pay the annual administrative charge, or the Annual Ratchet to age 85 death benefit charge, and you have no account value in the guaranteed interest option, your contract will terminate without value, and you will lose any applicable benefits. See "Charges and expenses" earlier in this Prospectus. See "The amount applied to purchase an annuity payout The amount applied to purchase an annuity payout option option" in "Accessing your money" varies, depending on the payout option that you choose, and the timing of your purchase as it relates to any market value adjustments. See "Charges and expenses" With regard to the Annual administrative, Annual Ratchet to age 85 death benefit, Guaranteed principal benefit option 2 and Guaranteed minimum income benefit charges, respectively, we will deduct the related charge, as follows for each: we will deduct the charge from your value in the variable investment options 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 (other than the Special 10 year fixed maturity option) in the order of the earliest maturity date(s) first. If such amounts are still insufficient, we will deduct any remaining portion from the Special 10 year fixed maturity option. 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 deductions from the fixed maturity options (including the Special 10 year fixed maturity option). Deductions from the fixed maturity options (including the Special 10 year fixed maturity option) cannot cause the credited net interest for the contract year to fall below 1.5%. With regard to the Annual administrative, and either enhanced death benefit charge only, if your account value in the variable investment options and the fixed maturity options is insufficient to pay the applicable charge, and you have no account value in the guaranteed interest option, your contract will terminate without value and you will lose any applicable guaranteed benefits. Please see "Insufficient account value" in "Determining your contract's value" earlier in this Prospectus. See "Annuity maturity date" in "Accessing your money" The maturity date by which you must take a lump sum with- drawal or select an annuity payout option is as follows: Maximum Issue age Annuitization age 0-80 90 81 91 82 92 83 93 84 94 85 95 Please see this section earlier in this Prospectus for more information. ------------------------------------------------------------------------------------------------------------------------------------
G-2 Appendix VII: State contract availability and/or variations of certain features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------------------------------------------------ State Features and Benefits Availability or Variation ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA Contributions Your contract refers to contributions as premiums. Contribution age limitations If the annuitant was 0-75 at contract issue, the maximum contribution age is 85. See "Annuity maturity date" in "Accessing your money" The maturity date by which you must take a lump sum withdrawal or select an annuity payout option is as follows: Maximum Issue age annuitization age 0-75 85 76 86 77 87 78-80 88 81-85 90 Loans under Rollover TSA contracts Taking a loan in excess of the Internal Revenue Code limits may result in adverse tax consequences. Please consult your tax adviser before taking a loan that exceeds the Internal Revenue Code limits. ------------------------------------------------------------------------------------------------------------------------------------ PUERTO RICO IRA, Roth IRA, Inherited IRA, QP and Rollover TSA Not Available contracts Beneficiary continuation option (IRA) Not Available Tax Information -- Special rules for NQ contracts 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. ------------------------------------------------------------------------------------------------------------------------------------ TEXAS See "Annual administrative charge" in "Charges and The annual administrative charge will not be deducted from expenses" amounts allocated to the Guaranteed interest option. ------------------------------------------------------------------------------------------------------------------------------------ UTAH See "Transfers of ownership, collateral assignments, The second paragraph in this section is deleted. loans and borrowing" in "More information" ------------------------------------------------------------------------------------------------------------------------------------ VERMONT Loans under Rollover TSA contracts Taking a loan in excess of the Internal Revenue Code limits may result in adverse tax consequences. Please consult your tax adviser before taking a loan that exceeds the Internal Revenue Code limits. ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON Guaranteed interest option (for contracts issued from Not Available approximately December 2004 to December 2006) Investment simplifier -- Fixed-dollar option and Not Available Interest sweep option Fixed maturity options Not Available Guaranteed Principal Benefit Options 1 and 2 Not Available Income Manager(R) payout option Not Available ------------------------------------------------------------------------------------------------------------------------------------
Appendix VII: State contract availability and/or variations of certain features and benefits G-3 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------------------------------------------------ State Features and Benefits Availability or Variation ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON, Protection Plus(SM) Not Available CONTINUED See "Guaranteed minimum death benefit" in "Contract You have a choice of the standard death benefit, the features and benefits" Annual Ratchet to age 85 enhanced death benefit, or the Greater of 4% Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced death benefit. See "Annual administrative charge" in "Charges and The annual administrative charge will be deducted from the expenses" value in the variable investment options on a pro rata basis. ------------------------------------------------------------------------------------------------------------------------------------
G-4 Appendix VII: State contract availability and/or variations of certain features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix VIII: Contract Variations -------------------------------------------------------------------------------- The contract described in this Prospectus is no longer sold. You should note that your contract's options, features and charges may vary from what is described in this Prospectus depending on the approximate date on which you purchased your contract. You may not change your contract or its features after issue. This Appendix reflects contract variations that differ from what is described in this Prospectus but may have been in effect at the time your contract was issued. If you purchased your contract during the "Approximate Time Period" below, the noted variation may apply to you. In addition, options and/or features may vary among states in light of applicable regulations or state approvals. Any such state variations are generally not included here but instead included in Appendix VII earlier in this section. For more information about state variations applicable to you, as well as particular features, charges and options available under your contract based upon when you purchased it, please contact your financial professional and/or refer to your contract.
------------------------------------------------------------------------------------------------------------------------------------ Approximate Time Period Feature/Benefit Variation ------------------------------------------------------------------------------------------------------------------------------------ April 1, 2002 - April 4, 2002 Types of contracts QP defined contribution contracts were available. ------------------------------------------------------------------------------------------------------------------------------------ April 2002 - May 2002 See "Transferring your account value" in The fifth bullet is deleted in its entirety. "Transferring your money among investment options" ------------------------------------------------------------------------------------------------------------------------------------ April 4, 2002 - June 2002 Owner and annuitant requirements Non-Natural owners are not permitted. ------------------------------------------------------------------------------------------------------------------------------------ April 2002 - November 2002 Inherited IRA beneficiary Continuation Unavailable -- accordingly, all references in this contract Prospectus to "Inherited IRA beneficiary Continuation contract" are deleted in their entirety. ------------------------------------------------------------------------------------------------------------------------------------ April 2002 - February 2003 Guaranteed minimum income benefit The fee for this benefit is 0.45% Annual Ratchet to age 85 The fee for this benefit is 0.20% 6% Roll-Up to age 85 The fee for this benefit is 0.35% The Greater of 6% Roll-Up to age 85 of The fee for this benefit is 0.45% the Annual Ratchet to age 85 ------------------------------------------------------------------------------------------------------------------------------------ April 2002 - September 2003 The guaranteed principal benefits GPB 2 -- unavailable GPB 1 known as Principal assurance GPB 1 is available with both systematic and substantially equal withdrawals. GPB 1 available with the Guaranteed minimum income benefit. Spousal protection Unavailable -- accordingly, all references in this Prospectus to "Spousal protection" are deleted in their entirety. Maximum contributions The maximum contributions permitted under all Accumulator series contracts with the same owner or annuitant is $1,500,000. Guaranteed minimum death benefit maximum 84 issue age ------------------------------------------------------------------------------------------------------------------------------------
Appendix VIII: Contract Variations H-1 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green ------------------------------------------------------------------------------------------------------------------------------------ April 2002 - September 2003, Protection Plus The maximum issue age for this benefit was 79. continued For issue ages 71-79, the applicable death benefit will be multiplied by 25%. In calculating the death benefit, contributions are decreased for withdrawals on a pro rata basis. Guaranteed option charges If the contract is surrendered or annuitized or the death benefit is paid on a date other than the contract date anniversary, we will not deduct a pro rata portion of the charge for any applicable guaranteed benefit. Withdrawals treated as surrenders We will not treat a withdrawal that results in a cash value of less than $500 as a request for a surrender. We will not terminate your contract if you do not make contributions for three contract years. Guaranteed minimum income benefit option Subject to state availability, this option guarantees you a minimum amount of fixed income under your choice of a life annuity fixed payout option or an Income Manager(R) level payment life with a period certain payout option. Known as the Living Benefit Systematic withdrawals Your systematic withdrawal may not exceed 1.20% (monthly), 3.60% (quarterly) or 15% (annually) of account value. ------------------------------------------------------------------------------------------------------------------------------------ April 2002 - July 2004 Principal Protector(SM) benefit Unavailable - accordingly, all references in this Prospectus to "Principal Protector" are deleted in their entirety. ------------------------------------------------------------------------------------------------------------------------------------ April 2002 - December 2004 Termination of guaranteed benefits Your guaranteed benefits will not automatically terminate if you change ownership of your NQ contract. Ownership Transfer of NQ If you transfer ownership of your NQ contract, your guaranteed benefit options will not be automatically terminated. ------------------------------------------------------------------------------------------------------------------------------------ April 2002 - January 2005 No lapse guarantee Unavailable. ------------------------------------------------------------------------------------------------------------------------------------ April 2002 - October 2005 Roll-Up benefit base reset Unavailable ------------------------------------------------------------------------------------------------------------------------------------ April 2002 - current Guaranteed interest option Your lifetime minimum interest rate is either 1.5%, 2.25% or 3.0% (depending on the state and time where your contract was issued). ------------------------------------------------------------------------------------------------------------------------------------ March 2003 - September 2003 Annual Ratchet to age 85 The fee for this benefit is 0.30% 6% Roll-Up to age 85 The fee for this benefit is 0.45% The Guaranteed minimum income benefit The fee for this benefit is 0.60% ------------------------------------------------------------------------------------------------------------------------------------ September 2003 - January 2004 Guaranteed minimum income benefit and Greater of the 6% Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced death benefit: ------------------------------------------------------------------------------------------------------------------------------------
H-2 Appendix VIII: Contract Variations To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green ------------------------------------------------------------------------------------------------------------------------------------ o Benefit base crediting rate The effective annual interest credited to the applicable benefit base is 5%.* Accordingly, all references in this Prospectus to the "6% Roll-Up benefit base" are deleted in their entirety and replaced with "5% Roll-Up benefit base." o Fee table Greater of the 5% Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced death benefit charge: 0.50%.* Guaranteed minimum income benefit charge: 0.55%* Effect of withdrawals on your Greater of the Withdrawals will reduce each of the benefit bases on a 5% Roll-Up to age 85 or the Annual Ratchet pro rata basis only. to age 85 enhanced death benefit ------------------------------------------------------------------------------------------------------------------------------------ September 2003 - present 6% Roll-Up to age 85 enhanced death benefit Unavailable - accordingly all references are deleted in their entirety. ------------------------------------------------------------------------------------------------------------------------------------ January 2004 - present The Greater of the 5% Roll-Up to age 85 or Unavailable - accordingly all references are deleted in the Annual Ratchet to age 85 enhanced death their entirety. benefit ------------------------------------------------------------------------------------------------------------------------------------
* Contract owners who elected the Guaranteed minimum income benefit and/or the Greater of the 5% Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced death benefit had a limited opportunity to change to the new versions of these benefits, as they are described in "Contract features and benefits" and "Accessing your money," earlier in this Prospectus. Appendix VIII: Contract Variations H-3 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Statement of additional information -------------------------------------------------------------------------------- TABLE OF CONTENTS Page Who is AXA Equitable? 2 Unit Values 2 Calculation of Annuity Payments 2 Custodian and Independent Registered Public Accounting Firm 3 Distribution of the Contracts 3 Financial Statements 3 How to obtain an Accumulator(R) Select(SM) Statement of Additional Information for Separate Account No. 49 Send this request form to: Accumulator(R) Select(SM) P.O. Box 1547 Secaucus, NJ 07096-1547 -------------------------------------------------------------------------------- Please send me an Accumulator(R) Select(SM) SAI for Separate Account No. 49 dated May 1, 2009. -------------------------------------------------------------------------------- Name -------------------------------------------------------------------------------- Address -------------------------------------------------------------------------------- City State Zip x02409/Select '02/'04, '07/'07.5, 8.0/8.2 and 9.0 Series To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Accumulator(R) Select(SM) A combination variable and fixed deferred annuity contract PROSPECTUS DATED MAY 1, 2009 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. This Prospectus supersedes all prior Prospectuses and supplements. You should read the prospectuses for each Trust which contain important information about the portfolios. -------------------------------------------------------------------------------- WHAT IS ACCUMULATOR(R) SELECT(SM)? Accumulator(R) Select(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"). This Prospectus is not your contract. Your contract and any endorsements, riders and data pages as identified in your contract are the entire contract between you and AXA Equitable and governs with respect to all features, benefits, rights and obligations. The description of the contract's provisions in this Prospectus is current as of the date of this Prospectus; however, because certain provisions may be changed after the date of this Prospectus in accordance with the contract, the description of the contract's provisions in this Prospectus is qualified in its entirety by the terms of the actual contract. The contract should be read carefully. You have the right to cancel the contract within a certain number of days after receipt of the contract. You should read this Prospectus in conjunction with any applicable supplements. The contract may not currently be available in all states. There is no withdrawal charge under the contract. Certain features and benefits described in this Prospectus may vary in your state; all features and benefits may not be available in all contracts, in all states or from all selling broker-dealers. Please see Appendix VI later in this Prospectus for more information on state availability and/or variations of certain features and benefits. All optional features and benefits described in this Prospectus may not be available at the time you purchase the contract. We have the right to restrict availability of any optional feature or benefit. In addition, not all optional features and benefits may be available in combination with other optional features and benefits. We can refuse to accept any application or contribution from you at any time, including after you purchase the contract. -------------------------------------------------------------------------------- Variable investment options -------------------------------------------------------------------------------- o AXA Aggressive Allocation* o EQ/Capital Guardian Research o AXA Conservative Allocation* o EQ/Caywood-Scholl High Yield Bond o AXA Conservative-Plus Allocation* o EQ/Common Stock Index** o AXA Moderate Allocation* o EQ/Core Bond Index o AXA Moderate-Plus Allocation* o EQ/Davis New York Venture o EQ/AllianceBernstein International o EQ/Equity 500 Index o EQ/AllianceBernstein Small Cap o EQ/Evergreen Omega Growth o EQ/Focus PLUS** o EQ/Ariel Appreciation II o EQ/GAMCO Mergers and Acquisitions o EQ/AXA Franklin Income Core** o EQ/GAMCO Small Company Value o EQ/AXA Franklin Small Cap Value o EQ/Global Bond PLUS** Core** o EQ/Global Multi-Sector Equity** o EQ/AXA Franklin Templeton Founding o EQ/Intermediate Government Bond Strategy Core** Index o EQ/AXA Mutual Shares Core** o EQ/International Core PLUS o EQ/AXA Rosenberg Value Long/Short o EQ/International Growth Equity o EQ/JPMorgan Value Opportunities o EQ/AXA Templeton Growth Core** o EQ/Large Cap Core PLUS o EQ/BlackRock Basic Value Equity o EQ/Large Cap Growth Index o EQ/BlackRock International Value o EQ/Large Cap Growth PLUS o EQ/Boston Advisors Equity Income o EQ/Large Cap Value Index o EQ/Calvert Socially Responsible o EQ/Large Cap Value PLUS o EQ/Capital Guardian Growth o EQ/Long Term Bond -------------------------------------------------------------------------------- Variable investment options -------------------------------------------------------------------------------- o EQ/Lord Abbett Growth and Income o EQ/UBS Growth and Income o EQ/Lord Abbett Large Cap Core o EQ/Van Kampen Comstock o EQ/Lord Abbett Mid Cap Value o EQ/Van Kampen Mid Cap Growth o EQ/Mid Cap Index o EQ/Van Kampen Real Estate o EQ/Mid Cap Value PLUS o Multimanager Aggressive Equity o EQ/Money Market o Multimanager Core Bond o EQ/Montag & Caldwell Growth o Multimanager Health Care o EQ/Oppenheimer Global o Multimanager International Equity o EQ/Oppenheimer Main Street o Multimanager Large Cap Core Equity Opportunity o Multimanager Large Cap Growth o EQ/Oppenheimer Main Street o Multimanager Large Cap Value Small Cap o Multimanager Mid Cap Growth o EQ/PIMCO Ultra Short Bond** o Multimanager Mid Cap Value o EQ/Quality Bond PLUS o Multimanager Multi-Sector Bond** o EQ/Short Duration Bond o Multimanager Small Cap Growth o EQ/Small Company Index o Multimanager Small Cap Value o EQ/T. Rowe Price Growth Stock o Multimanager Technology -------------------------------------------------------------------------------- * The "AXA Allocation" portfolios. ** This is the variable investment option's new name, effective on or about May 1, 2009, subject to regulatory approval. Please see "Portfolios of the Trusts" under "Contract features and benefits" later in this Prospectus for the variable investment option's former name. You may allocate amounts to any of the variable investment options. At any time, we have the right to limit or terminate your contributions and allocations to any of the variable investment options and to limit the number of variable investment options which you may elect. Each variable investment option is a subaccount of Separate Account No. 49. Each variable investment option, in turn, invests in a corresponding securities portfolio ("Portfolio") of the AXA Premier VIP Trust or the EQ Advisors Trust (the "Trusts"). Your investment results in a variable investment option will depend on the investment performance of the related Portfolio. 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. x02394/Select '07/'07.5 Series (R-4/15) To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green You may also allocate amounts to the guaranteed interest option, the fixed maturity options and the account for the special money market dollar cost averaging, which are discussed later in this Prospectus. If you elect a Principal guarantee benefit, the Guaranteed withdrawal benefit for life or the Guaranteed minimum income benefit without the Greater of 6-1/2% (or 6%) Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced death benefit, your investment options will be limited to the guaranteed interest option, the account for the special money market dollar cost averaging and certain permitted variable investment option(s). The permitted variable investment options are described later in this Prospectus. TYPES OF CONTRACTS. We offer the 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. We offer one version of the traditional IRA: "Rollover IRA." We also offer one version of the Roth IRA: "Roth Conversion IRA." o Traditional and Roth Inherited IRA beneficiary continuation contract ("Inherited IRA") (direct transfer and specified direct rollover contributions only). o An Internal Revenue Code Section 403(b) Tax-Sheltered Annuity ("TSA") -- ("Rollover TSA") (Rollover and direct transfer contributions only; employer or plan approval required). A contribution of at least $25,000 is required to purchase a 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, 2009, 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 1547, Secaucus, NJ 07096-1547 or calling 1-800-789-7771. The SAI is incorporated by this 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. Contract variations. In addition to the possible state variations noted above, you should note that your contract features and charges may vary depending on the date on which you purchased your contract. For more information about the particular features, charges and options applicable to you, please contact your financial professional or refer to your contract, as well as review Appendix VII later in this Prospectus for contract variation information and timing. You may not change your contract or its features as issued. To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Contents of this Prospectus -------------------------------------------------------------------------------- ACCUMULATOR(R) SELECT(SM) -------------------------------------------------------------------------------- Index of key words and phrases 5 Who is AXA Equitable? 7 How to reach us 8 Accumulator(R) Select(SM) at a glance -- key features 10 -------------------------------------------------------------------------------- FEE TABLE 12 -------------------------------------------------------------------------------- Example 16 Condensed financial information 18 -------------------------------------------------------------------------------- 1. CONTRACT FEATURES AND BENEFITS 19 -------------------------------------------------------------------------------- How you can purchase and contribute to your contract 19 Owner and annuitant requirements 23 How you can make your contributions 23 What are your investment options under the contract? 23 Portfolios of the Trusts 25 Allocating your contributions 32 Guaranteed minimum death benefit and Guaranteed minimum income benefit base 34 Annuity purchase factors 35 Guaranteed minimum income benefit 36 Guaranteed minimum death benefit 38 Guaranteed withdrawal benefit for life ("GWBL") 40 Principal guarantee benefits 43 Inherited IRA beneficiary continuation contract 44 Your right to cancel within a certain number of days 45 -------------------------------------------------------------------------------- 2. DETERMINING YOUR CONTRACT'S VALUE 47 -------------------------------------------------------------------------------- Your account value and cash value 47 Your contract's value in the variable investment options 47 Your contract's value in the guaranteed interest option 47 Your contract's value in the fixed maturity options 47 Insufficient account value 47 -------------------------------------------------------------------------------- 3. TRANSFERRING YOUR MONEY AMONG INVESTMENT OPTIONS 49 -------------------------------------------------------------------------------- Transferring your account value 49 Disruptive transfer activity 49 Rebalancing your account value 50 Contents of this Prospectus 3 ---------------------- "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. To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green -------------------------------------------------------------------------------- 4. ACCESSING YOUR MONEY 52 -------------------------------------------------------------------------------- Withdrawing your account value 52 How withdrawals are taken from your account value 54 How withdrawals affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Principal guarantee benefits 54 How withdrawals affect your GWBL and GWBL Guaranteed minimum death benefit 54 Withdrawals treated as surrenders 55 Loans under Rollover TSA contracts 55 Surrendering your contract to receive its cash value 55 When to expect payments 56 Your annuity payout options 56 -------------------------------------------------------------------------------- 5. CHARGES AND EXPENSES 59 -------------------------------------------------------------------------------- Charges that AXA Equitable deducts 59 Charges that the Trusts deduct 61 Group or sponsored arrangements 62 Other distribution arrangements 62 -------------------------------------------------------------------------------- 6. PAYMENT OF DEATH BENEFIT 63 -------------------------------------------------------------------------------- Your beneficiary and payment of benefit 63 Beneficiary continuation option 65 -------------------------------------------------------------------------------- 7. TAX INFORMATION 68 -------------------------------------------------------------------------------- Overview 68 Buying a contract to fund a retirement arrangement 68 Suspension of required minimum distributions for 2009 68 Transfers among investment options 68 Taxation of nonqualified annuities 68 Individual retirement arrangements (IRAs) 71 Traditional individual retirement annuities (traditional IRAs) 71 Roth individual retirement annuities (Roth IRAs) 77 Tax-sheltered annuity contracts (TSAs) 80 Federal and state income tax withholding and information reporting 84 Impact of taxes to AXA Equitable 85 -------------------------------------------------------------------------------- 8. MORE INFORMATION 86 -------------------------------------------------------------------------------- About Separate Account No. 49 86 About the Trusts 86 About our fixed maturity options 86 About the general account 87 About other methods of payment 88 Dates and prices at which contract events occur 88 About your voting rights 89 Statutory compliance 89 About legal proceedings 89 Financial statements 90 Transfers of ownership, collateral assignments, loans and borrowing 90 About Custodial IRAs 90 Distribution of the contracts 90 -------------------------------------------------------------------------------- 9. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE 93 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- APPENDICES -------------------------------------------------------------------------------- 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 -- Earnings enhancement benefit example E-1 VI -- State contract availability and/or variations of certain features and benefits F-1 VII -- Contract variations G-1 -------------------------------------------------------------------------------- STATEMENT OF ADDITIONAL INFORMATION TABLE OF CONTENTS -------------------------------------------------------------------------------- 4 Contents of this Prospectus To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Index of key words and phrases -------------------------------------------------------------------------------- This index should help you locate more information on the terms used in this Prospectus. Page in Term Prospectus 3% Roll-Up to age 85 34 6% Roll-Up to age 85 34 6-1/2% Roll-Up to age 85 34 account value 47 administrative charge 59 annual administrative charge 59 Annual Ratchet 41 Annual Ratchet to age 85 enhanced death benefit 34 annuitant 19 annuitization 56 annuity maturity date 58 annuity payout options 56 annuity purchase factors 35 automatic annual reset program 35 automatic customized reset program 35 automatic investment program 88 AXA Allocation portfolios cover beneficiary 63 Beneficiary continuation option ("BCO") 65 business day 88 cash value 47 charges for state premium and other applicable taxes 61 contract date 23 contract date anniversary 23 contract year 23 contributions to Roth IRAs 77 regular contributions 77 rollovers and transfers 77 conversion contributions 78 contributions to traditional IRAs 71 regular contributions 71 rollovers and transfers 73 disruptive transfer activity 49 distribution charge 59 Earnings enhancement benefit 39 arnings enhancement benefit charge 61 ERISA 62 Fixed-dollar option 33 fixed maturity options 31 free look 45 general account 87 General dollar cost averaging 33 guaranteed interest option 31 Guaranteed minimum death benefit 38 Guaranteed minimum death benefit and Guaranteed minimum income benefit base 34 Guaranteed minimum income benefit 36 Guaranteed minimum income benefit and the Roll-Up benefit base reset option 35 Guaranteed minimum income benefit charge 60 Guaranteed minimum income benefit "no lapse guarantee" 37 Guaranteed withdrawal benefit for life ("GWBL") 40 Guaranteed withdrawal benefit for life charge 61 GWBL benefit base 40 IRA cover IRS 68 Inherited IRA cover investment options cover Investment Simplifier 33 Lifetime minimum distribution withdrawals 53 loan reserve account 55 loans under Rollover TSA 55 market adjusted amount 31 market timing 49 Maturity date annuity payments 58 maturity dates 31 market value adjustment 31 maturity value 31 Mortality and expense risks charge 59 NQ cover one-time reset option 35 Online Account Access 8 partial withdrawals 52 permitted variable investment options 23 Portfolio cover Principal guarantee benefits 43 processing office 8 rate to maturity 31 Rebalancing 50 Rollover IRA cover Roth IRA cover SAI cover SEC cover self-directed allocation 32 Separate Account No. 49 86 Special money market dollar cost averaging 32 Spousal continuation 64 Standard death benefit 34 substantially equal withdrawals 53 Systematic withdrawals 52 TOPS 8 Trusts 86 traditional IRA cover TSA cover unit 47 variable investment options 24 wire transmittals and electronic applications 88 Index of key words and phrases 5 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 ------------------------------------------------------------------------------------------------------------------------------------ fixed maturity options Guarantee Periods (Guaranteed Fixed Interest Accounts in supplemental materials) variable investment options Investment Funds account value Annuity Account Value rate to maturity Guaranteed Rates unit Accumulation Unit Guaranteed minimum death benefit Guaranteed death benefit Guaranteed minimum income benefit Guaranteed Income Benefit guaranteed interest option Guaranteed Interest Account Guaranteed withdrawal benefit for life Guaranteed withdrawal benefit GWBL benefit base Guaranteed withdrawal benefit for life benefit base Guaranteed annual withdrawal amount Guaranteed withdrawal benefit for life Annual withdrawal amount Excess withdrawal Guaranteed withdrawal benefit for life Excess withdrawal ------------------------------------------------------------------------------------------------------------------------------------
6 Index of key words and phrases To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 SA ("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 Equitable 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 $543.2 billion in assets as of December 31, 2008. 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 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green HOW TO REACH US Please communicate with us at the mailing addresses listed below for the purposes described. Certain methods of contacting us, such as by telephone or electronically, may be unavailable or delayed. For example, our facsimile service may not be available at all times and/or we may be unavailable due to emergency closing. In addition, the level and type of service available may be restricted based on criteria established by us. In order to avoid delays in processing, please send your correspondence and check to the appropriate location, as follows: -------------------------------------------------------------------------------- FOR CORRESPONDENCE WITH CHECKS: -------------------------------------------------------------------------------- FOR CONTRIBUTIONS SENT BY REGULAR MAIL: Accumulator(R) Select(SM) P.O. Box 1577 Secaucus, NJ 07096-1577 FOR CONTRIBUTIONS SENT BY EXPRESS DELIVERY: Accumulator(R) Select(SM) 500 Plaza Drive, 6th Floor Secaucus, NJ 07094 -------------------------------------------------------------------------------- FOR CORRESPONDENCE WITHOUT CHECKS: -------------------------------------------------------------------------------- FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT BY REGULAR MAIL: Accumulator(R) Select(SM) P.O. Box 1547 Secaucus, NJ 07096-1547 FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT BY EXPRESS DELIVERY: Accumulator(R) Select(SM) 500 Plaza Drive, 6th Floor Secaucus, NJ 07094 Your correspondence will be picked up at the mailing address noted above and delivered to our processing office. Your correspondence, however, is not considered received by us until it is received at our processing office. Where this Prospectus refers to the day when we receive a contribution, request, election, notice, transfer or any other transaction request from you, we mean the day on which that item (or the last thing necessary for us to process that item) arrives in complete and proper form at our processing office or via the appropriate telephone or fax number if the item is a type we accept by those means. There are two main exceptions: if the item arrives (1) on a day that is not a business day or (2) after the close of a business day, then, in each case, we are deemed to have received that item on the next business day. Our processing office is: 500 Plaza Drive, 6th Floor, Secaucus, New Jersey 07094. -------------------------------------------------------------------------------- REPORTS WE PROVIDE: -------------------------------------------------------------------------------- o written confirmation of financial transactions; o statement of your contract values at the close of each calendar year, and any calendar quarter in which there was a transaction; and o annual statement of your contract values as of the close of the contract year, including notification of eligibility for GWBL deferral bonuses and eligibility to exercise the Guaranteed minimum income benefit and/or the Roll-Up benefit base reset option. -------------------------------------------------------------------------------- TELEPHONE OPERATED PROGRAM SUPPORT ("TOPS") AND ONLINE ACCOUNT ACCESS SYSTEMS: -------------------------------------------------------------------------------- TOPS is designed to provide you with up-to-date information via touch-tone telephone. Online Account Access 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 (not available through Online Account Access); 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 investment options; o elect to receive certain contract statements electronically; o enroll in, modify or cancel a rebalancing program (through Online Account Access only); o change your address (not available through TOPS); o change your TOPS personal identification number ("PIN") (through TOPS only) and your Online Account Access password (through Online Account Access only); and o access Frequently Asked Questions and Service Forms (not available through TOPS). TOPS and Online Account Access are normally available seven days a week, 24 hours a day. You may use TOPS by calling toll free 1-888-909-7770. If you are a client with AXA Advisors, you may use Online Account Access by visiting our website at www.axaonline.com and logging in to access your account. All other clients may access Online Account Access by visiting our website at www.axa-equitable.com. 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 will- 8 Who is AXA Equitable? To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green ful 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 (1-800-789-7771) to speak with one of our customer service representatives. Our customer service representatives are available on any business day from 8:30 a.m. until 5:30 p.m., Eastern time. WE REQUIRE THAT THE FOLLOWING TYPES OF COMMUNICATIONS BE ON SPECIFIC FORMS WE PROVIDE FOR THAT PURPOSE: (1) authorization for telephone transfers by your financial professional (available only for contracts distributed through AXA Distributors); (2) conversion of a traditional IRA to a Roth Conversion IRA contract; (3) election of the automatic investment program; (4) requests for loans under Rollover TSA contracts (employer or plan approval required); (5) spousal consent for loans under Rollover TSA contracts; (6) requests for withdrawals or surrenders from Rollover TSA contracts (employer or plan approval required) and contracts with the Guaranteed withdrawal benefit for life ("GWBL"); (7) tax withholding elections; (8) election of the beneficiary continuation option; (9) IRA contribution recharacterizations; (10) Section 1035 exchanges; (11) direct transfers and rollovers; (12) exercise of the Guaranteed minimum income benefit; (13) requests to reset your Roll-Up benefit base by electing one of the following: one-time reset option, automatic annual reset program or automatic customized reset program; (14) requests to opt out of or back into the annual ratchet of the Guaranteed withdrawal benefit for life ("GWBL") benefit base; (15) death claims; (16) change in ownership (NQ only, if available under your contract); (17) requests for enrollment in either our Maximum payment plan or Customized payment plan under the Guaranteed withdrawal benefit for life ("GWBL"); (18) purchase by, or change of ownership to, a nonnatural owner; (19) requests to reset the guaranteed minimum value for contracts with a Principal guarantee benefit; and (20) requests to collaterally assign your NQ contract. WE ALSO HAVE SPECIFIC FORMS THAT WE RECOMMEND YOU USE FOR THE FOLLOWING TYPES OF REQUESTS: (1) beneficiary changes; (2) contract surrender and withdrawal requests; (3) general dollar cost averaging (including the fixed dollar and interest sweep options); and (4) special money market dollar cost averaging. TO CANCEL OR CHANGE 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 (including the fixed dollar and interest sweep options); (3) special money market dollar cost averaging; (4) substantially equal withdrawals; (5) systematic withdrawals; and (6) the date annuity payments are to begin. TO CANCEL OR CHANGE ANY OF THE FOLLOWING, WE REQUIRE WRITTEN NOTIFICATION AT LEAST 30 CALENDAR DAYS PRIOR TO YOUR CONTRACT DATE ANNIVERSARY: (1) automatic annual reset program; and (2) automatic customized reset program. 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. Who is AXA Equitable? 9 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Accumulator(R) Select(SM) at a glance -- key features --------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ Professional investment Accumulator(R) Select(SM)'s variable investment options invest in different Portfolios managed management by professional investment advisers. ------------------------------------------------------------------------------------------------------------------------------------ Fixed maturity options o Fixed maturity options ("FMOs") 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. ---------------------------------------------------------------------------------------------------------- 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 a fixed maturity amount, 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. ------------------------------------------------------------------------------------------------------------------------------------ Guaranteed interest o Principal and interest guarantees. option o Interest rates set periodically. ------------------------------------------------------------------------------------------------------------------------------------ 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. ---------------------------------------------------------------------------------------------------------- If you are purchasing or contributing to an annuity contract, which is 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 for these types of arrangements. Before purchasing or contributing to one of these contracts, 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"). ------------------------------------------------------------------------------------------------------------------------------------ Guaranteed minimum The Guaranteed minimum income benefit provides income protection for you during your life once income benefit you elect to annuitize the contract. ------------------------------------------------------------------------------------------------------------------------------------ Guaranteed withdrawal The Guaranteed withdrawal benefit for life option ("GWBL"), guarantees that you can take withdrawals of up benefit for life to a maximum amount each contract year (your "Guaranteed annual withdrawal amount") beginning at age 45. 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 Initial minimum: $25,000 o Additional minimum: $500 (NQ and Rollover TSA) $100 monthly and $300 quarterly under our automatic investment program (NQ, Rollover IRA and Roth conversion IRA contracts) $1,000 (Inherited IRA contracts) $50 (IRA contracts) ---------------------------------------------------------------------------------------------------------- o Maximum contribution limitations apply to all contracts. ---------------------------------------------------------------------------------------------------------- In general, contributions are limited to $1.5 million ($500,000 for owners or annuitants who are age 81 and older at contract issue) under all Accumulator(R) series contracts with the same owner or annuitant. We generally limit aggregate contributions made after the first contract year to 150% of first-year contributions. Upon advance notice to you, we may exercise certain rights we have under the contract regarding contributions, including our rights to (i) change minimum and maximum contribution requirements and limitations and (ii) discontinue acceptance of contributions. Further, we may at any time exercise our rights to limit or terminate your contributions and transfers to any of the variable investment options and to limit the number of variable investment options which you may elect. For more information, please see "How you can purchase and contribute to your contract" in "Contract features and benefits" later in this prospectus. ------------------------------------------------------------------------------------------------------------------------------------
10 Accumulator(R) Select(SM) at a glance -- key features To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------------------------------------------------ Access to your money o Partial withdrawals o Several withdrawal options on a periodic basis o Loans under Rollover TSA contracts (employer or plan approval required) 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. ------------------------------------------------------------------------------------------------------------------------------------ Payout options o Fixed annuity payout options o Variable Immediate Annuity payout options (described in a separate prospectus for that option) o Income Manager(R) payout options (described in a separate prospectus for that option ------------------------------------------------------------------------------------------------------------------------------------ Additional features o Guaranteed minimum death benefit options o Principal guarantee benefits o Dollar cost averaging o Automatic investment program o Account value rebalancing (quarterly, semiannually and annually) o Free transfers o Earnings enhancement benefit, an optional death benefit available under certain contracts o Spousal continuation o Beneficiary continuation option o Roll-Up benefit base reset ------------------------------------------------------------------------------------------------------------------------------------ Fees and charges Please see "Fee table" later in this section for complete details. ------------------------------------------------------------------------------------------------------------------------------------ Owner and annuitant NQ: 0-85 issue ages Rollover IRA, Roth Conversion IRA and Rollover TSA: 20-85 Inherited IRA: 0-70 ------------------------------------------------------------------------------------------------------------------------------------
The table above summarizes only certain current key features and benefits of the contract. The table also summarizes certain current limitations, restrictions and exceptions to those features and benefits that we have the right to impose under the contract and that are subject to change in the future. In some cases, other limitations, restrictions and exceptions may apply. The contract may not currently be 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, in all states or from all selling broker-dealers. Please see Appendix VI 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. This Prospectus is not your contract. Your contract and any endorsements, riders and data pages are the entire contract between you and AXA Equitable and governs with respect to all features, benefits, rights and obligations. The contract should be read carefully before investing. 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. 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 every 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. Accumulator(R) Select(SM) at a glance -- key features 11 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. All features listed below may not have been available at the time you purchased your contract. See Appendix VII later in this Prospectus for more information. 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 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 underly- ing trust portfolio fees and expenses. ------------------------------------------------------------------------------------------------------------------------------------ Charges we deduct from your account value on each contract date anniversary ------------------------------------------------------------------------------------------------------------------------------------ Maximum annual administrative charge(1) If your account value on a contract date anniversary is less than $ 50,000(2) $30 If your account value on a contract date anniversary is $50,000 or more $0 ------------------------------------------------------------------------------------------------------------------------------------ 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 1.10%(3) Administrative 0.25% Distribution 0.35% ---- Total Separate account annual expenses 1.70% ------------------------------------------------------------------------------------------------------------------------------------ Charges we deduct from your account value each year if you elect any of the following optional benefits ------------------------------------------------------------------------------------------------------------------------------------ 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.) Standard death benefit and GWBL Standard death benefit 0.00% Annual Ratchet to age 85 0.25% Greater of 6-1/2% Roll-Up to age 85 or Annual Ratchet to age 85 0.80%(4) If you elect to reset this benefit base, if applicable, we reserve the right to increase your charge up to: 0.95% Greater of 6% Roll-Up to age 85 or Annual Ratchet to age 85 0.65%(4) If you elect to reset this benefit base, if applicable, we reserve the right to increase your charge up to: 0.80% Greater of 3% Roll-Up to age 85 or Annual Ratchet to age 85 0.65% GWBL Enhanced death benefit 0.30% ------------------------------------------------------------------------------------------------------------------------------------ Principal guarantee benefits charge (Calculated as a percentage of the account value. Deducted annually(1) on each contract date anni- versary for which the benefit is in effect.) 100% Principal guarantee benefit 0.50% 125% Principal guarantee benefit 0.75% ------------------------------------------------------------------------------------------------------------------------------------
12 Fee table To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green ------------------------------------------------------------------------------------------------------------------------------------ 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.) If you elect the Guaranteed minimum income benefit that includes the 6-1/2% Roll-Up benefit base 0.80%(4) If you elect to reset this benefit base, we reserve the right to increase your charge up to: 1.10% If you elect the Guaranteed minimum income benefit that includes the 6% Roll-Up benefit base 0.65%(4) If you elect to reset this Roll-Up benefit base, we reserve the right to increase your charge up to: 0.95% ------------------------------------------------------------------------------------------------------------------------------------ Earnings enhancement benefit charge (Calculated as a percent- age of the account value. Deducted annually(1) on each contract date anniversary for which the benefit is in effect.) 0.35% ------------------------------------------------------------------------------------------------------------------------------------ Guaranteed withdrawal benefit for life benefit charge (Calcu- 0.65% for the Single Life option lated as a percentage of the GWBL benefit base. Deducted annually(1) 0.80% for the Joint Life option on each contract date anniversary.) If your GWBL benefit base ratchets, we reserve the right to increase your charge up to: 0.80% for the Single Life option 0.95% 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," both later in this Prospectus. ---------------------------------------------------------------------------------------------------------------- Net loan interest charge -- Rollover TSA contracts only (Calculated and deducted daily as a percentage of the outstanding loan amount) 2.00%(5) ------------------------------------------------------------------------------------------------------------------------------------ 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 2008 (expenses that are deducted Lowest Highest from Portfolio assets including management fees, 12b-1 fees, service fees, and/or ---- ---- other expenses)(6) 0.64% 3.65% ------------------------------------------------------------------------------------------------------------------------------------
This table shows the fees and expenses for 2008 as an annual percentage of each Portfolio's daily average net assets. ------------------------------------------------------------------------------------------------------------------------------------ Acquired Total Fund Fees Annual and Expenses Fee Waiv- Net Annual Expenses (Before ers and/or Expenses Manage- (Underlying Expense Expense (After ment 12b-1 Other Portfo- Limita- Reimburse- Expense Portfolio Name Fees(7) Fees(8) Expenses(9) lios)(10) tions) ments(11) Limitations) ------------------------------------------------------------------------------------------------------------------------------------ AXA Premier VIP Trust: ------------------------------------------------------------------------------------------------------------------------------------ AXA Aggressive Allocation 0.10% 0.25% 0.18% 0.94% 1.47% (0.22)% 1.25% AXA Conservative Allocation 0.10% 0.25% 0.20% 0.68% 1.23% (0.23)% 1.00% AXA Conservative-Plus Allocation 0.10% 0.25% 0.20% 0.76% 1.31% (0.21)% 1.10% AXA Moderate Allocation 0.10% 0.25% 0.17% 0.82% 1.34% (0.19)% 1.15% AXA Moderate-Plus Allocation 0.10% 0.25% 0.17% 0.87% 1.39% (0.19)% 1.20% Multimanager Aggressive Equity 0.59% 0.25% 0.16% -- 1.00% -- 1.00% ------------------------------------------------------------------------------------------------------------------------------------
Fee table 13 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
This table shows the fees and expenses for 2008 as an annual percentage of each Portfolio's daily average net assets. -------------------------------------------------------------------------------------- Manage- ment 12b-1 Other Portfolio Name Fees(7) Fees(8) Expenses(9) -------------------------------------------------------------------------------------- AXA Premier VIP Trust: -------------------------------------------------------------------------------------- Multimanager Core Bond 0.53% 0.25% 0.18% Multimanager Health Care 0.95% 0.25% 0.22% Multimanager International Equity 0.82% 0.25% 0.21% Multimanager Large Cap Core Equity 0.69% 0.25% 0.21% Multimanager Large Cap Growth 0.75% 0.25% 0.24% Multimanager Large Cap Value 0.72% 0.25% 0.20% Multimanager Mid Cap Growth 0.80% 0.25% 0.20% Multimanager Mid Cap Value 0.80% 0.25% 0.19% Multimanager Multi-Sector Bond 0.53% 0.25% 0.18% Multimanager Small Cap Growth 0.85% 0.25% 0.24% Multimanager Small Cap Value 0.85% 0.25% 0.19% Multimanager Technology 0.95% 0.25% 0.22% -------------------------------------------------------------------------------------- EQ Advisors Trust: -------------------------------------------------------------------------------------- EQ/AllianceBernstein International 0.73% 0.25% 0.17% EQ/AllianceBernstein Small Cap Growth 0.75% 0.25% 0.14% EQ/Ariel Appreciation II 0.75% 0.25% 0.30% EQ/AXA Franklin Income Core 0.65% 0.25% 0.20% EQ/AXA Franklin Small Cap Value Core 0.70% 0.25% 0.23% EQ/AXA Franklin Templeton Founding Strategy Core 0.05% 0.25% 0.19% EQ/AXA Mutual Shares Core 0.70% 0.25% 0.27% EQ/AXA Rosenberg Value Long/Short Equity 1.40% 0.25% 2.00% EQ/AXA Templeton Growth Core 0.70% 0.25% 0.22% EQ/BlackRock Basic Value Equity 0.56% 0.25% 0.12% EQ/BlackRock International Value 0.83% 0.25% 0.20% EQ/Boston Advisors Equity Income 0.75% 0.25% 0.17% EQ/Calvert Socially Responsible 0.65% 0.25% 0.24% EQ/Capital Guardian Growth 0.65% 0.25% 0.15% EQ/Capital Guardian Research 0.65% 0.25% 0.12% EQ/Caywood-Scholl High Yield Bond 0.60% 0.25% 0.20% EQ/Common Stock Index 0.35% 0.25% 0.11% EQ/Core Bond Index 0.35% 0.25% 0.11% EQ/Davis New York Venture 0.85% 0.25% 0.15% EQ/Equity 500 Index 0.25% 0.25% 0.14% EQ/Evergreen Omega 0.65% 0.25% 0.25% EQ/Focus PLUS 0.50% 0.25% 0.22% EQ/GAMCO Mergers and Acquisitions 0.90% 0.25% 0.23% EQ/GAMCO Small Company Value 0.75% 0.25% 0.14% EQ/Global Bond PLUS 0.55% 0.25% 0.22% EQ/Global Multi-Sector Equity 0.73% 0.25% 0.36% EQ/Intermediate Government Bond Index 0.35% 0.25% 0.14% EQ/International Core PLUS 0.60% 0.25% 0.27% EQ/International Growth 0.85% 0.25% 0.27% EQ/JPMorgan Value Opportunities 0.60% 0.25% 0.16% EQ/Large Cap Core PLUS 0.50% 0.25% 0.27% EQ/Large Cap Growth Index 0.35% 0.25% 0.13% EQ/Large Cap Growth PLUS 0.51% 0.25% 0.23% EQ/Large Cap Value Index 0.35% 0.25% 0.17% EQ/Large Cap Value PLUS 0.49% 0.25% 0.13% EQ/Long Term Bond 0.38% 0.25% 0.14% EQ/Lord Abbett Growth and Income 0.65% 0.25% 0.20% EQ/Lord Abbett Large Cap Core 0.65% 0.25% 0.22% EQ/Lord Abbett Mid Cap Value 0.70% 0.25% 0.16% EQ/Mid Cap Index 0.35% 0.25% 0.12% EQ/Mid Cap Value PLUS 0.55% 0.25% 0.22% EQ/Money Market 0.30% 0.25% 0.17% --------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------- Acquired Total Fund Fees Annual and Expenses Fee Waiv- Net Annual Expenses (Before ers and/or Expenses (Underlying Expense Expense (After Portfo- Limita- Reimburse- Expense Portfolio Name lios)(10) tions) ments(11) Limitations) ------------------------------------------------------------------------------------------------------- AXA Premier VIP Trust: ------------------------------------------------------------------------------------------------------- Multimanager Core Bond -- 0.96% 0.00% 0.96% Multimanager Health Care -- 1.42% -- 1.42% Multimanager International Equity -- 1.28% -- 1.28% Multimanager Large Cap Core Equity -- 1.15% -- 1.15% Multimanager Large Cap Growth -- 1.24% -- 1.24% Multimanager Large Cap Value -- 1.17% -- 1.17% Multimanager Mid Cap Growth -- 1.25% -- 1.25% Multimanager Mid Cap Value -- 1.24% -- 1.24% Multimanager Multi-Sector Bond -- 0.96% -- 0.96% Multimanager Small Cap Growth -- 1.34% -- 1.34% Multimanager Small Cap Value -- 1.29% -- 1.29% Multimanager Technology 0.01% 1.43% -- 1.43% ------------------------------------------------------------------------------------------------------- EQ Advisors Trust: ------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein International -- 1.15% 0.00% 1.15% EQ/AllianceBernstein Small Cap Growth -- 1.14% -- 1.14% EQ/Ariel Appreciation II -- 1.30% (0.15)% 1.15% EQ/AXA Franklin Income Core -- 1.10% 0.00% 1.10% EQ/AXA Franklin Small Cap Value Core -- 1.18% 0.00% 1.18% EQ/AXA Franklin Templeton Founding Strategy Core 0.91% 1.40% (0.09)% 1.31% EQ/AXA Mutual Shares Core -- 1.22% 0.00% 1.22% EQ/AXA Rosenberg Value Long/Short Equity -- 3.65% 0.00% 3.65% EQ/AXA Templeton Growth Core -- 1.17% 0.00% 1.17% EQ/BlackRock Basic Value Equity -- 0.93% -- 0.93% EQ/BlackRock International Value -- 1.28% 0.00% 1.28% EQ/Boston Advisors Equity Income -- 1.17% (0.12)% 1.05% EQ/Calvert Socially Responsible -- 1.14% 0.00% 1.14% EQ/Capital Guardian Growth -- 1.05% (0.10)% 0.95% EQ/Capital Guardian Research -- 1.02% (0.05)% 0.97% EQ/Caywood-Scholl High Yield Bond -- 1.05% 0.00% 1.05% EQ/Common Stock Index -- 0.71% -- 0.71% EQ/Core Bond Index -- 0.71% -- 0.71% EQ/Davis New York Venture -- 1.25% -- 1.25% EQ/Equity 500 Index -- 0.64% -- 0.64% EQ/Evergreen Omega -- 1.15% 0.00% 1.15% EQ/Focus PLUS -- 0.97% 0.00% 0.97% EQ/GAMCO Mergers and Acquisitions -- 1.38% -- 1.38% EQ/GAMCO Small Company Value -- 1.14% -- 1.14% EQ/Global Bond PLUS -- 1.02% -- 1.02% EQ/Global Multi-Sector Equity -- 1.34% -- 1.34% EQ/Intermediate Government Bond Index -- 0.74% -- 0.74% EQ/International Core PLUS 0.06% 1.18% (0.02)% 1.16% EQ/International Growth -- 1.37% -- 1.37% EQ/JPMorgan Value Opportunities -- 1.01% (0.01)% 1.00% EQ/Large Cap Core PLUS 0.03% 1.05% (0.05)% 1.00% EQ/Large Cap Growth Index -- 0.73% -- 0.73% EQ/Large Cap Growth PLUS -- 0.99% 0.00% 0.99% EQ/Large Cap Value Index -- 0.77% -- 0.77% EQ/Large Cap Value PLUS -- 0.87% 0.00% 0.87% EQ/Long Term Bond -- 0.77% -- 0.77% EQ/Lord Abbett Growth and Income -- 1.10% (0.10)% 1.00% EQ/Lord Abbett Large Cap Core -- 1.12% (0.12)% 1.00% EQ/Lord Abbett Mid Cap Value -- 1.11% (0.06)% 1.05% EQ/Mid Cap Index -- 0.72% -- 0.72% EQ/Mid Cap Value PLUS 0.03% 1.05% 0.00% 1.05% EQ/Money Market -- 0.72% -- 0.72% -------------------------------------------------------------------------------------------------------
14 Fee table To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
This table shows the fees and expenses for 2008 as an annual percentage of each Portfolio's daily average net assets. -------------------------------------------------------------------------------------------------------------------------------- Acquired Total Fund Fees Annual and Expenses Fee Waiv- Net Annual Expenses (Before ers and/or Expenses Manage- (Underlying Expense Expense (After ment 12b-1 Other Portfo- Limita- Reimburse- Expense Portfolio Name Fees(7) Fees(8) Expenses(9) lios)(10) tions) ments(11) Limitations) -------------------------------------------------------------------------------------------------------------------------------- EQ Advisors Trust: -------------------------------------------------------------------------------------------------------------------------------- EQ/Montag & Caldwell Growth 0.75% 0.25% 0.15% -- 1.15% 0.00% 1.15% EQ/Oppenheimer Global 0.95% 0.25% 0.42% -- 1.62% (0.27)% 1.35% EQ/Oppenheimer Main Street Opportunity 0.85% 0.25% 0.94% -- 2.04% (0.74)% 1.30% EQ/Oppenheimer Main Street Small Cap 0.90% 0.25% 0.86% -- 2.01% (0.71)% 1.30% EQ/PIMCO Ultra Short Bond 0.48% 0.25% 0.17% -- 0.90% 0.00% 0.90% EQ/Quality Bond PLUS 0.40% 0.25% 0.19% -- 0.84% -- 0.84% EQ/Short Duration Bond 0.43% 0.25% 0.13% -- 0.81% -- 0.81% EQ/Small Company Index 0.25% 0.25% 0.20% -- 0.70% -- 0.70% EQ/T. Rowe Price Growth Stock 0.80% 0.25% 0.16% -- 1.21% (0.01)% 1.20% EQ/UBS Growth and Income 0.75% 0.25% 0.19% -- 1.19% (0.14)% 1.05% EQ/Van Kampen Comstock 0.65% 0.25% 0.17% -- 1.07% (0.07)% 1.00% EQ/Van Kampen Mid Cap Growth 0.70% 0.25% 0.17% -- 1.12% (0.02)% 1.10% EQ/Van Kampen Real Estate 0.90% 0.25% 0.15% -- 1.30% (0.04)% 1.26% --------------------------------------------------------------------------------------------------------------------------------
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 year. (2) During the first two contract years this charge, if applicable, is equal to the lesser of $30 or 2% of your account value. Thereafter, if applicable, the charge is $30 for each contract year. (3) These charges compensate us for certain risks we assume and expenses we incur under the contract. We expect to make a profit from these charges. (4) We reserve the right to increase this charge if you elect to reset your Roll-Up benefit base on any contract date anniversary. See both "Guaranteed minimum death benefit charge" and "Guaranteed minimum income benefit charge" in "Charges and expenses" later in this Prospectus. (5) We charge interest on loans under Rollover 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 Rollover TSA contracts" later in this Prospectus for more information on how the loan interest is calculated and for restrictions that may apply. (6) "Total Annual Portfolio Operating Expenses" are based, in part, on estimated amounts for options added during the fiscal year 2008 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. The maximum annual distribution and/or service (12b-1) fee for Class B and IB shares is 0.50% of the average daily net assets attributable to those shares. Under arrangements approved by each Trust's Board of Trustees, the distribution and/or service (12b-1) fee currently is limited to 0.25% of the average daily net assets attributable to Class B and Class IB shares of the portfolios. These arrangements will be in effect at least until April 30, 2010. (9) Other expenses shown are those incurred in 2008. The amounts shown as "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, ("the underlying portfolios"). Amounts shown reflect each Portfolio's pro rata share of the fees and expenses of the underlying portfolios in which it invests. A"--" indicates that the listed Portfolio does not invest in underlying portfolios. (11) The amounts shown reflect any fee waivers and/or expense reimbursements that applied to each Portfolio. A "--" indicates that there is no expense limitation in effect. "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, 2010 (unless the Board of Trustees of AXA Premier VIP Trust or EQ Advisors Trust, as applicable, consents to an earlier revision or termination of this arrangement). 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 the amounts specified in the agreements. 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. 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 0.98% ------------------------------------------------ Multimanager Health Care 1.40% ------------------------------------------------ Multimanager Large Cap Core Equity 1.14% ------------------------------------------------ Multimanager Large Cap Growth 1.15% ------------------------------------------------ Multimanager Large Cap Value 1.15% ------------------------------------------------ Multimanager Mid Cap Growth 1.15% ------------------------------------------------ Multimanager Small Cap Growth 1.29% ------------------------------------------------ Multimanager Small Cap Value 1.23% ------------------------------------------------ Multimanager Technology 1.42% ------------------------------------------------ EQ/AllianceBernstein Small Cap Growth 1.12% ------------------------------------------------ Fee table 15 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green ------------------------------------------------ Portfolio Name ------------------------------------------------ EQ/Ariel Appreciation II 1.11% ------------------------------------------------ EQ/Capital Guardian Growth 0.94% ------------------------------------------------ EQ/Capital Guardian Research 0.96% ------------------------------------------------ EQ/Davis New York Venture 1.22% ------------------------------------------------ EQ/Evergreen Omega 1.13% ------------------------------------------------ EQ/GAMCO Mergers and Acquisitions 1.37% ------------------------------------------------ EQ/GAMCO Small Company Value 1.12% ------------------------------------------------ EQ/Global Multi-Sector Equity 1.33% ------------------------------------------------ EQ/International Core PLUS 1.14% ------------------------------------------------ EQ/Lord Abbett Growth and Income 0.98% ------------------------------------------------ EQ/Lord Abbett Large Cap Core 0.99% ------------------------------------------------ EQ/Lord Abbett Mid Cap Value 1.04% ------------------------------------------------ EQ/Mid Cap Value PLUS 1.04% ------------------------------------------------ EQ/Montag & Caldwell Growth 1.13% ------------------------------------------------ EQ/UBS Growth and Income 1.03% ------------------------------------------------ EQ/Van Kampen Comstock 0.98% ------------------------------------------------ EQ/Van Kampen Mid Cap Growth 1.08% ------------------------------------------------ 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). The example below shows the expenses that a hypothetical contract owner (who has elected the enhanced death benefit that provides for the Greater of 6-1/2% Roll-Up to age 85 or Annual Ratchet to age 85 and the Earnings enhancement benefit with the Guaranteed minimum income benefit) would pay in the situations illustrated. The example uses an average annual administrative charge based on the charges paid in 2008, which results in an estimated administrative charge of 0.004% of contract value. The fixed maturity options, guaranteed interest option and the account for special money market dollar cost averaging are not covered by the example. However, the annual administrative charge, 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, guaranteed interest option and the account for special money market dollar cost averaging. 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. Other than the administrative charge (which is described immediately above), 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: 16 Fee table To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
----------------------------------------------------------------------------------------------- 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 $2,000 $3,151 $6,223 AXA Conservative Allocation N/A $1,928 $3,035 $6,020 AXA Conservative-Plus Allocation N/A $1,952 $3,074 $6,088 AXA Moderate Allocation N/A $1,961 $3,088 $6,114 AXA Moderate-Plus Allocation N/A $1,976 $3,112 $6,156 Multimanager Aggressive Equity N/A $1,858 $2,923 $5,820 Multimanager Core Bond N/A $1,845 $2,903 $5,785 Multimanager Health Care N/A $1,985 $3,127 $6,181 Multimanager International Equity N/A $1,943 $3,059 $6,063 Multimanager Large Cap Core Equity N/A $1,903 $2,996 $5,951 Multimanager Large Cap Growth N/A $1,931 $3,040 $6,029 Multimanager Large Cap Value N/A $1,909 $3,006 $5,968 Multimanager Mid Cap Growth N/A $1,934 $3,045 $6,037 Multimanager Mid Cap Value N/A $1,931 $3,040 $6,029 Multimanager Multi-Sector Bond N/A $1,845 $2,903 $5,785 Multimanager Small Cap Growth N/A $1,961 $3,088 $6,114 Multimanager Small Cap Value N/A $1,946 $3,064 $6,071 Multimanager Technology N/A $1,988 $3,132 $6,190 ----------------------------------------------------------------------------------------------- EQ ADVISORS TRUST: ----------------------------------------------------------------------------------------------- EQ/AllianceBernstein International N/A $1,903 $2,996 $5,951 EQ/AllianceBernstein Small Cap Growth N/A $1,900 $2,991 $5,942 EQ/Ariel Appreciation II N/A $1,949 $3,069 $6,080 EQ/AXA Franklin Income Core N/A $1,888 $2,972 $5,908 EQ/AXA Franklin Small Cap Value Core N/A $1,912 $3,011 $5,977 EQ/AXA Franklin Templeton Founding Strategy Core N/A $1,979 $3,117 $6,165 EQ/AXA Mutual Shares Core N/A $1,925 $3,030 $6,011 EQ/AXA Rosenberg Value Long/Short Equity N/A $2,643 $4,148 $7,844 EQ/AXA Templeton Growth Core N/A $1,909 $3,006 $5,968 EQ/BlackRock Basic Value Equity N/A $1,836 $2,888 $5,758 EQ/BlackRock International Value N/A $1,943 $3,059 $6,063 EQ/Boston Advisors Equity Income N/A $1,909 $3,006 $5,968 EQ/Calvert Socially Responsible N/A $1,900 $2,991 $5,942 EQ/Capital Guardian Growth N/A $1,873 $2,947 $5,864 EQ/Capital Guardian Research N/A $1,864 $2,933 $5,838 EQ/Caywood-Scholl High Yield Bond N/A $1,873 $2,947 $5,864 EQ/Common Stock Index N/A $1,769 $2,780 $5,561 EQ/Core Bond Index N/A $1,769 $2,780 $5,561 EQ/Davis New York Venture N/A $1,934 $3,045 $6,037 EQ/Equity 500 Index N/A $1,747 $2,745 $5,497 EQ/Evergreen Omega N/A $1,903 $2,996 $5,951 EQ/Focus PLUS N/A $1,848 $2,908 $5,794 EQ/GAMCO Mergers and Acquisitions N/A $1,973 $3,108 $6,148 EQ/GAMCO Small Company Value N/A $1,900 $2,991 $5,942 EQ/Global Bond PLUS N/A $1,864 $2,933 $5,838 EQ/Global Multi-Sector Equity N/A $1,961 $3,088 $6,114 EQ/Intermediate Government Bond Index N/A $1,778 $2,794 $5,588 EQ/International Core PLUS N/A $1,912 $3,011 $5,977 EQ/International Growth N/A $1,970 $3,103 $6,139 EQ/JPMorgan Value Opportunities N/A $1,861 $2,928 $5,829 EQ/Large Cap Core PLUS N/A $1,873 $2,947 $5,864 EQ/Large Cap Growth Index N/A $1,775 $2,789 $5,579 EQ/Large Cap Growth PLUS N/A $1,855 $2,918 $5,811 EQ/Large Cap Value Index N/A $1,787 $2,809 $5,615 EQ/Large Cap Value PLUS N/A $1,818 $2,859 $5,705 EQ/Long Term Bond N/A $1,787 $2,809 $5,615 EQ/Lord Abbett Growth and Income N/A $1,888 $2,972 $5,908 EQ/Lord Abbett Large Cap Core N/A $1,894 $2,981 $5,925 EQ/Lord Abbett Mid Cap Value N/A $1,891 $2,977 $5,916 EQ/Mid Cap Index N/A $1,772 $2,785 $5,570 -----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------- 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 $540 $1,650 $2,801 $5,873 AXA Conservative Allocation $515 $1,578 $2,685 $5,670 AXA Conservative-Plus Allocation $524 $1,602 $2,724 $5,738 AXA Moderate Allocation $527 $1,611 $2,738 $5,764 AXA Moderate-Plus Allocation $532 $1,626 $2,762 $5,806 Multimanager Aggressive Equity $491 $1,508 $2,573 $5,470 Multimanager Core Bond $487 $1,495 $2,553 $5,435 Multimanager Health Care $535 $1,635 $2,777 $5,831 Multimanager International Equity $520 $1,593 $2,709 $5,713 Multimanager Large Cap Core Equity $507 $1,553 $2,646 $5,601 Multimanager Large Cap Growth $516 $1,581 $2,690 $5,679 Multimanager Large Cap Value $509 $1,559 $2,656 $5,618 Multimanager Mid Cap Growth $517 $1,584 $2,695 $5,687 Multimanager Mid Cap Value $516 $1,581 $2,690 $5,679 Multimanager Multi-Sector Bond $487 $1,495 $2,553 $5,435 Multimanager Small Cap Growth $527 $1,611 $2,738 $5,764 Multimanager Small Cap Value $522 $1,596 $2,714 $5,721 Multimanager Technology $536 $1,638 $2,782 $5,840 ---------------------------------------------------------------------------------------------- EQ ADVISORS TRUST: ---------------------------------------------------------------------------------------------- EQ/AllianceBernstein International $507 $1,553 $2,646 $5,601 EQ/AllianceBernstein Small Cap Growth $506 $1,550 $2,641 $5,592 EQ/Ariel Appreciation II $523 $1,599 $2,719 $5,730 EQ/AXA Franklin Income Core $502 $1,538 $2,622 $5,558 EQ/AXA Franklin Small Cap Value Core $510 $1,562 $2,661 $5,627 EQ/AXA Franklin Templeton Founding Strategy Core $533 $1,629 $2,767 $5,815 EQ/AXA Mutual Shares Core $514 $1,575 $2,680 $5,661 EQ/AXA Rosenberg Value Long/Short Equity $769 $2,293 $3,798 $7,494 EQ/AXA Templeton Growth Core $509 $1,559 $2,656 $5,618 EQ/BlackRock Basic Value Equity $484 $1,486 $2,538 $5,408 EQ/BlackRock International Value $520 $1,593 $2,709 $5,713 EQ/Boston Advisors Equity Income $509 $1,559 $2,656 $5,618 EQ/Calvert Socially Responsible $506 $1,550 $2,641 $5,592 EQ/Capital Guardian Growth $496 $1,523 $2,597 $5,514 EQ/Capital Guardian Research $493 $1,514 $2,583 $5,488 EQ/Caywood-Scholl High Yield Bond $496 $1,523 $2,597 $5,514 EQ/Common Stock Index $461 $1,419 $2,430 $5,211 EQ/Core Bond Index $461 $1,419 $2,430 $5,211 EQ/Davis New York Venture $517 $1,584 $2,695 $5,687 EQ/Equity 500 Index $453 $1,397 $2,395 $5,147 EQ/Evergreen Omega $507 $1,553 $2,646 $5,601 EQ/Focus PLUS $488 $1,498 $2,558 $5,444 EQ/GAMCO Mergers and Acquisitions $531 $1,623 $2,758 $5,798 EQ/GAMCO Small Company Value $506 $1,550 $2,641 $5,592 EQ/Global Bond PLUS $493 $1,514 $2,583 $5,488 EQ/Global Multi-Sector Equity $527 $1,611 $2,738 $5,764 EQ/Intermediate Government Bond Index $464 $1,428 $2,444 $5,238 EQ/International Core PLUS $510 $1,562 $2,661 $5,627 EQ/International Growth $530 $1,620 $2,753 $5,789 EQ/JPMorgan Value Opportunities $492 $1,511 $2,578 $5,479 EQ/Large Cap Core PLUS $496 $1,523 $2,597 $5,514 EQ/Large Cap Growth Index $463 $1,425 $2,439 $5,229 EQ/Large Cap Growth PLUS $490 $1,505 $2,568 $5,461 EQ/Large Cap Value Index $467 $1,437 $2,459 $5,265 EQ/Large Cap Value PLUS $477 $1,468 $2,509 $5,355 EQ/Long Term Bond $467 $1,437 $2,459 $5,265 EQ/Lord Abbett Growth and Income $502 $1,538 $2,622 $5,558 EQ/Lord Abbett Large Cap Core $504 $1,544 $2,631 $5,575 EQ/Lord Abbett Mid Cap Value $503 $1,541 $2,627 $5,566 EQ/Mid Cap Index $462 $1,422 $2,435 $5,220 ----------------------------------------------------------------------------------------------
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-------------------------------------------------------------------------------------------------------------------------------- If you surrender or do not surrender your If you annuitize at the end of the contract at applicable time period 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/Mid Cap Value PLUS N/A $1,873 $2,947 $5,864 $496 $1,523 $2,597 $5,514 EQ/Money Market N/A $1,772 $2,785 $5,570 $462 $1,422 $2,435 $5,220 EQ/Montag & Caldwell Growth N/A $1,903 $2,996 $5,951 $507 $1,553 $2,646 $5,601 EQ/Oppenheimer Global N/A $2,045 $3,223 $6,348 $556 $1,695 $2,873 $5,998 EQ/Oppenheimer Main Street Opportunity N/A $2,171 $3,421 $6,685 $600 $1,821 $3,071 $6,335 EQ/Oppenheimer Main Street Small Cap N/A $2,162 $3,407 $6,662 $597 $1,812 $3,057 $6,312 EQ/PIMCO Ultra Short Bond N/A $1,826 $2,872 $5,729 $480 $1,476 $2,522 $5,379 EQ/Quality Bond PLUS N/A $1,809 $2,844 $5,678 $474 $1,459 $2,494 $5,328 EQ/Short Duration Bond N/A $1,800 $2,829 $5,651 $471 $1,450 $2,479 $5,301 EQ/Small Company Index N/A $1,766 $2,775 $5,552 $460 $1,416 $2,425 $5,202 EQ/T. Rowe Price Growth Stock N/A $1,922 $3,025 $6,003 $513 $1,572 $2,675 $5,653 EQ/UBS Growth and Income N/A $1,915 $3,015 $5,986 $511 $1,565 $2,665 $5,636 EQ/Van Kampen Comstock N/A $1,879 $2,957 $5,882 $498 $1,529 $2,607 $5,532 EQ/Van Kampen Mid Cap Growth N/A $1,894 $2,981 $5,925 $504 $1,544 $2,631 $5,575 EQ/Van Kampen Real Estate N/A $1,949 $3,069 $6,080 $523 $1,599 $2,719 $5,730 --------------------------------------------------------------------------------------------------------------------------------
For information on how your contract works under certain hypothetical circumstances, please see Appendix IV at the end of this Prospectus. CONDENSED FINANCIAL INFORMATION Please see Appendix I 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, 2008. 18 Fee table To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 can refuse to accept any application or contribution from you at any time, including after you purchase the contract. We require a minimum initial contribution of $25,000 for you to purchase a contract. Maximum contribution limitations also apply. You may currently make additional contributions of at least $500 each for NQ and Rollover TSA contracts and $50 for Rollover IRA and Roth Conversion contracts and $1000 for Inherited IRA contracts, subject to limitations noted below. The following table summarizes our current rules regarding contributions to your contract, which rules are subject to change. In some states, our rules may vary. Both the owner and the annuitant named in the contract must meet the issue age requirements shown in the table, and contributions are based on the age of the older of the original owner and annuitant. Additional contributions may not be permitted in your state. Please see Appendix VI later in this Prospectus to see if additional contributions are permitted in your state. Upon advance notice to you, we may exercise certain rights we have under the contract regarding contributions, including our rights to (i) change minimum and maximum contribution requirements and limitations, and (ii) discontinue acceptance of contributions. Further, we may at any time exercise our rights to limit or terminate your contributions and transfers to any of the variable investment options and to limit the number of variable investment options which you may elect. -------------------------------------------------------------------------------- We reserve the right to change our current limitations on your contributions and to discontinue acceptance of contributions. -------------------------------------------------------------------------------- We currently limit aggregate contributions on your contract made after the first contract year to 150% of first-year contributions (the "150% limit"). The 150% limit can be reduced or increased at any time upon advance notice to you. We currently permit aggregate contributions greater than the 150% limit if both: (i) the owner (or joint owner or joint annuitant, if applicable) is age 75 or younger; and (ii) the aggregate contributions in any year after the 150% limit is reached do not exceed 100% of the prior year's contributions. Even if the aggregate contributions on your contract do not exceed the 150% limit, we currently do not accept any contribution if: (i) the aggregate contributions under one or more Accumulator(r) series contracts with the same owner or annuitant would then total more than $1,500,000 ($500,000 for the same owner or annuitant who is age 81 and older at contract issue); or (ii) the aggregate contributions under all AXA Equitable annuity accumulation contracts with the same owner or annuitant would then total more than $2,500,000. We may waive these and other contribution limitations based on certain criteria that we determine, including elected benefits, issue age, aggregate contributions, variable investment option allocations and selling broker-dealer compensation. These and other contribution limitations may not be applicable in your state. Please see Appendix VI later in this Prospectus. We may accept less than the minimum initial contribution under a contract if an aggregate amount of contracts purchased at the same time by an individual (including spouse) meets the minimum. -------------------------------------------------------------------------------- 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 for determining contract benefits. --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Available Contract for owner and type annuitant ages Minimum contributions -------------------------------------------------------------------------------- NQ 0 through 85 o $25,000 (initial) o $500 (additional) o $100 monthly and $300 quarterly under our auto- matic investment program (additional) --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Contract Limitations on type Source of contributions contributions+ -------------------------------------------------------------------------------- NQ o After-tax money. o No additional contributions after attainment of age 86 o Paid to us by check or or, if later, the first contract transfer of contract value in date anniversary.* a tax-deferred exchange under Section 1035 of the Internal Revenue Code. --------------------------------------------------------------------------------
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-------------------------------------------------------------------------------- Available Contract for owner and type annuitant ages Minimum contributions -------------------------------------------------------------------------------- Rollover IRA 20 through 85 o $25,000 (initial) o $50 (additional) o $100 monthly and $300 quarterly under our auto- matic investment program (additional) (subject to tax maximums) --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Contract Limitations on type Source of contributions contributions+ -------------------------------------------------------------------------------- Rollover IRA o Eligible rollover distribu- o No rollover or direct transfer tions from 403(b) plans, contributions after attain- qualified plans, and govern- ment of age 86 or, if later, mental employer 457(b) the first contract date anni- plans. versary.* o Rollovers from another o Contributions after age 70-1/2 traditional individual retire- must be net of required ment arrangement. minimum distributions. o Direct custodian-to- o Although we accept regular custodian transfers from IRA contributions (limited to another traditional indi- $5,000) under the Rollover vidual retirement IRA contracts, we intend arrangement. that the contract be used primarily for rollover and o Regular IRA contributions. direct transfer contributions. o Additional catch-up contri- o Additional catch-up contri- butions. butions of up to $1000 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. --------------------------------------------------------------------------------
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-------------------------------------------------------------------------------- Available Contract for owner and type annuitant ages Minimum contributions -------------------------------------------------------------------------------- Roth Conversion 20 through 85 o $25,000 (initial) IRA o $50 (additional) o $100 monthly and $300 quarterly under our auto- matic investment program (additional) (subject to tax maximums) -------------------------------------------------------------------------------- Inherited IRA 0-70 o $25,000 (initial) Beneficiary Continuation o $1,000 (additional) Contract (traditional IRA or Roth IRA) --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Contract Limitations on type Source of contributions contributions+ -------------------------------------------------------------------------------- Roth Conversion o Rollovers from another o No additional rollover or IRA Roth IRA. direct transfer contributions after attainment of age 86 o Rollovers from a "desig- or, if later, the first nated Roth contribution contract date anniversary.* account" under a 401(k) plan or 403(b) plan. o Conversion rollovers after age 70-1/2 must be net of o Conversion rollovers from a required minimum distribu- traditional IRA or other tions for the traditional eligible retirement plan. IRA or other eligible retirement plan which is the o Direct transfers from source for the conversion another Roth IRA. rollover. o Regular Roth IRA o Before 2010, you cannot roll contributions. over funds from a traditional IRA or other eligible retire- o Additional catch-up contri- ment plan if your adjusted butions. gross income is $100,000 or more. o Although we accept regular Roth IRA contributions (lim- ited to $5,000) under the Roth IRA contracts, we intend that the contract be used primarily for rollover and direct transfer contributions. o Additional catch-up contri- butions of up to $1,000 per calendar year where the owner is at least age 50 at any time during the calendar year for which the contribu- tion is made. -------------------------------------------------------------------------------- Inherited IRA o Direct custodian-to- o Any additional contributions Beneficiary custodian transfers of your must be from the same type Continuation interest as a death benefi- of IRA of the same deceased Contract ciary of the deceased owner. (traditional IRA owner's traditional indi- or Roth IRA) vidual retirement o Non-spousal beneficiary arrangement or Roth IRA to direct rollover an IRA of the same type. contributions from qualified plans, 403(b) plans and governmental employer 457(b) plans may be made to an Inherited IRA contract under specified circumstances. --------------------------------------------------------------------------------
Contract features and benefits 21 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green -------------------------------------------------------------------------------- Available Contract for owner and type annuitant ages Minimum contributions -------------------------------------------------------------------------------- Rollover TSA** 20 through 85 o $25,000 (initial) o $500 (additional) --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- Contract Limitations on type Source of contributions contributions+ -------------------------------------------------------------------------------- Rollover TSA** o With documentation of o No additional rollover or employer or plan approval, direct transfer contributions and limited to pre-tax after attainment of age 86 funds, direct plan-to-plan or, if later, the first contract transfers from another date anniversary.* 403(b) plan or contract exchanges from another o Contributions after age 70-1/2 403(b) contract under the must be net of any required same plan. minimum distributions. o With documentation of o We do not accept employer- employer or plan approval, remitted contributions. and limited to pre-tax funds, eligible rollover o We do not accept after tax distributions from other contributions, including de- 403(b) plans, qualified signated Roth contributions. plans, governmental employer 457(b) plans or traditional IRAs. --------------------------------------------------------------------------------
+ Additional contributions may not be permitted under certain conditions in your state. Please see Appendix VI later in the Prospectus to see if additional contributions are permitted in your state. If you are participating in a Principal guarantee benefit, contributions will only be permitted for the first six months after the contract is issued and no further contributions will be permitted for the life of the contract. For the Guaranteed withdrawal benefit for life option, additional contributions are not permitted after the later of: (i) the end of the first contract year, and (ii) the date you make your first withdrawal. * Please see Appendix VI later in this Prospectus for state variations. ** May not be available from all Selling broker-dealers. Also, Rollover TSA is available only where the employer sponsoring the 403(b) plan currently contributes to one or more other 403(b) annuity contracts issued by AXA Equitable for active plan participants (the purchaser of the Accumulator(R) Select(SM) Rollover TSA may also be, but need not be, an owner of the other 403(b) annuity contract). See "Tax information" later in this Prospectus for a more detailed discussion of sources of contributions and certain contribution limitations. 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. Please review your contract for information on contribution limitations. 22 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green OWNER AND ANNUITANT REQUIREMENTS 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 the contract to other non-natural owners. Only natural persons can be joint owners. For NQ contracts (with a single owner, joint owners or a non-natural owner) purchased through an exchange that is intended not to be taxable under Section 1035 of the Internal Revenue Code, we permit joint annuitants. We also permit joint annuitants in non-exchange sales if you elect the Guaranteed withdrawal benefit for life on a Joint life basis, and the contract is owned by a non-natural owner. In all cases, the joint annuitants must be spouses. Under all IRA and Rollover TSA contracts, the owner and annuitant must be the same person. In some cases, an IRA contract may be held in a custodial individual retirement account for the benefit of the individual annuitant. This option may not be available under your contract. See "Inherited IRA beneficiary continuation contract" later in this section for Inherited IRA owner and annuitant requirements. 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. The determination of spousal status is made under applicable state law. Certain same-sex spouses or civil union partners may not be eligible for tax benefits under federal law and in some circumstances will be required to take post-death distributions that dilute or eliminate the value of the contractual benefit. The contract is not available for purchase by Charitable Remainder Trusts. In general, we will not permit a contract to be owned by a minor unless it is pursuant to the Uniform Gift to Minors Act or the Uniform Transfers to Minors Act in your state. 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. In this Prospectus, when we use the terms owner and joint owner, we intend these to be references to annuitant and joint annuitant, respectively, if the contract has a non-natural owner. If GWBL is elected, the terms owner and Successor Owner are intended to be references to annuitant and joint annuitant, respectively, if the contract has a non-natural owner. If the contract is jointly owned or is issued to a non-natural owner and the GWBL has not been elected, benefits are based on the age of the older joint owner or older joint annuitant, as applicable. HOW YOU CAN MAKE YOUR CONTRIBUTIONS Except as noted below, contributions must be 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 an intended Section 1035 tax-free exchange or a direct transfer. We do not accept starter checks or travelers' checks. 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 your convenience, we will accept initial and additional contributions by wire transmittal from certain broker-dealers who have agreements with us for this purpose, including circumstances under which such contributions are considered received by us when your order is taken by such broker-dealers. Additional contributions may also be made under our automatic investment program. These methods of payment are discussed in detail in "More information" 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. -------------------------------------------------------------------------------- Your initial contribution must generally be accompanied by a completed application and any other form we need to process the payments. 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. The contribution will be applied as of the date we receive the missing information. -------------------------------------------------------------------------------- Our "business day" is generally any day the New York Stock Exchange is open for regular trading and generally ends at 4:00 p.m. Eastern Time (or as of an earlier close of regular trading). A business day does not include a day on which we are not open due to emergency conditions determined by the Securities and Exchange Commission. We may also close early due to such emergency conditions. For more information about our business day and our pricing of transactions, please see "Dates and prices at which contract events occur." -------------------------------------------------------------------------------- WHAT ARE YOUR INVESTMENT OPTIONS UNDER THE CONTRACT? You can choose from among the variable investment options, the guaranteed interest option, the account for special money market dollar cost averaging and the fixed maturity options. If you elect the 100% Principal guarantee benefit, the Guaranteed withdrawal benefit for life or the Guaranteed minimum income benefit without the Greater of 6-1/2% (or 6%) Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit, your investment options will be limited to the guaranteed interest option, the account for special money market dollar cost averaging and the following variable investment options: the AXA Allocation Portfolios and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio ("permitted variable investment options"). Contract features and benefits 23 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green If you elect the 125% Principal guarantee benefit, your investment options will be limited to the guaranteed interest option, the account for special money market dollar cost averaging and the AXA Moderate Allocation Portfolio. 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. We may, at any time, exercise our rights to limit or terminate your contributions and allocations to any of the variable investment options and to limit the number of variable investment options which you may elect. 24 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green PORTFOLIOS OF THE TRUSTS The AXA Allocation Portfolios and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio 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 and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio 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 the 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 and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio than certain other Portfolios available to you under your contract. In addition, due to the relative diversification of the underlying portfolios covering various asset classes and categories, the AXA Allocation Portfolios and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio 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 and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio. 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 discontinuing the services of those sub-advisers. The chart below indicates the sub-adviser(s) for each Portfolio, if any. The chart below also shows the currently available Portfolios and their investment objectives.
------------------------------------------------------------------------------------------ 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 ------------------------------------------------------------------------------------------ MULTIMANAGER CORE BOND To seek a balance of high current income and capital appreciation, consistent with a prudent level of risk. ------------------------------------------------------------------------------------------ MULTIMANAGER HEALTH CARE Long-term growth of capital. ------------------------------------------------------------------------------------------ MULTIMANAGER INTERNATIONAL Long-term growth of capital. EQUITY ------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------ 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 o ClearBridge Advisors, LLC o Legg Mason Capital Management, Inc. o Marsico Capital Management, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------ MULTIMANAGER CORE BOND o BlackRock Financial Management, Inc. o Pacific Investment Management Company LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------ MULTIMANAGER HEALTH CARE o Invesco Aim Capital Management, Inc. o RCM Capital Management LLC o SSgA Funds Management, Inc. o Wellington Management Company, LLP ------------------------------------------------------------------------------------------ MULTIMANAGER INTERNATIONAL o AllianceBernstein L.P. EQUITY o JPMorgan Investment Management Inc. o Marsico Capital Management, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ 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 o Janus Capital Management LLC o SSgA Funds Management, Inc. o Thornburg Investment Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER LARGE CAP Long-term growth of capital. o Goodman & Co. NY Ltd. GROWTH o SSgA Funds Management, Inc. o T. Rowe Price Associates, Inc. o Westfield Capital Management Company, L.P. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER LARGE CAP Long-term growth of capital. o AllianceBernstein L.P. VALUE o Institutional Capital LLC o MFS Investment Management o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER MID CAP Long-term growth of capital. o AllianceBernstein L.P. GROWTH o Franklin Advisers, Inc. o SSgA Funds Management, Inc. o Wellington Management Company, LLP ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER MID CAP VALUE Long-term growth of capital. o AXA Rosenberg Investment Management LLC o SSgA Funds Management, Inc. o Tradewinds Global Investors, LLC o Wellington Management Company, LLP ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER MULTI-SECTOR High total return through a combination of current o Pacific Investment Management Company LLC BOND(1) income and capital appreciation. o Post Advisory Group, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER SMALL CAP Long-term growth of capital. o Eagle Asset Management, Inc. GROWTH o SSgA Funds Management, Inc. o Wells Capital Management Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER SMALL CAP Long-term growth of capital. o Franklin Advisory Services, LLC VALUE o Pacific Global Investment Management Company o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER TECHNOLOGY Long-term growth of capital. o Firsthand Capital Management, Inc. o RCM Capital Management LLC o SSgA Funds Management, Inc. 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. INTERNATIONAL ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------ EQ Advisors Trust* Portfolio Name Objective ------------------------------------------------------------------------------------------ EQ/ALLIANCEBERNSTEIN SMALL Seeks to achieve long-term growth of capital. CAP GROWTH ------------------------------------------------------------------------------------------ EQ/ARIEL APPRECIATION II Seeks to achieve long-term capital appreciation. ------------------------------------------------------------------------------------------ EQ/AXA FRANKLIN INCOME Seeks to maximize income while maintaining prospects CORE(2) for capital appreciation. ------------------------------------------------------------------------------------------ EQ/AXA FRANKLIN SMALL CAP Seeks to achieve long-term total return. VALUE CORE(3) ------------------------------------------------------------------------------------------ EQ/AXA FRANKLIN TEMPLETON Primarily seeks capital appreciation and secondarily seeks FOUNDING STRATEGY CORE(4) income. ------------------------------------------------------------------------------------------ EQ/AXA MUTUAL SHARES CORE(5) Seeks to achieve capital appreciation, which may occa- sionally be short-term, and secondarily, income. ------------------------------------------------------------------------------------------ EQ/AXA ROSENBERG VALUE Seeks to increase value through bull markets and bear LONG/SHORT EQUITY markets using strategies that are designed to limit expo- sure to general equity market risk. ------------------------------------------------------------------------------------------ EQ/AXA TEMPLETON GROWTH Seeks to achieve long-term capital growth. CORE(6) ------------------------------------------------------------------------------------------ EQ/BLACKROCK BASIC VALUE Seeks to achieve capital appreciation and secondarily, EQUITY income. ------------------------------------------------------------------------------------------ EQ/BLACKROCK INTERNATIONAL Seeks to provide current income and long-term growth of VALUE income, accompanied by growth of capital. ------------------------------------------------------------------------------------------ EQ/BOSTON ADVISORS EQUITY Seeks to achieve a combination of growth and income to INCOME achieve an above-average and consistent total return. ------------------------------------------------------------------------------------------ EQ/CALVERT SOCIALLY Seeks to achieve long-term capital appreciation. RESPONSIBLE ------------------------------------------------------------------------------------------ EQ/CAPITAL GUARDIAN GROWTH Seeks to achieve long-term growth of capital. ------------------------------------------------------------------------------------------ EQ/CAPITAL GUARDIAN Seeks to achieve long-term growth of capital. RESEARCH ------------------------------------------------------------------------------------------ EQ/CAYWOOD-SCHOLL HIGH Seeks to maximize current income. YIELD BOND ------------------------------------------------------------------------------------------ EQ/COMMON STOCK INDEX(7) Seeks to achieve a total return before expenses that approximates the total return performance of the Russell 3000 Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 3000 Index. ------------------------------------------------------------------------------------------ EQ/CORE BOND INDEX Seeks to achieve a total return before expenses that approximates the total return performance of the Barclays Capital U.S. Aggregate Bond Index, including reinvest- ment of dividends, at a risk level consistent with that of the Barclays Capital U.S. Aggregate Bond Index. ------------------------------------------------------------------------------------------ EQ/DAVIS NEW YORK VENTURE Seeks to achieve long-term growth of capital. ------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------ EQ Advisors Trust* Investment Manager (or Sub-Adviser(s), as Portfolio Name applicable) ------------------------------------------------------------------------------------------ EQ/ALLIANCEBERNSTEIN SMALL o AllianceBernstein L.P. CAP GROWTH ------------------------------------------------------------------------------------------ EQ/ARIEL APPRECIATION II o Ariel Capital Management, LLC ------------------------------------------------------------------------------------------ EQ/AXA FRANKLIN INCOME o BlackRock Investment Management, LLC CORE(2) o Franklin Advisers, Inc. ------------------------------------------------------------------------------------------ EQ/AXA FRANKLIN SMALL CAP o BlackRock Investment Management, LLC VALUE CORE(3) o Franklin Advisory Services, LLC ------------------------------------------------------------------------------------------ EQ/AXA FRANKLIN TEMPLETON o AXA Equitable FOUNDING STRATEGY CORE(4) ------------------------------------------------------------------------------------------ EQ/AXA MUTUAL SHARES CORE(5) o BlackRock Investment Management, LLC o Franklin Mutual Advisers, LLC ------------------------------------------------------------------------------------------ EQ/AXA ROSENBERG VALUE o AXA Rosenberg Investment Management LLC LONG/SHORT EQUITY ------------------------------------------------------------------------------------------ EQ/AXA TEMPLETON GROWTH o BlackRock Investment Management, LLC CORE(6) o Templeton Global Advisors Limited ------------------------------------------------------------------------------------------ EQ/BLACKROCK BASIC VALUE o BlackRock Investment Management, LLC EQUITY ------------------------------------------------------------------------------------------ EQ/BLACKROCK INTERNATIONAL o BlackRock Investment Management VALUE International 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 RESEARCH ------------------------------------------------------------------------------------------ EQ/CAYWOOD-SCHOLL HIGH o Caywood-Scholl Capital Management YIELD BOND ------------------------------------------------------------------------------------------ EQ/COMMON STOCK INDEX(7) o AllianceBernstein L.P. ------------------------------------------------------------------------------------------ EQ/CORE BOND INDEX o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------ EQ/DAVIS NEW YORK VENTURE o Davis Selected Advisers, L.P. ------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------ EQ Advisors Trust* Portfolio Name Objective ------------------------------------------------------------------------------------------ EQ/EQUITY 500 INDEX Seeks to achieve a total return before expenses that approximates the total return performance of the S&P 500 Index, including reinvestment of dividends, at a risk level consistent with that of the S&P 500 Index. ------------------------------------------------------------------------------------------ EQ/EVERGREEN OMEGA Seeks to achieve long-term capital growth. ------------------------------------------------------------------------------------------ EQ/FOCUS PLUS(8) Seeks to achieve long-term growth of capital. ------------------------------------------------------------------------------------------ EQ/GAMCO MERGERS AND Seeks to achieve capital appreciation. ACQUISITIONS ------------------------------------------------------------------------------------------ EQ/GAMCO SMALL COMPANY Seeks to maximize capital appreciation. VALUE ------------------------------------------------------------------------------------------ EQ/GLOBAL BOND PLUS(9) Seeks to achieve capital growth and current income. ------------------------------------------------------------------------------------------ EQ/GLOBAL MULTI-SECTOR Seeks to achieve long-term capital appreciation. EQUITY(10) ------------------------------------------------------------------------------------------ EQ/INTERMEDIATE GOVERNMENT Seeks to achieve a total return before expenses that BOND INDEX approximates the total return performance of the Barclays Capital Intermediate Government Bond Index, including reinvestment of dividends, at a risk level consistent with that of the Barclays Capital Intermediate Government Bond Index. ------------------------------------------------------------------------------------------ EQ/INTERNATIONAL CORE PLUS Seeks to achieve long-term growth of capital. ------------------------------------------------------------------------------------------ EQ/INTERNATIONAL GROWTH Seeks to achieve capital appreciation. ------------------------------------------------------------------------------------------ EQ/JPMORGAN VALUE Seeks to achieve long-term capital appreciation. OPPORTUNITIES ------------------------------------------------------------------------------------------ EQ/LARGE CAP CORE PLUS Seeks to achieve long-term growth of capital with a sec- ondary objective to seek reasonable current income. For purposes of this Portfolio, the words "reasonable current income" mean moderate income. ------------------------------------------------------------------------------------------ EQ/LARGE CAP GROWTH INDEX Seeks to achieve a total return before expenses that approximates the total return performance of the Russell 1000 Growth Index, including reinvestment of dividends at a risk level consistent with that of the Russell 1000 Growth Index. ------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------ EQ Advisors Trust* Investment Manager (or Sub-Adviser(s), as Portfolio Name applicable) ------------------------------------------------------------------------------------------ EQ/EQUITY 500 INDEX o AllianceBernstein L.P. ------------------------------------------------------------------------------------------ EQ/EVERGREEN OMEGA o Evergreen Investment Management Company, LLC ------------------------------------------------------------------------------------------ EQ/FOCUS PLUS(8) o AXA Equitable o Marsico Capital Management, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------ EQ/GAMCO MERGERS AND o GAMCO Asset Management Inc. ACQUISITIONS ------------------------------------------------------------------------------------------ EQ/GAMCO SMALL COMPANY o GAMCO Asset Management Inc. VALUE ------------------------------------------------------------------------------------------ EQ/GLOBAL BOND PLUS(9) o BlackRock Investment Management, LLC o Evergreen Investment Management Company, LLC o First International Advisors, LLC (dba "Evergreen International") ------------------------------------------------------------------------------------------ EQ/GLOBAL MULTI-SECTOR o BlackRock Investment Management, LLC EQUITY(10) o Morgan Stanley Investment Management Inc. ------------------------------------------------------------------------------------------ EQ/INTERMEDIATE GOVERNMENT o SSgA Funds Management, Inc. BOND INDEX ------------------------------------------------------------------------------------------ EQ/INTERNATIONAL CORE PLUS o AXA Equitable o Hirayama Investments, LLC o SSgA Funds Management, Inc. o Wentworth Hauser and Violich, Inc. ------------------------------------------------------------------------------------------ EQ/INTERNATIONAL GROWTH o MFS Investment Management ------------------------------------------------------------------------------------------ EQ/JPMORGAN VALUE o JPMorgan Investment Management Inc. OPPORTUNITIES ------------------------------------------------------------------------------------------ EQ/LARGE CAP CORE PLUS o AXA Equitable o Institutional Capital LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------ EQ/LARGE CAP GROWTH INDEX o AllianceBernstein L.P. ------------------------------------------------------------------------------------------
28 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------ EQ Advisors Trust* Portfolio Name Objective ------------------------------------------------------------------------------------------ EQ/LARGE CAP GROWTH PLUS Seeks to provide long-term capital growth. ------------------------------------------------------------------------------------------ EQ/LARGE CAP VALUE INDEX Seeks to achieve a total return before expenses that approximates the total return performance of the Russell 1000 Value Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 1000 Value Index. ------------------------------------------------------------------------------------------ EQ/LARGE CAP VALUE PLUS Seeks to achieve capital appreciation. ------------------------------------------------------------------------------------------ EQ/LONG TERM BOND Seeks to maximize income and capital appreciation through investment in long-maturity debt obligations. ------------------------------------------------------------------------------------------ EQ/LORD ABBETT GROWTH AND Seeks to achieve capital appreciation and growth of INCOME income without excessive fluctuation in market value. ------------------------------------------------------------------------------------------ EQ/LORD ABBETT LARGE CAP Seeks to achieve capital appreciation and growth of CORE income with reasonable risk. ------------------------------------------------------------------------------------------ EQ/LORD ABBETT MID CAP VALUE Seeks to achieve capital appreciation. ------------------------------------------------------------------------------------------ EQ/MID CAP INDEX Seeks to achieve a total return before expenses that approximates the total return performance of the S&P Mid Cap 400 Index, including reinvestment of dividends, at a risk level consistent with that of the S&P Mid Cap 400 Index. ------------------------------------------------------------------------------------------ EQ/MID CAP VALUE PLUS Seeks to achieve long-term capital appreciation. ------------------------------------------------------------------------------------------ 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/OPPENHEIMER GLOBAL Seeks to achieve capital appreciation. ------------------------------------------------------------------------------------------ EQ/OPPENHEIMER MAIN STREET Seeks to achieve long-term capital appreciation. OPPORTUNITY ------------------------------------------------------------------------------------------ EQ/OPPENHEIMER MAIN STREET Seeks to achieve capital appreciation. SMALL CAP ------------------------------------------------------------------------------------------ EQ/PIMCO ULTRA SHORT BOND(11) Seeks to generate a return in excess of traditional money market products while maintaining an emphasis on preservation of capital and liquidity. ------------------------------------------------------------------------------------------ EQ/QUALITY BOND PLUS Seeks to achieve high current income consistent with moderate risk to capital. ------------------------------------------------------------------------------------------ EQ/SHORT DURATION BOND Seeks to achieve current income with reduced volatility of principal. ------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------ EQ Advisors Trust* Investment Manager (or Sub-Adviser(s), as Portfolio Name applicable) ------------------------------------------------------------------------------------------ EQ/LARGE CAP GROWTH PLUS o AXA Equitable o Marsico Capital Management, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------ EQ/LARGE CAP VALUE INDEX o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------ EQ/LARGE CAP VALUE PLUS o AllianceBernstein L.P. o AXA Equitable ------------------------------------------------------------------------------------------ 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/MID CAP INDEX o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------ EQ/MID CAP VALUE PLUS o AXA Equitable o SSgA Funds Management, Inc. o Wellington Management Company LLP ------------------------------------------------------------------------------------------ EQ/MONEY MARKET o The Dreyfus Corporation ------------------------------------------------------------------------------------------ EQ/MONTAG & CALDWELL o Montag & Caldwell, Inc. GROWTH ------------------------------------------------------------------------------------------ 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 ULTRA SHORT BOND(11) o Pacific Investment Management Company, LLC ------------------------------------------------------------------------------------------ EQ/QUALITY BOND PLUS o AllianceBernstein L.P. o AXA Equitable o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------ EQ/SHORT DURATION BOND o BlackRock Financial Management, Inc. ------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------ EQ Advisors Trust* Portfolio Name Objective ------------------------------------------------------------------------------------------ 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/T. ROWE PRICE GROWTH Seeks to achieve long-term capital appreciation and STOCK secondarily, income. ------------------------------------------------------------------------------------------ EQ/UBS GROWTH AND INCOME Seeks to achieve total return through capital appreciation with income as a secondary consideration. ------------------------------------------------------------------------------------------ EQ/VAN KAMPEN COMSTOCK Seeks to achieve capital growth and income. ------------------------------------------------------------------------------------------ EQ/VAN KAMPEN MID CAP Seeks to achieve capital growth. GROWTH ------------------------------------------------------------------------------------------ EQ/VAN KAMPEN REAL ESTATE Seeks to provide above average current income and long- term capital appreciation. ------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------ EQ Advisors Trust* Investment Manager (or Sub-Adviser(s), as Portfolio Name applicable) ------------------------------------------------------------------------------------------ EQ/SMALL COMPANY INDEX o AllianceBernstein L.P. ------------------------------------------------------------------------------------------ EQ/T. ROWE PRICE GROWTH o T. Rowe Price Associates, Inc. STOCK ------------------------------------------------------------------------------------------ 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 MID CAP o Morgan Stanley Investment Management Inc. GROWTH ------------------------------------------------------------------------------------------ EQ/VAN KAMPEN REAL ESTATE o Morgan Stanley Investment Management Inc. ------------------------------------------------------------------------------------------
* The chart below reflects the portfolio's former name in effect until on or about May 1, 2009, subject to regulatory approval. The number in the "Footnote No." column corresponds with the number contained in the chart above.
------------------------------------------------------------------------------------------ Footnote No. Portfolio's Former Name ------------------------------------------------------------------------------------------ AXA Premier VIP Trust ------------------------------------------------------------------------------------------ (1) Multimanager High Yield ------------------------------------------------------------------------------------------ EQ Advisors Trust ------------------------------------------------------------------------------------------ (2) EQ/Franklin Income ------------------------------------------------------------------------------------------ (3) EQ/Franklin Small Cap Value ------------------------------------------------------------------------------------------ (4) EQ/Franklin Templeton Founding Strategy ------------------------------------------------------------------------------------------ (5) EQ/Mutual Shares ------------------------------------------------------------------------------------------ (6) EQ/Templeton Growth ------------------------------------------------------------------------------------------ (7) EQ/AllianceBernstein Common Stock ------------------------------------------------------------------------------------------ (8) EQ/Marsico Focus ------------------------------------------------------------------------------------------ (9) EQ/Evergreen International Bond ------------------------------------------------------------------------------------------ (10) EQ/Van Kampen Emerging Markets Equity ------------------------------------------------------------------------------------------ (11) EQ/PIMCO Real Return ------------------------------------------------------------------------------------------
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 1-800-789-7771. 30 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 interest 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 before deduction of annual administrative charges and any optional benefit charges. See Appendix VI 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 2009 is 1.50%, 2.75% or 3.00%, depending on your lifetime minimum rate. 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 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 any given time, we may not offer fixed maturity options with all ten possible maturity dates. You can allocate your contributions to one or more of these fixed maturity options, however, you may not have more than 12 different maturities running during any contract year. This limit includes any maturities that have had any allocation or transfers even if the entire amount is withdrawn or transferred during the contract year. 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 all states. Check with your financial professional or see Appendix VI later in this Prospectus to see if fixed maturity options are available in your state. -------------------------------------------------------------------------------- Fixed maturity options range from one to ten years to maturity. -------------------------------------------------------------------------------- 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, to the date of the calculation. This is the fixed maturity option's "maturity value." Before maturity, the current value we will report for your fixed maturity amounts 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 offer fixed maturity options with maturity dates ranging from one to ten years. Not all of these fixed maturity options will be available for owner and annuitant ages 76 and older. See "Allocating your contributions" below. Each new contribution is applied to a new fixed maturity option. When you apply for an Accumulator(R) Select(SM) contract, a 60-day rate lock-in will apply from the date the application is signed. Any contributions received and designated for a fixed maturity option during this period will receive the then current fixed maturity option rate or the rate that was in effect on the date that the application was signed, whichever is greater. There is no rate lock available for subsequent contributions to the contract after 60 days, transfers from the variable investment options or the guaranteed interest option into a fixed maturity option or transfers from one fixed maturity option to another. YOUR CHOICES AT THE MATURITY DATE. We will notify you between 15 and 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 restrictive conditions listed in "Allocating your contributions," below would apply: (a) transfer the maturity value into another available fixed maturity option, any of the variable investment options or the guaranteed interest option; 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 shortest available maturity option beginning on that date. As of February 17, 2009, the next available maturity date was February 16, 2016. If no fixed maturity options are available we will transfer your maturity value to the EQ/Money Market option. MARKET VALUE ADJUSTMENT. If you make any withdrawals (including transfers, surrender 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 adjustment 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 Contract features and benefits 31 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 we have in effect at that time for new fixed maturity options, (adjusted to reflect a similar maturity date) and (b) the length of time remaining until the maturity date. If fixed maturity option 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 fixed maturity option 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 choose between self-directed and dollar cost averaging to allocate your contributions under your contract. Subsequent contributions are allocated according to instructions on file unless you provide new instructions. 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. If your financial professional is with AXA Advisors, he or she 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. SELF-DIRECTED ALLOCATION You may allocate your contributions to one or more, or all, of the variable investment options, guaranteed interest option (subject to restrictions in certain states--see Appendix VI later in this Prospectus for state variations) and fixed maturity options. 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%. We reserve the right to restrict allocations to any variable investment option. If an owner or annuitant is age 76-80, you may allocate contributions to fixed maturity options with maturities of seven years or less. If an owner or annuitant is age 81 or older, you may allocate contributions to fixed maturity options with maturities of five years or less. Also, you may not allocate amounts to fixed maturity options with maturity dates that are later than the date annuity payments are to begin. 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. -------------------------------------------------------------------------------- Units measure your value in each variable investment option. -------------------------------------------------------------------------------- SPECIAL MONEY MARKET DOLLAR COST AVERAGING PROGRAM. You may dollar cost average from the account for special money market dollar cost averaging option (which is part of the EQ/Money Market investment option) into any of the other variable investment options. Only the permitted variable investment options are available if you elect the Guaranteed withdrawal benefit for life, the 100% Principal guarantee benefit or the Guaranteed minimum income benefit without the Greater of 6-1/2% (or 6%) Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced death benefit. Only the AXA Moderate Allocation Portfolio is available if you elect the 125% Principal guarantee benefit. You may elect to participate in a 3, 6 or 12-month program at any time subject to the age limitation on contributions described earlier in this Prospectus. Contributions into the account for special money market dollar cost averaging must be new contributions. In other words, you may not make transfers from amounts allocated in other variable investment options to initiate the program. You must allocate your entire initial contribution into the account for special money market dollar cost averaging if you are selecting the program at the time you apply for your Accumulator(R) Select(SM) contract. Therefore, contributions to any new program must be at least $2,000. Contributions to an existing program must be at least $250. You may only have one program in effect at any time. Each month, we will transfer your account value in the account for special money market dollar cost averaging into the other variable investment options you select. Once the time period you selected has expired, you may then select to participate in the special money market dollar cost averaging program for an additional time period. At that time, you may also select a different allocation for monthly transfers from the account for special money market dollar cost averaging 32 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green to the variable investment options, or, if you wish, we will continue to use the selection that you have previously made. Currently, the monthly transfer date from the account for special money market dollar cost averaging option will be the same as your contract date, but not later than the 28th day of the month. For a program selected after application, the first transfer date and each subsequent transfer date will be one month from the date the first contribution is made into the program, but not later than the 28th day of the month. All amounts will be transferred out by the end of the time period in effect. The only amounts that should be transferred from the account for special money market dollar cost averaging option are your regularly scheduled transfers to the variable investment options. If you request to transfer or withdraw any other amounts from the account special money market dollar cost averaging, we will transfer all of the value you have remaining in the account to the variable investments according to the allocation percentages we have on file for you. You may cancel your participation in the program at any time by notifying us in writing. GENERAL DOLLAR COST AVERAGING PROGRAM. If your value in the EQ/Money Market option is at least $5,000, you may choose, at any time, to have a specified dollar amount or percentage of your value transferred from that option to the other variable investment options. You can select to have transfers made on a monthly, quarterly or annual basis. The transfer date will be the same calendar day of the month as the contract date, but not later than the 28th day of the month. 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 $250. 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 are participating in a Principal guarantee benefit, the general dollar cost averaging program is not available. If you elect the Guaranteed withdrawal benefit for life or the Guaranteed minimum income benefit without the Greater of 6-1/2% (or 6%) Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced death benefit, general dollar cost averaging is not available. INVESTMENT SIMPLIFIER 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 the permitted variable investment options are available if you elect the Guaranteed withdrawal benefit for life, the 100% Principal guarantee benefit or the Guaranteed minimum income benefit without the Greater of 6-1/2% (or 6%) Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced death benefit. Only the AXA Moderate Allocation Portfolio is available if you elect the 125% Principal guarantee benefit. Transfers may be made on a monthly, quarterly or annual basis. You can specify the number of transfers or instruct us to continue to make 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. The transfer date will be the same calendar day of the month as the contract date but not later than the 28th day of the month. The minimum transfer amount is $50. The fixed-dollar option is subject to the guaranteed interest option transfer limitations described under "Transferring your account value" in "Transferring your money among investment options" later in this Prospectus. While the program is running, any transfer that exceeds those limitations will cause the program to end for that contract year. You will be notified. You must send in a request form to resume the program in the next or subsequent contract years. If, on any transfer date your value in the guaranteed interest option is equal to or less than the amount you have elected to have transferred, the entire amount will be transferred, and the program will end. You may change the transfer amount once each contract year or cancel this program at any time. INTEREST SWEEP OPTION. Under this option, you may elect to have monthly transfers from amounts in the guaranteed interest option into the variable investment options of your choice. Only the permitted variable investment options are available if you elect the Guaranteed withdrawal benefit for life, the 100% Principal guarantee benefit or the Guaranteed minimum income benefit without the Greater of 6-1/2% (or 6%) Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced death benefit. Only the AXA Moderate Allocation Portfolio is available if you elect the 125% Principal guarantee benefit. The transfer date will be the last business day of the month. 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. We will automatically cancel the interest sweep program if the amount in the guaranteed interest option is less than $7,500 on the last day of the month for two months in a row. For the interest sweep option, 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. ---------------------------------- You may not participate in any dollar cost averaging program if you are participating in the Option II rebalancing program. Under the Option I rebalancing program you may participate in any of the dollar cost averaging programs except special money market dollar cost averaging and general dollar cost averaging. You may only participate in one dollar cost averaging program at a time. See "Transferring your money among investment options" later in this Prospectus. Also, for information on how the dollar cost averaging program you select may affect certain guaranteed benefits see "Guaranteed minimum death benefit and Guaranteed minimum benefit base" immediately below. We do not deduct a transfer charge for any transfer made in connection with our dollar cost averaging and Investment Simplifier program. Contract features and benefits 33 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Not all dollar cost averaging programs are available in all states (see Appendix VI later in this Prospectus for more information on state availability). 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 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 an 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 additional 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, Guaranteed minimum death benefit and Principal guarantee benefits" in "Accessing your money" later in this Prospectus. 6-1/2% (OR 6%, IF APPLICABLE) ROLL-UP TO AGE 85 (USED FOR THE GREATER OF 6-1/2% ROLL-UP TO AGE 85 OR ANNUAL RATCHET TO AGE 85 ENHANCED DEATH BENEFIT, THE GREATER OF 6% ROLL-UP TO AGE 85 OR 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 additional 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, Guaranteed minimum death benefit and Principal guarantee benefits" 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 6-1/2% (or 6%, if applicable) with respect to the variable investment options (including amounts allocated to the account for special money market dollar cost averaging, but excluding all other amounts allocated to the EQ/Money Market) ; the effective annual rate may be 4% in some states. Please see Appendix VI later in this Prospectus to see what applies in your state; and o 3% with respect to the EQ/Money Market, the fixed maturity options, the guaranteed interest option and the loan reserve account under Rollover TSA (if applicable). The benefit base stops rolling up on the contract date anniversary following the owner's (or older joint owner's, if applicable) 85th birthday. ANNUAL RATCHET TO AGE 85 (USED FOR THE ANNUAL RATCHET TO AGE 85 ENHANCED DEATH BENEFIT, THE GREATER OF 6-1/2% ROLL-UP TO AGE 85 OR ANNUAL RATCHET TO AGE 85 ENHANCED DEATH BENEFIT, THE GREATER OF 6% ROLL-UP TO AGE 85 OR ANNUAL RATCHET TO AGE 85 ENHANCED DEATH BENEFIT, THE GREATER OF 3% ROLL-UP TO AGE 85 OR ANNUAL RATCHET TO AGE 85 ENHANCED DEATH BENEFIT AND FOR THE GUARANTEED MINIMUM INCOME BENEFIT). If you have not taken a withdrawal from your contract, your benefit base is equal to the greater of either: o your initial contribution to the contract (plus any additional contributions), or o your highest account value on any contract date anniversary up to the contract date anniversary following the owner's (or older joint owner's, if applicable) 85th birthday (plus any contributions made since the most recent Annual Ratchet). If you take a withdrawal from your contract, your benefit base will be reduced as described under "How withdrawals affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Principal guarantee benefits" in "Accessing your money" later in this Prospectus. After such withdrawal, your benefit base is equal to the greater of either: o your benefit base immediately following the most recent withdrawal (plus any additional contributions made after the date of such withdrawal), or o your highest account value on any contract date anniversary after the date of the most recent withdrawal, up to the contract date anniversary following the owner's (or older joint owner's, if applicable) 85th birthday (plus any contributions made since the most recent Annual Ratchet after the date of such withdrawal). GREATER OF THE 6-1/2% (OR 6%, IF APPLICABLE) ROLL-UP TO AGE 85 OR 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 6-1/2% (or 6%, if applicable) 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. 3% ROLL-UP TO AGE 85 (USED FOR THE GREATER OF 3% ROLL-UP TO AGE 85 OR ANNUAL RATCHET TO AGE 85 ENHANCED DEATH BENEFIT). Your benefit base is equal to: o your initial contribution and any additional contributions to the contract; plus o daily roll-up The effective annual roll-up rate credited to the benefit base is 3%. The benefit base stops rolling up on the contract date anniversary following the owner's (or older joint owner's, if applicable) 85th birthday. GREATER OF THE 3% ROLL-UP TO AGE 85 OR ANNUAL RATCHET TO AGE 85 ENHANCED DEATH BENEFIT. Your benefit base is equal to the greater of the benefit base computed for the 3% Roll-Up to age 85 or the ben- 34 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green efit base computed for the Annual Ratchet to age 85, as described immediately above, on each contract date anniversary. GUARANTEED MINIMUM INCOME BENEFIT AND THE ROLL-UP BENEFIT BASE RESET. You will be eligible to reset your Guaranteed minimum income benefit Roll-Up benefit base on each contract date anniversary until the contract date anniversary following age 75. If you elect the Guaranteed minimum income benefit without the Greater of 6-1/2% (or 6%, if applicable) Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced death benefit, you may reset its Roll-Up benefit base on each contract date anniversary until the contract date anniversary following age 75 AND your investment option choices will be limited to the guaranteed interest option, the account for special money market dollar cost averaging and the permitted variable investment options. See "What are your investment options under the contract?" earlier in this section. The reset amount would equal the account value as of the contract date anniversary on which you reset your Roll-Up benefit base. The Roll-Up continues to age 85 on any reset benefit base. If you elect both the Guaranteed minimum income benefit AND the Greater of the 6-1/2% (or 6%) Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced death benefit (the "Greater of enhanced death benefit"), you will be eligible to reset the Roll-Up benefit base for these guaranteed benefits to equal the account value on any contract date anniversary until the contract date anniversary following age 75 and your investment options will not be restricted. If you elect both options, they are not available with different Roll-Up benefit bases: each option must include either the 6-1/2% Roll-Up or 6% Roll-Up 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. If your request to reset your Roll-Up benefit base is received at our processing office more than 30 days after your contract date anniversary, your Roll-Up benefit base will reset on the next contract date anniversary on which you are eligible for a reset. You may choose one of the three available reset methods: one-time reset option, automatic annual reset program or automatic customized reset program. -------------------------------------------------------------------------------- ONE-TIME RESET OPTION - resets your Roll-Up benefit base on a single contract date anniversary. AUTOMATIC ANNUAL RESET PROGRAM - automatically resets your Roll-Up benefit base on each contract date anniversary you are eligible for a reset. AUTOMATIC CUSTOMIZED RESET PROGRAM - automatically resets your Roll-Up benefit base on each contract date anniversary, if eligible, for the period you designate. -------------------------------------------------------------------------------- If you wish to cancel your elected reset program, your request must be received by our processing office at least 30 days prior to your contract date anniversary to terminate your reset program for such contract date anniversary. Cancellation requests received after this window will be applied the following year. A reset cannot be cancelled after it has occurred. For more information, see "How to reach us" earlier in this Prospectus. Each time you reset the Roll-Up benefit base, your Roll-Up benefit base will not be eligible for another reset until the next contract date anniversary. If after your death your spouse continues the contract, the benefit base will be eligible to be reset on each contract date anniversary, if applicable. The last age at which the benefit base is eligible to be reset is the contract date anniversary following owner (or older joint owner, if applicable) age 75. If you elect to reset your Roll-Up benefit base on any contract date anniversary, we may increase the charge for the Guaranteed minimum income benefit and the Greater of 6-1/2% (or 6%) Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced death benefit. There is no charge increase for the Annual Ratchet to age 85 enhanced death benefit. See both "Guaranteed minimum death benefit charge" and "Guaranteed minimum income benefit charge" in "Charges and expenses" later in this Prospectus for more information. 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 from the date of the reset; you may not exercise until the tenth contract date anniversary following the reset or, if later, the earliest date you would have been permitted to exercise without regard to the reset. See "Exercise rules" under "Guaranteed minimum income benefit" below for more information. Please note that in almost all cases, resetting your Roll-Up benefit base will lengthen the exercise waiting period. Also, even when 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" in the Prospectus. If you are a traditional IRA or TSA contract owner, before you reset your Roll-Up benefit base, please consider the effect of the 10-year exercise waiting period on your requirement to take lifetime required minimum distributions with respect to the contract. If you must begin taking lifetime required minimum distributions during the 10-year waiting period, you may want to consider taking the annual lifetime required minimum distribution calculated for the contract from another permissible contract or funding vehicle. If you withdraw the lifetime required minimum distribution from the contract, and the required minimum distribution is more than 6-1/2% (or 6%) of the reset benefit base, the withdrawal would cause a pro-rata reduction in the benefit base. Alternatively, resetting the benefit base to a larger amount would make it less likely that the required minimum distributions would exceed the 6-1/2% (or 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." Also, see "Required minimum distributions" under "Individual retirement arrangements (IRAs)" and "Tax-sheltered annuity contracts (TSAs)" in "Tax information", later in this Prospectus. If you elect both the "Greater of" enhanced death benefit and the Guaranteed minimum income benefit, the Roll-Up benefit bases for both 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 Contract features and benefits 35 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green and annuity payout options. The Guaranteed minimum income benefit is discussed under "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. We may provide more favorable current annuity purchase factors for the annuity payout options. GUARANTEED MINIMUM INCOME BENEFIT The Guaranteed minimum income benefit is available if the owner is age 20 through 75 at the time the contract is issued. Subject to state availability (see Appendix VII later in this Prospectus), you may elect one of the following: o The Guaranteed minimum income benefit that includes the 6-1/2% Roll-Up benefit base. o The Guaranteed minimum income benefit that includes the 6% Roll-Up benefit base. Both options include the ability to reset your Guaranteed minimum income benefit base on each contract date anniversary until the contract date anniversary following age 75. See "Guaranteed minimum income benefit and the Roll-Up benefit base reset" earlier in this section. If you elect the Guaranteed minimum income benefit with a "Greater of" death benefit, you can choose between one of the following two combinations: o the Greater of the 6-1/2% Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced death benefit with the Guaranteed minimum income benefit that includes the 6-1/2% Roll-Up benefit base, or o the Greater of the 6% Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced death benefit with the Guaranteed minimum income benefit that includes the 6% Roll-Up benefit base. If you elect the Guaranteed minimum income benefit without the Greater of the 6-1/2% (or 6%, if applicable) Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced death benefit, your investment options will be limited to the guaranteed interest option, the account for special money market dollar cost averaging and the permitted variable investment options. See "What are your investment options under the contract?" earlier in this section. 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. If you elect both the Guaranteed minimum income benefit and a "Greater of" enhanced death benefit, the Roll-Up rate you elect must be the same for both features. If you are purchasing the contract as an Inherited IRA, or if you elect a Principal guarantee benefit or the Guaranteed withdrawal benefit for life, the Guaranteed minimum income benefit is not available. For IRA and Rollover TSA contracts, owners over age 60 at contract issue should consider the impact of the minimum distributions required by tax law in relation to the withdrawal limitations under the Guaranteed minimum income benefit. See "How withdrawals affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Principal guarantee benefits" in "Accessing your money" later in this Prospectus. 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 -------------------------------------------------------- Owner's Period certain years age at exercise -------------------------------------------------------- 80 and younger 10 81 9 82 8 83 7 84 6 85 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, to guaranteed annuity purchase factors, or (ii) the income provided by applying your account value to our then current annuity purchase factors. For Rollover 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 If you elect monthly or quarterly payments, the aggregate payments you receive in a contract year will be less than what you would have received if you had elected an annual payment, as monthly and quarterly payments reflect the time value of money with regard to both interest and mortality. 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 36 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 (including its death benefit and any account or cash values) 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. 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 6-1/2% (or 6%, if applicable) 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. Upon exercise, your contract (including its death benefit and any account or cash values) will terminate. o You will have 30 days from when we notify you to change the payout option and/or the payment frequency. Please note that we will not automatically exercise the Guaranteed minimum income benefit, as described above, if you have a TSA contract and withdrawal restrictions apply. The no lapse guarantee will terminate under the following circumstances: o If your aggregate withdrawals during any contract year exceed 6-1/2% (or 6%, if applicable) 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); o Upon the contract date anniversary following the owner (or older joint owner, if applicable) reaching age 85. Please note that if you participate in our Automatic RMD service, 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 6-1/2% (or 6%, if applicable) of your Roll-Up benefit base at the beginning of the contract year. 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 Rollover TSA contracts, and assuming there were no allocations to the EQ/Money Market, 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 $10,065 15 $15,266 --------------------------------------------------------------
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 (or older joint owner) will become the annuitant, and the contract will be annuitized on the basis of the annuitant'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, then end of the period certain (where the payout option chosen includes a period certain). EXERCISE RULES. Eligibility to exercise the Guaranteed minimum income benefit is based on the owner's (or older joint owner's, if applicable) age as follows: o If you were at least age 20 and no older than age 44 when the contract was issued, you are eligible to exercise the Guaranteed minimum income benefit within 30 days following each contract date anniversary beginning with the 15th contract date anniversary. o If you were at least age 45 and no older than age 49 when the contract was issued, you are eligible to exercise the Guaranteed minimum income benefit within 30 days following each contract date anniversary after age 60. o If you were at least age 50 and no older than age 75 when the contract was issued, 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 Contract features and benefits 37 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 Accumulator(R) Select(SM) Rollover TSA contracts, you may exercise the Guaranteed minimum income benefit only if you effect a rollover of the TSA contract to an Accumulator(R) Select(SM) Rollover IRA. This may only occur when you are eligible for a distribution from the TSA. 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 reset or, if later, the earliest date you would have been permitted to exercise without regard to the reset. Please note that in almost all cases, 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 (or older joint annuitant's, if applicable) 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, Guaranteed minimum death benefit and Principal guarantee benefits" 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 standard 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 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 the standard death benefit, whichever provides the higher amount. The standard death benefit is equal to your total contributions, adjusted for withdrawals. The standard death benefit is the only death benefit available for owners (or older joint owners, if applicable) ages 81 through 85 at issue. Once your contract is issued, you may not change or voluntarily terminate your death benefit. 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. Any of enhanced death benefits (other than the Greater of 3% Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced death benefit) or the standard death benefit can be elected by themselves or with the Guaranteed minimum income benefit. Each enhanced death benefit has an additional charge. There is no additional charge for the standard death benefit. 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. See "Transfers of ownership, collateral assignments, loans and borrowing" in "More information," later in this Prospectus for more information. Subject to state availability (see Appendix VI later in this Prospectus for state availability of these benefits), your age at contract issue, and your contract type, you may elect one of the following enhanced death benefits: Optional enhanced death benefit applicable for owner (or older joint owner, if applicable) ages 0 through 75 at issue of NQ contracts; 20 through 75 at issue of Rollover IRA, Roth Conversion IRA, and Rollover TSA contracts; 0 through 70 at issue for Inherited IRA contracts. o Annual Ratchet to age 85 o The Greater of 6-1/2% Roll-Up to age 85 or Annual Ratchet to age 85 o The Greater of 6% Roll-Up to age 85 or Annual Ratchet to age 85 Optional enhanced death benefit applicable for owner (or older joint owner, if applicable) ages 76 through 80 at issue of NQ, Rollover IRA, Roth Conversion IRA, and Rollover TSA contracts. o The Greater of 3% Roll-Up to age 85 or Annual Ratchet to age 85 38 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green The Greater of 3% Roll-Up to age 85 or Annual Ratchet to age 85 is not available for Inherited IRA contracts. For contracts with non-natural owners, the available death benefits are based on the annuitant's age. 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. As discussed earlier in this Prospectus, you can elect a "Greater of" enhanced death benefit with a corresponding Guaranteed minimum income benefit. You can elect one of the following two combinations: o the Greater of 6-1/2% Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced death benefit with the Guaranteed minimum income benefit that includes the 6-1/2% Roll-Up benefit base, or o the Greater of 6% Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced death benefit with the Guaranteed minimum income benefit that includes the 6% Roll-Up benefit base. If you purchase a "Greater of" enhanced death benefit with the Guaranteed minimum income benefit, you will be eligible to reset your Roll-Up benefit base on each contract date anniversary until the contract date anniversary following age 75. If you purchase a "Greater of" enhanced death benefit without the Guaranteed minimum income benefit, no reset is available. See "Guaranteed minimum income benefit and the Roll-Up benefit base reset" earlier in this section. Please see both "Insufficient account value" in "Determining your contract value" and "How withdrawals affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Principal guarantee benefits" 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. EARNINGS ENHANCEMENT BENEFIT Subject to state and contract availability (see Appendix VI later in this Prospectus for state availability of these benefits), if you are purchasing a contract under which the Earnings enhancement benefit is available, you may elect the Earnings enhancement benefit at the time you purchase your contract, if the owner is age 75 or younger. The Earnings enhancement benefit provides an additional death benefit as described below. See the appropriate part of "Tax information" later in this Prospectus for the potential tax consequences of electing to purchase the Earnings enhancement benefit in an NQ, IRA or Rollover TSA contract. Once you purchase the Earnings enhancement benefit , you may not voluntarily terminate this feature. If you elect the Guaranteed withdrawal benefit for life the Earnings enhancement benefit is not available. If you elect the Earnings enhancement benefit option described below and change ownership of the contract, generally 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. If the owner (or older joint owner, if applicable) is 70 or younger when we issue your contract (or if the spouse beneficiary or younger spouse joint owner is 70 or younger when he or she becomes the successor owner and the Earnings enhancement benefit had been elected at issue), the additional death benefit will be 40% of: the greater of: o the account value or o any applicable death benefit decreased by: o total net contributions For purposes of calculating your Earnings enhancement benefit, the following applies: (i) "Net contributions" are the total contributions made (or, if applicable, the total amount that would otherwise have been paid as a death benefit had the spouse beneficiary or younger spouse joint owner not continued the contract plus any subsequent contributions) adjusted for each withdrawal that exceeds your Earnings enhancement benefit earnings. "Net contributions" are reduced by the amount of that excess. Earnings enhancement benefit earnings are equal to (a) minus (b) where (a) is the greater of the account value and the death benefit immediately prior to the withdrawal, and (b) is the net contributions as adjusted by any prior withdrawals; and (ii) "Death benefit" is equal to the greater of the account value as of the date we receive satisfactory proof of death or any applicable Guaranteed minimum death benefit as of the date of death. If the owner (or older joint owner, if applicable) is age 71 through 75 when we issue your contract (or if the spouse beneficiary or younger spouse joint owner is between the ages of 71 and 75 when he or she becomes the successor owner and the Earnings enhancement benefit had been elected at issue), the additional death benefit will be 25% of: the greater of: o the account value or o any applicable death benefit decreased by: o total net contributions The value of the Earnings enhancement benefit is frozen on the first contract date anniversary after the owner (or older joint owner, if applicable) turns age 80, except that the benefit will be reduced for withdrawals on a pro rata basis. Reduction on a pro rata basis means that we calculate the percentage of the current account value that is being withdrawn and we reduce the benefit by that percentage. For example, if the account value is $30,000 and you withdraw $12,000, you have withdrawn 40% of your account value. If the benefit is $40,000 before the withdrawal, it would be reduced by $16,000 ($40,000 x .40) and the benefit after the withdrawal would be $24,000 ($40,000 - $16,000). For an example of how the Earnings enhancement death benefit is calculated, please see Appendix V. For contracts continued under Spousal continuation, upon the death of the spouse (or older spouse, in the case of jointly owned contracts), the Contract features and benefits 39 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green account value will be increased by the value of the Earnings enhancement benefit as of the date we receive due proof of death. The benefit will then be based on the age of the surviving spouse as of the date of the deceased spouse's death for the remainder of the contract. If the surviving spouse is age 76 or older, the benefit will terminate and the charge will no longer be in effect. The spouse may also take the death benefit (increased by the Earnings enhancement benefit) in a lump sum. See "Spousal continuation" in "Payment of death benefit" later in this Prospectus for more information. The Earnings enhancement benefit must be elected when the contract is first issued: neither the owner nor the successor owner can add it subsequently. Ask your financial professional or see Appendix VI later in this Prospectus to see if this feature is available in your state 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"). GWBL is only available at issue. This benefit is not available at issue ages younger than 45. GWBL is not available if you have elected the Guaranteed minimum income benefit, the Earnings enhancement benefit or one of our Principal guarantee benefits, described later in this Prospectus. 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, the account for special money market dollar cost averaging and the permitted variable investment options. See "What are your investment options under the contract?" earlier in this section. 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. For Joint life contracts, a successor owner may be named at contract issue only. The successor owner must be the owner's spouse. 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. For NQ contracts, you have the option to designate the successor owner as a joint owner. For Joint life contracts owned by a non-natural owner, a joint annuitant may be named at contract issue only. The annuitant and joint annuitant must be spouses. If the annuitant and joint annuitant are no longer married, you may either: (i) drop the joint annuitant or (ii) replace the original joint annuitant with the annuitant's new spouse. This can only be done before the first withdrawal. After the first withdrawal, the joint annuitant may be dropped but cannot be replaced. If the joint annuitant is dropped after withdrawals begin, the charge continues based on a Joint life basis. Joint life TSA contracts are not permitted. This benefit is not available under an Inherited IRA contract. The charge for 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 not interested in taking withdrawals prior to the contract's maturity date; o You are using the contract to fund a Rollover TSA contract where withdrawal restrictions will apply; 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 Automatic RMD service. If you do not expect to comply 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 any subsequent contributions. o Your GWBL benefit base may be increased on each contract date anniversary, as described below under "Annual Ratchet" and "7% deferral bonus." o Your GWBL benefit base may be increased by the 200% Initial GWBL benefit base guarantee, as described later in this section. 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 younger owner or successor owner at the time of the first withdrawal. If your GWBL benefit base ratchets, 40 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green as described below in this section under "Annual ratchet," on any contract date 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 ----------------------------------------- 45-59 4.0% 60-75 5.0% 76-85 6.0% 86 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 with drawal 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 the 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 the contract as a traditional IRA or TSA and participate in our Automatic RMD service, 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 Rollover 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 date anniversary after you begin taking withdrawals, your Applicable percentage may increase 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 date anniversary. For a description of the charge increase, see "Guaranteed withdrawal benefit for life benefit charge" in "Charges and expenses" later in this Prospectus. 7% DEFERRAL BONUS At no additional charge, in each contract year in which you have not taken a withdrawal, we will increase your GWBL benefit base by an amount equal to 7% of your total contributions. This 7% deferral bonus is applicable for the life of the contract, subject to certain restrictions. We will apply the 7% deferral bonus to your GWBL benefit base on each contract date anniversary until you make a withdrawal from your contract. In a contract year following an Annual Ratchet (described above), the deferral bonus will be applied to your GWBL benefit base on each contract date anniversary until you make a withdrawal. However, no deferral bonus is applied on a contract date anniversary on which an Annual Ratchet occurs. Contract features and benefits 41 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Once you make a withdrawal, we will not apply the deferral bonus in future years unless you meet one of the exceptions that would allow you to continue to receive the deferral bonus. Those exceptions are described as follows: o You are eligible to receive the 7% deferral bonus for any of your first ten contract years that you have not taken a withdrawal, even if you had taken a withdrawal in a prior year. For example, if you take your first withdrawal in the second contract year, you are still eligible to receive the deferral bonus in contract years three through ten. The deferral bonus is not applied in the contract year in which a withdrawal was made. o You are eligible to receive the 7% deferral bonus to your GWBL Benefit Base on a contract date anniversary during the ten years following an Annual Ratchet, as long as no withdrawal is made in the same contract year. If a withdrawal is made during this ten-year period, no deferral bonus is applied in the contract year in which the withdrawal was made. If the Annual Ratchet occurs on any contract date anniversary, for the next and subsequent contract years, the deferral bonus will be 7% 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 7% deferral bonus will be calculated using the reset GWBL benefit base, plus any applicable contributions. The 7% 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 7% deferral 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 but, as this adjustment is the result of the 7% deferral bonus rather than the Annual Ratchet, a new ten-year period, as described above, is not started by this adjustment to the 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 7% deferral bonus will not apply. If you opt out of the Annual Ratchet (as discussed immediately above), the 7% deferral bonus will still apply. MATURITY DATE. The last deferral bonus will be applicable on the contract's maturity date. (See "Annuity maturity date" under "Accessing your money" later in this Prospectus.) 200% INITIAL GWBL BENEFIT BASE GUARANTEE If you have not taken a withdrawal from the contract before the later of (i) the tenth contract date anniversary, or (ii) the contract date anniversary following the owner's (or younger joint life's) attained age 70, the GWBL Benefit base will be increased to equal 200% of contributions made to the contract during the first 90 days, plus 100% of any subsequent contributions received after the first 90 days. There will be no increase if your GWBL benefit base already exceeds this initial GWBL Benefit base guarantee. This is the only time that this special increase to the GWBL Benefit base is available. However, you will continue to be eligible for the 7% deferral bonuses following this one-time increase. SUBSEQUENT CONTRIBUTIONS 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 an additional contribution, your GWBL benefit base will be increased by the 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 45-85, and (ii) the GWBL Enhanced death benefit, which is available for an additional charge for owner issue ages 45-75. Please see Appendix VI later in this Prospectus to see if these guaranteed death benefits are available in your state. 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 additional 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 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 7% deferral bonus, as described above in this section; o Your GWBL Enhanced death benefit base increases by the one-time 200% Initial GWBL Benefit base guarantee, if applicable; 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. The death benefit is equal to your account value (without adjustment for any otherwise applicable market value adjustment but adjusted for any pro rata optional benefit charges) 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. 42 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 Accumulator(R) Select(SM) contract terminates and you will receive a supplementary life annuity contract setting forth your continuing benefits. The owner of the Accumulator(R) Select(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 and joint annuitant, if applicable, will be the same as under your Accumulator(R) Select(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. o If you were taking withdrawals through the "Customized payment plan" or in unscheduled partial withdrawals, 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 is not appropriate if you do not intend to take withdrawals prior to annuitization. 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 if they are taken 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 the contract, you terminate the GWBL benefit. See "Transfers of ownership, collateral assignments, loans and borrowing" in "More information," later in this Prospectus for more information. o Withdrawals are available under other annuity contracts we offer and the 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. Any withdrawal made for the purpose of creating another contract for your ex-spouse will reduce the benefit base(s) as described in "How withdrawals affect your GWBL and GWBL Guaranteed minimum death benefit" later in this Prospectus, even if pursuant to a divorce decree. o The Federal Defense of Marriage Act precludes same-sex married couples, domestic partners, and civil union partners from being considered married under federal law. Such individuals, therefore, are not entitled to the favorable tax treatment accorded spouses under federal tax law. As a result, mandatory distributions from the contract must be made after the death of the first individual. Accordingly, the GWBL will have little or no value to the surviving same-gender spouse or partner. You should consult with your tax adviser for more information on this subject. PRINCIPAL GUARANTEE BENEFITS We offer two 10-year Principal guarantee benefits at an additional charge: the 100% Principal guarantee benefit and the 125% Principal guarantee benefit. You may only elect one Principal guarantee benefit ("PGB"). Contract features and benefits 43 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 100% PRINCIPAL GUARANTEE BENEFIT. The guaranteed amount under the 100% Principal guarantee benefit is equal to your initial contribution and additional permitted contributions, adjusted for withdrawals. Under the 100% Principal guarantee benefit, your investment options are limited to the guaranteed interest option, the account for special money market dollar cost averaging and the permitted variable investment options. See "What are your investment options under the contract?" earlier in this section. 125% PRINCIPAL GUARANTEE BENEFIT. The guaranteed amount under the 125% Principal guarantee benefit is equal to 125% of your initial contribution and additional permitted contributions, adjusted for withdrawals. Under the 125% Principal guarantee benefit, your investment options are limited to the guaranteed interest option, the account for special money market dollar cost averaging and the AXA Moderate Allocation Portfolio. Under both Principal guarantee benefits, if, on the 10th contract date anniversary (or later if you've exercised a reset as explained below) ("benefit maturity date"), your account value is less than the guaranteed amount, we will increase your account value to equal the applicable guaranteed amount. Any such additional amounts added to your account value will be allocated pursuant to the allocation instructions for additional contributions we have on file. After the benefit maturity date, the guarantee will terminate. You have the option to reset (within 30 days following each applicable contract date anniversary) the guaranteed amount to the account value or 125% of the account value, as applicable, as of your fifth and later contract date anniversaries. If you exercise this option, you are eligible for another reset on each fifth and later contract date anniversary after the last reset up to the contract date anniversary following an owner's 85th birthday. If you elect to reset the guaranteed amount, your benefit maturity date will be extended to be the 10th contract date anniversary after the anniversary on which you reset the guaranteed amount. This extension applies each time you reset the guaranteed amount. Neither PGB is available under Inherited IRA contracts. If you elect either PGB, you may not elect the Guaranteed minimum income benefit, the Guaranteed withdrawal benefit for life, the systematic withdrawals option or the substantially equal withdrawals options. If you purchase a PGB, you may not make additional contributions to your contract after six months from the contract issue date. If you are planning to take required minimum distributions from the contract, this benefit may not be appropriate. See "Tax information" later in this Prospectus. If you elect a PGB and change ownership of the contract, your PGB 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. Once you purchase a PGB, you may not voluntarily terminate this benefit. Your PGB will terminate if the contract terminates before the benefit maturity date, as defined below. If you die before the benefit maturity date and the contract continues, we will continue the PGB only if the contract can continue through the benefit maturity date. If the contract cannot so continue, we will terminate your PGB and the charge. See "Non-spousal joint owner contract continuation" in "Payment of death benefit" later in this Prospectus. The PGB will terminate upon the exercise of the beneficiary continuation option. See "Payment of death benefit" later in this Prospectus for more information about the continuation of the contract after the death of the owner and/or the annuitant. There is a charge for the Principal guarantee benefits (see "Charges and expenses" later in this Prospectus). You should note that the purchase of a PGB is not appropriate if you want to make additional contributions to your contract beyond the first six months after your contract is issued. The purchase of a PGB is also not appropriate if you plan on terminating your contract before the benefit maturity date. The purchase of a PGB may not be appropriate if you plan on taking withdrawals from your contract before the benefit maturity date. Withdrawals from your contract before the benefit maturity date reduce the guaranteed amount under a PGB on a pro rata basis. You should also note that if you intend to allocate a large percentage of your contributions to the guaranteed interest option, the purchase of a PGB may not be appropriate because of the guarantees already provided by this option at no additional charge. Please note that loans (applicable to TSA contracts only) are not permitted under either PGB. INHERITED IRA BENEFICIARY CONTINUATION CONTRACT There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for 2009" later in this Prospectus. We will make distributions for calendar year 2009 unless we receive, before we make the payment, a written request to suspend the 2009 distribution. The 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." The 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. The contract is not suitable for beneficiaries electing the "5-year rule." See "Beneficiary continuation option for IRA and Roth IRA contracts" under "Beneficiary continuation option" in "Payment of death benefit" later in this Prospectus. You should discuss with your tax adviser your own personal situation. The contract may not be available in all states. Please speak with your financial professional for further information. The Inherited IRA is also available to non-spousal beneficiaries of deceased plan participants in qualified plans, 403(b) plans and governmental employer 457(b) plans ("Applicable Plan(s)"). In this 44 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green discussion, unless otherwise indicated, references to "deceased owner" include "deceased plan participant"; references to "original IRA" include "the deceased plan participant's interest or benefit 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 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 You must receive payments from the contract even if you are receiving payments from another IRA of the deceased owner in an amount that would otherwise satisfy the amount required to be distributed from the contract. 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 owners over age 70. o The initial contribution must be a direct transfer from the deceased owner's original IRA and is subject to minimum contribution amounts. See "How you can purchase and contribute to your contract" earlier in this section. 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 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. o The Guaranteed minimum income benefit, Spousal continuation, special money market dollar cost averaging, automatic investment program, Principal guarantee benefits, the Guaranteed withdrawal benefit for life and systematic withdrawals are not available under the Inherited IRA beneficiary continuation contract. 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 single 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. If you had elected any enhanced death benefits, they will no longer be in effect and charges for such benefits will stop. The Guaranteed minimum death benefit will also no longer be in effect. 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, 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 VI to find out what applies in your state. Generally, your refund will be the same as any other surrender and you will receive your account value (less loan reserve account under TSA contracts) under the contract on the day we receive notification of your decision to cancel the contract, which will reflect (i) any investment gain or loss in the variable investment options (less the daily charges we deduct), (ii) any guaranteed interest in the guaranteed interest option, and (iii) any positive or negative market value adjustments in the fixed maturity options through the date we receive your contract. Some states, however, require that we refund the full amount of your contribution (not reflecting (i), (ii) or (iii) above). For any 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 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 45 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green If you fully convert an existing traditional IRA contract to a Roth Conversion IRA contract, you may cancel your Roth Conversion IRA contract and return to a Rollover IRA contract. Our processing office, or your financial professional, can provide you with the cancellation instructions. In addition to the cancellation right described above, you have the right to surrender your contract rather than cancel it. Please see "Surrendering your contract to receive its cash value," later in this Prospectus. Surrendering your contract may yield results different than canceling your contract, including a greater potential for taxable income. In some cases, your cash value upon surrender may be greater than your contributions to the contract. Please see "Tax information," later in this Prospectus. 46 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 Rollover 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 the annual administrative charge, as well as optional benefit charges; and (ii) the amount of any outstanding loan plus accrued interest (applicable to Rollover 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 additional contributions; (ii) increased to reflect additional contributions; (iii) decreased to reflect a withdrawal; (iv) increased to reflect a transfer into, or decreased to reflect a transfer out of, a variable investment option; or (v) increased or decreased to reflect a transfer of your loan amount from or to the loan reserve account under a Rollover TSA contract. In addition, when we deduct the enhanced death benefit, Guaranteed minimum income benefit, Principal guarantee benefits, Guaranteed withdrawal benefit for life and/or Earnings enhancement benefit charges, the number of units credited to your contract will be reduced. Your units are also reduced when we deduct the annual administrative charge. 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 VI 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. PRINCIPAL GUARANTEE BENEFITS. If you take no withdrawals, and your account value is insufficient to pay charges, we will not terminate your contract if you are participating in a PGB. Your contract will remain in force and we will pay your guaranteed amount at the benefit maturity date. GUARANTEED WITHDRAWAL BENEFIT FOR LIFE. If you elect the Guaranteed withdrawal benefit for life and your account value falls to zero due to an 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 Determining your contract's value 47 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green value falls to zero, either due to a withdrawal or surrender that is not an Excess withdrawal or due to a deduction of charges, the benefit will still have value. See "Contract features and benefits" earlier in this Prospectus. 48 Determining your contract's value To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 may not transfer to a fixed maturity option that has a rate to maturity of 3%. o You may not transfer any amount to the account for special money market dollar cost averaging. o If an owner or annuitant is age 76-80, you must limit your transfers to fixed maturity options with maturities of seven years or less. If an owner or annuitant is age 81 or older, you must limit your transfers to fixed maturity options of five years or less. Also, the maturity dates may be no 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 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 into and 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 "Allocating your contributions" in "Contract features and benefits" earlier in this Prospectus) 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 Online Account Access. 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 Transferring your money among investment options 49 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 (together, the "trusts"). The trusts have adopted policies and procedures regarding disruptive transfer activity. They discourage frequent purchases and redemptions of portfolio shares and will not make special arrangements to accommodate such transactions. They aggregate inflows and outflows for each portfolio on a daily basis. On any day when a portfolio's net inflows or outflows exceed an established monitoring threshold, the trust obtains from us contract owner trading activity. The trusts currently consider transfers into and out of (or vice versa) the same variable investment option within a five business day period as potentially disruptive transfer activity. Each trust reserves the right to reject a transfer that it believes, in its sole discretion, is disruptive (or potentially disruptive) to the management of one of its portfolios. Please see the prospectuses for the trusts for more information. When a contract is identified in connection with potentially disruptive transfer activity 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, the trusts had not implemented such a fee. If a redemption fee is implemented by a trust, that fee, like any other trust fee, will be borne by the 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. REBALANCING YOUR ACCOUNT VALUE We currently offer two rebalancing programs that you can use to automatically reallocate your account value among your investment options. Option I allows you to rebalance your account value among the variable investment options. Option II allows you to rebalance among the variable investment options and the guaranteed interest option. Under both options, rebalancing is not available for amounts you have allocated to the fixed maturity options. To enroll in one of our rebalancing programs, you must notify us in writing or through Online Account Access and tell us: (a) the percentage you want invested in each investment option (whole percentages only), and (b) how often you want the rebalancing to occur (quarterly, semi-annually, or annually on a contract year basis) Rebalancing will occur on the same day of the month as the contract date. If a contract is established after the 28th, rebalancing will occur on the first business day of the month following the contract issue date. You may elect or terminate the rebalancing program at any time. You may also change your allocations under the program at any time. Once enrolled in the rebalancing program, it will remain in effect until you instruct us in writing to terminate the program. Requesting an investment option transfer while enrolled in our rebalancing program will not automatically change your allocation instructions for rebalancing your account value. This means that upon the next scheduled rebalancing, we will transfer amounts among your investment options pursuant to the allocation instructions previously on file for your program. Changes to your allocation instructions for the rebalancing program (or termination of your enrollment in the program) must be in writing and sent to our Processing Office. Termination requests can be made online through Online Account Access or by calling our TOPS system toll free. See "How to reach us" in "Who is AXA Equitable?" earlier in this Prospectus. There is no charge for the rebalancing feature. -------------------------------------------------------------------------------- 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. -------------------------------------------------------------------------------- While your rebalancing program is in effect, we will transfer amounts among the investment options so that the percentage of your account value that you specify is invested in each option at the end of each rebalancing date. 50 Transferring your money among investment options To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green If you select Option II, you will be subject to our rules regarding transfers from the guaranteed interest option to the variable investment options. These rules are described in "Transferring your account value" earlier in this section. Under Option II, a transfer into or out of the guaranteed interest option to initiate the rebalancing program will not be permitted if such transfer would violate these rules. If this occurs, the rebalancing program will not go into effect. You may not elect Option II if you are participating in any dollar cost averaging program. You may not elect Option I if you are participating in special money market dollar cost averaging or general dollar cost averaging. If you elect a benefit that limits your variable investment options, those limitations will also apply to the rebalancing programs. Transferring your money among investment options 51 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. Please see "Insufficient account value" in "Determining your contract value" earlier in this Prospectus and "How withdrawals affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Principal guarantee benefits" 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.
-------------------------------------------------------------------------------- Method of withdrawal --------------------------------------------- Automatic Pre-age Lifetime payment 59-1/2 required plans sub- minimum (GWBL System- stantially distribu- Contract only) Partial atic equal tion -------------------------------------------------------------------------------- NQ Yes Yes Yes No No -------------------------------------------------------------------------------- Rollover IRA Yes Yes Yes Yes Yes -------------------------------------------------------------------------------- Roth Conversion IRA Yes Yes Yes Yes No -------------------------------------------------------------------------------- Rollover TSA* Yes Yes Yes No Yes -------------------------------------------------------------------------------- Inherited IRA No Yes No No ** --------------------------------------------------------------------------------
* Employer or plan approval required for all transactions. Your ability to take with drawals or loans from, or surrender your TSA contract may be limited. See "Tax Sheltered Annuity contracts (TSAs)" in "Tax information" later in this Prospectus. ** The contract pays out post-death required minimum distributions. See "Inherited beneficiary contract" in "Contract, features and benefits" earlier in this Prospectus. 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 date anniversaries with any Annual Ratchet, 7% deferral bonus or by the one-time 200% Initial GWBL Benefit base guarantee. 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 any Annual Ratchet, 7% deferral bonus or by the one-time 200% Initial GWBL Benefit base guarantee. 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 the 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. PARTIAL WITHDRAWALS (All contracts) You may take partial withdrawals from your account value at any time. (Rollover TSA contracts may have restrictions and employer or plan approval is required.) The minimum amount you may withdraw is $300. Under Rollover TSA contracts, if a loan is outstanding, you may only take partial withdrawals as long as the cash value remaining after any withdrawal equals at least 10% of the outstanding loan plus accrued interest. 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 Inherited IRAs) You may take systematic withdrawals of a particular dollar amount or a particular percentage of your account value. (Rollover TSA contracts may have restrictions and employer or plan approval is required). 52 Accessing your money To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green You may take systematic withdrawals on a monthly, quarterly or annual basis as long as the withdrawals do not exceed the following percentages of your account value: 0.8% monthly, 2.4% quarterly and 10.0% annually. The minimum amount you may take in each systematic withdrawal is $250. If the amount withdrawn would be less than $250 on the date a withdrawal is to be taken, we will not make a payment and we will terminate your systematic withdrawal election. 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, we will make the withdrawals on the same calendar day of the month as the contract date. You must wait at least 28 days after your contract is issued before your systematic withdrawals can begin. 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. You may change the payment frequency, or the amount or percentage of your systematic withdrawals, once each contract year. However, you may not change the amount or percentage in any contract year in which you have already taken a partial withdrawal. You can cancel the systematic withdrawal option at any time. Systematic withdrawals are not available if you have elected a Principal guarantee benefit or the Guaranteed withdrawal benefit for life. SUBSTANTIALLY EQUAL WITHDRAWALS (All Rollover IRA and Roth Conversion IRA contracts) We offer our "substantially equal withdrawals option" to allow you to receive distributions from your account value without triggering the 10% additional federal income tax penalty, which normally applies to distributions made before age 59-1/2. See "Tax information" later in this Prospectus. We use one of the IRS-approved methods for doing this; this is not the exclusive method of meeting this exception. After consultation with your tax adviser, you may decide to use another method which would require you to compute amounts yourself and request partial withdrawals. Once you begin to take substantially equal withdrawals, you should not (i) stop them; (ii) change the pattern of your withdrawals for example, by taking an additional partial withdrawal; or (iii) contribute any more to the contract until after the later of age 59-1/2 or five full years after the first withdrawal. If you alter the pattern of withdrawals, you may be liable for the 10% federal tax penalty that would have otherwise been due on prior withdrawals made under this option and for any interest on the delayed payment of the penalty. In accordance with IRS guidance, an individual who has elected to receive substantially equal withdrawals may make a one time change, without penalty, from one of the IRS-approved methods of calculating fixed payments to another IRS-approved method (similar to the required minimum distribution rules) of calculating payments which vary each year. You may elect to take substantially equal withdrawals at any time before age 59-1/2. 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. We will calculate the amount of your substantially equal withdrawals using the IRS-approved method we offer. The payments will be made monthly, quarterly or annually as you select. These payments will continue until (i) we receive written notice from you to cancel this option; (ii) you take an additional partial withdrawal; or (iii) you contribute any more to the contract. You may elect to start receiving substantially equal withdrawals again, but the payments may not restart in the same calendar year in which you took a partial withdrawal or added amounts to the contract. We will calculate the new withdrawal amount. The substantially equal withdrawal program is not available if you have elected a Principal guarantee benefit or the Guaranteed withdrawal benefit for life. LIFETIME REQUIRED MINIMUM DISTRIBUTION WITHDRAWALS (Rollover IRA and Rollover TSA contracts only -- See "Tax information" later in this Prospectus) There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for 2009" later in this Prospectus. We will make distributions for calendar year 2009 unless we receive, before we make the payment, a written request to suspend the 2009 distribution. We offer our "automatic required minimum distribution (RMD) service" 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 or Guaranteed minimum income benefit, amounts withdrawn from the contract to meet RMDs 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 service in the year in which you reach age 70-1/2 or in any later year. The minimum amount we will pay out is $250. 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. -------------------------------------------------------------------------------- For Rollover IRA and Rollover 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). -------------------------------------------------------------------------------- Under Rollover TSA contracts, you may not elect our automatic RMD service if a loan is outstanding. FOR CONTRACTS WITH GWBL. Generally, if you elect our automatic RMD service, any lifetime required minimum distribution payment we make to you under our automatic RMD service will not be treated as an Excess withdrawal. If you elect either the Maximum payment plan or the Customized payment plan AND our Automatic RMD service, we will make an extra Accessing your money 53 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green payment, if necessary, on December 1st 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. Also, 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 date 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 Automatic RMD service and elect to take your Guaranteed annual withdrawal amount in partial withdrawals without electing one of our available automatic payment plans, we will make a payment, if necessary, on December 1st that will equal your required minimum distribution less all withdrawals made through November 30th. If prior to December 1st you make a partial withdrawal that exceeds your Guaranteed annual withdrawal amount, but not your RMD amount, that partial withdrawal will be treated as an Excess withdrawal, as well as any subsequent partial withdrawals made during the same contract year. However, if by December 1st your withdrawals have not exceeded your RMD amount, the RMD payment we make to you will not be treated as an Excess withdrawal. FOR CONTRACTS WITH THE GUARANTEED MINIMUM INCOME BENEFIT. The no lapse guarantee will not be terminated if a required minimum distribution payment using our automatic RMD service causes your cumulative withdrawals in the contract year to exceed 6-1/2% (or 6%, if applicable) 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 tax-qualified contracts (IRA and TSA) 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. HOW WITHDRAWALS AFFECT YOUR GUARANTEED MINIMUM INCOME BENEFIT, GUARANTEED MINIMUM DEATH BENEFIT AND PRINCIPAL GUARANTEE BENEFITS In general, withdrawals (including RMDs) 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 6-1/2% (or 6% or 3%, as applicable) Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced death benefit, withdrawals will reduce each of the benefits' 6-1/2% (or 6% or 3%, as applicable) 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 6-1/2% (or 6% or 3%, as applicable) or less of the 6-1/2% (or 6% or 3%, as applicable) 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 6-1/2% (or 6% or 3%, as applicable) of the benefit base on the most recent anniversary, that entire withdrawal (including RMDs) 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 6-1/2% (or 6% or 3%, as applicable) 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 is reduced by any withdrawal on a pro rata basis. Your GWBL Enhanced death benefit base is reduced on a dollar-for-dollar basis by any withdrawal up to the Guaranteed annual withdrawal amount. Once a withdrawal causes cumulative withdrawals in a contract year to exceed your Guaranteed annual withdrawal 54 Accessing your money To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green amount, your GWBL Enhanced death benefit base will be 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. 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 the contract if no contributions are made during the last three completed contract years, and 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 an 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 an Excess withdrawal. In other words, if you take an 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 ROLLOVER TSA CONTRACTS Loans under a Rollover TSA contract are not permitted without employer or plan approval. We will not permit you to take a loan or have a loan outstanding while you are enrolled in our "automatic required minimum distribution (RMD) service" or if you elect the GWBL option or a PGB. Loans are subject to federal income tax limits and are also subject to the limits of the plan. The loan rules under ERISA may apply to plans not sponsored by a governmental employer. Federal income tax rules apply to all plans, even if the plan is not subject to ERISA. A loan will not be treated as a taxable distribution unless: o It exceeds limits of federal income tax rules; o Interest and principal are not paid when due; or o In some instances, service with the employer terminates. Taking a loan in excess of the Internal Revenue Code limits may result in adverse tax consequences. Before we make a loan, you must properly complete and sign a loan request form. Loan processing may not be completed until we receive all information and approvals required to process the loan at our processing office. We will permit you to have only one loan outstanding at a time. The minimum loan amount is $1,000. The maximum amount is $50,000 or, if less, 50% of your account value, subject to any limits under the federal income tax rules. The term of a loan is five years. However, if you use the loan to acquire your primary residence, the term is 10 years. The term may not extend beyond the earliest of: (1) the date annuity payments begin, (2) the date the contract terminates, and (3) the date a death benefit is paid (the outstanding loan, including any accrued but unpaid loan interest, will be deducted from the death benefit amount). A loan request under your Rollover 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. Interest will accrue daily on your outstanding loan at a rate we set. The loan interest rate will be equal to the Moody's Corporate Bond Yield Averages for Baa bonds for the calendar month ending two months before the first day of the calendar quarter in which the rate is determined. Please see Appendix VI later in this Prospectus for any state rules that may affect loans from a TSA contract. Also, see "Tax information" later in this Prospectus for general rules applicable to loans. Tax consequences for 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. LOAN RESERVE ACCOUNT. On the date your loan is processed, we will transfer the amount of your loan to the "loan reserve account." Unless you specify otherwise, we will subtract your loan on a pro rata basis from your value in the variable investment options and the guaranteed interest option. If those amounts are insufficient, any additional amount of the loan will be subtracted from the fixed maturity options in the order of the earliest maturity date(s) first. A market value adjustment may apply. If such fixed maturity amounts are insufficient, we will deduct all or a portion of the loan from the account for special money market dollar cost averaging. For the period of time your loan is outstanding, the loan reserve account rate we will credit will equal the loan interest rate minus a maximum rate of 2%. When you make a loan repayment, unless you specify otherwise, we will transfer the dollar amount of the loan repaid and the amount of interest earned from the loan reserve account to the investment options according to the allocation percentages we have on our records. 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. (Rollover TSA contracts may have restrictions and employer Accessing your money 55 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green or plan approval is required.) 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 6-1/2% (or 6%, if applicable) 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) the SEC determines that an emergency exists as the result of which sales of securities or determination of the fair value of a variable investment option's assets is not reasonably practicable, or (3) the SEC, by order, permits us to defer payment to protect people remaining in the variable investment options. 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. We also may defer payments for a reasonable amount of time (not to exceed 10 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 and wire transfer service at your expense. YOUR ANNUITY PAYOUT OPTIONS Deferred annuity contracts such as Accumulator(R) Select(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 Accumulator(R) Select(SM) contract and 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 Accumulator(R) Select(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. We have the right to require you to provide any information we deem necessary to provide an annuity payout option. If an annuity payout is later found to be based on incorrect information, it will be adjusted on the basis of the correct information. Your Accumulator(R) Select(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. We reserve the right, with advance notice to you, to change your annuity purchase factor any time after your fifth contract date anniversary and at not less than five year intervals after the first change. (Please see your contract and SAI for more information.) 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 VI later in this Prospectus for variations that may apply in your state. 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 before the maturity date, 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 Life annuity with period certain ---------------------------------------------------------------------- Income Manager(R) payout options Life annuity with period certain (available for owners and annu- Period certain annuity itants age 83 or less at contract issue) ----------------------------------------------------------------------
56 Accessing your money To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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(R) PAYOUT OPTIONS The Income Manager(R) 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(R) payout annuity contract. You may request an illustration of the Income Manager(R) payout annuity contract from your financial professional. Income Manager(R) payout options are described in a separate prospectus that is available from your financial professional. Before you select an Income Manager(R) payout option, you should read the prospectus which contains important information that you should know. Both NQ and IRA Income Manager(R) payout options provide guaranteed level payments. The Income Manager(R) (life annuity with period certain) also provides guaranteed increasing payments (NQ contracts only). For Rollover TSA contracts, if you want to elect an Income Manager(R) payout option, we will first roll over amounts in such contract to a Rollover IRA contract with the plan participant as owner. You must be eligible for a distribution under the Rollover TSA contract. You may choose to apply only part of the account value of your Accumulator(R) Select(SM) contract to an Income Manager(R) payout annuity. In this case, we will consider any amounts applied as a withdrawal from your Accumulator(R) Select(SM). For the tax consequences of withdrawals, see "Tax information" later in this Prospectus. The Income Manager(R) 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. 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 Accumulator(R) Select(SM) contract date. Please see Appendix VI later in this Prospectus for information on state variations. Except with respect to the Income Manager(R) 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 Accessing your money 57 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green factors, discussed earlier. The amount of each annuity payment will be less with a greater frequency of payments, or with a longer duration of a non-life contingent annuity or a longer 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(R) payout option is chosen. ANNUITY MATURITY DATE Your contract has a maturity date by which you must either take a lump sum payment or select an annuity payout option. The maturity date is based on the age of the original annuitant at contract issue and cannot be changed other than in conformance with applicable law even if you name a new annuitant. For contracts with joint annuitants, the maturity age is based on the older annuitant. The maturity date is generally the contract date anniversary that follows the annuitant's 95th birthday. We will send a notice with the contract statement one year prior to the maturity date. If you do not respond to the notice within the 30 days following the maturity date, your contract will be annuitized automatically. 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 the Guaranteed annual withdrawal amount that you would have received under the Guaranteed withdrawal benefit for life. At annuitization, you will no longer be able to take withdrawals in addition to the payments under this annuity payout option. You may be eligible to elect an alternate annuity payout option. If you are eligible and elect this option, beginning as of the maturity date and for each subsequent year, the annuity payout will be the higher of two amounts that are calculated as of each contract date anniversary. The annuity payout will be the higher of: (1) the Guaranteed annual withdrawal amount and (2) the amount that the contract owner would have received if the annuity account value had been applied to a life annuity without a period certain, using either (a) the guaranteed annuity rates specified in your contract, or (b) the applicable current individual annuity rates as of the contract date anniversary, applying the rate that provides a greater benefit to the payee. The resulting periodic payments are distributed while the owner (and if applicable, while any joint owner or successor owner) is living. Each Guaranteed withdrawal benefit for life Maturity date annuity payment will reduce the minimum death benefit pro rata. When the Guaranteed withdrawal benefit for life Maturity date annuity payments begin, you will not be permitted to make any additional withdrawals. You may, however, surrender the contract at any time on or after the maturity date to receive the contract's remaining cash value. As described in "Contract features and benefits" under "Guaranteed withdrawal benefit for life ("GWBL")," 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 an 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 it is based on the value of the enhanced death benefit, or it will be reduced pro rata by each payment, if it is based on the value of the standard death benefit. If you die while there is any minimum death benefit remaining, it will be paid to your beneficiary. Please see Appendix VI later in this Prospectus for variations that may apply in your state. 58 Accessing your money To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 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 -- an annual administrative charge, if applicable. 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; the Guaranteed withdrawal benefit for life; and the Earnings enhancement benefit. o On any contract date anniversary on which you are participating in a PGB -- a charge for a PGB. 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" later in this section. 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 contracts. 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. SEPARATE ACCOUNT ANNUAL EXPENSES 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 guaranteed minimum death benefit. The daily charge is equivalent to an annual rate of 1.10% 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 0.25% 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 0.35% of the net assets in each variable investment option. ANNUAL ADMINISTRATIVE CHARGE We deduct an administrative charge from your account value on each contract date anniversary. We deduct the charge if your account value on the last business day of the contract year is less than $50,000. If your account value on such date is $50,000 or more, we do not deduct the charge. During the first two contract years, the charge is equal to $30 or, if less, 2% of your account value. The charge is $30 for contract years three and later. We will deduct this charge from your value in the variable investment options and the guaranteed interest option (see Appendix VI 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 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 such fixed maturity amounts are still insufficient, we will deduct all or a portion of this charge from the account for special money market dollar cost averaging. If the contract is surrendered or annuitized or a death benefit is paid on a date 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. Charges and expenses 59 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 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 6-1/2% 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 0.80% of the greater of the 6-1/2% Roll-Up to age 85 or the Annual Ratchet to age 85 benefit base. If you opt to reset your Roll-Up benefit base on any contract date anniversary, if applicable, we reserve the right to increase the charge for this enhanced death benefit up to a maximum of 0.95% of the applicable benefit base. You will be notified of the increased charge at the time we notify you of your eligibility to reset. The increased charge, if any, will apply as of the next contract date anniversary following the reset and on all contract date anniversaries thereafter. 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 0.65% of the greater of the 6% Roll-Up to age 85 or the Annual Ratchet to age 85 benefit base. If you opt to reset your Roll-Up benefit base on any contract date anniversary, if applicable, we reserve the right to increase the charge for this enhanced death benefit up to a maximum of 0.80% of the applicable benefit base. You will be notified of the increased charge at the time we notify you of your eligibility to reset. The increased charge, if any, will apply as of the next contract date anniversary following the reset and on all contract date anniversaries thereafter. GREATER OF 3% 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 0.65% of the greater of the 3% 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. WHEN WE DEDUCT THESE CHARGES. We will deduct these charges from your value in the variable investment options (or, if applicable, the permitted variable investment options) and the guaranteed interest option on a pro rata basis (see Appendix VI later in this Prospectus to see if deducting these charges from the guaranteed interest option is permitted in your state). If those amounts are still insufficient, we will deduct all or a portion of these charges from the fixed maturity options (if applicable) in the order of the earliest maturity date(s) first. A market value adjustment will apply to deductions from the fixed maturity options. If such fixed maturity amounts are still insufficient, we will deduct all or a portion of these charges from the account for special money market dollar cost averaging. If the contract is surrendered or annuitized or a death benefit is paid on a date other than a contract date anniversary, we will deduct a pro rata portion of these charges for that year. If your account value is insufficient to pay these charges, 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. PRINCIPAL GUARANTEE BENEFITS CHARGE If you purchase a PGB, we deduct a charge annually from your account value on each contract date anniversary on which you are participating in a PGB. The charge is equal to 0.50% of the account value for the 100% Principal guarantee benefit and 0.75% of the account value for the 125% Principal guarantee benefit. We will continue to deduct the charge until your benefit maturity date. We will deduct this charge from your value in the permitted variable investment options and the guaranteed interest option (see Appendix VI 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 such amounts are still insufficient, we will deduct all or a portion of this charge from the account for special money market dollar cost averaging. If the contract is surrendered or annuitized or a death benefit is paid on a date other than a contract date anniversary, we will deduct a pro rata portion of the charge for that year. 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 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 (or older joint owner, if applicable) reaches age 85, whichever occurs first. If you elect the Guaranteed minimum income benefit that includes the 6-1/2% Roll-Up benefit base, the charge is equal to 0.80% of the applicable benefit base on the contract date anniversary. If you elect the Guaranteed minimum income benefit that includes the 6% Roll-Up benefit base, the charge is equal to 0.65% of the applicable benefit base. If you opt to reset your Roll-Up benefit base on any contract date anniversary, we reserve the right to increase the charge for this benefit up to a maximum of 1.10% for the benefit that includes the 6-1/2% Roll-Up benefit base or 0.95% for the benefit that includes the 6% Roll-Up benefit base. You will be notified of the increased charge at 60 Charges and expenses To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green the time we notify you of your eligibility to reset. The increased charge, if any, will apply as of the next contract date anniversary following the reset and on all contract date anniversaries thereafter. We will deduct this charge from your value in the variable investment options and the guaranteed interest option on a pro rata basis (see Appendix VI later in this Prospectus to see if deducting this charge from the guaranteed interest option is permitted in your state). 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. A market value adjustment will apply to deductions from the fixed maturity options. If such fixed maturity amounts are still insufficient, we will deduct all or a portion of this charge from the account for special money market dollar cost averaging. If the contract is surrendered or annuitized or a death benefit is paid on a date other than a contract date anniversary, we will deduct a pro rata portion of the charge for that year. 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. EARNINGS ENHANCEMENT BENEFIT CHARGE If you elect the Earnings enhancement 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 0.35% of the account value on each contract date anniversary. 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 in the order of the earliest maturity date(s) first. If such fixed maturity amounts are still insufficient, we will deduct all or a portion of this charge from the account for special money market dollar cost averaging. If the contract is surrendered or annuitized or a death benefit is paid on a date 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 date anniversary. If you elect the Single Life option, the charge is equal to 0.65%. If you elect the Joint Life option, the charge is equal to 0.80%. We will deduct this charge from your value in the permitted variable investment options and the guaranteed interest option on a pro rata basis. (See Appendix VI later in this Prospectus to see if deducting this charge from the guaranteed interest option is permitted in your state.) If such amounts are still insufficient, we will deduct all or a portion of this charge from the account for special money market dollar cost averaging. If the contract is surrendered or annuitized or a death benefit is paid on a date 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 0.80%. The maximum charge for the Joint Life option is 0.95%. 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 or joint annuitant 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 or joint annuitant is dropped after withdrawals begin, the charge will continue based on a Joint life. 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 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 0.05% to 1.40%. o 12b-1 fees of 0.25%. 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 other 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. Charges and expenses 61 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 Rollover IRA and Roth Conversion 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 ("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. 62 Charges and expenses To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 as of the date the written request is executed, whether or not you are living on the date 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. Under a contract with a non-natural owner that has joint annuitants, the surviving annuitant 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 Rollover TSA contract. Where an NQ contract is owned for the benefit of a minor pursuant to the Uniform Gift to Minors Act or the Uniform Transfers to Minors Act, the beneficiary must be the estate of the minor. Where an IRA contract is owned in a custodial individual retirement account, the custodian must be the beneficiary. 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. In either case, the death benefit is increased by any amount applicable under the Earnings enhancement benefit. We determine the amount of the death benefit (other than the applicable Guaranteed minimum death benefit) and any amount applicable under the Earnings enhancement 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 Rollover 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. Payment of the death benefit terminates the contract. -------------------------------------------------------------------------------- When we use the terms owner and joint owner, we intend these to be references to annuitant and joint annuitant, respectively, if the contract has a non-natural owner. If the contract is jointly owned or is issued to a non- natural owner and the GWBL has not been elected, the death benefit is payable upon the death of the older joint owner or older joint annuitant, as applicable. Under contracts with GWBL, the terms Owner and Successor Owner are intended to be references to Annuitant and Joint Annuitant, respectively, if the contract has a non-natural owner. -------------------------------------------------------------------------------- Subject to applicable laws and regulations, you may impose restrictions on the timing and manner of the payment of the death benefit to your beneficiary. For example, your beneficiary designation may specify the form of death benefit payout (such as a life annuity), provided the payout you elect is one that we offer both at the time of designation and when the death benefit is payable. In general, the beneficiary will have no right to change the election. You should be aware that (i) in accordance with current federal income tax rules, we apply a predetermined death benefit annuity payout election only if payment of the death benefit amount begins within one year following the date of death, which payment may not occur if the beneficiary has failed to provide all required information before the end of that period, (ii) we will not apply the predetermined death benefit payout election if doing so would violate any federal income tax rules or any other applicable law, and (iii) a beneficiary or a successor owner who continues the contract under one of the continuation options described below will have the right to change your annuity payout election. 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. If the contract had joint annuitants, it will become a single annuitant contract. EFFECT OF THE OWNER'S DEATH In general, if the owner dies while the contract is in force, the contract terminates and the applicable death benefit is paid. If the contract is jointly owned, the death benefit is payable upon the death of the older owner. For 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 contracts with spouses who are joint owners, the surviving spouse will automatically be able to continue the contract under the "Spousal continuation" feature or under our Beneficiary continuation option, as discussed below. For 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 under "Spousal continuation" or under our Beneficiary continuation option, as discussed below. If the surviving joint owner is not the surviving spouse, or, for single owner contracts, if the beneficiary 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 ben- Payment of death benefit 63 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green eficiary 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. If a PGB election is in effect upon your death with a benefit maturity date of less than five years from the date of death, it will remain in effect. For more information on non-spousal joint owner contract continuation, see the section immediately below. NON-SPOUSAL JOINT OWNER CONTRACT CONTINUATION 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, and by the value of the Earnings enhancement benefit. 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 additional 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 and the Earnings enhancement 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 additional contributions will be permitted. Upon the death of either owner, if the surviving owner elects the 5-year rule and a PGB was in effect upon the owner's death with a maturity date of more than five years from the date of death, we will terminate the benefit and the charge. SPOUSAL CONTINUATION If you are the contract owner and your spouse is the sole primary beneficiary or you jointly own the contract with your younger spouse or if the contract owner is a non-natural person and you and your younger spouse are joint annuitants, 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. The determination of spousal status is made under applicable state law. However, in the event of a conflict between federal and state law, we follow federal rules. Upon your death, 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, continue the contract under our Beneficiary continuation option (as discussed below in this section) 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, plus any amount applicable under the Earnings enhancement benefit, 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: -- If you elected either the Annual Ratchet to age 85 or the Greater of 6-1/2% (or 6%) Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit, and if your surviving spouse is age 75 or younger on the date of your death, and you were age 84 or younger at death, the enhanced death benefit continues and will continue to grow according to its terms until the contract date anniversary following the date the surviving spouse reaches age 85. If 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. -- If you elected the Greater of 3% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit, and your surviving spouse is age 80 or younger at the date of your death, and you were age 84 or younger at death, the enhanced death benefit continues and will grow according to its terms until the contract date anniversary following the surviving spouse's 85th birthday. If you were age 85 or older at death, we will reinstate the enhanced death benefit you elected. The benefit base (which had been previously frozen at age 85) will now continue to grow according to its terms until the contract date anniversary following the surviving spouse's 85th birthday. If your spouse is younger than age 75, before electing to continue the contract, your spouse should consider that he or she could purchase a new contract and elect the Greater of 6% (as opposed to 3%) Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit at the same cost. He or she could also purchase a contract with a "Greater of 6-1/2%" enhanced death benefit at an additional cost. -- If you elected either the Annual Ratchet to age 85 or the Greater of the 6-1/2% (or 6%) Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit and your surviving spouse is age 76 or older on the date of your death, the Guaranteed minimum death benefit and charge will be discontinued. If you elected the Greater of the 3% Roll-Up to 64 Payment of death benefit To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green age 85 or the Annual Ratchet to age 85 enhanced death benefit and your surviving spouse is 81 or older, the Guaranteed minimum death benefit and charge will be discontinued. -- If the Guaranteed minimum death benefit continues, 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. -- 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 base as of the date of your death (less subsequent withdrawals), and pay it upon your spouse's death. o The Earnings enhancement benefit will be based on the surviving spouse's age at the date of the deceased spouse's death for the remainder of the life of the contract. If the benefit had been previously frozen because the older spouse had attained age 80, it will be reinstated if the surviving spouse is age 75 or younger. The benefit is then frozen on the contract date anniversary after the surviving spouse reaches age 80. If the surviving spouse is age 76 or older, the benefit and charge will be discontinued. o If elected, PGB continues and is based on the same benefit maturity date and guaranteed amount that was guaranteed. 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 the Guaranteed withdrawal benefit for life 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 additional contributions will be permitted. If you elect the Guaranteed withdrawal benefit for life 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. If the deceased spouse was a joint annuitant, the contract will become a single annuitant contract. 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. Where an IRA contract is owned in a custodial individual retirement account, and your spouse is the sole beneficiary of the account, the custodian may request that the spouse be substituted as annuitant after your death. 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, the Earnings enhancement 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. If the deceased spouse was a joint annuitant, the contract will become a single annuitant contract. o If a PGB had been elected, the benefit continues and is based on the same benefit maturity date and guaranteed amount. o If you elect the Guaranteed withdrawal benefit for life, the benefit and charge will remain in effect and no death benefit is payable until the death of the surviving spouse. 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 with the deceased contract owner's name on it 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, subject to state availability. Please speak with your financial professional or see Appendix VI later in this Prospectus for further information. Where an IRA contract is owned in a custodial individual retirement account, the custodian may reinvest the death benefit in an individual retirement annuity contract, using the account beneficiary as the annuitant. Please speak with your financial professional 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, plus any amount applicable under the Earnings enhancement benefit, 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 contracts only, 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 65 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for 2009" later in this Prospectus. We will make distributions for calendar year 2009 unless we receive, before we make the payment, a written request to suspend the 2009 distribution. Under the beneficiary continuation option for IRA and Roth IRA contracts: o The contract continues with your name on it 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 additional contributions will be permitted. o If you had elected the Guaranteed minimum income benefit, an optional enhanced death benefit, a PGB, the Guaranteed withdrawal benefit for life 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 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 with your name on it 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 If you had elected the Guaranteed minimum income benefit, an optional enhanced death benefit, a PGB, the Guaranteed withdrawal benefit for life 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 pay- 66 Payment of death benefit To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green ments 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 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 plus any amount applicable under the Earnings enhancement benefit, 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 67 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 7. Tax information -------------------------------------------------------------------------------- OVERVIEW In this part of the prospectus, we discuss the current federal income tax rules that generally apply to Accumulator(R) Select(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"): an individual retirement annuity contract such as the ones offered in this Prospectus, or a custodial or trusteed individual retirement account. Similarly, a 403(b) plan can be funded through a 403(b) annuity contract or a 403(b)(7) custodial account. How these arrangements work, including special rules applicable to each, are described in the specific sections for each type of arrangement, below. You should be aware that the funding vehicle for a tax-qualified arrangement does not provide any tax deferral benefit beyond that already provided by the Code for all permissible funding vehicles. Before choosing an annuity contract, therefore, you should consider the annuity's features and benefits, such as Accumulator(R) Select(SM)'s special money market dollar cost averaging program, choice of death benefits, the Guaranteed withdrawal for life benefit, the Guaranteed minimum income benefit, selection of investment funds, guaranteed interest option, fixed maturity options and its choices of payout options, as well as the features and benefits of other permissible funding vehicles and the relative costs of annuities and other arrangements. You should be aware that cost may vary depending on the features and benefits made available and the charges and expenses of the investment options or funds that you elect. Certain provisions of the Treasury Regulations on required minimum distributions concerning the actuarial present value of additional contract benefits could increase the amount required to be distributed from annuity contracts funding qualified plans, 403(b) plans 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. SUSPENSION OF REQUIRED MINIMUM DISTRIBUTIONS FOR 2009 Congress has enacted a limited suspension of account-based required minimum distribution withdrawals only for calendar year 2009. The suspension does not apply to annuity payments. The suspension does not affect the determination of the Required Beginning Date. Neither lifetime nor post-death required minimum distributions need to be made during 2009. Please note that if you have previously elected to have amounts automatically withdrawn from a contract to meet required minimum distribution rules (for example, our "automatic required minimum distribution (RMD) service" or our "beneficiary continuation option" under a deceased individual's IRA contract each discussed earlier in this Prospectus) we will make distributions for calendar year 2009 unless you request in writing before we make the distribution that you want no required minimum distribution for calendar year 2009. If you receive a distribution which would have been a lifetime required minimum distribution (but for the 2009 suspension), you may preserve the tax deferral on the distribution by rolling it over within 60 days after you receive it to an IRA or other eligible retirement plan. Please note that any distribution to a nonspousal beneficiary which would have been a post-death required minimum distribution (but for the 2009 suspension) is not eligible for the 60-day rollover. 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: 68 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. Federal tax law requires that all nonqualified deferred annuity contracts that AXA Equitable and its affiliates issue to you during the same calendar year be linked together and treated as one contract for calculating the taxable amount of any distribution from any of those contracts. ANNUITY PAYMENTS Annuitization payments that are based on life or life expectancy are considered annuity payments for income tax purposes. We include in annuitization payments GMIB payments and other annuitization payments available under your contract. We also include Guaranteed annual withdrawals 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. In order to get annuity payment tax treatment, all amounts under the contract must be applied to the annuity payout option; we do not "partially annuitize" nonqualified deferred annuity contracts. Your rights to apply amounts under this Accumulator(R) Select(SM) contract to an annuity payout option are described elsewhere in this Prospectus. If you hold your contract to the maximum maturity age under the contract we require that a choice be made between taking a lump sum settlement of any remaining account value or applying any such account value to one of the annuity payout options under the contract. If no affirmative choice is made, we will apply any remaining annuity value to the default option under the contract at such age. While there is no specific federal tax guidance as to whether or when an annuity contract is required to mature, or as to the form of the payments to be made upon maturity, we believe that this Accumulator(R) Select(SM) contract constitutes an annuity contract under current federal tax rules. 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. WITHDRAWALS 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. It reduces the investment in the contract. Collateral assignments are taxable to the extent of any earnings in the contract at the time any portion of the contract's value is assigned as collateral. Therefore, if you assign your contract as collateral for a loan with a third party after the contract is issued but before the end of the first contract year, you may have taxable income even though you receive no payments under the contract. AXA Equitable will report any income attributable to a collateral assignment on Form 1099-R. Also, if AXA Equitable makes payments or distributions to the assignee pursuant to directions under the collateral assignment agreement, any gains in such payments may be taxable to you and reportable on Form 1099-R even though you do not receive them. TAXATION OF LIFETIME WITHDRAWALS IF YOU ELECT THE GUARANTEED WITHDRAWAL BENEFIT FOR LIFE We treat Guaranteed annual withdrawals and other withdrawals as non-annuity payments for income tax purposes as discussed above. EARNINGS ENHANCEMENT BENEFIT In order to enhance the amount of the death benefit to be paid at the owner's death, you may purchase an Earnings enhancement benefit rider for your NQ contract. Although we regard this benefit as an investment protection feature which is part of the contract and which should have no adverse tax effect, it is possible that the IRS could take a contrary position or assert that the Earnings enhancement benefit rider is not part of the contract. In such a case the charges for the Earnings enhancement benefit rider could be treated for federal income tax purposes as a partial withdrawal from the contract. If this were so, such a deemed withdrawal could be taxable, and for contract owners under age 59-1/2, also subject to a tax penalty. Were the IRS to take this position, AXA Equitable would take all reasonable steps to attempt to avoid this result, which could include amending the contract (with appropriate notice to you). 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: Tax information 69 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 Accumulator(R) Select(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 Accumulator(R) Select(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 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. Please consult with your tax adviser before electing this feature. 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 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 No. 49. If you were treated as the owner, you would be taxable 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 No. 49. 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 No. 49, 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 No. 49. 70 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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/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; 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 ("Rollover IRA") or Roth IRA ("Roth Conversion IRA"). We also offer the Inherited IRA for payment of post-death required minimum distributions from traditional IRAs and Roth IRAs. 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. For contracts owned in a custodial individual retirement account, the disclosure will apply only if you terminate your account or transfer ownership of the contract to yourself. 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 approving the respective forms of the traditional IRA and Roth IRA contracts for use as a traditional and 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. AXA Equitable has submitted the respective forms of the Accumulator(R) Select(SM) Inherited IRA beneficiary continuation contract to the IRS for approval as to form for use as a traditional IRA or 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 Accumulator(R) Select(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. TRADITIONAL INDIVIDUAL RETIREMENT ANNUITIES (TRADITIONAL IRAS) CONTRIBUTIONS TO TRADITIONAL IRAS. 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"). 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, $5,000 is the maximum amount that you may contribute to all IRAs (including Roth IRAs). When your earnings are below $5,000, 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 tax year in which you reach age 70-1/2 or any tax year after that. If you are at least age 50 at any time during the taxable year for which you are making a regular contribution to your IRA, you may be eligible to make additional "catch up contributions" of up to $1,000 to your traditional IRA. 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 $5,000, married individuals filing jointly can contribute up to $10,000 to any combination of traditional IRAs and Roth IRAs. 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 Tax information 71 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green spouse has made IRA contributions. No more than a combined total of $5,000 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 $5,000 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 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 earlier in this section under "Limits on contributions." That is, your fully deductible contribution can be up to $5,000, or if less, your earned income. The dollar limit is $6,000 for people eligible to make age 50-70-1/2 catch-up contributions. 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 adjustments apply to the income limits on deductible contributions. 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 2009, AGI between $55,000 and $65,000, 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 2009, AGI between $89,000 and $109,000, 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 between $150,000 and $160,000 (for 2009, AGI between $166,000 and $176,000, after adjustment). To determine the deductible amount of the contribution for 2008, for example, you determine AGI and subtract $53,000 if you are single, or $89,000 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 contribution for the year 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 for which the contribution is made. You cannot be a full-time student or claimed as a dependent on someone else's tax return, and your adjusted gross income cannot exceed $50,000 ($55,000, after cost of living adjustments for 2009) . 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, including extensions. Saver's credit-eligible contributions may be made to a 401(k) plan, 403(b) plan, 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 $5,000 maximum per person limit for the applicable taxable year. The dollar limit is $6,000 for people eligible to make age 50-70-1/2 catch-up contributions. See "Excess contributions to traditional IRAs" later in this section for more information. 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" later in this section for more information. 72 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 taxable 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; o 403(b) plans; 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. During calendar year 2009 only, due to the temporary suspension of account-based required minimum distribution withdrawals, you may be able to roll over to a traditional IRA a distribution that normally would not be eligible to be rolled over. Please note that distributions from inherited IRAs made to beneficiaries may not be rolled over once distributed. There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for 2009" earlier in this Prospectus. 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. A non-spousal death beneficiary may also be able to make a direct rollover to an inherited IRA 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 qualified plan, 403(b) plan or governmental employer 457(b) plan are eligible rollover distributions, unless the distributions are: o (for every year except 2009) "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 death benefit payments to a beneficiary who is not your surviving spouse; or o qualified domestic relations order distributions to a beneficiary who is not your current spouse 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 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 403(b) plan (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 section under "Withdrawals, payments and transfers of funds out of traditional IRAs." After-tax contributions in a traditional IRA cannot be rolled over from your tra- Tax information 73 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green ditional IRA into, or back into, a qualified plan, 403(b) plan 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 spouse beneficiary of a deceased individual can roll over funds from, or directly transfer funds from, an inherited IRA to one or more other traditional IRAs. A non-spousal death beneficiary may also be able to make a direct rollover to an inherited IRA 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 TO TRADITIONAL IRAS 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 (for every year except 2009). 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 later in this section 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 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 to traditional IRAs" earlier in this section; 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" earlier in this section for more information.) The following are eligible to receive rollovers of distributions from a traditional IRA: a qualified plan, a 403(b) plan 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, 403(b) plan 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 74 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 2009 directly transferred to charitable organizations may be tax-free to IRA owners 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. 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. There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for 2009" earlier in this Prospectus. 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 1st - April 1st). 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 "automatic required minimum distribution (RMD) service." 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 Tax information 75 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 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. SPOUSAL CONTINUATION If the contract is continued under Spousal continuation, the required minimum distribution rules are applied as if your surviving spouse is the contract owner. 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 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 expectancies using an IRS-approved distribution method). 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. To meet the substantially equal periodic payments exception, you could elect to apply your contract value to an Income Manager(R) (life 76 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green annuity with a period certain) payout annuity contract (level payments version). You could also elect the substantially equal withdrawals option. We will calculate the substantially equal annual payments using your choice of IRS-approved methods we offer. Although substantially equal withdrawals and Income Manager(R) payments are not subject to the 10% penalty tax, they are taxable as discussed in "Withdrawals, payments and transfers of funds out of traditional IRAs" above. Once substantially equal withdrawals or Income Manager(R) annuity payments begin, the distributions should not be stopped or changed until after the later of your reaching age 59-1/2 or five years after the date of the first distribution, or the penalty tax, including an interest charge for the prior penalty avoidance, may apply to all prior distributions under this option. Also, it is possible that the IRS could view any additional withdrawal or payment you take from, or any additional contributions or transfers you make to, your contract as changing your pattern of substantially equal withdrawals or Income Manager(R) payments for purposes of determining whether the penalty applies. 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 individual retirement annuities (traditional IRAs)." The Accumulator(R) Select(SM) Roth Conversion 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 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 or other eligible retirement plans ("conversion rollover" contributions); or o tax-free rollover contributions from other Roth individual retirement arrangements or designated Roth accounts under defined contribution plans; or o tax-free direct custodian-to-custodian transfers from other Roth IRAs ("direct transfers"). Regular after-tax, direct transfer and rollover contributions may be made to a Roth Conversion IRA contract. See "Rollovers and direct transfer contributions to Roth IRAs" later in this section for more information. 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. 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, $5,000 is the maximum amount that you may contribute to all IRAs (including Roth IRAs). 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 $5,000, 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 under "Special rules for spouses" earlier in this section 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, you may be eligible to make additional catch-up contributions of up to $1,000. 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): o your federal income tax filing status is "married filing jointly" and your modified adjusted gross income is over $160,000 (for 2009, $176,000 after adjustment); or o your federal income tax filing status is "single" and your modified adjusted gross income is over $110,000 (for 2009, $120,000 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 2009, between $166,000 and $176,000 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 2009, between $105,000 and $120,000 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 regular Roth IRA contributions. WHEN YOU CAN MAKE CONTRIBUTIONS. Same as traditional IRAs. DEDUCTIBILITY OF CONTRIBUTIONS. Roth IRA contributions are not tax deductible. ROLLOVERS AND DIRECT TRANSFER CONTRIBUTIONS TO ROTH IRAS 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 Tax information 77 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 make rollovers 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; o a 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 rollover"); o a "designated Roth contribution account" under a 401(k) plan or a 403(b) plan (direct or 60-day); or o from non-Roth accounts under another eligible retirement plan, subject to limits specified below under "Conversion rollover contributions to Roth IRAs." 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 ROLLOVER 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. Amounts can also be rolled over from non-Roth accounts under another eligible retirement plan, including a Code Section 401(a) qualified plan, a 403(b) plan, and a governmental employer Section 457(b) plan. Until 2010, you must meet AGI limits specified below. Unlike a rollover from a traditional IRA to another traditional IRA, a conversion rollover transaction from a traditional IRA or other eligible retirement plan to a Roth IRA is not tax-free. Instead, the distribution from the traditional IRA or other eligible retirement plan is generally fully taxable. In the case of a traditional IRA conversion rollover for example, we are required to withhold 10% federal income tax from the amount treated as converted unless you properly elect out of such withholding. If you are converting all or part of a traditional IRA, and you have ever made nondeductible regular 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. Even if you are under age 59-1/2, the early distribution penalty tax does not apply to conversion rollover contributions to a Roth IRA. The following rules apply until 2010: You cannot make conversion rollover 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 computed without the gross income stemming from the conversion rollover. Modified adjusted gross income for this purpose excludes any lifetime required minimum distribution from a traditional IRA or other eligible retirement plan.) 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 or other eligible retirement plan are subject to the lifetime annual required minimum distribution rules. 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 issued 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 a 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 78 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. Roth IRA conversion contributions from a SEP-IRA or SIMPLE IRA can be recharacterized to a SEP-IRA or SIMPLE IRA (including the original SEP-IRA or SIMPLE IRA). You cannot recharacterize back to the original plan a contribution directly rolled over from an eligible retirement plan which is not a 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 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. 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, then 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 2009 Tax information 79 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green and the conversion contribution is made in 2010, the conversion contribution is treated as contributed prior to other conversion contributions made in 2010. 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?", assuming death before the Required Beginning Date. The suspension of account-based required minimum distribution withdrawals for calendar year 2009 applies to post-death required minimum distribution withdrawals from Roth IRAs. 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 TO ROTH IRAS 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, until 2010, 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. TAX-SHELTERED ANNUITY CONTRACTS (TSAS) GENERAL This section of the Prospectus reflects our current understanding of some of the special federal income tax rules applicable to annuity contracts used to fund employer plans under Section 403(b) of the Internal Revenue Code. We refer to these contracts as "403(b) annuity contracts" or "Tax Sheltered Annuity contracts (TSAs)." If the rules are the same as those that apply to another kind of contract, for example, traditional IRA contracts, we will refer you to the same topic under "Traditional individual retirement annuities (traditional IRAs)." -------------------------------------------------------------------------------- The disclosure generally assumes that the TSA has 403(b) contract status or qualifies as a 403(b) contract. Due to the Internal Revenue Service and Treasury regulatory changes in 2007 which became fully effective on January 1, 2009, contracts issued prior to September 25, 2007 which qualified as 403(b) contracts under the rules at the time of issue may lose their status as 403(b) contracts or have the availability of transactions under the contract restricted as of January 1, 2009 unless the individual's employer or the individual take certain actions. Please consult your tax adviser regarding the effect of these rules (which may vary depending on the owner's employment status, plan participation status, and when and how the contract was acquired) on your personal situation. -------------------------------------------------------------------------------- FINAL REGULATIONS UNDER SECTION 403(B) In 2007, the IRS and the Treasury Department published final Treasury Regulations under Section 403(b) of the Code ("2007 Regulations"). As a result, there are significant revisions to the establishment and operation of plans and arrangements under Section 403(b) of the Code, and the contracts issued to fund such plans. These rules became fully effective on January 1, 2009, but various transition rules applied beginning in 2007. The 2007 Regulations raise a number of questions as to the effect of the 2007 Regulations on TSAs issued prior to the effective date of the 2007 Regulations. The IRS has issued guidance intended to clarify some of these questions, and may issue further guidance in future years. PERMISSIBLE INVESTMENTS. The 2007 Regulations retain the rule that there are generally two types of investments available to fund 403(b) plans -- 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) funding vehicles qualify for tax deferral. EMPLOYER PLAN REQUIREMENT. The thrust of the 2007 Regulations is to eliminate informal Section 403(b) arrangements with minimal or diffuse employer oversight and to require employers purchasing annuity contracts for their employees under Section 403(b) of the Code to conform to other tax-favored, employer-based retirement plans with salary reduction contributions, such as Section 401(k) plans and governmental employer Section 457(b) plans. The 2007 Regulations require employers sponsoring 403(b) plans as of January 1, 2009, to have a written plan designating administrative responsibilities for various functions under the plan, and the plan in operation must conform to the plan terms. The IRS has announced relief measures for failure to have a written plan finalized by the beginning of 2009, as long as the written plan is adopted by December 31, 2009, and the plan operates in accordance with the 2007 Regulations beginning by January 1, 2009. LIMITATIONS ON INDIVIDUAL INITIATED DIRECT TRANSFERS. The 2007 Regulations revoke Revenue Ruling 90-24 (Rev. Rul. 90-24), effective January 1, 2009. Prior to the 2007 Regulations, Rev. Rul. 90-24 had permitted individual-initiated, tax-free direct transfers of funds from 80 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green one 403(b) annuity contract to another, without reportable taxable income to the individual. Under the 2007 Regulations and other IRS published guidance, direct transfers made after September 24, 2007 may still be permitted with plan or employer approval as described below. EFFECT OF THE 2007 REGULATIONS ON CONTRIBUTIONS TO THE ACCUMULATOR(R) SELECT(SM) TSA CONTRACT The Accumulator(R) Select(SM) TSA contract was designed to be purchased through a direct transfer of funds from one 403(b) plan to another, a contract exchange under the same plan, or a rollover from another eligible retirement plan and does not accept employer-remitted contributions. Contributions to an Accumulator(R) Select(SM) TSA contract are extremely limited as described below. Contributions to an Accumulator(R) Select(SM) TSA contract may only be made where AXA Equitable is an "approved vendor" under an employer's 403(b) plan. That is, some or all of the participants in the employer 403(b) plan are currently contributing to a non-Accumulator AXA Equitable 403(b) annuity contract. AXA Equitable and the employer must agree to share information with respect to the Accumulator(R) Select(SM) TSA contract and other funding vehicles under the plan. AXA Equitable does not accept contributions of after-tax funds, including designated Roth contributions to the Accumulator(R) Select(SM) TSA contracts. We will accept contributions of pre-tax funds only with documentation satisfactory to us of employer or its designee or plan approval of the transaction. CONTRIBUTIONS TO 403(B) ANNUITY CONTRACTS Because the Accumulator(R) Select(SM) TSA contract can be issued through a direct plan-to-plan transfer or a contract exchange under the same plan, the characterization of funds in the contract can remain the same as under the prior contract. We provide the following discussion as part of our description of restrictions on the distribution of funds directly transferred, which include employer-remitted contributions to other 403(b) annuity contracts. EMPLOYER-REMITTED CONTRIBUTIONS. Employer-remitted contributions to TSA contracts made through the employer's payroll are subject to annual limits. (Tax-free plan-to-plan direct transfer contributions from another 403(b) plan, contract exchanges under the same plan, and 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 contract are made under a salary reduction agreement between the employee and the employer. These contributions are called "salary reduction" or "elective deferral" contributions. However, a TSA contract can also be wholly or partially funded through non-elective employer contributions or after-tax employee contributions. Amounts attributable to salary reduction contributions to TSA contracts are generally subject to withdrawal restrictions. Also, all amounts attributable to investments in a 403(b)(7) custodial account are subject to withdrawal restrictions discussed below. ROLLOVER AND DIRECT TRANSFER CONTRIBUTIONS. It is unlikely that rollover or direct transfer contributions can be made for an individual no longer actively participating in a 403(b) plan; however, there may be circumstances where an individual must take a required minimum distribution from a distributing plan or contract before rolling over or transferring the distribution to the Accumulator(R) Select(SM) contract. The amount of any rollover or direct transfer contributions made to a 403(b) annuity contract must be net of the required minimum distribution for the tax year in which the 403(b) annuity contract is issued if the owner is at least age 70-1/2 in the calendar year the contribution is made, and has retired from service with the employer who sponsored the plan or provided the funds to purchase the 403(b) annuity contract which is the source of the contribution. For calendar year 2009 only, account-based required minimum distribution withdrawals are suspended, so certain rollovers which would be impermissible in other years may be made. ROLLOVER CONTRIBUTIONS. After a TSA contract has been established with 403(b) plan source funds, federal tax law permits rollover contributions to be made to a TSA contract from these sources: qualified plans, governmental employer 457(b) plans and traditional IRAs, as well as other 403(b) plan funding vehicles. The recipient 403(b) plan must allow such contributions to be made. Generally, funds may be rolled over when a plan participant has a distributable event from an eligible retirement plan as a result of: o termination of employment with the employer who provided the funds for the plan; or o reaching age 59-1/2 even if still employed; or o disability (special federal income tax definition). If the source of the rollover contribution is pre-tax funds from a traditional IRA, no specific event is required. 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 penalty if you roll the funds to a different type of eligible retirement plan and subsequently take a premature distribution. Further, in light of the restrictions on the ability to take distributions or loans from a 403(b) contract without plan or employer approval under the 2007 Regulations, a plan participant should consider carefully whether to roll an eligible rollover distribution (which is no longer subject to distribution restrictions) to a 403(b) plan funding vehicle, or to a traditional IRA instead. 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 information 81 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Because AXA Equitable does not separately account for rollover contributions from other eligible retirement plans in the Accumulator(R) Select(SM) TSA contract, amounts that would be free of distribution restrictions in a traditional IRA, for example, are subject to distribution restrictions in the Accumulator(R) Select(SM) TSA contract. DIRECT TRANSFER CONTRIBUTIONS. A tax-free direct transfer occurs when changing the 403(b) plan funding vehicle, even if there is no distributable event. Under a direct transfer a plan participant does not receive a distribution. The 2007 Regulations provide for two types of direct transfers between 403(b) funding vehicles: "plan-to-plan transfers" and "contract exchanges within the same 403(b) plan." 403(b) plans do not have to offer these options. A "plan-to-plan transfer" must meet the following conditions: (i) both the source 403(b) plan and the recipient 403(b) plan permit plan-to-plan transfers; (ii) the transfer from one 403(b) plan to another 403(b) plan is made for a participant (or beneficiary of a deceased participant) who is an employee or former employee of the employer sponsoring the recipient 403(b) plan; (iii) immediately after the transfer the accumulated benefit of the participant (or beneficiary) whose assets are being transferred is at least equal to the participant's (or beneficiary's) accumulated benefit immediately before the transfer; (iv) the recipient 403(b) plan imposes distribution restrictions on transferred amounts at least as stringent as those imposed under the source 403(b) plan; and (v) if the plan-to-plan transfer is not a complete transfer of the participant's (or beneficiary's) interest in the source 403(b) plan, the recipient 403(b) plan treats the amount transferred as a continuation of a pro rata portion of the participant's (or beneficiary's) interest in the source 403(b) plan (for example, with respect to the participant's interest in any after-tax employee contributions). A "contract exchange within the same 403(b) plan" must meet the following conditions: (i) the 403(b) plan under which the contract is issued must permit contract exchanges; (ii) immediately after the exchange the accumulated benefit of the participant (or beneficiary of a deceased participant) is at least equal to the participant's (or beneficiary's) accumulated benefit immediately before the exchange (taking into account the accumulated benefit of that participant (or beneficiary) under both section 403(b) annuity contracts immediately before the exchange); (iii) the contract issued in the exchange is subject to distribution restrictions with respect to the participant that are not less stringent than those imposed on the contract being exchanged; and (iv) the employer sponsoring the 403(b) plan and the issuer of the contract issued in the exchange agree to provide each other with specified information from time to time in the future ("an information sharing agreement"). The shared information is designed to preserve the requirements of Section 403(b), primarily to comply with loan requirements, hardship withdrawal rules, and distribution restrictions. DISTRIBUTIONS FROM TSAS GENERAL. Generally, after the 2007 Regulations, employer or plan administrator consent is required for loan, withdrawal or distribution transactions under a 403(b) annuity contract. Processing of a requested transaction will not be completed until the information required to process the transaction is received from the employer or its designee. This information will be transmitted as a result of an information sharing agreement between AXA Equitable and the employer sponsoring the plan. WITHDRAWAL RESTRICTIONS. AXA Equitable treats all amounts under an Accumulator(R) Select(SM) Rollover TSA contract as not eligible for withdrawal until: o the owner is severed from employment with the employer who provided the funds used to purchase the TSA contract; o the owner dies; or o the plan under which the Accumulator(R) Select(SM) TSA contract is purchased is terminated. TAX TREATMENT OF DISTRIBUTIONS. Amounts held under TSA contracts 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 TSA contracts are includible in gross income as ordinary income. Distributions from TSA contracts 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 contract 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 AXA Equitable does not accept after-tax funds to Accumulator(R) Select(SM) Rollover TSA contract, we do not track your investment in the TSA contract, if any. We will report all distributions from this Rollover TSA contract as fully taxable. You will have to determine how much of the distribution is taxable. 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 contract 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. Annuitization payments that are based on life or life expectancy are considered annuity payments for income tax purposes. We include in annuitization payments Guaranteed annual withdrawals 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. If you elect an annuity payout option, you will recover any investment in the TSA contract as each payment is received by dividing the investment in the TSA 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 TSA contract is recovered is fully taxable. If you (and your beneficiary under a joint and 82 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green survivor annuity) die before recovering the full investment in the TSA 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 contract generally receive the same tax treatment as distributions during your lifetime. In some instances, distributions from a TSA contract made to your surviving spouse may be rolled over to a traditional IRA or other eligible retirement plan. A surviving spouse might also be eligible to directly roll over a TSA contract death benefit to a Roth IRA in a taxable conversion rollover. A non-spousal death beneficiary may be able to directly roll over death benefits to a new inherited IRA under certain circumstances. EFFECT OF 2007 REGULATIONS ON LOANS FROM TSAS As a result of the 2007 Regulations, loans are not available without employer or plan administrator approval. If loans are available, loan processing may be delayed pending receipt of information required to process the loan under an information sharing agreement. The processing of a loan request will not be completed until the information required to process the transaction is received from the employer or its designee. This information will be transmitted as a result of an information sharing agreement between AXA Equitable and the employer sponsoring the plan. If loans are available: 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 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 under TSA contracts are subject to the following conditions: 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; and (2) $50,000 reduced by the excess (if any) of the highest outstanding loan balance over the previous 12 months over the outstanding loan balance of plan loans on the date the loan was made. o In general, the term of the loan cannot exceed five years unless the loan is used to acquire the participant's primary residence. Accumulator(R) Select(SM) Rollover TSA contracts have a term limit of ten 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 and not repaid may be treated as a distribution if: o the loan does not qualify under the conditions above; o the participant fails to repay the interest or principal when due; or o in some instances, the participant separates from service with the employer who provided the funds or the plan is terminated. 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. For purposes of calculating any subsequent loans which may be made under any plan of the same employer, a defaulted loan which has not been fully repaid is treated as still outstanding, even after the default is reported to the IRS on Form 1099-R. The amount treated as still outstanding (which limits subsequent loans) includes interest accruing on the unpaid balance. TAX-DEFERRED ROLLOVERS AND FUNDING VEHICLE TRANSFERS. You may roll over an "eligible rollover distribution" from a 403(b) annuity contract 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 403(b) annuity contract to any of the following: another 403(b) plan funding vehicle, 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. A non-spousal death beneficiary may be able to directly roll over death benefits to a new inherited IRA under certain circumstances. The Accumulator(R) Select(SM) IRA contract is not available for purchase by a non-spousal death beneficiary direct rollover. Distributions from a 403(b) annuity contract can be rolled over to a Roth IRA. Such conversion rollover transactions are taxable. Any Taxable portion of the amount rolled over will be taxed at the time of the rollover. Rollovers are subject to the Roth IRA conversion rules, which, prior to 2010, restrict conversions of traditional IRAs to taxpayers with adjusted gross income of no more than $100,000, whether single or married filing jointly. 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. Suspension of account-based required minimum distribution withdrawals for calendar year 2009 temporarily permits distributions which would Tax information 83 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green be ineligible lifetime required minimum distributions in any other year to be rolled over to another eligible retirement plan in calendar year 2009. Direct transfers from one 403(b) annuity contract to another (whether under a plan-to-plan transfer, contract exchange under the same 403(b) plan, or under Rev. Rul. 90-24 prior to the 2007 Regulations), are not distributions. REQUIRED MINIMUM DISTRIBUTIONS Please note the temporary suspension of account-based required minimum distribution withdrawals, both lifetime and post-death, in calendar year 2009. Generally the same as traditional IRA with these differences: WHEN YOU HAVE TO TAKE THE FIRST REQUIRED MINIMUM DISTRIBUTION. The minimum distribution rules force 403(b) plan participants to start calculating and taking annual distributions from their 403(b) annuity contracts 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 403(b) plan participants who have not retired from service with the employer maintaining the 403(b) plan 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. o 403(b) plan participants may also delay the start of required minimum distributions to age 75 for the portion of their account value attributable to their December 31, 1986 TSA contract account balance, even if retired at age 70-1/2. We will know whether or not you qualify for this exception because it only applies to individuals who established their Accumulator(R) Select(SM) Rollover TSA contract by direct Revenue Ruling 90-24 transfer prior to September 25, 2007, or by a contract exchange or a plan-to-plan exchange approved under the employer's plan after that date. If you do not give us the amount of your December 31, 1986, account balance that is being transferred to the Accumulator(R) Select(SM) Rollover TSA contract on the form used to establish the TSA contract, you do not qualify. SPOUSAL CONSENT RULES Your employer will tell us on the form used to establish the TSA whether or not you need to get spousal consent for loans, withdrawals or other distributions. If you do, you will need such consent if you are married when you request a withdrawal 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 TSA contract and the plan of the employer who provided the funds for the TSA contract. EARLY DISTRIBUTION PENALTY TAX A penalty tax of 10% of the taxable portion of a distribution applies to distributions from a TSA contract 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 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. 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. 84 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. Generally, an election out of federal withholding will also be considered an election out of state withholding. In some states, you may elect out of state withholding, even if federal withholding applies. 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 Federal tax rules require payers to withhold differently on "periodic" and "non-periodic" payments. Payers are to withhold from periodic annuity payments as if the payments were wages. The annuity contract owner is to specify marital status and the number of withholding exemptions claimed on an IRS Form W-4P or similar substitute election form. If the owner does not claim a different number of withholding exemptions or marital status, the payer is to withhold assuming that the owner is married and claiming three withholding exemptions. Based on the assumption that an annuity contract owner is married and claiming three withholding exemptions, periodic annuity payments totaling less than $19,200 in 2009 will generally be exempt from federal income tax withholding. If the owner does not provide the owner's correct Taxpayer Identification Number a payer is to withhold from periodic annuity payments as if the owner were single with no exemptions. A contract owner's withholding election remains effective unless and until the owner revokes it. The contract owner may revoke or change a withholding election at any time. FEDERAL INCOME TAX WITHHOLDING ON NON-PERIODIC ANNUITY PAYMENTS (WITHDRAWALS) Non-periodic distributions include partial withdrawals, total surrenders and death benefits. Payers generally withhold federal income tax at a flat 10% rate from (i) the taxable amount in the case of nonqualified contracts, and (ii) 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. As described below, there is no election out of federal income tax 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 election out is permitted. If there is no election out, the 10% withholding rate applies. MANDATORY WITHHOLDING FROM TSA AND QUALIFIED PLAN DISTRIBUTIONS Unless the distribution is directly rolled over to another eligible retirement plan, eligible rollover distributions from qualified plans and TSAs are subject to mandatory 20% withholding. The plan administrator is responsible for withholding from qualified plan distributions. All distributions from a TSA 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 from service with the employer; or o substantially equal periodic payments made at least annually for the life (or life expectancy) or the joint lives (or joint life expectancies) of the plan participant (and 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 the plan participant's surviving spouse; or o a qualified domestic relations order distribution to a beneficiary who is not the plan participant's current spouse or former spouse. A death benefit payment to the plan participant's surviving spouse, or a qualified domestic relations order distribution to the plan participant's 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 No. 49 for taxes. We do not now, but may in the future set up reserves for such taxes. Tax information 85 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 8. More information -------------------------------------------------------------------------------- ABOUT SEPARATE ACCOUNT NO. 49 Each variable investment option is a subaccount of Separate Account No. 49. We established Separate Account No. 49 in 1996 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 No. 49 and may withdraw any amounts that exceed our reserves and other liabilities with respect to variable investment options under our contracts. For example, we may withdraw amounts from Separate Account No. 49 that represent our investments in Separate Account No. 49 or that represent fees and charges under the contracts that we have earned. Also, we may, at our sole discretion, invest Separate Account No. 49 assets in any investment permitted by applicable law. The results of Separate Account No. 49'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 No. 49. However, the obligations themselves are obligations of AXA Equitable. Separate Account No. 49 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 No. 49. Although the Separate Account No. 49 is registered, the SEC does not monitor the activity of Separate Account No. 49 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 No. 49 invests solely in 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 No. 49 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 No. 49 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 No. 49 or a variable investment option directly); (5) to deregister Separate Account No. 49 under the Investment Company Act of 1940; (6) to restrict or eliminate any voting rights as to Separate Account No. 49; and (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. If the exercise of these rights results in a material change in the underlying investment of Separate Account No. 49, you will be notified of such exercise, as required by law. 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. Fixed maturity option rates are determined daily. The rates in the table below are illustrative only and will most likely differ from the rates applicable at time of purchase. Current fixed maturity option rates can be obtained from your financial professional. The rates to maturity for new allocations as of February 17, 2009 and the related price per $100 of maturity value were as shown below: ---------------------------------------------------------- Fixed Maturity Options with February 17th Rate to Price Maturity Date of Maturity as of Per $100 of Maturity Year February 17, 2009 Maturity Value ---------------------------------------------------------- 2010 3.00%* $ 97.09 2011 3.00%* $ 94.26 2012 3.00%* $ 91.51 2013 3.00%* $ 88.84 2014 3.00%* $ 86.25 2015 3.00%* $ 83.74 2016 3.12% $ 80.64 2017 3.42% $ 76.40 2018 3.61% $ 72.66 ---------------------------------------------------------- 86 More information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green ---------------------------------------------------------- Fixed Maturity Options with February 17th Rate to Price Maturity Date of Maturity as of Per $100 of Maturity Year February 17, 2009 Maturity Value ---------------------------------------------------------- 2019 3.75% $ 69.19 ---------------------------------------------------------- * Since these rates to maturity are 3%, no amounts could have been allocated to these options. HOW WE DETERMINE THE MARKET VALUE ADJUSTMENT We use the following procedure to calculate the market value adjustment (positive or negative) 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 for your fixed maturity option based on the rate for a new fixed maturity option issued on the same date and having the same maturity date as your fixed maturity option; if the same maturity date is not available for new fixed maturity options, we determine a rate that is between the rates for new fixed maturity option maturities that immediately precede and immediately follow your fixed maturity option's maturity date. (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. 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 option, the "current rate to maturity" will be determined by using a widely-published Index. We reserve the right to add up to 0.25% 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 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 obligations and any guaranteed benefits under the contract are supported by AXA Equitable's general account and are subject to AXA Equitable's claims paying ability. For more information about AXA Equitable's financial strength, you may review its financial statements and/or check its current rating with one or more of the independent sources that rate insurance companies for their financial strength and stability. Such ratings are subject to change and have no bearing on the performance of the variable investment options. You may also speak with your financial representative. 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 invest- More information 87 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green ment 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. ABOUT OTHER METHODS OF PAYMENT WIRE TRANSMITTALS AND ELECTRONIC APPLICATIONS We accept initial and subsequent contributions sent by wire to our processing office by agreement with certain broker-dealers. Such transmittals must be accompanied by information we require to allocate your contribution. Wire orders not accompanied by complete information may be retained as described under "How you can make your contributions" under "Contract features and benefits" earlier in this Prospectus. Even if we accept the wire order and essential information, a contract generally will not be issued until we receive and accept a properly completed application. In certain cases we may issue a contract based on information provided through certain broker-dealers with which we have established electronic facilities. In any such cases, you must sign our Acknowledgement of Receipt form. Where we require a signed application, the above procedures do not apply and no financial transactions will be permitted until we receive the signed application and have issued the contract. Where we issue a contract based on information provided through electronic facilities, we require an Acknowledgement of Receipt form, and financial transactions are only permitted if you request them in writing, sign the request and have it signature guaranteed, until we receive the signed Acknowledgement of Receipt form. After your contract has been issued, additional contributions may be transmitted by wire. In general, the transaction date for electronic transmissions is the date on which we receive at our regular processing office all required information and the funds due for your contribution. We may also establish same-day electronic processing facilities with a broker-dealer that has undertaken to pay contribution amounts on behalf of its customers. In such cases, the transaction date for properly processed orders is the business day on which the broker-dealer inputs all required information into its electronic processing system. You can contact us to find out more about such arrangements. After your contract has been issued, additional contributions may be transmitted by wire. AUTOMATIC INVESTMENT PROGRAM -- FOR NQ, ROLLOVER IRA OR ROTH CONVERSION IRA CONTRACTS ONLY You may use our automatic investment program, or "AIP," to have a specified amount automatically deducted from a checking account, money market account, or credit union checking account and contributed as an additional contribution into an NQ, Rollover IRA or Roth Conversion IRA contract on a monthly or quarterly basis. AIP is not available for Inherited IRA Beneficiary Continuation (traditional IRA or Roth IRA) or Rollover TSA contracts. Please see Appendix VI later in this Prospectus to see if the automatic investment program is available in your state. The minimum amounts we will deduct are $100 monthly and $300 quarterly. AIP additional contributions may be allocated to any of the variable investment options, the guaranteed interest option and available fixed maturity options but not the account for special money market dollar cost averaging. 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. For contracts with GWBL, AIP will be automatically terminated after the later of : (i) the end of the first contract year, or (ii) the date the first withdrawal is taken. For contracts with PGB, AIP will be automatically terminated at the end of the first six months. 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. 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 the New York Stock Exchange ("NYSE") is open for regular trading and generally ends at 4:00 p.m. Eastern Time (or as of an earlier close of regular trading). A business day does not include a day on which we are not open due to emergency conditions determined by the Securities and Exchange Commission. We may also close early due to such emergency conditions. 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 any of the following, we will use the next business day: - on a non-business day; - after 4:00 p.m. Eastern Time on a business day; or - after an early close of regular trading on the NYSE on a business day. o A loan request under your Rollover 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. 88 More information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 If we have entered into an agreement with your broker-dealer for automated processing of contributions upon receipt of customer order, your contribution will be considered received at the time your broker-dealer receives your contribution and all information needed to process your application, along with any required documents. Your broker-dealer will then transmit your order to us in accordance with our processing procedures. However, in such cases, your broker-dealer is considered a processing office for the purpose of receiving the contribution. Such arrangements may apply to initial contributions, subsequent contributions, or both, and may be commenced or terminated at any time without prior notice. If required by law, the "closing time" for such orders will be earlier than 4:00 p.m., Eastern Time. 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 (unless a rate lock-in is applicable). 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 be based on the rate to maturity in effect for that fixed maturity option on the business day of the transfer. o Transfers to the guaranteed interest option will receive the crediting rate in effect on that business day for the specified time period. o For the interest sweep option, 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. 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 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 NO. 49 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 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. STATUTORY COMPLIANCE We have the right to change your contract without the consent of any other person in order to comply with any laws and regulations that apply, 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 your contract must be in writing and made by an authorized officer of AXA Equitable. We will provide notice of any contract change. The benefits under your contract will not be less than the minimum benefits required by any state law that applies. ABOUT LEGAL PROCEEDINGS AXA Equitable and its affiliates are parties to various legal proceedings. In our view, none of these proceedings would be considered More information 89 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green material with respect to a contract owner's interest in Separate Account No. 49, 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 No. 49, as well as the consolidated financial statements of AXA Equitable, are in the SAI. The financial statements of AXA Equitable have relevance to the contracts only to the extent that they bear upon the ability of AXA Equitable to meet its obligations under the contracts. The SAI is available free of charge. You may request one by writing to our processing office or calling 1-800-789-7771. 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. If you elected the Guaranteed minimum death benefit, Guaranteed minimum income benefit, the Earnings enhancement benefit, a PGB, and/or the Guaranteed withdrawal for life ("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. 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. The Benefit will also not terminate if you transfer your individually-owned contract to a trust held for your (or your and your immediate family's) benefit; the Benefit will continue to be based on your life. If you were not the annuitant under the individually-owned contract, you will become the annuitant under the new contract. Please speak with your financial professional for further information. See Appendix VI later in this Prospectus for any state variations with regard to terminating any benefits under your contract. You cannot assign or transfer ownership of Rollover IRA, Roth Conversion IRA or Rollover TSA contract except by surrender to us. If your individual retirement annuity contract is held in your custodial individual retirement account, you may only assign or transfer ownership of such an IRA contract to yourself. Loans are not available and you cannot assign Rollover IRA, Roth Conversion IRA or Rollover TSA contracts as security for a loan or other obligation. Loans are available under a Rollover TSA contract only if permitted under the sponsoring employer's plan. 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 Rollover IRA, Roth Conversion IRA or Rollover TSA contract to another similar arrangement under federal income tax rules. Loans are not available under your NQ contract. In certain circumstances, you may collaterally assign all or a portion of the value of your NQ contract as security for a loan with a third party lender. The terms of the assignment are subject to our approval. The amount of the assignment may never exceed your account value on the day prior to the date we receive all necessary paperwork to effect the assignment. Only one assignment per contract is permitted, and any such assignment must be made prior to the first contract date anniversary. You must indicate that you have not purchased, and will not purchase, any other AXA Equitable (or affiliate's) NQ deferred annuity contract in the same calendar year that you purchase the contract. A collateral assignment does not terminate your benefits under the contract. However, all withdrawals, distributions and benefit payments, as well as the exercise of any benefits, are subject to the assignee's prior approval and payment directions. We will follow such directions until AXA Equitable receives written notification satisfactory to us that the assignment has been terminated. If the owner or beneficiary fails to provide timely notification of the termination, it is possible that we could pay the assignee more than the amount of the assignment, or continue paying the assignee pursuant to existing directions after the collateral assignment has in fact been terminated. Our payment of any death benefit to the beneficiary will also be subject to the terms of the assignment until we receive written notification satisfactory to us that the assignment has been terminated. In some cases, an assignment or change of ownership may have adverse tax consequences. See "Tax information" earlier in this Prospectus. ABOUT CUSTODIAL IRAS For certain custodial IRA accounts, after your contract has been issued, we may accept transfer instructions by telephone, mail, facsimile or electronically from a broker-dealer, provided that we or your broker-dealer have your written authorization to do so on file. Accordingly, AXA Equitable will rely on the stated identity of the person placing instructions as authorized to do so on your behalf. AXA Equitable will not be liable for any claim, loss, liability or expenses that may arise out of such instructions. AXA Equitable will continue to rely on this authorization until it receives your written notification at its processing office that you have withdrawn this authorization. AXA Equitable may change or terminate telephone or electronic or overnight mail transfer procedures at any time without prior written notice and restrict facsimile, internet, telephone and other electronic transfer services because of disruptive transfer activity. 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 No. 49. 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 90 More information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 10104. The Distributors are registered with the SEC as broker-dealers and are members of the Financial Industry Regulatory Authority, Inc. ("FINRA"). 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 8.50% 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 1.00% 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 2.00% 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 1.25% 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 Accumulator(R) Select(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 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 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." 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. AXA Advisors may provide other forms of compensation to its financial professionals, including health and retirement benefits. 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 FINRA, AXA Advisors may only recommend to you products that they reasonably believe are suitable for you based on More information 91 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 FINRA rules and other laws and regulations. 92 More information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 9. Incorporation of certain documents by reference -------------------------------------------------------------------------------- AXA Equitable's Annual Report on Form 10-K for the period ended December 31, 2008 (the "Annual Report") is considered to be part of this Prospectus because it is incorporated by reference. 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 fixed maturity option (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. After the date of this Prospectus and before we terminate the offering of the securities under the Registration Statement, all documents or reports we file with the SEC under the Securities Exchange Act of 1934 ("Exchange Act"), will be considered to become part of this Prospectus because they are incorporated by reference. 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 the Registration Statement and 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. In accordance with SEC rules, we will provide copies of any exhibits specifically incorporated by reference into the text of the Exchange Act reports (but not any other exhibits). 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). You can access our website at www.axa-equitable.com. Incorporation of certain documents by reference 93 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix I: Condensed financial information -------------------------------------------------------------------------------- The unit values and number of units outstanding shown below are for contracts offered under Separate Account No. 49 with the same daily asset charges of 1.70%.
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, 2008. --------------------------------------------------------------------------------------------------------------- For the years ending December 31, -------------------- 2008 2007 --------------------------------------------------------------------------------------------------------------- AXA Aggressive Allocation --------------------------------------------------------------------------------------------------------------- Unit value $ 9.00 $ 15.05 --------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 8,484 6,377 --------------------------------------------------------------------------------------------------------------- AXA Conservative Allocation --------------------------------------------------------------------------------------------------------------- Unit value $ 10.29 $ 11.76 --------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 5,824 2,454 --------------------------------------------------------------------------------------------------------------- AXA Conservative-Plus Allocation --------------------------------------------------------------------------------------------------------------- Unit value $ 9.82 $ 12.40 --------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 4,505 2,753 --------------------------------------------------------------------------------------------------------------- AXA Moderate Allocation --------------------------------------------------------------------------------------------------------------- Unit value $ 35.84 $ 48.27 --------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 4,019 3,098 --------------------------------------------------------------------------------------------------------------- AXA Moderate-Plus Allocation --------------------------------------------------------------------------------------------------------------- Unit value $ 9.69 $ 14.45 --------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 27,177 23,506 --------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Common Stock --------------------------------------------------------------------------------------------------------------- Unit value $134.51 $ 243.48 --------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 63 65 --------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Intermediate Government Securities --------------------------------------------------------------------------------------------------------------- Unit value $ 19.16 $ 18.82 --------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 948 404 --------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein International --------------------------------------------------------------------------------------------------------------- Unit value $ 9.40 $ 19.41 --------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,924 2,236 --------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Small Cap Growth --------------------------------------------------------------------------------------------------------------- Unit value $ 10.96 $ 20.14 --------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 421 443 --------------------------------------------------------------------------------------------------------------- EQ/Ariel Appreciation II --------------------------------------------------------------------------------------------------------------- Unit value $ 6.65 $ 10.99 --------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 339 227 --------------------------------------------------------------------------------------------------------------- EQ/AXA Rosenberg Value Long/Short Equity --------------------------------------------------------------------------------------------------------------- Unit value $ 10.26 $ 11.07 --------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 458 383 --------------------------------------------------------------------------------------------------------------- EQ/BlackRock Basic Value Equity --------------------------------------------------------------------------------------------------------------- Unit value $ 14.49 $ 23.24 --------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 834 842 --------------------------------------------------------------------------------------------------------------- EQ/BlackRock International Value --------------------------------------------------------------------------------------------------------------- Unit value $ 13.43 $ 23.97 --------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,000 1,136 --------------------------------------------------------------------------------------------------------------- EQ/Boston Advisors Equity Income --------------------------------------------------------------------------------------------------------------- Unit value $ 4.47 $ 6.71 --------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 730 571 ---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------- For the years ending December 31, --------------------------------- 2006 2005 2004 ---------------------------------------------------------------------------------------------------------------------------- AXA Aggressive Allocation ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 14.43 $ 12.45 $ 11.72 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 3,109 1,519 656 ---------------------------------------------------------------------------------------------------------------------------- AXA Conservative Allocation ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.31 $ 10.82 $ 10.74 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,800 1,000 281 ---------------------------------------------------------------------------------------------------------------------------- AXA Conservative-Plus Allocation ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.96 $ 11.19 $ 11.02 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 3,022 2,176 414 ---------------------------------------------------------------------------------------------------------------------------- AXA Moderate Allocation ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 46.21 $ 42.61 $ 41.36 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,325 1,725 893 ---------------------------------------------------------------------------------------------------------------------------- AXA Moderate-Plus Allocation ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 13.82 $ 12.28 $ 11.71 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 14,705 6,917 2,788 ---------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Common Stock ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 239.38 $ 219.99 $ 214.55 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 73 73 64 ---------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Intermediate Government Securities ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 17.92 $ 17.67 $ 17.76 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 376 481 416 ---------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein International ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 17.67 $ 14.55 $ 12.84 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,508 1,037 649 ---------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Small Cap Growth ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 17.56 $ 16.39 $ 14.95 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 462 372 312 ---------------------------------------------------------------------------------------------------------------------------- EQ/Ariel Appreciation II ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.31 $ 10.35 -- ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 123 40 -- ---------------------------------------------------------------------------------------------------------------------------- EQ/AXA Rosenberg Value Long/Short Equity ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.91 $ 10.94 -- ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 13,017 784 -- ---------------------------------------------------------------------------------------------------------------------------- EQ/BlackRock Basic Value Equity ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 23.37 $ 19.66 $ 19.43 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 856 849 802 ---------------------------------------------------------------------------------------------------------------------------- EQ/BlackRock International Value ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 22.13 $ 17.91 $ 16.44 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,052 782 522 ---------------------------------------------------------------------------------------------------------------------------- EQ/Boston Advisors Equity Income ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.59 $ 5.78 $ 5.54 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 504 326 15 ----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------- For the years ending December 31, --------------------------------- 2003 2002 ----------------------------------------------------------------------------------------------------------------------------- AXA Aggressive Allocation ----------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.66 -- ----------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 32 -- ----------------------------------------------------------------------------------------------------------------------------- AXA Conservative Allocation ----------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.30 -- ----------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1 -- ----------------------------------------------------------------------------------------------------------------------------- AXA Conservative-Plus Allocation ----------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.41 -- ----------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 84 -- ----------------------------------------------------------------------------------------------------------------------------- AXA Moderate Allocation ----------------------------------------------------------------------------------------------------------------------------- Unit value $ 38.70 $ 33.05 ----------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 383 86 ----------------------------------------------------------------------------------------------------------------------------- AXA Moderate-Plus Allocation ----------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.66 -- ----------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 46 -- ----------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Common Stock ----------------------------------------------------------------------------------------------------------------------------- Unit value $ 191.26 $ 130.09 ----------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 29 9 ----------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Intermediate Government Securities ----------------------------------------------------------------------------------------------------------------------------- Unit value $ 17.72 $ 17.65 ----------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 458 259 ----------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein International ----------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.05 $ 8.32 ----------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 530 142 ----------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Small Cap Growth ----------------------------------------------------------------------------------------------------------------------------- Unit value $ 13.34 $ 9.63 ----------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 478 121 ----------------------------------------------------------------------------------------------------------------------------- EQ/Ariel Appreciation II ----------------------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------------------- EQ/AXA Rosenberg Value Long/Short Equity ----------------------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------------------- EQ/BlackRock Basic Value Equity ----------------------------------------------------------------------------------------------------------------------------- Unit value $ 17.87 $ 13.86 ----------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 502 184 ----------------------------------------------------------------------------------------------------------------------------- EQ/BlackRock International Value ----------------------------------------------------------------------------------------------------------------------------- Unit value $ 13.75 $ 10.92 ----------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 441 161 ----------------------------------------------------------------------------------------------------------------------------- EQ/Boston Advisors Equity Income ----------------------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -----------------------------------------------------------------------------------------------------------------------------
A-1 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
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, 2008. (CONTINUED) ------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------------- 2008 2007 2006 ------------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible Unit value $ 5.23 $ 9.71 $ 8.81 Separate Account No. 49 number of units outstanding (000's) 286 373 353 EQ/Capital Guardian Growth Unit value $ 7.70 $ 13.14 $ 12.67 Separate Account No. 49 number of units outstanding (000's) 1,426 1,289 1,484 EQ/Capital Guardian Research Unit value $ 7.54 $ 12.71 $ 12.72 Separate Account No. 49 number of units outstanding (000's) 2,528 3,063 1,393 EQ/Caywood-Scholl High Yield Bond Unit value $ 8.85 $ 11.12 $ 11.01 Separate Account No. 49 number of units outstanding (000's) 1,204 180 225 EQ/Davis New York Venture Unit value $ 6.60 $ 11.05 $ 10.84 Separate Account No. 49 number of units outstanding (000's) 1,517 1,189 216 EQ/Equity 500 Index Unit value $18.20 $ 29.54 $ 28.64 Separate Account No. 49 number of units outstanding (000's) 1,308 1,547 1,418 EQ/Evergreen International Bond Unit value $11.14 $ 10.64 $ 9.90 Separate Account No. 49 number of units outstanding (000's) 1,063 476 185 EQ/Evergreen Omega Unit value $ 6.75 $ 9.49 $ 8.67 Separate Account No. 49 number of units outstanding (000's) 353 249 215 EQ/Franklin Income Unit value $ 7.01 $ 10.45 $ 10.42 Separate Account No. 49 number of units outstanding (000's) 1,649 1,574 368 EQ/Franklin Small Cap Value Unit value $ 6.36 $ 9.71 $ 10.81 Separate Account No. 49 number of units outstanding (000's) 377 421 38 EQ/Franklin Templeton Founding Strategy Unit value $ 5.89 $ 9.49 -- Separate Account No. 49 number of units outstanding (000's) 5,195 2,805 -- EQ/GAMCO Mergers and Acquisitions Unit value $ 9.95 $ 11.75 $ 11.56 Separate Account No. 49 number of units outstanding (000's) 305 337 193 EQ/GAMCO Small Company Value Unit value $18.86 $ 27.67 $ 25.76 Separate Account No. 49 number of units outstanding (000's) 610 618 233 EQ/International Core PLUS Unit value $ 8.68 $ 16.01 $ 14.13 Separate Account No. 49 number of units outstanding (000's) 2,341 2,289 3,208 EQ/International Growth Unit value $ 9.50 $ 16.18 $ 14.17 Separate Account No. 49 number of units outstanding (000's) 796 665 269 EQ/JPMorgan Core Bond Unit value $12.59 $ 14.07 $ 13.88 Separate Account No. 49 number of units outstanding (000's) 1,216 1,473 1,477 EQ/JPMorgan Value Opportunities Unit value $ 8.93 $ 15.08 $ 15.53 Separate Account No. 49 number of units outstanding (000's) 280 288 351 -------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------- For the years ending December 31, ------------------------------ 2005 2004 2003 ------------------------------------------------------------------------------------------------------------------------- EQ/Calvert Socially Responsible ------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.51 $ 7.96 $ 7.82 ------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 314 204 249 ------------------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Growth ------------------------------------------------------------------------------------------------------------------------- Unit value $ 12.00 $ 11.62 $ 11.20 ------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 351 160 164 ------------------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Research ------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.55 $ 11.08 $ 10.16 ------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,585 1,200 776 ------------------------------------------------------------------------------------------------------------------------- EQ/Caywood-Scholl High Yield Bond ------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.37 -- -- ------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 81 -- -- ------------------------------------------------------------------------------------------------------------------------- EQ/Davis New York Venture ------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------- EQ/Equity 500 Index ------------------------------------------------------------------------------------------------------------------------- Unit value $ 25.31 $ 24.66 $ 22.76 ------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,604 1,386 1,074 ------------------------------------------------------------------------------------------------------------------------- EQ/Evergreen International Bond ------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.74 -- -- ------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 8 -- -- ------------------------------------------------------------------------------------------------------------------------- EQ/Evergreen Omega ------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.33 $ 8.15 $ 7.75 ------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 280 377 218 ------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Income ------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Small Cap Value ------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Templeton Founding Strategy ------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------- EQ/GAMCO Mergers and Acquisitions ------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.48 -- -- ------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 77 -- -- ------------------------------------------------------------------------------------------------------------------------- EQ/GAMCO Small Company Value ------------------------------------------------------------------------------------------------------------------------- Unit value $ 22.05 $ 21.50 -- ------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 79 9 -- ------------------------------------------------------------------------------------------------------------------------- EQ/International Core PLUS ------------------------------------------------------------------------------------------------------------------------- Unit value $ 12.06 $ 10.47 $ 9.38 ------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,337 1,926 1,026 ------------------------------------------------------------------------------------------------------------------------- EQ/International Growth ------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.47 -- -- ------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 56 -- -- ------------------------------------------------------------------------------------------------------------------------- EQ/JPMorgan Core Bond ------------------------------------------------------------------------------------------------------------------------- Unit value $ 13.57 $ 13.50 $ 13.20 ------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,527 1,343 1,175 ------------------------------------------------------------------------------------------------------------------------- EQ/JPMorgan Value Opportunities ------------------------------------------------------------------------------------------------------------------------- Unit value $ 13.12 $ 12.84 $ 11.78 ------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 347 370 307 -------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------- For the years ending December 31, --------------------- 2002 ---------------------------------------------------------------------------------------------------------- EQ/Calvert Socially Responsible ---------------------------------------------------------------------------------------------------------- Unit value $ 6.22 ---------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 42 ---------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Growth ---------------------------------------------------------------------------------------------------------- Unit value $ 9.19 ---------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 40 ---------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Research ---------------------------------------------------------------------------------------------------------- Unit value $ 7.86 ---------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 200 ---------------------------------------------------------------------------------------------------------- EQ/Caywood-Scholl High Yield Bond ---------------------------------------------------------------------------------------------------------- Unit value -- ---------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- ---------------------------------------------------------------------------------------------------------- EQ/Davis New York Venture ---------------------------------------------------------------------------------------------------------- Unit value -- ---------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- ---------------------------------------------------------------------------------------------------------- EQ/Equity 500 Index ---------------------------------------------------------------------------------------------------------- Unit value $ 18.11 ---------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 399 ---------------------------------------------------------------------------------------------------------- EQ/Evergreen International Bond ---------------------------------------------------------------------------------------------------------- Unit value -- ---------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- ---------------------------------------------------------------------------------------------------------- EQ/Evergreen Omega ---------------------------------------------------------------------------------------------------------- Unit value $ 5.70 ---------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 32 ---------------------------------------------------------------------------------------------------------- EQ/Franklin Income ---------------------------------------------------------------------------------------------------------- Unit value -- ---------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- ---------------------------------------------------------------------------------------------------------- EQ/Franklin Small Cap Value ---------------------------------------------------------------------------------------------------------- Unit value -- ---------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- ---------------------------------------------------------------------------------------------------------- EQ/Franklin Templeton Founding Strategy ---------------------------------------------------------------------------------------------------------- Unit value -- ---------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- ---------------------------------------------------------------------------------------------------------- EQ/GAMCO Mergers and Acquisitions ---------------------------------------------------------------------------------------------------------- Unit value -- ---------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- ---------------------------------------------------------------------------------------------------------- EQ/GAMCO Small Company Value ---------------------------------------------------------------------------------------------------------- Unit value -- ---------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- ---------------------------------------------------------------------------------------------------------- EQ/International Core PLUS ---------------------------------------------------------------------------------------------------------- Unit value $ 7.19 ---------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 282 ---------------------------------------------------------------------------------------------------------- EQ/International Growth ---------------------------------------------------------------------------------------------------------- Unit value -- ---------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- ---------------------------------------------------------------------------------------------------------- EQ/JPMorgan Core Bond ---------------------------------------------------------------------------------------------------------- Unit value $ 12.99 ---------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 441 ---------------------------------------------------------------------------------------------------------- EQ/JPMorgan Value Opportunities ---------------------------------------------------------------------------------------------------------- Unit value $ 9.45 ---------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 128 ----------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information A-2 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
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, 2008. (CONTINUED) ---------------------------------------------------------------------------------------------------------------- For the years ending December 31, -------------------- 2008 2007 ---------------------------------------------------------------------------------------------------------------- EQ/Large Cap Core PLUS ---------------------------------------------------------------------------------------------------------------- Unit value $ 6.46 $ 10.50 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 389 458 ---------------------------------------------------------------------------------------------------------------- EQ/Large Cap Growth Index ---------------------------------------------------------------------------------------------------------------- Unit value $ 4.78 $ 7.62 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,004 1,050 ---------------------------------------------------------------------------------------------------------------- EQ/Large Cap Growth PLUS ---------------------------------------------------------------------------------------------------------------- Unit value $10.06 $ 16.57 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 298 492 ---------------------------------------------------------------------------------------------------------------- EQ/Large Cap Value Index ---------------------------------------------------------------------------------------------------------------- Unit value $ 4.39 $ 10.32 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 847 809 ---------------------------------------------------------------------------------------------------------------- EQ/Large Cap Value PLUS ---------------------------------------------------------------------------------------------------------------- Unit value $ 9.09 $ 16.31 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,668 3,123 ---------------------------------------------------------------------------------------------------------------- EQ/Long Term Bond ---------------------------------------------------------------------------------------------------------------- Unit value $10.88 $ 10.54 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 237 248 ---------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Growth and Income ---------------------------------------------------------------------------------------------------------------- Unit value $ 7.73 $ 12.39 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 351 369 ---------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Large Cap Core ---------------------------------------------------------------------------------------------------------------- Unit value $ 8.62 $ 12.70 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 425 442 ---------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Mid Cap Value ---------------------------------------------------------------------------------------------------------------- Unit value $ 7.29 $ 12.15 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 922 888 ---------------------------------------------------------------------------------------------------------------- EQ/Marsico Focus ---------------------------------------------------------------------------------------------------------------- Unit value $10.61 $ 18.08 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 3,228 3,346 ---------------------------------------------------------------------------------------------------------------- EQ/Mid Cap Index ---------------------------------------------------------------------------------------------------------------- Unit value $ 6.66 $ 13.35 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,863 2,166 ---------------------------------------------------------------------------------------------------------------- EQ/Mid Cap Value PLUS ---------------------------------------------------------------------------------------------------------------- Unit value $ 9.74 $ 16.40 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 902 1,069 ---------------------------------------------------------------------------------------------------------------- EQ/Money Market ---------------------------------------------------------------------------------------------------------------- Unit value $27.75 $ 27.65 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,943 1,051 ---------------------------------------------------------------------------------------------------------------- EQ/Montag & Caldwell Growth ---------------------------------------------------------------------------------------------------------------- Unit value $ 3.74 $ 5.66 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,560 657 ---------------------------------------------------------------------------------------------------------------- EQ/Mutual Shares ---------------------------------------------------------------------------------------------------------------- Unit value $ 6.50 $ 10.69 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,644 1,727 ---------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Global ---------------------------------------------------------------------------------------------------------------- Unit value $ 6.71 $ 11.51 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 786 674 ---------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Main Street Opportunity ---------------------------------------------------------------------------------------------------------------- Unit value $ 6.68 $ 11.10 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 130 154 ----------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------- For the years ending December 31, --------------------------------- 2006 2005 2004 ---------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Core PLUS ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.28 $ 9.26 $ 8.79 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 510 603 610 ---------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Growth Index ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.80 $ 6.96 $ 6.16 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,042 1,055 981 ---------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Growth PLUS ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 14.58 $ 13.76 $ 12.84 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 192 184 149 ---------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Value Index ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.17 $ 10.63 -- ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 532 144 -- ---------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Value PLUS ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 17.38 $ 14.57 $ 14.06 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,507 2,363 2,169 ---------------------------------------------------------------------------------------------------------------------------- EQ/Long Term Bond ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.98 $ 9.98 -- ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 135 173 -- ---------------------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Growth and Income ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 12.18 $ 10.57 -- ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 308 83 -- ---------------------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Large Cap Core ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.67 $ 10.54 -- ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 196 84 -- ---------------------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Mid Cap Value ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 12.29 $ 11.12 -- ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 591 290 -- ---------------------------------------------------------------------------------------------------------------------------- EQ/Marsico Focus ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 16.13 $ 15.01 $ 13.79 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,714 2,354 1,938 ---------------------------------------------------------------------------------------------------------------------------- EQ/Mid Cap Index ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 12.57 $ 11.47 $ 10.97 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,890 1,556 1,391 ---------------------------------------------------------------------------------------------------------------------------- EQ/Mid Cap Value PLUS ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 16.96 $ 15.34 $ 14.02 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,156 1,107 1,007 ---------------------------------------------------------------------------------------------------------------------------- EQ/Money Market ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 26.86 $ 26.15 $ 25.92 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1102 845 349 ---------------------------------------------------------------------------------------------------------------------------- EQ/Montag & Caldwell Growth ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 4.77 $ 4.49 $ 4.34 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 83 72 22 ---------------------------------------------------------------------------------------------------------------------------- EQ/Mutual Shares ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.70 -- -- ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 258 -- -- ---------------------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Global ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.08 -- -- ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 83 -- -- ---------------------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Main Street Opportunity ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.92 -- -- ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 20 -- -- ----------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------- For the years ending December 31, ---------------------- 2003 2002 ---------------------------------------------------------------------------------------------------------------- EQ/Large Cap Core PLUS ---------------------------------------------------------------------------------------------------------------- Unit value $ 8.03 $ 6.69 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 598 229 ---------------------------------------------------------------------------------------------------------------- EQ/Large Cap Growth Index ---------------------------------------------------------------------------------------------------------------- Unit value $ 5.78 $ 4.77 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 856 341 ---------------------------------------------------------------------------------------------------------------- EQ/Large Cap Growth PLUS ---------------------------------------------------------------------------------------------------------------- Unit value $ 11.60 $ 9.12 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 93 38 ---------------------------------------------------------------------------------------------------------------- EQ/Large Cap Value Index ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/Large Cap Value PLUS ---------------------------------------------------------------------------------------------------------------- Unit value $ 12.60 $ 9.96 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,481 530 ---------------------------------------------------------------------------------------------------------------- EQ/Long Term Bond ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Growth and Income ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Large Cap Core ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Mid Cap Value ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/Marsico Focus ---------------------------------------------------------------------------------------------------------------- Unit value $ 12.69 $ 9.85 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,510 386 ---------------------------------------------------------------------------------------------------------------- EQ/Mid Cap Index ---------------------------------------------------------------------------------------------------------------- Unit value $ 9.62 $ 6.81 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 883 285 ---------------------------------------------------------------------------------------------------------------- EQ/Mid Cap Value PLUS ---------------------------------------------------------------------------------------------------------------- Unit value $ 12.10 $ 9.24 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 636 237 ---------------------------------------------------------------------------------------------------------------- EQ/Money Market ---------------------------------------------------------------------------------------------------------------- Unit value $ 26.17 $ 26.47 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 434 630 ---------------------------------------------------------------------------------------------------------------- EQ/Montag & Caldwell Growth ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/Mutual Shares ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Global ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Main Street Opportunity ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------
A-3 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008. (CONTINUED)
---------------------------------------------------------------------------------------------------------------- For the years ---------------------- ending December 31, ---------------------------------------------------------------------------------------------------------------- 2008 2007 ---------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Main Street Small Cap ---------------------------------------------------------------------------------------------------------------- Unit value $ 6.50 $ 10.70 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 340 277 ---------------------------------------------------------------------------------------------------------------- EQ/PIMCO Real Return ---------------------------------------------------------------------------------------------------------------- Unit value $10.11 $ 10.72 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,525 1,235 ---------------------------------------------------------------------------------------------------------------- EQ/ Quality Bond PLUS ---------------------------------------------------------------------------------------------------------------- Unit value $14.75 $ 16.06 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 502 626 ---------------------------------------------------------------------------------------------------------------- EQ/Short Duration Bond ---------------------------------------------------------------------------------------------------------------- Unit value $10.15 $ 10.53 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 475 262 ---------------------------------------------------------------------------------------------------------------- EQ/Small Company Index ---------------------------------------------------------------------------------------------------------------- Unit value $10.37 $ 16.02 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 720 713 ---------------------------------------------------------------------------------------------------------------- EQ/T. Rowe Price Growth Stock ---------------------------------------------------------------------------------------------------------------- Unit value $ 9.26 $ 16.30 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 421 401 ---------------------------------------------------------------------------------------------------------------- EQ/Templeton Growth ---------------------------------------------------------------------------------------------------------------- Unit value $ 6.27 $ 10.78 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 848 853 ---------------------------------------------------------------------------------------------------------------- EQ/UBS Growth and Income ---------------------------------------------------------------------------------------------------------------- Unit value $ 3.56 $ 6.04 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 153 89 ---------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Comstock ---------------------------------------------------------------------------------------------------------------- Unit value $ 7.04 $ 11.36 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 545 539 ---------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Emerging Markets Equity ---------------------------------------------------------------------------------------------------------------- Unit value $10.67 $ 25.45 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,528 1,726 ---------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Mid Cap Growth ---------------------------------------------------------------------------------------------------------------- Unit value $ 8.26 $ 15.95 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 695 782 ---------------------------------------------------------------------------------------------------------------- EQ Van Kampen Real Estate ---------------------------------------------------------------------------------------------------------------- Unit value $ 4.97 $ 8.27 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,342 1,440 ---------------------------------------------------------------------------------------------------------------- Multimanager Aggressive Equity ---------------------------------------------------------------------------------------------------------------- Unit value $31.77 $ 60.62 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 53 56 ---------------------------------------------------------------------------------------------------------------- Multimanager Core Bond ---------------------------------------------------------------------------------------------------------------- Unit value $11.89 $ 11.80 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 3,511 1,494 ---------------------------------------------------------------------------------------------------------------- Multimanager Health Care ---------------------------------------------------------------------------------------------------------------- Unit value $ 9.15 $ 12.72 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 429 390 ---------------------------------------------------------------------------------------------------------------- Multimanager High Yield ---------------------------------------------------------------------------------------------------------------- Unit value $23.07 $ 30.68 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 523 526 ---------------------------------------------------------------------------------------------------------------- Multimanager International Equity ---------------------------------------------------------------------------------------------------------------- Unit value $ 9.54 $ 18.39 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 951 1,047 ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- For the years ending December 31, --------------------------------- 2006 2005 2004 ---------------------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Main Street Small Cap ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.09 -- -- ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 19 -- -- ---------------------------------------------------------------------------------------------------------------------------- EQ/PIMCO Real Return ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.78 $ 9.91 -- ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 730 286 -- ---------------------------------------------------------------------------------------------------------------------------- EQ/ Quality Bond PLUS ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 15.63 $ 15.31 $ 15.27 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 590 573 555 ---------------------------------------------------------------------------------------------------------------------------- EQ/Short Duration Bond ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.17 $ 9.96 -- ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 202 60 -- ---------------------------------------------------------------------------------------------------------------------------- EQ/Small Company Index ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 16.60 $ 14.35 $ 14.00 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 744 596 575 ---------------------------------------------------------------------------------------------------------------------------- EQ/T. Rowe Price Growth Stock ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 15.46 $ 16.39 $ 16.03 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 47 41 6 ---------------------------------------------------------------------------------------------------------------------------- EQ/Templeton Growth ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.75 -- -- ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 178 -- -- ---------------------------------------------------------------------------------------------------------------------------- EQ/UBS Growth and Income ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.07 $ 5.41 $ 5.05 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 104 69 -- ---------------------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Comstock ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.85 $ 10.40 -- ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 602 296 -- ---------------------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Emerging Markets Equity ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 18.23 $ 13.53 $ 10.37 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1239 755 609 ---------------------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Mid Cap Growth ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 13.26 $ 12.34 -- ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 297 179 -- ---------------------------------------------------------------------------------------------------------------------------- EQ Van Kampen Real Estate ---------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- ---------------------------------------------------------------------------------------------------------------------------- Multimanager Aggressive Equity ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 55.37 $ 53.59 $ 50.38 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 47 25 28 ---------------------------------------------------------------------------------------------------------------------------- Multimanager Core Bond ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.30 $ 11.08 $ 11.07 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,030 1,611 1,424 ---------------------------------------------------------------------------------------------------------------------------- Multimanager Health Care ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.87 $ 11.49 $ 10.93 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 400 338 284 ---------------------------------------------------------------------------------------------------------------------------- Multimanager High Yield ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 30.26 $ 28.00 $ 27.64 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 758 755 771 ---------------------------------------------------------------------------------------------------------------------------- Multimanager International Equity ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 16.64 $ 13.51 $ 11.90 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,030 783 806 ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- For the years ending December 31, ---------------------- 2003 2002 ---------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Main Street Small Cap ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/PIMCO Real Return ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/ Quality Bond PLUS ---------------------------------------------------------------------------------------------------------------- Unit value $ 14.97 $ 14.71 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 512 198 ---------------------------------------------------------------------------------------------------------------- EQ/Short Duration Bond ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/Small Company Index ---------------------------------------------------------------------------------------------------------------- Unit value $ 12.10 $ 8.44 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 449 122 ---------------------------------------------------------------------------------------------------------------- EQ/T. Rowe Price Growth Stock ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/Templeton Growth ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/UBS Growth and Income ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Comstock ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Emerging Markets Equity ---------------------------------------------------------------------------------------------------------------- Unit value $ 8.53 $ 5.56 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 457 69 ---------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Mid Cap Growth ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ Van Kampen Real Estate ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- Multimanager Aggressive Equity ---------------------------------------------------------------------------------------------------------------- Unit value $ 45.72 $ 33.82 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 10 4 ---------------------------------------------------------------------------------------------------------------- Multimanager Core Bond ---------------------------------------------------------------------------------------------------------------- Unit value $ 10.84 $ 10.63 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,202 628 ---------------------------------------------------------------------------------------------------------------- Multimanager Health Care ---------------------------------------------------------------------------------------------------------------- Unit value $ 9.91 $ 7.87 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 143 57 ---------------------------------------------------------------------------------------------------------------- Multimanager High Yield ---------------------------------------------------------------------------------------------------------------- Unit value $ 25.87 $ 21.48 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 557 125 ---------------------------------------------------------------------------------------------------------------- Multimanager International Equity ---------------------------------------------------------------------------------------------------------------- Unit value $ 10.27 $ 7.78 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 360 135 ----------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information A-4 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008. (CONTINUED)
---------------------------------------------------------------------------------------------------------------- For the years ending December 31, ---------------------------------------------------------------------------------------------------------------- 2008 2007 ---------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Core Equity ---------------------------------------------------------------------------------------------------------------- Unit value $ 7.43 $ 12.50 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 447 473 ---------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Growth ---------------------------------------------------------------------------------------------------------------- Unit value $ 5.56 $ 10.35 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 840 881 ---------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Value ---------------------------------------------------------------------------------------------------------------- Unit value $ 8.83 $ 14.37 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 921 1,210 ---------------------------------------------------------------------------------------------------------------- Multimanager Mid Cap Growth ---------------------------------------------------------------------------------------------------------------- Unit value $ 6.55 $ 11.81 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 813 934 ---------------------------------------------------------------------------------------------------------------- Multimanager Mid Cap Value ---------------------------------------------------------------------------------------------------------------- Unit value $ 8.47 $ 13.46 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 727 805 ---------------------------------------------------------------------------------------------------------------- Multimanager Small Cap Growth ---------------------------------------------------------------------------------------------------------------- Unit value $ 4.95 $ 8.71 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 687 788 ---------------------------------------------------------------------------------------------------------------- Multimanager Small Cap Value ---------------------------------------------------------------------------------------------------------------- Unit value $10.31 $ 16.88 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 666 748 ---------------------------------------------------------------------------------------------------------------- Multimanager Technology ---------------------------------------------------------------------------------------------------------------- Unit value $ 6.29 $ 12.10 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 462 597 ---------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- For the years ending December 31, --------------------------------- 2006 2005 2004 ---------------------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Core Equity ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 12.11 $ 10.85 $ 10.34 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 453 353 272 ---------------------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Growth ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.47 $ 9.62 $ 9.10 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,014 980 876 ---------------------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Value ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 14.10 $ 12.02 $ 11.42 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,363 1,238 1,242 ---------------------------------------------------------------------------------------------------------------------------- Multimanager Mid Cap Growth ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.74 $ 9.96 $ 9.35 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,035 1,075 1,055 ---------------------------------------------------------------------------------------------------------------------------- Multimanager Mid Cap Value ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 13.68 $ 12.13 $ 11.49 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1010 876 1,011 ---------------------------------------------------------------------------------------------------------------------------- Multimanager Small Cap Growth ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.54 $ 7.89 $ 7.46 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 475 242 59 ---------------------------------------------------------------------------------------------------------------------------- Multimanager Small Cap Value ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 19.05 $ 16.69 $ 16.22 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1201 991 884 ---------------------------------------------------------------------------------------------------------------------------- Multimanager Technology ---------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.41 $ 9.87 $ 9.02 ---------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 350 311 306 ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------- For the years ending December 31, ---------------------- 2003 2002 ---------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Core Equity ---------------------------------------------------------------------------------------------------------------- Unit value $ 9.59 $ 7.61 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 238 104 ---------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Growth ---------------------------------------------------------------------------------------------------------------- Unit value $ 8.68 $ 6.76 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 792 408 ---------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Value ---------------------------------------------------------------------------------------------------------------- Unit value $ 10.15 $ 7.88 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 726 316 ---------------------------------------------------------------------------------------------------------------- Multimanager Mid Cap Growth ---------------------------------------------------------------------------------------------------------------- Unit value $ 8.52 $ 6.18 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 731 292 ---------------------------------------------------------------------------------------------------------------- Multimanager Mid Cap Value ---------------------------------------------------------------------------------------------------------------- Unit value $ 10.15 $ 7.34 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 560 206 ---------------------------------------------------------------------------------------------------------------- Multimanager Small Cap Growth ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- Multimanager Small Cap Value ---------------------------------------------------------------------------------------------------------------- Unit value $ 14.09 $ 10.43 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 641 270 ---------------------------------------------------------------------------------------------------------------- Multimanager Technology ---------------------------------------------------------------------------------------------------------------- Unit value $ 8.74 $ 5.64 ---------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 98 14 ----------------------------------------------------------------------------------------------------------------
A-5 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 February 17, 2009 to a fixed maturity option with a maturity date of February 15, 2017 (eight years later) at a hypothetical rate to maturity of 7.00%("h" in the calculations below), 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 February 15, 2013(a).
----------------------------------------------------------------------------------------------------------- Hypothetical assumed rate to maturity ("j" in the calculations below) February 15, 2013 ----------------------------------------------- 5.00% 9.00% ----------------------------------------------------------------------------------------------------------- As of February 15, 2013 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 February 15, 2013 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)(1,461/365) (1+j)(D/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 - (1+h)(D/365) = ($84,741 or $77,257) - (1+0.07)(1,461/365)
Appendix II: Market value adjustment example B-1 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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/Money Market, the guaranteed interest option or the fixed maturity options), no additional contributions, no transfers, no withdrawals and no loans under a Rollover TSA contract, the enhanced death benefit for an owner age 45 would be calculated as follows:
------------------------------------------------------------------------------------------------------------------------------------ End of contract 6-1/2% Roll-Up to age 85 6% Roll-Up to age 85 Annual Ratchet to age 85 GWBL Enhanced year Account value death benefit base death benefit base death benefit base death benefit base ------------------------------------------------------------------------------------------------------------------------------------ 1 $105,000 $ 106,500(4) $ 106,000(6) $ 105,000(1) $ 105,000(7) ------------------------------------------------------------------------------------------------------------------------------------ 2 $115,500 $ 113,423(3) $ 112,360(5) $ 115,500(1) $ 115,500(7) ------------------------------------------------------------------------------------------------------------------------------------ 3 $129,360 $ 120,795(3) $ 119,102(5) $ 129,360(1) $ 129,360(7) ------------------------------------------------------------------------------------------------------------------------------------ 4 $103,488 $ 128,647(3) $ 126,248(5) $ 129,360(2) $ 135,828(8) ------------------------------------------------------------------------------------------------------------------------------------ 5 $113,837 $ 137,009(4) $ 133,823(6) $ 129,360(2) $ 142,296(8) ------------------------------------------------------------------------------------------------------------------------------------ 6 $127,497 $ 145,914(4) $ 141,852(6) $ 129,360(2) $ 148,764(8) ------------------------------------------------------------------------------------------------------------------------------------ 7 $127,497 $ 155,399(4) $ 150,363(6) $ 129,360(2) $ 155,232(8) ------------------------------------------------------------------------------------------------------------------------------------
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 Annual Ratchet to age 85 enhanced death benefit is equal to the current account value. (2) At the end of contract years 4 through 7, the death benefit is equal to the Annual Ratchet to age 85 enhanced death benefit at the end of the prior year since it is higher than the current account value. GREATER OF 6-1/2% ROLL-UP TO AGE 85 OR 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 6-1/2% Roll-Up to age 85 or the Annual Ratchet to age 85. (3) At the end of contract years 2 through 4, the enhanced death benefit will be based on the Annual Ratchet to age 85. (4) At the end of contract years 1 and 5 through 7, the enhanced death benefit will be based on the 6-1/2% Roll-Up to age 85. GREATER OF 6% ROLL-UP TO AGE 85 OR 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. (5) At the end of contract years 2 through 4, the enhanced death benefit will be based on the Annual Ratchet to age 85. (6) At the end of contract years 1 and 5 through 7, the enhanced death benefit will be based on the 6% Roll-Up to age 85. 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. (7) At the end of contract years 1 through 3, the GWBL Enhanced death benefit is equal to the current account value. (8) At the end of contract years 4 through 7, the GWBL Enhanced death benefit is greater than the current account value. C-1 Appendix III: Enhanced death benefit example To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 6-1/2% Roll-Up to Age 85 or the Annual Ratchet to age 85" guaranteed minimum death benefit, the Earnings enhancement benefit and the Guaranteed minimum income benefit under certain hypothetical circumstances for an Accumulator(R) Select(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 (2.87)%, 3.13% for the Accumulator(R) Select(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, the Earnings enhancement benefit and the Guaranteed minimum income benefit features, as well as the annual administrative charge. 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 6-1/2% Roll-Up to age 85 and the Annual Ratchet to age 85 Guaranteed minimum death benefit charge, the Earnings enhancement benefit charge, the Guaranteed minimum income benefit charge and any applicable administrative 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 date 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 0.61%, and (2) an assumed average asset charge for all other expenses of the underlying portfolios equivalent to an effective annual rate of 0.31% 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 account value 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. Appendix IV: Hypothetical illustrations D-1 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Variable deferred annuity Accumulator(R) Select(SM) $100,000 Single contribution and no withdrawals Male, issue age 60 Benefits: Greater of 6-1/2% Roll-Up to age 85 or Annual Ratchet to age 85 Guaranteed minimum death benefit Earnings enhancement benefit Guaranteed minimum income benefit
Greater of 6-1/2% Roll- Up to age 85 or Lifetime Annual Annual Ratchet to Total Death Benefit Guaranteed Minimum Income Benefit age 85 Guaranteed with the Earnings ---------------------------------- Minimum Death Guaranteed Hypothetical Account Value Cash Value Benefit enhancement 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 95,090 101,069 95,090 101,069 106,500 106,500 109,100 109,100 N/A N/A N/A N/A 62 3 90,226 102,056 90,226 102,056 113,423 113,423 118,792 118,792 N/A N/A N/A N/A 63 4 85,401 102,953 85,401 102,953 120,795 120,795 129,113 129,113 N/A N/A N/A N/A 64 5 80,604 103,750 80,604 103,750 128,647 128,647 140,105 140,105 N/A N/A N/A N/A 65 6 75,828 104,434 75,828 104,434 137,009 137,009 151,812 151,812 N/A N/A N/A N/A 66 7 71,062 104,996 71,062 104,996 145,914 145,914 164,280 164,280 N/A N/A N/A N/A 67 8 66,297 105,420 66,297 105,420 155,399 155,399 177,558 177,558 N/A N/A N/A N/A 68 9 61,523 105,695 61,523 105,695 165,500 165,500 191,699 191,699 N/A N/A N/A N/A 69 10 56,731 105,806 56,731 105,806 176,257 176,257 206,760 206,760 N/A N/A N/A N/A 74 15 32,010 103,298 32,010 103,298 241,487 241,487 298,082 298,082 14,441 14,441 14,441 14,441 79 20 4,992 93,756 4,992 93,756 330,859 330,859 423,202 423,202 22,168 22,168 22,168 22,168 84 25 0 73,682 0 73,682 0 453,305 0 554,251 0 36,264 0 36,264 89 30 0 59,759 0 59,759 0 482,770 0 583,716 N/A N/A N/A N/A 94 35 0 48,104 0 48,104 0 482,770 0 583,716 N/A N/A N/A N/A 95 36 0 45,546 0 45,546 0 482,770 0 583,716 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. D-2 Appendix IV: Hypothetical illustrations To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix V: Earnings enhancement benefit example -------------------------------------------------------------------------------- The following illustrates the calculation of a death benefit that includes Earnings enhancement benefit for an owner age 45. The example assumes a contribution of $100,000 and no additional contributions. Where noted, a single withdrawal in the amount shown is also assumed. The calculation is as follows: ------------------------------------------------------------------------------------------------------------------------------------ No Withdrawal $3,000 withdrawal $6,000 withdrawal ------------------------------------------------------------------------------------------------------------------------------------ A INITIAL CONTRIBUTION 100,000 100,000 100,000 ------------------------------------------------------------------------------------------------------------------------------------ B DEATH BENEFIT: prior to withdrawal.* 104,000 104,000 104,000 ------------------------------------------------------------------------------------------------------------------------------------ EARNINGS ENHANCEMENT BENEFIT EARNINGS: death C benefit less net contributions (prior to the withdrawal in 4,000 4,000 4,000 D). B minus A. ------------------------------------------------------------------------------------------------------------------------------------ D WITHDRAWAL 0 3,000 6,000 ------------------------------------------------------------------------------------------------------------------------------------ EXCESS OF THE WITHDRAWAL OVER THE EARNINGS E ENHANCEMENT BENEFIT EARNINGS 0 0 2,000 greater of D minus C or zero ------------------------------------------------------------------------------------------------------------------------------------ NET CONTRIBUTIONS (adjusted for the withdrawal in D) F A minus E 100,000 100,000 98,000 ------------------------------------------------------------------------------------------------------------------------------------ DEATH BENEFIT (adjusted for the withdrawal in D) G B minus D 104,000 101,000 98,000 ------------------------------------------------------------------------------------------------------------------------------------ DEATH BENEFIT LESS NET CONTRIBUTIONS H G minus F 4,000 1,000 0 ------------------------------------------------------------------------------------------------------------------------------------ I EARNINGS ENHANCEMENT BENEFIT FACTOR 40% 40% 40% ------------------------------------------------------------------------------------------------------------------------------------ EARNINGS ENHANCEMENT BENEFIT J H times I 1,600 400 0 ------------------------------------------------------------------------------------------------------------------------------------ DEATH BENEFIT: including Earnings enhancement benefit K G plus J 105,600 101,400 98,000 ------------------------------------------------------------------------------------------------------------------------------------
* The death benefit is the greater of the account value or any applicable death benefit. Appendix V: Earnings enhancement benefit example E-1 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix VI: State contract availability and/or variations of certain features and benefits -------------------------------------------------------------------------------- The following information is a summary of the states where the Accumulator(R) Select(SM) contract or certain features and/or benefits are either not available or vary from the contract's features and benefits as previously described in this Prospectus. Certain features and/or benefits may have been approved in your state after your contract was issued and cannot be added. Please contact your financial professional for more information about availability in your state. See also Appendix VII later in this Prospectus for information about the availability of certain features under your contract. STATES WHERE CERTAIN ACCUMULATOR(R) SELECT(SM) FEATURES AND/OR BENEFITS ARE NOT AVAILABLE OR VARY:
------------------------------------------------------------------------------------------------------------------------------------ State Features and Benefits Availability or Variation ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA See "Contract features and benefits"--"Your right to can- If you reside in the state of California cel within a certain number of days" 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, if available), the amount of your refund will be equal to your contribution less interest, unless you make a trans- fer, 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 the Principal guarantee ben- efit or Guaranteed withdrawal benefit for life is elected, the investment allocation during the 30 day free look period is limited to the guaranteed interest option. If you allocate any portion of your initial contribution to the variable invest- ment 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. ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS See "Loans under Rollover TSA contracts" in "Accessing Your loan interest rate will not exceed 8% your money" (or any lower maximum rate that may become required by Illinois or fed- eral law). See "Selecting an annuity payout option" under "Your annuity payout options" in "Accessing your money" The following sentence replaces the first sentence of the second paragraph in this section: You can choose the date annuity payments begin but it may not be earlier than twelve months from the Accumulator(R) Select(SM) contract date. ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS Annual administrative charge The annual administrative charge will not be deducted from amounts allocated to the Guaranteed interest option. ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY The following information applies to Accumulator(R) Select(SM) contracts sold in New Jersey from August 6, 2007 to September 10, 2007: "Greater of 6-1/2% Roll-Up to age 85 or Annual Ratchet to All references to this feature are deleted age 85 enhanced death benefit" in their entirety. ------------------------------------------------------------------------------------------------------------------------------------
F-1 Appendix VI: State contract availability and/or variations of certain features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------------------------------------------------ State Features and Benefits Availability or Variation ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY You have the choice of the following (CONTINUED) guaranteed minimum death benefits: the Greater of 6% Roll-Up to age 85 or Annual Ratchet to age 85; the Greater of 3% Roll-Up to age 85 or Annual Ratchet to age 85; the Annual Ratchet to age 85; the Standard death benefit; the GWBL Standard death benefit; or the GWBL Enhanced death benefit. See "Guaranteed minimum death benefit charge" in "Fee The charge for the Greater of 6% Roll-Up to table" age 85 or Annual Ratchet to age 85 is 0.60% The charge for the Greater of 3% Roll-Up to age 85 or Annual Ratchet to age 85 is 0.60% See "Guaranteed minimum death benefit charge" and Footnote (3) (and all related text) is "Guaranteed minimum income benefit charge" in "Fee deleted in its entirety. We do not reserve table" the right to increase your charge if you reset your Greater of 6% to age 85 or Annual Ratchet to age 85 enhanced death benefit and Guaranteed minimum income benefit Roll-Up benefit base. See "Guaranteed minimum income benefit and the Roll-Up All references to resetting your Roll-Up benefit base reset" in "Contract features and benefits" benefit base on each contract date anniversary are deleted in their entirety here and throughout the Prospectus. Instead, if you elect the Guaranteed minimum income benefit alone or together with the Greater of 6% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit, you will be eligible to reset the Roll-Up benefit base for these guaranteed benefits to equal the account value as of the 5th or later contract date anniversary. Each time you reset the Roll-Up benefit base, your Roll-Up benefit base will not be eligible for another reset for five years. The Guaranteed minimum income benefit that includes the 6-1/2% Roll-Up benefit base is not available in combination with the Greater of 6% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit. See "Guaranteed minimum income benefit option" in The table showing the maximum periods "Contract features and benefits" certain available under the life with a period certain payout option is deleted in its entirety and replaced with the following: 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 -- -- --
Appendix VI: State contract availability and/or variations of certain features and benefits F-2 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------------------------------------------------ State Features and Benefits Availability or Variation ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY See "Greater of 6% Roll-Up to age 85 or Annual Ratchet The second sentence of the first paragraph (CONTINUED) to age 85" under "Guaranteed minimum death benefit and the entire second paragraph are deleted charge" in "Charges and expenses" in their entirety and replaced with the following: 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. See "Greater of 3% Roll-Up to age 85 or Annual Ratchet The second sentence is deleted in its to age 85" under "Guaranteed minimum death benefit entirety and replaced with the following: charge" in "Charges and expenses" The charge is equal to 0.60% of the Greater of the 3% Roll-up to age 85 or the Annual Ratchet to age 85 benefit base. See "Guaranteed minimum income benefit charge" in The third paragraph is deleted in its "Charges and expenses" entirety. ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA Contributions Your contract refers to contributions as premiums. Required disclosure for Pennsylvania customers Any person who knowingly and with intent to defraud any insurance company or other person files an application for insurance or statement of claim containing any materially false information or conceals for the purpose of misleading, information concerning any fact material thereto commits a fraudulent insurance act, which is a crime and subjects such person to criminal and civil penalties. ------------------------------------------------------------------------------------------------------------------------------------ PUERTO RICO IRA, Roth IRA, Inherited IRA and Rollover TSA contracts Not Available Beneficiary continuation option (IRA) Not Available Tax Information -- Special rules for NQ contracts 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 resi- dents 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 con- tract 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 per- sonal situation and the timing of the different tax liabilities, you may not be able to take full advantage of this credit. ------------------------------------------------------------------------------------------------------------------------------------ TEXAS See "Annual administrative charge" in "Charges and The annual administrative charge will not expenses" be deducted from amounts allocated to the Guaranteed interest option. ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON Guaranteed interest option Not Available Investment simplifier -- Fixed-dollar option Not Available and Interest sweep option Fixed maturity options Not Available Income Manager(R) payout option Not Available Earnings enhancement benefit Not Available ------------------------------------------------------------------------------------------------------------------------------------
F-3 Appendix VI: State contract availability and/or variations of certain features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------------------------------------------------ State Features and Benefits Availability or Variation ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON "Greater of 6-1/2% Roll-Up to age 85 or Annual Ratchet to All references to these features are (CONTINUED) age 85 enhanced death benefit"; "Greater of 6% Roll-Up deleted in their entirety. to age 85 or Annual Ratchet to age 85 enhanced death benefit"; and "GWBL Enhanced death benefit" You have the choice of the following guaranteed minimum death benefits: the Greater of 4% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit; the Greater of 3% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit; the Annual Ratchet to age 85; the Standard death benefit; or the GWBL Standard death benefit. See "Guaranteed minimum death benefit charge" in "Fee The charge for the Greater of 4% Roll-Up to table" and in "Charges and expenses" age 85 or Annual Ratchet to age 85 is 0.65% and cannot be increased. See "How you can purchase and contribute to your con- o For contracts with GWBL, the $1,500,000 tract" in "Contract features and benefits" contribution limit applies for all issue ages. o The second sentence of the third paragraph is deleted. The paragraph now reads: "We limit aggregate contribu- tions made after the first contract year to 150% of first- year contributions." See "Guaranteed minimum death benefit and Guaranteed o If you elect the 6-1/2% (or 6%, as minimum income benefit base" in "Contract features and applicable) Guaranteed minimum income benefits" benefit with the Greater of 4% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit, the variable investment options (including amounts allocated to the account for special money market dollar cost averaging, but excluding all other amounts allocated to the EQ/Money Market) will roll up at an annual rate of 6-1/2% (or 6%, as applicable) for the Guaranteed minimum income benefit base and 4% for the 4% Roll-Up to age 85 benefit base. o If you elect the Greater of 4% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit, with- out a Guaranteed minimum income benefit, the variable investment options (including amounts allocated to the account for special money market dollar cost averaging, but excluding all other amounts allocated to the EQ/Money Market) will roll up at an annual rate of 4% for the 4% Roll-Up to age 85 benefit base. See "Guaranteed minimum death benefit/Guaranteed mini- Your "Greater of 4% Roll-Up to age 85 or mum income benefit roll-up benefit base reset" in Annual Ratchet to age 85 enhanced death "Contract features and benefits" benefit" benefit base will reset only if your account value is greater than your Guaranteed minimum income benefit Roll-Up benefit base. ------------------------------------------------------------------------------------------------------------------------------------
Appendix VI: State contract availability and/or variations of certain features and benefits F-4 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------------------------------------------------ State Features and Benefits Availability or Variation ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON See "How withdrawals affect your Guaranteed minimum The first sentence of the third paragraph (CONTINUED) income benefit and Guaranteed minimum death benefit" in is replaced with the following: "Accessing your money" o With respect to the 6-1/2% (or 6%, as applicable) Guar- anteed minimum income benefit, withdrawals (including any applicable withdrawal charges) will reduce the 6-1/2% (or 6%, as applicable) Roll-Up to age 85 benefit base on a dollar-for-dollar basis, as long as the sum of the withdrawals in a contract year is 6-1/2% (or 6%, as applicable) or less of the 6-1/2% (or 6%, as applicable) Roll-Up benefit base on the contract issue date or the most recent contract date anniversary, if later. o With respect to the Guaranteed minimum income benefit and the Greater of 4% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit, if elected in combination, withdrawals (including any applicable with- drawal charges) will reduce each of the benefits' Roll-Up to age 85 benefit base on a dollar-for-dollar basis, as long as the sum of the withdrawals in a contract year is 6-1/2% (or 6%, as applicable) or less of the Guaranteed minimum income benefit's Roll-Up benefit base on the contract issue date or the most recent contract date anniversary, if later. o With respect to the Greater of 4% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit, if elected without the Guaranteed minimum income ben- efit, withdrawals (including any applicable withdrawal charges) will reduce the 4% Roll-Up to age 85 benefit base on a dollar-for-dollar basis, as long as the sum of the withdrawals in a contract year is 6% or less of the 4% Roll-Up to age 85 benefit base on the contract issue date or the most recent contract date anniversary, if later. o With respect to the Greater of 3% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit, with- drawals (including any applicable withdrawal charges) will reduce the 3% Roll-Up to age 85 benefit base on a dollar-for-dollar basis, as long as the sum of the with- drawals in a contract year is 3% or less of the 3% Roll-Up to age 85 enhanced death benefit base on the contract issue date or the most recent contract date anniversary, if later. See "Guaranteed minimum death benefit" in You have a choice of the standard death "Contract features and benefits" benefit, the Annual Ratchet to age 85 enhanced death benefit, the Greater of 3% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit, or the Greater of 4% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death ben- efit. See "GWBL Guaranteed minimum death benefit" under Only the GWBL Standard death benefit is "Guaranteed withdrawal benefit for life ("GWBL")" in available. "Contract features and benefits" ------------------------------------------------------------------------------------------------------------------------------------
F-5 Appendix VI: State contract availability and/or variations of certain features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------------------------------------------------ State Features and Benefits Availability or Variation ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON See "Annual administrative charge" in "Charges and The second paragraph of this section is (CONTINUED) expenses" replaced with the following: The annual administrative charge will be deducted from the value in the variable investment options on a pro rata basis. If those amounts are insufficient, we will deduct all or a portion of the charge from the account for special money market dollar cost averaging. If the contract is surrendered or annuitized or a death benefit is paid on a date other than a contract date anniversary, we will deduct a pro rata por- tion of that charge for the year. ------------------------------------------------------------------------------------------------------------------------------------
Appendix VI: State contract availability and/or variations of certain features and benefits F-6 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix VII: Contract variations -------------------------------------------------------------------------------- You should note that your contract's options, features and charges may vary from what is described in this Prospectus depending on the approximate date on which you purchased your contract. You may not change your contract or its features after issue. This Appendix reflects contract variations that differ from what is described in this Prospectus but may have been in effect at the time your contract was issued. If you purchased your contract during the "Approximate Time Period" below, the noted variation may apply to you. In addition, options and/or features may vary among states in light of applicable regulations or state approvals. Any such state variations are generally not included here but instead included in Appendix VI earlier in this section. For more information about state variations applicable to you, as well as particular features, charges and options available under your contract based upon when you purchased it, please contact your financial professional and/or refer to your contract.
------------------------------------------------------------------------------------------------------------------------------------ Approximate Time Period Feature/Benefit Variation ------------------------------------------------------------------------------------------------------------------------------------ May 2007 - February 2008 Guaranteed withdrawal At no additional charge, during the first ten contract (through March 2008 in Nevada) benefit for life -- 5% deferral years, in each year you have not taken a withdrawal, we bonus 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. 200% Initial GWBL benefit base Not available guarantee Guaranteed annual withdrawal The Applicable percentages for the Guaranteed annual amount withdrawal amount are as follows: ---------------------------------------------------------- Age Applicable percentage ---------------------------------------------------------- 45-64 4.0% 65-74 5.0% 75-84 6.0% 85 and older 7.0% ---------------------------------------------------------- Guaranteed withdrawal benefit for If you elect the Single Life option, the charge is equal life benefit charge to 0.60%. If you elect the Joint Life option, the charge is equal to 0.75%. The maximum charge for the Single Life option is 0.75%. The maximum charge for the Joint Life option is 0.90%. ------------------------------------------------------------------------------------------------------------------------------------
G-1 Appendix VII: Contract variations To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------------------------------------------------ How withdrawals affect your Your GWBL Standard death benefit base and GWBL Enhanced GWBL and GWBL Guaranteed death benefit base are reduced on a dollar-for-dollar minimum death benefit basis by any withdrawal up to the Guaranteed annual withdrawal amount. Once a withdrawal causes cumulative withdrawals in a contract year to exceed your Guaranteed annual withdrawal amount, 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. Maximum payment plan The amount of the withdrawal will increase following any Annual Ratchet or 5% deferral bonus. Customized payment plan The amount of the withdrawal will not be increased following any Annual Ratchet or 5% deferral bonus. You must elect to change the scheduled payment amount. Annuity maturity date The minimum death benefit will be reduced dollar-for-dollar by each payment. ------------------------------------------------------------------------------------------------------------------------------------
Appendix VII: Contract variations G-2 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Statement of additional information -------------------------------------------------------------------------------- TABLE OF CONTENTS Page Who is AXA Equitable? 2 Unit Values 2 Calculation of Annuity Payments 2 Custodian and Independent Registered Public Accounting Firm 3 Distribution of the Contracts 3 Financial Statements 3 HOW TO OBTAIN AN ACCUMULATOR(R) SELECT(SM) STATEMENT OF ADDITIONAL INFORMATION FOR SEPARATE ACCOUNT NO. 49 Send this request form to: Accumulator(R) Select(SM) P.O. Box 1547 Secaucus, NJ 07096-1547 - Please send me an Accumulator(R) Select(SM) SAI for Separate Account No. 49 dated May 1, 2009. -------------------------------------------------------------------------------- Name: -------------------------------------------------------------------------------- Address: -------------------------------------------------------------------------------- City State Zip x02409/Select '02/'04, '07/'07.5, 8.0/8.2 and 9.0 Series To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Accumulator(R) Select(SM) A combination variable and fixed deferred annuity contract PROSPECTUS DATED MAY 1, 2009 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. This Prospectus supersedes all prior Prospectuses and supplements. You should read the prospectuses for each Trust which contain important information about the portfolios. -------------------------------------------------------------------------------- WHAT IS THE ACCUMULATOR(R) SELECT(SM)? Accumulator(R) Select(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 or the guaranteed interest option ("investment options"). This Prospectus is not your contract. Your contract and any endorsements, riders and data pages as identified in your contract are the entire contract between you and AXA Equitable and governs with respect to all features, benefits and obligations. The description of the contract's provisions in this Prospectus is current as of the date of this Prospectus; however, because certain provisions may be changed after the date of this Prospectus in accordance with the contract, the description of the contract's provisions in this Prospectus is qualified in its entirety by the terms of the actual contract. The contract should be read carefully. You have the right to cancel the contract within a certain number of days after receipt of the contract. You should read this Prospectus in conjunction with any applicable supplements. The contract may not currently be available in all states. There is no withdrawal charge under the contract. Certain features and benefits described in this Prospectus may vary in your state; all features and benefits may not be available in all contracts, in all states or from all selling broker-dealers. Please see Appendix V later in this Prospectus for more information on state availability and/or variations of certain features and benefits. All optional features and benefits described in this Prospectus may not be available at the time you purchase the contract. We have the right to restrict availability of any optional feature or benefit. In addition, not all optional features and benefits may be available in combination with other optional features and benefits. We can refuse to accept any application or contribution from you at any time, including after you purchase the contract. -------------------------------------------------------------------------------- Variable investment options -------------------------------------------------------------------------------- o AXA Aggressive Allocation*+ o EQ/BlackRock International Value o AXA Conservative Allocation*+ o EQ/Boston Advisors Equity Income+ o AXA Conservative-Plus Allocation*+ o EQ/Capital Guardian Growth o AXA Moderate Allocation*+ o EQ/Capital Guardian Research+ o AXA Moderate-Plus Allocation*+ o EQ/Common Stock Index**+ o EQ/AllianceBernstein International o EQ/Core Bond Index+ o EQ/AllianceBernstein Small Cap o EQ/Davis New York Venture Growth o EQ/Equity 500 Index+ o EQ/AXA Franklin Income Core** o EQ/Evergreen Omega+ o EQ/AXA Franklin Small Cap Value o EQ/Focus PLUS** Core**+ o EQ/GAMCO Mergers and Acquisitions o EQ/AXA Franklin Templeton Founding o EQ/GAMCO Small Company Value Strategy Core** o EQ/Global Bond PLUS** o EQ/AXA Mutual Shares Core** o EQ/Global Multi-Sector Equity** o EQ/AXA Templeton Growth Core** o EQ/Intermediate Government Bond o EQ/BlackRock Basic Value Equity+ Index+ -------------------------------------------------------------------------------- Variable investment options -------------------------------------------------------------------------------- o EQ/International Core PLUS+ o EQ/Small Company Index+ o EQ/International Growth o EQ/T. Rowe Price Growth Stock+ o EQ/JPMorgan Value Opportunities+ o EQ/UBS Growth and Income+ o EQ/Large Cap Core PLUS+ o EQ/Van Kampen Comstock o EQ/Large Cap Growth PLUS+ o EQ/Van Kampen Mid Cap Growth o EQ/Large Cap Value Index+ o EQ/Van Kampen Real Estate o EQ/Long Term Bond o Multimanager Core Bond+ o EQ/Lord Abbett Growth and Income+ o Multimanager Health Care o EQ/Lord Abbett Large Cap Core+ o Multimanager International Equity+ o EQ/Mid Cap Index+ o Multimanager Large Cap Core Equity+ o EQ/Mid Cap Value PLUS o Multimanager Large Cap Growth o EQ/Money Market+ o Multimanager Large Cap Value+ o EQ/Oppenheimer Global o Multimanager Mid Cap Growth+ o EQ/Oppenheimer Main Street o Multimanager Mid Cap Value+ Opportunity+ o Multimanager Multi-Sector Bond** o EQ/Oppenheimer Main Street o Multimanager Small Cap Growth+ Small Cap o Multimanager Small Cap Value+ o EQ/PIMCO Ultra Short Bond** o Multimanager Technology o EQ/Short Duration Bond -------------------------------------------------------------------------------- * The "AXA Allocation" portfolios. ** This is the variable investment option's new name, effective on or about May 1, 2009, subject to regulatory approval. Please see "Portfolios of the Trusts" under "Contract features and benefits" later in this Prospectus for the variable investment option's former name. + Not all variable investment options are available under all contracts. If you pur chased your contract after approximately February 17, 2009, only these variable investment options are available under your contract. The other variable investment options listed on the front cover of this Prospectus are only available to contract owners who purchased their contracts before that date. You may allocate amounts to any of the variable investment options. At any time, we have the right to limit or terminate your contributions and allocations to any of the variable investment options and to limit the number of variable investment options which you may elect. Each variable investment option is a subaccount of Separate Account No. 49. Each variable investment option, in turn, invests in a corresponding securities portfolio ("Portfolio") of the AXA Premier VIP Trust or the EQ Advisors Trust (the "Trusts"). Your investment results in a variable investment option will depend on the investment performance of the related Portfolio. 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. x02390/Select 8.0/8.2 Series (R-4/15) To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green You may also allocate amounts to the guaranteed interest option and the account for the special money market dollar cost averaging, which are discussed later in this Prospectus. If you elect a Principal guarantee benefit or the Guaranteed minimum income benefit converts to the Guaranteed withdrawal benefit for life, your investment options will be limited to the guaranteed interest option, the account for the special money market dollar cost averaging, the AXA Allocation Portfolios and, under certain contracts, the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio. If you elect the Guaranteed minimum income benefit and it later converts to the Guaranteed withdrawal benefit for life, your variable investment options will be limited to the AXA Allocation Portfolios and, under certain contracts, the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio. TYPES OF CONTRACTS. We offer the 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. We offer one version of the traditional IRA: "Rollover IRA." We also offer one version of the Roth IRA: "Roth Conversion IRA." o Traditional and Roth Inherited IRA beneficiary continuation contract ("Inherited IRA") (direct transfer and specified direct rollover contributions only). o An Internal Revenue Code Section 403(b) Tax-Sheltered Annuity ("TSA") -- ("Rollover TSA") (Rollover and direct transfer contributions only; employer or plan approval required). A contribution of at least $25,000 is required to purchase a 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, 2009 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 1547, Secaucus, NJ 07096-1547 or calling 1-800-789-7771. The SAI is incorporated by this 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. To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Contents of this Prospectus -------------------------------------------------------------------------------- ACCUMULATOR(R) SELECT(SM) -------------------------------------------------------------------------------- Index of key words and phrases 5 Who is AXA Equitable? 7 How to reach us 8 Accumulator(R) Select(SM) at a glance -- key features 10 -------------------------------------------------------------------------------- FEE TABLE 12 -------------------------------------------------------------------------------- Example 16 Condensed financial information 17 -------------------------------------------------------------------------------- 1. CONTRACT FEATURES AND BENEFITS 18 -------------------------------------------------------------------------------- How you can purchase and contribute to your contract 18 Owner and annuitant requirements 22 How you can make your contributions 22 What are your investment options under the contract? 22 Portfolios of the Trusts 24 Allocating your contributions 29 Guaranteed minimum death benefit and Guaranteed minimum income benefit base 31 Annuity purchase factors 33 Guaranteed minimum income benefit 33 Adding the Guaranteed minimum income benefit after issue 35 Dropping the Guaranteed minimum income benefit after issue 35 Guaranteed minimum death benefit 36 Guaranteed withdrawal benefit for life ("GWBL") 37 Dropping the Guaranteed withdrawal benefit for life after conversion 43 Principal guarantee benefits 43 Inherited IRA beneficiary continuation contract 44 Your right to cancel within a certain number of days 45 -------------------------------------------------------------------------------- 2. DETERMINING YOUR CONTRACT'S VALUE 47 -------------------------------------------------------------------------------- Your account value and cash value 47 Your contract's value in the variable investment options 47 Your contract's value in the guaranteed interest option 47 Insufficient account value 47 ---------------------- "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 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green -------------------------------------------------------------------------------- 3. TRANSFERRING YOUR MONEY AMONG INVESTMENT OPTIONS 48 -------------------------------------------------------------------------------- Transferring your account value 48 Disruptive transfer activity 48 Rebalancing your account value 49 -------------------------------------------------------------------------------- 4. ACCESSING YOUR MONEY 50 -------------------------------------------------------------------------------- Withdrawing your account value 50 How withdrawals are taken from your account value 52 How withdrawals affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Principal guarantee benefits 52 How withdrawals affect your GWBL 53 Withdrawals treated as surrenders 53 Loans under Rollover TSA contracts 53 Surrendering your contract to receive its cash value 54 When to expect payments 54 Your annuity payout options 54 -------------------------------------------------------------------------------- 5. CHARGES AND EXPENSES 57 -------------------------------------------------------------------------------- Charges that AXA Equitable deducts 57 Charges that the Trusts deduct 59 Group or sponsored arrangements 59 Other distribution arrangements 60 -------------------------------------------------------------------------------- 6. PAYMENT OF DEATH BENEFIT 61 -------------------------------------------------------------------------------- Your beneficiary and payment of benefit 61 Beneficiary continuation option 63 -------------------------------------------------------------------------------- 7. TAX INFORMATION 66 -------------------------------------------------------------------------------- Overview 66 Buying a contract to fund a retirement arrangement 66 Suspension of required minimum distributions for 2009 66 Transfers among investment options 66 Taxation of nonqualified annuities 66 Individual retirement arrangements (IRAs) 69 Traditional individual retirement annuities (traditional IRAs) 69 Roth individual retirement annuities (Roth IRAs) 75 Tax-sheltered annuity contracts (TSAs) 78 Federal and state income tax withholding and information reporting 82 Impact of taxes to AXA Equitable 83 -------------------------------------------------------------------------------- 8. MORE INFORMATION 84 -------------------------------------------------------------------------------- About Separate Account No. 49 84 About the Trusts 84 About the general account 84 About other methods of payment 85 Dates and prices at which contract events occur 85 About your voting rights 86 Statutory compliance 86 About legal proceedings 86 Financial statements 86 Transfers of ownership, collateral assignments, loans and borrowing 87 About Custodial IRAs 87 Distribution of the contracts 87 -------------------------------------------------------------------------------- APPENDICES -------------------------------------------------------------------------------- I -- Condensed financial information A-1 II -- Enhanced death benefit example B-1 III -- Hypothetical illustrations C-1 IV -- Earnings enhancement benefit example D-1 V -- State contract availability and/or variations of certain features and benefits E-1 VI -- Contract variations F-1 -------------------------------------------------------------------------------- STATEMENT OF ADDITIONAL INFORMATION TABLE OF CONTENTS -------------------------------------------------------------------------------- 4 Contents of this Prospectus To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Index of key words and phrases -------------------------------------------------------------------------------- This index should help you locate more information on the terms used in this Prospectus. Page in Term Prospectus 5% Roll-Up to age 85 31 account value 47 administrative charge 57 annual administrative charge 57 Annual Ratchet 41 Annual Ratchet to age 85 enhanced death benefit 31 annuitant 18 annuitization 54 annuity maturity date 56 annuity payout options 54 annuity purchase factors 33 automatic annual reset program 32 automatic customized reset program 32 automatic investment program 85 AXA Allocation portfolios cover beneficiary 61 Beneficiary continuation option ("BCO") 63 business day 85 cash value 47 charges for state premium and other applicable taxes 59 contract date 22 contract date anniversary 22 contract year 22 contributions to Roth IRAs 75 regular contributions 75 rollovers and transfers 76 conversion contributions 76 contributions to traditional IRAs 69 regular contributions 69 rollovers and transfers 71 Conversion effective date 37 Conversion transaction date 37 disruptive transfer activity 48 distribution charge 57 Earnings enhancement benefit 36 Earnings enhancement benefit charge 59 ERISA 60 Excess withdrawal 38 Fixed-dollar option 30 free look 45 general account 84 General dollar cost averaging 30 GMIB addition date 35 GMIB effective date 35 GMIB effective date anniversary 34 guaranteed interest option 29 Guaranteed minimum death benefit 33 Guaranteed minimum death benefit and Guaranteed minimum income benefit base 31 Guaranteed minimum income benefit 33 Guaranteed minimum income benefit charge 58 Guaranteed minimum income benefit "no lapse guarantee" 34 Guaranteed withdrawal benefit for life ("GWBL") 37 Guaranteed withdrawal benefit for life charge 59 GWBL benefit base 38 IRA cover Page in Term Prospectus IRS 66 Inherited IRA cover investment options cover Investment Simplifier 30 Lifetime minimum distribution withdrawals 51 loan reserve account 54 loans under Rollover TSA 53 market timing 48 Maturity date annuity payments 56 Mortality and expense risks charge 57 NQ cover one-time reset option 32 Online Account Access 8 partial withdrawals 50 Portfolio cover Principal guarantee benefits 43 processing office 8 Rebalancing 49 Rollover IRA cover Roth IRA cover SAI cover SEC cover self-directed allocation 29 Separate Account No. 49 84 Special money market dollar cost averaging 29 Spousal continuation 62 Standard death benefit 31 substantially equal withdrawals 51 Systematic withdrawals 50 TOPS 8 Trusts 84 traditional IRA cover TSA cover unit 47 variable investment options 23 wire transmittals and electronic applications 85 Index of key words and phrases 5 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 or supplemental materials. Your financial professional can provide further explanation about your contract or supplemental materials.
------------------------------------------------------------------------------------------------------------ Prospectus Contract or Supplemental Materials ------------------------------------------------------------------------------------------------------------ variable investment options Investment Funds account value Annuity Account Value unit Accumulation Unit Guaranteed minimum death benefit Guaranteed death benefit Guaranteed minimum income benefit Guaranteed Income Benefit Guaranteed minimum income benefit Excess withdrawal excess withdrawal guaranteed interest option Guaranteed Interest Account Guaranteed withdrawal benefit for life Guaranteed withdrawal benefit GWBL benefit base Guaranteed withdrawal benefit for life benefit base Guaranteed annual withdrawal amount Guaranteed withdrawal benefit for life Annual withdrawal amount Excess withdrawal Guaranteed withdrawal benefit for life Excess withdrawal ------------------------------------------------------------------------------------------------------------
6 Index of key words and phrases To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 SA ("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 Equitable 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 $543.2 billion in assets as of December 31, 2008. 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 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green HOW TO REACH US Please communicate with us at the mailing addresses listed below for the purposes described. Certain methods of contacting us, such as by telephone or electronically, may be unavailable or delayed. For example, our facsimile service may not be available at all times and/or we may be unavailable due to emergency closing. In addition, the level and type of service available may be restricted based on criteria established by us. In order to avoid delays in processing, please send your correspondence and check to the appropriate location, as follows: -------------------------------------------------------------------------------- FOR CORRESPONDENCE WITH CHECKS: -------------------------------------------------------------------------------- FOR CONTRIBUTIONS SENT BY REGULAR MAIL: Accumulator(R) Select(SM) P.O. Box 1577 Secaucus, NJ 07096-1577 FOR CONTRIBUTIONS SENT BY EXPRESS DELIVERY: Accumulator(R) Select(SM) 500 Plaza Drive, 6th Floor Secaucus, NJ 07094 -------------------------------------------------------------------------------- FOR CORRESPONDENCE WITHOUT CHECKS: -------------------------------------------------------------------------------- FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT BY REGULAR MAIL: Accumulator(R) Select(SM) P.O. Box 1547 Secaucus, NJ 07096-1547 FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT BY EXPRESS DELIVERY: Accumulator(R) Select(SM) 500 Plaza Drive, 6th Floor Secaucus, NJ 07094 Your correspondence will be picked up at the mailing address noted above and delivered to our processing office. Your correspondence, however, is not considered received by us until it is received at our processing office. Where this Prospectus refers to the day when we receive a contribution, request, election, notice, transfer or any other transaction request from you, we mean the day on which that item (or the last thing necessary for us to process that item) arrives in complete and proper form at our processing office or via the appropriate telephone or fax number if the item is a type we accept by those means. There are two main exceptions: if the item arrives (1) on a day that is not a business day or (2) after the close of a business day, then, in each case, we are deemed to have received that item on the next business day. Our processing office is: 500 Plaza Drive, 6th Floor, Secaucus, New Jersey 07094. -------------------------------------------------------------------------------- REPORTS WE PROVIDE: -------------------------------------------------------------------------------- o written confirmation of financial transactions and certain non-financial transactions, including addition of the Guaranteed minimum income benefit after contract issuance and termination of a systematic withdrawal option; o statement of your contract values at the close of each calendar year, and any calendar quarter in which there was a transaction; 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 Roll-Up benefit base reset option and eligibility to convert the Guaranteed minimum income benefit to the Guaranteed withdrawal benefit for life at age 85. -------------------------------------------------------------------------------- TELEPHONE OPERATED PROGRAM SUPPORT ("TOPS") AND ONLINE ACCOUNT ACCESS SYSTEMS: -------------------------------------------------------------------------------- TOPS is designed to provide you with up-to-date information via touch-tone telephone. Online Account Access 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 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 investment options; o elect to receive certain contract statements electronically; o enroll in, modify or cancel a rebalancing program (through Online Account Access only); o change your address (not available through TOPS); o change your TOPS personal identification number ("PIN") (through TOPS only) and your Online Account Access password (through Online Account Access only); and o access Frequently Asked Questions and Service Forms (not available through TOPS). TOPS and Online Account Access are normally available seven days a week, 24 hours a day. You may use TOPS by calling toll free 1-888-909-7770. If you are a client with AXA Advisors, you may use Online Account Access by visiting our website at www.axaonline.com and logging in to access your account. All other clients may access Online Account Access by visiting our website at www.axa-equitable.com. 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 will- 8 Who is AXA Equitable? To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green ful 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 (1-800-789-7771) to speak with one of our customer service representatives. Our customer service representatives are available on any business day from 8:30 a.m. until 5:30 p.m., Eastern time. WE REQUIRE THAT THE FOLLOWING TYPES OF COMMUNICATIONS BE ON SPECIFIC FORMS WE PROVIDE FOR THAT PURPOSE: (1) authorization for telephone transfers by your financial professional (available only for contracts distributed through AXA Distributors); (2) conversion of a traditional IRA to a Roth Conversion IRA contract; (3) election of the automatic investment program; (4) requests for loans under Rollover TSA contracts (employer or plan approval required); (5) spousal consent for loans under Rollover TSA contracts; (6) requests for withdrawals or surrenders from Rollover TSA contracts (employer or plan approval required) and contracts with the Guaranteed withdrawal benefit for life ("GWBL"); (7) tax withholding elections; (8) election of the beneficiary continuation option; (9) IRA contribution recharacterizations; (10) Section 1035 exchanges; (11) direct transfers and rollovers; (12) exercise of the Guaranteed minimum income benefit; (13) requests to reset your Roll-Up benefit base by electing one of the following: one-time reset option, automatic annual reset program or automatic customized reset program; (14) requests to opt out of or back into the Annual Ratchet of the GWBL benefit base; (15) death claims; (16) change in ownership (NQ only, if available under your contract); (17) requests for enrollment in either our Maximum payment plan or Customized payment plan under the GWBL; (18) purchase by, or change of ownership to, a nonnatural owner; (19) requests to reset the guaranteed minimum value for contracts with a Principal guarantee benefit; (20) requests to collaterally assign your NQ contract; (21) requests to drop the GWBL or add or drop the Guaranteed minimum income benefit; (22) election to convert the Guaranteed minimum income benefit to the GWBL at age 85; and (23) requests to add a Joint life after conversion of the Guaranteed minimum income benefit to the GWBL at age 85. WE ALSO HAVE SPECIFIC FORMS THAT WE RECOMMEND YOU USE FOR THE FOLLOWING TYPES OF REQUESTS: (1) beneficiary changes; (2) contract surrender and withdrawal requests; (3) general dollar cost averaging (including the fixed dollar and interest sweep options); and (4) special money market dollar cost averaging. TO CANCEL OR CHANGE 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 (including the fixed dollar and interest sweep options); (3) special money market dollar cost averaging; (4) substantially equal withdrawals; (5) systematic withdrawals; and (6) the date annuity payments are to begin. TO CANCEL OR CHANGE EITHER OF THE FOLLOWING, WE REQUIRE WRITTEN NOTIFICATION AT LEAST 30 CALENDAR DAYS PRIOR TO YOUR CONTRACT DATE ANNIVERSARY: (1) automatic annual reset program; and (2) automatic customized reset program. 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. Who is AXA Equitable? 9 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Accumulator(R) Select(SM) at a glance -- key features --------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ Professional investment Accumulator(R) Select(SM)'s variable investment options invest in different Portfolios managed by management professional investment advisers. ------------------------------------------------------------------------------------------------------------------------------------ Guaranteed interest o Principal and interest guarantees. option o Interest rates set periodically. ------------------------------------------------------------------------------------------------------------------------------------ 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. ---------------------------------------------------------------------------------------------------------- If you are purchasing or contributing to an annuity contract, which is 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 for these types of arrangements. Before purchasing or contributing to one of these contracts, 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"). ------------------------------------------------------------------------------------------------------------------------------------ Guaranteed minimum The Guaranteed minimum income benefit provides income protection for you during your life once you elect income benefit to annuitize the contract by exercising the benefit. If you do not elect to exercise the Guaranteed minimum income benefit, this benefit will automatically convert to a Guaranteed withdrawal benefit for life as of the contract date anniversary following age 85, unless you terminate the benefit. The Guaranteed withdrawal benefit for life guarantees that you can take withdrawals up to a maximum amount each contract year. The Guaranteed withdrawal benefit for life is only available upon conversion of the Guaranteed minimum income benefit at age 85; you cannot elect it at issue. ------------------------------------------------------------------------------------------------------------------------------------ Contribution amounts o Initial minimum: $25,000 o Additional minimum: $500 (NQ and Rollover TSA) $100 monthly and $300 quarterly under our automatic investment program (NQ, Rollover IRA and Roth conversion IRA contracts) $1,000 (Inherited IRA contracts) $50 (IRA contracts) ---------------------------------------------------------------------------------------------------------- o Maximum contribution limitations apply to all contracts. ---------------------------------------------------------------------------------------------------------- In general, contributions are limited to $1.5 million ($500,000 for owners or annuitants who are age 81 and older at contract issue) under all Accumulator(R) series contracts with the same owner or annuitant. We generally limit aggregate contributions made after the first contract year to 150% of first-year contributions. Upon advance notice to you, we may exercise certain rights we have under the contract regarding contributions, including our rights to (i) change minimum and maximum contribution requirements and limitations, and (ii) discontinue acceptance of contributions. Further, we may at any time exercise our rights to limit or terminate your contributions and transfers to any of the variable investment options and to limit the number of variable investment options which you may elect. For more information, please see "How you can purchase and contribute to your contract" in "Contract features and benefits" later in this prospectus. ------------------------------------------------------------------------------------------------------------------------------------ Access to your money o Partial withdrawals o Several withdrawal options on a periodic basis o Loans under Rollover TSA contracts (employer or plan approval required) 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. ------------------------------------------------------------------------------------------------------------------------------------
10 Accumulator(R) Select(SM) at a glance -- key features To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------------------------------------------------ Payout options o Fixed annuity payout options o Variable Immediate Annuity payout options (described in a separate prospectus for that option) o Income Manager(R) payout options (described in a separate prospectus for that option ------------------------------------------------------------------------------------------------------------------------------------ Additional features o Guaranteed minimum death benefit options o Principal guarantee benefits o Dollar cost averaging o Automatic investment program o Account value rebalancing (quarterly, semiannually and annually) o Free transfers o Earnings enhancement benefit, an optional death benefit available under certain contracts o Option to add or drop the Guaranteed minimum income benefit after issue o Option to drop the Guaranteed withdrawal benefit for life after conversion o Spousal continuation o Beneficiary continuation option o Roll-Up benefit base reset ------------------------------------------------------------------------------------------------------------------------------------ Fees and charges Please see "Fee table" later in this section for complete details. ------------------------------------------------------------------------------------------------------------------------------------ Owner and annuitant NQ: 0-85 issue ages Rollover IRA, Roth Conversion IRA and Rollover TSA: 20-85 Inherited IRA: 0-70 ------------------------------------------------------------------------------------------------------------------------------------
The table above summarizes only certain current key features and benefits of the contract. The table also summarizes certain current limitations, restrictions and exceptions to those features and benefits that we have the right to impose under the contract and that are subject to change in the future. In some cases, other limitations, restrictions and exceptions may apply. The contract may not currently be 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, in all states or from all selling broker-dealers. 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. This Prospectus is not your contract. Your contract and any endorsements, riders and data pages are the entire contract between you and AXA Equitable and governs with respect to all features, benefits, rights and obligations. The contract should be read carefully before investing. 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. 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 every 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. Accumulator(R) Select(SM) at a glance -- key features 11 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 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 underly- ing trust portfolio fees and expenses. ------------------------------------------------------------------------------------------------------------------------------------ Charges we deduct from your account value on each contract date anniversary ------------------------------------------------------------------------------------------------------------------------------------ Maximum annual administrative charge(1) If your account value on a contract date anniversary is less than $50,000(2) $30 If your account value on a contract date anniversary is $50,000 or more $0 ------------------------------------------------------------------------------------------------------------------------------------ Charges we deduct from your variable investment options expressed as an annual percentage of daily net assets(3) ------------------------------------------------------------------------------------------------------------------------------------ SEPARATE ACCOUNT ANNUAL EXPENSES: Mortality and expense risks 1.10%(4) Administrative 0.25% Distribution 0.35% -------- Total Separate account annual expenses 1.70% ------------------------------------------------------------------------------------------------------------------------------------ Charges we deduct from your account value each year if you elect any of the following optional benefits ------------------------------------------------------------------------------------------------------------------------------------ Guaranteed minimum death benefit charge(5) (Calculated as a percentage of the applicable benefit base(6). Deducted annually(1) on each contract date anniversary for which the benefit is in effect.) Standard death benefit 0.00% Annual Ratchet to age 85 0.25% Annual Ratchet to age 85 (New York only) 0.30% Greater of 5% Roll-Up to age 85 or Annual Ratchet to age 85 0.85%(8) (only available if you also elect the Guaranteed minimum income benefit) If you elect to reset the Roll-Up benefit base, we reserve the right to increase your charge up to: 0.95% ------------------------------------------------------------------------------------------------------------------------------------ Guaranteed minimum income benefit charge(5) (Calculated as a percentage of the applicable benefit base(6). Deducted annually(7) on each contract date anniversary for which the benefit is in effect.) 0.85%(8) If you elect to reset the Roll-Up benefit base, we reserve the right to increase your charge up to: 1.05% ------------------------------------------------------------------------------------------------------------------------------------ Earnings enhancement benefit charge(5) (Calculated as a percent- age of the account value. Deducted annually(1) on each contract date anniversary for which the benefit is in effect.) 0.35% ------------------------------------------------------------------------------------------------------------------------------------
12 Fee table To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------------------------------------------------ Guaranteed withdrawal benefit for life benefit charge (Avail- able only upon conversion of the Guaranteed minimum income benefit and calculated as a percentage of the GWBL benefit base(6). Deducted annually(7) on each contract date anniversary for which the benefit is in effect.) 0.85%(9) If your GWBL benefit base ratchets, we reserve the right to increase your charge up to: 1.05% 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," both later in this Prospectus. ------------------------------------------------------------------------------------------------------------------------------------ Principal guarantee benefits charge(5) (Calculated as a percentage of the account value. Deducted annually(1) on each contract date anni- versary for which the benefit is in effect.) 100% Principal guarantee benefit 0.50% 125% Principal guarantee benefit 0.75% ------------------------------------------------------------------------------------------------------------------------------------ Net loan interest charge -- Rollover TSA contracts only (calculated and deducted daily as a percentage of the outstanding loan amount) 2.00%(10) ------------------------------------------------------------------------------------------------------------------------------------
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(3) ------------------------------------------------------------------------------------------------------------------------------------ Total Annual Portfolio Operating Expenses for 2008 (expenses that are deducted Lowest Highest from Portfolio assets including management fees, 12b-1 fees, service fees, and/or ---- ---- other expenses)(11). 0.64% 2.04%
Fee table 13 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green This table shows the fees and expenses for 2008 as an annual percentage of each Portfolio's daily average net assets.
---------------------------------------------------------------------------------------- Manage- ment 12b-1 Other Portfolio Name Fees(12) Fees(13) Expenses(14) ---------------------------------------------------------------------------------------- AXA Premier VIP Trust: ---------------------------------------------------------------------------------------- AXA Aggressive Allocation 0.10% 0.25% 0.18% AXA Conservative Allocation 0.10% 0.25% 0.20% AXA Conservative-Plus Allocation 0.10% 0.25% 0.20% AXA Moderate Allocation 0.10% 0.25% 0.17% AXA Moderate-Plus Allocation 0.10% 0.25% 0.17% Multimanager Core Bond 0.53% 0.25% 0.18% Multimanager Health Care 0.95% 0.25% 0.22% Multimanager International Equity 0.82% 0.25% 0.21% Multimanager Large Cap Core Equity 0.69% 0.25% 0.21% Multimanager Large Cap Growth 0.75% 0.25% 0.24% Multimanager Large Cap Value 0.72% 0.25% 0.20% Multimanager Mid Cap Growth 0.80% 0.25% 0.20% Multimanager Mid Cap Value 0.80% 0.25% 0.19% Multimanager Multi-Sector Bond 0.53% 0.25% 0.18% Multimanager Small Cap Growth 0.85% 0.25% 0.24% Multimanager Small Cap Value 0.85% 0.25% 0.19% Multimanager Technology 0.95% 0.25% 0.22% ---------------------------------------------------------------------------------------- EQ Advisors Trust: ---------------------------------------------------------------------------------------- EQ/AllianceBernstein International 0.73% 0.25% 0.17% EQ/AllianceBernstein Small Cap Growth 0.75% 0.25% 0.14% EQ/AXA Franklin Income Core 0.65% 0.25% 0.20% EQ/AXA Franklin Small Cap Value Core 0.70% 0.25% 0.23% EQ/AXA Franklin Templeton Founding Strategy Core 0.05% 0.25% 0.19% EQ/AXA Mutual Shares Core 0.70% 0.25% 0.27% EQ/AXA Templeton Growth Core 0.70% 0.25% 0.22% EQ/BlackRock Basic Value Equity 0.56% 0.25% 0.12% EQ/BlackRock International Value 0.83% 0.25% 0.20% EQ/Boston Advisors Equity Income 0.75% 0.25% 0.17% EQ/Capital Guardian Growth 0.65% 0.25% 0.15% EQ/Capital Guardian Research 0.65% 0.25% 0.12% EQ/Common Stock Index 0.35% 0.25% 0.11% EQ/Core Bond Index 0.35% 0.25% 0.11% EQ/Davis New York Venture 0.85% 0.25% 0.15% EQ/Equity 500 Index 0.25% 0.25% 0.14% EQ/Evergreen Omega 0.65% 0.25% 0.25% EQ/Focus PLUS 0.50% 0.25% 0.22% EQ/GAMCO Mergers and Acquisitions 0.90% 0.25% 0.23% EQ/GAMCO Small Company Value 0.75% 0.25% 0.14% EQ/Global Bond PLUS 0.55% 0.25% 0.22% EQ/Global Multi-Sector Equity 0.73% 0.25% 0.36% EQ/Intermediate Government Bond Index 0.35% 0.25% 0.14% EQ/International Core PLUS 0.60% 0.25% 0.27% EQ/International Growth 0.85% 0.25% 0.27% EQ/JPMorgan Value Opportunities 0.60% 0.25% 0.16% EQ/Large Cap Core PLUS 0.50% 0.25% 0.27% EQ/Large Cap Growth PLUS 0.51% 0.25% 0.23% EQ/Large Cap Value Index 0.35% 0.25% 0.17% EQ/Long Term Bond 0.38% 0.25% 0.14% EQ/Lord Abbett Growth and Income 0.65% 0.25% 0.20% EQ/Lord Abbett Large Cap Core 0.65% 0.25% 0.22% EQ/Mid Cap Index 0.35% 0.25% 0.12% EQ/Mid Cap Value PLUS 0.55% 0.25% 0.22% EQ/Money Market 0.30% 0.25% 0.17% EQ/Oppenheimer Global 0.95% 0.25% 0.42% EQ/Oppenheimer Main Street Opportunity 0.85% 0.25% 0.94% EQ/Oppenheimer Main Street Small Cap 0.90% 0.25% 0.86% ---------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------- Acquired Total Fund Fees Annual and Expenses Fee Waiv- Net Annual Expenses (Before ers and/or Expenses (Underlying Expense Expense (After Portfo- Limita- Reimburse- Expense Portfolio Name lios)(15) tions) ments(16) Limitations) -------------------------------------------------------------------------------------------------------- AXA Premier VIP Trust: -------------------------------------------------------------------------------------------------------- AXA Aggressive Allocation 0.94% 1.47% (0.22)% 1.25% AXA Conservative Allocation 0.68% 1.23% (0.23)% 1.00% AXA Conservative-Plus Allocation 0.76% 1.31% (0.21)% 1.10% AXA Moderate Allocation 0.82% 1.34% (0.19)% 1.15% AXA Moderate-Plus Allocation 0.87% 1.39% (0.19)% 1.20% Multimanager Core Bond -- 0.96% 0.00% 0.96% Multimanager Health Care -- 1.42% -- 1.42% Multimanager International Equity -- 1.28% -- 1.28% Multimanager Large Cap Core Equity -- 1.15% -- 1.15% Multimanager Large Cap Growth -- 1.24% -- 1.24% Multimanager Large Cap Value -- 1.17% -- 1.17% Multimanager Mid Cap Growth -- 1.25% -- 1.25% Multimanager Mid Cap Value -- 1.24% -- 1.24% Multimanager Multi-Sector Bond -- 0.96% -- 0.96% Multimanager Small Cap Growth -- 1.34% -- 1.34% Multimanager Small Cap Value -- 1.29% -- 1.29% Multimanager Technology 0.01% 1.43% -- 1.43% -------------------------------------------------------------------------------------------------------- EQ Advisors Trust: -------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein International -- 1.15% 0.00% 1.15% EQ/AllianceBernstein Small Cap Growth -- 1.14% -- 1.14% EQ/AXA Franklin Income Core -- 1.10% 0.00% 1.10% EQ/AXA Franklin Small Cap Value Core -- 1.18% 0.00% 1.18% EQ/AXA Franklin Templeton Founding Strategy Core 0.91% 1.40% (0.09)% 1.31% EQ/AXA Mutual Shares Core -- 1.22% 0.00% 1.22% EQ/AXA Templeton Growth Core -- 1.17% 0.00% 1.17% EQ/BlackRock Basic Value Equity -- 0.93% -- 0.93% EQ/BlackRock International Value -- 1.28% 0.00% 1.28% EQ/Boston Advisors Equity Income -- 1.17% (0.12)% 1.05% EQ/Capital Guardian Growth -- 1.05% (0.10)% 0.95% EQ/Capital Guardian Research -- 1.02% (0.05)% 0.97% EQ/Common Stock Index -- 0.71% -- 0.71% EQ/Core Bond Index -- 0.71% -- 0.71% EQ/Davis New York Venture -- 1.25% -- 1.25% EQ/Equity 500 Index -- 0.64% -- 0.64% EQ/Evergreen Omega -- 1.15% 0.00% 1.15% EQ/Focus PLUS -- 0.97% 0.00% 0.97% EQ/GAMCO Mergers and Acquisitions -- 1.38% -- 1.38% EQ/GAMCO Small Company Value -- 1.14% -- 1.14% EQ/Global Bond PLUS -- 1.02% -- 1.02% EQ/Global Multi-Sector Equity -- 1.34% -- 1.34% EQ/Intermediate Government Bond Index -- 0.74% -- 0.74% EQ/International Core PLUS 0.06% 1.18% (0.02)% 1.16% EQ/International Growth -- 1.37% -- 1.37% EQ/JPMorgan Value Opportunities -- 1.01% (0.01)% 1.00% EQ/Large Cap Core PLUS 0.03% 1.05% (0.05)% 1.00% EQ/Large Cap Growth PLUS -- 0.99% 0.00% 0.99% EQ/Large Cap Value Index -- 0.77% -- 0.77% EQ/Long Term Bond -- 0.77% -- 0.77% EQ/Lord Abbett Growth and Income -- 1.10% (0.10)% 1.00% EQ/Lord Abbett Large Cap Core -- 1.12% (0.12)% 1.00% EQ/Mid Cap Index -- 0.72% -- 0.72% EQ/Mid Cap Value PLUS 0.03% 1.05% 0.00% 1.05% EQ/Money Market -- 0.72% -- 0.72% EQ/Oppenheimer Global -- 1.62% (0.27)% 1.35% EQ/Oppenheimer Main Street Opportunity -- 2.04% (0.74)% 1.30% EQ/Oppenheimer Main Street Small Cap -- 2.01% (0.71)% 1.30% --------------------------------------------------------------------------------------------------------
14 Fee table To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green This table shows the fees and expenses for 2008 as an annual percentage of each Portfolio's daily average net assets.
Acquired Total Fund Fees Annual and Expenses Fee Waiv- Net Annual Expenses (Before ers and/or Expenses Manage- (Underlying Expense Expense (After ment 12b-1 Other Portfo- Limita- Reimburse- Expense Portfolio Name Fees(12) Fees(13) Expenses(14) lios)(15) tions) ments(16) Limitations) ------------------------------------------------------------------------------------------------------------------------- EQ Advisors Trust: ------------------------------------------------------------------------------------------------------------------------- EQ/PIMCO Ultra Short Bond 0.48% 0.25% 0.17% -- 0.90% 0.00% 0.90% EQ/Short Duration Bond 0.43% 0.25% 0.13% -- 0.81% -- 0.81% EQ/Small Company Index 0.25% 0.25% 0.20% -- 0.70% -- 0.70% EQ/T. Rowe Price Growth Stock 0.80% 0.25% 0.16% -- 1.21% (0.01)% 1.20% EQ/UBS Growth and Income 0.75% 0.25% 0.19% -- 1.19% (0.14)% 1.05% EQ/Van Kampen Comstock 0.65% 0.25% 0.17% -- 1.07% (0.07)% 1.00% EQ/Van Kampen Mid Cap Growth 0.70% 0.25% 0.17% -- 1.12% (0.02)% 1.10% EQ/Van Kampen Real Estate 0.90% 0.25% 0.15% -- 1.30% (0.04)% 1.26% -------------------------------------------------------------------------------------------------------------------------
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 year. (2) During the first two contract years this charge, if applicable, is equal to the lesser of $30 or 2% of your account value. Thereafter, if applicable, the charge is $30 for each contract year. (3) Daily net assets is the sum of the value of the amounts invested in all your portfolios before we deduct applicable contract charges, which are set forth in the tables above. (4) These charges compensate us for certain risks we assume and expenses we incur under the contract. We expect to make a profit from these charges. (5) You may not elect both the Guaranteed minimum income benefit and one of our Principal guarantee benefits. If you elect the Earnings enhancement benefit at issue, and your Guaranteed minimum income benefit then converts to the Guaranteed withdrawal benefit for life at age 85, the Earnings enhancement benefit will continue in force after conversion, although it may be adversely affected by withdrawals under the Guaranteed withdrawal benefit for life. (6) The benefit base is not an account value or cash value. If you elect the Guaranteed minimum income benefit and/or the Guaranteed minimum death benefit at issue, your initial benefit base is equal to your initial contributions to your contract. Subsequent adjustments to the applicable benefit base may result in a benefit base that is significantly different from your total contributions or account value. See "Guaranteed minimum income benefit and Guaranteed minimum death benefit base" and "GWBL benefit base" in "Contract features and benefits" later in this Prospectus. (7) If the contract is surrendered or annuitized, or a death benefit is paid, or the benefit is dropped (if applicable), on any date other than the contract date anniversary, we will deduct a pro rata portion of the charge for that year. (8) We reserve the right to increase this charge if you elect to reset your Roll-Up benefit base on any contract date anniversary. See both "Guaranteed minimum death benefit charge" and "Guaranteed minimum income benefit charge" in "Charges and expenses" later in this Prospectus. This charge may be lower for certain contract owners. Please see Appendix VI later in this Prospectus for more information. (9) This assumes that the Guaranteed minimum income benefit charge does not increase before the Conversion effective date at age 85. If it did, the charge would equal the Guaranteed minimum income benefit charge percentage at the time of conversion, which could be as high as 1.05%. This charge may be lower for certain contract owners. Please see Appendix VI later in this Prospectus for more information. (10) We charge interest on loans under Rollover 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 Rollover TSA contracts" later in this Prospectus for more information on how the loan interest is calculated and for restrictions that may apply. (11) "Total Annual Portfolio Operating Expenses" are based, in part, on estimated amounts for options added during the fiscal year 2008 and for the underlying portfolios. (12) The management fees for each Portfolio cannot be increased without a vote of that Portfolio's Shareholders. See footnote (16) for any expense limitation agreement information. (13) Portfolio shares are subject to fees imposed under the distribution plans (the "Rule 12b-1 Plan" adopted by the Trusts pursuant to Rule12b-1 under the Investment Company Act of 1940. The maximum annual distribution and/or service (12b-1) fee for Class B and IB shares is 0.50% of the average daily net assets attributable to those shares. Under arrangements approved by each Trust's Board of Trustees, the distribution and/or service (12b-1) fee currently is limited to 0.25% of the average daily net assets attributable to Class B and Class IB Shares of the portfolios. These arrangements will be in effect at least until April 30, 2010. (14) Other expenses shown are those incurred in 2008. The amounts shown as "Other Expenses" will fluctuate from year to year depending on actual expenses. See footnote (16) for any expense limitation agreement information. (15) 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, ("the underlying portfolios"). Amounts shown reflect each Portfolio's pro rata share of the fees and expenses of the underlying portfolios in which it invests. A"--" indicates that the listed Portfolio does not invest in underlying portfolios. (16) The amounts shown reflect any fee waivers and/or expense reimbursements that applied to each Portfolio. A "--" indicates that there is no expense limitation in effect. "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, 2010 (unless the Board of Trustees, including a majority of the independent directors, of AXA Premier VIP Trust or EQ Advisors Trust, as applicable, consents to an earlier revision or termination of this arrangement). 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 the amounts specified in the agreements. 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. 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: Fee table 15 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green -------------------------------------------------------------- Portfolio Name -------------------------------------------------------------- Multimanager Health Care 1.40% -------------------------------------------------------------- Multimanager Large Cap Core Equity 1.14% -------------------------------------------------------------- Multimanager Large Cap Growth 1.15% -------------------------------------------------------------- Multimanager Large Cap Value 1.15% -------------------------------------------------------------- Multimanager Mid Cap Growth 1.15% -------------------------------------------------------------- Multimanager Small Cap Growth 1.29% -------------------------------------------------------------- Multimanager Small Cap Value 1.23% -------------------------------------------------------------- Multimanager Technology 1.42% -------------------------------------------------------------- EQ/AllianceBernstein Small Cap Growth 1.12% -------------------------------------------------------------- EQ/Capital Guardian Growth 0.94% -------------------------------------------------------------- EQ/Capital Guardian Research 0.96% -------------------------------------------------------------- EQ/Davis New York Venture 1.22% -------------------------------------------------------------- EQ/Evergreen Omega 1.13% -------------------------------------------------------------- EQ/GAMCO Mergers and Acquisitions 1.37% -------------------------------------------------------------- EQ/GAMCO Small Company Value 1.12% -------------------------------------------------------------- EQ/Global Multi-Sector Equity 1.33% -------------------------------------------------------------- EQ/International Core PLUS 1.14% -------------------------------------------------------------- EQ/Lord Abbett Growth and Income 0.98% -------------------------------------------------------------- EQ/Lord Abbett Large Cap Core 0.99% -------------------------------------------------------------- EQ/Mid Cap Value PLUS 1.04% -------------------------------------------------------------- EQ/UBS Growth and Income 1.03% -------------------------------------------------------------- EQ/Van Kampen Comstock 0.98% -------------------------------------------------------------- EQ/Van Kampen Mid Cap Growth 1.08% -------------------------------------------------------------- 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). The example below shows the expenses that a hypothetical contract owner (who has elected the enhanced death benefit that provides for the Greater of 5% Roll-Up to age 85 or Annual Ratchet to age 85 and the Earnings enhancement benefit with the Guaranteed minimum income benefit) would pay in the situations illustrated. The example uses an average annual administrative charge based on the charges paid in 2008, which results in an estimated administrative charge of 0.004% of contract value. The guaranteed interest option and the account for special money market dollar cost averaging are not covered by the example. However, the annual administrative charge, the charge for any optional benefits and the charge if you elect a Variable Immediate Annuity payout option do apply to the guaranteed interest option and the account for special money market dollar cost averaging. 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. Other than the administrative charge (which is described immediately above), the example also assumes maximum contract charges and total annual expenses of the Portfolios (before expense limitations) as 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 surrender or do not surrender your If you annuitize at the end of the contract at the applicable time period end of the applicable time period -------------------------------------------------------------------------------------------------------------------------------- Portfolio Name 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years -------------------------------------------------------------------------------------------------------------------------------- AXA PREMIER VIP TRUST: -------------------------------------------------------------------------------------------------------------------------------- AXA Aggressive Allocation N/A $2,017 $3,165 $6,167 $549 $1,667 $2,815 $5,817 AXA Conservative Allocation N/A $1,944 $3,049 $5,964 $523 $1,594 $2,699 $5,614 AXA Conservative-Plus Allocation N/A $1,969 $3,088 $6,032 $532 $1,619 $2,738 $5,682 AXA Moderate Allocation N/A $1,978 $3,102 $6,058 $535 $1,628 $2,752 $5,708 AXA Moderate-Plus Allocation N/A $1,993 $3,126 $6,100 $540 $1,643 $2,776 $5,750 Multimanager Core Bond N/A $1,862 $2,917 $5,729 $495 $1,512 $2,567 $5,379 Multimanager Health Care N/A $1,980 $3,113 $6,124 $534 $1,630 $2,763 $5,774 Multimanager International Equity N/A $1,960 $3,073 $6,007 $529 $1,610 $2,723 $5,657 Multimanager Large Cap Core Equity N/A $1,920 $3,010 $5,895 $515 $1,570 $2,660 $5,545 Multimanager Large Cap Growth N/A $1,926 $3,026 $5,971 $515 $1,576 $2,676 $5,621 Multimanager Large Cap Value N/A $1,926 $3,020 $5,912 $517 $1,576 $2,670 $5,562 Multimanager Mid Cap Growth N/A $1,950 $3,059 $5,981 $525 $1,600 $2,709 $5,631
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---------------------------------------------------------------------------------------------------------------------------------- If you surrender or do not surrender your If you annuitize at the end of the contract at the applicable time period end of the applicable time period ---------------------------------------------------------------------------------------------------------------------------------- Portfolio Name 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years ---------------------------------------------------------------------------------------------------------------------------------- AXA PREMIER VIP TRUST: ---------------------------------------------------------------------------------------------------------------------------------- Multimanager Mid Cap Value N/A $1,947 $3,054 $5,973 $524 $1,597 $2,704 $5,623 Multimanager Multi-Sector Bond N/A $1,840 $2,889 $5,727 $486 $1,490 $2,539 $5,377 Multimanager Small Cap Growth N/A $1,978 $3,102 $6,058 $535 $1,628 $2,752 $5,708 Multimanager Small Cap Value N/A $1,963 $3,078 $6,015 $530 $1,613 $2,728 $5,665 Multimanager Technology N/A $1,983 $3,118 $6,132 $535 $1,633 $2,768 $5,782 ---------------------------------------------------------------------------------------------------------------------------------- EQ ADVISORS TRUST: ---------------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein International N/A $1,898 $2,982 $5,893 $506 $1,548 $2,632 $5,543 EQ/AllianceBernstein Small Cap Growth N/A $1,895 $2,978 $5,884 $505 $1,545 $2,628 $5,534 EQ/AXA Franklin Income Core N/A $1,883 $2,958 $5,850 $501 $1,533 $2,608 $5,500 EQ/AXA Franklin Small Cap Value Core N/A $1,929 $3,025 $5,921 $518 $1,579 $2,675 $5,571 EQ/AXA Franklin Templeton Founding Strategy Core N/A $1,974 $3,104 $6,107 $532 $1,624 $2,754 $5,757 EQ/AXA Mutual Shares Core N/A $1,919 $3,017 $5,954 $513 $1,569 $2,667 $5,604 EQ/AXA Templeton Growth Core N/A $1,904 $2,992 $5,910 $508 $1,554 $2,642 $5,560 EQ/BlackRock Basic Value Equity N/A $1,853 $2,903 $5,703 $492 $1,503 $2,553 $5,353 EQ/BlackRock International Value N/A $1,938 $3,046 $6,005 $520 $1,588 $2,696 $5,655 EQ/Boston Advisors Equity Income N/A $1,926 $3,020 $5,912 $517 $1,576 $2,670 $5,562 EQ/Capital Guardian Growth N/A $1,868 $2,934 $5,806 $496 $1,518 $2,584 $5,456 EQ/Capital Guardian Research N/A $1,881 $2,947 $5,782 $501 $1,531 $2,597 $5,432 EQ/Common Stock Index N/A $1,786 $2,794 $5,505 $469 $1,436 $2,444 $5,155 EQ/Core Bond Index N/A $1,786 $2,794 $5,505 $469 $1,436 $2,444 $5,155 EQ/Davis New York Venture N/A $1,929 $3,031 $5,979 $517 $1,579 $2,681 $5,629 EQ/Equity 500 Index N/A $1,764 $2,759 $5,442 $461 $1,414 $2,409 $5,092 EQ/Evergreen Omega N/A $1,920 $3,010 $5,895 $515 $1,570 $2,660 $5,545 EQ/Focus PLUS N/A $1,843 $2,894 $5,735 $487 $1,493 $2,544 $5,385 EQ/GAMCO Mergers and Acquisitions N/A $1,968 $3,094 $6,090 $530 $1,618 $2,744 $5,740 EQ/GAMCO Small Company Value N/A $1,895 $2,978 $5,884 $505 $1,545 $2,628 $5,534 EQ/Global Bond PLUS N/A $1,859 $2,919 $5,779 $492 $1,509 $2,569 $5,429 EQ/Global Multi-Sector Equity N/A $1,956 $3,075 $6,056 $526 $1,606 $2,725 $5,706 EQ/Intermediate Government Bond Index N/A $1,795 $2,809 $5,532 $472 $1,445 $2,459 $5,182 EQ/International Core PLUS N/A $1,929 $3,025 $5,921 $518 $1,579 $2,675 $5,571 EQ/International Growth N/A $1,965 $3,089 $6,082 $529 $1,615 $2,739 $5,732 EQ/JPMorgan Value Opportunities N/A $1,878 $2,942 $5,773 $500 $1,528 $2,592 $5,423 EQ/Large Cap Core PLUS N/A $1,890 $2,961 $5,808 $504 $1,540 $2,611 $5,458 EQ/Large Cap Growth PLUS N/A $1,871 $2,932 $5,755 $498 $1,521 $2,582 $5,405 EQ/Large Cap Value Index N/A $1,804 $2,824 $5,560 $475 $1,454 $2,474 $5,210 EQ/Long Term Bond N/A $1,782 $2,796 $5,557 $466 $1,432 $2,446 $5,207 EQ/Lord Abbett Growth and Income N/A $1,905 $2,986 $5,852 $510 $1,555 $2,636 $5,502 EQ/Lord Abbett Large Cap Core N/A $1,911 $2,996 $5,869 $512 $1,561 $2,646 $5,519 EQ/Mid Cap Index N/A $1,789 $2,799 $5,514 $470 $1,439 $2,449 $5,164 EQ/Mid Cap Value PLUS N/A $1,868 $2,934 $5,806 $496 $1,518 $2,584 $5,456 EQ/Money Market N/A $1,789 $2,799 $5,514 $470 $1,439 $2,449 $5,164 EQ/Oppenheimer Global N/A $2,040 $3,209 $6,290 $555 $1,690 $2,859 $5,940 EQ/Oppenheimer Main Street Opportunity N/A $2,188 $3,435 $6,629 $608 $1,838 $3,085 $6,279 EQ/Oppenheimer Main Street Small Cap N/A $2,157 $3,394 $6,605 $596 $1,807 $3,044 $6,255 EQ/PIMCO Ultra Short Bond N/A $1,821 $2,858 $5,671 $479 $1,471 $2,508 $5,321 EQ/Short Duration Bond N/A $1,794 $2,816 $5,593 $470 $1,444 $2,466 $5,243 EQ/Small Company Index N/A $1,783 $2,789 $5,496 $468 $1,433 $2,439 $5,146 EQ/T. Rowe Price Growth Stock N/A $1,938 $3,039 $5,947 $521 $1,588 $2,689 $5,597 EQ/UBS Growth and Income N/A $1,932 $3,030 $5,930 $519 $1,582 $2,680 $5,580 EQ/Van Kampen Comstock N/A $1,874 $2,943 $5,823 $498 $1,524 $2,593 $5,473 EQ/Van Kampen Mid Cap Growth N/A $1,889 $2,968 $5,867 $503 $1,539 $2,618 $5,517 EQ/Van Kampen Real Estate N/A $1,944 $3,055 $6,022 $522 $1,594 $2,705 $5,672 ----------------------------------------------------------------------------------------------------------------------------------
For information on how your contract works under certain hypothetical circumstances, please see Appendix III at the end of this Prospectus. CONDENSED FINANCIAL INFORMATION Please see Appendix I 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, 2008. Fee table 17 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 can refuse to accept any application or contribution from you at any time, including after you purchase the contract. We require a minimum initial contribution of $25,000 for you to purchase a contract. Maximum contribution limitations also apply. You may currently make additional contributions of at least $500 each for NQ and Rollover TSA contracts and $50 for Rollover IRA and Roth Conversion IRA contracts and $1000 for Inherited IRA contracts, subject to limitations noted below. The following table summarizes our current rules regarding contributions to your contract, which rules are subject to change. Both the owner and the annuitant named in the contract must meet the issue age requirements shown in the table, and contributions are based on the age of the older of the original owner and annuitant. Additional contributions may not be currently permitted in your state. Please see Appendix V later in this Prospectus to see if additional contributions are permitted in your state. Upon advance notice to you, we may exercise certain rights we have under the contract regarding contributions, including our rights to (i) change minimum and maximum contribution requirements and limitations, and (ii) discontinue acceptance of contributions. Further, we may at any time exercise our rights to limit or terminate your contributions and transfers to any of the variable investment options and to limit the number of variable investment options which you may elect. -------------------------------------------------------------------------------- We reserve the right to change our current limitations on your contributions and to discontinue acceptance of contributions. -------------------------------------------------------------------------------- We currently limit aggregate contributions on your contract made after the first contract year to 150% of first-year contributions (the "150% limit"). The 150% limit can be reduced or increased at any time upon advance notice to you. We currently permit aggregate contributions greater than the 150% limit if both: (i) the owner (or joint owner or joint annuitant, if applicable) is age 75 or younger; and (ii) the aggregate contributions in any year after the 150% limit is reached do not exceed 100% of the prior year's contributions. Even if the aggregate contributions on your contract do not exceed the 150% limit, we currently do not accept any contribution if: (i) the aggregate contributions under one or more Accumulator(R) series contracts with the same owner or annuitant would then total more than $1,500,000 ($500,000 for the same owner or annuitant who is age 81 and older at contract issue); or (ii) the aggregate contributions under all AXA Equitable annuity accumulation contracts with the same owner or annuitant would then total more than $2,500,000. We may waive these and other contribution limitations based on certain criteria that we determine, including elected benefits, issue age, aggregate contributions, variable investment option allocations and selling broker-dealer compensation. These and other contribution limitations may not be applicable in your state. Please see Appendix V later in this Prospectus. We may accept less than the minimum initial contribution under a contract if an aggregate amount of contracts purchased at the same time by an individual (including spouse) meets the minimum. -------------------------------------------------------------------------------- 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 for determining contract benefits. --------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ Available Contract for owner and Limitations on type annuitant ages Minimum contributions Source of contributions contributions+ ------------------------------------------------------------------------------------------------------------------------------------ NQ 0 through 85 o $25,000 (initial) o After-tax money. o No additional contributions after attainment of age 86 o $500 (additional) o Paid to us by check or or, if later, the first contract transfer of contract value in date anniversary.* o $100 monthly and $300 a tax-deferred exchange quarterly under our auto- under Section 1035 of the matic investment program Internal Revenue Code. (additional) ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ Available Contract for owner and Limitations on type annuitant ages Minimum contributions Source of contributions contributions+ ------------------------------------------------------------------------------------------------------------------------------------ Rollover IRA 20 through 85 o $25,000 (initial) o Eligible rollover distribu- o No rollover or direct transfer tions from 403(b) plans, contributions after attain- o $50 (additional) qualified plans, and govern- ment of age 86 or, if later, mental employer 457(b) the first contract date anni- o $100 monthly and $300 plans. versary.* quarterly under our auto- matic investment program, o Rollovers from another o Contributions after age 70-1/2 subject to tax maximums traditional individual must be net of required (additional) retirement arrangement. minimum distributions. o Direct custodian-to- o Although we accept regular custodian transfers from IRA contributions (limited to another traditional indi- $5,000) under the Rollover vidual retirement IRA contracts, we intend arrangement. that the contract be used primarily for rollover and o Regular IRA contributions. direct transfer contributions. o Additional catch-up contri- o Additional catch-up contri- butions. butions of up to $1000 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. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ Available Contract for owner and Limitations on type annuitant ages Minimum contributions Source of contributions contributions+ ------------------------------------------------------------------------------------------------------------------------------------ Roth Conversion 20 through 85 o $25,000 (initial) o Rollovers from another o No additional rollover or IRA Roth IRA. direct transfer contributions o $50 (additional) after attainment of age 86 o Rollovers from a "desig- or, if later, the first contract o $100 monthly and $300 nated Roth contribution date anniversary.* quarterly under our auto- account" under a 401(k) matic investment program, plan or 403(b) plan. o Conversion rollovers after subject to tax maximums age 70-1/2 must be net of (additional) o Conversion rollovers from a required minimum distribu- traditional IRA or other tions for the traditional IRA eligible retirement plan. or other eligible retirement plan which is the source for o Direct transfers from the conversion rollover. another Roth IRA. o Before 2010, you cannot roll o Regular Roth IRA over funds from a traditional contributions. IRA or other eligible retire- ment plan if your adjusted o Additional catch-up contri- gross income is $100,000 or butions. more. o Although we accept regular Roth IRA contributions (lim- ited to $5,000) under the Roth IRA contracts, we intend that the contract be used primarily for rollover and direct transfer contributions. o Additional catch-up contri- butions of up to $1,000 per calendar year where the owner is at least age 50 at any time during the calendar year for which the contribu- tion is made. ------------------------------------------------------------------------------------------------------------------------------------ Inherited IRA 0-70 o $25,000 (initial) o Direct custodian-to- o Any additional contributions Beneficiary custodian transfers of your must be from the same type Continuation o $1,000 (additional) interest as a death benefi- of IRA of the same deceased Contract ciary of the deceased owner. (traditional IRA owner's traditional indi- or Roth IRA) vidual retirement o Non-spousal beneficiary arrangement or Roth IRA to direct rollover contributions an IRA of the same type. from qualified plans, 403(b) plans and governmental employer 457(b) plans may be made to an Inherited IRA contract under specified circumstances. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ Available Contract for owner and Limitations on type annuitant ages Minimum contributions Source of contributions contributions+ ------------------------------------------------------------------------------------------------------------------------------------ Rollover TSA** 20 through 85 o $25,000 (initial) o With documentation of o No additional rollover or employer or plan approval, direct transfer contributions o $500 (additional) and limited to pre-tax after attainment of age 86 funds, direct plan-to-plan or, if later, the first contract transfers from another date anniversary.* 403(b) plan or contract exchanges from another o Contributions after age 70-1/2 403(b) contract under the must be net of any required same plan. minimum distributions. o With documentation of o We do not accept employer- employer or plan approval, remitted contributions. and limited to pre-tax funds, eligible rollover dis- o We do not accept after tax tributions from other 403(b) contributions, including de- plans, qualified plans, gov- signated Roth contributions. ernmental employer 457(b) plans or traditional IRAs. ------------------------------------------------------------------------------------------------------------------------------------
+ Additional contributions may not be permitted under certain conditions in your state. Please see Appendix V later in this Prospectus to see if additional contributions are permitted in your state. If you are participating in a Principal guarantee benefit, contributions will only be permitted for the first six months after the contract is issued and no further contributions will be permitted for the life of the contract. If the Guaranteed minimum income benefit converts to the Guaranteed withdrawal benefit for life at age 85, additional contributions are not permitted after the Conversion effective date. * Please see Appendix V later in this Prospectus for state variations. ** May not be available from all Selling broker-dealers. Also, Rollover TSA is available only where the employer sponsoring the 403(b) plan currently contributes to one or more other 403(b) annuity contracts issued by AXA Equitable for active plan participants (the purchaser of the Accumulator(R) Select(SM) Rollover TSA may also be, but need not be, an owner of the other 403(b) annuity contract). See "Tax information" later in this Prospectus for a more detailed discussion of sources of contributions and certain contribution limitations. 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. Please review your contract for information on contribution limitations. Contract features and benefits 21 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green OWNER AND ANNUITANT REQUIREMENTS 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 contact to other non-natural owners. Only natural persons can be joint owners. For NQ contracts (with a single owner, joint owners, or a non-natural owner) purchased through an exchange that is intended not to be taxable under Section 1035 of the Internal Revenue Code, we permit joint annuitants. In all cases, the joint annuitants must be spouses. Under all IRA and Rollover TSA contracts, the owner and annuitant must be the same person. In some cases, an IRA contract may be held in a custodial individual retirement account for the benefit of the individual annuitant. See "Inherited IRA beneficiary continuation contract" later in this section for Inherited IRA owner and annuitant requirements. For the Spousal continuation feature to apply, the spouses must either be joint owners, or, for Single owner contracts, the surviving spouse must be the sole primary beneficiary. The determination of spousal status is made under applicable state law. Certain same-sex spouses or civil union partners may not be eligible for tax benefits under federal law and in some circumstances will be required to take post-death distributions that dilute or eliminate the value of the contractual benefit. The contract is not available for purchase by Charitable Remainder Trusts. In general, we will not permit a contract to be owned by a minor unless it is pursuant to the Uniform Gift to Minors Act or the Uniform Transfers to Minors Act in your state. Certain benefits under your contract, as described 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. In this Prospectus, when we use the terms owner and joint owner, we intend these to be references to annuitant and joint annuitant, respectively, if the contract has a non-natural owner. If the Guaranteed minimum income benefit converts to the Guaranteed withdrawal benefit for life, the terms owner and Successor Owner are intended to be references to annuitant and joint annuitant, respectively, if the contract has a non-natural owner. If the contract is jointly owned or is issued to a non-natural owner and the Guaranteed withdrawal benefit for life is not in effect, benefits are based on the age of the older joint owner or older joint annuitant, as applicable. There are additional owner and annuitant requirements if the Guaranteed minimum income benefit converts to the Guaranteed withdrawal benefit for life at age 85. See "Guaranteed withdrawal benefit for life ("GWBL")" in "Contract features and benefits" later in this Prospectus. HOW YOU CAN MAKE YOUR CONTRIBUTIONS Except as noted below, contributions must be 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 an intended Section 1035 tax-free exchange or a direct transfer. We do not accept starter checks or travelers' checks. 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 your convenience, we will accept initial and additional contributions by wire transmittal from certain broker-dealers who have agreements with us for this purpose. Additional contributions may also be made under our automatic investment program. These methods of payment, including circumstances under which such contributions are considered received by us when your order is taken by such broker-dealers, are discussed in detail in "More information" 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. -------------------------------------------------------------------------------- Your initial contribution must generally be accompanied by a completed application and any other form we need to process the payments. 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. The contribution will be applied as of the date we receive the missing information. -------------------------------------------------------------------------------- Our "business day" is generally any day the New York Stock Exchange is open for regular trading and generally ends at 4:00 p.m. Eastern Time (or as of an earlier close of regular trading). A business day does not include a day on which we are not open due to emergency conditions determined by the Securities and Exchange Commission. We may also close early due to such emergency conditions. For more information about our business day and our pricing of transactions, please see "Dates and prices at which contract events occur." -------------------------------------------------------------------------------- WHAT ARE YOUR INVESTMENT OPTIONS UNDER THE CONTRACT? You can choose from among the variable investment options, the guaranteed interest option and the account for special money market dollar cost averaging. If the Guaranteed minimum income benefit converts to the Guaranteed withdrawal benefit for life at age 85, your investment options will be limited to the guaranteed interest option and the following variable investment options: the AXA Allocation Portfolios (and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio under certain contracts). (See the front cover of this Prospectus for a full list of which Portfolios are available under your contract.) 22 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green If you elect the 100% Principal guarantee benefit your investment options will be limited to the guaranteed interest option, the account for special money market dollar cost averaging and the following variable investment options: the AXA Allocation Portfolios (and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio under certain contracts). (See the front cover of this Prospectus for a full list of which Portfolios are available under your contract.) If you elect the 125% Principal guarantee benefit, your investment options will be limited to the guaranteed interest option, the account for special money market dollar cost averaging and the AXA Moderate Allocation Portfolio. 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. We may, at any time exercise our rights to limit or terminate your contributions and allocations to any of the variable investment options and to limit the number of variable investment options which you may elect. Contract features and benefits 23 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green PORTFOLIOS OF THE TRUSTS The AXA Allocation Portfolios and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio 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 and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio 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 the 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 and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio than certain other Portfolios available to you under your contract. In addition, due to the relative diversification of the underlying portfolios covering various asset classes and categories, the AXA Allocation Portfolios and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio 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 and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio. 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 discontinuing the services of those sub-advisers. The chart below indicates the sub-adviser(s) for each Portfolio, if any. The chart below also shows the currently available Portfolios and their investment objectives. Certain Portfolios may not be available under your contract. Please see the front cover of this Prospectus for more information.
------------------------------------------------------------------------------------------------------------------------------------ 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 ALLOCATIO 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. ------------------------------------------------------------------------------------------------------------------------------------ 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 CORE BOND To seek a balance of high current income and capital o BlackRock Financial Management, Inc. appreciation, consistent with a prudent level of risk. o Pacific Investment Management Company LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER HEALTH CARE Long-term growth of capital. o Invesco Aim Capital Management, Inc. o RCM Capital Management LLC o SSgA Funds Management, Inc. o Wellington Management Company, LLP ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER INTERNATIONAL Long-term growth of capital. o AllianceBernstein L.P. EQUITY o JPMorgan Investment Management Inc. o Marsico Capital Management, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER LARGE CAP Long-term growth of capital. o AllianceBernstein L.P. CORE EQUITY o Janus Capital Management LLC o SSgA Funds Management, Inc. o Thornburg Investment Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ AXA Premier VIP Trust* Investment Manager (or Sub-Adviser(s), as Portfolio Name Objective applicable) ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER LARGE CAP Long-term growth of capital. o Goodman & Co. NY Ltd. GROWTH o SSgA Funds Management, Inc. o T. Rowe Price Associates, Inc. o Westfield Capital Management Company, L.P. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER LARGE CAP Long-term growth of capital. o AllianceBernstein L.P. VALUE o Institutional Capital LLC o MFS Investment Management o SSgA Funds Management, Inc. ----------------------------------------------------------------------------------------------------------------------------------- MULTIMANAGER MID CAP Long-term growth of capital. o AllianceBernstein L.P. GROWTH o Franklin Advisers, Inc. o SSgA Funds Management, Inc. o Wellington Management Company, LLP ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER MID CAP VALUE Long-term growth of capital. o AXA Rosenberg Investment Management LLC o SSgA Funds Management, Inc. o Tradewinds Global Investors, LLC o Wellington Management Company, LLP ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER MULTI-SECTOR High total return through a combination of current o Pacific Investment Management Company BOND(1) income and capital appreciation. LLC o Post Advisory Group, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER SMALL CAP Long-term growth of capital. o Eagle Asset Management, Inc. GROWTH o SSgA Funds Management, Inc. o Wells Capital Management Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER SMALL CAP Long-term growth of capital. o Franklin Advisory Services, LLC VALUE o Pacific Global Investment Management Company o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER TECHNOLOGY Long-term growth of capital. o Firsthand Capital Management, Inc. o RCM Capital Management LLC o SSgA Funds Management, Inc. 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. INTERNATIONAL ------------------------------------------------------------------------------------------------------------------------------------ EQ/ALLIANCEBERNSTEIN SMALL Seeks to achieve long-term growth of capital. o AllianceBernstein L.P. CAP GROWTH ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA FRANKLIN INCOME Seeks to maximize income while maintaining prospects o BlackRock Investment Management, LLC CORE(2) for capital appreciation. o Franklin Advisers, Inc. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ EQ Advisors Trust* Investment Manager (or Sub-Adviser(s), Portfolio Name Objective as applicable) ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA FRANKLIN SMALL CAP Seeks to achieve long-term total return. o BlackRock Investment Management, LLC VALUE CORE(3) o Franklin Advisory Services, LLC ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA FRANKLIN TEMPLETON Primarily seeks capital appreciation and secondarily o AXA Equitable FOUNDING STRATEGY CORE(4) seeks income. ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA MUTUAL SHARES CORE(5) Seeks to achieve capital appreciation, which may occa- o BlackRock Investment Management, LLC sionally be short-term, and secondarily, income. o Franklin Mutual Advisers, LLC ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA TEMPLETON GROWTH Seeks to achieve long-term capital growth. o BlackRock Investment Management, LLC CORE(6) o Templeton Global Advisors Limited ------------------------------------------------------------------------------------------------------------------------------------ EQ/BLACKROCK BASIC VALUE Seeks to achieve capital appreciation and secondarily, o BlackRock Investment Management, LLC EQUITY income. ------------------------------------------------------------------------------------------------------------------------------------ EQ/BLACKROCK INTERNATIONAL Seeks to provide current income and long-term growth of o BlackRock Investment Management VALUE income, accompanied by growth of capital. International Limited ------------------------------------------------------------------------------------------------------------------------------------ EQ/BOSTON ADVISORS EQUITY Seeks to achieve a combination of growth and income to o Boston Advisors, LLC INCOME achieve an above-average and consistent total return. ------------------------------------------------------------------------------------------------------------------------------------ EQ/CAPITAL GUARDIAN GROWTH Seeks to achieve long-term growth of capital. o Capital Guardian Trust Company ------------------------------------------------------------------------------------------------------------------------------------ EQ/CAPITAL GUARDIAN Seeks to achieve long-term growth of capital. o Capital Guardian Trust Company RESEARCH ------------------------------------------------------------------------------------------------------------------------------------ EQ/COMMON STOCK INDEX(7) Seeks to achieve a total return before expenses that o AllianceBernstein L.P. approximates the total return performance of the Russell 3000 Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 3000 Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/CORE BOND INDEX Seeks to achieve a total return before expenses that o SSgA Funds Management, Inc. approximates the total return performance of the Barclays Capital U.S. Aggregate Bond Index, including reinvest- ment of dividends, at a risk level consistent with that of the Barclays Capital U.S. Aggregate Bond Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/DAVIS NEW YORK VENTURE Seeks to achieve long-term growth of capital. o Davis Selected Advisers, L.P. ------------------------------------------------------------------------------------------------------------------------------------ EQ/EQUITY 500 INDEX Seeks to achieve 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 OMEGA Seeks to achieve long-term capital growth. o Evergreen Investment Management Company, LLC ------------------------------------------------------------------------------------------------------------------------------------ EQ/FOCUS PLUS(8) Seeks to achieve long-term growth of capital. o AXA Equitable o Marsico Capital Management, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ 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 ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ EQ Advisors Trust* Investment Manager (or Sub-Adviser(s), Portfolio Name Objective as applicable) ------------------------------------------------------------------------------------------------------------------------------------ EQ/GLOBAL BOND PLUS(9) Seeks to achieve capital growth and current income. o BlackRock Investment Management, LLC o Evergreen Investment Management Company, LLC o First International Advisors, LLC (dba "Evergreen International") ------------------------------------------------------------------------------------------------------------------------------------ EQ/GLOBAL MULTI-SECTOR Seeks to achieve long-term capital appreciation. o BlackRock Investment Management, LLC EQUITY(10) o Morgan Stanley Investment Management Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/INTERMEDIATE GOVERNMENT Seeks to achieve a total return before expenses that o SSgA Funds Management, Inc. BOND INDEX approximates the total return performance of the Barclays Capital Intermediate Government Bond Index, including reinvestment of dividends, at a risk level consistent with that of the Barclays Capital Intermediate Government Bond Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/INTERNATIONAL CORE PLUS Seeks to achieve long-term growth of capital. o AXA Equitable o SSgA Funds Management, Inc. o Wentworth Hauser and Violich, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/INTERNATIONAL GROWTH Seeks to achieve capital appreciation. o MFS Investment Management ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMORGAN VALUE Seeks to achieve long-term capital appreciation. o JPMorgan Investment Management Inc. OPPORTUNITIES ------------------------------------------------------------------------------------------------------------------------------------ EQ/LARGE CAP CORE PLUS Seeks to achieve long-term growth of capital with a sec- o AXA Equitable ondary objective to seek reasonable current income. For o Hirayama Investments, LLC purposes of this Portfolio, the words "reasonable current o Institutional Capital LLC income" mean moderate income. o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LARGE CAP GROWTH PLUS Seeks to provide long-term capital growth. o AXA Equitable o Marsico Capital Management, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LARGE CAP VALUE INDEX Seeks to achieve a total return before expenses that o SSgA Funds Management, Inc. approximates the total return performance of the Russell 1000 Value Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 1000 Value Index. ------------------------------------------------------------------------------------------------------------------------------------ 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 Seeks to achieve capital appreciation and growth of o Lord, Abbett & Co. LLC INCOME income without excessive fluctuation in market value. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LORD ABBETT LARGE CAP Seeks to achieve capital appreciation and growth of o Lord, Abbett & Co. LLC CORE income with reasonable risk. ------------------------------------------------------------------------------------------------------------------------------------ EQ/MID CAP INDEX Seeks to achieve a total return before expenses that o SSgA Funds Management, Inc. approximates the total return performance of the S&P Mid Cap 400 Index, including reinvestment of dividends, at a risk level consistent with that of the S&P Mid Cap 400 Index. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ EQ Advisors Trust* Investment Manager (or Sub-Adviser(s), Portfolio Name Objective as applicable) ------------------------------------------------------------------------------------------------------------------------------------ EQ/MID CAP VALUE PLUS Seeks to achieve long-term capital appreciation. o AXA Equitable o SSgA Funds Management, Inc. o Wellington Management Company LLP ------------------------------------------------------------------------------------------------------------------------------------ EQ/MONEY MARKET Seeks to obtain a high level of current income, preserve o The Dreyfus Corporation its assets and maintain liquidity. ------------------------------------------------------------------------------------------------------------------------------------ EQ/OPPENHEIMER GLOBAL Seeks to achieve capital appreciation. o OppenheimerFunds, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/OPPENHEIMER MAIN STREET Seeks to achieve long-term capital appreciation. o OppenheimerFunds, Inc. OPPORTUNITY ------------------------------------------------------------------------------------------------------------------------------------ EQ/OPPENHEIMER MAIN STREET Seeks to achieve capital appreciation. o OppenheimerFunds, Inc. SMALL CAP ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO ULTRA SHORT BOND(11)Seeks to generate a return in excess of traditional money o Pacific Investment Management Company, market products while maintaining an emphasis on LLC preservation of capital and liquidity. ------------------------------------------------------------------------------------------------------------------------------------ EQ/SHORT DURATION BOND Seeks to achieve current income with reduced volatility o BlackRock Financial Management, Inc. of principal. ------------------------------------------------------------------------------------------------------------------------------------ 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/T. ROWE PRICE GROWTH Seeks to achieve long-term capital appreciation and o T. Rowe Price Associates, Inc. STOCK secondarily, income. ------------------------------------------------------------------------------------------------------------------------------------ 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 Seeks to achieve capital growth and income. o Morgan Stanley Investment Management Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/VAN KAMPEN MID CAP Seeks to achieve capital growth. o Morgan Stanley Investment Management Inc. GROWTH ------------------------------------------------------------------------------------------------------------------------------------ EQ/VAN KAMPEN REAL ESTATE Seeks to provide above average current income and long- o Morgan Stanley Investment Management Inc. term capital appreciation. ------------------------------------------------------------------------------------------------------------------------------------
* The chart below reflects the portfolio's former name in effect until on or about May 1, 2009, subject to regulatory approval. The number in the "Footnote No." column corresponds with the number contained in the chart above. ----------------------------------------------------------- Footnote No. Portfolio's Former Name ----------------------------------------------------------- AXA Premier VIP Trust ----------------------------------------------------------- (1) Multimanager High Yield ----------------------------------------------------------- EQ Advisors Trust ----------------------------------------------------------- (2) EQ/Franklin Income ----------------------------------------------------------- (3) EQ/Franklin Small Cap Value ----------------------------------------------------------- (4) EQ/Franklin Templeton Founding Strategy ----------------------------------------------------------- (5) EQ/Mutual Shares ----------------------------------------------------------- (6) EQ/Templeton Growth ----------------------------------------------------------- (7) EQ/AllianceBernstein Common Stock ----------------------------------------------------------- (8) EQ/Marsico Focus ----------------------------------------------------------- (9) EQ/Evergreen International Bond ----------------------------------------------------------- (10) EQ/Van Kampen Emerging Markets Equity ----------------------------------------------------------- (11) EQ/PIMCO Real Return ----------------------------------------------------------- You should consider the investment objective, 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 1-800-789-7771. 28 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 interest 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 before deduction of annual administrative charges and 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 2009 is 1.50%, 2.75% or 3.00%, depending on your lifetime minimum rate. 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. ALLOCATING YOUR CONTRIBUTIONS You may choose between self-directed and dollar cost averaging to allocate your contributions under your contract. Subsequent contributions are allocated according to instructions on file unless you provide new instructions. 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. If your financial professional is with AXA Advisors, he or she 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. SELF-DIRECTED ALLOCATION You may allocate your contributions to one or more, or all, of the variable investment options, the account for special money market dollar cost averaging or the guaranteed interest option, 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%. We reserve the right to restrict allocations to any variable investment option. 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. You may not make transfers to the guaranteed interest option. 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. -------------------------------------------------------------------------------- Units measure your value in each variable investment option. -------------------------------------------------------------------------------- SPECIAL MONEY MARKET DOLLAR COST AVERAGING PROGRAM. You may dollar cost average from the account for special money market dollar cost averaging option (which is part of the EQ/Money Market investment option) into any of the other variable investment options. Only the AXA Allocation Portfolios (and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio under certain contracts) are available if you elect the 100% Principal guarantee benefit. (See the front cover of this Prospectus for a full list of which Portfolios are available under your contract.) Only the AXA Moderate Allocation Portfolio is available if you elect the 125% Principal guarantee benefit. You may elect to participate in a 3, 6 or 12-month program at any time subject to the age limitation on contributions described earlier in this Prospectus. Contributions into the account for special money market dollar cost averaging must be new contributions. In other words, you may not make transfers from amounts allocated in other variable investment options to initiate the program. You must allocate your entire initial contribution into the account for special money market dollar cost averaging if you are selecting the program at the time you apply for your Accumulator(R) Select(SM) contract. Therefore, contributions to any new program must be at least $2,000. Contributions to an existing program must be at least $250. You may only have one program in effect at any time. Each month, we will transfer your account value in the account for special money market dollar cost averaging into the other variable investment options you select. Once the time period you selected has expired, you may then select to participate in the special money market dollar cost averaging program for an additional time period. At that time, you may also select a different allocation for monthly transfers from the account for special money market dollar cost averaging to the variable investment options, or, if you wish, we will continue to use the selection that you have previously made. Contract features and benefits 29 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Currently, the monthly transfer date from the account for special money market dollar cost averaging option will be the same as your contract date, but not later than the 28th day of the month. For a program selected after application, the first transfer date and each subsequent transfer date will be one month from the date the first contribution is made into the program, but not later than the 28th day of the month. All amounts will be transferred out by the end of the time period in effect. The only amounts that should be transferred from the account for special money market dollar cost averaging option are your regularly scheduled transfers to the variable investment options. If you request to transfer or withdraw any other amounts from the account for special money market dollar cost averaging, we will transfer all of the value you have remaining in the account to the variable investments according to the allocation percentages we have on file for you. You may cancel your participation in the program at any time by notifying us in writing. If the Guaranteed minimum income benefit converts to the Guaranteed withdrawal benefit for life at age 85, the special money market dollar cost averaging program is not available. GENERAL DOLLAR COST AVERAGING PROGRAM. If your value in the EQ/Money Market option is at least $5,000, you may choose, at any time, to have a specified dollar amount or percentage of your value transferred from that option to the other variable investment options. You can select to have transfers made on a monthly, quarterly or annual basis. The transfer date will be the same calendar day of the month as the contract date, but not later than the 28th day of the month. 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 $250. 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 are participating in a Principal guarantee benefit or the Guaranteed minimum income benefit converts to the Guaranteed withdrawal benefit for life at age 85, the general dollar cost averaging program is not available. INVESTMENT SIMPLIFIER. We offer two 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 the AXA Allocation Portfolios (and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio under certain contracts) are available if the Guaranteed minimum income benefit converts to the Guaranteed withdrawal benefit for life at age 85 or you elect the 100% Principal guarantee benefit. (See the front cover of this Prospectus for a full list of which Portfolios are available under your contract.) Only the AXA Moderate Allocation Portfolio is available if you elect the 125% Principal guarantee benefit. Transfers may be made on a monthly, quarterly or annual basis. You can specify the number of transfers or instruct us to continue to make 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. The transfer date will be the same calendar day of the month as the contract date but not later than the 28th day of the month. The minimum transfer amount is $50. The fixed-dollar option is subject to the guaranteed interest option transfer limitations described under "Transferring your account value" in "Transferring your money among investment options" later in this Prospectus. While the program is running, any transfer that exceeds those limitations will cause the program to end for that contract year. You will be notified. You must send in a request form to resume the program in the next or subsequent contract years. If, on any transfer date your value in the guaranteed interest option is equal to or less than the amount you have elected to have transferred, the entire amount will be transferred, and the program will end. You may change the transfer amount once each contract year or cancel this program at any time. Interest sweep option. Under this option, you may elect to have monthly transfers from amounts in the guaranteed interest option into the variable investment options of your choice. Only the AXA Allocation Portfolios (and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio under certain contracts) are available if the Guaranteed minimum income benefit converts to the Guaranteed withdrawal benefit for life at age 85 or you elect the 100% Principal guarantee benefit. Only the AXA Moderate Allocation Portfolio is available if you elect the 125% Principal guarantee benefit. (See the front cover of this Prospectus for a full list of which Portfolios are available under your contract.) The transfer date will be the last business day of the month. 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. We will automatically cancel the interest sweep program if the amount in the guaranteed interest option is less than $7,500 on the last day of the month for two months in a row. For the interest sweep option, 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. INTERACTION OF DOLLAR COST AVERAGING AND INVESTMENT SIMPLIFIER WITH OTHER CONTRACT FEATURES AND BENEFITS You may not participate in any dollar cost averaging program if you are participating in the Option II rebalancing program. Under the Option I rebalancing program, you may participate in any of the dollar cost averaging programs except special money market dollar cost averaging and general dollar cost averaging. You may only participate in one dollar cost averaging program at a time. See "Transferring your money among investment options" later in this Prospectus. If your Guaranteed minimum income benefit converts to the Guaranteed withdrawal benefit for life at age 85, that will terminate any dollar cost averaging program you have in place at the time, and may limit your ability to elect a new dollar cost averaging program after conversion. See "Guaranteed withdrawal benefit for life ("GWBL")" later in this Prospectus. Also, for information on how the dollar cost averaging program you 30 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green select may affect certain guaranteed benefits see "Guaranteed minimum death benefit and Guaranteed minimum income benefit base" immediately below. We do not deduct a transfer charge for any transfer made in connection with our dollar cost averaging and Investment Simplifier program. Not all dollar cost averaging programs are available in all states (see Appendix V later in this Prospectus for more information on state availability). GUARANTEED MINIMUM DEATH BENEFIT AND GUARANTEED MINIMUM INCOME BENEFIT BASE 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 an 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" and "Guaranteed minimum death benefit" below. If you add the Guaranteed minimum income benefit to your contract after issue, we will calculate each of the benefit bases described in this section using your account value on the contract date anniversary the Guaranteed minimum income benefit becomes effective under your contract (the "GMIB effective date") rather than your initial contribution, for purposes of determining the Guaranteed minimum income benefit. See "Adding the Guaranteed minimum income benefit after issue" later in this section. When we describe withdrawals and additional contributions in this section, we mean withdrawals and additional contributions made after the GMIB effective date. As discussed immediately below, the Standard death benefit is based on the Standard death benefit benefit base; the Annual Ratchet to age 85 enhanced death benefit is based on the Annual Ratchet to age 85 benefit base; the Greater of 5% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit AND the Guaranteed minimum income benefit are based on the Greater of the 5% Roll-Up to age 85 benefit base and the Annual Ratchet to age 85 benefit base. STANDARD DEATH BENEFIT Your benefit base is equal to: o your initial contribution and any additional 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, Guaranteed minimum death benefit and Principal guarantee benefits" in "Accessing your money" later in this Prospectus. 5% ROLL-UP TO AGE 85 BENEFIT BASE (USED FOR THE GREATER OF 5% ROLL-UP TO AGE 85 OR 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 additional 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, Guaranteed minimum death benefit and Principal guarantee benefits" 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 5% with respect to the variable investment options (including amounts allocated to the account for special money market dollar cost averaging, but excluding all other amounts allocated to the EQ/Money Market) ; 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 2% with respect to the EQ/Money Market, the guaranteed interest option and the loan reserve account under Rollover TSA (if applicable). Each daily roll-up is included in the benefit base for purposes of calculating the daily roll-up the next day, so the benefit base compounds daily at the effective annual rate noted above. The benefit base stops rolling up on the contract date anniversary following the owner's (or older joint owner's, if applicable) 85th birthday. See Appendix II for an example of the relationship between the benefit base calculated based on the 5% Roll-Up to age 85 and a hypothetical account value. Certain contracts may have a different effective annual roll-up rate, based on when you purchased your contract. See Appendix VI later in this Prospectus. ANNUAL RATCHET TO AGE 85 BENEFIT BASE (USED FOR THE ANNUAL RATCHET TO AGE 85 ENHANCED DEATH BENEFIT, FOR THE GREATER OF 5% ROLL-UP TO AGE 85 OR ANNUAL RATCHET TO AGE 85 ENHANCED DEATH BENEFIT AND FOR THE GUARANTEED MINIMUM INCOME BENEFIT) If you have not taken a withdrawal from your contract, your benefit base is equal to the greater of either: o your initial contribution to the contract (plus any additional contributions), or o your highest account value on any contract date anniversary up to the contract date anniversary following the owner's (or older joint owner's, if applicable) 85th birthday (plus any contributions made since the most recent Annual Ratchet). If you take a withdrawal from your contract, your benefit base will be reduced as described under "How withdrawals affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Principal guarantee benefits" in "Accessing your money" later in this Prospectus. After such withdrawal, your benefit base is equal to the greater of either: Contract features and benefits 31 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green o your benefit base immediately following the most recent withdrawal (plus any additional contributions made after the date of such withdrawal), or o your highest account value on any contract date anniversary after the date of the most recent withdrawal, up to the contract date anniversary following the owner's (or older joint owner's, if applicable) 85th birthday (plus any contributions made since the most recent Annual Ratchet after the date of such withdrawal). See Appendix II for an example of the relationship between the benefit base calculated based on the Annual Ratchet to age 85 and a hypothetical account value. GREATER OF 5% ROLL-UP TO AGE 85 OR ANNUAL RATCHET TO AGE 85 BENEFIT BASE (USED FOR THE GREATER OF 5% ROLL-UP TO AGE 85 OR 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 5% 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. ROLL-UP BENEFIT BASE RESET You will be eligible to reset your Guaranteed minimum income benefit Roll-Up benefit base on each contract date anniversary until the contract date anniversary following age 80. The reset amount will equal the account value as of the contract date anniversary on which you reset your Roll-Up benefit base. The Roll-Up continues to age 85 on any reset benefit base. If you elect both the Guaranteed minimum income benefit AND the Greater of 5% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit (the "Greater of enhanced death benefit"), you are be eligible to reset the Roll-Up benefit base for these guaranteed benefits to equal the account value on any contract date anniversary until the contract date anniversary following age 80. If you elect both the Greater of enhanced death benefit and the Guaranteed minimum income benefit, the Roll-Up benefit bases for both 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. 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. If your request to reset your Roll-Up benefit base is received at our processing office more than 30 days after your contract date anniversary, your Roll-Up benefit base will reset on the next contract date anniversary on which you are eligible for a reset. You may choose one of the three available reset methods: one-time reset option, automatic annual reset program or automatic customized reset program. -------------------------------------------------------------------------------- ONE-TIME RESET OPTION - resets your Roll-Up benefit base on a single contract date anniversary. AUTOMATIC ANNUAL RESET PROGRAM - automatically resets your Roll-Up benefit base on each contract date anniversary you are eligible for a reset. AUTOMATIC CUSTOMIZED RESET PROGRAM - automatically resets your Roll-Up benefit base on each contract date anniversary, if eligible, for the period you designate. -------------------------------------------------------------------------------- If you wish to cancel your elected reset program, your request must be received by our processing office at least 30 days prior to your contract date anniversary to terminate your reset program for such contract date anniversary. Cancellation requests received after this deadline will be applied the following year. A reset cannot be cancelled after it has occurred. For more information, see "How to reach us" earlier in this Prospectus. If you die before the contract date anniversary following age 85 and your spouse continues the contract, the benefit base will be eligible to be reset on each contract date anniversary, as described above. If you elect to reset your Roll-Up benefit base on any contract date anniversary, we may increase the charge for the Guaranteed minimum income benefit and the Greater of enhanced death benefit. There is no charge increase for the Annual Ratchet to age 85 enhanced death benefit. See both "Guaranteed minimum death benefit charge" and "Guaranteed minimum income benefit charge" in "Charges and expenses" later in this Prospectus for more information. 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 reset or, if later, the earliest date you would have been permitted to exercise without regard to the reset but not later than the contract date anniversary following age 85. See "Exercise rules" under "Guaranteed minimum income benefit" below for more information. Please note that in almost all cases, resetting your Roll-Up benefit base will lengthen the exercise waiting period. Also, even when 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. If you are a traditional IRA or TSA contract owner, before you reset your Roll-Up benefit base, please consider the effect of the 10-year exercise waiting period on your requirement to take lifetime required minimum distributions with respect to the contract. If you must begin taking lifetime required minimum distributions during the 10-year waiting period, you may want to consider taking the annual lifetime required minimum distribution calculated for the contract from 32 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green another permissible contract or funding vehicle. If you withdraw the lifetime required minimum distribution from the contract, and the required minimum distribution is more than 5% of the reset benefit base, the withdrawal would cause a pro-rata reduction in the benefit base. Alternatively, resetting the benefit base to a larger amount would make it less likely that the required minimum distributions would exceed the 5% 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." Also, see "Required minimum distributions" under "Individual retirement arrangements (IRAs)" and "Tax-sheltered annuity contracts (TSAs)" in "Tax information" later in this Prospectus. 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 under "Guaranteed minimum income benefit option" below and annuity payout options are discussed under "Your annuity payout options" 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. We may provide more favorable current annuity purchase factors for the annuity payout options. GUARANTEED MINIMUM INCOME BENEFIT This section describes the Guaranteed minimum income benefit ("GMIB") if you elect it at issue. If you add the benefit to your contract after issue, certain additional requirements apply, and the way the benefit is calculated may differ from how it is calculated if you elect it at issue. See "Adding the Guaranteed minimum income benefit after issue" later in this section. The Guaranteed minimum income benefit is available if the owner is age 20 through 75 at the time the contract is issued. This benefit includes the ability to reset your Guaranteed minimum income benefit base on each contract date anniversary until the contract date anniversary following age 80. See "Roll-Up benefit base reset" earlier in this section. 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. This feature is not available for an Inherited IRA or if you elect a Principal guarantee benefit. If the owner was older than age 60 at the time an IRA or Rollover TSA contract was issued or the Guaranteed minimum income benefit was added to the contract, 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. See "How withdrawals affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Principal guarantee benefits" in "Accessing your money" later in this Prospectus. 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. 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 -------------------------------------------------------- Owner's Period certain years age at exercise -------------------------------------------------------- 80 and younger 10 81 9 82 8 83 7 84 6 85 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, to guaranteed annuity purchase factors, or (ii) the income provided by applying your account value to our then current annuity purchase factors. For Rollover 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. If you elect monthly or quarterly payments, the aggregate payments you receive in a contract year will be less than what you would have received if you had elected an annual payment, as monthly and quarterly payments reflect the time value of money with regard to both interest and mortality. 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 (including its death benefit and any account or cash values) will terminate and you will receive a new contract for the annuity payout option. Contract features and benefits 33 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. 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) 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. Upon exercise, your contract (including its death benefit and any account or cash values) will terminate. o You will have 30 days from when we notify you to change the payout option and/or the payment frequency. Please note that we will not automatically exercise the Guaranteed minimum income benefit, as described above, if you have a TSA contract and withdrawal restrictions apply. The no lapse guarantee will terminate under the following circumstances: o If your aggregate withdrawals during any contract year exceed 5% of the Roll-Up benefit base (as of the beginning of the contract year or in the first contract year, for contracts in which the Guaranteed minimum income benefit is elected at issue, all contributions received in the first 90 days); o Upon the contract date anniversary following the owner (or older joint owner, if applicable) reaching age 85. Please note that if you participate in our Automatic RMD service, 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 5% of your Roll-Up benefit base at the beginning of the contract year. 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 (or older joint owner, if applicable) will become the annuitant, and the contract will be annuitized on the basis of the annuitant'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, then end of the period certain (where the payout option chosen includes a period certain). EXERCISE RULES. The latest date you may exercise the Guaranteed minimum income benefit is the 30th day following the contract date anniversary following your 85th birthday. Other options are available to you on the contract date anniversary following your 85th birthday. See "Guaranteed withdrawal benefit for life ("GWBL")" later in this Prospectus. In addition, eligibility to exercise the Guaranteed minimum income benefit is based on the owner's (or older joint owner's, if applicable) age as follows: o If you were at least age 20 and no older than age 44 when the contract was issued or on the GMIB effective date, you are eligible to exercise the Guaranteed minimum income benefit within 30 days following each contract date anniversary beginning with the 15th contract date anniversary or GMIB effective date anniversary. o If you were at least age 45 and no older than age 49 when the contract was issued or on the GMIB effective date, you are eligible to exercise the Guaranteed minimum income benefit within 30 days following each contract date anniversary after age 60. o If you were at least age 50 and no older than age 75 when the contract was issued or on the GMIB effective date, 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 or GMIB effective date anniversary. Please note: (i) if you were age 75 when the contract was issued or elected to add the Guaranteed minimum income benefit when you were 74, but turned 75 before the GMIB effective date or the Roll-Up benefit base was reset when you were between the ages of 75 and 80, 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; (ii) for Accumulator(R) Select(SM) Rollover TSA contracts, you may exercise the Guaranteed minimum income benefit only if you effect a rollover of the TSA contract to an Accumulator(R) Select(SM) Rollover IRA. This may only occur when you are eligible for a distribution from the TSA. This process must be completed within the 30-day timeframe following the contract date anniversary in order for you to be eligible to exercise; (iii)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 reset or, if later, the earliest date you would have been permitted to exercise without regard to the reset, but in no event will it be later than the contract date anniversary following age 85. Please note that in almost all cases, resetting your Roll-Up benefit base will lengthen the waiting period; 34 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green (iv) 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 or on the GMIB effective date, if the Guaranteed minimum income benefit is added after issue, for purposes of determining the availability of the benefit and which of the exercise rules applies. For example, if an owner is age 70 at issue, and he dies at age 84, and the spouse beneficiary is 86 on the date of his death, she will not be able to exercise the Guaranteed minimum income benefit, even though she was 72 at the time the contract was issued, because eligibility is measured using her age at the time of the owner's death, not her age on the issue date. The original contract issue date (or GMIB effective date) will continue to apply for purposes of the exercise rules. (v) 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 (vi) 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 (or older joint annuitant's, if applicable) 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's value" and "How withdrawals affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Principal guarantee benefits" in "Accessing your money" and the section entitled "Charges and expenses" later in this Prospectus for more information on these guaranteed benefits. ADDING THE GUARANTEED MINIMUM INCOME BENEFIT AFTER ISSUE You may add the Guaranteed minimum income benefit to your contract after issue (subject to the requirements described below) so long as: (i) no more than three months have elapsed since your contract was issued, or (ii) we continue to offer the Guaranteed minimum income benefit described earlier in this section with the identical terms and conditions, including the maximum fee and the roll-up rate, in the state in which your contract was issued. Check with your financial professional to see whether we are still offering this version of the Guaranteed minimum income benefit in your state. If you add the Guaranteed minimum income benefit after issue, it will function as described earlier in this section, under "Guaranteed minimum income benefit", with certain exceptions: o The owner (and joint owner, if any) must be between the ages of 20 and 74 on the date we receive your election form at our processing office in good order (the "GMIB addition date"). o The Guaranteed minimum income benefit will become effective under your contract on the contract date anniversary that follows the GMIB addition date (the "GMIB effective date"). If the GMIB addition date is a contract date anniversary, the GMIB effective date will be that date as well. o Your initial Guaranteed minimum income benefit base will be equal to the account value on the GMIB effective date. Subsequent adjustments to your Guaranteed minimum income benefit base will be calculated as described above in the section "Guaranteed minimum death benefit and Guaranteed minimum income benefit base" earlier in this Prospectus. o Certain contract owners will only be permitted to add the Guaranteed minimum income benefit to their contract if the death benefit they elect at issue is compatible with the Guaranteed minimum income benefit. They may elect the Guaranteed minimum income benefit if they have the Standard death benefit or the Annual Ratchet to age 85 enhanced death benefit. o If you have collaterally assigned all or a portion of the value of your NQ contract, you must terminate the collateral assignment before you elect the Guaranteed minimum income benefit. See "Transfers of ownership, collateral assignments, loans and borrowing" in "More information" later in this Prospectus. ADDING THE GUARANTEED MINIMUM INCOME BENEFIT AFTER A BENEFIT HAS BEEN DROPPED If you drop the Guaranteed minimum income benefit, as described later in this section under "Dropping the Guaranteed minimum income benefit after issue", you will not be able to add the Guaranteed minimum income benefit to your contract again for one year after you have dropped the benefit, in addition to the other requirements described in this section. DROPPING THE GUARANTEED MINIMUM INCOME BENEFIT AFTER ISSUE You may drop the Guaranteed minimum income benefit from your contract after issue, subject to the following restrictions: o If you elect the Guaranteed minimum income benefit at issue, you may not drop the benefit until the fourth contract date anniversary following the GMIB effective date. o If you add the Guaranteed minimum income benefit after your contract is issued, you many not drop the benefit until the later of the fourth contract date anniversary and the first contract date anniversary following the GMIB effective date. o The Guaranteed minimum income benefit will be dropped from your contract on the date we receive your election form at our processing office in good order. If you drop the Guaranteed minimum income benefit on a date other than a contract date anniversary, we will deduct a pro rata portion of the Guaranteed minimum income benefit charge for the contract year on that date. o If you elect the Greater of 5% Roll-Up to age 85 or Annual Ratchet to age 85 Guaranteed minimum death benefit and the Guaranteed minimum income benefit, and subsequently drop the Guaranteed Contract features and benefits 35 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green minimum income benefit, we will no longer deduct the Guaranteed minimum income benefit charge. However, we will continue to deduct the Guaranteed minimum death benefit charge. GUARANTEED MINIMUM DEATH BENEFIT Your contract provides a Standard death benefit. If you do not elect one of the enhanced death benefits described below, the death benefit is equal to your account value 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 withdrawals. The Standard death benefit is the only death benefit available for owners (or older joint owners, if applicable) ages 76 through 85 at issue. If you elect one of the enhanced death benefits, the death benefit is equal to your account value 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 subsequent withdrawals, whichever provides the higher amount. Once your contract is issued, you may not change or voluntarily terminate your death benefit. See "Payment of death benefit" later in this Prospectus for more information. The Annual Ratchet to age 85 enhanced death benefit and the Standard death benefit can be elected by themselves. The Greater of 5% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit can only be elected if you also elect the Guaranteed minimum income benefit. Each enhanced death benefit has an additional charge. There is no additional charge for the Standard death benefit. 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 automatically with the Standard death benefit. See "Transfers of ownership, collateral assignments, loans and borrowing" in "More information" later in this Prospectus for more information. Subject to state availability (see Appendix V later in this Prospectus for state availability of these benefits), your age at contract issue, and your contract type, you may elect one of the following enhanced death benefits described below: o ANNUAL RATCHET TO AGE 85 This optional enhanced death benefit is available to owner (or older joint owner, if applicable) ages 0 through 75 at issue of NQ contracts, ages 0 through 70 at issue of Inherited IRA contracts and ages 20 through 75 at issue of Rollover IRA, Roth Conversion IRA and Rollover TSA contracts. o GREATER OF 5% ROLL-UP TO AGE 85 OR ANNUAL RATCHET TO AGE 85 This optional enhanced death benefit is available, if elected in connection with the Guaranteed minimum income benefit, to owner (or older joint owner, if applicable) ages 20 through 75 at issue of NQ, Rollover IRA, Roth Conversion IRA and Rollover TSA contracts. For contracts with non-natural owners, the available death benefits are based on the annuitant's age. 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. If you purchase the "Greater of" enhanced death benefit with the Guaranteed minimum income benefit, you will be eligible to reset your Roll-Up benefit base on each contract date anniversary until the contract date anniversary following age 80. See "Roll-Up benefit base reset" earlier in this section. Please see both "Insufficient account value" in "Determining your contract's value" and "How withdrawals affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Principal guarantee benefits" in "Accessing your money" and the section entitled "Charges and expenses" later in this Prospectus for more information on these guaranteed benefits. Resets are not available under the Greater of 5% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit if you drop the Guaranteed minimum income benefit. See Appendix II in this Prospectus for an example of how we calculate an enhanced death benefit. EARNINGS ENHANCEMENT BENEFIT Subject to state and contract availability (see Appendix V later in this Prospectus for state availability of these benefits), if you are purchasing a contract under which the Earnings enhancement benefit is available, you may elect the Earnings enhancement benefit at the time you purchase your contract, if the owner is age 75 or younger. The Earnings enhancement benefit provides an additional death benefit as described below. See the appropriate part of "Tax information" later in this Prospectus for the potential tax consequences of electing to purchase the Earnings enhancement benefit in an NQ, IRA or Rollover TSA contract. Once you purchase the Earnings enhancement benefit , you may not voluntarily terminate this feature. If you elect the Earnings enhancement benefit at issue, and your Guaranteed minimum income benefit then converts to the Guaranteed withdrawal benefit for life at age 85, the Earnings enhancement benefit will continue in force after conversion, although it may be adversely affected by withdrawals under the Guaranteed withdrawal benefit for life. See "Guaranteed withdrawal benefit for life ("GWBL")" later in this Prospectus. If you elect the Earnings enhancement benefit option described below and change ownership of the contract, generally 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. If the owner (or older joint owner, if applicable) is 70 or younger when we issue your contract (or if the spouse beneficiary or younger spouse joint owner is 70 or younger when he or she becomes the successor owner and the Earnings enhancement benefit had been elected at issue), the additional death benefit will be 40% of: the greater of: 36 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green o the account value or o any applicable death benefit decreased by: o total net contributions For purposes of calculating your Earnings enhancement benefit, the following applies: (i) "Net contributions" are the total contributions made (or, if applicable, the total amount that would otherwise have been paid as a death benefit had the spouse beneficiary or younger spouse joint owner not continued the contract plus any subsequent contributions) adjusted for each withdrawal that exceeds your Earnings enhancement benefit earnings. "Net contributions" are reduced by the amount of that excess. Earnings enhancement benefit earnings are equal to (a) minus (b) where (a) is the greater of the account value and the death benefit immediately prior to the withdrawal, and (b) is the net contributions as adjusted by any prior withdrawals; and (ii) "Death benefit" is equal to the greater of the account value as of the date we receive satisfactory proof of death or any applicable Guaranteed minimum death benefit as of the date of death. If the owner (or older joint owner, if applicable) is age 71 through 75 when we issue your contract (or if the spouse beneficiary or younger spouse joint owner is between the ages of 71 and 75 when he or she becomes the successor owner and the Earnings enhancement benefit had been elected at issue), the additional death benefit will be 25% of: the greater of: o the account value or o any applicable death benefit decreased by: o total net contributions The value of the Earnings enhancement benefit is frozen on the first contract date anniversary after the owner (or older joint owner, if applicable) turns age 80, except that the benefit will be reduced for withdrawals on a pro rata basis. Reduction on a pro rata basis means that we calculate the percentage of the current account value that is being withdrawn and we reduce the benefit by that percentage. For example, if the account value is $30,000 and you withdraw $12,000, you have withdrawn 40% of your account value. If the benefit is $40,000 before the withdrawal, it would be reduced by $16,000 ($40,000 x .40) and the benefit after the withdrawal would be $24,000 ($40,000 - $16,000). For an example of how the Earnings enhancement benefit is calculated, please see Appendix IV. For contracts continued under Spousal continuation, upon the death of the spouse (or older spouse, in the case of jointly owned contracts), the account value will be increased by the value of the Earnings enhancement benefit as of the date we receive due proof of death. The benefit will then be based on the age of the surviving spouse as of the date of the deceased spouse's death for the remainder of the contract. If the surviving spouse is age 76 or older, the benefit will terminate and the charge will no longer be in effect. The spouse may also take the death benefit (increased by the Earnings enhancement benefit) in a lump sum. See "Spousal continuation" in "Payment of death benefit" later in this Prospectus for more information. The Earnings enhancement benefit must be elected when the contract is first issued: neither the owner nor the successor owner can add it subsequently. Ask your financial professional or see Appendix V later in this Prospectus to see if this feature is available in your state. 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"). GWBL is only available upon conversion of the Guaranteed minimum income benefit at age 85 under certain circumstances. -------------------------------------------------------------------------------- The "Conversion effective date" is the contract date anniversary following age 85. The "Conversion transaction date" is the date that we receive your election form at our processing office in good order, if you affirmatively elect to convert the Guaranteed minimum income benefit to the Guaranteed withdrawal benefit for life at age 85, or the 30th day following the Conversion effective date, if the Guaranteed minimum income benefit converts automatically to the Guaranteed withdrawal benefit for life. -------------------------------------------------------------------------------- If you have neither exercised the Guaranteed minimum income benefit nor dropped it from your contract as of the Conversion effective date, you will have up to 30 days after that contract date anniversary to choose what you want to do with your Guaranteed minimum income benefit. You will have three choices available to you: o You may affirmatively convert the Guaranteed minimum income benefit to a Guaranteed withdrawal benefit for life; o You may exercise the Guaranteed minimum income benefit, and begin to receive lifetime income under that benefit; o You may elect to terminate the Guaranteed minimum income benefit without converting to the Guaranteed withdrawal benefit for life. If you take no action, the Guaranteed minimum income benefit will convert automatically to the Guaranteed withdrawal benefit for life. If you exercise the Guaranteed minimum income benefit, it will function as described earlier in this Prospectus under "Guaranteed minimum income benefit". If you elect to terminate the Guaranteed minimum income benefit without converting to the Guaranteed withdrawal benefit for life, your contract will continue in force, without either benefit. If you take no action, or affirmatively convert the Guaranteed minimum income benefit, your Guaranteed minimum income benefit will be converted to the Guaranteed withdrawal benefit for life, retroactive to the Conversion effective date. Please note that if you exercise the Guaranteed minimum income benefit prior to the Conversion effective date, you will not have the option to convert the Guaranteed minimum income benefit to the Guaranteed withdrawal benefit for life. Contract features and benefits 37 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green The charge for the GWBL benefit will be deducted from your account value on each contract date anniversary. Please see "Guaranteed withdrawal benefit for life charge" later in this Prospectus for a description of the charge. You should not convert the Guaranteed minimum income benefit to this benefit at age 85 (or permit this benefit to convert) 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 not interested in taking withdrawals prior to the contract's maturity date; or o You are using the contract to fund a Rollover TSA contract where withdrawal restrictions will apply. 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 Automatic RMD service. If you do not expect to comply with these conditions, this benefit may have limited usefulness for you and you should consider whether it is appropriate. Please consult your tax adviser. ADDITIONAL OWNER AND ANNUITANT REQUIREMENTS Converting the Guaranteed minimum income benefit to the Guaranteed withdrawal benefit for life may alter the ownership of your contract. The options you may choose depend on the original ownership of your contract. You may only choose among the ownership options below if you affirmatively choose to convert the Guaranteed minimum income benefit to the Guaranteed withdrawal benefit for life. If your benefit is converted automatically, your contract will be structured as a Single life contract. Your ability to add a Joint life is also limited by the age and timing requirements described below under "Guaranteed annual withdrawal amount". SINGLE OWNER. If the contract has a single owner, and the owner converts the Guaranteed minimum income benefit to the Guaranteed withdrawal benefit for life with the single life ("Single life") option, there will be no change to the ownership of the contract. However, if the owner converts the Guaranteed minimum income benefit to the Guaranteed withdrawal benefit for life with the joint life ("Joint life") option, the owner must add his or her spouse as the successor owner. We will use the age of the younger spouse in determining the Joint life Applicable percentage. If the contract is an NQ contract, the owner may grant the successor owner ownership rights in the contract at the time of conversion. JOINT OWNERS. If the contract has joint owners, and the Guaranteed minimum income benefit converts to the Guaranteed withdrawal benefit for life with the Single life option, there will be no change to the ownership of the contract, unless the joint owners request that the younger joint owner be dropped from the contract. If the contract has spousal joint owners, and they request a Joint life benefit, we will use the younger spouse's age in determining the Applicable percentage. If the contract has non-spousal joint owners, and the joint owners request a Joint life benefit, the younger owner may be dropped from the contract, and the remaining owner's spouse added as the successor owner. We will use the age of the younger spouse in determining the Joint life Applicable percentage. NON-NATURAL OWNER. Contracts with non-natural owners that convert to the Guaranteed withdrawal benefit for life will have different options available to them, depending on whether they have an individual annuitant or joint annuitants. If the contract has a non-natural owner and an individual annuitant, and the owner converts to the Guaranteed withdrawal benefit for life with the Single life option, there will be no change to the ownership of the contract. If the owner converts to the Guaranteed withdrawal benefit for life with the Joint life option under a contract with an individual annuitant, the owner must add the annuitant's spouse as the joint annuitant. We will use the age of the younger spouse in determining the Joint life Applicable percentage. If the contract has a non-natural owner and joint annuitants, and the owner converts to the Guaranteed withdrawal benefit for life with the Single life option, there will be no change to the ownership of the contract, unless the owner requests that the younger annuitant be dropped from the contract. If the owner converts to the Guaranteed withdrawal benefit for life on a Joint life basis, there will be no change to the ownership of your contract. We will use the age of the younger spouse in determining the Applicable percentage on a Joint life basis. GWBL BENEFIT BASE Upon conversion of the Guaranteed minimum income benefit to GWBL at age 85, your GWBL benefit base is equal to either your account value or Guaranteed minimum income benefit base, as described below under "Guaranteed annual withdrawal amount". It will increase or decrease, as follows: o Your GWBL benefit base may be increased on each contract date anniversary, as described below under "Annual Ratchet". 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 The Guaranteed annual withdrawal amount may be withdrawn at any time during the contract year that begins on the Conversion effective date, or any subsequent contract year. 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. Any withdrawals taken during the 30 days after the Conversion effective date will be counted toward the Guaranteed annual withdrawal amount, even if the withdrawal occurs before the Conversion transaction date. We will recalculate the Guaranteed annual withdrawal amount on each contract date anniversary and as of the date of any Excess with- 38 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green drawal, as described below under "Effect of Excess withdrawals". 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. Your Guaranteed annual withdrawal amount is calculated based on whether the benefit is based on a Single Life or Joint Life as described below: SINGLE LIFE. If your Guaranteed minimum income benefit is converted to a Guaranteed withdrawal benefit for life on a Single life basis, the Guaranteed annual withdrawal amount will be equal to (1) either: (i) your account value on the Conversion effective date or (ii) your Guaranteed minimum income benefit base on the Conversion effective date, multiplied by (2) the relevant Applicable percentage. In calculating the relevant Applicable percentage, we consider your account value and Guaranteed minimum income benefit base on the Conversion effective date. Your initial GWBL benefit base and Applicable percentage will be determined by whichever combination of benefit base and percentage set forth in the table below results in a higher Guaranteed annual withdrawal amount. -------------------------------------------------------- B A Applicable percentage of Applicable percentage of Guaranteed minimum income account value benefit base -------------------------------------------------------- 6.0% 5.0% -------------------------------------------------------- For example, if on the Conversion effective date the Guaranteed minimum income benefit base is $115,000, and your account value is $100,000, the Guaranteed annual withdrawal amount would be $6,000. This is because $115,000 (the Guaranteed minimum income benefit base) multiplied by 5.0% (the percentage in Column B) equals only $5,750, while $100,000 (the account value) multiplied by 6.0% (the percentage in Column A) equals $6,000. Under this example, your initial GWBL benefit base would be $100,000, and your Applicable percentage would be 6.0%. On the other hand, if on the Conversion effective date the Guaranteed minimum income benefit base is $200,000, and your account value is $100,000, the initial Guaranteed annual withdrawal amount would be $10,000. This is because $100,000 (the account value) multiplied by 6.0% (the percentage in Column A) equals only $6,000, while $200,000 (the Guaranteed minimum income benefit base) multiplied by 5.0% (the percentage in Column B) equals $10,000. Under this example, your initial GWBL benefit base would be $200,000, and your Applicable percentage would be 5.0%. The initial GWBL benefit base can be increased by an Annual Ratchet on each subsequent contract date anniversary to equal the account value on that date if it is greater than the GWBL benefit base on that date. If the GWBL benefit base increases as the result of an Annual Ratchet, we reserve the right to increase the charge at the time of the Annual Ratchet. See "Guaranteed withdrawal benefit for life charge" in "Charges and expenses" later in this Prospectus. If the initial GWBL benefit base and Applicable percentage are calculated using your Guaranteed minimum income benefit base on the Conversion effective date (Column B above), and the GWBL benefit base is increased by an Annual Ratchet, then the Applicable percentage will increase from 5.0% to 6.0%. However, if the initial GWBL benefit base and Applicable percentage are calculated using your account value on the Conversion effective date (Column A above), then an Annual Ratchet will not affect the Applicable percentage. If the GWBL benefit base and/or the Applicable percentage increases as the result of an Annual Ratchet, the Guaranteed annual withdrawal amount will also increase. If you take a withdrawal during the 30 days following the Conversion effective date, and your Guaranteed minimum income benefit is converted to the Guaranteed withdrawal benefit for life on a Single life basis, we will calculate whether that withdrawal exceeds the Guaranteed annual withdrawal amount based on your GWBL benefit base and Applicable percentage. If the withdrawal exceeds the Guaranteed annual withdrawal amount on a Single life basis, the conversion will still occur, but we will inform you that there is an Excess withdrawal. JOINT LIFE. If you hold an IRA or NQ contract, you may elect a Joint life contract if you meet the conditions described below under "Successor owner". In order to convert your Guaranteed minimum income benefit to a Joint life Guaranteed withdrawal benefit for life, you must affirmatively request that the benefit be converted. The automatic conversion of the Guaranteed minimum income benefit to the Guaranteed withdrawal benefit for life at age 85 will create a Single life contract with the Guaranteed withdrawal benefit for life, even if you and your spouse are joint owners of your NQ contract. You will be able to change your contract to a Joint life contract at a later date, before the first withdrawal is taken after the Conversion transaction date, if you meet the requirements described in this section. For Joint life contracts, the percentages used in determining the Applicable percentage and the Guaranteed annual withdrawal amount will depend on the age of the younger spouse, as set forth in the following table. ----------------------------------------------------------------- B A Applicable percent- Applicable percent- age of Guaranteed age of account minimum income Spouse's age value benefit base ----------------------------------------------------------------- 85+ 5.5% 4.0% 80-84 5.0% 3.5% 75-79 4.5% 3.0% 70-74 4.0% 2.5% 65-69 3.5% 2.0% ----------------------------------------------------------------- For example, if on the Conversion effective date your account value is $100,000, the Guaranteed minimum income benefit base is $200,000, and the younger spouse is age 72, the Guaranteed annual withdrawal amount would be $5,000. This is because $100,000 (the account value) multiplied by 4.0% (the percentage in Column A for the younger spouse's age band) equals only $4,000, while $200,000 Contract features and benefits 39 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green (the Guaranteed minimum income benefit base) multiplied by 2.5% (the percentage in Column B for the younger spouse's age band) equals $5,000. Under this example, your initial GWBL benefit base would be $200,000, and your Applicable percentage would be 2.5%. The initial GWBL benefit base can be increased by an Annual Ratchet on each subsequent contract date anniversary to equal the account value on that date if it is greater than the GWBL benefit base on that date. If the GWBL benefit base increases as the result of an Annual Ratchet, we reserve the right to increase the charge at the time of the Annual Ratchet. See "Guaranteed withdrawal benefit for life charge" in "Charges and expenses" later in this Prospectus. If the initial GWBL benefit base and Applicable percentage are calculated using your Guaranteed minimum income benefit base on the Conversion effective date (Column B above), and the GWBL benefit base is increased by an Annual Ratchet, then the Applicable percentage will increase to the percentage listed in Column A. In addition, if the younger spouse has entered a new age band at the time of a ratchet, the Applicable percentage will increase to the percentage listed in Column A for that age band. Similarly, if the initial GWBL benefit base and Applicable percentage are calculated using your account value on the Conversion effective date (Column A above), and the GWBL benefit base is increased by an Annual Ratchet in a year that the younger spouse has entered a new age band, the Applicable percentage will increase to the percentage listed in Column A for that age band. Using the example above, if the account value is $160,000 on the contract date anniversary that the younger spouse is age 77, then the GWBL benefit base would ratchet to $160,000, the applicable percentage would increase to 4.5%, and your Guaranteed annual withdrawal amount would increase to $7,200. You may elect Joint life at any time before you begin taking withdrawals. If the Guaranteed minimum income benefit has already converted to the Guaranteed withdrawal benefit for life on a Single life basis, the calculation of the initial Applicable percentage and Guaranteed annual withdrawal amount will be based on the younger spouse's age on the Conversion effective date, not at the time you elect Joint life, even if the younger spouse is in a different age band at that time. If you take a withdrawal during the 30 days following the Conversion effective date, you can still elect Joint life. We will recalculate your Guaranteed annual withdrawal amount based on the younger spouse's age. If the withdrawal does not exceed the recalculated Guaranteed annual withdrawal amount, we will set up the Guaranteed withdrawal benefit for life on a Joint life basis. If the withdrawal exceeds the recalculated Guaranteed annual withdrawal amount, we will offer you the option of either: (i) setting up the benefit on a Joint life basis and treating your withdrawal as an Excess withdrawal, or (ii) setting up the benefit on a Single life basis. Under a Joint life contract, lifetime withdrawals are guaranteed for the life of both the owner and the successor owner. SUCCESSOR OWNER For Joint life IRA or NQ contracts, a successor owner may only be named before the first withdrawal is taken after the 30th day following the Conversion effective date, if your spouse is at least 65 on the Conversion effective date. (Withdrawals taken during the 30 days following the Conversion effective date will not bar you from selecting a Joint life contract, but may affect your ability to elect Joint life if the withdrawals are too large. See "Effect of withdrawals during the 30 days following the Conversion effective date" later in this section.) If your spouse is younger than 65 on the Conversion effective date, you will not be able to elect a Joint life contract. The successor owner must be the owner's spouse. For NQ contracts, you have the option to designate the successor owner as a joint owner. See "Additional owner and annuitant requirements" earlier in this section for more information regarding the requirements for naming a successor owner. 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 taken after the 30th day following the Conversion effective date, If the successor owner is dropped before the first withdrawal is taken after the 30th day following the Conversion effective date, the Applicable percentage will be based on the owner's life on a Single life basis. After the first withdrawal is taken after the 30th day following the Conversion effective date, the successor owner can be dropped but cannot be replaced. If the successor owner is dropped after the first withdrawal is taken after the 30th day following the Conversion effective date, the Applicable percentage will continue to be based on the Joint life calculation described earlier in this section. For Joint life contracts owned by a non-natural owner, a joint annuitant may be named before the first withdrawal is taken after the 30th day following the Conversion effective date. The annuitant and joint annuitant must be spouses. If the annuitant and joint annuitant are no longer married, you may either: (i) drop the joint annuitant or (ii) replace the original joint annuitant with the annuitant's new spouse. This can only be done before the first withdrawal is taken after the 30th day following the Conversion effective date. If the joint annuitant is dropped before the first withdrawal is taken after the 30th day following the Conversion effective date, the Applicable percentage will be based on the annuitant's life on a Single life basis. After the first withdrawal is taken after the 30th day following the Conversion effective date, the joint annuitant may be dropped but cannot be replaced. If the joint annuitant is dropped after the first withdrawal is taken after the 30th day following the Conversion effective date, the Applicable percentage will continue to be based on the Joint life calculation described earlier in this section. Joint life TSA contracts are not permitted. Loans are not permitted under TSA contracts in which the Guaranteed withdrawal benefit for life is in effect. EFFECT OF EXCESS WITHDRAWALS For any withdrawal that 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. 40 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 convert your Guaranteed minimum income benefit to a Guaranteed withdrawal benefit for life at age 85 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 (based on the Guaranteed minimum income benefit base) is $100,000 and your account value is $80,000 when you decide to begin taking withdrawals at age 86, on a Single life basis. 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" 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's value" later in this Prospectus. In general, if your contract is a traditional IRA or TSA and you participate in our Automatic RMD service, 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. 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. For Joint life contracts, if your GWBL benefit base ratchets on any contract date anniversary after you begin taking withdrawals, your Applicable percentage may increase based on your spouse's 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 date anniversary. For a description of the charge increase, see "Guaranteed withdrawal benefit for life benefit charge" later in this Prospectus. SUBSEQUENT CONTRIBUTIONS Subsequent contributions are not permitted after the Conversion transaction date. INVESTMENT OPTIONS Your investment options will be limited to the guaranteed interest option, the AXA Allocation Portfolios (and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio under certain contracts). (See the front cover of this Prospectus for a full list of which Portfolios are available under your contract.) If your account value is invested in any other investment options as of the Conversion transaction date, you will be required to reallocate your account value among these investment options at the time you request that your Guaranteed minimum income benefit be converted to the Guaranteed withdrawal benefit for life. AUTOMATIC CONVERSION If you take no action during the 30 days after the Conversion effective date, and permit your Guaranteed minimum income benefit to convert to the Guaranteed withdrawal benefit for life automatically, we will reallocate any portion of your account value invested in investment options other than the guaranteed interest option and the AXA Allocation Portfolios (and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio under certain contracts) to the AXA Moderate Allocation Portfolio as part of the automatic conversion, on the Conversion transaction date. You will be able to reallocate your account value among the guaranteed interest option and the AXA Allocation Portfolios (and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio under certain contracts) at any time after the Conversion transaction date, just as you would if you had affirmatively elected to convert. (See the front cover of this Prospectus for a full list of which Portfolios are available under your contract.) Also, if you permit the automatic conversion to occur, the conversion will initially create a Single life contract with the Guaranteed withdrawal benefit for life, even if you and your spouse are joint owners of your NQ contract, and you both meet the age requirements set forth earlier in this section. You will be able to change your contract to a Joint life contract at a later date, before the first withdrawal is taken after the Conversion transaction date, if you meet the requirements described under "Joint life" earlier in this section. In all other respects, the Guaranteed withdrawal benefit for life will function in exactly the same way after an automatic conversion as if you affirmatively elect to convert. If the AXA Moderate Allocation Portfolio is not being offered as part of your contract as of the Conversion transaction date, we will automati- Contract features and benefits 41 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green cally reallocate your account value to another designated variable investment option with a similar investment objective, which we will disclose to you before conversion. If no such variable investment option is being offered under your contract at the time of conversion, we will reallocate your account value to the guaranteed interest option. DOLLAR COST AVERAGING Any dollar cost averaging program in place on the date of conversion will be terminated. Any money remaining in the account for special money market dollar cost averaging on that date will be invested in the AXA Moderate Allocation Portfolio. If the AXA Moderate Allocation Portfolio is not being offered as part of your contract at the time of conversion, we will automatically reallocate such monies as described immediately above. You may elect a new Investment simplifier dollar cost averaging program after conversion, but the special money market dollar cost averaging program and general dollar cost averaging program will not be available after conversion. See "Dollar cost averaging" in "Allocating your contributions" earlier in this section. REBALANCING YOUR ACCOUNT VALUE Any rebalancing program in place on the date of conversion will be terminated. You may elect a new rebalancing program after conversion. See "Rebalancing your account value" in "Transferring money among investment options" later in this Prospectus. EARNINGS ENHANCEMENT BENEFIT If you elected the Earnings enhancement benefit, it will continue in force after conversion, although it may be adversely affected by withdrawals under the Guaranteed withdrawal benefit for life. LOANS UNDER ROLLOVER TSA CONTRACTS If there is a loan outstanding under a Rollover TSA contract on the Conversion effective date or the Conversion transaction date, the Guaranteed minimum income benefit cannot convert to the Guaranteed withdrawal benefit for life. If the Guaranteed minimum income benefit does not convert to the Guaranteed withdrawal benefit for life because there is an outstanding loan, the Guaranteed minimum income benefit will terminate as of the Conversion effective date. If you want to convert your Guaranteed minimum income benefit to the Guaranteed withdrawal benefit for life, you must pay off the loan before the Conversion effective date. See "Loans under Rollover TSA contracts" in "Accessing your money" later in this Prospectus. GUARANTEED MINIMUM DEATH BENEFIT The Guaranteed minimum death benefit that is in effect before the conversion of the Guaranteed minimum income benefit to the Guaranteed withdrawal benefit for life will continue to be in effect after the conversion, but there will be no further Annual Ratchets or Roll-Ups of the death benefit. See "How withdrawals affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Principal guarantee benefits" in "Accessing your money" and "Spousal continuation" in "Payment of death benefit" later in this Prospectus. If you convert your Guaranteed minimum income benefit to a Guaranteed withdrawal benefit for life on a Joint life basis, the Guaranteed minimum death benefit that would otherwise have been payable at the death of the owner (or the older joint owner or the annuitant or older joint annuitant if the contract is owned by a non-natural owner) will be payable at the death of the second to die of the owner and successor owner (or both joint annuitants if the contract is owned by a non-natural owner). Under certain circumstances, Roll-Ups and Annual Ratchets may resume after the death of the older spouse, depending on the age of the younger spouse. See "Annuity maturity date" in "Accessing your money" later in this Prospectus. ANNUITY MATURITY DATE. If your contract is annuitized at maturity, we will offer an annuity payout option that guarantees you will receive payments that are at least equal to what you would have received under the Guaranteed withdrawal benefit for life. Any remaining Guaranteed minimum death benefit value will be transferred to the annuity payout contract as your "minimum death benefit." The minimum death benefit will be reduced pro rata by each payment. See "Annuity maturity date" in "Accessing your money" later in this Prospectus. 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 Accumulator(R) Select(SM) contract terminates and you will receive a supplementary life annuity contract setting forth your continuing benefits. The owner of the Accumulator(R) Select(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 and joint annuitant, if applicable, will be the same as under your Accumulator(R) Select(SM) contract. o If you were taking withdrawals through the "Maximum payment plan," we will continue the scheduled withdrawal payments on the same basis. o If you were taking withdrawals through the "Customized payment plan" or in unscheduled partial withdrawals, 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. 42 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 any 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 is not appropriate if you do not intend to take withdrawals prior to annuitization. o Excess withdrawals can significantly reduce or completely eliminate the value of the GWBL. See "Effect of Excess withdrawals" above in this section and "How withdrawals affect your GWBL" later in this Prospectus. o Withdrawals are not considered annuity payments for tax purposes. 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 income benefit, Guaranteed minimum death benefit and Principal guarantee benefits" 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 the contract, you terminate the GWBL benefit. See "Transfers of ownership, collateral assignments, loans and borrowing" in "More information" later in this Prospectus for more information. o Withdrawals are available under other annuity contracts we offer and the contract without purchasing a withdrawal benefit. 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. Any withdrawal made for the purpose of creating another contract for your ex-spouse will reduce the benefit base(s) as described in "How withdrawals affect your GWBL" later in this Prospectus, even if pursuant to a divorce decree. o The Federal Defense of Marriage Act precludes same-sex married couples, domestic partners, and civil union partners from being considered married under federal law. Such individuals, therefore, are not entitled to the favorable tax treatment accorded spouses under federal tax law. As a result, mandatory distributions from the contract must be made after the death of the first individual. Accordingly, a Joint life GWBL will have little or no value to the surviving same-sex spouse or partner. You should consult with your tax adviser for more information on this subject. DROPPING THE GUARANTEED WITHDRAWAL BENEFIT FOR LIFE AFTER CONVERSION You may drop the Guaranteed withdrawal benefit for life from your contract after conversion from the Guaranteed minimum income benefit at age 85, subject to the following restrictions: o You may drop the Guaranteed withdrawal benefit for life at any time. o The Guaranteed withdrawal benefit for life will be dropped from your contract on the date we receive your election form at our processing office in good order. If you drop the Guaranteed withdrawal benefit for life on a date other than a contract date anniversary, we will deduct a pro rata portion of the Guaranteed withdrawal benefit for life charge for that year, on that date. o If you drop the Guaranteed withdrawal benefit for life, the investment limitations associated with that benefit will be lifted. You will be able to invest in any of the investment options offered under your contract. o If you drop the Guaranteed withdrawal benefit for life, you will be able to take loans from Rollover TSA contracts (employer or plan approval required). See "Loans under Rollover TSA contracts" in "Accessing your money" later in this Prospectus. o Generally, only contracts with the Guaranteed withdrawal benefit for life can have successor owners. However, if your contract has the Guaranteed withdrawal benefit for life with the Joint life option, the successor owner under that contract will continue to be deemed a successor owner, even if you drop the Guaranteed withdrawal benefit for life. The successor owner will continue to have precedence over any designated beneficiary in the event of the owner's death. PRINCIPAL GUARANTEE BENEFITS We offer two 10-year Principal guarantee benefits at an additional charge: the 100% Principal guarantee benefit and the 125% Principal guarantee benefit. You may only elect one Principal guarantee benefit ("PGB"). 100% PRINCIPAL GUARANTEE BENEFIT. The guaranteed amount under the 100% Principal guarantee benefit is equal to your initial contribution and additional permitted contributions, adjusted for withdrawals. Under the 100% Principal guarantee benefit, your investment options are limited to the guaranteed interest option, the account for special Contract features and benefits 43 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green money market dollar cost averaging and the AXA Allocation Portfolios (and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio under certain contracts). See "What are your investment options under the contract?" earlier in this section and the front cover of this Prospectus for more information as to which Portfolios are available under your contract. 125% PRINCIPAL GUARANTEE BENEFIT. The guaranteed amount under the 125% Principal guarantee benefit is equal to 125% of your initial contribution and additional permitted contributions, adjusted for withdrawals. Under the 125% Principal guarantee benefit, your investment options are limited to the guaranteed interest option, the account for special money market dollar cost averaging and the AXA Moderate Allocation Portfolio. Under both Principal guarantee benefits, if, on the 10th contract date anniversary (or later if you've exercised a reset as explained below) ("benefit maturity date"), your account value is less than the guaranteed amount, we will increase your account value to equal the applicable guaranteed amount. Any such additional amounts added to your account value will be allocated pursuant to the allocation instructions for additional contributions we have on file. After the benefit maturity date, the guarantee will terminate. You have the option to reset (within 30 days following each applicable contract date anniversary) the guaranteed amount to the account value or 125% of the account value, as applicable, as of your fifth and later contract date anniversaries. If you exercise this option, you are eligible for another reset on each fifth and later contract date anniversary after the last reset up to the contract date anniversary following an owner's 85th birthday. If you elect to reset the guaranteed amount, your benefit maturity date will be extended to be the 10th contract date anniversary after the anniversary on which you reset the guaranteed amount. This extension applies each time you reset the guaranteed amount. Neither PGB is available under Inherited IRA contracts. If you elect either PGB, you may not elect the Guaranteed minimum income benefit, the systematic withdrawals option or the substantially equal withdrawals options. If you purchase a PGB, you may not make additional contributions to your contract after six months from the contract issue date. If you are planning to take required minimum distributions from the contract, this benefit may not be appropriate. See "Tax information" later in this Prospectus. If you elect a PGB and change ownership of the contract, your PGB 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. Once you purchase a PGB, you may not voluntarily terminate this benefit. Your PGB will terminate if the contract terminates before the benefit maturity date, as defined below. If you die before the benefit maturity date and the contract continues, we will continue the PGB only if the contract can continue through the benefit maturity date. If the contract cannot so continue, we will terminate your PGB and the charge. See "Non-spousal joint owner contract continuation" in "Payment of death benefit" later in this Prospectus. The PGB will terminate upon the exercise of the beneficiary continuation option. See "Payment of death benefit" later in this Prospectus for more information about the continuation of the contract after the death of the owner and/or the annuitant. There is a charge for the Principal guarantee benefits (see "Charges and expenses" later in this Prospectus). You should note that the purchase of a PGB is not appropriate if you want to make additional contributions to your contract beyond the first six months after your contract is issued. The purchase of a PGB is also not appropriate if you plan on terminating your contract before the benefit maturity date. The purchase of a PGB may not be appropriate if you plan on taking withdrawals from your contract before the benefit maturity date. Withdrawals from your contract before the benefit maturity date reduce the guaranteed amount under a PGB on a pro rata basis. You should also note that if you intend to allocate a large percentage of your contributions to the guaranteed interest option, the purchase of a PGB may not be appropriate because of the guarantees already provided by this option at no additional charge. Please note that loans (applicable to TSA contracts only) are not permitted under either PGB. INHERITED IRA BENEFICIARY CONTINUATION CONTRACT There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for 2009" later in this Prospectus. We will make distributions for calendar year 2009 unless we receive, before we make the payment, a written request to suspend the 2009 distribution. The 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." The 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. The contract is not suitable for beneficiaries electing the "5-year rule." See "Beneficiary continuation option for IRA and Roth IRA contracts" under "Beneficiary continuation option" in "Payment of death benefit" later in this Prospectus. You should discuss with your tax adviser your own personal situation. The contract may not be available in all states. Please speak with your financial professional for further information. The Inherited IRA is also available to non-spousal beneficiaries of deceased plan participants in qualified plans, 403(b) plans 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 benefit under 44 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 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 You must receive payments from the contract even if you are receiving payments from another IRA of the deceased owner in an amount that would otherwise satisfy the amount required to be distributed from the contract. 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 owners over age 70. o The initial contribution must be a direct transfer from the deceased owner's original IRA and is subject to minimum contribution amounts. See "How you can purchase and contribute to your contract" earlier in this section. 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 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. o The Guaranteed minimum income benefit, the Greater of 5% Roll-up to age 85 or Annual Ratchet to age 85 enhanced death benefit, Spousal continuation, special money market dollar cost averaging, automatic investment program, Principal guarantee benefits, the Guaranteed withdrawal benefit for life and systematic withdrawals are not available under the Inherited IRA beneficiary continuation contract. 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 single 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. If you had elected any enhanced death benefits, they will no longer be in effect and charges for such benefits will stop. The Guaranteed minimum death benefit will also no longer be in effect. 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, 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. Generally, your refund will be the same as any other surrender and you will receive your account value (less loan reserve account under TSA contracts) under the contract on the day we receive notification to cancel the contract, which will reflect (i) any investment gain or loss in the variable investment options (less the daily charges we deduct), and (ii) any guaranteed interest in the guaranteed interest option. Some states, however, require that we refund the full amount of your contribution (not reflecting (i) or (ii) above). For any 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 whether we have received your contribution or not. Please see "Tax information" later in this Prospectus for possible consequences of cancelling your contract. If you fully convert an existing traditional IRA contract to a Roth Conversion IRA contract, you may cancel your Roth Conversion IRA Contract features and benefits 45 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green contract and return to a Rollover IRA contract. Our processing office, or your financial professional, can provide you with the cancellation instructions. In addition to the cancellation right described above, you have the right to surrender your contract rather than cancel it. Please see "Surrendering your contract to receive its cash value," later in this Prospectus. Surrendering your contract may yield results different than canceling your contract, including a greater potential for taxable income. In some cases, your cash value upon surrender may be greater than your contributions to the contract. Please see "Tax information" later in this Prospectus. 46 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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; and (iii) the loan reserve account (applicable to Rollover 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 the annual administrative charge, as well as optional benefit charges; and (ii) the amount of any outstanding loan plus accrued interest (applicable to Rollover 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 risks; (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 additional 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 Rollover TSA contract. In addition, when we deduct the enhanced death benefit, Guaranteed minimum income benefit, Principal guarantee benefits, Guaranteed withdrawal benefit for life and/or Earnings enhancement benefit charges, the number of units credited to your contract will be reduced. Your units are also reduced when we deduct the annual administrative charge. 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. 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. PRINCIPAL GUARANTEE BENEFITS. If you take no withdrawals, and your account value is insufficient to pay charges, we will not terminate your contract if you are participating in a PGB. Your contract will remain in force and we will pay your guaranteed amount at the benefit maturity date. GUARANTEED WITHDRAWAL BENEFIT FOR LIFE. If your Guaranteed minimum income benefit converts to the Guaranteed withdrawal benefit for life at age 85, and your account value falls to zero due to an 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 an 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 47 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 may not transfer any amount to the account for special money market dollar cost averaging. 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 into and 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 "Allocating your contributions" in "Contract features and benefits" earlier in this Prospectus) 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 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. If you are eligible, 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 Online Account Access. 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. 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 48 Transferring your money among investment options To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 (together, the "trusts"). The trusts have adopted policies and procedures regarding disruptive transfer activity. They discourage frequent purchases and redemptions of portfolio shares and will not make special arrangements to accommodate such transactions. They aggregate inflows and outflows for each portfolio on a daily basis. On any day when a portfolio's net inflows or outflows exceed an established monitoring threshold, the trust obtains from us contract owner trading activity. The trusts currently consider transfers into and out of (or vice versa) the same variable investment option within a five business day period as potentially disruptive transfer activity. Each trust reserves the right to reject a transfer that it believes, in its sole discretion, is disruptive (or potentially disruptive) to the management of one of its portfolios. Please see the prospectuses for the trusts for more information. When a contract is identified in connection with potentially disruptive transfer activity 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, the trusts had not implemented such a fee. If a redemption fee is implemented by a trust, that fee, like any other trust fee, will be borne by the 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. REBALANCING YOUR ACCOUNT VALUE We currently offer two rebalancing programs that you can use to automatically reallocate your account value among your investment options. Option I allows you to rebalance your account value among the variable investment options. Option II allows you to rebalance among the variable investment options and the guaranteed interest option. To enroll in one of our rebalancing programs, you must notify us in writing or through Online Account Access and tell us: (a) the percentage you want invested in each investment option (whole percentages only), and (b) how often you want the rebalancing to occur (quarterly, semi-annually, or annually on a contract year basis) Rebalancing will occur on the same day of the month as the contract date. If a contract is established after the 28th, rebalancing will occur on the first business day of the month following the contract issue date. You may elect or terminate the rebalancing program at any time. You may also change your allocations under the program at any time. Once enrolled in the rebalancing program, it will remain in effect until you instruct us in writing to terminate the program. Requesting an investment option transfer while enrolled in our rebalancing program will not automatically change your allocation instructions for rebalancing your account value. This means that upon the next scheduled rebalancing, we will transfer amounts among your investment options pursuant to the allocation instructions previously on file for your program. Changes to your allocation instructions for the rebalancing program (or termination of your enrollment in the program) must be in writing and sent to our Processing Office. Termination requests can be made online through Online Account Access. See "How to reach us" in "Who is AXA Equitable?" earlier in this Prospectus. There is no charge for the rebalancing feature. -------------------------------------------------------------------------------- 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. -------------------------------------------------------------------------------- While your rebalancing program is in effect, we will transfer amounts among the investment options so that the percentage of your account value that you specify is invested in each option at the end of each rebalancing date. If you select Option II, you will be subject to our rules regarding transfers from the guaranteed interest option to the variable investment options. These rules are described in "Transferring your account value" earlier in this section. Under Option II, a transfer into or out of the guaranteed interest option to initiate the rebalancing program will not be permitted if such transfer would violate these rules. If this occurs, the rebalancing program will not go into effect. You may not elect Option II if you are participating in any dollar cost averaging program. You may not elect Option I if you are participating in special money market dollar cost averaging or general dollar cost averaging. If your Guaranteed minimum income benefit converts to the Guaranteed withdrawal benefit for life at age 85, that will terminate any rebalancing program you have in place at the time. See "Guaranteed withdrawal benefit for Life ("GWBL")" earlier in this Prospectus. You may elect a new rebalancing program after your current rebalancing program is terminated by this event. If you elect a benefit that limits your variable investment options, those limitations will also apply to the rebalancing programs. Transferring your money among investment options 49 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. Please see "Insufficient account value" in "Determining your contract's value" earlier in this Prospectus and "How withdrawals affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Principal guarantee benefits" and "How withdrawals affect your GWBL" below for more information on how withdrawals affect your guaranteed benefits and could potentially cause your contract to terminate. -------------------------------------------------------------------------------- Method of withdrawal ---------------------------------------------- Automatic Pre-age Lifetime payment 59-1/2 required plans sub- minimum (GWBL System- stantially distribu- Contract only) Partial atic equal tion -------------------------------------------------------------------------------- NQ Yes Yes Yes No No -------------------------------------------------------------------------------- Rollover IRA Yes Yes Yes Yes Yes -------------------------------------------------------------------------------- Roth Conversion IRA Yes Yes Yes Yes No -------------------------------------------------------------------------------- Rollover TSA* Yes Yes Yes No Yes -------------------------------------------------------------------------------- Inherited IRA No Yes No No ** -------------------------------------------------------------------------------- * Employer or plan approval required for all transactions. Your ability to take withdrawals or loans from, or surrender your TSA contract may be limited. See "Tax Sheltered Annuity contracts (TSAs)" in "Tax information" later in this Prospectus. ** The contract pays out post-death required minimum distributions. See "Inherited beneficiary contract" in "Contract, features and benefits" earlier in this Prospectus. 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 after your Guaranteed minimum income benefit converts to the Guaranteed withdrawal benefit for life. You must wait at least 28 days from the Conversion effective date 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 date anniversaries with an Annual Ratchet. 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 an Annual Ratchet. 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. 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. PARTIAL WITHDRAWALS (All contracts) You may take partial withdrawals from your account value at any time. (Rollover TSA contracts may have restrictions and employer or plan approval is required.) The minimum amount you may withdraw is $300. Under Rollover TSA contracts, if a loan is outstanding, you may only take partial withdrawals as long as the cash value remaining after any withdrawal equals at least 10% of the outstanding loan plus accrued interest. 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 Inherited IRAs) You may take systematic withdrawals of a particular dollar amount or a particular percentage of your account value. (Rollover TSA contracts may have restrictions and employer or plan approval is required). 50 Accessing your money To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green You may take systematic withdrawals on a monthly, quarterly or annual basis as long as the withdrawals do not exceed the following percentages of your account value on the date of the withdrawal: 0.8% monthly, 2.4% quarterly and 10.0% annually. The minimum amount you may take in each systematic withdrawal is $250. If the amount withdrawn would be less than $250 on the date a withdrawal is to be taken, we will not make a payment and we will terminate your systematic withdrawal election. 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, we will make the withdrawals on the same calendar day of the month as the contract date. You must wait at least 28 days after your contract is issued before your systematic withdrawals can begin. 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. You may change the payment frequency, or the amount or percentage of your systematic withdrawals, once each contract year. However, you may not change the amount or percentage in any contract year in which you have already taken a partial withdrawal. You can cancel the systematic withdrawal option at any time. Systematic withdrawals are not available if you have elected a Principal guarantee benefit or the Guaranteed minimum income benefit has converted to the Guaranteed withdrawal benefit for life at age 85. If you are taking systematic withdrawals at the time the Guaranteed minimum income benefit converts to the Guaranteed withdrawal benefit for life at age 85, the conversion will not terminate your systematic withdrawals. Continuing your systematic withdrawals after conversion may result in an Excess withdrawal. You should consider terminating your systematic withdrawals and electing an automatic payment plan in connection with the conversion to the Guaranteed withdrawal benefit for life. SUBSTANTIALLY EQUAL WITHDRAWALS (All Rollover IRA and Roth Conversion IRA contracts) We offer our "substantially equal withdrawals option" to allow you to receive distributions from your account value without triggering the 10% additional federal income tax penalty, which normally applies to distributions made before age 59-1/2. See "Tax information" later in this Prospectus. We use one of the IRS-approved methods for doing this; this is not the exclusive method of meeting this exception. After consultation with your tax adviser, you may decide to use another method which would require you to compute amounts yourself and request partial withdrawals. Once you begin to take substantially equal withdrawals, you should not (i) stop them; (ii) change the pattern of your withdrawals for example, by taking an additional partial withdrawal; or (iii) contribute any more to the contract until after the later of age 59-1/2 or five full years after the first withdrawal. If you alter the pattern of withdrawals, you may be liable for the 10% federal tax penalty that would have otherwise been due on prior withdrawals made under this option and for any interest on the delayed payment of the penalty. In accordance with IRS guidance, an individual who has elected to receive substantially equal withdrawals may make a one time change, without penalty, from one of the IRS-approved methods of calculating fixed payments to another IRS-approved method (similar to the required minimum distribution rules) of calculating payments which vary each year. You may elect to take substantially equal withdrawals at any time before age 59-1/2. 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. We will calculate the amount of your substantially equal withdrawals using the IRS-approved method we offer. The payments will be made monthly, quarterly or annually as you select. These payments will continue until (i) we receive written notice from you to cancel this option; (ii) you take an additional partial withdrawal; or (iii) you contribute any more to the contract. You may elect to start receiving substantially equal withdrawals again, but the payments may not restart in the same calendar year in which you took a partial withdrawal or added amounts to the contract. We will calculate the new withdrawal amount. The substantially equal withdrawal program is not available if you have elected a Principal guarantee benefit or the Guaranteed minimum income benefit has converted to the Guaranteed withdrawal benefit for life at age 85. LIFETIME REQUIRED MINIMUM DISTRIBUTION WITHDRAWALS (Rollover IRA and Rollover TSA contracts only -- See "Tax information" later in this Prospectus) There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for 2009" later in this Prospectus. We will make distributions for calendar year 2009 unless we receive, before we make the payment, a written request to suspend the 2009 distribution. We offer our "automatic required minimum distribution (RMD) service" to help you meet lifetime required minimum distributions under federal income tax rules. This service does not generate automatic required minimum distribution payments during the first contract year. Therefore, if you are making a rollover or transfer contribution to the contract after age 70-1/2, you must take any required minimum distributions before the rollover or transfer. If you do not, any withdrawals that you take during the first contract year to satisfy your required minimum distributions may be subject to withdrawal charges, if they exceed the free withdrawal amount, or cause an Excess withdrawal under the Guaranteed withdrawal benefit for life, if they exceed the Guaranteed annual withdrawal amount. 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 or Guaranteed minimum income benefit, amounts withdrawn from the contract to meet RMDs 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. Accessing your money 51 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green You may elect this service in the year in which you reach age 70-1/2 or in any later year. The minimum amount we will pay out is $250. 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. -------------------------------------------------------------------------------- For Rollover IRA and Rollover 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). -------------------------------------------------------------------------------- Under Rollover TSA contracts, you may not elect our automatic RMD service if a loan is outstanding. FOR CONTRACTS WITH GWBL. Generally, if you elect our automatic RMD service, any lifetime required minimum distribution payment we make to you under our automatic RMD service will not be treated as an Excess withdrawal. If you elect either the Maximum payment plan or the Customized payment plan AND our Automatic RMD service, we will make an extra payment, if necessary, on December 1st that will equal your lifetime required minimum distribution less all payments made through November 30th 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. Also, 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 date 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 Automatic RMD service and elect to take your Guaranteed annual withdrawal amount in partial withdrawals without electing one of our available automatic payment plans, we will make a payment, if necessary, on December 1st that will equal your required minimum distribution less all withdrawals made through November 30th. If prior to December 1st you make a partial withdrawal that exceeds your Guaranteed annual withdrawal amount, but not your RMD amount, that partial withdrawal will be treated as an Excess withdrawal, as well as any subsequent partial withdrawals made during the same contract year. However, if by December 1st your withdrawals have not exceeded your RMD amount, the RMD payment we make to you will not be treated as an Excess withdrawal. If you are enrolled in our Automatic RMD service and are taking systematic withdrawals at the time the Guaranteed minimum income benefit is converted to the Guaranteed withdrawal benefit for life at age 85, we will make a payment, if necessary, on December 1st that will equal your required minimum distribution less all withdrawals made through November 30th. If your systematic withdrawal payment is a fixed dollar amount, rather than a percentage of your account value, the December 1st RMD payment will factor into any December systematic withdrawal payment. The December 1st RMD payment will not be treated as an Excess withdrawal, but any subsequent systematic withdrawals in the same contract year may be treated as Excess withdrawals. If by December 1st your systematic withdrawals have equaled or exceeded your RMD amount, any withdrawal that exceeds the Guaranteed annual withdrawal amount will be treated as an Excess withdrawal. FOR CONTRACTS WITH THE GUARANTEED MINIMUM INCOME BENEFIT. The no lapse guarantee will not be terminated if a required minimum distribution payment using our automatic RMD service causes your cumulative withdrawals in the contract year to exceed 5% 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 tax-qualified contracts (IRA and TSA) 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 "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 account 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 account for special money market dollar cost averaging. HOW WITHDRAWALS AFFECT YOUR GUARANTEED MINIMUM INCOME BENEFIT, GUARANTEED MINIMUM DEATH BENEFIT AND PRINCIPAL GUARANTEE BENEFITS In general, withdrawals (including RMDs) 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 5% Roll-Up to age 85 or the Annual Ratchet to age 85 enhanced death benefit, withdrawals will reduce each of the benefits' 5% 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 5% or less of the 5% 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, for contracts in which the benefit is elected at issue. 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 with- 52 Accessing your money To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green drawal is taken that causes the sum of withdrawals in a contract year to exceed 5% of the benefit base on the most recent anniversary, that entire withdrawal (including RMDs) 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 5% 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. If your Guaranteed minimum income benefit converts to the Guaranteed withdrawal benefit for life at age 85, any subsequent withdrawals from your contract will reduce your Guaranteed minimum death benefit base on a pro rata basis. HOW WITHDRAWALS AFFECT YOUR GWBL 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 "Guaranteed withdrawal benefit for life ("GWBL")" in "Contract features and benefits" earlier in this Prospectus. WITHDRAWALS TREATED AS SURRENDERS If you 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 the contract if no contributions are made during the last three completed contract years, and 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 an 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 an Excess withdrawal. In other words, if you take an 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's 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 ROLLOVER TSA CONTRACTS Loans under a Rollover TSA contract are not permitted without employer or plan approval. We will not permit you to take a loan or have a loan outstanding while you are enrolled in our "automatic required minimum distribution (RMD) service," or if the GWBL option or a PGB is in effect. If you elect the Guaranteed minimum income benefit and there is a loan outstanding under a Rollover TSA contract on the Conversion effective date or the Conversion transaction date, the Guaranteed minimum income benefit cannot convert to the Guaranteed withdrawal benefit for life. If you want to convert your Guaranteed minimum income benefit to the Guaranteed withdrawal benefit for life, you must pay off the loan before the Conversion effective date. See "Guaranteed withdrawal benefit for life ("GWBL")" in "Contract features and benefits" earlier in this Prospectus. Loans are subject to federal income tax limits and are also subject to the limits of the plan. The loan rules under ERISA may apply to plans not sponsored by a governmental employer. Federal income tax rules apply to all plans, even if the plan is not subject to ERISA. A loan will not be treated as a taxable distribution unless: o It exceeds limits of federal income tax rules; o Interest and principal are not paid when due; or o In some instances, service with the employer terminates. Taking a loan in excess of the Internal Revenue Code limits may result in adverse tax consequences. Before we make a loan, you must properly complete and sign a loan request form. Loan processing may not be completed until we receive all information and approvals required to process the loan at our processing office. We will permit you to have only one loan outstanding at a time. The minimum loan amount is $1,000. The maximum amount is $50,000 or, if less, 50% of your account value, subject to any limits under the federal income tax rules. The term of the loan is five years. However, if you use the loan to acquire your primary residence, the term is 10 years. The term may not extend beyond the earliest of: (1) the date annuity payments begin, (2) the date the contract terminates, and (3) the date a death benefit is paid (the outstanding loan, including any accrued but unpaid loan interest, will be deducted from the death benefit amount). A loan request under your Rollover 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. Interest will accrue daily on your outstanding loan at a rate we set. The loan interest rate will be equal to the Moody's Corporate Bond Yield Averages for Baa bonds for the calendar month ending two months before the first day of the calendar quarter in which the rate is determined. Please see Appendix V later in this Prospectus for any state rules that may affect loans from a TSA contract. Also, see "Tax information" later in this Prospectus for general rules applicable to loans. Tax consequences for 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 53 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green LOAN RESERVE ACCOUNT. On the date your loan is processed, we will transfer the amount of your loan to the "loan reserve account." Unless you specify otherwise, we will subtract your loan on a pro rata basis from your value in the variable investment options and the guaranteed interest option. If those amounts are insufficient, we will deduct all or a portion of the loan from the account for special money market dollar cost averaging. For the period of time your loan is outstanding, the loan reserve account rate we will credit will equal the loan interest rate minus a maximum rate of 2%. When you make a loan repayment, unless you specify otherwise, we will transfer the dollar amount of the loan repaid and the amount of interest earned from the loan reserve account to the investment options according to the allocation percentages we have on our records. 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. (Rollover TSA contracts may have restrictions and employer or plan approval is required.) 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 5% 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's value" and "Guaranteed withdrawal benefit for life ("GWBL")" 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) the SEC determines that an emergency exists as a result of which sales of securities or determination of the fair value of a variable investment option's assets is not reasonably practicable, or (3) the SEC, by order, permits us to defer payment to protect people remaining in the variable investment options. We can defer payment of any portion of your value in the guaranteed interest option (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 10 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 and wire transfer service at your expense. YOUR ANNUITY PAYOUT OPTIONS Deferred annuity contracts such as Accumulator(R) Select(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 Accumulator(R) Select(SM) contract and all its benefits will terminate and you will receive a supplemental payout annuity 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 Accumulator(R) Select(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. We have the right to require you to provide any information we deem necessary to provide an annuity payout option. If an annuity payout is later found to be based on incorrect information, it will be adjusted on the basis of the correct information. Your Accumulator(R) Select(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. We reserve the right, with advance notice to you, to change your annuity purchase factor any time after your fifth contract date anniversary and at not less than five year intervals after the first change. (Please see your contract and SAI for more information.) In addition, you may apply your account value to any other annuity payout option that we may offer at the time of annuitization. We currently offer you several choices of payout annuity 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. You can choose from among the payout annuity 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" in "Contract features and benefits" earlier in this Prospectus). If the Guaranteed withdrawal benefit for life is in effect and you choose to 54 Accessing your money To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green annuitize your contract before the maturity date, 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 payout annuity option you select may be less than you would have received under GWBL. See "Guaranteed withdrawal benefit for life ("GWBL")" 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 Life annuity with period certain -------------------------------------------------------------------------------- Income Manager(R) payout options Life annuity with period certain (available for owners and annu- Period certain annuity itants age 83 or less at contract issue) -------------------------------------------------------------------------------- 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 you with 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 payout annuity 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(R) PAYOUT OPTIONS The Income Manager(R) 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(R) payout annuity contract. You may request an illustration of the Income Manager(R) payout annuity contract from your financial professional. Income Manager(R) payout options are described in a separate prospectus that is available from your financial professional. Before you select an Income Manager(R) payout option, you should read the prospectus which contains important information that you should know. Both NQ and IRA Income Manager(R) payout options provide guaranteed level payments. The Income Manager(R) (life annuity with period certain) also provides guaranteed increasing payments (NQ contracts only). For Rollover TSA contracts, if you want to elect an Income Manager(R) payout option, we will first roll over amounts in such contract to a Rollover IRA contract with the plan participant as owner. You must be eligible for a distribution under the Rollover TSA contract. You may choose to apply only part of the account value of your Accumulator(R) Select(SM) contract to an Income Manager(R) payout annuity. In this case, we will consider any amounts applied as a withdrawal from your Accumulator(R) Select(SM). For the tax consequences of withdrawals, see "Tax information" later in this Prospectus. The Income Manager(R) payout options are not available in all states. 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. Accessing your money 55 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green You can choose the date annuity payments begin but it may not be earlier than thirteen months from the Accumulator(R) Select(SM) contract date. Please see Appendix V later in this Prospectus for information on state variations. Except with respect to the Income Manager(R) payout annuity 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 be less with a greater frequency of payments, or with a longer duration of a non-life contingent annuity or a longer 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 a payout annuity 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 if an Income Manager(R) payout annuity option is chosen. ANNUITY MATURITY DATE Your contract has a maturity date by which you must either take a lump sum payment or select an annuity payout option. The maturity date is based on the age of the original annuitant at contract issue and cannot be changed other than in conformance with applicable law even if you name a new annuitant. For contracts with joint annuitants, the maturity age is based on the older annuitant. The maturity date is generally the contract date anniversary that follows the annuitant's 95th birthday. We will send a notice with the contract statement one year prior to the maturity date. If you do not respond to the notice within the 30 days following the maturity date, your contract will be annuitized automatically. If the Guaranteed withdrawal benefit for life is in effect under your contract 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 the Guaranteed annual withdrawal amount that you would have received under the Guaranteed withdrawal benefit for life. At annuitization, you will no longer be able to take withdrawals in addition to the payments under this annuity payout option. You may be eligible to elect an alternate annuity payout option. If you are eligible and elect this option, beginning as of the maturity date and for each subsequent year, the annuity payout will be the higher of two amounts that are calculated as of each contract date anniversary. The annuity payout will be the higher of: (1) the Guaranteed annual withdrawal amount and (2) the amount that the contract owner would have received if the annuity account value had been applied to a life annuity without a period certain, using either (a) the guaranteed annuity rates specified in your contract, or (b) the applicable current individual annuity rates as of the contract date anniversary, applying the rate that provides a greater benefit to the payee. The resulting periodic payments are distributed while the owner (and if applicable, while any joint owner or successor owner) is living. Each Guaranteed withdrawal benefit for life Maturity date annuity payment will reduce the minimum death benefit pro rata. When the Guaranteed withdrawal benefit for life Maturity date annuity payments begin, you will not be permitted to make any additional withdrawals. You may, however, surrender the contract at any time on or after the maturity date to receive the contract's remaining cash value. As described in "Contract features and benefits" under "Guaranteed withdrawal benefit for life ("GWBL")," 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 an 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 pro rata 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. 56 Accessing your money To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 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 -- an annual administrative charge, if applicable. o On each contract date anniversary -- a charge for each optional benefit in effect under your contract: a death benefit (other than the Standard death benefit); the Guaranteed minimum income benefit; the Guaranteed withdrawal benefit for life; and the Earnings enhancement benefit. o On any contract date anniversary on which you are participating in a PGB -- a charge for a PGB. 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" later in this section. 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 contracts. 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. SEPARATE ACCOUNT ANNUAL EXPENSES 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 1.10% 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. The charge, together with the annual administrative charge described below, is to compensate us for administrative expenses under the contracts. The daily charge is equivalent to an annual rate of 0.25% 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 0.35% of the net assets in each variable investment option. ANNUAL ADMINISTRATIVE CHARGE We deduct an administrative charge from your account value on each contract date anniversary. We deduct the charge if your account value on the last business day of the contract year is less than $50,000. If your account value on such date is $50,000 or more, we do not deduct the charge. During the first two contract years, the charge is equal to $30 or, if less, 2% of your account value. The charge is $30 for contract years three and later. 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 insufficient, we will deduct all or a portion of this charge from the account for special money market dollar cost averaging. If the contract is surrendered or annuitized or a death benefit is paid on a date other than a contract date anniversary, we will deduct a pro rata portion of the charge for that year. If your account value is insufficient to pay this charge, your contract will terminate without value and you will lose any applicable guaran- Charges and expenses 57 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green teed benefits except as noted under "Insufficient account value" in "Determining your contract's value" earlier in this Prospectus. 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 5% ROLL-UP TO AGE 85 OR ANNUAL RATCHET TO AGE 85. 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 0.85% of the greater of the 5% Roll-Up to age 85 or the Annual Ratchet to age 85 benefit base. This charge may be lower for certain contract owners. Please see Appendix VI later in this Prospectus for more information. If you opt to reset your Roll-Up benefit base on any contract date anniversary, we reserve the right to increase the charge for this benefit up to a maximum of 0.95%. You will be notified of the increased charge at the time we notify you of your eligibility to reset. The increased charge, if any, will apply as of the next contract date anniversary following the reset and on all contract date anniversaries thereafter. WHEN WE DEDUCT THESE CHARGES. We will deduct these charges from your value in the variable investment options and the guaranteed interest option on a pro rata basis (see Appendix V later in the Prospectus to see if deducting these charges from the guaranteed interest option is permitted in your state). If those amounts are insufficient, we will deduct all or a portion of these charges from the account for special money market dollar cost averaging. If the contract is surrendered or annuitized, or a death benefit is paid on a date other than a contract date anniversary, we will deduct a pro rata portion of these charges for that year. If your account value is insufficient to pay these charges, 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's value" earlier in this Prospectus. DEATH BENEFIT UNDER CONVERTED GWBL. If your Guaranteed minimum income benefit converts to the Guaranteed withdrawal benefit for life at age 85, we will continue to deduct the charge for the Guaranteed minimum death benefit that is in effect prior to the conversion, including any increased fees resulting from a reset. If the contract is surrendered or annuitized or a death benefit is paid on a date other than a contract date anniversary, we will deduct a pro rata portion of the charge for that year. STANDARD DEATH BENEFIT. There is no additional charge for this death benefit. PRINCIPAL GUARANTEE BENEFITS CHARGE If you purchase a PGB, we deduct a charge annually from your account value on each contract date anniversary on which you are participating in a PGB. The charge is equal to 0.50% of the account value for the 100% Principal guarantee benefit and 0.75% of the account value for the 125% Principal guarantee benefit. We will continue to deduct the charge until your benefit maturity date. We will deduct this charge from your value in the AXA Allocation Portfolios, the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio (under certain contracts) 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 and the front cover of this Prospectus for more information as to which Portfolios are available under your contract) on a pro rata basis. If such amounts are still insufficient, we will deduct all or a portion of this charge from the account for special money market dollar cost averaging. If the contract is surrendered or annuitized or a death benefit is paid on a date other than a contract date anniversary, we will deduct a pro rata portion of the charge for that year. 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's value" earlier in this Prospectus. 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, drop the Guaranteed minimum income benefit, elect another annuity payout option, or the contract date anniversary after the owner (or older joint owner, if applicable) reaches age 85, whichever occurs first. The charge is equal to 0.85% of the benefit base. This charge may be lower for certain contract owners. Please see Appendix VI later in this Prospectus for more information. If you opt to reset your Roll-Up benefit base on any contract date anniversary, we reserve the right to increase the charge for this benefit up to a maximum of 1.05%. You will be notified of the increased charge at the time we notify you of your eligibility to reset. The increased charge, if any, will apply as of the next contract date anniversary following the reset and on all contract date anniversaries thereafter. We will deduct this charge from your value in the variable investment options and the guaranteed interest option on a pro rata basis (see Appendix V later in this Prospectus to see if deducting this charge from the guaranteed interest option is permitted in your state). If those amounts are insufficient, we will deduct all or a portion of this charge from the account for special money market dollar cost averaging. If the contract is surrendered or annuitized, or a death benefit is paid or the Guaranteed minimum income benefit is dropped on a date other than a contract date anniversary, we will deduct a pro rata portion of the charge for that year. If your account value is insufficient to pay this charge, your contract will terminate without value and you will lose any applicable guaranteed benefits unless the no lapse guarantee is in effect, as noted under "Insufficient account value" in "Determining your contract's value" earlier in this Prospectus. 58 Charges and expenses To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green EARNINGS ENHANCEMENT BENEFIT CHARGE If you elect the Earnings enhancement 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 0.35% of the account value on each contract date anniversary. 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 this charge from the account for special money market dollar cost averaging. If the contract is surrendered or annuitized or a death benefit is paid on a date other than a contract date anniversary, we will deduct a pro rata portion of the charge for that year. 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's value" earlier in this Prospectus. GUARANTEED WITHDRAWAL BENEFIT FOR LIFE BENEFIT CHARGE If your Guaranteed minimum income benefit converts to the Guaranteed withdrawal benefit for life at age 85, we deduct a charge for the Guaranteed withdrawal benefit for life that is equal to a percentage of your GWBL benefit base. This initial percentage is equal to the same percentage of your Guaranteed minimum income benefit base that we were deducting as the Guaranteed minimum income benefit charge on the Conversion effective date. The dollar amount of the charge, however, may be different, depending upon whether your initial GWBL benefit base is calculated using your account value or Guaranteed minimum income benefit base. See "Guaranteed withdrawal benefit for life ("GWBL")" earlier in this Prospectus. We deduct this charge annually from your account value on each contract date anniversary. This charge is the same for the Single life and Joint life options. This charge may increase as the result of an Annual Ratchet, up to a percentage equal to a maximum charge of 1.05% for the Guaranteed minimum income benefit. We will permit you to opt out of the ratchet if the charge increases. See "Guaranteed minimum income benefit charge" earlier in this section. NET LOAN INTEREST CHARGE We charge interest on loans under Rollover 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. In no event will the net loan interest charge exceed 2.00%. See "Loans under Rollover TSA contracts" earlier in this Prospectus for more information on how the loan interest is calculated and for restrictions that may apply. 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 currently 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 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 0.05% to 0.95%. o 12b-1 fees of 0.25%. 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 Rollover IRA and Roth Conversion 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 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. Charges and expenses 59 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Group or sponsored arrangements may be governed by federal income tax rules, the Employee Retirement Income Security Act of 1974 ("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. 60 Charges and expenses To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 as of the date the written request is executed, whether or not you are living on the date 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. Under a contract with a non-natural owner that has joint annuitants, the surviving annuitant 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 Rollover TSA contract. Where an NQ contract is owned for the benefit of a minor pursuant to the Uniform Gift to Minors Act or the Uniform Transfers to Minors Act, the beneficiary must be the estate of the minor. Where an IRA contract is owned in a custodial individual retirement account, the custodian must be the beneficiary. The death benefit is equal to your account value or, if greater, the applicable Guaranteed minimum death benefit. In either case, the death benefit is increased by any amount applicable under the Earnings enhancement benefit. We determine the amount of the death benefit (other than the applicable Guaranteed minimum death benefit) and any amount applicable under the Earnings enhancement 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 Rollover 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. Payment of the death benefit terminates the contract. -------------------------------------------------------------------------------- When we use the terms owner and joint owner, we intend these to be references to annuitant and joint annuitant, respectively, if the contract has a non-natural owner. If the contract is jointly owned or is issued to a non- natural owner and the GWBL is not in effect, the death benefit is payable upon the death of the older joint owner or older joint annuitant, as applicable. Under contracts with GWBL, the terms Owner and Successor Owner are intended to be references to Annuitant and Joint Annuitant, respectively, if the contract has a non-natural owner. -------------------------------------------------------------------------------- Subject to applicable laws and regulations, you may impose restrictions on the timing and manner of the payment of the death benefit to your beneficiary. For example, your beneficiary designation may specify the form of death benefit payout (such as a life annuity), provided the payout you elect is one that we offer both at the time of designation and when the death benefit is payable. In general, the beneficiary will have no right to change the election. You should be aware that (i) in accordance with current federal income tax rules, we apply a predetermined death benefit annuity payout election only if payment of the death benefit amount begins within one year following the date of death, which payment may not occur if the beneficiary has failed to provide all required information before the end of that period, (ii) we will not apply the predetermined death benefit payout election if doing so would violate any federal income tax rules or any other applicable law, and (iii) a beneficiary or a successor owner who continues the contract under one of the continuation options described below will have the right to change your annuity payout election. 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. If the contract had joint annuitants, it will become a single annuitant contract. EFFECT OF THE OWNER'S DEATH In general, if the owner dies while the contract is in force, the contract terminates and the applicable death benefit is paid. If the contract is jointly owned, the death benefit is payable upon the death of the older owner. For 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 contracts with spouses who are joint owners, the surviving spouse will automatically be able to continue the contract under the "Spousal continuation" feature or under our Beneficiary continuation option, as discussed below. For 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 under "Spousal continuation" or under our Beneficiary continuation option, as discussed below. If the surviving joint owner is not the surviving spouse, or, for single owner contracts, if the beneficiary 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 Payment of death benefit 61 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green guaranteed benefits and their charges will end. If a PGB election is in effect upon your death with a benefit maturity date of less than five years from the date of death, it will remain in effect. For more information on non-spousal joint owner contract continuation, see the section immediately below. NON-SPOUSAL JOINT OWNER CONTRACT CONTINUATION 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, and by the value of the Earnings enhancement benefit. 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 additional 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 and the Earnings enhancement 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 additional contributions will be permitted. If the Guaranteed minimum income benefit converts to the Guaranteed withdrawal benefit for life at age 85, the provisions described in this paragraph will apply at the death of the younger owner, even though the Guaranteed withdrawal benefit for life is calculated using the age of the surviving older owner. Upon the death of either owner, if the surviving owner elects the 5-year rule and a PGB was in effect upon the owner's death with a maturity date of more than five years from the date of death, we will terminate the benefit and the charge. SPOUSAL CONTINUATION If you are the contract owner and your spouse is the sole primary beneficiary or you jointly own the contract with your younger spouse or if the contract owner is a non-natural person and you and your younger spouse are joint annuitants, 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. The determination of spousal status is made under applicable state law. However, in the event of a conflict between federal and state law, we follow federal rules. Upon your death, 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, continue the contract under our Beneficiary continuation option (as discussed below in this section) 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, plus any amount applicable under the Earnings enhancement benefit, 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 including the Guaranteed minimum death benefit under contracts in which the Guaranteed minimum income benefit has converted to the Guaranteed withdrawal benefit for life option, may continue as follows: -- If you elected either the Annual Ratchet to age 85 enhanced death benefit (either without the Guaranteed minimum income benefit or combined with the Guaranteed minimum income benefit) or the Greater of 5% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit (combined with the Guaranteed minimum income benefit) and your spouse is age 75 or younger on the date of your death, and you were age 84 or younger at death, the enhanced death benefit continues and will continue to grow according to its terms until the contract date anniversary following the date the surviving spouse reaches age 85. If 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. -- If you elected either the Annual Ratchet to age 85 enhanced death benefit (either without the Guaranteed minimum income benefit or combined with the Guaranteed minimum income benefit) or the Greater of 5% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit (combined with the Guaranteed minimum income benefit) and your spouse is age 76 or older on the date of your death, the Guaranteed minimum death benefit and charge will be discontinued. -- If the Guaranteed minimum death benefit continues, the 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. This does not apply to contracts in which the Guaranteed minimum income benefit has converted to the Guaranteed withdrawal benefit for life. o The Earnings enhancement benefit will be based on the surviving spouse's age at the date of the deceased spouse's death for the remainder of the life of the contract. If the benefit had been previously frozen because the older spouse had attained age 80, it will 62 Payment of death benefit To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green be reinstated if the surviving spouse is age 75 or younger. The benefit is then frozen on the contract date anniversary after the surviving spouse reaches age 80. If the surviving spouse is age 76 or older, the benefit and charge will be discontinued. o If elected, PGB continues and is based on the same benefit maturity date and guaranteed amount. 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 convert the Guaranteed minimum income benefit to the Guaranteed withdrawal benefit for life 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 additional contributions will be permitted. If the Guaranteed minimum income benefit converts to the Guaranteed withdrawal benefit for life on a Single life basis, the benefit and charge will terminate. o If the older owner of a Joint life contract under which the Guaranteed minimum income benefit converted to the Guaranteed withdrawal benefit for life at age 85 dies, and the younger spouse is age 75 or younger at the time of the older spouse's death, the elected enhanced death benefit will continue to roll up and ratchet in accordance with its terms until the contract date anniversary following the surviving spouse's age 85. If the surviving spouse is age 75 or older at the time of the older spouse's death, the benefit will continue in force, but there will be no increase. Regardless of the age of the younger spouse, there will be no Roll-up benefit base reset. o If the deceased spouse was the annuitant, the surviving spouse becomes the annuitant. If the deceased spouse was a joint annuitant, the contract will become a single annuitant contract. 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. Where an IRA contract is owned in a custodial individual retirement account, and your spouse is the sole beneficiary of the account, the custodian may request that the spouse be substituted as annuitant after your death. 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, the Earnings enhancement 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. If the deceased spouse was a joint annuitant, the contract will become a single annuitant contract. o If a PGB had been elected, the benefit continues and is based on the same benefit maturity date and guaranteed amount. o If the Guaranteed minimum income benefit has converted to the Guaranteed withdrawal benefit for life, the benefit and charge will remain in effect and no death benefit is payable until the death of the surviving spouse. 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 with the deceased contract owner's name on it 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, subject to state availability. Please speak with your financial professional or see Appendix V later in this Prospectus for further information. Where an IRA contract is owned in a custodial individual retirement account, the custodian may reinvest the death benefit in an individual retirement annuity contract, using the account beneficiary as the annuitant. Please speak with your financial professional 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, plus any amount applicable under the Earnings enhancement benefit feature, 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 contracts only, 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 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. There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for Payment of death benefit 63 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 2009" later in this Prospectus. We will make distributions for calendar year 2009 unless we receive, before we make the payment, a written request to suspend the 2009 distribution. Under the beneficiary continuation option for IRA and Roth IRA contracts: o The contract continues with your name on it 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 additional contributions will be permitted. o If the Guaranteed minimum income benefit, an optional enhanced death benefit, a PGB or the Guaranteed withdrawal benefit for life is in effect 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 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 with your name on it 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 If the Guaranteed minimum income benefit, an optional enhanced death benefit, a PGB or the Guaranteed withdrawal benefit for life is in effect 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 receive satisfactory proof of death, any required instructions for the method of payment and any required information and forms necessary to effect payment. 64 Payment of death benefit To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green If the deceased is the owner or 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 plus any amount applicable under the Earnings enhancement benefit, 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 65 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 7. Tax information -------------------------------------------------------------------------------- OVERVIEW In this part of the prospectus, we discuss the current federal income tax rules that generally apply to Accumulator(R) Select(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"): an individual retirement annuity contract such as the ones offered in this Prospectus, or a custodial or trusteed individual retirement account. Similarly, a 403(b) plan can be funded through a 403(b) annuity contract or a 403(b)(7) custodial account. How these arrangements work, including special rules applicable to each, are described in the specific sections for each type of arrangement, below. You should be aware that the funding vehicle for a tax-qualified arrangement does not provide any tax deferral benefit beyond that already provided by the Code for all permissible funding vehicles. Before choosing an annuity contract, therefore, you should consider the annuity's features and benefits, such as Accumulator(R) Select(SM)'s special money market dollar cost averaging program, choice of death benefits, the guaranteed benefits, selection of variable investment options, 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 arrangements. You should be aware that cost may vary depending on the features and benefits made available and the charges and expenses of the investment options or funds that you elect. Certain provisions of the Treasury Regulations on required minimum distributions concerning the actuarial present value of additional contract benefits could increase the amount required to be distributed from annuity contracts funding qualified plans, 403(b) plans 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. SUSPENSION OF REQUIRED MINIMUM DISTRIBUTIONS FOR 2009 Congress has enacted a limited suspension of account-based required minimum distribution withdrawals only for calendar year 2009. The suspension does not apply to annuity payments. The suspension does not affect the determination of the Required Beginning Date. Neither lifetime nor post-death required minimum distributions need to be made during 2009. Please note that if you have previously elected to have amounts automatically withdrawn from a contract to meet required minimum distribution rules (for example, our "automatic required minimum distribution (RMD) service" or our "beneficiary continuation option" under a deceased individual's IRA contract each discussed earlier in this Prospectus) we will make distributions for calendar year 2009 unless you request in writing before we make the distribution that you want no required minimum distribution for calendar year 2009. If you receive a distribution which would have been a lifetime required minimum distribution (but for the 2009 suspension), you may preserve the tax deferral on the distribution by rolling it over within 60 days after you receive it to an IRA or other eligible retirement plan. Please note that any distribution to a nonspousal beneficiary which would have been a post-death required minimum distribution (but for the 2009 suspension) is not eligible for the 60-day rollover. 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: 66 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. Federal tax law requires that all nonqualified deferred annuity contracts that AXA Equitable and its affiliates issue to you during the same calendar year be linked together and treated as one contract for calculating the taxable amount of any distribution from any of those contracts. ANNUITY PAYMENTS Annuitization payments that are based on life or life expectancy are considered annuity payments for income tax purposes. We include in annuitization payments GMIB payments, Guaranteed withdrawal benefit for life Maturity date annuity payments, and other annuitization payments available under your contract. We also include Guaranteed annual withdrawals 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. In order to get annuity payment tax treatment, all amounts under the contract must be applied to the annuity payout option; we do not "partially annuitize" nonqualified deferred annuity contracts. Your rights to apply amounts under this Accumulator(R) Select(SM) contract to an annuity payout option are described elsewhere in this Prospectus. If you hold your contract to the maximum maturity age under the contract we require that a choice be made between taking a lump sum settlement of any remaining account value or applying any such account value to one of the annuity payout options under the contract. If no affirmative choice is made, we will apply any remaining annuity value to the default option under the contract at such age. While there is no specific federal tax guidance as to whether or when an annuity contract is required to mature, or as to the form of the payments to be made upon maturity, we believe that this Accumulator(R) Select(SM) contract constitutes an annuity contract under current federal tax rules. 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. WITHDRAWALS 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. It reduces the investment in the contract. Collateral assignments are taxable to the extent of any earnings in the contract at the time any portion of the contract's value is assigned as collateral. Therefore, if you assign your contract as collateral for a loan with a third party after the contract is issued but before the end of the first contract year, you may have taxable income even though you receive no payments under the contract. AXA Equitable will report any income attributable to a collateral assignment on Form 1099-R. Also, if AXA Equitable makes payments or distributions to the assignee pursuant to directions under the collateral assignment agreement, any gains in such payments may be taxable to you and reportable on Form 1099-R even though you do not receive them. TAXATION OF LIFETIME WITHDRAWALS UNDER THE GUARANTEED WITHDRAWAL BENEFIT FOR LIFE We treat any withdrawals under the contract as non-annuity payments for income tax purposes as discussed above. (This includes Guaranteed annual withdrawal amounts received after age 85 but before the Maturity Date. Payments made after the Maturity Date are discussed under "Annuity payments" above.) EARNINGS ENHANCEMENT BENEFIT In order to enhance the amount of the death benefit to be paid at the owner's death, you may purchase an Earnings enhancement benefit rider for your NQ contract. Although we regard this benefit as an investment protection feature which is part of the contract and which should have no adverse tax effect, it is possible that the IRS could take a contrary position or assert that the Earnings enhancement benefit rider is not part of the contract. In such a case, the charges for the Earnings enhancement benefit rider could be treated for federal income tax purposes as a partial withdrawal from the contract. If this were so, such a deemed withdrawal could be taxable, and for contract owners under age 59-1/2, also subject to a tax penalty. Were the IRS to take this position, AXA Equitable would take all reasonable steps to attempt to avoid this result, which could include amending the contract (with appropriate notice to you). Tax information 67 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 Accumulator(R) Select(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 Accumulator(R) Select(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 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 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 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 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. 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 No. 49. If you were treated as the owner, you would be taxable 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 No. 49. 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 No. 49, 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 No. 49. 68 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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/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; 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 ("Rollover IRA") or Roth IRA ("Roth Conversion IRA"). We also offer the Inherited IRA for payment of post-death required minimum distributions from traditional IRAs and Roth IRAs. 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. For contracts owned in a custodial individual retirement account, the disclosure will apply only if you terminate your account or transfer ownership of the contract to yourself. 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 approving the respective forms of the traditional IRA and Roth IRA contracts for use as a traditional and 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. AXA Equitable has also submitted the respective forms of the Accumulator(R) Select(SM) Inherited IRA beneficiary continuation contract to the IRS for approval as to form for use as a traditional IRA or 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 Accumulator(R) Select(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. TRADITIONAL INDIVIDUAL RETIREMENT ANNUITIES (TRADITIONAL IRAS) CONTRIBUTIONS TO TRADITIONAL IRAS. 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"). 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, $5,000 is the maximum amount that you may contribute to all IRAs (including Roth IRAs). When your earnings are below $5,000, 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 tax year in which you reach age 70-1/2 or any tax year after that. If you are at least age 50 at any time during the taxable year for which you are making a regular contribution to your IRA, you may be eligible to make additional "catch up contributions" of up to $1,000 to your traditional IRA. 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 $5,000, married individuals filing jointly can contribute up to $10,000 per year to any combination of traditional IRAs and Roth IRAs. Any contributions to Roth IRAs reduce the ability to contribute to traditional IRAs and vice Tax information 69 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 $5,000 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 $5,000 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 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 earlier in this section under "Limits on contributions." That is, your fully deductible contribution can be up to $5,000, or if less, your earned income. The dollar limit is $6,000 for people eligible to make age 50-70-1/2 catch-up contributions. 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 adjustments apply to the income limits on deductible contributions. 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 2009, AGI between $55,000 and $65,000, 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 2009, AGI between $89,000 and $109,000, 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 between $150,000 and $160,000 (for 2009, AGI between $166,000 and $176,000, after adjustment). To determine the deductible amount of the contribution for 2009, for example, you determine AGI and subtract $55,000 if you are single, or $89,000 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 contribution for the year 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 for which the contribution is made. You cannot be a full-time student or claimed as a dependent on someone else's tax return, and your adjusted gross income cannot exceed $50,000 ($55,000, after cost of living adjustments for 2009). 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, including extensions. Saver's credit-eligible contributions may be made to a 401(k) plan, 403(b) plan, 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 $5,000 maximum per person limit for the applicable taxable year. The dollar limit is $6,000 for people eligible to make age 50-70-1/2 catch-up contributions. See "Excess contributions to traditional IRAs" later in this section for more information. You must keep your own records of deductible and nondeductible contributions in order to prevent double taxation on the 70 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green distribution of previously taxed amounts. See "Withdrawals, payments and transfers of funds out of traditional IRAs" later in this section for more information. 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 taxable 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; o 403(b) plans; 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. During calendar year 2009 only, due to the temporary suspension of account-based required minimum distribution withdrawals, you may be able to roll over to a traditional IRA a distribution that normally would not be eligible to be rolled over. Please note that distributions from inherited IRAs made to beneficiaries may not be rolled over once distributed. There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for 2009" earlier in this Prospectus. 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. A non-spousal death beneficiary may also be able to make a direct rollover to an inherited IRA 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 qualified plan, 403(b) plan or governmental employer 457(b) plan are eligible rollover distributions, unless the distributions are: o (for every year except 2009) "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 death benefit payments to a beneficiary who is not your surviving spouse; or o qualified domestic relations order distributions to a beneficiary who is not your current spouse 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 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 403(b) plan (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 section under "Withdrawals, payments and transfers of funds out of traditional IRAs." After-tax contributions in a traditional IRA cannot be rolled over from your tra- Tax information 71 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green ditional IRA into, or back into, a qualified plan, 403(b) plan 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 spouse beneficiary of a deceased individual can roll over funds from, or directly transfer funds from, an inherited IRA to one or more other traditional IRAs. A non-spousal death beneficiary may also be able to make a direct rollover to an inherited IRA 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 to traditional IRAs 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 (for every year except 2009). 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 later in this section 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 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 to traditional IRAs" earlier in this section; 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" earlier in this section for more information.) The following are eligible to receive rollovers of distributions from a traditional IRA: a qualified plan, a 403(b) plan 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, 403(b) plan or governmental employer 457(b) plan. Before you decide to roll over a distribution from a traditional IRA to another eli- 72 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green gible 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 2009 directly transferred to charitable organizations may be tax-free to IRA owners 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. 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. There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for 2009" earlier in this Prospectus. 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 1st - April 1st). 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 "automatic required minimum distribution (RMD) service." 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 Tax information 73 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 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. SPOUSAL CONTINUATION If the contract is continued under Spousal continuation, the required minimum distribution rules are applied as if your surviving spouse is the contract owner. 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 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 74 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. To meet the substantially equal periodic payments exception, you could elect to apply your contract value to an Income Manager(R) (life annuity with a period certain) payout annuity contract (level payments version). You could also elect the substantially equal withdrawals option. We will calculate the substantially equal annual payments using your choice of IRS-approved methods we offer. Although substantially equal withdrawals and Income Manager(R) payments are not subject to the 10% penalty tax, they are taxable as discussed in "Withdrawals, payments and transfers of funds out of traditional IRAs" above. Once substantially equal withdrawals or Income Manager(R) annuity payments begin, the distributions should not be stopped or changed until after the later of your reaching age 59-1/2 or five years after the date of the first distribution, or the penalty tax, including an interest charge for the prior penalty avoidance, may apply to all prior distributions under this option. Also, it is possible that the IRS could view any additional withdrawal or payment you take from, or any additional contributions or transfers you make to, your contract as changing your pattern of substantially equal withdrawals or Income Manager(R) payments for purposes of determining whether the penalty applies. 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 individual retirement annuities (traditional IRAs)." The Accumulator(R) Select(SM) Roth Conversion 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 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 or other eligible retirement plans ("conversion rollover" contributions); or o tax-free rollover contributions from other Roth individual retirement arrangements or designated Roth accounts under defined contribution plans; or o tax-free direct custodian-to-custodian transfers from other Roth IRAs ("direct transfers"). Regular after-tax, direct transfer and rollover contributions may be made to a Roth Conversion IRA contract. See "Rollovers and direct transfer contributions to Roth IRAs" later in this section for more information. 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. 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, $5,000 is the maximum amount that you may contribute to all IRAs (including Roth IRAs). 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 $5,000, 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 under "Special rules for spouses" earlier in this section 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, you may be eligible to make additional catch-up contributions of up to $1,000. 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): o your federal income tax filing status is "married filing jointly" and your modified adjusted gross income is over $160,000 (for 2009, $176,000 after adjustment); or o your federal income tax filing status is "single" and your modified adjusted gross income is over $110,000 (for 2009, $120,000 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 2009, between $166,000 and $176,000 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 2009, between $105,000 and $120,000 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 regular Roth IRA contributions. WHEN YOU CAN MAKE CONTRIBUTIONS. Same as traditional IRAs. DEDUCTIBILITY OF CONTRIBUTIONS. Roth IRA contributions are not tax deductible. Tax information 75 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Rollovers and direct transfer contributions to Roth IRAs 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 make rollovers 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; o a 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 rollover"); o a "designated Roth contribution account" under a 401(k) plan or a 403(b) plan (direct or 60-day); or o from non-Roth accounts under another eligible retirement plan, subject to limits specified below under "Conversion rollover contributions to Roth IRAs." 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 rollover 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. Amounts can also be rolled over from non-Roth accounts under another eligible retirement plan, including a Code Section 401(a) qualified plan, a 403(b) plan, and a governmental employer Section 457(b) plan. Until 2010, you must meet AGI limits specified below. Unlike a rollover from a traditional IRA to another traditional IRA, a conversion rollover transaction from a traditional IRA or other eligible retirement plan to a Roth IRA is not tax-free. Instead, the distribution from the traditional IRA or other eligible retirement plan is generally fully taxable. In the case of a traditional IRA conversion rollover for example, we are required to withhold 10% federal income tax from the amount treated as converted unless you properly elect out of such withholding. If you are converting all or part of a traditional IRA, and you have ever made nondeductible regular 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. Even if you are under age 59-1/2, the early distribution penalty tax does not apply to conversion rollover contributions to a Roth IRA. The following rules apply until 2010: You cannot make conversion rollover 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 computed without the gross income stemming from the conversion rollover. Modified adjusted gross income for this purpose excludes any lifetime required minimum distribution from a traditional IRA or other eligible retirement plan.) 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 or other eligible retirement plan are subject to the lifetime annual required minimum distribution rules. 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 issued 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 a 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 76 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. Roth IRA conversion contributions from a SEP-IRA or SIMPLE IRA can be recharacterized to a SEP-IRA or SIMPLE IRA (including the original SEP-IRA or SIMPLE IRA). You cannot recharacterize back to the original plan a contribution directly rolled over from an eligible retirement plan which is not a 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 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. 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, then added together as follows: Tax information 77 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green (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 2009 and the conversion contribution is made in 2010, the conversion contribution is treated as contributed prior to other conversion contributions made in 2010. 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?", assuming death before the Required Beginning Date. The suspension of account-based required minimum distribution withdrawals for calendar year 2009 applies to post-death required minimum distribution withdrawals from Roth IRAs. 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 TO ROTH IRAS 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, until 2010, 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. TAX-SHELTERED ANNUITY CONTRACTS (TSAS) GENERAL This section of the Prospectus reflects our current understanding of some of the special federal income tax rules applicable to annuity contracts used to fund employer plans under Section 403(b) of the Internal Revenue Code. We refer to these contracts as "403(b) annuity contracts" or "Tax Sheltered Annuity contracts (TSAs)." If the rules are the same as those that apply to another kind of contract, for example, traditional IRA contracts, we will refer you to the same topic under "Traditional individual retirement annuities (traditional IRAs)." -------------------------------------------------------------------------------- The disclosure generally assumes that the TSA has 403(b) contract status or qualifies as a 403(b) contract. Due to the Internal Revenue Service and Treasury regulatory changes in 2007 which became fully effective on January 1, 2009, contracts issued prior to September 25, 2007 which qualified as 403(b) contracts under the rules at the time of issue may lose their status as 403(b) contracts or have the availability of transactions under the contract restricted as of January 1, 2009 unless the individual's employer or the individual take certain actions. Please consult your tax adviser regarding the effect of these rules (which may vary depending on the owner's employment status, plan participation status, and when and how the contract was acquired) on your personal situation. -------------------------------------------------------------------------------- FINAL REGULATIONS UNDER SECTION 403(B) In 2007, the IRS and the Treasury Department published final Treasury Regulations under Section 403(b) of the Code ("2007 Regulations"). As a result, there are significant revisions to the establishment and operation of plans and arrangements under Section 403(b) of the Code, and the contracts issued to fund such plans. These rules became fully effective on January 1, 2009, but various transition rules applied beginning in 2007. The 2007 Regulations raise a number of questions as to the effect of the 2007 Regulations on TSAs issued prior to the effective date of the 2007 Regulations. The IRS has issued guidance intended to clarify some of these questions, and may issue further guidance in future years. PERMISSIBLE INVESTMENTS. The 2007 Regulations retain the rule that there are generally two types of investments available to fund 403(b) plans -- 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) funding vehicles qualify for tax deferral. EMPLOYER PLAN REQUIREMENT. The thrust of the 2007 Regulations is to eliminate informal Section 403(b) arrangements with minimal or diffuse employer oversight and to require employers purchasing annuity contracts for their employees under Section 403(b) of the Code to conform to other tax-favored, employer-based retirement plans with salary reduction contributions, such as Section 401(k) plans and governmental employer Section 457(b) plans. The 2007 Regulations require employers sponsoring 403(b) plans as of January 1, 2009, to have a written plan designating administrative responsibilities for various functions under the plan, and the plan in operation must conform to the plan terms. The IRS has announced relief measures for failure to 78 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green have a written plan finalized by the beginning of 2009, as long as the written plan is adopted by December 31, 2009, and the plan operates in accordance with the 2007 Regulations beginning by January 1, 2009. LIMITATIONS ON INDIVIDUAL INITIATED DIRECT TRANSFERS. The 2007 Regulations revoke Revenue Ruling 90-24 (Rev. Rul. 90-24), effective January 1, 2009. Prior to the 2007 Regulations, Rev. Rul. 90-24 had permitted individual-initiated, tax-free direct transfers of funds from one 403(b) annuity contract to another, without reportable taxable income to the individual. Under the 2007 Regulations and other IRS published guidance, direct transfers made after September 24, 2007 may still be permitted with plan or employer approval as described below. EFFECT OF THE 2007 REGULATIONS ON CONTRIBUTIONS TO THE ACCUMULATOR(R) SELECT(SM) TSA CONTRACT The Accumulator(R) Select(SM) TSA contract was designed to be purchased through a direct transfer of funds from one 403(b) plan to another, a contract exchange under the same plan, or a rollover from another eligible retirement plan and does not accept employer-remitted contributions. Contributions to an Accumulator(R) Select(SM)TSA contract are extremely limited as described below. Contributions to an Accumulator(R) Select(SM) TSA contract may only be made where AXA Equitable is an "approved vendor" under an employer's 403(b) plan. That is, some or all of the participants in the employer 403(b) plan are currently contributing to a non-Accumulator AXA Equitable 403(b) annuity contract. AXA Equitable and the employer must agree to share information with respect to the Accumulator(R) Select(SM) TSA contract and other funding vehicles under the plan. AXA Equitable does not accept contributions of after-tax funds, including designated Roth contributions to the Accumulator(R) Select(SM) TSA contracts. We will accept contributions of pre-tax funds only with documentation satisfactory to us of employer or its designee or plan approval of the transaction. CONTRIBUTIONS TO 403(B) ANNUITY CONTRACTS Because the Accumulator(R) Select(SM) TSA contract can be issued through a direct plan-to-plan transfer or a contract exchange under the same plan, the characterization of funds in the contract can remain the same as under the prior contract. We provide the following discussion as part of our description of restrictions on the distribution of funds directly transferred, which include employer-remitted contributions to other 403(b) annuity contracts. EMPLOYER-REMITTED CONTRIBUTIONS. Employer-remitted contributions to 403(b) contracts made through the employer's payroll are subject to annual limits. (Tax-free plan-to-plan direct transfer contributions from another 403(b) plan, contract exchanges under the same plan, and 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 contract are made under a salary reduction agreement between the employee and the employer. These contributions are called "salary reduction" or "elective deferral" contributions. However, a TSA contract can also be wholly or partially funded through non-elective employer contributions or after-tax employee contributions. Amounts attributable to salary reduction contributions to TSA contracts are generally subject to withdrawal restrictions. Also, all amounts attributable to investments in a 403(b)(7) custodial account are subject to withdrawal restrictions discussed below. ROLLOVER AND DIRECT TRANSFER CONTRIBUTIONS. It is unlikely that rollover or direct transfer contributions can be made for an individual no longer actively participating in a 403(b) plan; however, there may be circumstances where an individual must take a required minimum distribution from a distributing plan or contract before rolling over or transferring the distribution to the Accumulator(R) Select(SM) contract. The amount of any rollover or direct transfer contributions made to a 403(b) annuity contract must be net of the required minimum distribution for the tax year in which the 403(b) annuity contract is issued if the owner is at least age 70-1/2 in the calendar year the contribution is made, and has retired from service with the employer who sponsored the plan or provided the funds to purchase the 403(b) annuity contract which is the source of the contribution. For calendar year 2009 only, account-based required minimum distribution withdrawals are suspended, so certain rollovers which would be impermissible in other years may be made. ROLLOVER CONTRIBUTIONS. After a TSA contract has been established with 403(b) plan source funds, federal tax law permits rollover contributions to be made to a TSA contract from these sources: qualified plans, governmental employer 457(b) plans and traditional IRAs, as well as other 403(b) plan funding vehicles. The recipient 403(b) plan must allow such contributions to be made. Generally, funds may be rolled over when a plan participant has a distributable event from an eligible retirement plan as a result of: o termination of employment with the employer who provided the funds for the plan; or o reaching age 59-1/2 even if still employed; or o disability (special federal income tax definition). If the source of the rollover contribution is pre-tax funds from a traditional IRA, no specific event is required. 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 penalty if you roll the funds to a different type of eligible retirement plan and subsequently take a premature distribution. Further, in light of the restrictions on the ability to take distributions or loans from a 403(b) annuity contract without plan or employer approval under the 2007 Regulations, a plan participant should consider carefully whether to roll an eligible rollover distribution (which is no longer subject to distribution restrictions) to a 403(b) plan funding vehicle, or to a traditional IRA instead. If the recipient plan separately accounts for funds rolled over from another eligible retirement plan, the IRS has ruled that an exception is Tax information 79 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green available in certain situations to withdrawal restrictions that would otherwise apply to the rollover contribution funds in the recipient plan. Because AXA Equitable does not separately account for rollover contributions from other eligible retirement plans in the Accumulator(R) Select(SM) TSA Contract, amounts that would be free of distribution restrictions in a traditional IRA, for example, are subject to distribution restrictions in the Accumulator(R) Select(SM) TSA Contract. DIRECT TRANSFER CONTRIBUTIONS. A tax-free direct transfer occurs when changing the 403(b) plan funding vehicle, even if there is no distributable event. Under a direct transfer a plan participant does not receive a distribution. The 2007 Regulations provide for two types of direct transfers between 403(b) funding vehicles: "plan-to-plan transfers" and "contract exchanges within the same 403(b) plan." 403(b) plans do not have to offer these options. A "plan-to-plan transfer" must meet the following conditions: (i) both the source 403(b) plan and the recipient 403(b) plan permit plan-to-plan transfers; (ii) the transfer from one 403(b) plan to another 403(b) plan is made for a participant (or beneficiary of a deceased participant) who is an employee or former employee of the employer sponsoring the recipient 403(b) plan; (iii) immediately after the transfer the accumulated benefit of the participant (or beneficiary) whose assets are being transferred is at least equal to the participant's (or beneficiary's) accumulated benefit immediately before the transfer; (iv) the recipient 403(b) plan imposes distribution restrictions on transferred amounts at least as stringent as those imposed under the source 403(b) plan; and (v) if the plan-to-plan transfer is not a complete transfer of the participant's (or beneficiary's) interest in the source 403(b) plan, the recipient 403(b) plan treats the amount transferred as a continuation of a pro rata portion of the participant's (or beneficiary's) interest in the source 403(b) plan (for example, with respect to the participant's interest in any after-tax employee contributions). A "contract exchange within the same 403(b) plan" must meet the following conditions: (i) the 403(b) plan under which the contract is issued must permit contract exchanges; (ii) immediately after the exchange the accumulated benefit of the participant (or beneficiary of a deceased participant) is at least equal to the participant's (or beneficiary's) accumulated benefit immediately before the exchange (taking into account the accumulated benefit of that participant (or beneficiary) under both section 403(b) annuity contracts immediately before the exchange); (iii) the contract issued in the exchange is subject to distribution restrictions with respect to the participant that are not less stringent than those imposed on the contract being exchanged; and (iv) the employer sponsoring the 403(b) plan and the issuer of the contract issued in the exchange agree to provide each other with specified information from time to time in the future ("an information sharing agreement"). The shared information is designed to preserve the requirements of Section 403(b), primarily to comply with loan requirements, hardship withdrawal rules, and distribution restrictions. Distributions from TSAs GENERAL. Generally, after the 2007 Regulations, employer or plan administrator consent is required for loan, withdrawal or distribution transactions under a 403(b) annuity contract. Processing of a requested transaction will not be completed until the information required to process the transaction is received from the employer or its designee. This information will be transmitted as a result of an information sharing agreement between AXA Equitable and the employer sponsoring the plan. WITHDRAWAL RESTRICTIONS. AXA Equitable treats all amounts under an Accumulator(R) Select(SM) Rollover TSA contract as not eligible for withdrawal until: o the owner is severed from employment with the employer who provided the funds used to purchase the TSA contract; o the owner dies; or o the plan under which the Accumulator(R) Select(SM) TSA contract is purchased is terminated. TAX TREATMENT OF DISTRIBUTIONS. Amounts held under TSA contracts 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 TSA contracts are includible in gross income as ordinary income. Distributions from TSA contracts 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 contract 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 AXA Equitable does not accept after-tax funds to Accumulator(R) Select(SM) Rollover TSA contract, we do not track your investment in the TSA contract, if any. We will report all distributions from this Rollover TSA contract as fully taxable. You will have to determine how much of the distribution is taxable. 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 contract 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. Annuitization payments that are based on life or life expectancy are considered annuity payments for income tax purposes. We include in annuitization payments Guaranteed withdrawal benefit for life Maturity date annuity payments, and other annuitization payments available under your contract. We also include Guaranteed annual withdrawals 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. If you elect an annuity payout option, you will recover any investment in the TSA contract as each payment is received by dividing the investment in the TSA contract by an expected return determined under an IRS table 80 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 TSA 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 TSA 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 contract generally receive the same tax treatment as distributions during your lifetime. In some instances, distributions from a TSA contract made to your surviving spouse may be rolled over to a traditional IRA or other eligible retirement plan. A surviving spouse might also be eligible to directly roll over a TSA contract death benefit to a Roth IRA in a taxable conversion rollover. A non-spousal death beneficiary may be able to directly roll over death benefits to a new inherited IRA under certain circumstances. Effect of 2007 Regulations on loans from TSAs As a result of the 2007 Regulations, loans are not available without employer or plan administrator approval. If loans are available, loan processing may be delayed pending receipt of information required to process the loan under an information sharing agreement. The processing of a loan request will not be completed until the information required to process the transaction is received from the employer or its designee. This information will be transmitted as a result of an information sharing agreement between AXA Equitable and the employer sponsoring the plan. If loans are available: 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 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 under TSA contracts are subject to the following conditions: 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; and (2) $50,000 reduced by the excess (if any) of the highest outstanding loan balance over the previous 12 months over the outstanding loan balance of plan loans on the date the loan was made. o In general, the term of the loan cannot exceed five years unless the loan is used to acquire the participant's primary residence. Accumulator(R) Select(SM) Rollover TSA contracts have a term limit of ten 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 and not repaid may be treated as a distribution if: o the loan does not qualify under the conditions above; o the participant fails to repay the interest or principal when due; or o in some instances, the participant separates from service with the employer who provided the funds or the plan is terminated. 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. For purposes of calculating any subsequent loans which may be made under any plan of the same employer, a defaulted loan which has not been fully repaid is treated as still outstanding, even after the default is reported to the IRS on Form 1099-R. The amount treated as still outstanding (which limits subsequent loans) includes interest accruing on the unpaid balance. TAX-DEFERRED ROLLOVERS AND FUNDING VEHICLE TRANSFERS. You may roll over an "eligible rollover distribution" from a 403(b) annuity contract 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 403(b) annuity contract to any of the following: another 403(b) plan funding vehicle, 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. A non-spousal death beneficiary may be able to directly roll over death benefits to a new inherited IRA under certain circumstances. The Accumulator(R) Select(SM) IRA contract is not available for purchase by a non-spousal death beneficiary direct rollover. Distributions from a 403(b) annuity contract can be rolled over to a Roth IRA. Such conversion rollover transactions are taxable. Any taxable portion of the amount rolled over will be taxed at the time of the rollover. Rollovers are subject to the Roth IRA conversion rules, which, prior to 2010, restrict conversions of traditional IRAs to Roth IRAs to taxpayers with adjusted gross income of no more than $100,000, whether single or married filing jointly. 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. Suspension of account-based required minimum distribution withdrawals for calendar year 2009 temporarily permits distributions which would Tax information 81 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green be ineligible lifetime required minimum distributions in any other year to be rolled over to another eligible retirement plan in calendar year 2009. Direct transfers from one 403(b) annuity contract to another (whether under a plan-to-plan transfer, contract exchange under the same 403(b) plan, or under Rev. Rul. 90-24 prior to the 2007 Regulations), are not distributions. Required minimum distributions Please note the temporary suspension of account-based required minimum distribution withdrawals, both lifetime and post-death, in calendar year 2009. Generally the same as traditional IRA with these differences: WHEN YOU HAVE TO TAKE THE FIRST REQUIRED MINIMUM DISTRIBUTION. The minimum distribution rules force 403(b) plan participants to start calculating and taking annual distributions from their 403(b) annuity contracts 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 403(b) plan participants who have not retired from service with the employer maintaining the 403(b) plan 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. o 403(b) plan participants may also delay the start of required minimum distributions to age 75 for the portion of their account value attributable to their December 31, 1986 TSA contract account balance, even if retired at age 70-1/2. We will know whether or not you qualify for this exception because it only applies to individuals who established their Accumulator(R) Select(SM) Rollover TSA contract by direct Revenue Ruling 90-24 transfer prior to September 25, 2007, or by a contract exchange or a plan-to-plan exchange approved under the employer's plan after that date. If you do not give us the amount of your December 31, 1986, account balance that is being transferred to the Accumulator(R) Select(SM) Rollover TSA contract on the form used to establish the TSA contract, you do not qualify. SPOUSAL CONSENT RULES Your employer will tell us on the form used to establish the TSA contract whether or not you need to get spousal consent for loans, withdrawals or other distributions. If you do, you will need such consent if you are married when you request a withdrawal 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 TSA contract and the plan of the employer who provided the funds for the TSA contract. EARLY DISTRIBUTION PENALTY TAX A penalty tax of 10% of the taxable portion of a distribution applies to distributions from a TSA contract 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). 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. 82 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. Generally, an election out of federal withholding will also be considered an election out of state withholding. In some states, you may elect out of state withholding, even if federal withholding applies. 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 Federal tax rules require payers to withhold differently on "periodic" and "non-periodic" payments. Payers are to withhold from periodic annuity payments as if the payments were wages. The annuity contract owner is to specify marital status and the number of withholding exemptions claimed on an IRS Form W-4P or similar substitute election form. If the owner does not claim a different number of withholding exemptions or marital status, the payer is to withhold assuming that the owner is married and claiming three withholding exemptions. Based on the assumption that an annuity contract owner is married and claiming three withholding exemptions, periodic annuity payments totaling less than $19,200 in 2009 will generally be exempt from federal income tax withholding. If the owner does not provide the owner's correct Taxpayer Identification Number a payer is to withhold from periodic annuity payments as if the owner were single with no exemptions. A contract owner's withholding election remains effective unless and until the owner revokes it. The contract owner may revoke or change a withholding election at any time. FEDERAL INCOME TAX WITHHOLDING ON NON-PERIODIC ANNUITY PAYMENTS (WITHDRAWALS) Non-periodic distributions include partial withdrawals, total surrenders and death benefits. Payers generally withhold federal income tax at a flat 10% rate from (i) the taxable amount in the case of nonqualified contracts, and (ii) 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. As described below, there is no election out of federal income tax 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 election out is permitted. If there is no election out, the 10% withholding rate applies. MANDATORY WITHHOLDING FROM TSA AND QUALIFIED PLAN DISTRIBUTIONS Unless the distribution is directly rolled over to another eligible retirement plan, eligible rollover distributions from qualified plans and TSAs are subject to mandatory 20% withholding. The plan administrator is responsible for withholding from qualified plan distributions. All distributions from a TSA 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 from service with the employer; or o substantially equal periodic payments made at least annually for the life (or life expectancy) or the joint lives (or joint life expectancies) of the plan participant (and 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 the plan participant's surviving spouse; or o a qualified domestic relations order distribution to a beneficiary who is not the plan participant's current spouse or former spouse. A death benefit payment to the plan participant's surviving spouse, or a qualified domestic relations order distribution to the plan participant's 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 No. 49 for taxes. We do not now, but may in the future set up reserves for such taxes. Tax information 83 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 8. More information -------------------------------------------------------------------------------- ABOUT SEPARATE ACCOUNT NO. 49 Each variable investment option is a subaccount of Separate Account No. 49. We established Separate Account No. 49 in 1996 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 No. 49 and may withdraw any amounts that exceed our reserves and other liabilities with respect to variable investment options under our contracts. For example, we may withdraw amounts from Separate Account No. 49 that represent our investments in Separate Account No. 49 or that represent fees and charges under the contracts that we have earned. Also, we may, at our sole discretion, invest Separate Account No. 49 assets in any investment permitted by applicable law. The results of Separate Account No. 49'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 No. 49. However, the obligations themselves are obligations of AXA Equitable. Separate Account No. 49 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 No. 49. Although Separate Account No. 49 is registered, the SEC does not monitor the activity of Separate Account No. 49 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 No. 49 invests solely in 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 No. 49 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 No. 49 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 No. 49 or a variable investment option directly); (5) to deregister Separate Account No. 49 under the Investment Company Act of 1940; (6) to restrict or eliminate any voting rights as to Separate Account No. 49; and (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. If the exercise of these rights results in a material change in the underlying investment of Separate Account No. 49, you will be notified of such exercise as required by law. 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 the Trusts', 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 Trusts', which generally accompany this Prospectus, or in their respective SAIs which are available upon request. ABOUT THE GENERAL ACCOUNT Our general obligations and any guaranteed benefits under the contract are supported by AXA Equitable's general account and are subject to AXA Equitable's claims paying ability. For more information about AXA Equitable's financial strength, you may review its financial statements and/or check its current rating with one or more of the independent sources that rate insurance companies for their financial strength and stability. Such ratings are subject to change and have no bearing on the performance of the variable investment options. You may also speak with your financial representative. 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 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 84 More information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green certain provisions of the federal securities laws relating to the accuracy and completeness of statements made in prospectuses. ABOUT OTHER METHODS OF PAYMENT WIRE TRANSMITTALS AND ELECTRONIC APPLICATIONS We accept initial and subsequent contributions sent by wire to our processing office by agreement with certain broker-dealers. Such transmittals must be accompanied by information we require to allocate your contribution. Wire orders not accompanied by complete information may be retained as described under "How you can make your contributions" under "Contract features and benefits" earlier in this Prospectus. Even if we accept the wire order and essential information, a contract generally will not be issued until we receive and accept a properly completed application. In certain cases we may issue a contract based on information provided through certain broker-dealers with which we have established electronic facilities. In any such cases, you must sign our Acknowledgement of Receipt form. Where we require a signed application, the above procedures do not apply and no financial transactions will be permitted until we receive the signed application and have issued the contract. Where we issue a contract based on information provided through electronic facilities, we require an Acknowledgement of Receipt form, and financial transactions are only permitted if you request them in writing, sign the request and have it signature guaranteed, until we receive the signed Acknowledgement of Receipt form. After your contract has been issued, additional contributions may be transmitted by wire. In general, the transaction date for electronic transmissions is the date on which we receive at our regular processing office all required information and the funds due for your contribution. We may also establish same-day electronic processing facilities with a broker-dealer that has undertaken to pay contribution amounts on behalf of its customers. In such cases, the transaction date for properly processed orders is the business day on which the broker-dealer inputs all required information into its electronic processing system. You can contact us to find out more about such arrangements. After your contract has been issued, additional contributions may be transmitted by wire. AUTOMATIC INVESTMENT PROGRAM -- FOR NQ, ROLLOVER IRA OR ROTH CONVERSION IRA CONTRACTS ONLY You may use our automatic investment program, or "AIP," to have a specified amount automatically deducted from a checking account, money market account, or credit union checking account and contributed as an additional contribution into an NQ, Rollover IRA or Roth Conversion IRA contract on a monthly or quarterly basis. AIP is not available for Inherited IRA Beneficiary Continuation (traditional IRA or Roth IRA) or Rollover TSA contracts. Please see Appendix V later in this Prospectus to see if the automatic investment program is available in your state. The minimum amounts we will deduct are $100 monthly and $300 quarterly. AIP additional contributions may be allocated to any of the variable investment options and the guaranteed interest option but not the account for special money market dollar cost averaging. 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. If the Guaranteed minimum income benefit converts to the Guaranteed withdrawal benefit for life at age 85, AIP will be automatically terminated. For contracts with PGB, AIP will be automatically terminated at the end of the first six months. 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. 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 the New York Stock Exchange ("NYSE") is open for regular trading and generally ends at 4:00 p.m. Eastern Time (or as of an earlier close of regular trading). A business day does not include a day on which we are not open due to emergency conditions determined by the Securities and Exchange Commission. We may also close early due to such emergency conditions. 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 any of the following, we will use the next business day: - on a non-business day; - after 4:00 p.m. Eastern Time on a business day; or - after an early close of regular trading on the NYSE on a business day. o A loan request under your Rollover 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. o If we have entered into an agreement with your broker-dealer for automated processing of contributions upon receipt of customer order, your contribution will be considered received at the time your broker-dealer receives your contribution and all information needed to process your application, along with any required documents. More information 85 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Your broker-dealer will then transmit your order to us in accordance with our processing procedures. However, in such cases, your broker-dealer is considered a processing office for the purpose of receiving the contribution. Such arrangements may apply to initial contributions, subsequent contributions, or both, and may be commenced or terminated at any time without prior notice. If required by law, the "closing time" for such orders will be earlier than 4:00 p.m., Eastern Time. 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 Transfers to or from variable investment options will be made at the unit value next determined after receipt of the transfer request. o Transfers to the guaranteed interest option will receive the crediting rate in effect on that business day for the specified time period. o For the interest sweep option, 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. 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; 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 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 NO. 49 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 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. STATUTORY COMPLIANCE We have the right to change your contract without the consent of any other person in order to comply with any laws and regulations that apply, 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 your contract must be in writing and made by an authorized officer of AXA Equitable. We will provide notice of any contract change. The benefits under your contract will not be less than the minimum benefits required by any state law that applies. ABOUT LEGAL PROCEEDINGS AXA Equitable and its affiliates are parties to various legal proceedings. In our view, none of these proceedings would be considered material with respect to a contract owner's interest in Separate Account No. 49, 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 No. 49, as well as the consolidated financial statements of AXA Equitable, are in the SAI. The financial statements of AXA Equitable have relevance to the contracts only to the extent that they bear upon the ability of AXA Equitable to meet its obligations under the contracts. The SAI is available free of charge. You may request one by writing to our processing office or calling 1-800-789-7771. 86 More information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. If the Guaranteed minimum death benefit, Guaranteed minimum income benefit, the Earnings enhancement benefit, a PGB, and/or the Guaranteed withdrawal benefit for life ("Benefit") is in effect, 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. 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. The Benefit will also not terminate if you transfer your individually-owned contract to a trust held for your (or your and your immediate family's) benefit; the Benefit will continue to be based on your life. If you were not the annuitant under the individually-owned contract, you will become the annuitant under the new contract. 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 Rollover IRA, Roth Conversion IRA or Rollover TSA contract except by surrender to us. If your individual retirement annuity contract is held in your custodial individual retirement account, you may only assign or transfer ownership of such an IRA contract to yourself. Loans are not available and you cannot assign Rollover IRA, Roth Conversion IRA or Rollover TSA contracts as security for a loan or other obligation. Loans are available under a Rollover TSA contract only if permitted under the sponsoring employer's plan. 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 Rollover IRA, Roth Conversion IRA or Rollover TSA contract to another similar arrangement under federal income tax rules. Loans are not available under your NQ contract. In certain circumstances, you may collaterally assign all or a portion of the value of your NQ contract as security for a loan with a third party lender. The terms of the assignment are subject to our approval. The amount of the assignment may never exceed your account value on the day prior to the date we receive all necessary paperwork to effect the assignment. Only one assignment per contract is permitted, and any such assignment must be made prior to the first contract date anniversary. You must indicate that you have not purchased, and will not purchase, any other AXA Equitable (or affiliate's) NQ deferred annuity contract in the same calendar year that you purchase the contract. A collateral assignment does not terminate your benefits under the contract. However, all withdrawals, distributions and benefit payments, as well as the exercise of any benefits, are subject to the assignee's prior approval and payment directions. We will follow such directions until AXA Equitable receives written notification satisfactory to us that the assignment has been terminated. If the owner or beneficiary fails to provide timely notification of the termination, it is possible that we could pay the assignee more than the amount of the assignment, or continue paying the assignee pursuant to existing directions after the collateral assignment has in fact been terminated. Our payment of any death benefit to the beneficiary will also be subject to the terms of the assignment until we receive written notification satisfactory to us that the assignment has been terminated. In some cases, an assignment or change of ownership may have adverse tax consequences. See "Tax information" earlier in this Prospectus. ABOUT CUSTODIAL IRAS For certain custodial IRA accounts, after your contract has been issued, we may accept transfer instructions by telephone, mail, facsimile or electronically from a broker-dealer, provided that we or your broker-dealer have your written authorization to do so on file. Accordingly, AXA Equitable will rely on the stated identity of the person placing instructions as authorized to do so on your behalf. AXA Equitable will not be liable for any claim, loss, liability or expenses that may arise out of such instructions. AXA Equitable will continue to rely on this authorization until it receives your written notification at its processing office that you have withdrawn this authorization. AXA Equitable may change or terminate telephone or electronic or overnight mail transfer procedures at any time without prior written notice and restrict facsimile, internet, telephone and other electronic transfer services because of disruptive transfer activity. 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 No. 49. 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 Financial Industry Regulatory Authority, Inc. ("FINRA"). 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 8.50% of total contributions. AXA Advisors, in turn, may pay a portion of the contribution- More information 87 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 1.00% 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 2.00% 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 1.25% 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 Accumulator(R) Select(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 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-dealer or 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 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." 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. AXA Advisors may provide other forms of compensation to its financial professionals, including health and retirement benefits. 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 FINRA, 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 88 More information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Distributors will not result in any separate charge to you under your contract. All payments made will be in compliance with all applicable FINRA rules and other laws and regulations. More information 89 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix I: Condensed financial information -------------------------------------------------------------------------------- The unit values and number of units outstanding shown below are for contracts offered under Separate Account No. 49 with the same daily asset charges of 1.70%. 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, 2008.
-------------------------------------------------------------------------------------------------------------------------- For the years ending December 31, -------------------------------------------------------- 2008 2007 2006 2005 -------------------------------------------------------------------------------------------------------------------------- AXA Aggressive Allocation -------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.00 $ 15.05 $ 14.43 $ 12.45 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 8,484 6,377 3,109 1,519 -------------------------------------------------------------------------------------------------------------------------- AXA Conservative Allocation -------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.29 $ 11.76 $ 11.31 $ 10.82 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 5,824 2,454 1,800 1,000 -------------------------------------------------------------------------------------------------------------------------- AXA Conservative-Plus Allocation -------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.82 $ 12.40 $ 11.96 $ 11.19 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 4,505 2,753 3,022 2,176 -------------------------------------------------------------------------------------------------------------------------- AXA Moderate Allocation -------------------------------------------------------------------------------------------------------------------------- Unit value $ 35.84 $ 48.27 $ 46.21 $ 42.61 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 4,019 3,098 2,325 1,725 -------------------------------------------------------------------------------------------------------------------------- AXA Moderate-Plus Allocation -------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.69 $ 14.45 $ 13.82 $ 12.28 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 27,177 23,506 14,705 6,917 -------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Common Stock -------------------------------------------------------------------------------------------------------------------------- Unit value $134.51 $ 243.48 $ 239.38 $ 219.99 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 63 65 73 73 -------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Intermediate Government Securities -------------------------------------------------------------------------------------------------------------------------- Unit value $ 19.16 $ 18.82 $ 17.92 $ 17.67 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 948 404 376 481 -------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein International -------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.40 $ 19.41 $ 17.67 $ 14.55 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,924 2,236 1,508 1,037 -------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Small Cap Growth -------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.96 $ 20.14 $ 17.56 $ 16.39 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 421 443 462 372 -------------------------------------------------------------------------------------------------------------------------- EQ/BlackRock Basic Value Equity -------------------------------------------------------------------------------------------------------------------------- Unit value $ 14.49 $ 23.24 $ 23.37 $ 19.66 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 834 842 856 849 -------------------------------------------------------------------------------------------------------------------------- EQ/BlackRock International Value -------------------------------------------------------------------------------------------------------------------------- Unit value $ 13.43 $ 23.97 $ 22.13 $ 17.91 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,000 1,136 1,052 782 -------------------------------------------------------------------------------------------------------------------------- EQ/Boston Advisors Equity Income -------------------------------------------------------------------------------------------------------------------------- Unit value $ 4.47 $ 6.71 $ 6.59 $ 5.78 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 730 571 504 326 -------------------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Growth -------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.70 $ 13.14 $ 12.67 $ 12.00 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,426 1,289 1,484 351 -------------------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Research -------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.54 $ 12.71 $ 12.72 $ 11.55 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 2,528 3,063 1,393 1,585 -------------------------------------------------------------------------------------------------------------------------- EQ/Davis New York Venture -------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.60 $ 11.05 $ 10.84 -- -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,517 1,189 216 -- -------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- For the years ending December 31, ------------------------------------------------------- 2004 2003 2002 --------------------------------------------------------------------------------------------------------------------- AXA Aggressive Allocation --------------------------------------------------------------------------------------------------------------------- Unit value $ 11.72 $ 10.66 -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 656 32 -- --------------------------------------------------------------------------------------------------------------------- AXA Conservative Allocation --------------------------------------------------------------------------------------------------------------------- Unit value $ 10.74 $ 10.30 -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 281 1 -- --------------------------------------------------------------------------------------------------------------------- AXA Conservative-Plus Allocation --------------------------------------------------------------------------------------------------------------------- Unit value $ 11.02 $ 10.41 -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 414 84 -- --------------------------------------------------------------------------------------------------------------------- AXA Moderate Allocation --------------------------------------------------------------------------------------------------------------------- Unit value $ 41.36 $ 38.70 $ 33.05 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 893 383 86 --------------------------------------------------------------------------------------------------------------------- AXA Moderate-Plus Allocation --------------------------------------------------------------------------------------------------------------------- Unit value $ 11.71 $ 10.66 -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 2,788 46 -- --------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Common Stock --------------------------------------------------------------------------------------------------------------------- Unit value $ 214.55 $ 191.26 $ 130.09 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 64 29 9 --------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Intermediate Government Securities --------------------------------------------------------------------------------------------------------------------- Unit value $ 17.76 $ 17.72 $ 17.65 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 416 458 259 --------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein International --------------------------------------------------------------------------------------------------------------------- Unit value $ 12.84 $ 11.05 $ 8.32 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 649 530 142 --------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Small Cap Growth --------------------------------------------------------------------------------------------------------------------- Unit value $ 14.95 $ 13.34 $ 9.63 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 312 478 121 --------------------------------------------------------------------------------------------------------------------- EQ/BlackRock Basic Value Equity --------------------------------------------------------------------------------------------------------------------- Unit value $ 19.43 $ 17.87 $ 13.86 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 802 502 184 --------------------------------------------------------------------------------------------------------------------- EQ/BlackRock International Value --------------------------------------------------------------------------------------------------------------------- Unit value $ 16.44 $ 13.75 $ 10.92 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 522 441 161 --------------------------------------------------------------------------------------------------------------------- EQ/Boston Advisors Equity Income --------------------------------------------------------------------------------------------------------------------- Unit value $ 5.54 -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 15 -- -- --------------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Growth --------------------------------------------------------------------------------------------------------------------- Unit value $ 11.62 $ 11.20 $ 9.19 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 160 164 40 --------------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Research --------------------------------------------------------------------------------------------------------------------- Unit value $ 11.08 $ 10.16 $ 7.86 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,200 776 200 --------------------------------------------------------------------------------------------------------------------- EQ/Davis New York Venture --------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) -- -- -- ---------------------------------------------------------------------------------------------------------------------
A-1 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008. (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------- For the years ending December 31, -------------------------------------------------------- 2008 2007 2006 2005 -------------------------------------------------------------------------------------------------------------------------- EQ/Equity 500 Index -------------------------------------------------------------------------------------------------------------------------- Unit value $ 18.20 $ 29.54 $ 28.64 $ 25.31 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,308 1,547 1,418 1,604 -------------------------------------------------------------------------------------------------------------------------- EQ/Evergreen International Bond -------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.14 $ 10.64 $ 9.90 $ 9.74 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,063 476 185 8 -------------------------------------------------------------------------------------------------------------------------- EQ/Evergreen Omega -------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.75 $ 9.49 $ 8.67 $ 8.33 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 353 249 215 280 -------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Income -------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.01 $ 10.45 $ 10.42 -- -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,649 1,574 368 -- -------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Small Cap Value -------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.36 $ 9.71 $ 10.81 -- -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 377 421 38 -- -------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Templeton Founding Strategy -------------------------------------------------------------------------------------------------------------------------- Unit value $ 5.89 $ 9.49 -- -- -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 5,195 2,805 -- -- -------------------------------------------------------------------------------------------------------------------------- EQ/GAMCO Mergers and Acquisitions -------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.95 $ 11.75 $ 11.56 $ 10.48 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 305 337 193 77 -------------------------------------------------------------------------------------------------------------------------- EQ/GAMCO Small Company Value -------------------------------------------------------------------------------------------------------------------------- Unit value $ 18.86 $ 27.67 $ 25.76 $ 22.05 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 610 618 233 79 -------------------------------------------------------------------------------------------------------------------------- EQ/International Core PLUS -------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.68 $ 16.01 $ 14.13 $ 12.06 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 2,341 2,289 3,208 2,337 -------------------------------------------------------------------------------------------------------------------------- EQ/International Growth -------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.50 $ 16.18 $ 14.17 $ 11.47 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 796 665 269 56 -------------------------------------------------------------------------------------------------------------------------- EQ/JPMorgan Core Bond -------------------------------------------------------------------------------------------------------------------------- Unit value $ 12.59 $ 14.07 $ 13.88 $ 13.57 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,216 1,473 1,477 1,527 -------------------------------------------------------------------------------------------------------------------------- EQ/JPMorgan Value Opportunities -------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.93 $ 15.08 $ 15.53 $ 13.12 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 280 288 351 347 -------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Core PLUS -------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.46 $ 10.50 $ 10.28 $ 9.26 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 389 458 510 603 -------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Growth PLUS -------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.06 $ 16.57 $ 14.58 $ 13.76 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 298 492 192 184 -------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Value Index -------------------------------------------------------------------------------------------------------------------------- Unit value $ 4.39 $ 10.32 $ 11.17 $ 10.63 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 847 809 532 144 -------------------------------------------------------------------------------------------------------------------------- EQ/Long Term Bond -------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.88 $ 10.54 $ 9.98 $ 9.98 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 237 248 135 173 -------------------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Growth and Income -------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.73 $ 12.39 $ 12.18 $ 10.57 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 351 369 308 83 -------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- For the years ending December 31, ------------------------------------------------------- 2004 2003 2002 --------------------------------------------------------------------------------------------------------------------- EQ/Equity 500 Index --------------------------------------------------------------------------------------------------------------------- Unit value $ 24.66 $ 22.76 $ 18.11 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,386 1,074 399 --------------------------------------------------------------------------------------------------------------------- EQ/Evergreen International Bond --------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) -- -- -- --------------------------------------------------------------------------------------------------------------------- EQ/Evergreen Omega --------------------------------------------------------------------------------------------------------------------- Unit value $ 8.15 $ 7.75 $ 5.70 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 377 218 32 --------------------------------------------------------------------------------------------------------------------- EQ/Franklin Income --------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) -- -- -- --------------------------------------------------------------------------------------------------------------------- EQ/Franklin Small Cap Value --------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) -- -- -- --------------------------------------------------------------------------------------------------------------------- EQ/Franklin Templeton Founding Strategy --------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) -- -- -- --------------------------------------------------------------------------------------------------------------------- EQ/GAMCO Mergers and Acquisitions --------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) -- -- -- --------------------------------------------------------------------------------------------------------------------- EQ/GAMCO Small Company Value --------------------------------------------------------------------------------------------------------------------- Unit value $ 21.50 -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 9 -- -- --------------------------------------------------------------------------------------------------------------------- EQ/International Core PLUS --------------------------------------------------------------------------------------------------------------------- Unit value $ 10.47 $ 9.38 $ 7.19 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,926 1,026 282 --------------------------------------------------------------------------------------------------------------------- EQ/International Growth --------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) -- -- -- --------------------------------------------------------------------------------------------------------------------- EQ/JPMorgan Core Bond --------------------------------------------------------------------------------------------------------------------- Unit value $ 13.50 $ 13.20 $ 12.99 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,343 1,175 441 --------------------------------------------------------------------------------------------------------------------- EQ/JPMorgan Value Opportunities --------------------------------------------------------------------------------------------------------------------- Unit value $ 12.84 $ 11.78 $ 9.45 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 370 307 128 --------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Core PLUS --------------------------------------------------------------------------------------------------------------------- Unit value $ 8.79 $ 8.03 $ 6.69 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 610 598 229 --------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Growth PLUS --------------------------------------------------------------------------------------------------------------------- Unit value $ 12.84 $ 11.60 $ 9.12 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 149 93 38 --------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Value Index --------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) -- -- -- --------------------------------------------------------------------------------------------------------------------- EQ/Long Term Bond --------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) -- -- -- --------------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Growth and Income --------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) -- -- -- ---------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information A-2 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008. (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------- For the years ending December 31, -------------------------------------------------------- 2008 2007 2006 2005 -------------------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Large Cap Core -------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.62 $ 12.70 $ 11.67 $ 10.54 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 425 442 196 84 -------------------------------------------------------------------------------------------------------------------------- EQ/Marsico Focus -------------------------------------------------------------------------------------------------------------------------- Unit value $10.61 $ 18.08 $ 16.13 $ 15.01 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 3,228 3,346 2,714 2,354 -------------------------------------------------------------------------------------------------------------------------- EQ/Mid Cap Index -------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.66 $ 13.35 $ 12.57 $ 11.47 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,863 2,166 1,890 1,556 -------------------------------------------------------------------------------------------------------------------------- EQ/Mid Cap Value PLUS -------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.74 $ 16.40 $ 16.96 $ 15.34 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 902 1,069 1,156 1,107 -------------------------------------------------------------------------------------------------------------------------- EQ/Money Market -------------------------------------------------------------------------------------------------------------------------- Unit value $27.75 $ 27.65 $ 26.86 $ 26.15 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,943 1,051 1102 845 -------------------------------------------------------------------------------------------------------------------------- EQ/Mutual Shares -------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.50 $ 10.69 $ 10.70 -- -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,644 1,727 258 -- -------------------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Global -------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.71 $ 11.51 $ 11.08 -- -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 786 674 83 -- -------------------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Main Street Opportunity -------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.68 $ 11.10 $ 10.92 -- -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 130 154 20 -- -------------------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Main Street Small Cap -------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.50 $ 10.70 $ 11.09 -- -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 340 277 19 -- -------------------------------------------------------------------------------------------------------------------------- EQ/PIMCO Real Return -------------------------------------------------------------------------------------------------------------------------- Unit value $10.11 $ 10.72 $ 9.78 $ 9.91 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 2,525 1,235 730 286 -------------------------------------------------------------------------------------------------------------------------- EQ/Short Duration Bond -------------------------------------------------------------------------------------------------------------------------- Unit value $10.15 $ 10.53 $ 10.17 $ 9.96 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 475 262 202 60 -------------------------------------------------------------------------------------------------------------------------- EQ/Small Company Index -------------------------------------------------------------------------------------------------------------------------- Unit value $10.37 $ 16.02 $ 16.60 $ 14.35 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 720 713 744 596 -------------------------------------------------------------------------------------------------------------------------- EQ/T. Rowe Price Growth Stock -------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.26 $ 16.30 $ 15.46 $ 16.39 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 421 401 47 41 -------------------------------------------------------------------------------------------------------------------------- EQ/Templeton Growth -------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.27 $ 10.78 $ 10.75 -- -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 848 853 178 -- -------------------------------------------------------------------------------------------------------------------------- EQ/UBS Growth and Income -------------------------------------------------------------------------------------------------------------------------- Unit value $ 3.56 $ 6.04 $ 6.07 $ 5.41 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 153 89 104 69 -------------------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Comstock -------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.04 $ 11.36 $ 11.85 $ 10.40 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 545 539 602 296 -------------------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Emerging Markets Equity -------------------------------------------------------------------------------------------------------------------------- Unit value $10.67 $ 25.45 $ 18.23 $ 13.53 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,528 1,726 1,239 755 -------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- For the years ending December 31, ------------------------------------------------------- 2004 2003 2002 --------------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Large Cap Core --------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) -- -- -- --------------------------------------------------------------------------------------------------------------------- EQ/Marsico Focus --------------------------------------------------------------------------------------------------------------------- Unit value $ 13.79 $ 12.69 $ 9.85 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,938 1,510 386 --------------------------------------------------------------------------------------------------------------------- EQ/Mid Cap Index --------------------------------------------------------------------------------------------------------------------- Unit value $ 10.97 $ 9.62 $ 6.81 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,391 883 285 --------------------------------------------------------------------------------------------------------------------- EQ/Mid Cap Value PLUS --------------------------------------------------------------------------------------------------------------------- Unit value $ 14.02 $ 12.10 $ 9.24 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,007 636 237 --------------------------------------------------------------------------------------------------------------------- EQ/Money Market --------------------------------------------------------------------------------------------------------------------- Unit value $ 25.92 $ 26.17 $ 26.47 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 349 434 630 --------------------------------------------------------------------------------------------------------------------- EQ/Mutual Shares --------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) -- -- -- --------------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Global --------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) -- -- -- --------------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Main Street Opportunity --------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) -- -- -- --------------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Main Street Small Cap --------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) -- -- -- --------------------------------------------------------------------------------------------------------------------- EQ/PIMCO Real Return --------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) -- -- -- --------------------------------------------------------------------------------------------------------------------- EQ/Short Duration Bond --------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) -- -- -- --------------------------------------------------------------------------------------------------------------------- EQ/Small Company Index --------------------------------------------------------------------------------------------------------------------- Unit value $ 14.00 $ 12.10 $ 8.44 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 575 449 122 --------------------------------------------------------------------------------------------------------------------- EQ/T. Rowe Price Growth Stock --------------------------------------------------------------------------------------------------------------------- Unit value $ 16.03 -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 6 -- -- --------------------------------------------------------------------------------------------------------------------- EQ/Templeton Growth --------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) -- -- -- --------------------------------------------------------------------------------------------------------------------- EQ/UBS Growth and Income --------------------------------------------------------------------------------------------------------------------- Unit value $ 5.05 -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) -- -- -- --------------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Comstock --------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) -- -- -- --------------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Emerging Markets Equity --------------------------------------------------------------------------------------------------------------------- Unit value $ 10.37 $ 8.53 $ 5.56 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 609 457 69 ---------------------------------------------------------------------------------------------------------------------
A-3 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008. (CONTINUED)
-------------------------------------------------------------------------------------------------------------------------- For the years ending December 31, -------------------------------------------------------- 2008 2007 2006 2005 -------------------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Mid Cap Growth -------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.26 $ 15.95 $ 13.26 $ 12.34 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 695 782 297 179 -------------------------------------------------------------------------------------------------------------------------- EQ Van Kampen Real Estate -------------------------------------------------------------------------------------------------------------------------- Unit value $ 4.97 $ 8.27 -- -- -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,342 1,440 -- -- -------------------------------------------------------------------------------------------------------------------------- Multimanager Core Bond -------------------------------------------------------------------------------------------------------------------------- Unit value $11.89 $ 11.80 $ 11.30 $ 11.08 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 3,511 1,494 2,030 1,611 -------------------------------------------------------------------------------------------------------------------------- Multimanager Health Care -------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.15 $ 12.72 $ 11.87 $ 11.49 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 429 390 400 338 -------------------------------------------------------------------------------------------------------------------------- Multimanager High Yield -------------------------------------------------------------------------------------------------------------------------- Unit value $23.07 $ 30.68 $ 30.26 $ 28.00 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 523 526 758 755 -------------------------------------------------------------------------------------------------------------------------- Multimanager International Equity -------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.54 $ 18.39 $ 16.64 $ 13.51 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 951 1,047 1,030 783 -------------------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Core Equity -------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.43 $ 12.50 $ 12.11 $ 10.85 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 447 473 453 353 -------------------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Growth -------------------------------------------------------------------------------------------------------------------------- Unit value $ 5.56 $ 10.35 $ 9.47 $ 9.62 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 840 881 1,014 980 -------------------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Value -------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.83 $ 14.37 $ 14.10 $ 12.02 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 921 1,210 1,363 1,238 -------------------------------------------------------------------------------------------------------------------------- Multimanager Mid Cap Growth -------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.55 $ 11.81 $ 10.74 $ 9.96 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 813 934 1,035 1,075 -------------------------------------------------------------------------------------------------------------------------- Multimanager Mid Cap Value -------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.47 $ 13.46 $ 13.68 $ 12.13 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 727 805 1,010 876 -------------------------------------------------------------------------------------------------------------------------- Multimanager Small Cap Growth -------------------------------------------------------------------------------------------------------------------------- Unit value $ 4.95 $ 8.71 $ 8.54 $ 7.89 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 687 788 475 242 -------------------------------------------------------------------------------------------------------------------------- Multimanager Small Cap Value -------------------------------------------------------------------------------------------------------------------------- Unit value $10.31 $ 16.88 $ 19.05 $ 16.69 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 666 748 1201 991 -------------------------------------------------------------------------------------------------------------------------- Multimanager Technology -------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.29 $ 12.10 $ 10.41 $ 9.87 -------------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 462 597 350 311 -------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- For the years ending December 31, ------------------------------------------------------- 2004 2003 2002 --------------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Mid Cap Growth --------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) -- -- -- --------------------------------------------------------------------------------------------------------------------- EQ Van Kampen Real Estate --------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) -- -- -- --------------------------------------------------------------------------------------------------------------------- Multimanager Core Bond --------------------------------------------------------------------------------------------------------------------- Unit value $ 11.07 $ 10.84 $ 10.63 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,424 1,202 628 --------------------------------------------------------------------------------------------------------------------- Multimanager Health Care --------------------------------------------------------------------------------------------------------------------- Unit value $ 10.93 $ 9.91 $ 7.87 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 284 143 57 --------------------------------------------------------------------------------------------------------------------- Multimanager High Yield --------------------------------------------------------------------------------------------------------------------- Unit value $ 27.64 $ 25.87 $ 21.48 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 771 557 125 --------------------------------------------------------------------------------------------------------------------- Multimanager International Equity --------------------------------------------------------------------------------------------------------------------- Unit value $ 11.90 $ 10.27 $ 7.78 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 806 360 135 --------------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Core Equity --------------------------------------------------------------------------------------------------------------------- Unit value $ 10.34 $ 9.59 $ 7.61 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 272 238 104 --------------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Growth --------------------------------------------------------------------------------------------------------------------- Unit value $ 9.10 $ 8.68 $ 6.76 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 876 792 408 --------------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Value --------------------------------------------------------------------------------------------------------------------- Unit value $ 11.42 $ 10.15 $ 7.88 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,242 726 316 --------------------------------------------------------------------------------------------------------------------- Multimanager Mid Cap Growth --------------------------------------------------------------------------------------------------------------------- Unit value $ 9.35 $ 8.52 $ 6.18 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,055 731 292 --------------------------------------------------------------------------------------------------------------------- Multimanager Mid Cap Value --------------------------------------------------------------------------------------------------------------------- Unit value $ 11.49 $ 10.15 $ 7.34 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 1,011 560 206 --------------------------------------------------------------------------------------------------------------------- Multimanager Small Cap Growth --------------------------------------------------------------------------------------------------------------------- Unit value $ 7.46 -- -- --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 59 -- -- --------------------------------------------------------------------------------------------------------------------- Multimanager Small Cap Value --------------------------------------------------------------------------------------------------------------------- Unit value $ 16.22 $ 14.09 $ 10.43 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 884 641 270 --------------------------------------------------------------------------------------------------------------------- Multimanager Technology --------------------------------------------------------------------------------------------------------------------- Unit value $ 9.02 $ 8.74 $ 5.64 --------------------------------------------------------------------------------------------------------------------- Separate Account 49 number of units outstanding (000's) 306 98 14 ---------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information A-4 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix II: 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/Money Market or the guaranteed interest option), no additional contributions, no transfers, no withdrawals and no loans under a Rollover TSA contract, the enhanced death benefit for an owner age 45 would be calculated as follows:
------------------------------------------------------------------------------------------------------------------- End of 6% Roll-Up to age 85 5% Roll-Up to age 85 Annual Ratchet to age 85 contract year Account value benefit base death benefit base death benefit base ------------------------------------------------------------------------------------------------------------------- 1 $104,000 $ 106,000(4) $ 105,000(6) $ 104,000(1) ------------------------------------------------------------------------------------------------------------------- 2 $114,400 $ 112,360(3) $ 110,250(5) $ 114,400(1) ------------------------------------------------------------------------------------------------------------------- 3 $128,128 $ 119,102(3) $ 115,763(5) $ 128,128(1) ------------------------------------------------------------------------------------------------------------------- 4 $102,502 $ 126,248(3) $ 121,551(5) $ 128,128(2) ------------------------------------------------------------------------------------------------------------------- 5 $112,753 $ 133,823(4) $ 127,628(5) $ 128,128(2) ------------------------------------------------------------------------------------------------------------------- 6 $126,283 $ 141,852(4) $ 134,010(6) $ 128,128(2) ------------------------------------------------------------------------------------------------------------------- 7 $126,283 $ 150,363(4) $ 140,710(6) $ 128,128(2) -------------------------------------------------------------------------------------------------------------------
The account values for contract years 1 through 7 are based on hypothetical rates of return of 4.00%, 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 Annual Ratchet to age 85 enhanced death benefit is equal to the current account value. (2) At the end of contract years 4 through 7, the death benefit is equal to the Annual Ratchet to age 85 enhanced death benefit at the end of the prior year since it is higher than the current account value. GREATER OF 6% ROLL-UP TO AGE 85 OR 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. (3) At the end of contract years 2 through 4, the enhanced death benefit will be based on the Annual Ratchet to age 85. (4) At the end of contract years 1 and 5 through 7, the enhanced death benefit will be based on the 6% Roll-Up to age 85. GREATER OF 5% ROLL-UP TO AGE 85 OR 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 5% Roll-Up to age 85 or the Annual Ratchet to age 85. (5) At the end of contract years 2 through 5, the enhanced death benefit will be based on the Annual Ratchet to age 85. (6) At the end of contract years 1, 6 and 7, the enhanced death benefit will be based on the 5% Roll-Up to age 85. B-1 Appendix II: Enhanced death benefit example To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix III: 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 5% Roll-Up to age 85 or the Annual Ratchet to age 85" enhanced death benefit, the Earnings enhancement benefit and the Guaranteed minimum income benefit, including the conversion to the Guaranteed withdrawal benefit for life at age 85, under certain hypothetical circumstances for an Accumulator(R) Select(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 (2.80)% and 3.20% for the Accumulator(R) Select(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 enhanced death benefit, the Earnings enhancement benefit, the Guaranteed minimum income benefit and Guaranteed withdrawal benefit for life features, as well as the annual administrative charge. If the net annual rates of return did reflect these charges, the net annual rates of return shown would be lower; however, the values shown in the following tables reflect the following contract charges: the "Greater of 5% Roll-Up to age 85 or Annual Ratchet to age 85" enhanced death benefit charge, the Earnings enhancement benefit charge, the Guaranteed minimum income benefit charge and any applicable administrative charge. The values shown under "Lifetime annual guaranteed minimum income benefit" for ages 85 and under reflect the lifetime income that would be guaranteed if the Guaranteed minimum income benefit is selected at that contract date 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. The values shown under "GWBL Benefit Base" reflect the amount used in calculating the amount payable under the Guaranteed withdrawal benefit for life, and the values shown under "Guaranteed Annual Withdrawal Amount" reflect the amount that an owner would be able to withdraw each year for life based on that benefit base, if the owner began taking withdrawals in that contract year. An "N/A" in these columns indicates that the benefit is not exercisable in that year. A "0" under any of the death benefit, "GWBL benefit" and/or "Guaranteed Annual Withdrawal Amount" columns, for ages 85 and above, indicates that the contract has terminated due to insufficient account value. As the Guaranteed Annual Withdrawal Amount in those years is $0, the owner would receive no further 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 0.52%, (2) an assumed average asset charge for all other expenses of the underlying portfolios equivalent to an effective annual rate of 0.33% 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 account value 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. Please note that in certain states, we apply annuity purchase factors that are not based on the sex of the annuitant. Upon request, we will furnish you with a personalized illustration. Appendix III: Hypothetical illustrations C-1 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Variable deferred annuity Accumulator(R) Select(SM) $100,000 Single contribution and no withdrawals Male, issue age 60 Benefits: Greater of 5% Roll-Up to age 85 or Annual Ratchet to age 85 Guaranteed minimum death benefit Earnings enhancement benefit Guaranteed minimum income benefit, including the conversion to the Guaranteed withdrawal benefit for life at age 85 Greater of 5% Roll-Up to age 85 or the Annual Ratchet to age 85 Guaranteed Minimum Death Benefit ------------------- Account Value Cash Value Contract ------------------- ------------------- Age Year 0% 6% 0% 6% 0% 6% ----- --------- --------- --------- --------- --------- --------- --------- 60 1 100,000 100,000 100,000 100,000 100,000 100,000 61 2 95,076 101,055 95,076 101,055 105,000 105,000 62 3 90,217 102,050 90,217 102,050 110,250 110,250 63 4 85,416 102,980 85,416 102,980 115,763 115,763 64 5 80,669 103,838 80,669 103,838 121,551 121,551 65 6 75,966 104,617 75,966 104,617 127,628 127,628 66 7 71,303 105,309 71,303 105,309 134,010 134,010 67 8 66,673 105,908 66,673 105,908 140,710 140,710 68 9 62,068 106,403 62,068 106,403 147,746 147,746 69 10 57,482 106,788 57,482 106,788 155,133 155,133 74 15 34,506 106,685 34,506 106,685 197,993 197,993 79 20 10,881 102,104 10,881 102,104 252,695 252,695 84 25 0 91,140 0 91,140 0 322,510 85 26 0 87,971 0 87,971 0 338,635 Lifetime Annual Guaranteed Minimum Income Benefit ------------------------------------ Total Death Benefit with the Earnings Guaranteed Hypothetical enhancement benefit Income Income ------------------- ----------------- ------------------ Age 0% 6% 0% 6% 0% 6% ----- --------- --------- -------- -------- -------- --------- 60 100,000 100,000 N/A N/A N/A N/A 61 107,000 107,000 N/A N/A N/A N/A 62 114,350 114,350 N/A N/A N/A N/A 63 122,068 122,068 N/A N/A N/A N/A 64 130,171 130,171 N/A N/A N/A N/A 65 138,679 138,679 N/A N/A N/A N/A 66 147,613 147,613 N/A N/A N/A N/A 67 156,994 156,994 N/A N/A N/A N/A 68 166,844 166,844 N/A N/A N/A N/A 69 177,186 177,186 N/A N/A N/A N/A 74 237,190 237,190 10,791 10,791 10,791 10,791 79 313,773 313,773 15,667 15,667 15,667 15,667 84 0 388,642 0 24,317 0 24,317 85 0 404,767 0 26,718 0 26,718 After conversion of the Guaranteed minimum income benefit to the Guaranteed withdrawal benefit for life at age 85
Greater of 5% Roll-Up to age 85 or the Total Death Annual Benefit Ratchet to age with the Guaranteed 85 Guaranteed Earnings Annual Minimum Death enhancement GWBL Benefit Withdrawal Account Value Cash Value Benefit benefit Base Amount Contract ------------- ------------- -------------- -------------- -------------- ------------ Age Year 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% ------ --------- ---- -------- ---- -------- ---- --------- ---- --------- ---- --------- ---- ------- 85 26 0 87,971 0 87,971 0 338,635 0 404,767 0 338,635 0 16,932 89 30 0 73,513 0 73,513 0 338,635 0 404,767 0 338,635 0 16,932 94 35 0 53,231 0 53,231 0 338,635 0 404,767 0 338,635 0 16,932 95 36 0 48,854 0 48,854 0 338,635 0 404,767 0 338,635 0 16,932
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. C-2 Appendix III: Hypothetical illustrations To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix IV: Earnings enhancement benefit example -------------------------------------------------------------------------------- The following illustrates the calculation of a death benefit that includes Earnings enhancement benefit for an owner age 45. The example assumes a contribution of $100,000 and no additional contributions. Where noted, a single withdrawal in the amount shown is also assumed. The calculation is as follows: No Withdrawal $3,000 withdrawal $6,000 withdrawal --------------------------------------------------------------------------------------------------------------------------- A Initial contribution 100,000 100,000 100,000 --------------------------------------------------------------------------------------------------------------------------- B Death benefit: prior to withdrawal.* 104,000 104,000 104,000 --------------------------------------------------------------------------------------------------------------------------- Earnings enhancement benefit earnings: death C benefit less net contributions (prior to the withdrawal in 4,000 4,000 4,000 D). B minus A. --------------------------------------------------------------------------------------------------------------------------- D Withdrawal 0 3,000 6,000 --------------------------------------------------------------------------------------------------------------------------- Excess of the withdrawal over the Earnings E enhancement benefit earnings 0 0 2,000 greater of D minus C or zero --------------------------------------------------------------------------------------------------------------------------- Net contributions (adjusted for the withdrawal in D) F A minus E 100,000 100,000 98,000 --------------------------------------------------------------------------------------------------------------------------- Death benefit (adjusted for the withdrawal in D) G B minus D 104,000 101,000** 98,000** --------------------------------------------------------------------------------------------------------------------------- Death benefit less net contributions H G minus F 4,000 1,000 0 --------------------------------------------------------------------------------------------------------------------------- I Earnings enhancement benefit factor 40% 40% 40% --------------------------------------------------------------------------------------------------------------------------- Earnings enhancement benefit J H times I 1,600 400 0 --------------------------------------------------------------------------------------------------------------------------- Death benefit: including Earnings enhancement benefit K G plus J 105,600 101,400 98,000 ---------------------------------------------------------------------------------------------------------------------------
* The death benefit is the greater of the account value or any applicable eath benefit. ** Assumes no earnings on the contract; otherwise the withdrawal would reduce the standard death benefit on a pro-rata basis, not dollar-for-dollar as shown. Appendix IV: Earnings enhancement benefit example D-1 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix V: State contract availability and/or variations of certain features and benefits -------------------------------------------------------------------------------- The following information is a summary of the states where the Accumulator(R) Select(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 ACCUMULATOR(R) SELECT(SM) FEATURES AND/OR BENEFITS ARE NOT AVAILABLE OR VARY:
------------------------------------------------------------------------------------------------------------------------------------ State Features and Benefits Availability or Variation ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA See "Contract features and benefits"--"Your right to can- If you reside in the state of California and you cel within a certain number of days" 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, if available), 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 the Principal guarantee benefit is elected, the investment allocation during the 30 day free look period is limited to the guaranteed interest option. If you allocate any portion of your initial contribution to the variable investment options (other than the EQ/Money Market option), your refund will be equal to your account value on the date we receive your request to cancel at our processing office. ------------------------------------------------------------------------------------------------------------------------------------ CONNECTICUT See "Loans under Rollover TSA Contracts" in "Accessing The method for determining the TSA loan rate is your money" based on Moody's Corporate Bond Yield Average. The rate change increment cannot be less than 1/2 of 1% per year. ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS See "Selecting an annuity payout option" under "Your The following sentence replaces the first sentence annuity payout options" in "Accessing your money" of the second paragraph in this section: You can choose the date annuity payments begin but it may not be earlier than twelve months from the Accumulator(R) Select(SM) contract date. ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS Annual administrative charge The annual administrative charge will not be deducted from amounts allocated to the Guaranteed interest option. See "Appendix III: Hypothetical Illustrations" For contracts purchased after January 11, 2009, the annuity purchase factors are applied on a unisex basis in determining the amount payable upon the exercise of the Guaranteed minimum income benefit.
E-1 Appendix V: State contract availability and/or variations of certain features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------------------------------------------------ State Features and Benefits Availability or Variation ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK Earnings enhancement benefit Not Available See "How you can purchase and contribute to your For NQ, Rollover IRA, Roth Conversion IRA, contract" in "Contract features and benefits" Rollover TSA and Flexible Premium Roth Conversion IRA contracts, no additional contributions are permitted after the attainment of the age listed below based upon the issue age, or, if later, the first contract date anniversary, as follows: Issue Age Maximum Contribution age ----------- ------------------------- 0-83 84 84 85 85 86 See "Guaranteed minimum death benefit and Guaranteed The 5% Roll-Up to age 85 Guaranteed minimum income minimum income benefit base" in "Contract features and benefit base is capped at 250% of total benefits" contributions under the contract. If there is a Roll-Up benefit base reset, the cap becomes 250% of the highest reset amount plus 250% of any subsequent contributions made after the reset. Withdrawals do not lower the cap. See "Guaranteed minimum death benefit" in "Contract The "Greater of 5% Roll-Up to age 85 or Annual features and benefits" Ratchet to age 85" enhanced death benefit is not available. All references to this benefit should be deleted in their entirety. See "Effect of Excess withdrawals" under "Guaranteed If you make an Excess withdrawal, we will withdrawal benefit for life ("GWBL")" in "Contract features recalculate your GWBL benefit base and the and benefits" Guaranteed annual withdrawal amount, as follows: o The GWBL benefit base will be reduced pro rata by the entire amount of the Excess withdrawal. o The Guaranteed annual withdrawal amount will be recalculated to equal the Applicable percentage multiplied by the reduced GWBL benefit base. See "The amount applied to purchase an annuity payout For fixed annuity period certain payout options option" in "Accessing your money" only, the amount applied to the annuity benefit is the greater of the cash value or 95% of the account value.
Appendix V: State contract availability and/or variations of certain features and benefits E-2 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------------------------------------------------ State Features and Benefits Availability or Variation ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK See "How withdrawals affect your Guaranteed minimum If you elect both (1) the Guaranteed minimum income ) (CONTINUED) income benefit, Guaranteed minimum death benefit and benefit and (2) the Annual Ratchet to age 85 enhanced Principal guarantee benefits" in "Accessing your money" death benefit, withdrawals will reduce each of the benefits' benefit bases on a dollar-for-dollar basis, as long as the sum of withdrawals in a contract year is no more than 5% of the 5% Roll-Up to age 85 benefit base. Once a withdrawal is taken that causes the sum of withdrawals in a contract year to exceed 5% of the 5% Roll-Up to age 85 benefit base on the most recent contract date anniversary, that entire withdrawal (including any required minimum distributions) and any subsequent withdrawals in that same contract year will reduce the benefit bases on a pro rata basis. In all contract years beginning after your 85th birthday, or earlier if you drop the Guaranteed minimum income benefit after issue, the Annual Ratchet to age 85 Guaranteed minimum death benefit base will be reduced on a pro rata basis by any withdrawals. If you elect (1) the Guaranteed minimum income benefit and (2) the Standard death benefit, withdrawals will reduce the 5% Roll-Up to age 85 benefit base and the Annual Ratchet to age 85 benefit base on a dollar-for-dollar basis, as long as the sum of withdrawals in a contract year is no more than 5% of the 5% Roll-Up to age 85 benefit base. Once a withdrawal is taken that causes the sum of withdrawals in a contract year to exceed 5% of the 5% Roll-Up to age 85 benefit base on the most recent contract date anniversary, that entire withdrawal (including any required minimum distributions) and any subsequent withdrawals in that same contract year will reduce the 5% Roll-Up to age 85 benefit base and the Annual Ratchet to age 85 benefit base on a pro rata basis. The Standard death benefit base will be reduced on a pro rata basis by any withdrawals, regardless of amount. If you elect the Annual Ratchet to age 85 enhanced death benefit without the Guaranteed minimum income benefit, withdrawals will reduce the Annual Ratchet to age 85 enhanced death benefit base on a pro rata basis. If you add the Guaranteed minimum income benefit to your contract after issue, withdrawals (including any applicable withdrawal charges) will reduce the Annual Ratchet to age 85 enhanced death benefit base on a dollar-for-dollar basis. If the Guaranteed minimum income benefit converts to the Guaranteed withdrawal benefit for life at age 85, the Standard death benefit base or Annual Ratchet to age 85 benefit base will be reduced on a pro rata basis by any subsequent withdrawals.
E-3 Appendix V: State contract availability and/or variations of certain features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------------------------------------------------ State Features and Benefits Availability or Variation ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK See "Annuity maturity date" in "Accessing your money" Your contract has a maturity date by which you (CONTINUED) must either take a lump sum withdrawal or select an annuity payout option. The maturity date by which you must take a lump sum withdrawal or select an annuity payout option is the contract date anniversary that follows the annuitant's birthday, as follows: Maximum Issue Age Annuitization age ----------- --------------------- 0-80 90 81 91 82 92 83 93 84 94 85 95 See "Charges and expenses" Deductions of charges from the guaranteed interest option are not permitted. See "Annual Ratchet to age 85" in "Charges and expenses" The charge is equal to 0.30% of the Annual Ratchet to age 85 benefit base. See "Transfers of ownership, collateral assignments, loans Collateral assignments are not limited to the period prior to the first contract date anniversary. You may assign all or a portion of the value of your NQ contract at any time, pursu- ant to the terms described in this Prospectus. ------------------------------------------------------------------------------------------------------------------------------------ NORTH CAROLINA See "Loans under Rollover TSA contracts" in "Accessing The frequency of TSA loan interest rate setting is your money" once every 12 months but not more than once in any three-month period. The rate change increment cannot be less than 1/2 of 1% per year. Rates set by an employer can be used for ERISA plans. ------------------------------------------------------------------------------------------------------------------------------------ OREGON See "We require that the following types of communica- The following is added: tions be on specific forms for that purpose:" in "Who is AXA Equitable?" (24) requests for required minimum distributions, other than pursuant to our automatic RMD service. QP contracts Not Available Automatic investment program Not Available See "How you can purchase and contribute to your con- Additional contributions are limited to the first tract" in "Contract features and benefits" year after the contract issue date only. See "Dollar cost averaging" under "Allocating your contri- You can make subsequent contributions to the butions" in "Contract features and benefits" special money market dollar cost averaging program during the first contract year. If you elect a 3 or 6 month program, you may start a new program at its expiration, provided all contributions are made during the first contract year.
Appendix V: State contract availability and/or variations of certain features and benefits E-4 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------------------------------------------------ State Features and Benefits Availability or Variation ------------------------------------------------------------------------------------------------------------------------------------ OREGON See "Lifetime required minimum distribution withdrawals" The following replaces the third paragraph: (CONTINUED) under "Withdrawing your account value" in "Accessing your money" We generally will not impose a withdrawal charge on minimum distribution withdrawals even if you are not enrolled in our automatic RMD service, except if, when added to a lump sum withdrawal previously taken in the same contract year, the minimum distribution withdrawals exceed the 10% free withdrawal amount. In order to avoid a withdrawal charge in connection with minimum distribution withdrawals outside of our automatic RMD service, you must notify us using our request form. Such minimum distribution with- drawals must be based solely on your contract's account value. See "Selecting an annuity payout option" under "Your You can choose the date annuity payments begin, annuity payout options" in "Accessing your money" but it may not be earlier than nine years from the Accumulator(R) Plus(SM) contract issue date. No withdrawal charge is imposed if you select a non-life contingent period certain payout annuity. If the payout annuity benefit is based on the age or sex of the owner and/or annuitant, and that information is later found not to be correct, we will adjust the payout annuity benefit on the basis of the correct age or sex. We will adjust the number or amount of payout annuity benefit payments, or any amount of the payout annuity benefit payments, or any amount used to provide the payout annuity benefit, or any combination of these approaches. If we have overpaid you, we will charge that overpayment against future payments, while if we have underpaid you, we will add additional amounts to future payments. Our liability will be limited to the correct information and the actual amounts used to provide the benefits. See "Disability, terminal illness, or confinement to Items (i) and (iii) under this section are deleted nursing home" under "Withdrawal charge" in "Charges and in their entirety. expenses" ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA Contributions Your contract refers to contributions as premiums. Cancelling the Guaranteed minimum income benefit You may cancel the Guaranteed minimum income benefit within 10 days of it being added to your contract, if you add the benefit to your contract after issue. This is distinct from your right to drop the Guaranteed minimum income benefit after issue, and is not subject to the restrictions that govern that right. We will not deduct any charge for the Guaran- teed minimum income benefit, or alter other charges, such as reducing the Guaranteed minimum death benefit charge, that are tied to the Guaranteed minimum income benefit being part of your contract. Required disclosure for Pennsylvania customers Any person who knowingly and with intent to defraud any insurance company or other person files an application for insurance or statement of claim containing any materially false information or conceals for the purpose of misleading, information concerning any fact material thereto commits a fraudulent insurance act, which is a crime and subjects such person to criminal and civil penalties.
E-5 Appendix V: State contract availability and/or variations of certain features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------------------------------------------------ State Features and Benefits Availability or Variation ------------------------------------------------------------------------------------------------------------------------------------ PUERTO RICO Beneficiary continuation option (IRA) Not Available IRA and Roth IRA Available for direct rollovers from U.S. source 401(a) plans and direct transfers from the same type of U.S. source IRAs. See "Lifetime required minimum distribution withdrawals" This option is not available with QPDC contracts. in "Accessing your money" Tax Information -- Special rules for NQ contracts 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 resi- dents 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 per- sonal situation and the timing of the different tax liabilities, you may not be able to take full advantage of this credit. ------------------------------------------------------------------------------------------------------------------------------------ TEXAS See "Annual administrative charge" in "Charges and The annual administrative charge will not be expenses" deducted from amounts allocated to the Guaranteed interest option. See "How you can purchase and contribute to your con- The $2,500,000 limitation on aggregate tract" in "Contract features and benefits" contributions under all AXA Equitable annuity accumulation contracts with the same owner or annuitant does not apply. ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON Guaranteed interest option Not Available Investment simplifier -- Fixed-dollar option Not Available and Interest sweep option Income Manager(R) payout option Not Available Earnings enhancement benefit Not Available "Greater of 5% Roll-Up to age 85 or Annual Ratchet to All references to this feature are deleted in age 85 enhanced death benefit" their entirety. You have the choice of the following guaranteed minimum death benefits: the Annual Ratchet to age 85 or the Standard death benefit. See "How withdrawals affect your Guaranteed minimum The first sentence of the third paragraph is income benefit, Guaranteed minimum death benefit and replaced with the following: Principal guarantee benefits" in "Accessing your money" With respect to the Guaranteed minimum income benefit, withdrawals (including any applicable withdrawal charges) will reduce the 5% Roll-Up to age 85 benefit base on a dollar-for-dollar basis, as long as the sum of the withdrawals in a contract year is 5% or less of the 5% Roll-Up benefit base on the contract issue date or the most recent contract date anniversary, if later. See "Guaranteed minimum death benefit" in You have a choice of the standard death benefit or "Contract features and benefits" the Annual Ratchet to age 85 enhanced death benefit. The Standard death benefit and the Annual Ratchet to age 85 enhanced death benefit may be combined with the Guaranteed minimum income benefit. The Greater of 4% Roll-Up to age 85 enhanced death benefit may only be purchased in combination with the Guaranteed minimum income benefit.
Appendix V: State contract availability and/or variations of certain features and benefits E-6 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------------------------------------------------ State Features and Benefits Availability or Variation ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON See "Annual administrative charge" in "Charges and The second paragraph of this section is replaced (CONTINUED) expenses" with the following: The annual administrative charge will be deducted from the value in the variable investment options on a pro rata basis. If those amounts are insufficient, we will deduct all or a portion of the charge from the account for special money market dollar cost averaging. If the contract is surrendered or annuitized or a death benefit is paid on a date other than a contract date anniversary, we will deduct a pro rata por- tion of that charge for the year. See "10% free withdrawal amount" under "Withdrawal The 10% free withdrawal amount applies to full charge" in "Charges and expenses" surrenders. See "Withdrawal charge" in "Charges and expenses" under The owner (or older joint owner, if applicable) "Disability, terminal illness, or confinement to nursing has qualified to receive Social Security home" disability benefits as certified by the Social Security Administration or a statement from an independent U.S. licensed physician stating that the owner (or older joint owner, if applicable) meets the definition of total disability for at least 6 continuous months prior to the notice of claim. Such disability must be re-certified every 12 months. ------------------------------------------------------------------------------------------------------------------------------------
E-7 Appendix V: State contract availability and/or variations of certain features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix VI: Contract variations -------------------------------------------------------------------------------- You should note that your contract's options, features and charges may vary from what is described in this Prospectus depending on the approximate date on which you purchased your contract. You may not change your contract or its features after issue. This Appendix reflects contract variations that differ from what is described in this Prospectus but may have been in effect at the time your contract was issued. If you purchased your contract during the "Approximate Time Period" below, the noted variation may apply to you. In addition, options and/or features may vary among states in light of applicable regulations or state approvals. Any such state variations are generally not included here but instead included in Appendix V earlier in this section. For more information about state variations applicable to you, as well as particular features, charges and options available under your contract based upon when you purchased it, please contact your financial professional and/or refer to your contract.
------------------------------------------------------------------------------------------------------------------------------------ Approximate Time Period Feature/Benefit Variation ------------------------------------------------------------------------------------------------------------------------------------ November 2008 - February 2009 5% Roll-Up to age 85 benefit base There is no 5% Roll-Up to age 85 benefit base under these contracts. Instead, there is a 6% Roll-Up to age 85 benefit base. This benefit base is used for the Greater of 6% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit AND for the Guaranteed minimum income benefit. The effective annual roll-up rate credited to the benefit base is: o 6% with respect to the variable investment options (other than EQ/Money Market) and the account for special money market dollar cost averaging; the effective annual rate may be 4% in some states. See Appendix V earlier in this prospectus to see what applies in your state; o 3% with respect to the EQ/Money Market, the guaranteed interest option and the loan reserve account under Rollover TSA (if applicable). Greater of 6% to age 85 or Annual Ratchet The fee for this benefit was 0.80%. to age 85 Guaranteed minimum death benefit (only available if you also elect the Guaranteed minimum income benefit) Guaranteed minimum income benefit The fee for this benefit was 0.80% Guaranteed withdrawal benefit for life The fee for this benefit was 0.80%. (upon conversion of the Guaranteed minimum income benefit) If this benefit is in effect, the variable investment options available to you include the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio, in addition to the AXA Allocation Portfolios. Principal guarantee benefit If the 100% Principal guarantee benefit is in effect, the variable investment options available to you include the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio, in addition to the AXA Allocation Portfolios. ------------------------------------------------------------------------------------------------------------------------------------
Appendix VI: Contract variations F-1 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------------------------------------------------ Variable investment options All variable investment options listed in this Prospectus are available under your contract. ------------------------------------------------------------------------------------------------------------------------------------ February 2009 - present Variable investment options Only the variable investment options marked with a "+" on the front cover of this Prospectus are available under your contract. ------------------------------------------------------------------------------------------------------------------------------------
F-2 Appendix VI: Contract variations To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Statement of additional information -------------------------------------------------------------------------------- TABLE OF CONTENTS Page Who is AXA Equitable? 2 Unit Values 2 Calculation of Annuity Payments 2 Custodian and Independent Registered Public Accounting Firm 3 Distribution of the Contracts 3 Financial Statements 3 How to obtain an Accumulator(R) Select(SM) Statement of Additional Information for Separate Account No. 49 Send this request form to: Accumulator(R) Select(SM) P.O. Box 1547 Secaucus, NJ 07096-1547 -------------------------------------------------------------------------------- Please send me an Accumulator(R) Select(SM) SAI for Separate Account No. 49 dated May 1, 2009. -------------------------------------------------------------------------------- Name: -------------------------------------------------------------------------------- Address: -------------------------------------------------------------------------------- City State Zip x02409/Select '02/'04, '07/'07.5, 8.0/8.2 and 9.0 Series AXA Equitable Life Insurance Company SUPPLEMENT DATED MAY 1, 2009 TO THE CURRENT PROSPECTUSES FOR: ACCUMULATOR(R) ACCUMULATOR(R) ELITE(SM) ACCUMULATOR(R) PLUS(SM) ACCUMULATOR(R) SELECT(SM) -------------------------------------------------------------------------------- For delivery to Smith Barney customers This supplement modifies certain information in the above-referenced Prospectuses, Supplements to Prospectuses and Statements of Additional Information ("SAIs"), (together, the "Prospectuses"). 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 Prospectuses. You should keep this supplement with your Prospectuses. Please note the following information: ELECTRONIC APPLICATIONS AND INITIAL CONTRIBUTIONS Your Accumulator(R) Series contract date will generally be the business day Smith Barney receives your initial contribution and all information needed to process your application, along with any required documents, and transmits your order to us in accordance with our processing procedures. We may reject your application and return your contribution or issue your contract on a later date if any of the limitations described below apply. SUBSEQUENT CONTRIBUTIONS Any additional contributions you may make will generally be applied to your contract on the business day Smith Barney receives the additional contribution from you and transmits your order to us in accordance with our processing procedures. We may reject your order and return your additional contribution or credit your additional contribution to your contract at a later date if any of the limitations described below apply. LIMITATIONS We consider Smith Barney to be a "processing office" for the purpose of receiving applications and contributions as described above. The procedures described above are not available for Section 1035 exchanges or other replacement transactions; other types of transactions may also be excluded. You must provide all information and documents we require with respect to your initial or additional contribution. The amount of the initial or additional contribution you are making must be permitted under your contract. Your application and contribution must be made in accordance with all the other terms and conditions described in our Prospectus. After receiving your contribution, together with all required information and documents, from you, Smith Barney must deliver them to us in accordance with our processing arrangements with Smith Barney. Smith Barney may establish a "closing time" for receipt of applications and contribution requests under the above arrangement that is earlier than the end of the business day. Any such earlier closing time may be established without prior notice to you. Also, while we are generally open on the same business days as Smith Barney, a business day for the purposes of this supplement will be our business day. We or Smith Barney may change or discontinue these arrangements at any time without prior notice. If you change Smith Barney as your broker-dealer of record on your contract, the above procedures will no longer apply, although we may have similar arrangements with your new broker-dealer. You may always make subsequent contributions under your contract by any other method described in the Accumulator(R) Series Prospectus for your contract, as supplemented from time to time. All applications and contributions are subject to acceptance. These arrangements may not be available in every state. YOUR RIGHT TO CANCEL WITHIN A CERTAIN NUMBER OF DAYS 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. This is also referred to as the "free look" period. At the time of application, you will instruct your Smith Barney financial professional as to how your initial contribution and any subsequent contributions should be treated for the purpose of maintaining your free look right under the contract. o You may choose to immediately allocate your contributions to one or more of the variable investment options. In the event you choose to exercise your free look right under the contract, you will receive a refund as described in the Prospectus. o You may also choose "return of contribution" free look treatment of your contract. If chosen, we will allocate your entire contribution and any SOLSB05-04 (5/09) x02404 Acc. '06/'06.5, '07/'07.5, 8.0/8.2 and 9.0 CAT NO. 133518 (5/09) subsequent contributions made during the 40 day period following the Contract Date, to the EQ/Money Market investment option. In the event you choose to exercise your free look right under the contract, you will receive a refund equal to your contributions. If you choose the "return of contribution" free look treatment and your contract is still in effect on the 40th day (or next Business Day) following the Contract Date, we will automatically reallocate your account value to the investment options chosen on your application. Any transfers made prior to the expiration of the 30 day free look will terminate your right to "return of contribution" treatment in the event you choose to exercise your free look right under the contract. Any transfer made prior to the 40th day following the Contract Date will cancel the automatic reallocation on the 40th day (or next Business Day) following the Contract Date described above. If you do not want AXA Equitable to perform this scheduled one-time reallocation, you must call one of our customer service representatives at 1 (800) 789-7771 before the 40th day following the Contract Date to cancel. LIMITATIONS ON CONTRIBUTIONS Smith Barney may limit contributions, so that the sum of all contributions under any Accumulator(R) contract issued on or after November 17, 2008 is less than $350,000. This limitation does not apply to Accumulator(R) Plus(SM), Accumulator(R) Select(SM) or Accumulator(R) Elite(SM) contracts. Accumulator(R) is issued by and is a registered service mark of AXA Equitable Life Insurance Company (AXA Equitable). Accumulator(R) Plus(SM), Accumulator(R) Select(SM) and Accumulator(R) Elite(SM) are servicemarks of AXA Equitable. Co-distributed by affiliates AXA Advisors, LLC and AXA Distributors, LLC. 1290 Avenue of the Americas, New York, NY 10104. Copyright 2009 AXA Equitable Life Insurance Company. All rights reserved. AXA Equitable Life Insurance Company 1290 Avenue of the Americas New York, NY 10104 (212) 554-1234 2 AXA Equitable Life Insurance Company SUPPLEMENT DATED MAY 1, 2009 TO THE CURRENT PROSPECTUSES FOR: ACCUMULATOR(R) ACCUMULATOR(R) ELITE(SM) ACCUMULATOR(R) PLUS(SM) ACCUMULATOR(R) SELECT(SM) -------------------------------------------------------------------------------- For delivery to PCA/Raymond James customers This supplement modifies certain information in the above-referenced Prospectuses, Supplements to Prospectuses and Statements of Additional Information ("SAIs"), (together, the "Prospectuses"), in the State of California only. 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. You should keep this supplement with your Prospectuses. Please note the following information: YOUR RIGHT TO CANCEL WITHIN A CERTAIN NUMBER OF DAYS 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. This is also referred to as the "free look" period. At the time of application, you will instruct your PCA/Raymond James financial professional as to how your initial contribution and any subsequent contributions should be treated for the purpose of maintaining your free look right under the contract. o You may choose to immediately allocate your contributions to one or more of the variable investment options. In the event you choose to exercise your free look right under the contract, you will receive a refund as described in the Prospectus. o You may also choose "return of contribution" free look treatment of your contract. If chosen, we will allocate your entire contribution and any subsequent contributions made during the 40 day period following the Contract Date, to the EQ/Money Market investment option. In the event you choose to exercise your free look right under the contract, you will receive a refund equal to your contributions. If you choose the "return of contribution" free look treatment and your contract is still in effect on the 40th day (or next Business Day) following the Contract Date, we will automatically reallocate your account value to the investment options chosen on your application. Any transfers made prior to the expiration of the 30 day free look will terminate your right to "return of contribution" treatment in the event you choose to exercise your free look right under the contract. Any transfer made prior to the 40th day following the Contract Date will cancel the automatic reallocation on the 40th day (or next Business Day) following the Contract Date described above. If you do not want AXA Equitable to perform this scheduled one-time reallocation, you must call one of our customer service representatives at 1 (800) 789-7771 before the 40th day following the Contract Date to cancel. Accumulator(R) is issued by and is a registered service mark of AXA Equitable Life Insurance Company (AXA Equitable). Accumulator(R), Accumulator(R) Plus(SM), Accumulator(R) Select(SM), and Accumulator(R) Elite(SM) are servicemarks of AXA Equitable. Co-distributed by affiliates AXA Advisors, LLC and AXA Distributors, LLC. 1290 Avenue of the Americas, New York, NY 10104. Copyright 2009 AXA Equitable Life Insurance Company. All rights reserved. AXA Equitable Life Insurance Company 1290 Avenue of the Americas New York, NY 10104 (212) 554-1234 IM-06-01 (5/09) PCA/RAYMOND JAMES Acc. '07/07.5, 8.0/8.2 and 9.0 -- New Business Cat. no. 136087 (5/09) x02406 Accumulator(R) Select(SM) A combination variable and fixed deferred annuity contract STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 2009 AXA Equitable Life Insurance Company 1290 Avenue of the Americas New York, New York 10104 -------------------------------------------------------------------------------- This Statement of Additional Information ("SAI") is not a Prospectus. It should be read in conjunction with the related Accumulator(R) Select(SM) Prospectus, dated May 1, 2009. That Prospectus provides detailed information concerning the contracts and the variable investment options, the fixed maturity options and the guaranteed interest option, that fund the contracts. Each variable investment option is a subaccount of AXA Equitable's Separate Account No. 49. Definitions of special terms used in the SAI are found in the Prospectus. On September 7, 2004, our name was changed from "The Equitable Life Assurance Society of the United States" to "AXA Equitable Life Insurance Company." A copy of the Prospectus is available free of charge by writing the processing office (Post Office Box 1547, Secaucus, NJ 07096-1547), by calling 1-800-789-7771 toll free, or by contacting your financial professional. TABLE OF CONTENTS Who is AXA Equitable? 2 Unit Values 2 Calculation of Annuity Payments 2 Custodian and Independent Registered Public Accounting Firm 3 Distribution of the Contracts 3 Financial Statements 3 Copyright 2009. AXA Equitable Life Insurance Company All rights reserved. Accumulator(R) is a registered service mark and Select(SM) is a service mark of AXA Equitable Life Insurance Company Accumulator(R)Select(SM) '02/`04, '07/'07.5, 8.0/8.2 and 9.0 Series x02409 WHO IS AXA EQUITABLE? AXA Equitable is a wholly owned subsidiary of AXA Equitable Financial Services, LLC, a holding company, which is itself a wholly owned subsidiary of AXA Financial, Inc. ("AXA Financial"). Interests in AXA Financial are held by the immediate holding company, AXA America Holdings, Inc., and the following affiliated companies: AXA Corporate Solutions Reinsurance Company ("AXA Corporate Solutions") and AXA Belgium SA. AXA holds its interest in AXA America Holdings, Inc. and AXA Corporate Solutions, directly and indirectly through its wholly owned subsidiary holding company, Ouidinot Participations. AXA holds its interest in AXA Belgium SA, through its wholly owned subsidiary holding company, AXA Holdings Belgium SA. UNIT VALUES Unit values are determined at the end of each valuation period for each of the variable investment options. We may offer other annuity contracts and certificates which will have their own unit values for the variable investment options. They may be different from the unit values for the Accumulator(R) Select(SM). The unit value for a variable investment option for any valuation period is equal to: (i) the unit value for the preceding valuation period multiplied by (ii) the net investment factor for that option for that valuation period. A valuation period is each business day together with any preceding non-business days. The net investment factor is: a (-) - c b where: (a) is the value of the variable investment option's shares of the cor responding portfolio at the end of the valuation period. Any amounts allocated to or withdrawn from the option for the valuation period are not taken into account. For this purpose, we use the share value reported to us by the Trusts (as described in the Prospectus), as applicable. (b) is the value of the variable investment option's shares of the cor responding portfolio at the end of the preceding valuation period. (Any amounts allocated or withdrawn for that valuation period are taken into account.) (c) is the daily mortality and expense risks charge, administrative charge and distribution charge relating to the contracts, times the number of calendar days in the valuation period. These daily charges are at an effective annual rate not to exceed a total of 1.70%. Your contract charges may be less. CALCULATION OF ANNUITY PAYMENTS The calculation of monthly annuity payments under a contract takes into account the number of annuity units of each variable investment option credited under a contract, their respective annuity unit values, and a net investment factor. The annuity unit values used for Accumulator(R) Select(SM) may vary, although the method of calculating annuity unit values set forth below applies to all contracts. Annuity unit values will also vary by variable investment option. For each valuation period, the adjusted net investment factor is equal to the net investment factor for the variable investment option reduced for each day in the valuation period by: o .00013366 of the net investment factor for a contract with an assumed base rate of net investment return of 5% a year; or o .00009425 of the net investment factor for a contract with an assumed base rate of net investment return of 3-1/2%. Because of this adjustment, the annuity unit value rises and falls depending on whether the actual rate of net investment return (after charges) is higher or lower than the assumed base rate. The assumed base rate will be 5%, except in states where that rate is not permitted. Annuity payments based upon an assumed base rate of 3-1/2% will at first be smaller than those based upon a 5% assumed base rate. Payments based upon a 3-1/2% rate, however, will rise more rapidly when unit values are rising, and payments will fall more slowly when unit values are falling than those based upon a 5% rate. The amounts of variable annuity payments are determined as follows: Payments normally start on the business day specified on your election form or on such other future date as specified therein. The first three monthly payments are the same. The initial payment will be calculated using the basis guaranteed in the applicable Accumulator(R) Select(SM) contract or our current basis, whichever would provide the higher initial benefit. The first three payments depend on the assumed base rate of net investment return and the form of annuity chosen (and any fixed period). If the annuity involves a life contingency, the risk class and the age of the annuitants will affect payments. Payments after the first three will vary according to the investment performance of the variable investment option(s) selected to fund the variable payments. After that, each monthly payment will be calculated by multiplying the number of annuity units credited by the average annuity unit value for the selected fund for the second calendar month immediately preceding the due date of the payment. The number of units is calculated by dividing the first monthly payment by the annuity unit value for the valuation period which includes the due date of the first monthly payment. The average annuity unit value is the average of the annuity unit values for the valuation periods ending in that month. Illustration of calculation of annuity payments To show how we determine variable annuity payments, assume that the account value for an Accumulator(R) Select(SM) contract on a retirement date is enough to fund an annuity with a monthly payment of $100 and that the annuity unit value of the selected variable investment option for the valuation period that includes the due date of the first annuity payment is $3.74. The number of annuity units credited under the contract would be 26.74 (100 divided by 3.74 = 26.74). Based on a hypothetical average annuity unit value of $3.56 in Octo- 2 ber 2009, the annuity payment due in December 2009 would be $95.19 (the number of units (26.74) times $3.56). CUSTODIAN AND INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AXA Equitable is the custodian for the shares of the Trusts owned by Separate Account No. 49. The financial statements of each Separate Account at December 31, 2008 and for each of the two years in the period ended December 31, 2008, and the consolidated financial statements of AXA Equitable at December 31, 2008 and 2007 and for each of the three years in the period ended December 31, 2008 are included in this SAI in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. PricewaterhouseCoopers LLP provides independent audit services and certain other non-audit services to AXA Equitable as permitted by the applicable SEC independence rules, and as disclosed in AXA Equitable's Form 10-K. PricewaterhouseCoopers LLP's address is 300 Madison Avenue, New York, New York 10017. DISTRIBUTION OF THE CONTRACTS Under a distribution agreement between AXA Distributors, LLC, AXA Equitable and certain of AXA Equitable's separate accounts, including Separate Account No. 49, AXA Equitable paid AXA Distributors, LLC distribution fees of $750,235,874 in 2008, $1,007,208,067 in 2007 and $694,578,570 in 2006, as the distributor of certain contracts, including these contracts, and as the principal underwriter of several AXA Equitable separate accounts, including Separate Account No. 49. Of these amounts, for each of these three years, AXA Distributors, LLC retained $81,519,894, $95,562,846 and $88,941,713, respectively. Pursuant to a Distribution and Servicing Agreement between AXA Advisors, AXA Equitable and certain of AXA Equitable's separate accounts, including Separate Account No. 49, AXA Equitable paid AXA Advisors a fee of $325,380 for each of the years 2008, 2007 and 2006. AXA Equitable paid AXA Advisors, as the distributors of certain contracts, including these contracts, and as the principal underwriter of several AXA Equitable separate accounts, including Separate Account No. 49, $677,871,467 in 2008, $731,920,627 in 2007 and $672,531,658 in 2006. Of these amounts, AXA Advisors retained $356,304,358, $386,036,299 and $339,484,801, respectively. FINANCIAL STATEMENTS The consolidated financial statements of AXA Equitable included herein should be considered only as bearing upon the ability of AXA Equitable to meet its obligations under the contracts. The financial statements of Separate Account No. 49 list variable investment options not currently available under this contract. 3 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 INDEX TO FINANCIAL STATEMENTS Report of Independent Registered Public Accounting Firm................. FSA-2 Financial Statements: Statements of Assets and Liabilities, December 31, 2008.............. FSA-3 Statements of Operations for the Year Ended December 31, 2008........ FSA-35 Statements of Changes in Net Assets for the Years Ended December 31, 2008 and 2007......................................... FSA-48 Notes to Financial Statements........................................ FSA-74 AXA EQUITABLE LIFE INSURANCE COMPANY INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Report of Independent Registered Public Accounting Firm................. F-1 Consolidated Financial Statements: Consolidated Balance Sheets, December 31, 2008 and 2007.............. F-2 Consolidated Statements of Earnings, Years Ended December 31, 2008, 2007 and 2006...................................................... F-3 Consolidated Statements of Shareholder's Equity and Comprehensive Income, Years Ended December 31, 2008, 2007 and 2006............... F-4 Consolidated Statements of Cash Flows, Years Ended December 31, 2008, 2007 and 2006................................... F-5 Notes to Consolidated Financial Statements........................... F-7 FSA-1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors of AXA Equitable Life Insurance Company and Contractowners of Separate Account No. 49 of AXA Equitable Life Insurance Company: In our opinion, the accompanying statements of assets and liabilities and the related statements of operations and of changes in net assets present fairly, in all material respects, the financial position of each of the separate Variable Investment Options, as listed in Note 1 to such financial statements, of AXA Equitable Life Insurance Company ("AXA Equitable") Separate Account No. 49 at December 31, 2008, the results of each of their operations and the changes in each of their net assets for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of AXA Equitable's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of investments at December 31, 2008 by correspondence with the underlying funds' transfer agents, provide a reasonable basis for our opinion. PricewaterhouseCoopers LLP New York, New York April 9, 2009 FSA-2 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 2008
AXA Aggressive AXA Conservative AXA Conservative-Plus Allocation Allocation Allocation --------------- ---------------- --------------------- Assets: Investment in shares of The Trusts, at fair value........... $2,198,631,703 $1,340,768,352 $1,241,918,705 Receivable for The Trusts shares sold....................... -- 2,744,531 -- Receivable for policy-related transactions.................. 2,024,597 -- 1,357,385 -------------- -------------- -------------- Total assets.............................................. 2,200,656,300 1,343,512,883 1,243,276,090 -------------- -------------- -------------- Liabilities: Payable for The Trusts shares purchased..................... 2,024,597 -- 1,357,385 Payable for policy-related transactions..................... -- 2,744,531 -- -------------- -------------- -------------- Total liabilities......................................... 2,024,597 2,744,531 1,357,385 -------------- -------------- -------------- Net Assets.................................................. $2,198,631,703 $1,340,768,352 $1,241,918,705 ============== ============== ============== Net Assets: Accumulation Units.......................................... 2,198,544,523 1,340,727,854 1,241,651,047 Retained by AXA Equitable in Separate Account No. 49........ 87,180 40,498 267,658 -------------- -------------- -------------- Total net assets............................................ $2,198,631,703 $1,340,768,352 $1,241,918,705 ============== ============== ============== Investments in shares of The Trusts, at cost................ $3,607,878,894 $1,507,814,118 $1,557,082,455 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 269,693,609 146,807,062 142,190,324 AXA Moderate AXA Moderate-Plus EQ/AllianceBernstein Allocation Allocation Common Stock --------------- ----------------- -------------------- Assets: Investment in shares of The Trusts, at fair value........... $5,362,020,192 $ 8,197,834,399 $617,645,189 Receivable for The Trusts shares sold....................... -- -- 182,224 Receivable for policy-related transactions.................. 6,480,626 6,291,147 -- -------------- --------------- ------------ Total assets.............................................. 5,368,500,818 8,204,125,546 617,827,413 -------------- --------------- ------------ Liabilities: Payable for The Trusts shares purchased..................... 6,480,626 6,291,147 -- Payable for policy-related transactions..................... -- -- 182,224 -------------- --------------- ------------ Total liabilities......................................... 6,480,626 6,291,147 182,224 -------------- --------------- ------------ Net Assets.................................................. $5,362,020,192 $ 8,197,834,399 $617,645,189 ============== =============== ============ Net Assets: Accumulation Units.......................................... 5,361,993,448 8,197,685,886 617,519,769 Retained by AXA Equitable in Separate Account No. 49........ 26,744 148,513 125,420 -------------- --------------- ------------ Total net assets............................................ $5,362,020,192 $ 8,197,834,399 $617,645,189 ============== =============== ============ Investments in shares of The Trusts, at cost................ $7,137,470,784 $12,083,819,370 $997,822,997 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 456,144,406 935,485,561 55,887,701
------- The accompanying notes are an integral part of these financial statements. FSA-3 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/AllianceBernstein Intermediate Government EQ/AllianceBernstein EQ/AllianceBernstein Securities International Small Cap Growth -------------------- -------------------- -------------------- Assets: Investment in shares of The Trusts, at fair value........ $401,670,396 $ 607,962,616 $280,421,943 Receivable for The Trusts shares sold.................... -- -- -- Receivable for policy-related transactions............... 174,429 27,197 4,928 ------------ -------------- ------------ Total assets........................................... 401,844,825 607,989,813 280,426,871 ------------ -------------- ------------ Liabilities: Payable for The Trusts shares purchased.................. 174,429 1,197 4,928 Payable for policy-related transactions.................. -- -- -- ------------ -------------- ------------ Total liabilities...................................... 174,429 1,197 4,928 ------------ -------------- ------------ Net Assets............................................... $401,670,396 $ 607,988,616 $280,421,943 ============ ============== ============ Net Assets: Accumulation Units....................................... 401,655,205 607,987,723 280,414,007 Retained by AXA Equitable in Separate Account No. 49..... 15,191 893 7,936 ------------ -------------- ------------ Total net assets......................................... $401,670,396 $ 607,988,616 $280,421,943 ============ ============== ============ Investments in shares of The Trusts, at cost............. $406,793,463 $1,192,484,652 $475,926,870 The Trusts shares held Class A................................................. -- -- -- Class B................................................. 40,722,191 91,896,563 32,011,781 EQ/Ariel EQ/AXA Rosenberg EQ/BlackRock Appreciation II Value Long/Short Equity Basic Value Equity --------------- ----------------------- ------------------ Assets: Investment in shares of The Trusts, at fair value........ $44,146,841 $146,200,558 $522,266,147 Receivable for The Trusts shares sold.................... -- 16,521 -- Receivable for policy-related transactions............... 24,247 2,479 609,020 ----------- ------------ ------------ Total assets........................................... 44,171,088 146,219,558 522,875,167 ----------- ------------ ------------ Liabilities: Payable for The Trusts shares purchased.................. 24,247 -- 609,020 Payable for policy-related transactions.................. -- -- -- ----------- ------------ ------------ Total liabilities...................................... 24,247 -- 609,020 ----------- ------------ ------------ Net Assets............................................... $44,146,841 $146,219,558 $522,266,147 =========== ============ ============ Net Assets: Accumulation Units....................................... 43,128,220 146,218,673 522,247,447 Retained by AXA Equitable in Separate Account No. 49..... 1,018,621 885 18,700 ----------- ------------ ------------ Total net assets......................................... $44,146,841 $146,219,558 $522,266,147 =========== ============ ============ Investments in shares of The Trusts, at cost............. $66,936,069 $153,998,251 $815,851,364 The Trusts shares held Class A................................................. 10,482 -- -- Class B................................................. 6,636,517 14,489,649 53,898,820
------- The accompanying notes are an integral part of these financial statements. FSA-4 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/BlackRock EQ/Boston Advisors EQ/Calvert International Value Equity Income Socially Responsible --------------------- -------------------- ---------------------- Assets: Investment in shares of The Trusts, at fair value........... $592,888,008 $157,471,117 $36,094,424 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 1,531,887 84,450 4,455 ------------ ------------ ----------- Total assets.............................................. 594,419,895 157,555,567 36,098,879 ------------ ------------ ----------- Liabilities: Payable for The Trusts shares purchased..................... 1,531,887 84,450 4,455 Payable for policy-related transactions..................... -- -- -- ------------ ------------ ----------- Total liabilities......................................... 1,531,887 84,450 4,455 ------------ ------------ ----------- Net Assets.................................................. $592,888,008 $157,471,117 $36,094,424 ============ ============ =========== Net Assets: Accumulation Units.......................................... 592,815,585 157,389,829 36,090,048 Retained by AXA Equitable in Separate Account No. 49........ 72,423 81,288 4,376 ------------ ------------ ----------- Total net assets............................................ $592,888,008 $157,471,117 $36,094,424 ============ ============ =========== Investments in shares of The Trusts, at cost................ $992,576,864 $228,866,380 $59,889,243 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 68,198,763 36,835,681 7,370,145 EQ/Capital EQ/Capital EQ/Caywood-Scholl Guardian Growth Guardian Research High Yield Bond ----------------- ------------------- ------------------- Assets: Investment in shares of The Trusts, at fair value........... $263,939,219 $ 757,792,183 $131,761,953 Receivable for The Trusts shares sold....................... 124,825 207,834 -- Receivable for policy-related transactions.................. -- -- 582,313 ------------ -------------- ------------ Total assets.............................................. 264,064,044 758,000,017 132,344,266 ------------ -------------- ------------ Liabilities: Payable for The Trusts shares purchased..................... -- -- 582,313 Payable for policy-related transactions..................... 124,825 207,834 -- ------------ -------------- ------------ Total liabilities......................................... 124,825 207,834 582,313 ------------ -------------- ------------ Net Assets.................................................. $263,939,219 $ 757,792,183 $131,761,953 ============ ============== ============ Net Assets: Accumulation Units.......................................... 263,886,281 757,786,834 131,696,077 Retained by AXA Equitable in Separate Account No. 49........ 52,938 5,349 65,876 ------------ -------------- ------------ Total net assets............................................ $263,939,219 $ 757,792,183 $131,761,953 ============ ============== ============ Investments in shares of The Trusts, at cost................ $411,234,495 $1,189,796,461 $172,393,134 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 30,044,236 93,257,083 40,707,272
------- The accompanying notes are an integral part of these financial statements. FSA-5 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Davis New York EQ/Equity EQ/Evergreen Venture 500 Index International Bond --------------- ----------------- -------------------- Assets: Investment in shares of The Trusts, at fair value........... $242,865,969 $ 912,777,058 $413,274,116 Receivable for The Trusts shares sold....................... -- 901,696 554,618 Receivable for policy-related transactions.................. 120,884 -- -- ------------ -------------- ------------ Total assets.............................................. 242,986,853 913,678,754 413,828,734 ------------ -------------- ------------ Liabilities: Payable for The Trusts shares purchased..................... 76,884 -- -- Payable for policy-related transactions..................... -- 901,696 509,618 ------------ -------------- ------------ Total liabilities......................................... 76,884 901,696 509,618 ------------ -------------- ------------ Net Assets.................................................. $242,909,969 $ 912,777,058 $413,319,116 ============ ============== ============ Net Assets: Accumulation Units.......................................... 242,909,648 912,728,885 413,318,609 Retained by AXA Equitable in Separate Account No. 49........ 321 48,173 507 ------------ -------------- ------------ Total net assets............................................ $242,909,969 $ 912,777,058 $413,319,116 ============ ============== ============ Investments in shares of The Trusts, at cost................ $373,213,612 $1,330,289,666 $472,994,978 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 36,168,162 58,208,520 43,237,231 EQ/Evergreen EQ/Franklin EQ/Franklin Omega Income Small Cap Value -------------- --------------- ---------------- Assets: Investment in shares of The Trusts, at fair value........... $129,004,382 $425,712,289 $ 74,531,038 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 94,207 144,578 280,519 ------------ ------------ ------------ Total assets.............................................. 129,098,589 425,856,867 74,811,557 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... 94,207 144,578 280,519 Payable for policy-related transactions..................... -- -- -- ------------ ------------ ------------ Total liabilities......................................... 94,207 144,578 280,519 ------------ ------------ ------------ Net Assets.................................................. $129,004,382 $425,712,289 $ 74,531,038 ============ ============ ============ Net Assets: Accumulation Units.......................................... 128,961,611 425,663,187 74,460,493 Retained by AXA Equitable in Separate Account No. 49........ 42,771 49,102 70,545 ------------ ------------ ------------ Total net assets............................................ $129,004,382 $425,712,289 $ 74,531,038 ============ ============ ============ Investments in shares of The Trusts, at cost................ $173,059,493 $660,641,947 $104,585,753 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 20,085,680 66,501,368 11,493,110
------- The accompanying notes are an integral part of these financial statements. FSA-6 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Franklin EQ/GAMCO Templeton Mergers and EQ/GAMCO Small Founding Strategy Acquisitions Company Value ------------------- -------------- ---------------- Assets: Investment in shares of The Trusts, at fair value........... $ 996,121,628 $110,956,013 $392,679,712 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 1,194,880 82,015 319,791 -------------- ------------ ------------ Total assets.............................................. 997,316,508 111,038,028 392,999,503 -------------- ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... 1,194,880 20,015 282,791 Payable for policy-related transactions..................... -- -- -- -------------- ------------ ------------ Total liabilities......................................... 1,194,880 20,015 282,791 -------------- ------------ ------------ Net Assets.................................................. $ 996,121,628 $111,018,013 $392,716,712 ============== ============ ============ Net Assets: Accumulation Units.......................................... 996,067,806 111,017,287 392,716,505 Retained by AXA Equitable in Separate Account No. 49........ 53,822 726 207 -------------- ------------ ------------ Total net assets............................................ $ 996,121,628 $111,018,013 $392,716,712 ============== ============ ============ Investments in shares of The Trusts, at cost................ $1,524,407,409 $135,140,303 $559,944,836 The Trusts shares held Class A.................................................... 10,822 3 -- Class B.................................................... 174,099,996 11,037,168 18,722,816 EQ/International EQ/International Core PLUS EQ/International ETF Growth ------------------ ---------------------- ----------------- Assets: Investment in shares of The Trusts, at fair value........... $554,322,481 $1,603,884 $168,048,135 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 32,751 -- 144,727 ------------ ---------- ------------ Total assets.............................................. 554,355,232 1,603,884 168,192,862 ------------ ---------- ------------ Liabilities: Payable for The Trusts shares purchased..................... 32,751 -- 144,727 Payable for policy-related transactions..................... -- -- -- ------------ ---------- ------------ Total liabilities......................................... 32,751 -- 144,727 ------------ ---------- ------------ Net Assets.................................................. $554,322,481 $1,603,884 $168,048,135 ============ ========== ============ Net Assets: Accumulation Units.......................................... 554,312,199 -- 168,006,702 Retained by AXA Equitable in Separate Account No. 49........ 10,282 1,603,884 41,433 ------------ ---------- ------------ Total net assets............................................ $554,322,481 $1,603,884 $168,048,135 ============ ========== ============ Investments in shares of The Trusts, at cost................ $973,213,983 $2,460,167 $264,845,756 The Trusts shares held Class A.................................................... -- 126,923 -- Class B.................................................... 81,530,345 125,863 40,055,290
------- The accompanying notes are an integral part of these financial statements. FSA-7 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/JPMorgan EQ/JPMorgan EQ/Large Cap Core Bond Value Opportunities Core PLUS ----------------- --------------------- -------------- Assets: Investment in shares of The Trusts, at fair value........... $ 913,336,047 $210,569,258 $129,360,305 Receivable for The Trusts shares sold....................... 200,694 24,924 11,311 Receivable for policy-related transactions.................. -- -- -- -------------- ------------ ------------ Total assets.............................................. 913,536,741 210,594,182 129,371,616 -------------- ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... -- -- -- Payable for policy-related transactions..................... 191,694 24,924 11,311 -------------- ------------ ------------ Total liabilities......................................... 191,694 24,924 11,311 -------------- ------------ ------------ Net Assets.................................................. $ 913,345,047 $210,569,258 $129,360,305 ============== ============ ============ Net Assets: Accumulation Units.......................................... 913,344,774 210,531,131 129,336,542 Retained by AXA Equitable in Separate Account No. 49........ 273 38,127 23,763 -------------- ------------ ------------ Total net assets............................................ $ 913,345,047 $210,569,258 $129,360,305 ============== ============ ============ Investments in shares of The Trusts, at cost................ $1,073,540,018 $370,569,015 $202,475,796 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 97,451,850 31,151,061 22,841,964 EQ/Large Cap EQ/Large Cap EQ/Large Cap Growth Index Growth PLUS Value Index -------------- -------------- -------------- Assets: Investment in shares of The Trusts, at fair value........... $245,932,260 $193,224,784 $ 76,510,005 Receivable for The Trusts shares sold....................... 78,029 -- 24,434 Receivable for policy-related transactions.................. -- 811,993 -- ------------ ------------ ------------ Total assets.............................................. 246,010,289 194,036,777 76,534,439 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... -- 811,993 -- Payable for policy-related transactions..................... 78,029 -- 24,434 ------------ ------------ ------------ Total liabilities......................................... 78,029 811,993 24,434 ------------ ------------ ------------ Net Assets.................................................. $245,932,260 $193,224,784 $ 76,510,005 ============ ============ ============ Net Assets: Accumulation Units.......................................... 245,886,982 193,192,830 75,141,233 Retained by AXA Equitable in Separate Account No. 49........ 45,278 31,954 1,368,772 ------------ ------------ ------------ Total net assets............................................ $245,932,260 $193,224,784 $ 76,510,005 ============ ============ ============ Investments in shares of The Trusts, at cost................ $319,797,615 $276,865,077 $169,626,097 The Trusts shares held Class A.................................................... -- -- 10,820 Class B.................................................... 44,153,009 17,654,996 18,062,720
------- The accompanying notes are an integral part of these financial statements. FSA-8 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Large Cap EQ/Long EQ/Lord Abbett Value PLUS Term Bond Growth and Income ----------------- --------------- ------------------- Assets: Investment in shares of The Trusts, at fair value........... $1,114,995,607 $136,541,572 $ 93,546,882 Receivable for The Trusts shares sold....................... 328,034 103,352 -- Receivable for policy-related transactions.................. -- -- 92,912 -------------- ------------ ------------ Total assets.............................................. 1,115,323,641 136,644,924 93,639,794 -------------- ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... -- -- 92,912 Payable for policy-related transactions..................... 328,034 103,352 -- -------------- ------------ ------------ Total liabilities......................................... 328,034 103,352 92,912 -------------- ------------ ------------ Net Assets.................................................. $1,114,995,607 $136,541,572 $ 93,546,882 ============== ============ ============ Net Assets: Accumulation Units.......................................... 1,114,977,172 136,536,833 93,539,904 Retained by AXA Equitable in Separate Account No. 49........ 18,435 4,739 6,978 -------------- ------------ ------------ Total net assets............................................ $1,114,995,607 $136,541,572 $ 93,546,882 ============== ============ ============ Investments in shares of The Trusts, at cost................ $2,080,253,752 $133,795,872 $144,407,579 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 144,303,879 10,060,017 12,409,529 EQ/Lord Abbett EQ/Lord Abbett EQ/Marsico Large Cap Core Mid Cap Value Focus ---------------- ---------------- --------------- Assets: Investment in shares of The Trusts, at fair value........... $ 85,244,148 $190,310,610 $1,143,654,720 Receivable for The Trusts shares sold....................... 1,119,918 24,821 8,484 Receivable for policy-related transactions.................. -- -- -- ------------ ------------ -------------- Total assets.............................................. 86,364,066 190,335,431 1,143,663,204 ------------ ------------ -------------- Liabilities: Payable for The Trusts shares purchased..................... -- -- -- Payable for policy-related transactions..................... 1,119,918 24,821 8,484 ------------ ------------ -------------- Total liabilities......................................... 1,119,918 24,821 8,484 ------------ ------------ -------------- Net Assets.................................................. $ 85,244,148 $190,310,610 $1,143,654,720 ============ ============ ============== Net Assets: Accumulation Units.......................................... 85,137,695 190,154,772 1,143,520,264 Retained by AXA Equitable in Separate Account No. 49........ 106,453 155,838 134,456 ------------ ------------ -------------- Total net assets............................................ $ 85,244,148 $190,310,610 $1,143,654,720 ============ ============ ============== Investments in shares of The Trusts, at cost................ $111,429,125 $325,072,991 $1,699,463,545 The Trusts shares held Class A.................................................... 1,838 -- -- Class B.................................................... 9,982,894 28,120,424 111,548,786
------- The accompanying notes are an integral part of these financial statements. FSA-9 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Mid Cap EQ/Mid Cap Index Value PLUS EQ/Money Market ----------------- --------------- ----------------- Assets: Investment in shares of The Trusts, at fair value........... $ 501,016,737 $400,063,290 $1,494,248,659 Receivable for The Trusts shares sold....................... -- 568,305 275,352 Receivable for policy-related transactions.................. 71,932 -- 682,576 -------------- ------------ -------------- Total assets.............................................. 501,088,669 400,631,595 1,495,206,587 -------------- ------------ -------------- Liabilities: Payable for The Trusts shares purchased..................... 71,932 -- 682,576 Payable for policy-related transactions..................... -- 568,305 549,039 -------------- ------------ -------------- Total liabilities......................................... 71,932 568,305 1,231,615 -------------- ------------ -------------- Net Assets.................................................. $ 501,016,737 $400,063,290 $1,493,974,972 ============== ============ ============== Net Assets: Accumulation Units.......................................... 500,885,732 400,021,681 1,493,712,447 Retained by AXA Equitable in Separate Account No. 49........ 131,005 41,609 262,525 -------------- ------------ -------------- Total net assets............................................ $ 501,016,737 $400,063,290 $1,493,974,972 ============== ============ ============== Investments in shares of The Trusts, at cost................ $1,017,839,781 $813,503,785 $1,494,473,530 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 101,671,872 65,587,707 1,494,120,569 EQ/Montag & EQ/Oppenheimer Caldwell Growth EQ/Mutual Shares Global ----------------- ------------------ ---------------- Assets: Investment in shares of The Trusts, at fair value........... $143,898,720 $205,351,897 $ 89,375,404 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 268,800 193,739 33,815 ------------ ------------ ------------ Total assets.............................................. 144,167,520 205,545,636 89,409,219 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... 268,800 193,739 33,815 Payable for policy-related transactions..................... -- -- -- ------------ ------------ ------------ Total liabilities......................................... 268,800 193,739 33,815 ------------ ------------ ------------ Net Assets.................................................. $143,898,720 $205,351,897 $ 89,375,404 ============ ============ ============ Net Assets: Accumulation Units.......................................... 143,894,053 205,167,972 89,279,982 Retained by AXA Equitable in Separate Account No. 49........ 4,667 183,925 95,422 ------------ ------------ ------------ Total net assets............................................ $143,898,720 $205,351,897 $ 89,375,404 ============ ============ ============ Investments in shares of The Trusts, at cost................ $189,588,633 $336,788,953 $140,506,768 The Trusts shares held Class A.................................................... -- 16,092 7,420 Class B.................................................... 32,706,012 32,003,148 13,369,719
------- The accompanying notes are an integral part of these financial statements. FSA-10 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Oppenheimer EQ/Oppenheimer Main Street Main Street EQ/PIMCO Opportunity Small Cap Real Return --------------- ---------------- ----------------- Assets: Investment in shares of The Trusts, at fair value........... $33,021,294 $54,358,567 $ 917,877,204 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 23,291 47,326 604,801 ----------- ----------- -------------- Total assets.............................................. 33,044,585 54,405,893 918,482,005 ----------- ----------- -------------- Liabilities: Payable for The Trusts shares purchased..................... 23,291 47,326 604,801 Payable for policy-related transactions..................... -- -- -- ----------- ----------- -------------- Total liabilities......................................... 23,291 47,326 604,801 ----------- ----------- -------------- Net Assets.................................................. $33,021,294 $54,358,567 $ 917,877,204 =========== =========== ============== Net Assets: Accumulation Units.......................................... 27,159,952 49,305,478 917,804,939 Retained by AXA Equitable in Separate Account No. 49........ 5,861,342 5,053,089 72,265 ----------- ----------- -------------- Total net assets............................................ $33,021,294 $54,358,567 $ 917,877,204 =========== =========== ============== Investments in shares of The Trusts, at cost................ $51,037,664 $84,763,567 $1,041,808,074 The Trusts shares held Class A.................................................... 455,882 391,178 11,255 Class B.................................................... 4,668,020 7,996,692 98,848,862 EQ/Quality EQ/Short EQ/Small Bond PLUS Duration Bond Company Index --------------- --------------- -------------- Assets: Investment in shares of The Trusts, at fair value........... $326,287,401 $141,795,528 $282,566,957 Receivable for The Trusts shares sold....................... 210,566 249,734 -- Receivable for policy-related transactions.................. -- -- 803,028 ------------ ------------ ------------ Total assets.............................................. 326,497,967 142,045,262 283,369,985 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... -- -- 803,028 Payable for policy-related transactions..................... 210,566 249,734 -- ------------ ------------ ------------ Total liabilities......................................... 210,566 249,734 803,028 ------------ ------------ ------------ Net Assets.................................................. $326,287,401 $141,795,528 $282,566,957 ============ ============ ============ Net Assets: Accumulation Units.......................................... 326,276,911 141,793,330 282,431,668 Retained by AXA Equitable in Separate Account No. 49........ 10,490 2,198 135,289 ------------ ------------ ------------ Total net assets............................................ $326,287,401 $141,795,528 $282,566,957 ============ ============ ============ Investments in shares of The Trusts, at cost................ $372,475,847 $153,460,278 $466,434,822 The Trusts shares held Class A.................................................... -- 5,840 -- Class B.................................................... 37,462,509 15,224,141 41,749,726
------- The accompanying notes are an integral part of these financial statements. FSA-11 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/T. Rowe Price EQ/Templeton EQ/UBS Growth Stock Growth Growth and Income ------------------ -------------- ------------------- Assets: Investment in shares of The Trusts, at fair value........... $167,269,498 $149,797,557 $48,070,362 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 74,822 13,844 2,518 ------------ ------------ ----------- Total assets.............................................. 167,344,320 149,811,401 48,072,880 ------------ ------------ ----------- Liabilities: Payable for The Trusts shares purchased..................... 74,822 13,844 2,518 Payable for policy-related transactions..................... -- -- -- ------------ ------------ ----------- Total liabilities......................................... 74,822 13,844 2,518 ------------ ------------ ----------- Net Assets.................................................. $167,269,498 $149,797,557 $48,070,362 ============ ============ =========== Net Assets: Accumulation Units.......................................... 167,244,401 149,787,852 48,056,767 Retained by AXA Equitable in Separate Account No. 49........ 25,097 9,705 13,595 ------------ ------------ ----------- Total net assets............................................ $167,269,498 $149,797,557 $48,070,362 ============ ============ =========== Investments in shares of The Trusts, at cost................ $266,856,760 $250,241,249 $75,944,653 The Trusts shares held Class A.................................................... 5 -- -- Class B.................................................... 13,499,442 23,694,696 11,923,038 EQ/Van Kampen EQ/Van Kampen Emerging Markets EQ/Van Kampen Comstock Equity Mid Cap Growth --------------- ------------------ --------------- Assets: Investment in shares of The Trusts, at fair value........... $185,053,421 $ 696,090,827 $210,352,684 Receivable for The Trusts shares sold....................... 38,676 -- -- Receivable for policy-related transactions.................. -- 418,806 193,356 ------------ -------------- ------------ Total assets.............................................. 185,092,097 696,509,633 210,546,040 ------------ -------------- ------------ Liabilities: Payable for The Trusts shares purchased..................... -- 391,806 193,356 Payable for policy-related transactions..................... 38,676 -- -- ------------ -------------- ------------ Total liabilities......................................... 38,676 391,806 193,356 ------------ -------------- ------------ Net Assets.................................................. $185,053,421 $ 696,117,827 $210,352,684 ============ ============== ============ Net Assets: Accumulation Units.......................................... 185,023,568 696,117,827 210,338,843 Retained by AXA Equitable in Separate Account No. 49........ 29,853 -- 13,841 ------------ -------------- ------------ Total net assets............................................ $185,053,421 $ 696,117,827 $210,352,684 ============ ============== ============ Investments in shares of The Trusts, at cost................ $297,592,481 $1,445,771,000 $358,070,784 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 27,956,782 91,354,695 25,433,292
------- The accompanying notes are an integral part of these financial statements. FSA-12 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Van Kampen Multimanager Multimanager Real Estate Aggressive Equity Core Bond -------------- ------------------- -------------- Assets: Investment in shares of The Trusts, at fair value........... $290,998,270 $ 67,742,645 $734,752,733 Receivable for The Trusts shares sold....................... 26,667 19,919 -- Receivable for policy-related transactions.................. -- -- 243,736 ------------ ------------ ------------ Total assets.............................................. 291,024,937 67,762,564 734,996,469 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... -- -- 243,736 Payable for policy-related transactions..................... 26,667 19,919 -- ------------ ------------ ------------ Total liabilities......................................... 26,667 19,919 243,736 ------------ ------------ ------------ Net Assets.................................................. $290,998,270 $ 67,742,645 $734,752,733 ============ ============ ============ Net Assets: Accumulation Units.......................................... 290,992,723 67,727,406 734,371,111 Retained by AXA Equitable in Separate Account No. 49........ 5,547 15,239 381,622 ------------ ------------ ------------ Total net assets............................................ $290,998,270 $ 67,742,645 $734,752,733 ============ ============ ============ Investments in shares of The Trusts, at cost................ $555,718,638 $111,928,061 $761,069,347 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 60,462,406 4,046,753 74,393,029 Multimanager Multimanager Multimanager Health Care High Yield International Equity -------------- -------------- --------------------- Assets: Investment in shares of The Trusts, at fair value........... $241,339,483 $531,806,711 $356,075,829 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 270,128 193,879 105,653 ------------ ------------ ------------ Total assets.............................................. 241,609,611 532,000,590 356,181,482 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... 270,128 193,879 105,653 Payable for policy-related transactions..................... -- -- -- ------------ ------------ ------------ Total liabilities......................................... 270,128 193,879 105,653 ------------ ------------ ------------ Net Assets.................................................. $241,339,483 $531,806,711 $356,075,829 ============ ============ ============ Net Assets: Accumulation Units.......................................... 241,324,268 531,727,181 355,984,590 Retained by AXA Equitable in Separate Account No. 49........ 15,215 79,530 91,239 ------------ ------------ ------------ Total net assets............................................ $241,339,483 $531,806,711 $356,075,829 ============ ============ ============ Investments in shares of The Trusts, at cost................ $323,340,590 $797,253,557 $614,105,897 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 30,460,526 149,861,366 42,997,798
------- The accompanying notes are an integral part of these financial statements. FSA-13 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Multimanager Large Cap Multimanager Multimanager Core Equity Large Cap Growth Large Cap Value --------------- ------------------ ----------------- Assets: Investment in shares of The Trusts, at fair value........... $ 96,573,555 $166,671,952 $353,379,357 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 84,877 63,361 125,369 ------------ ------------ ------------ Total assets.............................................. 96,658,432 166,735,313 353,504,726 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... 84,877 63,361 125,369 Payable for policy-related transactions..................... -- -- -- ------------ ------------ ------------ Total liabilities......................................... 84,877 63,361 125,369 ------------ ------------ ------------ Net Assets.................................................. $ 96,573,555 $166,671,952 $353,379,357 ============ ============ ============ Net Assets: Accumulation Units.......................................... 96,550,822 166,651,091 353,373,197 Retained by AXA Equitable in Separate Account No. 49........ 22,733 20,861 6,160 ------------ ------------ ------------ Total net assets............................................ $ 96,573,555 $166,671,952 $353,379,357 ============ ============ ============ Investments in shares of The Trusts, at cost................ $148,654,175 $294,363,171 $562,995,951 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 13,824,518 31,565,389 48,970,223 Multimanager Multimanager Multimanager Small Cap Mid Cap Growth Mid Cap Value Growth ---------------- --------------- -------------- Assets: Investment in shares of The Trusts, at fair value........... $216,711,039 $234,433,676 $135,537,202 Receivable for The Trusts shares sold....................... -- 242,895 -- Receivable for policy-related transactions.................. 110,537 -- 132,728 ------------ ------------ ------------ Total assets.............................................. 216,821,576 234,676,571 135,669,930 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... 108,809 -- 132,728 Payable for policy-related transactions..................... -- 242,895 -- ------------ ------------ ------------ Total liabilities......................................... 108,809 242,895 132,728 ------------ ------------ ------------ Net Assets.................................................. $216,712,767 $234,433,676 $135,537,202 ============ ============ ============ Net Assets: Accumulation Units.......................................... 216,712,767 234,378,984 135,528,471 Retained by AXA Equitable in Separate Account No. 49........ -- 54,692 8,731 ------------ ------------ ------------ Total net assets............................................ $216,712,767 $234,433,676 $135,537,202 ============ ============ ============ Investments in shares of The Trusts, at cost................ $382,671,037 $392,663,208 $236,572,383 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 43,370,442 41,404,944 26,368,162
------- The accompanying notes are an integral part of these financial statements. FSA-14 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Multimanager Multimanager Target 2015 Small Cap Value Technology Allocation ----------------- -------------- ------------- Assets: Investment in shares of The Trusts, at fair value........... $368,970,510 $192,768,758 $-- Receivable for The Trusts shares sold....................... 30,000 -- -- Receivable for policy-related transactions.................. -- 45,792 -- ------------ ------------ --- Total assets.............................................. 369,000,510 192,814,550 -- ------------ ------------ --- Liabilities: Payable for The Trusts shares purchased..................... -- 45,792 -- Payable for policy-related transactions..................... 30,000 -- -- ------------ ------------ --- Total liabilities......................................... 30,000 45,792 -- ------------ ------------ --- Net Assets.................................................. $368,970,510 $192,768,758 $-- ============ ============ === Net Assets: Accumulation Units.......................................... 368,922,661 192,697,108 -- Retained by AXA Equitable in Separate Account No. 49........ 47,849 71,650 -- ------------ ------------ --- Total net assets............................................ $368,970,510 $192,768,758 $-- ============ ============ === Investments in shares of The Trusts, at cost................ $702,869,960 $311,640,255 $-- The Trusts shares held Class A.................................................... 8 -- -- Class B.................................................... 53,236,974 28,066,508 -- Target 2025 Target 2035 Target 2045 Allocation Allocation Allocation ------------- ------------- ------------- Assets: Investment in shares of The Trusts, at fair value........... $-- $ 730,151 $ 698,248 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. -- -- -- --- ---------- ---------- Total assets.............................................. -- 730,151 698,248 --- ---------- ---------- Liabilities: Payable for The Trusts shares purchased..................... -- -- -- Payable for policy-related transactions..................... -- -- -- --- ---------- ---------- Total liabilities......................................... -- -- -- --- ---------- ---------- Net Assets.................................................. $-- $ 730,151 $ 698,248 === ========== ========== Net Assets: Accumulation Units.......................................... -- -- -- Retained by AXA Equitable in Separate Account No. 49........ -- 730,151 698,248 --- ---------- ---------- Total net assets............................................ $-- $ 730,151 $ 698,248 === ========== ========== Investments in shares of The Trusts, at cost................ $-- $1,094,503 $1,113,748 The Trusts shares held Class A.................................................... -- 55,525 56,476 Class B.................................................... -- 55,190 56,140
------- The accompanying notes are an integral part of these financial statements. FSA-15 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- AXA Aggressive Allocation................ Class B 0.50% $ 8.62 -- AXA Aggressive Allocation................ Class B 0.95% $ 8.44 118 AXA Aggressive Allocation................ Class B 1.15% $ 8.35 471 AXA Aggressive Allocation................ Class B 1.20% $ 8.33 3,515 AXA Aggressive Allocation................ Class B 1.25% $ 9.22 23,024 AXA Aggressive Allocation................ Class B 1.30% $ 8.75 49,051 AXA Aggressive Allocation................ Class B 1.35% $ 8.27 1,566 AXA Aggressive Allocation................ Class B 1.40% $ 8.25 5,254 AXA Aggressive Allocation................ Class B 1.50% $ 9.10 22,425 AXA Aggressive Allocation................ Class B 1.55% $ 8.19 44,143 AXA Aggressive Allocation................ Class B 1.60% $ 8.17 2,922 AXA Aggressive Allocation................ Class B 1.65% $ 9.02 88,738 AXA Aggressive Allocation................ Class B 1.70% $ 9.00 8,484 AXA Aggressive Allocation................ Class B 1.80% $ 8.09 4 AXA Aggressive Allocation................ Class B 1.90% $ 8.05 49 AXA Conservative Allocation.............. Class B 0.50% $ 10.43 -- AXA Conservative Allocation.............. Class B 0.95% $ 10.20 -- AXA Conservative Allocation.............. Class B 1.15% $ 10.10 211 AXA Conservative Allocation.............. Class B 1.20% $ 10.08 4,014 AXA Conservative Allocation.............. Class B 1.25% $ 10.54 11,977 AXA Conservative Allocation.............. Class B 1.30% $ 10.51 16,158 AXA Conservative Allocation.............. Class B 1.35% $ 10.00 2,542 AXA Conservative Allocation.............. Class B 1.40% $ 9.98 7,092 AXA Conservative Allocation.............. Class B 1.50% $ 10.40 18,465 AXA Conservative Allocation.............. Class B 1.55% $ 9.90 18,171 AXA Conservative Allocation.............. Class B 1.60% $ 9.88 3,454 AXA Conservative Allocation.............. Class B 1.65% $ 10.32 42,602 AXA Conservative Allocation.............. Class B 1.70% $ 10.29 5,824 AXA Conservative Allocation.............. Class B 1.80% $ 9.78 13 AXA Conservative Allocation.............. Class B 1.90% $ 9.73 5 AXA Conservative-Plus Allocation......... Class B 0.50% $ 9.80 -- AXA Conservative-Plus Allocation......... Class B 0.95% $ 9.58 -- AXA Conservative-Plus Allocation......... Class B 1.15% $ 9.49 218 AXA Conservative-Plus Allocation......... Class B 1.20% $ 9.47 2,920 AXA Conservative-Plus Allocation......... Class B 1.25% $ 10.06 15,870 AXA Conservative-Plus Allocation......... Class B 1.30% $ 10.04 17,697 AXA Conservative-Plus Allocation......... Class B 1.35% $ 9.40 1,565 AXA Conservative-Plus Allocation......... Class B 1.40% $ 9.37 4,543 AXA Conservative-Plus Allocation......... Class B 1.50% $ 9.93 20,789 AXA Conservative-Plus Allocation......... Class B 1.55% $ 9.30 16,064 AXA Conservative-Plus Allocation......... Class B 1.60% $ 9.28 2,852 AXA Conservative-Plus Allocation......... Class B 1.65% $ 9.85 39,676 AXA Conservative-Plus Allocation......... Class B 1.70% $ 9.82 4,505 AXA Conservative-Plus Allocation......... Class B 1.80% $ 9.19 -- AXA Conservative-Plus Allocation......... Class B 1.90% $ 9.14 15 AXA Moderate Allocation.................. Class B 0.50% $ 47.34 -- AXA Moderate Allocation.................. Class B 0.95% $ 42.66 3 AXA Moderate Allocation.................. Class B 1.15% $ 40.73 267 AXA Moderate Allocation.................. Class B 1.20% $ 40.26 4,257 AXA Moderate Allocation.................. Class B 1.25% $ 9.97 68,049 AXA Moderate Allocation.................. Class B 1.30% $ 9.89 84,689 AXA Moderate Allocation.................. Class B 1.35% $ 38.88 1,346 AXA Moderate Allocation.................. Class B 1.40% $ 38.43 6,917 AXA Moderate Allocation.................. Class B 1.50% $ 9.84 85,214 AXA Moderate Allocation.................. Class B 1.55% $ 37.11 18,036 AXA Moderate Allocation.................. Class B 1.60% $ 36.68 2,966 AXA Moderate Allocation.................. Class B 1.65% $ 9.76 162,336 AXA Moderate Allocation.................. Class B 1.70% $ 35.84 4,019 AXA Moderate Allocation.................. Class B 1.80% $ 35.01 38 AXA Moderate Allocation.................. Class B 1.90% $ 34.20 3
FSA-16 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- AXA Moderate-Plus Allocation............................... Class B 0.50% $ 9.31 -- AXA Moderate-Plus Allocation............................... Class B 0.95% $ 9.11 7 AXA Moderate-Plus Allocation............................... Class B 1.15% $ 9.02 1,651 AXA Moderate-Plus Allocation............................... Class B 1.20% $ 8.99 11,250 AXA Moderate-Plus Allocation............................... Class B 1.25% $ 9.93 97,959 AXA Moderate-Plus Allocation............................... Class B 1.30% $ 9.90 141,905 AXA Moderate-Plus Allocation............................... Class B 1.35% $ 8.93 5,241 AXA Moderate-Plus Allocation............................... Class B 1.40% $ 8.91 18,061 AXA Moderate-Plus Allocation............................... Class B 1.50% $ 9.80 103,155 AXA Moderate-Plus Allocation............................... Class B 1.55% $ 8.84 130,940 AXA Moderate-Plus Allocation............................... Class B 1.60% $ 8.82 8,765 AXA Moderate-Plus Allocation............................... Class B 1.65% $ 9.72 307,331 AXA Moderate-Plus Allocation............................... Class B 1.70% $ 9.69 27,177 AXA Moderate-Plus Allocation............................... Class B 1.80% $ 8.73 65 AXA Moderate-Plus Allocation............................... Class B 1.90% $ 8.69 4 EQ/AllianceBernstein Common Stock.......................... Class B 0.50% $ 200.52 -- EQ/AllianceBernstein Common Stock.......................... Class B 0.95% $ 172.73 1 EQ/AllianceBernstein Common Stock.......................... Class B 1.20% $ 158.94 330 EQ/AllianceBernstein Common Stock.......................... Class B 1.25% $ 7.87 9,704 EQ/AllianceBernstein Common Stock.......................... Class B 1.30% $ 7.73 3,919 EQ/AllianceBernstein Common Stock.......................... Class B 1.35% $ 151.18 555 EQ/AllianceBernstein Common Stock.......................... Class B 1.40% $ 148.68 501 EQ/AllianceBernstein Common Stock.......................... Class B 1.50% $ 7.76 16,700 EQ/AllianceBernstein Common Stock.......................... Class B 1.55% $ 141.42 423 EQ/AllianceBernstein Common Stock.......................... Class B 1.60% $ 139.08 308 EQ/AllianceBernstein Common Stock.......................... Class B 1.65% $ 7.70 7,635 EQ/AllianceBernstein Common Stock.......................... Class B 1.70% $ 134.51 63 EQ/AllianceBernstein Common Stock.......................... Class B 1.80% $ 130.07 2 EQ/AllianceBernstein Common Stock.......................... Class B 1.90% $ 125.78 1 EQ/AllianceBernstein Intermediate Government Securities.... Class B 0.50% $ 23.77 -- EQ/AllianceBernstein Intermediate Government Securities.... Class B 0.95% $ 21.93 2 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.20% $ 20.97 2,492 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.25% $ 11.18 2,898 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.30% $ 11.07 2,411 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.35% $ 20.41 571 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.40% $ 20.23 3,868 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.50% $ 11.03 4,313 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.55% $ 19.69 2,058 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.60% $ 19.51 1,664 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.65% $ 10.94 5,624 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.70% $ 19.16 948 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.80% $ 18.82 3 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.90% $ 18.48 1 EQ/AllianceBernstein International......................... Class B 0.50% $ 11.11 -- EQ/AllianceBernstein International......................... Class B 0.95% $ 10.43 5 EQ/AllianceBernstein International......................... Class B 1.20% $ 10.08 4,586 EQ/AllianceBernstein International......................... Class B 1.25% $ 9.75 8,362 EQ/AllianceBernstein International......................... Class B 1.30% $ 9.68 7,019 EQ/AllianceBernstein International......................... Class B 1.35% $ 9.87 1,498 EQ/AllianceBernstein International......................... Class B 1.40% $ 9.80 6,793 EQ/AllianceBernstein International......................... Class B 1.50% $ 9.62 10,686 EQ/AllianceBernstein International......................... Class B 1.55% $ 9.60 6,749 EQ/AllianceBernstein International......................... Class B 1.60% $ 9.53 2,496 EQ/AllianceBernstein International......................... Class B 1.65% $ 9.54 12,678 EQ/AllianceBernstein International......................... Class B 1.70% $ 9.40 1,924 EQ/AllianceBernstein International......................... Class B 1.80% $ 9.27 49 EQ/AllianceBernstein International......................... Class B 1.90% $ 9.14 7
FSA-17 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/AllianceBernstein Small Cap Growth........... Class B 0.50% $ 12.62 -- EQ/AllianceBernstein Small Cap Growth........... Class B 0.95% $ 11.97 13 EQ/AllianceBernstein Small Cap Growth........... Class B 1.20% $ 11.62 2,429 EQ/AllianceBernstein Small Cap Growth........... Class B 1.25% $ 9.05 3,292 EQ/AllianceBernstein Small Cap Growth........... Class B 1.30% $ 8.99 2,070 EQ/AllianceBernstein Small Cap Growth........... Class B 1.35% $ 11.42 2,048 EQ/AllianceBernstein Small Cap Growth........... Class B 1.40% $ 11.35 3,557 EQ/AllianceBernstein Small Cap Growth........... Class B 1.50% $ 8.93 5,226 EQ/AllianceBernstein Small Cap Growth........... Class B 1.55% $ 11.15 2,766 EQ/AllianceBernstein Small Cap Growth........... Class B 1.60% $ 11.09 1,882 EQ/AllianceBernstein Small Cap Growth........... Class B 1.65% $ 8.85 4,155 EQ/AllianceBernstein Small Cap Growth........... Class B 1.70% $ 10.96 421 EQ/AllianceBernstein Small Cap Growth........... Class B 1.80% $ 10.83 7 EQ/AllianceBernstein Small Cap Growth........... Class B 1.90% $ 10.70 3 EQ/Ariel Appreciation II........................ Class B 0.50% $ 6.91 -- EQ/Ariel Appreciation II........................ Class B 0.95% $ 6.81 -- EQ/Ariel Appreciation II........................ Class B 1.20% $ 6.76 162 EQ/Ariel Appreciation II........................ Class B 1.25% $ 6.74 719 EQ/Ariel Appreciation II........................ Class B 1.30% $ 6.73 1,030 EQ/Ariel Appreciation II........................ Class B 1.35% $ 6.81 57 EQ/Ariel Appreciation II........................ Class B 1.40% $ 6.71 191 EQ/Ariel Appreciation II........................ Class B 1.50% $ 6.69 708 EQ/Ariel Appreciation II........................ Class B 1.55% $ 6.68 709 EQ/Ariel Appreciation II........................ Class B 1.60% $ 6.67 85 EQ/Ariel Appreciation II........................ Class B 1.65% $ 6.66 2,446 EQ/Ariel Appreciation II........................ Class B 1.70% $ 6.65 339 EQ/Ariel Appreciation II........................ Class B 1.80% $ 6.62 -- EQ/Ariel Appreciation II........................ Class B 1.90% $ 6.60 1 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.20% $ 10.28 523 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.25% $ 10.51 1,638 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.30% $ 10.49 1,449 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.40% $ 10.18 1,173 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.50% $ 10.37 2,862 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.55% $ 10.35 1,130 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.60% $ 10.08 374 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.65% $ 10.29 4,525 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.70% $ 10.26 458 EQ/BlackRock Basic Value Equity................. Class B 0.50% $ 16.70 -- EQ/BlackRock Basic Value Equity................. Class B 0.95% $ 15.84 -- EQ/BlackRock Basic Value Equity................. Class B 1.20% $ 15.38 3,698 EQ/BlackRock Basic Value Equity................. Class B 1.25% $ 9.07 6,950 EQ/BlackRock Basic Value Equity................. Class B 1.30% $ 9.02 3,987 EQ/BlackRock Basic Value Equity................. Class B 1.35% $ 15.11 1,799 EQ/BlackRock Basic Value Equity................. Class B 1.40% $ 15.02 5,575 EQ/BlackRock Basic Value Equity................. Class B 1.50% $ 8.95 9,830 EQ/BlackRock Basic Value Equity................. Class B 1.55% $ 14.75 3,421 EQ/BlackRock Basic Value Equity................. Class B 1.60% $ 14.66 2,175 EQ/BlackRock Basic Value Equity................. Class B 1.65% $ 8.88 8,195 EQ/BlackRock Basic Value Equity................. Class B 1.70% $ 14.49 834 EQ/BlackRock Basic Value Equity................. Class B 1.80% $ 14.32 17 EQ/BlackRock Basic Value Equity................. Class B 1.90% $ 14.15 4 EQ/BlackRock International Value................ Class B 0.50% $ 15.47 -- EQ/BlackRock International Value................ Class B 0.95% $ 14.67 20 EQ/BlackRock International Value................ Class B 1.20% $ 14.25 3,321 EQ/BlackRock International Value................ Class B 1.25% $ 11.10 6,161 EQ/BlackRock International Value................ Class B 1.30% $ 11.04 3,778
FSA-18 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/BlackRock International Value........ Class B 1.35% $ 14.00 4,114 EQ/BlackRock International Value........ Class B 1.40% $ 13.91 4,395 EQ/BlackRock International Value........ Class B 1.50% $ 10.95 8,981 EQ/BlackRock International Value........ Class B 1.55% $ 13.67 5,347 EQ/BlackRock International Value........ Class B 1.60% $ 13.59 2,472 EQ/BlackRock International Value........ Class B 1.65% $ 10.87 8,942 EQ/BlackRock International Value........ Class B 1.70% $ 13.43 1,000 EQ/BlackRock International Value........ Class B 1.80% $ 13.27 47 EQ/BlackRock International Value........ Class B 1.90% $ 13.11 7 EQ/Boston Advisors Equity Income........ Class B 0.50% $ 5.05 -- EQ/Boston Advisors Equity Income........ Class B 0.95% $ 4.82 1 EQ/Boston Advisors Equity Income........ Class B 1.20% $ 4.70 1,732 EQ/Boston Advisors Equity Income........ Class B 1.25% $ 4.68 5,451 EQ/Boston Advisors Equity Income........ Class B 1.30% $ 1.90 8,373 EQ/Boston Advisors Equity Income........ Class B 1.35% $ 4.63 413 EQ/Boston Advisors Equity Income........ Class B 1.40% $ 4.61 2,442 EQ/Boston Advisors Equity Income........ Class B 1.50% $ 4.56 8,902 EQ/Boston Advisors Equity Income........ Class B 1.55% $ 4.54 3,897 EQ/Boston Advisors Equity Income........ Class B 1.60% $ 4.51 613 EQ/Boston Advisors Equity Income........ Class B 1.65% $ 4.49 6,763 EQ/Boston Advisors Equity Income........ Class B 1.70% $ 4.47 730 EQ/Boston Advisors Equity Income........ Class B 1.80% $ 4.42 3 EQ/Boston Advisors Equity Income........ Class B 1.90% $ 4.38 24 EQ/Calvert Socially Responsible......... Class B 0.50% $ 5.86 -- EQ/Calvert Socially Responsible......... Class B 0.95% $ 5.61 -- EQ/Calvert Socially Responsible......... Class B 1.20% $ 5.48 470 EQ/Calvert Socially Responsible......... Class B 1.25% $ 7.18 812 EQ/Calvert Socially Responsible......... Class B 1.30% $ 7.14 594 EQ/Calvert Socially Responsible......... Class B 1.35% $ 5.40 132 EQ/Calvert Socially Responsible......... Class B 1.40% $ 5.38 681 EQ/Calvert Socially Responsible......... Class B 1.50% $ 7.08 862 EQ/Calvert Socially Responsible......... Class B 1.55% $ 5.30 636 EQ/Calvert Socially Responsible......... Class B 1.60% $ 5.28 206 EQ/Calvert Socially Responsible......... Class B 1.65% $ 7.03 994 EQ/Calvert Socially Responsible......... Class B 1.70% $ 5.23 286 EQ/Calvert Socially Responsible......... Class B 1.80% $ 5.18 1 EQ/Calvert Socially Responsible......... Class B 1.90% $ 5.13 -- EQ/Capital Guardian Growth.............. Class B 0.50% $ 8.87 -- EQ/Capital Guardian Growth.............. Class B 0.95% $ 8.41 3 EQ/Capital Guardian Growth.............. Class B 1.20% $ 8.16 1,900 EQ/Capital Guardian Growth.............. Class B 1.25% $ 7.33 3,851 EQ/Capital Guardian Growth.............. Class B 1.30% $ 7.28 3,633 EQ/Capital Guardian Growth.............. Class B 1.35% $ 8.02 4,337 EQ/Capital Guardian Growth.............. Class B 1.40% $ 7.97 1,933 EQ/Capital Guardian Growth.............. Class B 1.50% $ 7.23 2,693 EQ/Capital Guardian Growth.............. Class B 1.55% $ 7.83 3,107 EQ/Capital Guardian Growth.............. Class B 1.60% $ 7.79 1,689 EQ/Capital Guardian Growth.............. Class B 1.65% $ 7.17 10,512 EQ/Capital Guardian Growth.............. Class B 1.70% $ 7.70 1,426 EQ/Capital Guardian Growth.............. Class B 1.80% $ 7.60 10 EQ/Capital Guardian Growth.............. Class B 1.90% $ 7.51 8 EQ/Capital Guardian Research............ Class B 0.50% $ 8.48 -- EQ/Capital Guardian Research............ Class B 0.95% $ 8.12 56 EQ/Capital Guardian Research............ Class B 1.20% $ 7.92 12,691 EQ/Capital Guardian Research............ Class B 1.25% $ 8.15 11,194 EQ/Capital Guardian Research............ Class B 1.30% $ 8.11 2,728
FSA-19 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Capital Guardian Research............. Class B 1.35% $ 7.80 8,941 EQ/Capital Guardian Research............. Class B 1.40% $ 7.76 13,802 EQ/Capital Guardian Research............. Class B 1.50% $ 8.04 9,561 EQ/Capital Guardian Research............. Class B 1.55% $ 7.65 6,117 EQ/Capital Guardian Research............. Class B 1.60% $ 7.61 13,273 EQ/Capital Guardian Research............. Class B 1.65% $ 7.97 15,308 EQ/Capital Guardian Research............. Class B 1.70% $ 7.54 2,528 EQ/Capital Guardian Research............. Class B 1.80% $ 7.47 77 EQ/Capital Guardian Research............. Class B 1.90% $ 7.39 11 EQ/Caywood-Scholl High Yield Bond........ Class B 0.50% $ 9.25 -- EQ/Caywood-Scholl High Yield Bond........ Class B 0.95% $ 9.10 -- EQ/Caywood-Scholl High Yield Bond........ Class B 1.20% $ 9.01 404 EQ/Caywood-Scholl High Yield Bond........ Class B 1.25% $ 9.00 2,356 EQ/Caywood-Scholl High Yield Bond........ Class B 1.30% $ 2.71 5,267 EQ/Caywood-Scholl High Yield Bond........ Class B 1.35% $ 8.96 84 EQ/Caywood-Scholl High Yield Bond........ Class B 1.40% $ 8.95 758 EQ/Caywood-Scholl High Yield Bond........ Class B 1.50% $ 8.91 3,181 EQ/Caywood-Scholl High Yield Bond........ Class B 1.55% $ 8.90 2,019 EQ/Caywood-Scholl High Yield Bond........ Class B 1.60% $ 8.88 240 EQ/Caywood-Scholl High Yield Bond........ Class B 1.65% $ 8.86 2,932 EQ/Caywood-Scholl High Yield Bond........ Class B 1.70% $ 8.85 1,204 EQ/Caywood-Scholl High Yield Bond........ Class B 1.80% $ 8.81 -- EQ/Caywood-Scholl High Yield Bond........ Class B 1.90% $ 8.78 -- EQ/Davis New York Venture................ Class B 0.50% $ 6.79 -- EQ/Davis New York Venture................ Class B 0.95% $ 6.72 -- EQ/Davis New York Venture................ Class B 1.20% $ 6.68 1,290 EQ/Davis New York Venture................ Class B 1.25% $ 6.67 2,935 EQ/Davis New York Venture................ Class B 1.30% $ 6.67 7,157 EQ/Davis New York Venture................ Class B 1.35% $ 6.66 374 EQ/Davis New York Venture................ Class B 1.40% $ 6.65 1,678 EQ/Davis New York Venture................ Class B 1.50% $ 6.63 3,524 EQ/Davis New York Venture................ Class B 1.55% $ 6.63 5,304 EQ/Davis New York Venture................ Class B 1.60% $ 6.62 780 EQ/Davis New York Venture................ Class B 1.65% $ 6.61 12,038 EQ/Davis New York Venture................ Class B 1.70% $ 6.60 1,517 EQ/Davis New York Venture................ Class B 1.80% $ 6.59 -- EQ/Davis New York Venture................ Class B 1.90% $ 6.57 -- EQ/Equity 500 Index...................... Class B 0.50% $ 21.79 -- EQ/Equity 500 Index...................... Class B 0.95% $ 20.37 9 EQ/Equity 500 Index...................... Class B 1.20% $ 19.62 5,596 EQ/Equity 500 Index...................... Class B 1.25% $ 8.82 10,559 EQ/Equity 500 Index...................... Class B 1.30% $ 8.75 4,505 EQ/Equity 500 Index...................... Class B 1.35% $ 19.19 3,764 EQ/Equity 500 Index...................... Class B 1.40% $ 19.04 7,882 EQ/Equity 500 Index...................... Class B 1.50% $ 8.70 15,202 EQ/Equity 500 Index...................... Class B 1.55% $ 18.62 4,288 EQ/Equity 500 Index...................... Class B 1.60% $ 18.48 5,011 EQ/Equity 500 Index...................... Class B 1.65% $ 8.63 13,591 EQ/Equity 500 Index...................... Class B 1.70% $ 18.20 1,308 EQ/Equity 500 Index...................... Class B 1.80% $ 17.93 114 EQ/Equity 500 Index...................... Class B 1.90% $ 17.66 12 EQ/Evergreen International Bond.......... Class B 0.50% $ 11.58 -- EQ/Evergreen International Bond.......... Class B 0.95% $ 11.42 -- EQ/Evergreen International Bond.......... Class B 1.20% $ 11.32 1,734 EQ/Evergreen International Bond.......... Class B 1.25% $ 11.30 3,500 EQ/Evergreen International Bond.......... Class B 1.30% $ 11.29 4,266
FSA-20 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Evergreen International Bond................ Class B 1.35% $ 11.34 499 EQ/Evergreen International Bond................ Class B 1.40% $ 11.25 3,380 EQ/Evergreen International Bond................ Class B 1.50% $ 11.21 7,003 EQ/Evergreen International Bond................ Class B 1.55% $ 11.19 5,387 EQ/Evergreen International Bond................ Class B 1.60% $ 11.17 1,062 EQ/Evergreen International Bond................ Class B 1.65% $ 11.16 8,932 EQ/Evergreen International Bond................ Class B 1.70% $ 11.14 1,063 EQ/Evergreen International Bond................ Class B 1.80% $ 11.10 -- EQ/Evergreen International Bond................ Class B 1.90% $ 11.06 2 EQ/Evergreen Omega............................. Class B 0.50% $ 7.62 -- EQ/Evergreen Omega............................. Class B 0.95% $ 7.29 -- EQ/Evergreen Omega............................. Class B 1.20% $ 7.10 1,933 EQ/Evergreen Omega............................. Class B 1.25% $ 9.54 2,079 EQ/Evergreen Omega............................. Class B 1.30% $ 9.49 807 EQ/Evergreen Omega............................. Class B 1.35% $ 7.00 309 EQ/Evergreen Omega............................. Class B 1.40% $ 6.96 2,596 EQ/Evergreen Omega............................. Class B 1.50% $ 9.41 2,152 EQ/Evergreen Omega............................. Class B 1.55% $ 6.86 1,482 EQ/Evergreen Omega............................. Class B 1.60% $ 6.82 1,192 EQ/Evergreen Omega............................. Class B 1.65% $ 9.34 2,848 EQ/Evergreen Omega............................. Class B 1.70% $ 6.75 353 EQ/Evergreen Omega............................. Class B 1.80% $ 6.68 -- EQ/Evergreen Omega............................. Class B 1.90% $ 6.62 2 EQ/Franklin Income............................. Class B 0.50% $ 7.20 -- EQ/Franklin Income............................. Class B 0.95% $ 7.13 15 EQ/Franklin Income............................. Class B 1.20% $ 7.09 2,264 EQ/Franklin Income............................. Class B 1.25% $ 7.08 5,337 EQ/Franklin Income............................. Class B 1.30% $ 7.07 8,899 EQ/Franklin Income............................. Class B 1.35% $ 7.06 474 EQ/Franklin Income............................. Class B 1.40% $ 7.05 3,118 EQ/Franklin Income............................. Class B 1.50% $ 7.04 6,862 EQ/Franklin Income............................. Class B 1.55% $ 7.03 8,326 EQ/Franklin Income............................. Class B 1.60% $ 7.02 1,489 EQ/Franklin Income............................. Class B 1.65% $ 7.01 22,020 EQ/Franklin Income............................. Class B 1.70% $ 7.01 1,649 EQ/Franklin Income............................. Class B 1.80% $ 6.99 10 EQ/Franklin Income............................. Class B 1.90% $ 6.97 -- EQ/Franklin Small Cap Value.................... Class B 0.50% $ 6.54 -- EQ/Franklin Small Cap Value.................... Class B 0.95% $ 6.47 -- EQ/Franklin Small Cap Value.................... Class B 1.20% $ 6.43 431 EQ/Franklin Small Cap Value.................... Class B 1.25% $ 6.42 759 EQ/Franklin Small Cap Value.................... Class B 1.30% $ 6.42 2,521 EQ/Franklin Small Cap Value.................... Class B 1.35% $ 6.41 170 EQ/Franklin Small Cap Value.................... Class B 1.40% $ 6.40 643 EQ/Franklin Small Cap Value.................... Class B 1.50% $ 6.39 1,089 EQ/Franklin Small Cap Value.................... Class B 1.55% $ 6.38 1,829 EQ/Franklin Small Cap Value.................... Class B 1.60% $ 6.37 250 EQ/Franklin Small Cap Value.................... Class B 1.65% $ 6.36 3,589 EQ/Franklin Small Cap Value.................... Class B 1.70% $ 6.36 377 EQ/Franklin Small Cap Value.................... Class B 1.80% $ 6.34 -- EQ/Franklin Small Cap Value.................... Class B 1.90% $ 6.33 -- EQ/Franklin Templeton Founding Strategy........ Class B 0.50% $ 6.01 -- EQ/Franklin Templeton Founding Strategy........ Class B 0.95% $ 5.96 -- EQ/Franklin Templeton Founding Strategy........ Class B 1.15% $ 5.94 481 EQ/Franklin Templeton Founding Strategy........ Class B 1.20% $ 5.94 757 EQ/Franklin Templeton Founding Strategy........ Class B 1.25% $ 5.93 3,488
FSA-21 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Franklin Templeton Founding Strategy........ Class B 1.30% $ 5.93 48,476 EQ/Franklin Templeton Founding Strategy........ Class B 1.35% $ 5.92 619 EQ/Franklin Templeton Founding Strategy........ Class B 1.40% $ 5.92 2,076 EQ/Franklin Templeton Founding Strategy........ Class B 1.50% $ 5.91 4,748 EQ/Franklin Templeton Founding Strategy........ Class B 1.55% $ 5.90 27,745 EQ/Franklin Templeton Founding Strategy........ Class B 1.60% $ 5.90 1,164 EQ/Franklin Templeton Founding Strategy........ Class B 1.65% $ 5.90 73,834 EQ/Franklin Templeton Founding Strategy........ Class B 1.70% $ 5.89 5,195 EQ/Franklin Templeton Founding Strategy........ Class B 1.80% $ 5.88 -- EQ/Franklin Templeton Founding Strategy........ Class B 1.90% $ 5.87 -- EQ/GAMCO Mergers and Acquisitions.............. Class B 0.50% $ 10.41 -- EQ/GAMCO Mergers and Acquisitions.............. Class B 0.95% $ 10.23 -- EQ/GAMCO Mergers and Acquisitions.............. Class B 1.20% $ 10.14 307 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.25% $ 10.12 1,492 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.30% $ 9.92 1,668 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.35% $ 10.08 66 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.40% $ 10.07 810 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.50% $ 10.03 2,068 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.55% $ 10.01 1,577 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.60% $ 9.99 171 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.65% $ 9.97 2,617 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.70% $ 9.95 305 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.80% $ 9.92 -- EQ/GAMCO Mergers and Acquisitions.............. Class B 1.90% $ 9.88 -- EQ/GAMCO Small Company Value................... Class B 0.50% $ 24.17 -- EQ/GAMCO Small Company Value................... Class B 0.95% $ 22.03 -- EQ/GAMCO Small Company Value................... Class B 1.20% $ 20.92 932 EQ/GAMCO Small Company Value................... Class B 1.25% $ 20.70 2,324 EQ/GAMCO Small Company Value................... Class B 1.30% $ 31.77 1,862 EQ/GAMCO Small Company Value................... Class B 1.35% $ 20.28 295 EQ/GAMCO Small Company Value................... Class B 1.40% $ 20.07 1,365 EQ/GAMCO Small Company Value................... Class B 1.50% $ 19.66 3,794 EQ/GAMCO Small Company Value................... Class B 1.55% $ 19.46 3,270 EQ/GAMCO Small Company Value................... Class B 1.60% $ 19.26 302 EQ/GAMCO Small Company Value................... Class B 1.65% $ 19.06 4,032 EQ/GAMCO Small Company Value................... Class B 1.70% $ 18.86 610 EQ/GAMCO Small Company Value................... Class B 1.80% $ 18.47 1 EQ/GAMCO Small Company Value................... Class B 1.90% $ 18.09 7 EQ/International Core PLUS..................... Class B 0.50% $ 9.76 -- EQ/International Core PLUS..................... Class B 0.95% $ 9.34 39 EQ/International Core PLUS..................... Class B 1.20% $ 9.11 5,199 EQ/International Core PLUS..................... Class B 1.25% $ 10.59 7,012 EQ/International Core PLUS..................... Class B 1.30% $ 10.54 3,339 EQ/International Core PLUS..................... Class B 1.35% $ 8.98 1,946 EQ/International Core PLUS..................... Class B 1.40% $ 8.94 6,917 EQ/International Core PLUS..................... Class B 1.50% $ 10.45 7,172 EQ/International Core PLUS..................... Class B 1.55% $ 8.81 4,686 EQ/International Core PLUS..................... Class B 1.60% $ 8.76 5,817 EQ/International Core PLUS..................... Class B 1.65% $ 10.36 12,557 EQ/International Core PLUS..................... Class B 1.70% $ 8.68 2,341 EQ/International Core PLUS..................... Class B 1.80% $ 8.59 20 EQ/International Core PLUS..................... Class B 1.90% $ 8.51 5 EQ/International Growth........................ Class B 0.50% $ 9.93 -- EQ/International Growth........................ Class B 0.95% $ 9.77 -- EQ/International Growth........................ Class B 1.20% $ 9.68 688 EQ/International Growth........................ Class B 1.25% $ 9.66 1,783
FSA-22 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/International Growth................ Class B 1.30% $ 4.28 5,559 EQ/International Growth................ Class B 1.35% $ 9.63 191 EQ/International Growth................ Class B 1.40% $ 9.61 1,045 EQ/International Growth................ Class B 1.50% $ 9.57 2,667 EQ/International Growth................ Class B 1.55% $ 9.55 2,704 EQ/International Growth................ Class B 1.60% $ 9.54 378 EQ/International Growth................ Class B 1.65% $ 9.52 4,806 EQ/International Growth................ Class B 1.70% $ 9.50 796 EQ/International Growth................ Class B 1.80% $ 9.47 14 EQ/International Growth................ Class B 1.90% $ 9.43 -- EQ/JPMorgan Core Bond.................. Class B 0.50% $ 14.39 -- EQ/JPMorgan Core Bond.................. Class B 0.95% $ 13.69 18 EQ/JPMorgan Core Bond.................. Class B 1.20% $ 13.31 7,625 EQ/JPMorgan Core Bond.................. Class B 1.25% $ 9.97 10,724 EQ/JPMorgan Core Bond.................. Class B 1.30% $ 9.91 3,840 EQ/JPMorgan Core Bond.................. Class B 1.35% $ 13.09 4,114 EQ/JPMorgan Core Bond.................. Class B 1.40% $ 13.02 11,027 EQ/JPMorgan Core Bond.................. Class B 1.50% $ 9.83 13,785 EQ/JPMorgan Core Bond.................. Class B 1.55% $ 12.80 6,813 EQ/JPMorgan Core Bond.................. Class B 1.60% $ 12.73 7,829 EQ/JPMorgan Core Bond.................. Class B 1.65% $ 9.76 13,286 EQ/JPMorgan Core Bond.................. Class B 1.70% $ 12.59 1,216 EQ/JPMorgan Core Bond.................. Class B 1.80% $ 12.45 113 EQ/JPMorgan Core Bond.................. Class B 1.90% $ 12.31 23 EQ/JPMorgan Value Opportunities........ Class B 0.50% $ 10.28 -- EQ/JPMorgan Value Opportunities........ Class B 0.95% $ 9.75 4 EQ/JPMorgan Value Opportunities........ Class B 1.20% $ 9.47 2,221 EQ/JPMorgan Value Opportunities........ Class B 1.25% $ 8.51 1,391 EQ/JPMorgan Value Opportunities........ Class B 1.30% $ 8.46 893 EQ/JPMorgan Value Opportunities........ Class B 1.35% $ 9.30 6,572 EQ/JPMorgan Value Opportunities........ Class B 1.40% $ 9.25 2,899 EQ/JPMorgan Value Opportunities........ Class B 1.50% $ 8.40 1,477 EQ/JPMorgan Value Opportunities........ Class B 1.55% $ 9.09 2,921 EQ/JPMorgan Value Opportunities........ Class B 1.60% $ 9.03 2,578 EQ/JPMorgan Value Opportunities........ Class B 1.65% $ 8.33 2,028 EQ/JPMorgan Value Opportunities........ Class B 1.70% $ 8.93 280 EQ/JPMorgan Value Opportunities........ Class B 1.80% $ 8.82 43 EQ/JPMorgan Value Opportunities........ Class B 1.90% $ 8.72 15 EQ/Large Cap Core PLUS................. Class B 0.50% $ 7.29 -- EQ/Large Cap Core PLUS................. Class B 0.95% $ 6.97 3 EQ/Large Cap Core PLUS................. Class B 1.20% $ 6.80 2,449 EQ/Large Cap Core PLUS................. Class B 1.25% $ 8.71 913 EQ/Large Cap Core PLUS................. Class B 1.30% $ 8.67 365 EQ/Large Cap Core PLUS................. Class B 1.35% $ 6.69 1,960 EQ/Large Cap Core PLUS................. Class B 1.40% $ 6.66 2,917 EQ/Large Cap Core PLUS................. Class B 1.50% $ 8.60 1,160 EQ/Large Cap Core PLUS................. Class B 1.55% $ 6.56 2,845 EQ/Large Cap Core PLUS................. Class B 1.60% $ 6.53 4,012 EQ/Large Cap Core PLUS................. Class B 1.65% $ 8.53 1,341 EQ/Large Cap Core PLUS................. Class B 1.70% $ 6.46 389 EQ/Large Cap Core PLUS................. Class B 1.80% $ 6.39 35 EQ/Large Cap Core PLUS................. Class B 1.90% $ 6.33 2 EQ/Large Cap Growth Index.............. Class B 0.50% $ 5.37 -- EQ/Large Cap Growth Index.............. Class B 0.95% $ 5.14 32 EQ/Large Cap Growth Index.............. Class B 1.20% $ 5.02 3,977 EQ/Large Cap Growth Index.............. Class B 1.25% $ 8.75 2,387
FSA-23 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Large Cap Growth Index........ Class B 1.30% $ 8.71 1,472 EQ/Large Cap Growth Index........ Class B 1.35% $ 4.94 4,108 EQ/Large Cap Growth Index........ Class B 1.40% $ 4.92 6,340 EQ/Large Cap Growth Index........ Class B 1.50% $ 8.63 3,017 EQ/Large Cap Growth Index........ Class B 1.55% $ 4.85 7,722 EQ/Large Cap Growth Index........ Class B 1.60% $ 4.82 7,705 EQ/Large Cap Growth Index........ Class B 1.65% $ 8.57 4,045 EQ/Large Cap Growth Index........ Class B 1.70% $ 4.78 1,004 EQ/Large Cap Growth Index........ Class B 1.80% $ 4.73 56 EQ/Large Cap Growth Index........ Class B 1.90% $ 4.68 57 EQ/Large Cap Growth PLUS......... Class B 0.50% $ 11.59 -- EQ/Large Cap Growth PLUS......... Class B 0.95% $ 10.99 18 EQ/Large Cap Growth PLUS......... Class B 1.20% $ 10.67 1,206 EQ/Large Cap Growth PLUS......... Class B 1.25% $ 9.10 1,751 EQ/Large Cap Growth PLUS......... Class B 1.30% $ 9.04 1,333 EQ/Large Cap Growth PLUS......... Class B 1.35% $ 10.49 3,436 EQ/Large Cap Growth PLUS......... Class B 1.40% $ 10.42 1,733 EQ/Large Cap Growth PLUS......... Class B 1.50% $ 8.97 2,695 EQ/Large Cap Growth PLUS......... Class B 1.55% $ 10.24 2,719 EQ/Large Cap Growth PLUS......... Class B 1.60% $ 10.18 2,095 EQ/Large Cap Growth PLUS......... Class B 1.65% $ 8.90 2,429 EQ/Large Cap Growth PLUS......... Class B 1.70% $ 10.06 298 EQ/Large Cap Growth PLUS......... Class B 1.80% $ 9.94 5 EQ/Large Cap Growth PLUS......... Class B 1.90% $ 9.82 1 EQ/Large Cap Value Index......... Class B 0.50% $ 4.57 -- EQ/Large Cap Value Index......... Class B 0.95% $ 4.50 -- EQ/Large Cap Value Index......... Class B 1.20% $ 4.47 320 EQ/Large Cap Value Index......... Class B 1.25% $ 4.46 1,968 EQ/Large Cap Value Index......... Class B 1.30% $ 4.45 1,673 EQ/Large Cap Value Index......... Class B 1.35% $ 4.51 147 EQ/Large Cap Value Index......... Class B 1.40% $ 4.44 495 EQ/Large Cap Value Index......... Class B 1.50% $ 4.42 2,813 EQ/Large Cap Value Index......... Class B 1.55% $ 4.42 1,742 EQ/Large Cap Value Index......... Class B 1.60% $ 4.41 306 EQ/Large Cap Value Index......... Class B 1.65% $ 4.40 6,687 EQ/Large Cap Value Index......... Class B 1.70% $ 4.39 847 EQ/Large Cap Value Index......... Class B 1.80% $ 4.38 -- EQ/Large Cap Value Index......... Class B 1.90% $ 4.36 -- EQ/Large Cap Value PLUS.......... Class B 0.50% $ 10.38 -- EQ/Large Cap Value PLUS.......... Class B 0.95% $ 9.88 33 EQ/Large Cap Value PLUS.......... Class B 1.20% $ 9.61 14,916 EQ/Large Cap Value PLUS.......... Class B 1.25% $ 8.07 17,011 EQ/Large Cap Value PLUS.......... Class B 1.30% $ 8.03 5,760 EQ/Large Cap Value PLUS.......... Class B 1.35% $ 9.45 4,274 EQ/Large Cap Value PLUS.......... Class B 1.40% $ 9.39 22,041 EQ/Large Cap Value PLUS.......... Class B 1.50% $ 7.96 25,055 EQ/Large Cap Value PLUS.......... Class B 1.55% $ 9.24 8,454 EQ/Large Cap Value PLUS.......... Class B 1.60% $ 9.19 10,639 EQ/Large Cap Value PLUS.......... Class B 1.65% $ 7.90 17,618 EQ/Large Cap Value PLUS.......... Class B 1.70% $ 9.09 2,668 EQ/Large Cap Value PLUS.......... Class B 1.80% $ 8.98 127 EQ/Large Cap Value PLUS.......... Class B 1.90% $ 8.88 36 EQ/Long Term Bond................ Class B 0.50% $ 11.37 -- EQ/Long Term Bond................ Class B 0.95% $ 11.19 -- EQ/Long Term Bond................ Class B 1.20% $ 11.08 900 EQ/Long Term Bond................ Class B 1.25% $ 11.06 2,362
FSA-24 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Long Term Bond....................... Class B 1.30% $ 8.43 2,692 EQ/Long Term Bond....................... Class B 1.35% $ 11.02 203 EQ/Long Term Bond....................... Class B 1.40% $ 11.00 652 EQ/Long Term Bond....................... Class B 1.50% $ 10.96 2,588 EQ/Long Term Bond....................... Class B 1.55% $ 10.94 1,241 EQ/Long Term Bond....................... Class B 1.60% $ 10.92 276 EQ/Long Term Bond....................... Class B 1.65% $ 10.90 1,905 EQ/Long Term Bond....................... Class B 1.70% $ 10.88 237 EQ/Long Term Bond....................... Class B 1.80% $ 10.84 -- EQ/Long Term Bond....................... Class B 1.90% $ 10.80 -- EQ/Lord Abbett Growth and Income........ Class B 0.50% $ 8.08 -- EQ/Lord Abbett Growth and Income........ Class B 0.95% $ 7.94 -- EQ/Lord Abbett Growth and Income........ Class B 1.20% $ 7.87 322 EQ/Lord Abbett Growth and Income........ Class B 1.25% $ 7.86 1,713 EQ/Lord Abbett Growth and Income........ Class B 1.30% $ 7.87 1,289 EQ/Lord Abbett Growth and Income........ Class B 1.35% $ 7.83 211 EQ/Lord Abbett Growth and Income........ Class B 1.40% $ 7.81 531 EQ/Lord Abbett Growth and Income........ Class B 1.50% $ 7.78 2,006 EQ/Lord Abbett Growth and Income........ Class B 1.55% $ 7.77 1,303 EQ/Lord Abbett Growth and Income........ Class B 1.60% $ 7.76 323 EQ/Lord Abbett Growth and Income........ Class B 1.65% $ 7.74 3,958 EQ/Lord Abbett Growth and Income........ Class B 1.70% $ 7.73 351 EQ/Lord Abbett Growth and Income........ Class B 1.80% $ 7.70 -- EQ/Lord Abbett Growth and Income........ Class B 1.90% $ 7.67 -- EQ/Lord Abbett Large Cap Core........... Class B 0.50% $ 9.01 -- EQ/Lord Abbett Large Cap Core........... Class B 0.95% $ 8.86 -- EQ/Lord Abbett Large Cap Core........... Class B 1.20% $ 8.78 357 EQ/Lord Abbett Large Cap Core........... Class B 1.25% $ 8.76 1,147 EQ/Lord Abbett Large Cap Core........... Class B 1.30% $ 8.81 1,142 EQ/Lord Abbett Large Cap Core........... Class B 1.35% $ 8.73 202 EQ/Lord Abbett Large Cap Core........... Class B 1.40% $ 8.71 781 EQ/Lord Abbett Large Cap Core........... Class B 1.50% $ 8.68 1,630 EQ/Lord Abbett Large Cap Core........... Class B 1.55% $ 8.66 1,080 EQ/Lord Abbett Large Cap Core........... Class B 1.60% $ 8.65 207 EQ/Lord Abbett Large Cap Core........... Class B 1.65% $ 8.63 2,823 EQ/Lord Abbett Large Cap Core........... Class B 1.70% $ 8.62 425 EQ/Lord Abbett Large Cap Core........... Class B 1.80% $ 8.58 -- EQ/Lord Abbett Large Cap Core........... Class B 1.90% $ 8.55 -- EQ/Lord Abbett Mid Cap Value............ Class B 0.50% $ 7.62 -- EQ/Lord Abbett Mid Cap Value............ Class B 0.95% $ 7.50 -- EQ/Lord Abbett Mid Cap Value............ Class B 1.20% $ 7.43 649 EQ/Lord Abbett Mid Cap Value............ Class B 1.25% $ 7.41 3,815 EQ/Lord Abbett Mid Cap Value............ Class B 1.30% $ 7.47 3,432 EQ/Lord Abbett Mid Cap Value............ Class B 1.35% $ 7.39 197 EQ/Lord Abbett Mid Cap Value............ Class B 1.40% $ 7.37 1,060 EQ/Lord Abbett Mid Cap Value............ Class B 1.50% $ 7.35 4,221 EQ/Lord Abbett Mid Cap Value............ Class B 1.55% $ 7.33 2,698 EQ/Lord Abbett Mid Cap Value............ Class B 1.60% $ 7.32 354 EQ/Lord Abbett Mid Cap Value............ Class B 1.65% $ 7.30 8,482 EQ/Lord Abbett Mid Cap Value............ Class B 1.70% $ 7.29 922 EQ/Lord Abbett Mid Cap Value............ Class B 1.80% $ 7.26 -- EQ/Lord Abbett Mid Cap Value............ Class B 1.90% $ 7.24 -- EQ/Marsico Focus........................ Class B 0.50% $ 11.60 -- EQ/Marsico Focus........................ Class B 0.95% $ 11.22 6 EQ/Marsico Focus........................ Class B 1.20% $ 11.01 9,776 EQ/Marsico Focus........................ Class B 1.25% $ 9.05 16,060
FSA-25 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Marsico Focus............. Class B 1.30% $ 9.02 10,424 EQ/Marsico Focus............. Class B 1.35% $ 10.89 1,313 EQ/Marsico Focus............. Class B 1.40% $ 10.85 14,437 EQ/Marsico Focus............. Class B 1.50% $ 8.93 21,105 EQ/Marsico Focus............. Class B 1.55% $ 10.73 9,050 EQ/Marsico Focus............. Class B 1.60% $ 10.69 5,954 EQ/Marsico Focus............. Class B 1.65% $ 8.86 27,244 EQ/Marsico Focus............. Class B 1.70% $ 10.61 3,228 EQ/Marsico Focus............. Class B 1.80% $ 10.53 49 EQ/Marsico Focus............. Class B 1.90% $ 10.45 5 EQ/Mid Cap Index............. Class B 0.50% $ 7.36 -- EQ/Mid Cap Index............. Class B 0.95% $ 7.09 25 EQ/Mid Cap Index............. Class B 1.20% $ 6.94 8,228 EQ/Mid Cap Index............. Class B 1.25% $ 8.03 8,169 EQ/Mid Cap Index............. Class B 1.30% $ 8.00 3,947 EQ/Mid Cap Index............. Class B 1.35% $ 6.86 1,046 EQ/Mid Cap Index............. Class B 1.40% $ 6.83 10,755 EQ/Mid Cap Index............. Class B 1.50% $ 7.93 11,084 EQ/Mid Cap Index............. Class B 1.55% $ 6.74 7,091 EQ/Mid Cap Index............. Class B 1.60% $ 6.71 5,117 EQ/Mid Cap Index............. Class B 1.65% $ 7.86 10,589 EQ/Mid Cap Index............. Class B 1.70% $ 6.66 1,863 EQ/Mid Cap Index............. Class B 1.80% $ 6.60 28 EQ/Mid Cap Index............. Class B 1.90% $ 6.54 4 EQ/Mid Cap Value PLUS........ Class B 0.50% $ 11.23 -- EQ/Mid Cap Value PLUS........ Class B 0.95% $ 10.65 12 EQ/Mid Cap Value PLUS........ Class B 1.20% $ 10.34 5,211 EQ/Mid Cap Value PLUS........ Class B 1.25% $ 9.11 5,616 EQ/Mid Cap Value PLUS........ Class B 1.30% $ 9.06 1,612 EQ/Mid Cap Value PLUS........ Class B 1.35% $ 10.16 780 EQ/Mid Cap Value PLUS........ Class B 1.40% $ 10.10 7,400 EQ/Mid Cap Value PLUS........ Class B 1.50% $ 8.99 8,252 EQ/Mid Cap Value PLUS........ Class B 1.55% $ 9.92 3,049 EQ/Mid Cap Value PLUS........ Class B 1.60% $ 9.86 3,335 EQ/Mid Cap Value PLUS........ Class B 1.65% $ 8.92 5,726 EQ/Mid Cap Value PLUS........ Class B 1.70% $ 9.74 902 EQ/Mid Cap Value PLUS........ Class B 1.80% $ 9.63 32 EQ/Mid Cap Value PLUS........ Class B 1.90% $ 9.52 13 EQ/Money Market.............. Class B 0.00% $ 44.43 14 EQ/Money Market.............. Class B 0.50% $ 38.72 -- EQ/Money Market.............. Class B 0.95% $ 34.19 5 EQ/Money Market.............. Class B 1.15% $ 11.33 195 EQ/Money Market.............. Class B 1.15% $ 32.35 24 EQ/Money Market.............. Class B 1.20% $ 31.90 2,708 EQ/Money Market.............. Class B 1.25% $ 10.82 9,274 EQ/Money Market.............. Class B 1.30% $ 10.67 6,707 EQ/Money Market.............. Class B 1.35% $ 30.60 2,696 EQ/Money Market.............. Class B 1.40% $ 30.17 4,787 EQ/Money Market.............. Class B 1.50% $ 10.68 20,804 EQ/Money Market.............. Class B 1.55% $ 28.93 5,634 EQ/Money Market.............. Class B 1.55% $ 32.29 4,286 EQ/Money Market.............. Class B 1.60% $ 28.54 4,635 EQ/Money Market.............. Class B 1.65% $ 10.59 26,885 EQ/Money Market.............. Class B 1.70% $ 27.75 1,943 EQ/Money Market.............. Class B 1.70% $ 32.26 307 EQ/Money Market.............. Class B 1.80% $ 26.99 7 EQ/Money Market.............. Class B 1.90% $ 26.24 13
FSA-26 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Montag & Caldwell Growth................... Class B 0.50% $ 4.22 -- EQ/Montag & Caldwell Growth................... Class B 0.95% $ 4.03 8 EQ/Montag & Caldwell Growth................... Class B 1.20% $ 3.93 1,807 EQ/Montag & Caldwell Growth................... Class B 1.25% $ 3.91 3,564 EQ/Montag & Caldwell Growth................... Class B 1.30% $ 1.56 9,857 EQ/Montag & Caldwell Growth................... Class B 1.35% $ 3.87 617 EQ/Montag & Caldwell Growth................... Class B 1.40% $ 3.85 4,010 EQ/Montag & Caldwell Growth................... Class B 1.50% $ 3.81 6,462 EQ/Montag & Caldwell Growth................... Class B 1.55% $ 3.79 5,847 EQ/Montag & Caldwell Growth................... Class B 1.60% $ 3.77 1,065 EQ/Montag & Caldwell Growth................... Class B 1.65% $ 3.76 8,750 EQ/Montag & Caldwell Growth................... Class B 1.70% $ 3.74 1,560 EQ/Montag & Caldwell Growth................... Class B 1.80% $ 3.70 14 EQ/Montag & Caldwell Growth................... Class B 1.90% $ 3.66 -- EQ/Mutual Shares.............................. Class B 0.50% $ 6.69 -- EQ/Mutual Shares.............................. Class B 0.95% $ 6.62 4 EQ/Mutual Shares.............................. Class B 1.20% $ 6.58 922 EQ/Mutual Shares.............................. Class B 1.25% $ 6.57 2,806 EQ/Mutual Shares.............................. Class B 1.30% $ 6.57 5,798 EQ/Mutual Shares.............................. Class B 1.35% $ 6.56 193 EQ/Mutual Shares.............................. Class B 1.40% $ 6.55 1,147 EQ/Mutual Shares.............................. Class B 1.50% $ 6.53 2,595 EQ/Mutual Shares.............................. Class B 1.55% $ 6.53 3,890 EQ/Mutual Shares.............................. Class B 1.60% $ 6.52 499 EQ/Mutual Shares.............................. Class B 1.65% $ 6.51 11,898 EQ/Mutual Shares.............................. Class B 1.70% $ 6.50 1,644 EQ/Mutual Shares.............................. Class B 1.80% $ 6.49 2 EQ/Mutual Shares.............................. Class B 1.90% $ 6.47 -- EQ/Oppenheimer Global......................... Class B 0.50% $ 6.90 -- EQ/Oppenheimer Global......................... Class B 0.95% $ 6.83 -- EQ/Oppenheimer Global......................... Class B 1.20% $ 6.79 328 EQ/Oppenheimer Global......................... Class B 1.25% $ 6.78 1,127 EQ/Oppenheimer Global......................... Class B 1.30% $ 6.77 2,631 EQ/Oppenheimer Global......................... Class B 1.35% $ 6.76 102 EQ/Oppenheimer Global......................... Class B 1.40% $ 6.75 602 EQ/Oppenheimer Global......................... Class B 1.50% $ 6.74 1,080 EQ/Oppenheimer Global......................... Class B 1.55% $ 6.73 2,347 EQ/Oppenheimer Global......................... Class B 1.60% $ 6.72 230 EQ/Oppenheimer Global......................... Class B 1.65% $ 6.71 4,013 EQ/Oppenheimer Global......................... Class B 1.70% $ 6.71 786 EQ/Oppenheimer Global......................... Class B 1.80% $ 6.69 -- EQ/Oppenheimer Global......................... Class B 1.90% $ 6.68 -- EQ/Oppenheimer Main Street Opportunity........ Class B 0.50% $ 6.87 -- EQ/Oppenheimer Main Street Opportunity........ Class B 0.95% $ 6.79 -- EQ/Oppenheimer Main Street Opportunity........ Class B 1.20% $ 6.75 171 EQ/Oppenheimer Main Street Opportunity........ Class B 1.25% $ 6.75 358 EQ/Oppenheimer Main Street Opportunity........ Class B 1.30% $ 6.74 683 EQ/Oppenheimer Main Street Opportunity........ Class B 1.35% $ 6.73 43 EQ/Oppenheimer Main Street Opportunity........ Class B 1.40% $ 6.72 141 EQ/Oppenheimer Main Street Opportunity........ Class B 1.50% $ 6.71 516 EQ/Oppenheimer Main Street Opportunity........ Class B 1.55% $ 6.70 968 EQ/Oppenheimer Main Street Opportunity........ Class B 1.60% $ 6.69 63 EQ/Oppenheimer Main Street Opportunity........ Class B 1.65% $ 6.68 969 EQ/Oppenheimer Main Street Opportunity........ Class B 1.70% $ 6.68 130 EQ/Oppenheimer Main Street Opportunity........ Class B 1.80% $ 6.66 6 EQ/Oppenheimer Main Street Opportunity........ Class B 1.90% $ 6.64 --
FSA-27 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Oppenheimer Main Street Small Cap........ Class B 0.50% $ 6.68 -- EQ/Oppenheimer Main Street Small Cap........ Class B 0.95% $ 6.61 -- EQ/Oppenheimer Main Street Small Cap........ Class B 1.20% $ 6.57 179 EQ/Oppenheimer Main Street Small Cap........ Class B 1.25% $ 6.57 575 EQ/Oppenheimer Main Street Small Cap........ Class B 1.30% $ 6.56 1,533 EQ/Oppenheimer Main Street Small Cap........ Class B 1.35% $ 6.55 42 EQ/Oppenheimer Main Street Small Cap........ Class B 1.40% $ 6.54 332 EQ/Oppenheimer Main Street Small Cap........ Class B 1.50% $ 6.53 717 EQ/Oppenheimer Main Street Small Cap........ Class B 1.55% $ 6.52 1,367 EQ/Oppenheimer Main Street Small Cap........ Class B 1.60% $ 6.51 148 EQ/Oppenheimer Main Street Small Cap........ Class B 1.65% $ 6.50 2,314 EQ/Oppenheimer Main Street Small Cap........ Class B 1.70% $ 6.50 340 EQ/Oppenheimer Main Street Small Cap........ Class B 1.80% $ 6.48 3 EQ/Oppenheimer Main Street Small Cap........ Class B 1.90% $ 6.47 -- EQ/PIMCO Real Return........................ Class B 0.50% $ 10.57 -- EQ/PIMCO Real Return........................ Class B 0.95% $ 10.39 -- EQ/PIMCO Real Return........................ Class B 1.20% $ 10.30 3,734 EQ/PIMCO Real Return........................ Class B 1.25% $ 10.28 10,323 EQ/PIMCO Real Return........................ Class B 1.30% $ 8.95 9,821 EQ/PIMCO Real Return........................ Class B 1.35% $ 10.24 1,173 EQ/PIMCO Real Return........................ Class B 1.40% $ 10.22 7,245 EQ/PIMCO Real Return........................ Class B 1.50% $ 10.18 16,250 EQ/PIMCO Real Return........................ Class B 1.55% $ 10.17 11,794 EQ/PIMCO Real Return........................ Class B 1.60% $ 10.15 2,800 EQ/PIMCO Real Return........................ Class B 1.65% $ 10.13 25,636 EQ/PIMCO Real Return........................ Class B 1.70% $ 10.11 2,525 EQ/PIMCO Real Return........................ Class B 1.80% $ 10.07 20 EQ/PIMCO Real Return........................ Class B 1.90% $ 10.03 2 EQ/Quality Bond PLUS........................ Class B 0.50% $ 17.75 -- EQ/Quality Bond PLUS........................ Class B 0.95% $ 16.57 2 EQ/Quality Bond PLUS........................ Class B 1.20% $ 15.94 2,700 EQ/Quality Bond PLUS........................ Class B 1.25% $ 10.29 3,340 EQ/Quality Bond PLUS........................ Class B 1.30% $ 10.21 1,880 EQ/Quality Bond PLUS........................ Class B 1.35% $ 15.57 324 EQ/Quality Bond PLUS........................ Class B 1.40% $ 15.45 4,304 EQ/Quality Bond PLUS........................ Class B 1.50% $ 10.15 5,828 EQ/Quality Bond PLUS........................ Class B 1.55% $ 15.10 1,534 EQ/Quality Bond PLUS........................ Class B 1.60% $ 14.98 1,459 EQ/Quality Bond PLUS........................ Class B 1.65% $ 10.07 4,558 EQ/Quality Bond PLUS........................ Class B 1.70% $ 14.75 502 EQ/Quality Bond PLUS........................ Class B 1.80% $ 14.53 4 EQ/Quality Bond PLUS........................ Class B 1.90% $ 14.30 31 EQ/Short Duration Bond...................... Class B 0.50% $ 10.61 -- EQ/Short Duration Bond...................... Class B 0.95% $ 10.43 -- EQ/Short Duration Bond...................... Class B 1.20% $ 10.34 478 EQ/Short Duration Bond...................... Class B 1.25% $ 10.32 1,426 EQ/Short Duration Bond...................... Class B 1.30% $ 9.93 1,229 EQ/Short Duration Bond...................... Class B 1.35% $ 10.28 304 EQ/Short Duration Bond...................... Class B 1.40% $ 10.26 1,221 EQ/Short Duration Bond...................... Class B 1.50% $ 10.22 1,587 EQ/Short Duration Bond...................... Class B 1.55% $ 10.20 1,549 EQ/Short Duration Bond...................... Class B 1.60% $ 10.18 628 EQ/Short Duration Bond...................... Class B 1.65% $ 10.16 5,000 EQ/Short Duration Bond...................... Class B 1.70% $ 10.15 475 EQ/Short Duration Bond...................... Class B 1.80% $ 10.11 5 EQ/Short Duration Bond...................... Class B 1.90% $ 10.07 3
FSA-28 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Small Company Index............... Class B 0.50% $ 11.85 -- EQ/Small Company Index............... Class B 0.95% $ 11.28 11 EQ/Small Company Index............... Class B 1.20% $ 10.97 2,545 EQ/Small Company Index............... Class B 1.25% $ 9.41 3,503 EQ/Small Company Index............... Class B 1.30% $ 9.35 2,215 EQ/Small Company Index............... Class B 1.35% $ 10.79 995 EQ/Small Company Index............... Class B 1.40% $ 10.73 4,046 EQ/Small Company Index............... Class B 1.50% $ 9.28 5,157 EQ/Small Company Index............... Class B 1.55% $ 10.55 2,777 EQ/Small Company Index............... Class B 1.60% $ 10.49 1,675 EQ/Small Company Index............... Class B 1.65% $ 9.21 4,820 EQ/Small Company Index............... Class B 1.70% $ 10.37 720 EQ/Small Company Index............... Class B 1.80% $ 10.26 9 EQ/Small Company Index............... Class B 1.90% $ 10.14 4 EQ/T. Rowe Price Growth Stock........ Class B 0.50% $ 11.86 -- EQ/T. Rowe Price Growth Stock........ Class B 0.95% $ 10.81 4 EQ/T. Rowe Price Growth Stock........ Class B 1.20% $ 10.27 1,438 EQ/T. Rowe Price Growth Stock........ Class B 1.25% $ 10.16 1,665 EQ/T. Rowe Price Growth Stock........ Class B 1.30% $ 3.85 2,900 EQ/T. Rowe Price Growth Stock........ Class B 1.35% $ 9.96 369 EQ/T. Rowe Price Growth Stock........ Class B 1.40% $ 9.85 2,057 EQ/T. Rowe Price Growth Stock........ Class B 1.50% $ 9.65 2,729 EQ/T. Rowe Price Growth Stock........ Class B 1.55% $ 9.55 2,310 EQ/T. Rowe Price Growth Stock........ Class B 1.60% $ 9.45 1,328 EQ/T. Rowe Price Growth Stock........ Class B 1.65% $ 9.36 3,779 EQ/T. Rowe Price Growth Stock........ Class B 1.70% $ 9.26 421 EQ/T. Rowe Price Growth Stock........ Class B 1.80% $ 9.07 12 EQ/T. Rowe Price Growth Stock........ Class B 1.90% $ 8.88 12 EQ/Templeton Growth.................. Class B 0.50% $ 6.45 -- EQ/Templeton Growth.................. Class B 0.95% $ 6.38 1 EQ/Templeton Growth.................. Class B 1.20% $ 6.35 561 EQ/Templeton Growth.................. Class B 1.25% $ 6.34 1,872 EQ/Templeton Growth.................. Class B 1.30% $ 6.33 4,870 EQ/Templeton Growth.................. Class B 1.35% $ 6.32 189 EQ/Templeton Growth.................. Class B 1.40% $ 6.32 766 EQ/Templeton Growth.................. Class B 1.50% $ 6.30 1,904 EQ/Templeton Growth.................. Class B 1.55% $ 6.29 3,287 EQ/Templeton Growth.................. Class B 1.60% $ 6.29 411 EQ/Templeton Growth.................. Class B 1.65% $ 6.28 9,057 EQ/Templeton Growth.................. Class B 1.70% $ 6.27 848 EQ/Templeton Growth.................. Class B 1.80% $ 6.26 2 EQ/Templeton Growth.................. Class B 1.90% $ 6.24 -- EQ/UBS Growth and Income............. Class B 0.50% $ 4.02 -- EQ/UBS Growth and Income............. Class B 0.95% $ 3.84 -- EQ/UBS Growth and Income............. Class B 1.20% $ 3.75 283 EQ/UBS Growth and Income............. Class B 1.25% $ 3.73 1,764 EQ/UBS Growth and Income............. Class B 1.30% $ 1.46 2,891 EQ/UBS Growth and Income............. Class B 1.35% $ 3.69 108 EQ/UBS Growth and Income............. Class B 1.40% $ 3.67 590 EQ/UBS Growth and Income............. Class B 1.50% $ 3.63 3,589 EQ/UBS Growth and Income............. Class B 1.55% $ 3.62 2,130 EQ/UBS Growth and Income............. Class B 1.60% $ 3.60 145 EQ/UBS Growth and Income............. Class B 1.65% $ 3.58 3,308 EQ/UBS Growth and Income............. Class B 1.70% $ 3.56 153 EQ/UBS Growth and Income............. Class B 1.80% $ 3.52 -- EQ/UBS Growth and Income............. Class B 1.90% $ 3.49 --
FSA-29 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Van Kampen Comstock....................... Class B 0.50% $ 7.36 -- EQ/Van Kampen Comstock....................... Class B 0.95% $ 7.24 1 EQ/Van Kampen Comstock....................... Class B 1.20% $ 7.17 493 EQ/Van Kampen Comstock....................... Class B 1.25% $ 7.16 4,223 EQ/Van Kampen Comstock....................... Class B 1.30% $ 7.15 2,784 EQ/Van Kampen Comstock....................... Class B 1.35% $ 7.13 244 EQ/Van Kampen Comstock....................... Class B 1.40% $ 7.12 878 EQ/Van Kampen Comstock....................... Class B 1.50% $ 7.09 3,571 EQ/Van Kampen Comstock....................... Class B 1.55% $ 7.08 2,035 EQ/Van Kampen Comstock....................... Class B 1.60% $ 7.07 491 EQ/Van Kampen Comstock....................... Class B 1.65% $ 7.05 10,821 EQ/Van Kampen Comstock....................... Class B 1.70% $ 7.04 545 EQ/Van Kampen Comstock....................... Class B 1.80% $ 7.01 2 EQ/Van Kampen Comstock....................... Class B 1.90% $ 6.99 -- EQ/Van Kampen Emerging Markets Equity........ Class B 0.50% $ 12.25 -- EQ/Van Kampen Emerging Markets Equity........ Class B 0.95% $ 11.63 30 EQ/Van Kampen Emerging Markets Equity........ Class B 1.20% $ 11.30 3,004 EQ/Van Kampen Emerging Markets Equity........ Class B 1.25% $ 14.72 5,840 EQ/Van Kampen Emerging Markets Equity........ Class B 1.30% $ 14.63 5,722 EQ/Van Kampen Emerging Markets Equity........ Class B 1.35% $ 11.11 1,671 EQ/Van Kampen Emerging Markets Equity........ Class B 1.40% $ 11.05 6,223 EQ/Van Kampen Emerging Markets Equity........ Class B 1.50% $ 14.52 9,735 EQ/Van Kampen Emerging Markets Equity........ Class B 1.55% $ 10.86 8,369 EQ/Van Kampen Emerging Markets Equity........ Class B 1.60% $ 10.79 2,396 EQ/Van Kampen Emerging Markets Equity........ Class B 1.65% $ 14.40 9,040 EQ/Van Kampen Emerging Markets Equity........ Class B 1.70% $ 10.67 1,528 EQ/Van Kampen Emerging Markets Equity........ Class B 1.80% $ 10.55 14 EQ/Van Kampen Emerging Markets Equity........ Class B 1.90% $ 10.43 2 EQ/Van Kampen Mid Cap Growth................. Class B 0.50% $ 8.64 -- EQ/Van Kampen Mid Cap Growth................. Class B 0.95% $ 8.49 5 EQ/Van Kampen Mid Cap Growth................. Class B 1.20% $ 8.42 971 EQ/Van Kampen Mid Cap Growth................. Class B 1.25% $ 8.40 3,245 EQ/Van Kampen Mid Cap Growth................. Class B 1.30% $ 8.38 3,390 EQ/Van Kampen Mid Cap Growth................. Class B 1.35% $ 8.37 294 EQ/Van Kampen Mid Cap Growth................. Class B 1.40% $ 8.35 1,561 EQ/Van Kampen Mid Cap Growth................. Class B 1.50% $ 8.32 3,987 EQ/Van Kampen Mid Cap Growth................. Class B 1.55% $ 8.31 3,782 EQ/Van Kampen Mid Cap Growth................. Class B 1.60% $ 8.29 412 EQ/Van Kampen Mid Cap Growth................. Class B 1.65% $ 8.28 6,915 EQ/Van Kampen Mid Cap Growth................. Class B 1.70% $ 8.26 695 EQ/Van Kampen Mid Cap Growth................. Class B 1.80% $ 8.23 -- EQ/Van Kampen Mid Cap Growth................. Class B 1.90% $ 8.20 -- EQ/Van Kampen Real Estate.................... Class B 1.20% $ 5.01 1,885 EQ/Van Kampen Real Estate.................... Class B 1.25% $ 5.00 9,478 EQ/Van Kampen Real Estate.................... Class B 1.30% $ 5.00 6,805 EQ/Van Kampen Real Estate.................... Class B 1.40% $ 4.99 3,678 EQ/Van Kampen Real Estate.................... Class B 1.50% $ 4.98 14,752 EQ/Van Kampen Real Estate.................... Class B 1.55% $ 4.98 6,634 EQ/Van Kampen Real Estate.................... Class B 1.60% $ 4.98 731 EQ/Van Kampen Real Estate.................... Class B 1.65% $ 4.97 13,059 EQ/Van Kampen Real Estate.................... Class B 1.70% $ 4.97 1,342 Multimanager Aggressive Equity............... Class B 0.50% $ 41.97 -- Multimanager Aggressive Equity............... Class B 0.95% $ 37.83 1 Multimanager Aggressive Equity............... Class B 1.20% $ 35.69 162 Multimanager Aggressive Equity............... Class B 1.25% $ 7.59 834 Multimanager Aggressive Equity............... Class B 1.30% $ 7.50 529
FSA-30 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- Multimanager Aggressive Equity........... Class B 1.35% $ 34.47 305 Multimanager Aggressive Equity........... Class B 1.40% $ 34.07 206 Multimanager Aggressive Equity........... Class B 1.50% $ 7.49 1,250 Multimanager Aggressive Equity........... Class B 1.55% $ 32.90 210 Multimanager Aggressive Equity........... Class B 1.60% $ 32.52 186 Multimanager Aggressive Equity........... Class B 1.65% $ 7.43 1,350 Multimanager Aggressive Equity........... Class B 1.70% $ 31.77 53 Multimanager Aggressive Equity........... Class B 1.80% $ 31.04 1 Multimanager Aggressive Equity........... Class B 1.90% $ 30.32 -- Multimanager Core Bond................... Class B 0.50% $ 12.94 -- Multimanager Core Bond................... Class B 0.95% $ 12.54 -- Multimanager Core Bond................... Class B 1.20% $ 12.32 8,401 Multimanager Core Bond................... Class B 1.25% $ 11.41 6,075 Multimanager Core Bond................... Class B 1.30% $ 11.41 2,680 Multimanager Core Bond................... Class B 1.35% $ 12.19 705 Multimanager Core Bond................... Class B 1.40% $ 12.14 13,388 Multimanager Core Bond................... Class B 1.50% $ 11.26 9,154 Multimanager Core Bond................... Class B 1.55% $ 12.02 3,422 Multimanager Core Bond................... Class B 1.60% $ 11.97 4,240 Multimanager Core Bond................... Class B 1.65% $ 11.17 11,031 Multimanager Core Bond................... Class B 1.70% $ 11.89 3,511 Multimanager Core Bond................... Class B 1.80% $ 11.80 19 Multimanager Core Bond................... Class B 1.90% $ 11.72 3 Multimanager Health Care................. Class B 0.50% $ 9.96 -- Multimanager Health Care................. Class B 0.95% $ 9.65 -- Multimanager Health Care................. Class B 1.20% $ 9.48 2,706 Multimanager Health Care................. Class B 1.25% $ 10.01 2,953 Multimanager Health Care................. Class B 1.30% $ 9.97 1,648 Multimanager Health Care................. Class B 1.35% $ 9.38 275 Multimanager Health Care................. Class B 1.40% $ 9.34 3,929 Multimanager Health Care................. Class B 1.50% $ 9.87 5,011 Multimanager Health Care................. Class B 1.55% $ 9.25 2,361 Multimanager Health Care................. Class B 1.60% $ 9.21 1,104 Multimanager Health Care................. Class B 1.65% $ 9.79 4,575 Multimanager Health Care................. Class B 1.70% $ 9.15 429 Multimanager Health Care................. Class B 1.80% $ 9.08 9 Multimanager Health Care................. Class B 1.90% $ 9.02 1 Multimanager High Yield.................. Class B 0.50% $ 30.12 -- Multimanager High Yield.................. Class B 0.95% $ 27.26 4 Multimanager High Yield.................. Class B 1.20% $ 25.79 2,545 Multimanager High Yield.................. Class B 1.25% $ 9.67 6,014 Multimanager High Yield.................. Class B 1.30% $ 9.56 2,102 Multimanager High Yield.................. Class B 1.35% $ 24.94 1,227 Multimanager High Yield.................. Class B 1.40% $ 24.66 3,858 Multimanager High Yield.................. Class B 1.50% $ 9.54 9,841 Multimanager High Yield.................. Class B 1.55% $ 23.85 1,874 Multimanager High Yield.................. Class B 1.60% $ 23.59 2,063 Multimanager High Yield.................. Class B 1.65% $ 9.46 6,601 Multimanager High Yield.................. Class B 1.70% $ 23.07 523 Multimanager High Yield.................. Class B 1.80% $ 22.56 11 Multimanager High Yield.................. Class B 1.90% $ 22.06 1 Multimanager International Equity........ Class B 0.50% $ 10.39 -- Multimanager International Equity........ Class B 0.95% $ 10.06 -- Multimanager International Equity........ Class B 1.20% $ 9.89 2,888 Multimanager International Equity........ Class B 1.25% $ 10.69 3,883 Multimanager International Equity........ Class B 1.30% $ 10.65 2,606
FSA-31 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- Multimanager International Equity......... Class B 1.35% $ 9.78 528 Multimanager International Equity......... Class B 1.40% $ 9.75 4,854 Multimanager International Equity......... Class B 1.50% $ 10.54 6,101 Multimanager International Equity......... Class B 1.55% $ 9.64 3,649 Multimanager International Equity......... Class B 1.60% $ 9.61 1,547 Multimanager International Equity......... Class B 1.65% $ 10.46 7,867 Multimanager International Equity......... Class B 1.70% $ 9.54 951 Multimanager International Equity......... Class B 1.80% $ 9.47 9 Multimanager International Equity......... Class B 1.90% $ 9.41 1 Multimanager Large Cap Core Equity........ Class B 0.50% $ 8.09 -- Multimanager Large Cap Core Equity........ Class B 0.95% $ 7.84 3 Multimanager Large Cap Core Equity........ Class B 1.20% $ 7.70 1,747 Multimanager Large Cap Core Equity........ Class B 1.25% $ 8.40 907 Multimanager Large Cap Core Equity........ Class B 1.30% $ 8.36 507 Multimanager Large Cap Core Equity........ Class B 1.35% $ 7.62 192 Multimanager Large Cap Core Equity........ Class B 1.40% $ 7.59 2,992 Multimanager Large Cap Core Equity........ Class B 1.50% $ 8.28 1,691 Multimanager Large Cap Core Equity........ Class B 1.55% $ 7.51 981 Multimanager Large Cap Core Equity........ Class B 1.60% $ 7.48 1,012 Multimanager Large Cap Core Equity........ Class B 1.65% $ 8.22 1,797 Multimanager Large Cap Core Equity........ Class B 1.70% $ 7.43 447 Multimanager Large Cap Core Equity........ Class B 1.80% $ 7.38 3 Multimanager Large Cap Core Equity........ Class B 1.90% $ 7.33 -- Multimanager Large Cap Growth............. Class B 0.50% $ 6.05 -- Multimanager Large Cap Growth............. Class B 0.95% $ 5.86 -- Multimanager Large Cap Growth............. Class B 1.20% $ 5.76 3,514 Multimanager Large Cap Growth............. Class B 1.25% $ 6.86 2,547 Multimanager Large Cap Growth............. Class B 1.30% $ 6.83 1,190 Multimanager Large Cap Growth............. Class B 1.35% $ 5.70 415 Multimanager Large Cap Growth............. Class B 1.40% $ 5.68 6,433 Multimanager Large Cap Growth............. Class B 1.50% $ 6.76 3,750 Multimanager Large Cap Growth............. Class B 1.55% $ 5.62 1,942 Multimanager Large Cap Growth............. Class B 1.60% $ 5.60 2,508 Multimanager Large Cap Growth............. Class B 1.65% $ 6.71 3,987 Multimanager Large Cap Growth............. Class B 1.70% $ 5.56 840 Multimanager Large Cap Growth............. Class B 1.80% $ 5.52 39 Multimanager Large Cap Growth............. Class B 1.90% $ 5.48 -- Multimanager Large Cap Value.............. Class B 0.50% $ 9.62 -- Multimanager Large Cap Value.............. Class B 0.95% $ 9.32 16 Multimanager Large Cap Value.............. Class B 1.20% $ 9.15 4,173 Multimanager Large Cap Value.............. Class B 1.25% $ 9.87 4,032 Multimanager Large Cap Value.............. Class B 1.30% $ 9.83 2,483 Multimanager Large Cap Value.............. Class B 1.35% $ 9.06 478 Multimanager Large Cap Value.............. Class B 1.40% $ 9.02 6,385 Multimanager Large Cap Value.............. Class B 1.50% $ 9.73 6,245 Multimanager Large Cap Value.............. Class B 1.55% $ 8.93 3,416 Multimanager Large Cap Value.............. Class B 1.60% $ 8.90 2,480 Multimanager Large Cap Value.............. Class B 1.65% $ 9.65 6,951 Multimanager Large Cap Value.............. Class B 1.70% $ 8.83 921 Multimanager Large Cap Value.............. Class B 1.80% $ 8.77 33 Multimanager Large Cap Value.............. Class B 1.90% $ 8.71 -- Multimanager Mid Cap Growth............... Class B 0.50% $ 7.13 -- Multimanager Mid Cap Growth............... Class B 0.95% $ 6.91 1 Multimanager Mid Cap Growth............... Class B 1.20% $ 6.79 4,628 Multimanager Mid Cap Growth............... Class B 1.25% $ 8.30 2,663 Multimanager Mid Cap Growth............... Class B 1.30% $ 8.27 1,229
FSA-32 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- Multimanager Mid Cap Growth.......... Class B 1.35% $ 6.72 426 Multimanager Mid Cap Growth.......... Class B 1.40% $ 6.69 7,140 Multimanager Mid Cap Growth.......... Class B 1.50% $ 8.18 4,032 Multimanager Mid Cap Growth.......... Class B 1.55% $ 6.62 1,770 Multimanager Mid Cap Growth.......... Class B 1.60% $ 6.60 2,611 Multimanager Mid Cap Growth.......... Class B 1.65% $ 8.12 4,317 Multimanager Mid Cap Growth.......... Class B 1.70% $ 6.55 813 Multimanager Mid Cap Growth.......... Class B 1.80% $ 6.50 11 Multimanager Mid Cap Growth.......... Class B 1.90% $ 6.46 1 Multimanager Mid Cap Value........... Class B 0.50% $ 9.22 -- Multimanager Mid Cap Value........... Class B 0.95% $ 8.93 3 Multimanager Mid Cap Value........... Class B 1.20% $ 8.78 3,405 Multimanager Mid Cap Value........... Class B 1.25% $ 9.40 2,512 Multimanager Mid Cap Value........... Class B 1.30% $ 9.36 1,300 Multimanager Mid Cap Value........... Class B 1.35% $ 8.68 410 Multimanager Mid Cap Value........... Class B 1.40% $ 8.65 5,707 Multimanager Mid Cap Value........... Class B 1.50% $ 9.27 3,935 Multimanager Mid Cap Value........... Class B 1.55% $ 8.56 1,982 Multimanager Mid Cap Value........... Class B 1.60% $ 8.53 2,077 Multimanager Mid Cap Value........... Class B 1.65% $ 9.20 4,175 Multimanager Mid Cap Value........... Class B 1.70% $ 8.47 727 Multimanager Mid Cap Value........... Class B 1.80% $ 8.41 11 Multimanager Mid Cap Value........... Class B 1.90% $ 8.35 1 Multimanager Small Cap Growth........ Class B 0.50% $ 5.60 -- Multimanager Small Cap Growth........ Class B 0.95% $ 5.35 1 Multimanager Small Cap Growth........ Class B 1.20% $ 5.21 728 Multimanager Small Cap Growth........ Class B 1.25% $ 5.19 4,114 Multimanager Small Cap Growth........ Class B 1.30% $ 2.98 4,840 Multimanager Small Cap Growth........ Class B 1.35% $ 5.14 306 Multimanager Small Cap Growth........ Class B 1.40% $ 5.11 1,483 Multimanager Small Cap Growth........ Class B 1.50% $ 5.06 5,941 Multimanager Small Cap Growth........ Class B 1.55% $ 5.03 3,484 Multimanager Small Cap Growth........ Class B 1.60% $ 5.01 350 Multimanager Small Cap Growth........ Class B 1.65% $ 4.98 6,845 Multimanager Small Cap Growth........ Class B 1.70% $ 4.95 687 Multimanager Small Cap Growth........ Class B 1.80% $ 4.90 1 Multimanager Small Cap Growth........ Class B 1.90% $ 4.85 -- Multimanager Small Cap Value......... Class B 0.50% $ 11.78 -- Multimanager Small Cap Value......... Class B 0.95% $ 11.21 9 Multimanager Small Cap Value......... Class B 1.20% $ 10.90 4,558 Multimanager Small Cap Value......... Class B 1.25% $ 8.20 6,215 Multimanager Small Cap Value......... Class B 1.30% $ 8.15 910 Multimanager Small Cap Value......... Class B 1.35% $ 10.72 2,179 Multimanager Small Cap Value......... Class B 1.40% $ 10.66 5,936 Multimanager Small Cap Value......... Class B 1.50% $ 8.09 7,894 Multimanager Small Cap Value......... Class B 1.55% $ 10.48 1,879 Multimanager Small Cap Value......... Class B 1.60% $ 10.43 3,075 Multimanager Small Cap Value......... Class B 1.65% $ 8.02 6,403 Multimanager Small Cap Value......... Class B 1.70% $ 10.31 666 Multimanager Small Cap Value......... Class B 1.80% $ 10.20 29 Multimanager Small Cap Value......... Class B 1.90% $ 10.08 6 Multimanager Technology.............. Class B 0.50% $ 6.85 -- Multimanager Technology.............. Class B 0.95% $ 6.64 25 Multimanager Technology.............. Class B 1.20% $ 6.52 2,156 Multimanager Technology.............. Class B 1.25% $ 7.60 2,241 Multimanager Technology.............. Class B 1.30% $ 7.57 1,902
FSA-33 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Concluded) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- Multimanager Technology........ Class B 1.35% $ 6.45 537 Multimanager Technology........ Class B 1.40% $ 6.43 4,601 Multimanager Technology........ Class B 1.50% $ 7.50 5,133 Multimanager Technology........ Class B 1.55% $ 6.36 4,243 Multimanager Technology........ Class B 1.60% $ 6.34 2,147 Multimanager Technology........ Class B 1.65% $ 7.44 4,301 Multimanager Technology........ Class B 1.70% $ 6.29 462 Multimanager Technology........ Class B 1.80% $ 6.25 8 Multimanager Technology........ Class B 1.90% $ 6.20 --
The accompanying notes are an integral part of these financial statements. FSA-34 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2008
AXA Aggressive AXA Conservative AXA Conservative-Plus Allocation Allocation Allocation ------------------- ------------------ ----------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 43,475,876 $ 60,694,901 $ 47,959,378 Expenses: Asset-based charges............................. 39,539,772 13,658,850 18,031,056 ---------------- -------------- -------------- Net Investment Income (Loss)........................ 3,936,104 47,036,051 29,928,322 ---------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (50,014,957) (21,365,385) (25,239,385) Realized gain distribution from The Trusts........ 181,297,323 13,756,608 32,119,239 ---------------- -------------- -------------- Net realized gain (loss).......................... 131,282,366 (7,608,777) 6,879,854 ---------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments.................................. (1,449,797,143) (159,266,295) (315,384,042) ---------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (1,318,514,777) (166,875,072) (308,504,188) ---------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations................................... $ (1,314,578,673) $ (119,839,021) $ (278,575,866) ================ ============== ============== AXA Moderate AXA Moderate-Plus EQ/AllianceBernstein Allocation Allocation Common Stock ------------------- ------------------- ---------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 228,580,685 $ 225,406,113 $ 15,061,103 Expenses: Asset-based charges............................. 83,977,450 142,061,852 13,400,647 ---------------- ---------------- -------------- Net Investment Income (Loss)........................ 144,603,235 83,344,261 1,660,456 ---------------- ---------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (1,977,088) (46,138,786) (9,877,898) Realized gain distribution from The Trusts........ 242,661,895 500,717,492 -- ---------------- ---------------- -------------- Net realized gain (loss).......................... 240,684,807 454,578,706 (9,877,898) ---------------- ---------------- -------------- Change in unrealized appreciation (depreciation) of investments.................................. (2,048,184,961) (4,240,331,255) (509,119,672) ---------------- ---------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (1,807,500,154) (3,785,752,549) (518,997,570) ---------------- ---------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations................................... $ (1,662,896,919) $ (3,702,408,288) $ (517,337,114) ================ ================ ==============
------- The accompanying notes are an integral part of these financial statements. FSA-35 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/AllianceBernstein Intermediate Government EQ/AllianceBernstein EQ/AllianceBernstein Securities International Small Cap Growth --------------------- ---------------------- ---------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 12,784,560 $ 27,095,257 $ -- Expenses: Asset-based charges............................. 4,962,814 14,618,030 6,084,011 ------------ -------------- -------------- Net Investment Income (Loss)........................ 7,821,746 12,477,227 (6,084,011) ------------ -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (1,366,840) 8,071,308 (8,898,837) Realized gain distribution from The Trusts...... -- 16,908,423 589,575 ------------ -------------- -------------- Net realized gain (loss).......................... (1,366,840) 24,979,731 (8,309,262) ------------ -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... 1,364,716 (689,165,353) (222,476,523) ------------ -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (2,124) (664,185,622) (230,785,785) ------------ -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ 7,819,622 $ (651,708,395) $ (236,869,796) ============ ============== ============== EQ/Ariel EQ/AXA Rosenberg EQ/BlackRock Appreciation II Value Long/Short Equity Basic Value Equity ----------------- ------------------------- ------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 454,064 $ 256,168 $ 11,805,862 Expenses: Asset-based charges............................. 723,965 2,099,814 9,899,013 ------------- ------------- -------------- Net Investment Income (Loss)........................ (269,901) (1,843,646) 1,906,849 ------------- ------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (3,904,956) (3,734,130) (10,058,990) Realized gain distribution from The Trusts...... 178,911 -- 3,251,229 ------------- ------------- -------------- Net realized gain (loss).......................... (3,726,045) (3,734,130) (6,807,761) ------------- ------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (21,331,726) (5,980,556) (305,492,350) ------------- ------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (25,057,771) (9,714,686) (312,300,111) ------------- ------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (25,327,672) $ (11,558,332) $ (310,393,262) ============= ============= ==============
------- The accompanying notes are an integral part of these financial statements. FSA-36 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/BlackRock EQ/Boston Advisors EQ/Calvert International Value Equity Income Socially Responsible --------------------- -------------------- ---------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 18,961,935 $ 4,298,665 $ 153,020 Expenses: Asset-based charges............................. 12,681,260 2,589,159 749,526 -------------- ------------- ------------- Net Investment Income (Loss)........................ 6,280,675 1,709,506 (596,506) -------------- ------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. 85,152 (7,074,396) (1,410,399) Realized gain distribution from The Trusts...... 21,437,617 2,067,390 734,616 -------------- ------------- ------------- Net realized gain (loss).......................... 21,522,769 (5,007,006) (675,783) -------------- ------------- ------------- Change in unrealized appreciation (depreciation) of investments................... (506,344,124) (66,805,964) (28,608,826) -------------- ------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (484,821,355) (71,812,970) (29,284,609) -------------- ------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (478,540,680) $ (70,103,464) $ (29,881,115) ============== ============= ============= EQ/Capital EQ/Capital EQ/Caywood-Scholl Guardian Growth Guardian Research High Yield Bond ----------------- ------------------- ------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 658,708 $ 10,435,729 $ 11,366,597 Expenses: Asset-based charges............................. 5,488,589 16,684,762 2,080,066 -------------- -------------- ------------- Net Investment Income (Loss)........................ (4,829,881) (6,249,033) 9,286,531 -------------- -------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (3,137,954) 15,643,765 (7,485,659) Realized gain distribution from The Trusts...... -- 19,216,412 -- -------------- -------------- ------------- Net realized gain (loss).......................... (3,137,954) 34,860,177 (7,485,659) -------------- -------------- ------------- Change in unrealized appreciation (depreciation) of investments................... (175,765,854) (581,110,378) (33,083,367) -------------- -------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (178,903,808) (546,250,201) (40,569,026) -------------- -------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (183,733,689) $ (552,499,234) $ (31,282,495) ============== ============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-37 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Davis EQ/Equity EQ/Evergreen New York Venture 500 Index International Bond ------------------ ----------------- -------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 1,766,544 $ 21,523,400 $ 70,881,744 Expenses: Asset-based charges............................. 4,240,760 18,255,723 5,386,252 -------------- -------------- -------------- Net Investment Income (Loss)........................ (2,474,216) 3,267,677 65,495,492 -------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (11,064,766) 1,257,345 7,956,127 Realized gain distribution from The Trusts...... -- 12,189,496 -- -------------- -------------- -------------- Net realized gain (loss).......................... (11,064,766) 13,446,841 7,956,127 -------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (130,689,555) (588,331,784) (67,209,876) -------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (141,754,321) (574,884,943) (59,253,749) -------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (144,228,537) $ (571,617,266) $ 6,241,743 ============== ============== ============== EQ/Evergreen EQ/Franklin EQ/Franklin Omega Income Small Cap Value ---------------- ------------------ ---------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 884,502 $ 34,505,301 $ 728,241 Expenses: Asset-based charges............................. 2,171,800 8,165,359 1,010,387 ------------- -------------- ------------- Net Investment Income (Loss)........................ (1,287,298) 26,339,942 (282,146) ------------- -------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (6,872,902) (25,473,569) (8,686,880) Realized gain distribution from The Trusts...... 2,430,624 -- -- ------------- -------------- ------------- Net realized gain (loss).......................... (4,442,278) (25,473,569) (8,686,880) ------------- -------------- ------------- Change in unrealized appreciation (depreciation) of investments................... (45,017,948) (210,034,118) (21,900,745) ------------- -------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (49,460,226) (235,507,687) (30,587,625) ------------- -------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (50,747,524) $ (209,167,745) $ (30,869,771) ============= ============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-38 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Franklin EQ/GAMCO Templeton Founding Mergers and EQ/GAMCO Small Strategy Acquisitions Company Value -------------------- ---------------- ------------------ Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 51,453,841 $ 626,961 $ 2,731,988 Expenses: Asset-based charges............................. 15,487,283 1,850,488 6,616,581 -------------- ------------- -------------- Net Investment Income (Loss)........................ 35,966,558 (1,223,527) (3,884,593) -------------- ------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (26,487,462) (3,821,896) (9,622,960) Realized gain distribution from The Trusts...... 2,080 4,859,572 15,812,497 -------------- ------------- -------------- Net realized gain (loss).......................... (26,485,382) 1,037,676 6,189,537 -------------- ------------- -------------- Change in unrealized appreciation (depreciation) of investments..................... (501,379,956) (20,056,018) (172,866,113) -------------- ------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (527,865,338) (19,018,342) (166,676,576) -------------- ------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (491,898,780) $ (20,241,869) $ (170,561,169) ============== ============= ============== EQ/International EQ/International Core PLUS EQ/International ETF Growth ------------------ ---------------------- ----------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 12,455,363 $ 152,463 $ 2,259,940 Expenses: Asset-based charges............................. 12,361,599 -- 3,435,543 -------------- ------------ -------------- Net Investment Income (Loss)........................ 93,764 152,463 (1,175,603) -------------- ------------ -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. 11,471,956 (319,876) (14,203,965) Realized gain distribution from The Trusts...... 12,279,301 342 4,593,717 -------------- ------------ -------------- Net realized gain (loss).......................... 23,751,257 (319,534) (9,610,248) -------------- ------------ -------------- Change in unrealized appreciation (depreciation) of investments................... (488,516,584) (1,432,902) (105,847,924) -------------- ------------ -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (464,765,327) (1,752,436) (115,458,172) -------------- ------------ -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (464,671,563) $ (1,599,973) $ (116,633,775) ============== ============ ==============
------- The accompanying notes are an integral part of these financial statements. FSA-39 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/JPMorgan EQ/JPMorgan Core Bond Value Opportunities ------------------ --------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 44,337,650 $ 5,558,859 Expenses: Asset-based charges............................. 15,878,364 4,493,938 -------------- -------------- Net Investment Income (Loss)........................ 28,459,286 1,064,921 -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (33,827,360) (20,041,344) Realized gain distribution from The Trusts...... -- 3,330,483 -------------- -------------- Net realized gain (loss).......................... (33,827,360) (16,710,861) -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (114,440,875) (141,195,370) -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (148,268,235) (157,906,231) -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (119,808,949) $ (156,841,310) ============== ============== EQ/Large Cap EQ/Large Cap EQ/Large Cap EQ/Large Cap Core PLUS Growth Index Growth PLUS Value Index ---------------- ----------------- ----------------- ------------------ Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 640,135 $ 471,270 $ 300,001 $ 1,773,982 Expenses: Asset-based charges............................. 2,768,486 4,855,764 4,147,421 1,947,525 ------------- -------------- -------------- -------------- Net Investment Income (Loss)........................ (2,128,351) (4,384,494) (3,847,420) (173,543) ------------- -------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (8,730,231) (753,175) 3,819,000 (18,493,317) Realized gain distribution from The Trusts...... -- -- -- 3,511,072 ------------- -------------- -------------- -------------- Net realized gain (loss).......................... (8,730,231) (753,175) 3,819,000 (14,982,245) ------------- -------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (75,404,584) (145,142,612) (134,073,469) (88,532,502) ------------- -------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (84,134,815) (145,895,787) (130,254,469) (103,514,747) ------------- -------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (86,263,166) $ (150,280,281) $ (134,101,889) $ (103,688,290) ============= ============== ============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-40 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Large Cap EQ/Long EQ/Lord Abbett Value PLUS Term Bond Growth and Income ------------------ ------------- ------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 48,778,635 $7,007,165 $ 1,886,684 Expenses: Asset-based charges............................. 24,855,470 1,644,108 1,802,702 -------------- ---------- ------------- Net Investment Income (Loss)........................ 23,923,165 5,363,057 83,982 -------------- ---------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (33,805,389) (328,018) (3,662,419) Realized gain distribution from The Trusts...... -- 794,483 309,320 -------------- ---------- ------------- Net realized gain (loss).......................... (33,805,389) 466,465 (3,353,099) -------------- ---------- ------------- Change in unrealized appreciation (depreciation) of investments................... (936,768,121) 557,676 (52,452,677) -------------- ---------- ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (970,573,510) 1,024,141 (55,805,776) -------------- ---------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (946,650,345) $6,387,198 $ (55,721,794) ============== ========== ============= EQ/Lord Abbett EQ/Lord Abbett EQ/Marsico Large Cap Core Mid Cap Value Focus ---------------- ------------------ ----------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 1,068,793 $ 3,793,229 $ 14,996,911 Expenses: Asset-based charges............................. 1,331,320 3,723,396 23,224,023 ------------- -------------- -------------- Net Investment Income (Loss)........................ (262,527) 69,833 (8,227,112) ------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (3,881,435) (13,493,734) 23,216,990 Realized gain distribution from The Trusts...... 605,586 7,228,956 16,603,409 ------------- -------------- -------------- Net realized gain (loss).......................... (3,275,849) (6,264,778) 39,820,399 ------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments..................... (30,541,689) (117,086,130) (832,575,684) ------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (33,817,538) (123,350,908) (792,755,285) ------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (34,080,065) $ (123,281,075) $ (800,982,397) ============= ============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-41 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Mid Cap EQ/Mid Cap EQ/Money Index Value PLUS Market ----------------- ------------------ -------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 6,969,523 $ 8,466,656 $22,433,185 Expenses: Asset-based charges............................. 11,507,198 8,849,281 17,129,200 -------------- -------------- ----------- Net Investment Income (Loss)........................ (4,537,675) (382,625) 5,303,985 -------------- -------------- ----------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (32,831,518) (79,877,282) (71,662) Realized gain distribution from The Trusts...... 8,574,962 -- -- -------------- -------------- ----------- Net realized gain (loss).......................... (24,256,556) (79,877,282) (71,662) -------------- -------------- ----------- Change in unrealized appreciation (depreciation) of investments................... (472,975,556) (212,234,558) (62,631) -------------- -------------- ----------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (497,232,112) (292,111,840) (134,293) -------------- -------------- ----------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (501,769,787) $ (292,494,465) $ 5,169,692 ============== ============== =========== EQ/Montag & Caldwell EQ/Mutual EQ/Oppenheimer Growth Shares Global ---------------------- ------------------ ---------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 358,514 $ 10,575,549 $ 1,528,008 Expenses: Asset-based charges............................. 2,089,490 4,281,598 1,699,945 ------------- -------------- ------------- Net Investment Income (Loss)........................ (1,730,976) 6,293,951 (171,937) ------------- -------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (6,065,466) (17,044,008) (11,040,438) Realized gain distribution from The Trusts...... -- -- 187,676 ------------- -------------- ------------- Net realized gain (loss).......................... (6,065,466) (17,044,008) (10,852,762) ------------- -------------- ------------- Change in unrealized appreciation (depreciation) of investments................... (53,756,587) (126,766,530) (51,264,819) ------------- -------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (59,822,053) (143,810,538) (62,117,581) ------------- -------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (61,553,029) $ (137,516,587) $ (62,289,518) ============= ============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-42 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Oppenheimer EQ/Oppenheimer Main Street Main Street Opportunity Small Cap ----------------- ---------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 278,515 $ 66,175 Expenses: Asset-based charges............................. 498,725 871,683 ------------- ------------- Net Investment Income (Loss)........................ (220,210) (805,508) ------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (5,044,440) (6,080,785) Realized gain distribution from The Trusts...... -- 134,596 ------------- ------------- Net realized gain (loss).......................... (5,044,440) (5,946,189) ------------- ------------- Change in unrealized appreciation (depreciation) of investments................... (16,088,699) (26,326,303) ------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (21,133,139) (32,272,492) ------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (21,353,349) $ (33,078,000) ============= ============= EQ/PIMCO EQ/Quality EQ/Short EQ/Small Real Return Bond PLUS Duration Bond Company Index ----------------- ---------------- --------------- ------------------ Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 26,106,437 $ 18,806,873 $ 8,372,433 $ 3,126,354 Expenses: Asset-based charges............................. 12,155,601 5,412,722 1,690,017 5,370,137 -------------- ------------- ------------- -------------- Net Investment Income (Loss)........................ 13,950,836 13,394,151 6,682,416 (2,243,783) -------------- ------------- ------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. 5,446,842 (7,378,896) (1,147,459) (11,882,685) Realized gain distribution from The Trusts...... 50,351,628 -- -- 30,372,072 -------------- ------------- ------------- -------------- Net realized gain (loss).......................... 55,798,470 (7,378,896) (1,147,459) 18,489,387 -------------- ------------- ------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (139,568,977) (36,321,748) (10,470,086) (168,643,358) -------------- ------------- ------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (83,770,507) (43,700,644) (11,617,545) (150,153,971) -------------- ------------- ------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (69,819,671) $ (30,306,493) $ (4,935,129) $ (152,397,754) ============== ============= ============= ==============
------- The accompanying notes are an integral part of these financial statements. FSA-43 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/T. Rowe Price EQ/Templeton Growth Stock Growth ------------------ ------------------ Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 8,160 $ 3,339,056 Expenses: Asset-based charges............................. 3,540,524 3,217,154 -------------- -------------- Net Investment Income (Loss)........................ (3,532,364) 121,902 -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (1,862,403) (15,288,794) Realized gain distribution from The Trusts...... 50,320 -- -------------- -------------- Net realized gain (loss).......................... (1,812,083) (15,288,794) -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (120,650,775) (95,839,083) -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (122,462,858) (111,127,877) -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (125,995,222) $ (111,005,975) ============== ============== EQ/Van Kampen EQ/UBS EQ/Van Kampen Emerging Markets EQ/Van Kampen Growth and Income Comstock Equity Mid Cap Growth ------------------- ----------------- ------------------ ----------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 830,802 $ 4,773,911 $ 1,771,182 $ -- Expenses: Asset-based charges............................. 985,039 3,627,620 17,523,987 4,334,837 ------------- -------------- -------------- -------------- Net Investment Income (Loss)........................ (154,237) 1,146,291 (15,752,805) (4,334,837) ------------- -------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (2,709,534) (8,955,642) 3,617,201 (10,432,354) Realized gain distribution from The Trusts...... -- 2,171,823 61,537,000 -- ------------- -------------- -------------- -------------- Net realized gain (loss).......................... (2,709,534) (6,783,819) 65,154,201 (10,432,354) ------------- -------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (30,779,777) (103,659,127) (985,591,293) (166,657,947) ------------- -------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (33,489,311) (110,442,946) (920,437,092) (177,090,301) ------------- -------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (33,643,548) $ (109,296,655) $ (936,189,897) $ (181,425,138) ============= ============== ============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-44 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Van Kampen Multimanager Multimanager Real Estate Aggressive Equity Core Bond ------------------ ------------------- ---------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 10,226,118 $ 362,630 $ 33,788,400 Expenses: Asset-based charges............................. 6,058,268 1,480,732 9,990,211 -------------- ------------- -------------- Net Investment Income (Loss)........................ 4,167,850 (1,118,102) 23,798,189 -------------- ------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (21,534,708) (1,624,330) (3,756,623) Realized gain distribution from The Trusts...... 3,110,516 -- 19,359,681 -------------- ------------- -------------- Net realized gain (loss).......................... (18,424,192) (1,624,330) 15,603,058 -------------- ------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (172,012,766) (58,474,374) (31,731,111) -------------- ------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (190,436,958) (60,098,704) (16,128,053) -------------- ------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (186,269,108) $ (61,216,806) $ 7,670,136 ============== ============= ============== Multimanager Multimanager Multimanager Health Care High Yield International Equity ---------------- ------------------ --------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ -- $ 63,373,150 $ 8,541,362 Expenses: Asset-based charges............................. 4,239,081 10,614,425 8,055,090 ------------- -------------- -------------- Net Investment Income (Loss)........................ (4,239,081) 52,758,725 486,272 ------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (7,210,901) (38,020,929) (2,187,524) Realized gain distribution from The Trusts...... 3,403,465 -- 10,424,588 ------------- -------------- -------------- Net realized gain (loss).......................... (3,807,436) (38,020,929) 8,237,064 ------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (85,613,153) (201,076,743) (341,084,511) ------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (89,420,589) (239,097,672) (332,847,447) ------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (93,659,670) $ (186,338,947) $ (332,361,175) ============= ============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-45 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
Multimanager Multimanager Multimanager Large Cap Large Cap Large Cap Core Equity Growth Value ----------------- ----------------- ------------------ Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 716,674 $ -- $ 6,792,003 Expenses: Asset-based charges............................. 1,999,491 3,718,749 7,111,367 ------------- -------------- -------------- Net Investment Income (Loss)........................ (1,282,817) (3,718,749) (319,364) ------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (3,352,636) (9,839,415) (18,007,950) Realized gain distribution from The Trusts...... 299,468 41,523 1,170,362 ------------- -------------- -------------- Net realized gain (loss).......................... (3,053,168) (9,797,892) (16,837,588) ------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (63,496,754) (130,114,572) (209,296,551) ------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (66,549,922) (139,912,464) (226,134,139) ------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (67,832,739) $ (143,631,213) $ (226,453,503) ============= ============== ============== Multimanager Multimanager Multimanager Mid Cap Mid Cap Small Cap Growth Value Growth ------------------ ------------------ ------------------ Income and Expenses: Investment Income: Dividends from The Trusts....................... $ -- $ 1,443,577 $ -- Expenses: Asset-based charges............................. 4,650,103 4,586,595 2,723,714 -------------- -------------- -------------- Net Investment Income (Loss)........................ (4,650,103) (3,143,018) (2,723,714) -------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (13,929,844) (31,220,744) (17,341,396) Realized gain distribution from The Trusts...... 3,491,950 4,074,649 728,355 -------------- -------------- -------------- Net realized gain (loss).......................... (10,437,894) (27,146,095) (16,613,041) -------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (161,055,636) (107,537,998) (81,669,836) -------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (171,493,530) (134,684,093) (98,282,877) -------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (176,143,633) $ (137,827,111) $ (101,006,591) ============== ============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-46 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Concluded) FOR THE YEAR ENDED DECEMBER 31, 2008
Multimanager Small Cap Multimanager Value Technology ----------------- ----------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 1,321,259 $ -- Expenses: Asset-based charges............................. 7,992,100 4,289,714 -------------- -------------- Net Investment Income (Loss)........................ (6,670,841) (4,289,714) -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (46,163,380) 4,441,497 Realized gain distribution from The Trusts...... 2,300,176 -- -------------- -------------- Net realized gain (loss).......................... (43,863,204) 4,441,497 -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (199,190,979) (179,730,920) -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (243,054,183) (175,289,423) -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (249,725,024) $ (179,579,137) ============== ============== Target 2015 Target 2025 Target 2035 Target 2045 Allocation Allocation Allocation Allocation ------------- ------------- ------------- -------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ -- $ -- $ 24,776 $ 21,233 Expenses: Asset-based charges............................. -- -- -- -- --------- ---------- ---------- ---------- Net Investment Income (Loss)........................ -- -- 24,776 21,233 --------- ---------- ---------- ---------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. 45,811 54,278 -- -- Realized gain distribution from The Trusts...... -- -- 14,656 20,734 --------- ---------- ---------- ---------- Net realized gain (loss).......................... 45,811 54,278 14,656 20,734 --------- ---------- ---------- ---------- Change in unrealized appreciation (depreciation) of investments................... (86,045) (103,585) (486,172) (532,414) --------- ---------- ---------- ---------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (40,234) (49,307) (471,516) (511,680) --------- ---------- ---------- ---------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (40,234) $ (49,307) $ (446,740) $ (490,447) ========= ========== ========== ==========
------- The accompanying notes are an integral part of these financial statements. FSA-47 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS FOR THE YEARS ENDED DECEMBER 31,
AXA Aggressive Allocation -------------------------------------- 2008 2007 ------------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 3,936,104 $ 32,391,791 Net realized gain (loss) on investments........ 131,282,366 131,968,772 Change in unrealized appreciation (depreciation) of investments................ (1,449,797,143) (97,771,692) ----------------- -------------- Net increase (decrease) in net assets from operations................................... (1,314,578,673) 66,588,871 ----------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 779,016,877 1,176,124,863 Transfers between funds including guaranteed interest account, net........... 75,436,777 165,605,218 Transfers for contract benefits and terminations............................... (99,788,750) (77,561,900) Contract maintenance charges................. (29,008,368) (16,030,668) ----------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. 725,656,536 1,248,137,513 ----------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (405,768) (625,147) ----------------- -------------- Increase (Decrease) in Net Assets................ (589,327,905) 1,314,101,237 Net Assets -- Beginning of Period................ 2,787,959,608 1,473,858,371 ----------------- -------------- Net Assets -- End of Period...................... $ 2,198,631,703 $2,787,959,608 ================= ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 87,524 97,725 Units Redeemed................................. (26,948) (11,807) ----------------- -------------- Net Increase (Decrease)......................... 60,576 85,918 ================= ============== AXA Conservative AXA Conservative-Plus Allocation Allocation ----------------------------------- ------------------------------------- 2008 2007 2008 2007 ------------------ ---------------- ------------------ ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 47,036,051 $ 11,885,291 $ 29,928,322 $ 19,521,518 Net realized gain (loss) on investments........ (7,608,777) 15,230,093 6,879,854 32,848,368 Change in unrealized appreciation (depreciation) of investments................ (159,266,295) (8,667,059) (315,384,042) (18,980,507) -------------- ------------- -------------- -------------- Net increase (decrease) in net assets from operations................................... (119,839,021) 18,448,325 (278,575,866) 33,389,379 -------------- ------------- -------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 224,125,509 112,696,853 292,413,908 220,384,033 Transfers between funds including guaranteed interest account, net........... 820,180,316 122,797,914 309,105,532 96,909,579 Transfers for contract benefits and terminations............................... (87,145,892) (42,430,719) (97,480,974) (59,646,899) Contract maintenance charges................. (9,569,855) (3,514,814) (11,725,004) (7,051,116) -------------- ------------- -------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. 947,590,078 189,549,234 492,313,462 250,595,597 -------------- ------------- -------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 327,000 -- 17,098 2,367 -------------- ------------- -------------- -------------- Increase (Decrease) in Net Assets................ 828,078,057 207,997,559 213,754,694 283,987,343 Net Assets -- Beginning of Period................ 512,690,295 304,692,736 1,028,164,011 744,176,668 -------------- ------------- -------------- -------------- Net Assets -- End of Period...................... $1,340,768,352 $ 512,690,295 $1,241,918,705 $1,028,164,011 ============== ============= ============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 113,047 40,052 66,914 38,552 Units Redeemed................................. (26,206) (23,386) (23,283) (17,792) -------------- ------------- -------------- -------------- Net Increase (Decrease)........................ 86,841 16,666 43,631 20,760 ============== ============= ============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-48 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
AXA Moderate Allocation -------------------------------------- 2008 2007 ------------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ 144,603,235 $ 98,473,231 Net realized gain (loss) on investments......... 240,684,807 171,100,302 Change in unrealized appreciation (depreciation) of investments.................. (2,048,184,961) (56,033,792) ----------------- -------------- Net increase (decrease) in net assets from operations..................................... (1,662,896,919) 213,539,741 ----------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 1,414,673,639 1,252,051,668 Transfers between funds including guaranteed interest account, net.............. 452,134,313 248,986,023 Transfers for contract benefits and terminations.................................. (367,318,946) (304,823,603) Contract maintenance charges................... (55,459,239) (39,920,371) ----------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................... 1,444,029,767 1,156,293,717 ----------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49...... (242,999) (26,419) ----------------- -------------- Increase (Decrease) in Net Assets................ (219,110,151) 1,369,807,039 Net Assets -- Beginning of Period................ 5,581,130,343 4,211,323,304 ----------------- -------------- Net Assets -- End of Period...................... $ 5,362,020,192 $5,581,130,343 ================= ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued.................................... 125,254 87,744 Units Redeemed.................................. (26,736) (15,901) ----------------- -------------- Net Increase (Decrease)......................... 98,518 71,843 ================= ============== AXA Moderate-Plus EQ/AllianceBernstein Allocation Common Stock -------------------------------------- ------------------------------------ 2008 2007 2008 2007 ------------------- ------------------ ----------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 83,344,261 $ 138,685,694 $ 1,660,456 $ (6,264,923) Net realized gain (loss) on investments........ 454,578,706 344,131,313 (9,877,898) 40,907,683 Change in unrealized appreciation (depreciation) of investments................ (4,240,331,255) (158,174,434) (509,119,672) (6,366,134) ----------------- -------------- --------------- -------------- Net increase (decrease) in net assets from operations................................... (3,702,408,288) 324,642,573 (517,337,114) 28,276,626 ----------------- -------------- --------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 2,281,673,853 3,022,793,996 56,901,214 89,129,139 Transfers between funds including guaranteed interest account, net........... 310,927,122 752,517,446 (59,248,095) (120,783,852) Transfers for contract benefits and terminations............................... (454,122,102) (357,527,075) (75,547,301) (120,975,473) Contract maintenance charges................. (102,426,627) (65,315,919) (8,801,481) (9,583,822) ----------------- -------------- --------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. 2,036,052,246 3,352,468,448 (86,695,663) (162,214,008) ----------------- -------------- --------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (30,197) 84,703 78,001 61,494 ----------------- -------------- --------------- -------------- Increase (Decrease) in Net Assets................ (1,666,386,239) 3,677,195,724 (603,954,776) (133,875,888) Net Assets -- Beginning of Period................ 9,864,220,638 6,187,024,914 1,221,599,965 1,355,475,853 ----------------- -------------- --------------- -------------- Net Assets -- End of Period...................... $ 8,197,834,399 $9,864,220,638 $ 617,645,189 $1,221,599,965 ================= ============== =============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 220,674 261,996 4,910 4,066 Units Redeemed................................. (56,396) (23,400) (6,642) (6,632) ----------------- -------------- --------------- -------------- Net Increase (Decrease)........................ 164,278 238,596 (1,732) (2,566) ================= ============== =============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-49 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/AllianceBernstein Intermediate Government EQ/AllianceBernstein Securities International --------------------------------- ------------------------------------ 2008 2007 2008 2007 ---------------- ---------------- ----------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 7,821,746 $ 8,429,131 $ 12,477,227 $ (472,811) Net realized gain (loss) on investments........ (1,366,840) (2,368,295) 24,979,731 162,502,124 Change in unrealized appreciation (depreciation) of investments................ 1,364,716 9,261,262 (689,165,353) (65,164,226) ------------- ------------- --------------- -------------- Net increase (decrease) in net assets from operations................................... 7,819,622 15,322,098 (651,708,395) 96,865,087 ------------- ------------- --------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 42,004,283 12,541,487 115,436,752 236,797,792 Transfers between funds including guaranteed interest account, net........... 94,974,307 7,893,862 (74,025,783) 110,751,037 Transfers for contract benefits and terminations............................... (36,984,246) (32,594,693) (55,977,050) (70,452,562) Contract maintenance charges................. (3,042,890) (2,080,528) (10,506,171) (8,549,775) ------------- ------------- --------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. 96,951,454 (14,239,872) (25,072,252) 268,546,492 ------------- ------------- --------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (120,000) (2,133) (150,998) (4,737) ------------- ------------- --------------- -------------- Increase (Decrease) in Net Assets................ 104,651,076 1,080,093 (676,931,645) 365,406,842 Net Assets -- Beginning of Period................ 297,019,320 295,939,227 1,284,920,261 919,513,419 ------------- ------------- --------------- -------------- Net Assets -- End of Period...................... $ 401,670,396 $ 297,019,320 $ 607,988,616 $1,284,920,261 ============= ============= =============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 19,978 5,930 10,714 20,571 Units Redeemed................................. (11,686) (6,292) (12,308) (6,784) ------------- ------------- --------------- -------------- Net Increase (Decrease)........................ 8,292 (362) (1,594) 13,787 ============= ============= =============== ============== EQ/AllianceBernstein Small Cap Growth ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (6,084,011) $ (7,333,508) Net realized gain (loss) on investments........ (8,309,262) 109,170,025 Change in unrealized appreciation (depreciation) of investments................ (222,476,523) (34,042,658) --------------- ------------- Net increase (decrease) in net assets from operations................................... (236,869,796) 67,793,859 --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 37,063,336 46,636,441 Transfers between funds including guaranteed interest account, net........... (12,427,376) (17,044,208) Transfers for contract benefits and terminations............................... (30,315,140) (46,468,053) Contract maintenance charges................. (3,982,954) (3,644,114) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (9,662,134) (20,519,934) --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (186,999) (2,649) --------------- ------------- Increase (Decrease) in Net Assets................ (246,718,929) 47,271,276 Net Assets -- Beginning of Period................ 527,140,872 479,869,596 --------------- ------------- Net Assets -- End of Period...................... $ 280,421,943 $ 527,140,872 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 5,966 5,921 Units Redeemed................................. (6,343) (6,710) --------------- ------------- Net Increase (Decrease)........................ (377) (789) =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-50 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/AXA Rosenberg EQ/Ariel Appreciation II Value Long/Short Equity -------------------------------- --------------------------------- 2008 2007 2008 2007 ---------------- --------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (269,901) $ (454,336) $ (1,843,646) $ 557,078 Net realized gain (loss) on investments........ (3,726,045) 1,766,134 (3,734,130) (636,517) Change in unrealized appreciation (depreciation) of investments................ (21,331,726) (4,076,114) (5,980,556) 2,056,359 -------------- ------------ ------------- ------------- Net increase (decrease) in net assets from operations................................... (25,327,672) (2,764,316) (11,558,332) 1,976,920 -------------- ------------ ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 8,923,474 19,216,403 11,056,946 19,258,475 Transfers between funds including guaranteed interest account, net........... 8,325,131 6,872,221 21,952,839 (17,848,655) Transfers for contract benefits and terminations............................... (2,162,219) (1,503,449) (7,889,538) (9,988,002) Contract maintenance charges................. (544,215) (328,265) (1,704,791) (1,317,250) -------------- ------------ ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 14,542,171 24,256,910 23,415,456 (9,895,432) -------------- ------------ ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (999,499) -- (23,002) (846) -------------- ------------ ------------- ------------- Increase (Decrease) in Net Assets................ (11,785,000) 21,492,594 11,834,122 (7,919,358) Net Assets -- Beginning of Period................ 55,931,841 34,439,247 134,385,436 142,304,794 -------------- ------------ ------------- ------------- Net Assets -- End of Period...................... $ 44,146,841 $ 55,931,841 $ 146,219,558 $ 134,385,436 ============== ============ ============= ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 3,415 3,179 8,826 4,101 Units Redeemed................................. (1,726) (1,155) (6,763) (5,049) -------------- ------------ ------------- ------------- Net Increase (Decrease)........................ 1,689 2,024 2,063 (948) ============== ============ ============= ============= EQ/BlackRock Basic Value Equity ----------------------------------- 2008 2007 ----------------- ----------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 1,906,849 $ (3,219,995) Net realized gain (loss) on investments........ (6,807,761) 109,495,256 Change in unrealized appreciation (depreciation) of investments................ (305,492,350) (108,651,865) --------------- --------------- Net increase (decrease) in net assets from operations................................... (310,393,262) (2,376,604) --------------- --------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 61,465,787 87,291,039 Transfers between funds including guaranteed interest account, net........... (1,458,766) (21,942,637) Transfers for contract benefits and terminations............................... (49,860,219) (73,516,615) Contract maintenance charges................. (6,975,396) (6,862,596) --------------- --------------- Net increase (decrease) in net assets from contractowners transactions.................. 3,171,406 (15,030,809) --------------- --------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 109,003 (4,983) --------------- --------------- Increase (Decrease) in Net Assets................ (307,112,853) (17,412,396) Net Assets -- Beginning of Period................ 829,379,000 846,791,396 --------------- --------------- Net Assets -- End of Period...................... $ 522,266,147 $ 829,379,000 =============== =============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 9,070 7,893 Units Redeemed................................. (7,786) (7,439) --------------- --------------- Net Increase (Decrease)........................ 1,284 454 =============== ===============
------- The accompanying notes are an integral part of these financial statements. FSA-51 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/BlackRock International Value ------------------------------------ 2008 2007 ----------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 6,280,675 $ 4,412,602 Net realized gain (loss) on investments........ 21,522,769 195,606,209 Change in unrealized appreciation (depreciation) of investments................ (506,344,124) (106,862,733) --------------- -------------- Net increase (decrease) in net assets from operations................................... (478,540,680) 93,156,078 --------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 73,740,015 155,163,691 Transfers between funds including guaranteed interest account, net........... (81,316,769) (56,367,362) Transfers for contract benefits and terminations............................... (57,703,962) (96,742,546) Contract maintenance charges................. (8,272,098) (8,208,358) --------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. (73,552,814) (6,154,575) --------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (299,000) (11,093) --------------- -------------- Increase (Decrease) in Net Assets................ (552,392,494) 86,990,410 Net Assets -- Beginning of Period................ 1,145,280,502 1,058,290,092 --------------- -------------- Net Assets -- End of Period...................... $ 592,888,008 $1,145,280,502 =============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 6,597 11,109 Units Redeemed................................. (10,323) (10,574) --------------- -------------- Net Increase (Decrease)........................ (3,726) 535 =============== ============== EQ/Boston Advisors EQ/Calvert Equity Income Socially Responsible --------------------------------- ------------------------------- 2008 2007 2008 2007 ---------------- ---------------- ---------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 1,709,506 $ 713,731 $ (596,506) $ (734,440) Net realized gain (loss) on investments........ (5,007,006) 21,233,183 (675,783) 5,867,834 Change in unrealized appreciation (depreciation) of investments................ (66,805,964) (17,465,104) (28,608,826) 563,148 ------------- ------------- -------------- ------------ Net increase (decrease) in net assets from operations................................... (70,103,464) 4,481,810 (29,881,115) 5,696,542 ------------- ------------- -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 25,954,321 27,799,851 5,781,713 7,527,710 Transfers between funds including guaranteed interest account, net........... 10,982,143 (13,773,073) 1,659,449 (1,468,329) Transfers for contract benefits and terminations............................... (9,708,716) (12,782,293) (3,334,442) (3,062,301) Contract maintenance charges................. (1,874,063) (1,725,812) (526,541) (460,495) ------------- ------------- -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. 25,353,685 (481,327) 3,580,179 2,536,585 ------------- ------------- -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (127,317) -- (31,001) -- ------------- ------------- -------------- ------------ Increase (Decrease) in Net Assets................ (44,877,096) 4,000,483 (26,331,937) 8,233,127 Net Assets -- Beginning of Period................ 202,348,213 198,347,730 62,426,361 54,193,234 ------------- ------------- -------------- ------------ Net Assets -- End of Period...................... $ 157,471,117 $ 202,348,213 $ 36,094,424 $ 62,426,361 ============= ============= ============== ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 15,282 9,080 1,822 1,667 Units Redeemed................................. (7,368) (7,729) (1,489) (1,494) ------------- ------------- -------------- ------------ Net Increase (Decrease)........................ 7,914 1,351 333 173 ============= ============= ============== ============
------- The accompanying notes are an integral part of these financial statements. FSA-52 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Capital Guardian Growth ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (4,829,881) $ (6,227,880) Net realized gain (loss) on investments........ (3,137,954) 9,479,341 Change in unrealized appreciation (depreciation) of investments................ (175,765,854) 10,004,790 --------------- ------------- Net increase (decrease) in net assets from operations................................... (183,733,689) 13,256,251 --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 36,011,938 81,287,806 Transfers between funds including guaranteed interest account, net........... 272,383 6,319,263 Transfers for contract benefits and terminations............................... (24,908,574) (38,489,374) Contract maintenance charges................. (3,683,428) (2,813,497) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 7,692,319 46,304,198 --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (314,998) (2,386) --------------- ------------- Increase (Decrease) in Net Assets................ (176,356,368) 59,558,063 Net Assets -- Beginning of Period................ 440,295,587 380,737,524 --------------- ------------- Net Assets -- End of Period...................... $ 263,939,219 $ 440,295,587 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 6,098 9,528 Units Redeemed................................. (5,209) (5,733) --------------- ------------- Net Increase (Decrease)........................ 889 3,795 =============== ============= EQ/Capital EQ/Caywood-Scholl Guardian Research (c) High Yield Bond ------------------------------------ -------------------------------- 2008 2007 2008 2007 ----------------- ------------------ ---------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (6,249,033) $ (2,078,747) $ 9,286,531 $ 7,563,864 Net realized gain (loss) on investments........ 34,860,177 93,236,134 (7,485,659) 280,475 Change in unrealized appreciation (depreciation) of investments................ (581,110,378) (150,182,401) (33,083,367) (6,865,010) --------------- -------------- ------------- ------------ Net increase (decrease) in net assets from operations................................... (552,499,234) (59,025,014) (31,282,495) 979,329 --------------- -------------- ------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 25,369,585 48,042,371 19,055,687 36,618,753 Transfers between funds including guaranteed interest account, net........... (105,957,845) 892,249,902 8,958,467 10,435,491 Transfers for contract benefits and terminations............................... (95,335,590) (114,835,109) (6,967,960) (6,909,561) Contract maintenance charges................. (11,096,916) (8,780,504) (1,509,637) (993,955) --------------- -------------- ------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. (187,020,766) 816,676,660 19,536,557 39,150,728 --------------- -------------- ------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (58,999) 161,583 2,999 (42) --------------- -------------- ------------- ------------ Increase (Decrease) in Net Assets................ (739,578,999) 757,813,229 (11,742,939) 40,130,015 Net Assets -- Beginning of Period................ 1,497,371,182 739,557,953 143,504,892 103,374,877 --------------- -------------- ------------- ------------ Net Assets -- End of Period...................... $ 757,792,183 $1,497,371,182 $ 131,761,953 $143,504,892 =============== ============== ============= ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 2,925 74,931 9,764 9,466 Units Redeemed................................. (19,878) (17,915) (7,025) (3,785) --------------- -------------- ------------- ------------ Net Increase (Decrease)........................ (16,953) 57,016 2,739 5,681 =============== ============== ============= ============
------- The accompanying notes are an integral part of these financial statements. FSA-53 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Davis New York Venture ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (2,474,216) $ (1,601,399) Net realized gain (loss) on investments........ (11,064,766) 3,108,761 Change in unrealized appreciation (depreciation) of investments................ (130,689,555) (1,538,345) --------------- ------------ Net increase (decrease) in net assets from operations................................... (144,228,537) (30,983) --------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 75,415,343 135,833,888 Transfers between funds including guaranteed interest account, net........... 51,212,766 85,354,705 Transfers for contract benefits and terminations............................... (10,623,100) (7,097,003) Contract maintenance charges................. (3,106,524) (941,691) --------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. 112,898,485 213,149,899 --------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (3,180,596) (39) --------------- ------------ Increase (Decrease) in Net Assets................ (34,510,648) 213,118,877 Net Assets -- Beginning of Period................ 277,420,617 64,301,740 --------------- ------------ Net Assets -- End of Period...................... $ 242,909,969 $277,420,617 =============== ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 17,626 21,573 Units Redeemed................................. (5,762) (2,471) --------------- ------------ Net Increase (Decrease)........................ 11,864 19,102 =============== ============ EQ/Evergreen EQ/Equity 500 Index International Bond ------------------------------------ -------------------------------- 2008 2007 2008 2007 ----------------- ------------------ ---------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 3,267,677 $ (2,430,789) $ 65,495,492 $ 2,476,493 Net realized gain (loss) on investments........ 13,446,841 115,413,902 7,956,127 1,619,880 Change in unrealized appreciation (depreciation) of investments................ (588,331,784) (55,926,961) (67,209,876) 5,870,675 --------------- -------------- ------------- ------------ Net increase (decrease) in net assets from operations................................... (571,617,266) 57,056,152 6,241,743 9,967,048 --------------- -------------- ------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 68,657,789 117,566,722 73,793,425 42,372,676 Transfers between funds including guaranteed interest account, net........... (44,788,116) (71,345,475) 162,751,963 68,191,027 Transfers for contract benefits and terminations............................... (104,782,497) (155,335,344) (20,102,077) (5,474,549) Contract maintenance charges................. (11,655,065) (11,768,154) (3,679,230) (848,078) --------------- -------------- ------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. (92,567,889) (120,882,251) 212,764,081 104,241,076 --------------- -------------- ------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (380,000) (49,140) (5,766,813) (17) --------------- -------------- ------------- ------------ Increase (Decrease) in Net Assets................ (664,565,155) (63,875,239) 213,239,011 114,208,107 Net Assets -- Beginning of Period................ 1,577,342,213 1,641,217,452 200,080,105 85,871,998 --------------- -------------- ------------- ------------ Net Assets -- End of Period...................... $ 912,777,058 $1,577,342,213 $ 413,319,116 $200,080,105 =============== ============== ============= ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 10,494 10,400 34,200 12,715 Units Redeemed................................. (12,666) (12,689) (15,567) (2,657) --------------- -------------- ------------- ------------ Net Increase (Decrease)........................ (2,172) (2,289) 18,633 10,058 =============== ============== ============= ============
------- The accompanying notes are an integral part of these financial statements. FSA-54 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Evergreen Omega --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (1,287,298) $ (2,229,322) Net realized gain (loss) on investments........ (4,442,278) 14,531,813 Change in unrealized appreciation (depreciation) of investments................ (45,017,948) (317,278) ------------- ------------- Net increase (decrease) in net assets from operations................................... (50,747,524) 11,985,213 ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 10,409,823 18,111,345 Transfers between funds including guaranteed interest account, net........... 5,139,584 18,096,362 Transfers for contract benefits and terminations............................... (10,628,166) (12,051,857) Contract maintenance charges................. (1,701,654) (1,313,436) ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 3,219,587 22,842,414 ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (12,300) (422) ------------- ------------- Increase (Decrease) in Net Assets................ (47,540,237) 34,827,205 Net Assets -- Beginning of Period................ 176,544,619 141,717,414 ------------- ------------- Net Assets -- End of Period...................... $ 129,004,382 $ 176,544,619 ============= ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 6,380 6,147 Units Redeemed................................. (6,001) (4,521) ------------- ------------- Net Increase (Decrease)........................ 379 1,626 ============= ============= EQ/Franklin EQ/Franklin Income Small Cap Value ---------------------------------- ------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ---------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 26,339,942 $ 11,493,316 $ (282,146) $ (493,776) Net realized gain (loss) on investments........ (25,473,569) 5,513,796 (8,686,880) 891,688 Change in unrealized appreciation (depreciation) of investments................ (210,034,118) (27,348,192) (21,900,745) (8,707,855) --------------- ------------- -------------- ------------ Net increase (decrease) in net assets from operations................................... (209,167,745) (10,341,080) (30,869,771) (8,309,943) --------------- ------------- -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 76,510,415 237,227,754 21,810,440 42,643,971 Transfers between funds including guaranteed interest account, net........... (8,634,358) 270,963,723 29,154,742 9,535,218 Transfers for contract benefits and terminations............................... (28,787,766) (26,252,919) (3,083,154) (1,661,701) Contract maintenance charges................. (6,278,297) (2,650,387) (794,269) (266,104) --------------- ------------- -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. 32,809,994 479,288,171 47,087,759 50,251,384 --------------- ------------- -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (3,000,828) (79) (2,911,325) -- --------------- ------------- -------------- ------------ Increase (Decrease) in Net Assets................ (179,358,579) 468,947,012 13,306,663 41,941,441 Net Assets -- Beginning of Period................ 605,070,868 136,123,856 61,224,375 19,282,934 --------------- ------------- -------------- ------------ Net Assets -- End of Period...................... $ 425,712,289 $ 605,070,868 $ 74,531,038 $ 61,224,375 =============== ============= ============== ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 17,101 51,409 10,493 6,927 Units Redeemed................................. (14,077) (6,727) (4,820) (2,424) --------------- ------------- -------------- ------------ Net Increase (Decrease)........................ 3,024 44,682 5,673 4,503 =============== ============= ============== ============
------- The accompanying notes are an integral part of these financial statements. FSA-55 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Franklin Templeton Founding Strategy (a) ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 35,966,558 $ 7,140,840 Net realized gain (loss) on investments........ (26,485,382) (994,457) Change in unrealized appreciation (depreciation) of investments................ (501,379,956) (26,905,825) --------------- ------------- Net increase (decrease) in net assets from operations................................... (491,898,780) (20,759,442) --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 520,219,218 573,405,440 Transfers between funds including guaranteed interest account, net........... 223,763,310 249,266,273 Transfers for contract benefits and terminations............................... (39,830,059) (8,095,879) Contract maintenance charges................. (9,501,659) (603,954) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 694,650,810 813,971,880 --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (42,839) 199,999 --------------- ------------- Increase (Decrease) in Net Assets................ 202,709,191 793,412,437 Net Assets -- Beginning of Period................ 793,412,437 - --------------- ------------- Net Assets -- End of Period...................... $ 996,121,628 $ 793,412,437 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 94,300 85,911 Units Redeemed................................. (9,168) (2,460) --------------- ------------- Net Increase (Decrease)........................ 85,132 83,451 =============== ============= EQ/GAMCO EQ/GAMCO Mergers and Acquisitions Small Company Value --------------------------------- ---------------------------------- 2008 2007 2008 2007 ---------------- ---------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (1,223,527) $ (834,621) $ (3,884,593) $ (3,716,987) Net realized gain (loss) on investments........ 1,037,676 7,456,848 6,189,537 28,644,152 Change in unrealized appreciation (depreciation) of investments................ (20,056,018) (5,768,786) (172,866,113) (6,392,804) ------------- ------------ --------------- ------------- Net increase (decrease) in net assets from operations................................... (20,241,869) 853,441 (170,561,169) 18,534,361 ------------- ------------ --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 16,641,524 34,611,090 87,585,184 135,160,984 Transfers between funds including guaranteed interest account, net........... (10,708,187) 15,605,530 28,597,473 94,223,934 Transfers for contract benefits and terminations............................... (5,144,520) (4,804,492) (18,342,653) (18,318,916) Contract maintenance charges................. (1,465,331) (933,725) (5,098,441) (2,975,379) ------------- ------------ --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (676,514) 44,478,403 92,741,563 208,090,623 ------------- ------------ --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (33,346) 99,989 (45,511) 99,996 ------------- ------------ --------------- ------------- Increase (Decrease) in Net Assets................ (20,951,729) 45,431,833 (77,865,117) 226,724,980 Net Assets -- Beginning of Period................ 131,969,742 86,537,909 470,581,831 243,856,851 ------------- ------------ --------------- ------------- Net Assets -- End of Period...................... $ 111,018,013 $131,969,742 $ 392,716,714 $ 470,581,831 ============= ============ =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 3,900 5,603 6,224 9,458 Units Redeemed................................. (3,992) (1,892) (3,104) (2,753) ------------- ------------ --------------- ------------- Net Increase (Decrease)........................ (92) 3,711 3,120 6,705 ============= ============ =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-56 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/International Core PLUS ------------------------------------ 2008 2007 ----------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 93,764 $ (11,099,081) Net realized gain (loss) on investments........ 23,751,257 281,548,796 Change in unrealized appreciation (depreciation) of investments................ (488,516,584) (143,168,641) --------------- -------------- Net increase (decrease) in net assets from operations................................... (464,671,563) 127,281,074 --------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 53,379,072 82,354,390 Transfers between funds including guaranteed interest account, net........... 9,893,762 (75,301,686) Transfers for contract benefits and terminations............................... (59,946,839) (75,816,636) Contract maintenance charges................. (8,694,364) (8,118,467) --------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. (5,368,369) (76,882,399) --------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... -- (7,110) --------------- -------------- Increase (Decrease) in Net Assets................ (470,039,932) 50,391,565 Net Assets -- Beginning of Period................ 1,024,362,413 973,970,848 --------------- -------------- Net Assets -- End of Period...................... $ 554,322,481 $1,024,362,413 =============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 10,626 8,052 Units Redeemed................................. (11,142) (13,162) --------------- -------------- Net Increase (Decrease)........................ (516) (5,110) =============== ============== EQ/International ETF EQ/International Growth ---------------------------- ---------------------------------- 2008 2007 2008 2007 --------------- ------------ ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 152,463 $ 60,919 $ (1,175,603) $ (1,187,347) Net realized gain (loss) on investments........ (319,534) 20,344 (9,610,248) 18,033,828 Change in unrealized appreciation (depreciation) of investments................ (1,432,902) 279,135 (105,847,924) 326,276 ------------- ---------- --------------- ------------ Net increase (decrease) in net assets from operations................................... (1,599,973) 360,398 (116,633,775) 17,172,757 ------------- ---------- --------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ -- -- 44,238,330 65,008,893 Transfers between funds including guaranteed interest account, net........... -- -- 14,441,973 80,380,411 Transfers for contract benefits and terminations............................... -- -- (9,281,621) (7,522,680) Contract maintenance charges................. -- -- (2,559,727) (1,136,646) ------------- ---------- --------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. -- -- 46,838,955 136,729,978 ------------- ---------- --------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (500,000) -- 103,999 (17) ------------- ---------- --------------- ------------ Increase (Decrease) in Net Assets................ (2,099,973) 360,398 (69,690,821) 153,902,718 Net Assets -- Beginning of Period................ 3,703,857 3,343,459 237,738,956 83,836,238 ------------- ---------- --------------- ------------ Net Assets -- End of Period...................... $ 1,603,884 $3,703,857 $ 168,048,135 $237,738,956 ============= ========== =============== ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... -- -- 11,798 14,739 Units Redeemed................................. -- -- (7,568) (4,434) ------------- ---------- --------------- ------------ Net Increase (Decrease)........................ -- -- 4,230 10,305 ============= ========== =============== ============
------- The accompanying notes are an integral part of these financial statements. FSA-57 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/JPMorgan Core Bond ------------------------------------ 2008 2007 ----------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 28,459,286 $ 36,992,085 Net realized gain (loss) on investments........ (33,827,360) (1,384,245) Change in unrealized appreciation (depreciation) of investments................ (114,440,875) (15,337,364) --------------- -------------- Net increase (decrease) in net assets from operations................................... (119,808,949) 20,270,476 --------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 42,075,735 111,814,271 Transfers between funds including guaranteed interest account, net........... (172,293,479) 12,407,294 Transfers for contract benefits and terminations............................... (97,989,775) (125,039,236) Contract maintenance charges................. (10,044,167) (9,052,018) --------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. (238,251,686) (9,869,689) --------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (76,301) (15,725) --------------- -------------- Increase (Decrease) in Net Assets................ (358,136,936) 10,385,062 Net Assets -- Beginning of Period................ 1,271,481,983 1,261,096,921 --------------- -------------- Net Assets -- End of Period...................... $ 913,345,047 $1,271,481,983 =============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 6,426 15,903 Units Redeemed................................. (25,935) (15,097) --------------- -------------- Net Increase (Decrease)........................ (19,509) 806 =============== ============== EQ/JPMorgan EQ/Large Cap Value Opportunities Core PLUS ----------------------------------- ---------------------------------- 2008 2007 2008 2007 ----------------- ----------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 1,064,921 $ (594,482) $ (2,128,351) $ (934,831) Net realized gain (loss) on investments........ (16,710,861) 94,004,642 (8,730,231) 67,447,660 Change in unrealized appreciation (depreciation) of investments................ (141,195,370) (103,900,210) (75,404,584) (59,398,695) --------------- --------------- --------------- ------------- Net increase (decrease) in net assets from operations................................... (156,841,310) (10,490,050) (86,263,166) 7,114,134 --------------- --------------- --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 10,736,796 33,789,166 5,525,159 10,302,391 Transfers between funds including guaranteed interest account, net........... (25,761,728) (30,654,913) (10,481,074) (19,399,231) Transfers for contract benefits and terminations............................... (35,229,962) (63,195,761) (21,858,504) (39,046,480) Contract maintenance charges................. (2,218,023) (2,543,075) (1,432,614) (1,590,512) --------------- --------------- --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (52,472,917) (62,604,583) (28,247,033) (49,733,832) --------------- --------------- --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (266,998) (4,955) -- (14,102) --------------- --------------- --------------- ------------- Increase (Decrease) in Net Assets................ (209,581,225) (73,099,588) (114,510,199) (42,633,800) Net Assets -- Beginning of Period................ 420,150,483 493,250,071 243,870,504 286,504,304 --------------- --------------- --------------- ------------- Net Assets -- End of Period...................... $ 210,569,258 $ 420,150,483 $ 129,360,305 $ 243,870,504 =============== =============== =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 1,967 4,550 1,617 1,691 Units Redeemed................................. (6,183) (8,344) (4,811) (6,258) --------------- --------------- --------------- ------------- Net Increase (Decrease)........................ (4,216) (3,794) (3,194) (4,567) =============== =============== =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-58 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Large Cap Growth Index ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (4,384,494) $ (5,772,220) Net realized gain (loss) on investments........ (753,175) 3,398,259 Change in unrealized appreciation (depreciation) of investments................ (145,142,612) 47,055,787 --------------- ------------- Net increase (decrease) in net assets from operations................................... (150,280,281) 44,681,826 --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 24,221,650 37,810,987 Transfers between funds including guaranteed interest account, net........... (6,728,431) (9,593,154) Transfers for contract benefits and terminations............................... (29,710,764) (43,777,926) Contract maintenance charges................. (2,752,474) (2,371,345) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (14,970,019) (17,931,438) --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 17,000 (11,979) --------------- ------------- Increase (Decrease) in Net Assets................ (165,233,300) 26,738,409 Net Assets -- Beginning of Period................ 411,165,560 384,427,151 --------------- ------------- Net Assets -- End of Period...................... $ 245,932,260 $ 411,165,560 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 6,807 6,563 Units Redeemed................................. (10,140) (10,357) --------------- ------------- Net Increase (Decrease)........................ (3,333) (3,794) =============== ============= EQ/Large Cap EQ/Large Cap Growth PLUS Value Index ---------------------------------- ---------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (3,847,420) $ (3,115,637) $ (173,543) $ (2,845,557) Net realized gain (loss) on investments........ 3,819,000 14,111,167 (14,982,245) 6,960,177 Change in unrealized appreciation (depreciation) of investments................ (134,073,469) 25,048,213 (88,532,502) (18,747,929) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from operations................................... (134,101,889) 36,043,743 (103,688,290) (14,633,309) --------------- ------------- --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 23,776,388 29,398,855 14,398,302 40,646,668 Transfers between funds including guaranteed interest account, net........... (34,904,608) 63,462,388 (9,927,410) (12,553,838) Transfers for contract benefits and terminations............................... (22,544,757) (33,664,941) (6,397,649) (8,727,650) Contract maintenance charges................. (2,362,155) (1,660,190) (1,535,834) (1,637,542) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (36,035,132) 57,536,112 (3,462,591) 17,727,638 --------------- ------------- --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (226,500) (6,023) -- (15) --------------- ------------- --------------- ------------- Increase (Decrease) in Net Assets................ (170,363,521) 93,573,832 (107,150,881) 3,094,314 Net Assets -- Beginning of Period................ 363,588,305 270,014,473 183,660,886 180,566,572 --------------- ------------- --------------- ------------- Net Assets -- End of Period...................... $ 193,224,784 $ 363,588,305 $ 76,510,005 $ 183,660,886 =============== ============= =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 5,289 8,416 4,886 4,986 Units Redeemed................................. (8,073) (4,572) (5,297) (3,408) --------------- ------------- --------------- ------------- Net Increase (Decrease)........................ (2,784) 3,844 (411) 1,578 =============== ============= =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-59 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Large Cap Value PLUS (g) -------------------------------------- 2008 2007 ------------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 23,923,165 $ 3,190,690 Net realized gain (loss) on investments........ (33,805,389) 295,176,429 Change in unrealized appreciation (depreciation) of investments................ (936,768,121) (444,902,189) ----------------- -------------- Net increase (decrease) in net assets from operations................................... (946,650,345) (146,535,070) ----------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 55,111,908 170,996,564 Transfers between funds including guaranteed interest account, net........... (196,962,458) 676,449,939 Transfers for contract benefits and terminations............................... (129,154,256) (184,807,241) Contract maintenance charges................. (17,490,591) (16,755,326) ----------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. (288,495,397) 645,883,936 ----------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 64,001 (8,009) ----------------- -------------- Increase (Decrease) in Net Assets................ (1,235,081,741) 499,340,857 Net Assets -- Beginning of Period................ 2,350,077,348 1,850,736,491 ----------------- -------------- Net Assets -- End of Period...................... $ 1,114,995,607 $2,350,077,348 ================= ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 5,339 63,216 Units Redeemed................................. (27,652) (23,204) ----------------- -------------- Net Increase (Decrease)........................ (22,313) 40,012 ================= ============== EQ/Lord Abbett EQ/Long Term Bond Growth and Income --------------------------------- --------------------------------- 2008 2007 2008 2007 ---------------- ---------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 5,363,057 $ 2,933,011 $ 83,982 $ (501,314) Net realized gain (loss) on investments........ 466,465 (530,683) (3,353,099) 12,151,925 Change in unrealized appreciation (depreciation) of investments................ 557,676 3,827,867 (52,452,677) (8,920,319) ------------ ------------ -------------- ------------- Net increase (decrease) in net assets from operations................................... 6,387,198 6,230,195 (55,721,794) 2,730,292 ------------ ------------ -------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 13,144,485 19,023,154 14,924,350 30,910,383 Transfers between funds including guaranteed interest account, net........... 10,868,505 12,350,753 (5,583,383) (9,982,533) Transfers for contract benefits and terminations............................... (7,297,430) (5,506,029) (6,293,266) (10,470,126) Contract maintenance charges................. (1,183,131) (747,250) (1,322,119) (1,167,373) ------------ ------------ -------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 15,532,429 25,120,628 1,725,582 9,290,351 ------------ ------------ -------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (34,509) -- (3,650,654) -- ------------ ------------ -------------- ------------- Increase (Decrease) in Net Assets................ 21,885,118 31,350,823 (57,646,866) 12,020,643 Net Assets -- Beginning of Period................ 114,656,454 83,305,631 151,193,748 139,173,105 ------------ ------------ -------------- ------------- Net Assets -- End of Period...................... $136,541,572 $114,656,454 $ 93,546,882 $ 151,193,748 ============ ============ ============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 8,936 7,557 2,682 4,513 Units Redeemed................................. (6,924) (4,873) (2,490) (3,769) ------------ ------------ -------------- ------------- Net Increase (Decrease)........................ 2,012 2,684 192 744 ============ ============ ============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-60 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Lord Abbett EQ/Lord Abbett Large Cap Core Mid Cap Value -------------------------------- ---------------------------------- 2008 2007 2008 2007 ---------------- --------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (262,527) $ (403,400) $ 69,833 $ (2,672,202) Net realized gain (loss) on investments........ (3,275,849) 5,496,227 (6,264,778) 31,557,447 Change in unrealized appreciation (depreciation) of investments................ (30,541,689) 212,541 (117,086,130) (37,151,529) -------------- ------------ --------------- ------------- Net increase (decrease) in net assets from operations................................... (34,080,065) 5,305,368 (123,281,075) (8,266,284) -------------- ------------ --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 13,537,401 16,067,399 30,853,855 80,614,716 Transfers between funds including guaranteed interest account, net........... 31,639,977 11,520,031 (1,595,975) 24,758,315 Transfers for contract benefits and terminations............................... (4,269,182) (3,527,075) (10,866,745) (12,908,381) Contract maintenance charges................. (1,052,344) (508,010) (2,884,939) (2,273,152) -------------- ------------ --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 39,855,852 23,552,345 15,506,196 90,191,498 -------------- ------------ --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (2,574,002) -- (3,319,727) -- -------------- ------------ --------------- ------------- Increase (Decrease) in Net Assets................ 3,201,785 28,857,713 (111,094,606) 81,925,214 Net Assets -- Beginning of Period................ 82,042,363 53,184,650 301,405,216 219,480,002 -------------- ------------ --------------- ------------- Net Assets -- End of Period...................... $ 85,244,148 $ 82,042,363 $ 190,310,610 $ 301,405,216 ============== ============ =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 7,001 3,381 6,109 12,288 Units Redeemed................................. (3,312) (1,505) (4,604) (5,438) -------------- ------------ --------------- ------------- Net Increase (Decrease)........................ 3,689 1,876 1,505 6,850 ============== ============ =============== ============= EQ/Marsico Focus ------------------------------------ 2008 2007 ------------------ ----------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (8,227,112) $ (22,776,187) Net realized gain (loss) on investments........ 39,820,399 236,799,514 Change in unrealized appreciation (depreciation) of investments................ (832,575,684) (7,038,803) -------------- -------------- Net increase (decrease) in net assets from operations................................... (800,982,397) 206,984,524 -------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 168,142,262 230,174,261 Transfers between funds including guaranteed interest account, net........... (23,278,056) (31,417,755) Transfers for contract benefits and terminations............................... (92,517,279) (126,245,484) Contract maintenance charges................. (17,082,652) (14,839,784) -------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. 35,264,275 57,671,238 -------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (487,000) (7,221) -------------- -------------- Increase (Decrease) in Net Assets................ (766,205,122) 264,648,541 Net Assets -- Beginning of Period................ 1,909,859,842 1,645,211,301 -------------- -------------- Net Assets -- End of Period...................... $1,143,654,720 $1,909,859,842 ============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 18,185 18,999 Units Redeemed................................. (15,258) (14,270) -------------- -------------- Net Increase (Decrease)........................ 2,927 4,729 ============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-61 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Mid Cap Index ------------------------------------ 2008 2007 ----------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (4,537,675) $ (15,351,363) Net realized gain (loss) on investments........ (24,256,556) 177,355,115 Change in unrealized appreciation (depreciation) of investments................ (472,975,556) (99,558,417) --------------- -------------- Net increase (decrease) in net assets from operations................................... (501,769,787) 62,445,335 --------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 59,080,324 115,889,468 Transfers between funds including guaranteed interest account, net........... (32,303,620) (43,777,381) Transfers for contract benefits and terminations............................... (51,574,835) (79,876,311) Contract maintenance charges................. (8,240,422) (8,555,184) --------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. (33,038,553) (16,319,408) --------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... -- (5,275) --------------- -------------- Increase (Decrease) in Net Assets................ (534,808,340) 46,120,652 Net Assets -- Beginning of Period................ 1,035,825,077 989,704,425 --------------- -------------- Net Assets -- End of Period...................... $ 501,016,737 $1,035,825,077 =============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 8,705 10,091 Units Redeemed................................. (11,260) (11,835) --------------- -------------- Net Increase (Decrease)........................ (2,555) (1,744) =============== ============== EQ/Mid Cap Value PLUS EQ/Money Market ----------------------------------- ------------------------------------ 2008 2007 2008 2007 ----------------- ----------------- ------------------ ----------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (382,625) $ (4,610,290) $ 5,303,985 $ 23,246,551 Net realized gain (loss) on investments........ (79,877,282) 260,539,525 (71,662) (211,185) Change in unrealized appreciation (depreciation) of investments................ (212,234,558) (277,118,388) (62,631) 222,973 --------------- --------------- -------------- --------------- Net increase (decrease) in net assets from operations................................... (292,494,465) (21,189,153) 5,169,692 23,258,339 --------------- --------------- -------------- --------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 17,465,982 72,453,587 737,101.790 459,390,401 Transfers between funds including guaranteed interest account, net........... (86,089,191) (105,491,837) 301,263,885 256,278,645 Transfers for contract benefits and terminations............................... (44,393,137) (75,035,606) (392,439,992) (495,059,766) Contract maintenance charges................. (6,313,342) (7,592,654) (8,372,217) (5,120,378) --------------- --------------- -------------- --------------- Net increase (decrease) in net assets from contractowners transactions.................. (119,329,688) (115,666,510) 637,553,466 215,488,902 --------------- --------------- -------------- --------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (122,000) (6,127) (270,893) 14,278 --------------- --------------- -------------- --------------- Increase (Decrease) in Net Assets................ (411,946,153) (136,861,790) 642,452,265 238,761,519 Net Assets -- Beginning of Period................ 812,009,443 948,871,233 851,522,707 612,761,188 --------------- --------------- -------------- --------------- Net Assets -- End of Period...................... $ 400,063,290 $ 812,009,443 $1,493,974,972 $ 851,522,707 =============== =============== ============== =============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 2,829 5,715 101,142 73,489 Units Redeemed................................. (11,484) (12,143) (55,686) (61,353) --------------- --------------- -------------- --------------- Net Increase (Decrease)........................ (8,655) (6,428) 45,456 12,136 =============== =============== ============== ===============
------- The accompanying notes are an integral part of these financial statements. FSA-62 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Montag & Caldwell Growth --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (1,730,976) $ (510,000) Net realized gain (loss) on investments........ (6,065,466) 1,724,061 Change in unrealized appreciation (depreciation) of investments................ (53,756,587) 5,944,169 ------------- ------------ Net increase (decrease) in net assets from operations................................... (61,553,029) 7,158,230 ------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 28,840,231 11,709,118 Transfers between funds including guaranteed interest account, net........... 84,271,697 55,312,746 Transfers for contract benefits and terminations............................... (6,620,843) (3,261,364) Contract maintenance charges................. (1,581,869) (373,381) ------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. 104,909,216 63,387,119 ------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (138,933) -- ------------- ------------ Increase (Decrease) in Net Assets................ 43,217,254 70,545,349 Net Assets -- Beginning of Period................ 100,681,466 30,136,117 ------------- ------------ Net Assets -- End of Period...................... $ 143,898,720 $100,681,466 ============= ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 39,334 14,727 Units Redeemed................................. (14,430) (2,510) ------------- ------------ Net Increase (Decrease)........................ 24,904 12,217 ============= ============ EQ/Oppenheimer EQ/Mutual Shares Global ---------------------------------- --------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 6,293,951 $ (4,133,571) $ (171,937) $ (670,358) Net realized gain (loss) on investments........ (17,044,008) 3,865,724 (10,852,762) 2,120,164 Change in unrealized appreciation (depreciation) of investments................ (126,766,530) (9,039,783) (51,264,819) (1,198,545) --------------- ------------- -------------- ------------ Net increase (decrease) in net assets from operations................................... (137,516,587) (9,307,630) (62,289,518) 251,261 --------------- ------------- -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 37,815,910 169,234,897 27,145,149 56,803,015 Transfers between funds including guaranteed interest account, net........... (35,013,356) 123,656,655 16,514,971 37,905,119 Transfers for contract benefits and terminations............................... (11,816,877) (12,293,363) (4,909,832) (2,231,694) Contract maintenance charges................. (3,499,476) (1,626,668) (1,293,315) (313,754) --------------- ------------- -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. (12,513,799) 278,971,521 37,456,973 92,162,686 --------------- ------------- -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (18,384,000) (43) (6,490,003) (16) --------------- ------------- -------------- ------------ Increase (Decrease) in Net Assets................ (168,414,386) 269,663,848 (31,322,548) 92,413,931 Net Assets -- Beginning of Period................ 373,766,283 104,102,435 120,697,952 28,284,021 --------------- ------------- -------------- ------------ Net Assets -- End of Period...................... $ 205,351,897 $ 373,766,283 $ 89,375,404 $120,697,952 =============== ============= ============== ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 7,703 30,452 7,529 8,995 Units Redeemed................................. (9,140) (5,331) (3,931) (1,103) --------------- ------------- -------------- ------------ Net Increase (Decrease)........................ (1,437) 25,121 3,598 7,892 =============== ============= ============== ============
------- The accompanying notes are an integral part of these financial statements. FSA-63 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Oppenheimer EQ/Oppenheimer Main Street Opportunity Main Street Small Cap -------------------------------- -------------------------------- 2008 2007 2008 2007 ---------------- --------------- ---------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (220,210) $ (163,878) $ (805,508) $ (601,043) Net realized gain (loss) on investments........ (5,044,440) 2,788,609 (5,946,189) 1,112,009 Change in unrealized appreciation (depreciation) of investments................ (16,088,699) (2,875,869) (26,326,303) (5,108,656) -------------- ------------ -------------- ------------ Net increase (decrease) in net assets from operations................................... (21,353,349) (251,138) (33,078,000) (4,597,690) -------------- ------------ -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 6,725,792 18,510,013 15,379,062 33,472,851 Transfers between funds including guaranteed interest account, net........... 1,496,217 13,290,476 5,271,746 23,744,238 Transfers for contract benefits and terminations............................... (1,528,559) (1,167,130) (2,047,617) (1,970,130) Contract maintenance charges................. (382,352) (150,501) (676,595) (213,438) -------------- ------------ -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. 6,311,098 30,482,858 17,926,596 55,033,521 -------------- ------------ -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (996,499) -- (1,497,003) -- -------------- ------------ -------------- ------------ Increase (Decrease) in Net Assets................ (16,038,750) 30,231,720 (16,648,407) 50,435,831 Net Assets -- Beginning of Period................ 49,060,044 18,828,324 71,006,974 20,571,143 -------------- ------------ -------------- ------------ Net Assets -- End of Period...................... $ 33,021,294 $ 49,060,044 $ 54,358,567 $ 71,006,974 ============== ============ ============== ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 2,441 3,606 4,009 6,126 Units Redeemed................................. (1,788) (937) (2,073) (1,380) -------------- ------------ -------------- ------------ Net Increase (Decrease)........................ 653 2,669 1,936 4,746 ============== ============ ============== ============ EQ/PIMCO Real Return ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 13,950,836 $ 5,847,847 Net realized gain (loss) on investments........ 55,798,470 3,829,324 Change in unrealized appreciation (depreciation) of investments................ (139,568,977) 28,562,465 --------------- ------------- Net increase (decrease) in net assets from operations................................... (69,819,671) 38,239,636 --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 141,377,956 79,109,648 Transfers between funds including guaranteed interest account, net........... 420,851,015 88,930,409 Transfers for contract benefits and terminations............................... (52,885,920) (20,859,358) Contract maintenance charges................. (8,645,672) (2,950,283) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 500,697,379 144,230,416 --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 48,998 99,653 --------------- ------------- Increase (Decrease) in Net Assets................ 430,926,706 182,569,705 Net Assets -- Beginning of Period................ 486,950,498 304,380,793 --------------- ------------- Net Assets -- End of Period...................... $ 917,877,204 $ 486,950,498 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 78,030 25,813 Units Redeemed................................. (32,285) (11,343) --------------- ------------- Net Increase (Decrease)........................ 45,745 14,470 =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-64 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Quality Bond PLUS --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 13,394,151 $ 13,408,270 Net realized gain (loss) on investments........ (7,378,896) (1,983,580) Change in unrealized appreciation (depreciation) of investments................ (36,321,748) 122,499 ------------- ------------- Net increase (decrease) in net assets from operations................................... (30,306,493) 11,547,189 ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 29,785,877 39,166,371 Transfers between funds including guaranteed interest account, net........... (32,254,968) 9,052,896 Transfers for contract benefits and terminations............................... (30,268,685) (35,131,052) Contract maintenance charges................. (3,825,471) (3,103,980) ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (36,563,247) 9,984,235 ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 27,469 135,459 ------------- ------------- Increase (Decrease) in Net Assets................ (66,842,271) 21,666,883 Net Assets -- Beginning of Period................ 393,129,672 371,462,789 ------------- ------------- Net Assets -- End of Period...................... $ 326,287,401 $ 393,129,672 ============= ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 6,787 7,550 Units Redeemed................................. (9,265) (6,206) ------------- ------------- Net Increase (Decrease)........................ (2,478) 1,344 ============= ============= EQ/Short EQ/Small Duration Bond Company Index -------------------------------- ---------------------------------- 2008 2007 2008 2007 ---------------- --------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 6,682,416 $ 2,148,882 $ (2,243,783) $ (785,522) Net realized gain (loss) on investments........ (1,147,459) 954,551 18,489,387 57,778,402 Change in unrealized appreciation (depreciation) of investments................ (10,470,086) (412,042) (168,643,358) (71,918,814) ------------- ------------ --------------- ------------- Net increase (decrease) in net assets from operations................................... (4,935,129) 2,691,391 (152,397,754) (14,925,934) ------------- ------------ --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 26,888,122 17,276,944 25,484,049 57,163,322 Transfers between funds including guaranteed interest account, net........... 49,540,870 7,351,269 (8,035,308) (32,828,333) Transfers for contract benefits and terminations............................... (9,396,284) (5,974,974) (23,331,058) (36,399,028) Contract maintenance charges................. (1,095,337) (514,672) (3,832,287) (3,782,262) ------------- ------------ --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 65,937,371 18,138,567 (9,714,604) (15,846,301) ------------- ------------ --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 168 80,116 (13,000) (2,322) ------------- ------------ --------------- ------------- Increase (Decrease) in Net Assets................ 61,002,410 20,910,074 (162,125,358) (30,774,557) Net Assets -- Beginning of Period................ 80,793,118 59,883,044 444,692,315 475,466,872 ------------- ------------ --------------- ------------- Net Assets -- End of Period...................... $ 141,795,528 $ 80,793,118 $ 282,566,957 $ 444,692,315 ============= ============ =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 12,083 7,585 5,604 5,902 Units Redeemed................................. (5,808) (5,817) (6,112) (6,674) ------------- ------------ --------------- ------------- Net Increase (Decrease)........................ 6,275 1,768 (508) (772) ============= ============ =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-65 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/T. Rowe Price Growth Stock (d) ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (3,532,364) $ (2,277,057) Net realized gain (loss) on investments........ (1,812,083) 24,486,444 Change in unrealized appreciation (depreciation) of investments................ (120,650,775) (25,648,683) --------------- ------------- Net increase (decrease) in net assets from operations................................... (125,995,222) (3,439,296) --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 23,208,023 23,853,471 Transfers between funds including guaranteed interest account, net........... 73,817 236,913,422 Transfers for contract benefits and terminations............................... (18,802,621) (16,236,193) Contract maintenance charges................. (2,409,909) (1,332,712) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 2,069,310 243,197,988 --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 123,317 17,686 --------------- ------------- Increase (Decrease) in Net Assets................ (123,802,595) 239,776,378 Net Assets -- Beginning of Period................ 291,072,093 51,295,715 --------------- ------------- Net Assets -- End of Period...................... $ 167,269,498 $ 291,072,093 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 4,607 16,936 Units Redeemed................................. (3,534) (2,262) --------------- ------------- Net Increase (Decrease)........................ 1,073 14,674 =============== ============= EQ/Templeton Growth EQ/UBS Growth and Income ---------------------------------- ------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ---------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 121,902 $ (1,911,943) $ (154,237) $ (521,621) Net realized gain (loss) on investments........ (15,288,794) 3,536,098 (2,709,534) 4,179,584 Change in unrealized appreciation (depreciation) of investments................ (95,839,083) (7,014,476) (30,779,777) (4,590,749) --------------- ------------- -------------- ------------ Net increase (decrease) in net assets from operations................................... (111,005,975) (5,390,321) (33,643,548) (932,786) --------------- ------------- -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 26,301,609 135,146,323 6,896,212 20,770,619 Transfers between funds including guaranteed interest account, net........... (36,421,901) 97,981,466 (5,415,471) (834,027) Transfers for contract benefits and terminations............................... (9,571,998) (10,373,599) (3,505,033) (4,420,849) Contract maintenance charges................. (2,661,067) (1,272,154) (759,129) (678,483) --------------- ------------- -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. (22,353,357) 221,482,036 (2,783,421) 14,837,260 --------------- ------------- -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (3,057,741) (45) -- -- --------------- ------------- -------------- ------------ Increase (Decrease) in Net Assets................ (136,417,073) 216,091,670 (36,426,969) 13,904,474 Net Assets -- Beginning of Period................ 286,214,630 70,122,960 84,497,331 70,592,857 --------------- ------------- -------------- ------------ Net Assets -- End of Period...................... $ 149,797,557 $ 286,214,630 $ 48,070,362 $ 84,497,331 =============== ============= ============== ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 5,750 23,623 5,139 7,374 Units Redeemed................................. (8,149) (3,676) (5,300) (3,934) --------------- ------------- -------------- ------------ Net Increase (Decrease)........................ (2,399) 19,947 (161) 3,440 =============== ============= ============== ============
------- The accompanying notes are an integral part of these financial statements. FSA-66 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Van Kampen EQ/Van Kampen Comstock Emerging Markets Equity ---------------------------------- ------------------------------------ 2008 2007 2008 2007 ----------------- ---------------- ----------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 1,146,291 $ 423,457 $ (15,752,805) $ (19,088,257) Net realized gain (loss) on investments........ (6,783,819) 18,648,767 65,154,201 446,664,476 Change in unrealized appreciation (depreciation) of investments................ (103,659,127) (32,146,462) (985,591,293) 7,510,616 --------------- ------------- -------------- -------------- Net increase (decrease) in net assets from operations................................... (109,296,655) (13,074,238) (936,189,897) 435,086,835 --------------- ------------- -------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 22,199,653 69,517,617 174,385,806 239,698,333 Transfers between funds including guaranteed interest account, net........... (286,039) (9,510,659) (86,789,044) 20,394,939 Transfers for contract benefits and terminations............................... (10,777,798) (14,799,789) (70,211,440) (92,112,067) Contract maintenance charges................. (2,816,201) (2,425,684) (12,474,163) (10,268,253) --------------- ------------- -------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. 8,319,615 42,781,485 4,911,159 157,712,952 --------------- ------------- -------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (3,318,600) (21) (61,501) (4,056) --------------- ------------- -------------- -------------- Increase (Decrease) in Net Assets................ (104,295,640) 29,707,226 (931,340,239) 592,795,731 Net Assets -- Beginning of Period................ 289,349,061 259,641,835 1,627,458,066 1,034,662,335 --------------- ------------- -------------- -------------- Net Assets -- End of Period...................... $ 185,053,421 $ 289,349,061 $ 696,117,827 $1,627,458,066 =============== ============= ============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 5,848 7,869 16,383 20,750 Units Redeemed................................. (4,779) (4,366) (15,994) (15,196) --------------- ------------- -------------- -------------- Net Increase (Decrease)........................ 1,069 3,503 389 5,554 =============== ============= ============== ============== EQ/Van Kampen Mid Cap Growth ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (4,334,837) $ (2,224,184) Net realized gain (loss) on investments........ (10,432,354) 21,157,345 Change in unrealized appreciation (depreciation) of investments................ (166,657,947) 11,739,869 --------------- ------------- Net increase (decrease) in net assets from operations................................... (181,425,138) 30,673,030 --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 56,603,270 66,008,687 Transfers between funds including guaranteed interest account, net........... 38,012,249 113,561,380 Transfers for contract benefits and terminations............................... (13,513,191) (10,270,623) Contract maintenance charges................. (3,275,653) (1,551,753) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 77,826,675 167,747,691 --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (4,880,466) -- --------------- ------------- Increase (Decrease) in Net Assets................ (108,478,929) 198,420,721 Net Assets -- Beginning of Period................ 318,831,613 120,410,892 --------------- ------------- Net Assets -- End of Period...................... $ 210,352,684 $ 318,831,613 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 12,774 13,520 Units Redeemed................................. (7,072) (2,703) --------------- ------------- Net Increase (Decrease)........................ 5,702 10,817 =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-67 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Van Kampen Real Estate (b) (f) ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 4,167,850 $ 1,071,250 Net realized gain (loss) on investments........ (18,424,192) 7,562,359 Change in unrealized appreciation (depreciation) of investments................ (172,012,766) (53,491,083) --------------- ------------- Net increase (decrease) in net assets from operations................................... (186,269,108) (44,857,474) --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 46,435,201 27,648,694 Transfers between funds including guaranteed interest account, net........... 4,518,438 479,842,930 Transfers for contract benefits and terminations............................... (20,218,542) (9,756,305) Contract maintenance charges................. (4,671,321) (1,620,650) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 26,063,776 496,114,669 --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (253,593) 200,000 --------------- ------------- Increase (Decrease) in Net Assets................ (160,458,925) 451,457,195 Net Assets -- Beginning of Period................ 451,457,195 - --------------- ------------- Net Assets -- End of Period...................... $ 290,998,270 $ 451,457,195 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 15,583 59,830 Units Redeemed................................. (11,694) (5,355) --------------- ------------- Net Increase (Decrease)........................ 3,889 54,475 =============== ============= Multimanager Multimanager Aggressive Equity Core Bond --------------------------------- --------------------------------- 2008 2007 2008 2007 ---------------- ---------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (1,118,102) $ (1,993,654) $ 23,798,189 $ 17,362,876 Net realized gain (loss) on investments........ (1,624,330) 7,992,369 15,603,058 (4,088,282) Change in unrealized appreciation (depreciation) of investments................ (58,474,374) 5,935,319 (31,731,111) 17,212,374 ------------- ------------- ------------- ------------- Net increase (decrease) in net assets from operations................................... (61,216,806) 11,934,034 7,670,136 30,486,968 ------------- ------------- ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 9,564,526 15,553,578 41,424,004 37,696,538 Transfers between funds including guaranteed interest account, net........... (5,793,823) (17,886,983) 97,217,901 (3,279,239) Transfers for contract benefits and terminations............................... (8,692,522) (13,188,187) (58,488,580) (56,661,798) Contract maintenance charges................. (926,538) (935,087) (7,142,205) (5,397,440) ------------- ------------- ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (5,848,357) (16,456,679) 73,011,120 (27,641,939) ------------- ------------- ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (2,000) -- 7,001 (4,366) ------------- ------------- ------------- ------------- Increase (Decrease) in Net Assets................ (67,067,163) (4,522,645) 80,688,257 2,840,663 Net Assets -- Beginning of Period................ 134,809,808 139,332,453 654,064,476 651,223,813 ------------- ------------- ------------- ------------- Net Assets -- End of Period...................... $ 67,742,645 $ 134,809,808 $ 734,752,733 $ 654,064,476 ============= ============= ============= ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 1,451 1,437 20,826 12,768 Units Redeemed................................. (1,314) (1,774) (14,144) (14,981) ------------- ------------- ------------- ------------- Net Increase (Decrease)........................ 137 (337) 6,682 (2,213) ============= ============= ============= =============
------- The accompanying notes are an integral part of these financial statements. FSA-68 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
Multimanager Health Care --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (4,239,081) $ (4,476,018) Net realized gain (loss) on investments........ (3,807,436) 32,370,131 Change in unrealized appreciation (depreciation) of investments................ (85,613,153) (6,588,306) ------------- ------------- Net increase (decrease) in net assets from operations................................... (93,659,670) 21,305,807 ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 25,550,911 35,569,857 Transfers between funds including guaranteed interest account, net........... 8,327,100 (4,934,070) Transfers for contract benefits and terminations............................... (16,493,478) (19,346,186) Contract maintenance charges................. (3,288,603) (2,671,786) ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 14,095,930 8,617,815 ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 19,462 91,984 ------------- ------------- Increase (Decrease) in Net Assets................ (79,544,278) 30,015,606 Net Assets -- Beginning of Period................ 320,883,761 290,868,155 ------------- ------------- Net Assets -- End of Period...................... $ 241,339,483 $ 320,883,761 ============= ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 7,357 5,154 Units Redeemed................................. (6,349) (4,577) ------------- ------------- Net Increase (Decrease)........................ 1,008 577 ============= ============= Multimanager Multimanager High Yield International Equity ---------------------------------- ---------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 52,758,725 $ 53,414,827 $ 486,272 $ (4,709,108) Net realized gain (loss) on investments........ (38,020,929) 42,690 8,237,064 81,851,913 Change in unrealized appreciation (depreciation) of investments................ (201,076,743) (38,526,322) (341,084,511) (13,590,584) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from operations................................... (186,338,947) 14,931,195 (332,361,175) 63,552,221 --------------- ------------- --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 29,911,093 75,108,248 56,365,595 97,829,235 Transfers between funds including guaranteed interest account, net........... (119,893,179) (49,472,822) (10,558,070) (3,480,572) Transfers for contract benefits and terminations............................... (64,454,973) (89,853,713) (31,963,390) (40,679,469) Contract maintenance charges................. (7,024,175) (6,997,321) (5,916,942) (5,298,150) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (161,461,234) (71,215,608) 7,927,193 48,371,044 --------------- ------------- --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 78,000 (11,818) (9,998) (2,709) --------------- ------------- --------------- ------------- Increase (Decrease) in Net Assets................ (347,722,181) (56,296,231) (324,443,980) 111,920,556 Net Assets -- Beginning of Period................ 879,528,892 935,825,123 680,519,809 568,599,253 --------------- ------------- --------------- ------------- Net Assets -- End of Period...................... $ 531,806,711 $ 879,528,892 $ 356,075,829 $ 680,519,809 =============== ============= =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 3,397 7,880 8,713 10,956 Units Redeemed................................. (11,958) (9,385) (8,554) (8,462) --------------- ------------- --------------- ------------- Net Increase (Decrease)........................ (8,561) (1,505) 159 2,494 =============== ============= =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-69 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
Multimanager Large Cap Core Equity --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (1,282,817) $ (1,861,159) Net realized gain (loss) on investments........ (3,053,168) 23,483,211 Change in unrealized appreciation (depreciation) of investments................ (63,496,754) (15,770,813) ------------- ------------- Net increase (decrease) in net assets from operations................................... (67,832,739) 5,851,239 ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 9,354,533 16,575,734 Transfers between funds including guaranteed interest account, net........... (9,332,214) (3,134,775) Transfers for contract benefits and terminations............................... (11,469,633) (13,817,236) Contract maintenance charges................. (1,476,378) (1,514,077) ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (12,923,692) (1,890,354) ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (20,000) (1,216) ------------- ------------- Increase (Decrease) in Net Assets................ (80,776,431) 3,959,669 Net Assets -- Beginning of Period................ 177,349,986 173,390,317 ------------- ------------- Net Assets -- End of Period...................... $ 96,573,555 $ 177,349,986 ============= ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 2,988 3,239 Units Redeemed................................. (4,180) (3,458) ------------- ------------- Net Increase (Decrease)........................ (1,192) (219) ============= ============= Multimanager Multimanager Large Cap Growth Large Cap Value ---------------------------------- ---------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (3,718,749) $ (4,535,388) $ (319,364) $ (2,319,683) Net realized gain (loss) on investments........ (9,797,892) 51,853,612 (16,837,588) 96,064,770 Change in unrealized appreciation (depreciation) of investments................ (130,114,572) (19,182,119) (209,296,551) (81,818,072) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from operations................................... (143,631,213) 28,136,105 (226,453,503) 11,927,015 --------------- ------------- --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 16,849,861 25,722,038 49,428,992 66,592,837 Transfers between funds including guaranteed interest account, net........... (8,336,400) (11,413,412) (17,111,832) (21,646,809) Transfers for contract benefits and terminations............................... (17,897,682) (24,380,314) (30,886,054) (46,326,446) Contract maintenance charges................. (2,756,466) (2,656,640) (5,157,236) (5,046,941) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (12,140,687) (12,728,328) (3,726,130) (6,427,359) --------------- ------------- --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 17,799 (1,538) (22,001) (2,128) --------------- ------------- --------------- ------------- Increase (Decrease) in Net Assets................ (155,754,101) 15,406,239 (230,201,634) 5,497,528 Net Assets -- Beginning of Period................ 322,426,053 307,019,814 583,580,991 578,083,463 --------------- ------------- --------------- ------------- Net Assets -- End of Period...................... $ 166,671,952 $ 322,426,053 $ 353,379,357 $ 583,580,991 =============== ============= =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 5,329 5,643 8,703 8,867 Units Redeemed................................. (6,618) (7,225) (9,492) (9,490) --------------- ------------- --------------- ------------- Net Increase (Decrease)........................ (1,289) (1,582) (789) (623) =============== ============= =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-70 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
Multimanager Mid Cap Growth ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (4,650,103) $ (6,127,383) Net realized gain (loss) on investments........ (10,437,894) 56,472,196 Change in unrealized appreciation (depreciation) of investments................ (161,055,636) (9,234,848) --------------- ------------- Net increase (decrease) in net assets from operations................................... (176,143,633) 41,109,965 --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 19,078,584 28,099,308 Transfers between funds including guaranteed interest account, net........... (14,926,472) (27,419,637) Transfers for contract benefits and terminations............................... (22,102,169) (34,635,321) Contract maintenance charges................. (3,456,566) (3,654,882) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (21,406,623) (37,610,532) --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 27,430 (2,543) --------------- ------------- Increase (Decrease) in Net Assets................ (197,522,826) 3,496,890 Net Assets -- Beginning of Period................ 414,235,593 410,738,703 --------------- ------------- Net Assets -- End of Period...................... $ 216,712,767 $ 414,235,593 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 4,150 3,811 Units Redeemed................................. (6,229) (7,128) --------------- ------------- Net Increase (Decrease)........................ (2,079) (3,317) =============== ============= Multimanager Multimanager Mid Cap Value Small Cap Growth (e) ---------------------------------- ---------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (3,143,018) $ (6,474,610) $ (2,723,714) $ (3,089,072) Net realized gain (loss) on investments........ (27,146,095) 39,617,747 (16,613,041) 29,308,643 Change in unrealized appreciation (depreciation) of investments................ (107,537,998) (36,433,587) (81,669,836) (33,439,325) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from operations................................... (137,827,111) (3,290,450) (101,006,591) (7,219,754) --------------- ------------- --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 20,268,911 39,192,130 19,629,713 30,977,521 Transfers between funds including guaranteed interest account, net........... (14,425,378) (42,633,623) (15,042,379) 84,485,220 Transfers for contract benefits and terminations............................... (23,248,754) (34,927,644) (8,451,130) (12,954,807) Contract maintenance charges................. (3,408,946) (3,763,511) (2,125,982) (1,809,027) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (20,814,167) (42,132,648) (5,989,778) 100,698,907 --------------- ------------- --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (39,702) (2,426) (3,699,991) 5,351,699 --------------- ------------- --------------- ------------- Increase (Decrease) in Net Assets................ (158,680,980) (45,425,524) (110,696,360) 98,830,852 Net Assets -- Beginning of Period................ 393,114,656 438,540,180 246,233,562 147,402,710 --------------- ------------- --------------- ------------- Net Assets -- End of Period...................... $ 234,433,676 $ 393,114,656 $ 135,537,202 $ 246,233,562 =============== ============= =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 5,114 4,292 7,074 21,675 Units Redeemed................................. (6,695) (7,199) (6,975) (10,151) --------------- ------------- --------------- ------------- Net Increase (Decrease)........................ (1,581) (2,907) 99 11,524 =============== ============= =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-71 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
Multimanager Small Cap Value ----------------------------------- 2008 2007 ----------------- ----------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (6,670,841) $ (10,432,975) Net realized gain (loss) on investments........ (43,863,204) 91,427,573 Change in unrealized appreciation (depreciation) of investments................ (199,190,979) (174,133,468) --------------- -------------- Net increase (decrease) in net assets from operations................................... (249,725,024) (93,138,870) --------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 13,780,041 35,637,468 Transfers between funds including guaranteed interest account, net........... (69,210,950) (121,687,075) Transfers for contract benefits and terminations............................... (44,406,413) (81,889,679) Contract maintenance charges................. (5,530,698) (7,121,145) --------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. (105,368,020) (175,060,431) --------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (89,998) (4,259) --------------- -------------- Increase (Decrease) in Net Assets................ (355,183,042) (268,203,560) Net Assets -- Beginning of Period................ 724,153,552 992,357,112 --------------- -------------- Net Assets -- End of Period...................... $ 368,970,510 $ 724,153,552 =============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 2,332 2,804 Units Redeemed................................. (10,119) (12,606) --------------- -------------- Net Increase (Decrease)........................ (7,787) (9,802) =============== ============== Multimanager Target 2015 Technology Allocation ---------------------------------- ---------------------------- 2008 2007 2008 2007 ----------------- ---------------- --------------- ------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (4,289,714) $ (4,478,117) $ -- $ 34,195 Net realized gain (loss) on investments........ 4,441,497 25,150,618 45,811 13,099 Change in unrealized appreciation (depreciation) of investments................ (179,730,920) 20,946,945 (86,045) 32,310 --------------- ------------- ------------- ---------- Net increase (decrease) in net assets from operations................................... (179,579,137) 41,619,446 (40,234) 79,604 --------------- ------------- ------------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 35,208,395 39,472,575 -- -- Transfers between funds including guaranteed interest account, net........... (15,171,707) 49,358,494 -- -- Transfers for contract benefits and terminations............................... (18,827,762) (25,270,554) -- -- Contract maintenance charges................. (2,908,072) (2,320,125) -- -- --------------- ------------- ------------- ---------- Net increase (decrease) in net assets from contractowners transactions.................. (1,699,146) 61,240,390 -- -- --------------- ------------- ------------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (131,500) (792) (1,117,965) -- --------------- ------------- ------------- ---------- Increase (Decrease) in Net Assets................ (181,409,783) 102,859,044 (1,158,199) 79,604 Net Assets -- Beginning of Period................ 374,178,541 271,319,497 1,158,199 1,078,595 --------------- ------------- ------------- ---------- Net Assets -- End of Period...................... $ 192,768,758 $ 374,178,541 $ -- $1,158,199 =============== ============= ============= ========== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 10,081 12,042 -- -- Units Redeemed................................. (10,616) (7,924) -- -- --------------- ------------- ------------- ---------- Net Increase (Decrease)........................ (535) 4,118 -- -- =============== ============= ============= ==========
------- The accompanying notes are an integral part of these financial statements. FSA-72 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Concluded) FOR THE YEARS ENDED DECEMBER 31,
Target 2025 Allocation ---------------------------- 2008 2007 --------------- ------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ -- $ 28,857 Net realized gain (loss) on investments........ 54,278 14,417 Change in unrealized appreciation (depreciation) of investments................ (103,585) 38,288 ------------- ---------- Net increase (decrease) in net assets from operations................................... (49,307) 81,562 ------------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ -- -- Transfers between funds including guaranteed interest account, net........... -- -- Transfers for contract benefits and terminations............................... -- -- Contract maintenance charges................. -- -- ------------- ---------- Net increase (decrease) in net assets from contractowners transactions.................. -- -- ------------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (1,119,147) -- ------------- ---------- Increase (Decrease) in Net Assets................ (1,168,454) 81,562 Net Assets -- Beginning of Period................ 1,168,454 1,086,892 ------------- ---------- Net Assets -- End of Period...................... $ -- $1,168,454 ============= ========== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... -- -- Units Redeemed................................. -- -- ------------- ---------- Net Increase (Decrease)........................ -- -- ============= ========== Target 2035 Target 2045 Allocation Allocation -------------------------- -------------------------- 2008 2007 2008 2007 ------------- ------------ ------------- ------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 24,776 $ 25,690 $ 21,233 $ 21,696 Net realized gain (loss) on investments........ 14,656 11,466 20,734 35,055 Change in unrealized appreciation (depreciation) of investments................ (486,172) 45,236 (532,414) 30,737 ----------- ---------- ----------- ---------- Net increase (decrease) in net assets from operations................................... (446,740) 82,392 (490,447) 87,488 ----------- ---------- ----------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ -- -- -- -- Transfers between funds including guaranteed interest account, net........... -- -- -- -- Transfers for contract benefits and terminations............................... -- -- -- -- Contract maintenance charges................. -- -- -- -- ----------- ---------- ----------- ---------- Net increase (decrease) in net assets from contractowners transactions.................. -- -- -- -- ----------- ---------- ----------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... -- -- -- ----------- ---------- ----------- ---------- Increase (Decrease) in Net Assets................ (446,740) 82,392 (490,447) 87,488 Net Assets -- Beginning of Period................ 1,176,891 1,094,499 1,188,695 1,101,207 ----------- ---------- ----------- ---------- Net Assets -- End of Period...................... $ 730,151 $1,176,891 $ 698,248 $1,188,695 =========== ========== =========== ========== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... -- -- -- -- Units Redeemed................................. -- -- -- -- ----------- ---------- ----------- ---------- Net Increase (Decrease)........................ -- -- -- -- =========== ========== =========== ==========
------- (a) Commenced operations on May 29, 2007. (b) Commenced operations on August 17, 2007. (c) A substitution of EQ/Capital Guardian Research was made for EQ/Capital Guardian U.S. Equity on July 6, 2007. (d) A substitution of EQ/T. Rowe Price Growth Stock was made for EQ/Janus Large Cap Growth on July 6, 2007. (e) A substitution of Multimanager Small Cap Growth was made for EQ/Wells Fargo Montgomery Small Cap on July 6, 2007. (f) A substitution of EQ/Van Kampen Real Estate was made for U.S. Real Estate on August 17, 2007. (g) A substitution of EQ/Large Cap Value PLUS was made for EQ/AllianceBernstein Growth and Income on August 17, 2007. The accompanying notes are an integral part of these financial statements. FSA-73 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements December 31, 2008 1. Organization AXA Equitable Life Insurance Company (formerly The Equitable Life Assurance Society of the United States) ("AXA Equitable") Separate Account No. 49 ("the Account") is organized as a unit investment trust, a type of investment company, and is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940 (the "1940 Act"). The Account has Variable Investment Options, each of which invests in shares of a mutual fund portfolio of EQ Advisors Trust ("EQAT") and AXA Premier VIP Trust ("VIP"), ("The Trusts"). The Trusts are open-ended diversified management investment companies that sell shares of a portfolio ("Portfolio") of a mutual fund to separate accounts of insurance companies. Each Portfolio of The Trusts have separate investment objectives. These financial statements and notes are those of the Variable Investment Options of the Account. The Account consists of 78 variable investment options each of which invests in the EQAT or VIP portfolio of the same name: o AXA Aggressive Allocation o AXA Conservative Allocation o AXA Conservative-Plus Allocation o AXA Moderate Allocation o AXA Moderate-Plus Allocation o EQ/AllianceBernstein Common Stock o EQ/AllianceBernstein Intermediate Government Securities o EQ/AllianceBernstein International o EQ/AllianceBernstein Small Cap Growth o EQ/Ariel Appreciation II o EQ/AXA Rosenberg Value Long/Short Equity o EQ/BlackRock Basic Value Equity o EQ/BlackRock International Value o EQ/Boston Advisors Equity Income o EQ/Calvert Socially Responsible o EQ/Capital Guardian Growth o EQ/Capital Guardian Research o EQ/Caywood-Scholl High Yield Bond o EQ/Davis New York Venture o EQ/Equity 500 Index o EQ/Evergreen International Bond o EQ/Evergreen Omega o EQ/Franklin Income o EQ/Franklin Small Cap Value o EQ/Franklin Templeton Founding Strategy o EQ/GAMCO Mergers and Acquisitions o EQ/GAMCO Small Company Value o EQ/International Core PLUS(1) o EQ/International ETF o EQ/International Growth o EQ/JPMorgan Core Bond o EQ/JPMorgan Value Opportunities o EQ/Large Cap Core PLUS(2) o EQ/Large Cap Growth Index(7) o EQ/Large Cap Growth PLUS(3) o EQ/Large Cap Value Index(6) o EQ/Large Cap Value PLUS(5) o EQ/Long Term Bond o EQ/Lord Abbett Growth and Income o EQ/Lord Abbett Large Cap Core o EQ/Lord Abbett Mid Cap Value o EQ/Marsico Focus o EQ/Mid Cap Index(9) o EQ/Mid Cap Value PLUS(4) o EQ/Money Market o EQ/Montag & Caldwell Growth o EQ/Mutual Shares o EQ/Oppenheimer Global o EQ/Oppenheimer Main Street Opportunity o EQ/Oppenheimer Main Street Small Cap o EQ/PIMCO Real Return o EQ/Quality Bond PLUS(8) o EQ/Short Duration Bond o EQ/Small Company Index o EQ/T. Rowe Price Growth Stock o EQ/Templeton Growth o EQ/UBS Growth and Income o EQ/Van Kampen Comstock o EQ/Van Kampen Emerging Markets Equity o EQ/Van Kampen Mid Cap Growth o EQ/Van Kampen Real Estate o Multimanager Aggressive Equity o Multimanager Core Bond o Multimanager Health Care o Multimanager High Yield o Multimanager International Equity o Multimanager Large Cap Core Equity o Multimanager Large Cap Growth o Multimanager Large Cap Value o Multimanager Mid Cap Growth o Multimanager Mid Cap Value o Multimanager Small Cap Growth o Multimanager Small Cap Value o Multimanager Technology o Target 2015 Allocation o Target 2025 Allocation o Target 2035 Allocation o Target 2045 Allocation FSA-74 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 1. Organization (Concluded) (1) Formerly known as MarketPLUS International Core. (2) Formerly known as MarketPLUS Large Cap Core. (3) Formerly known as MarketPLUS Large Cap Growth. (4) Formerly known as MarketPLUS Mid Cap Value. (5) Formerly known as EQ/AllianceBernstein Value. (6) Formerly known as EQ/Legg Mason Value Equity. (7) Formerly known as EQ/AllianceBernstein Large Cap Growth. (8) Formerly known as EQ/AllianceBernstein Quality Bond. (9) Formerly known as EQ/FI Mid Cap. Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from AXA Equitable's other assets and liabilities. All Contracts are issued by AXA Equitable. The assets of the Account are the property of AXA Equitable. However, the portion of the Account's assets attributable to the Contracts will not be chargeable with liabilities arising out of any other business AXA Equitable may conduct. The Account is used to fund benefits for variable annuities issued by AXA Equitable including the Accumulator, Accumulator Plus, Accumulator Elite, Accumulator Select, Stylus, Accumulator Advisor, Accumulator Express and Retirement Income for Life, including all contracts issued currently. These annuities in the Accumulator series are offered with the same variable investment options for use as a nonqualified annuity (NQ) for after-tax contributions only, or when used as an investment vehicle for certain qualified plans (QP), an individual retirement annuity (IRA) or a tax-shelter annuity (TSA). The Accumulator series of annuities are offered under group and individual variable annuity forms. The amount retained by AXA Equitable in the Account arises principally from (1) contributions from AXA Equitable, (2) mortality and expense charges and asset-based administration charges and distribution charges accumulated in the Account, and (3) that portion, determined ratably, of the Account's investment results applicable to those assets in the Account in excess of the net assets attributable to accumulation units. Amounts retained by AXA Equitable are not subject to charges for mortality and expense risks, asset-based administration charges and distribution charges. Amounts retained by AXA Equitable in the Account may be transferred at any time by AXA Equitable to its General Account. Each of the variable investment options of the Account bears indirectly exposure to the market, credit, and liquidity risks of the Portfolio in which it invests. These financial statements and footnotes should be read in conjunction with the financial statements and footnotes of the Trusts, which were distributed by AXA Equitable to the contractowners. 2. Significant Accounting Policies The accompanying financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Effective January 1, 2008, and as further described in Note 3 of the financial statements, AXA Equitable adopted SFAS No. 157, "Fair Value Measurements." SFAS No. 157 establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements. It applies only to fair measurements that are already required or permitted by other accounting standards. Fair value is defined under SFAS No. 157 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset in an orderly transaction between market participants on the measurement date. The adoption of SFAS No. 157 had no impact on the net assets of the Account. Investments are made in shares of The Trusts and are valued at the net asset values per share of the respective Portfolios. The net asset value is determined by The Trusts using the market or fair value of the underlying assets of the Portfolio less liabilities. Investment transactions are recorded by the Account on the trade date. Dividends and distributions of capital gains from The Trusts are automatically reinvested on the ex-dividend date. Realized gains and losses include (1) gains and losses on redemptions of The Trusts' shares (determined on the identified cost basis) and (2) The Trusts' distributions representing the net realized gains on The Trusts' investment transactions. Receivable/payable for policy-related transactions represent amounts due to/from AXA Equitable's General Account predominantly related to premiums, surrenders and death benefits. FSA-75 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 2. Significant Accounting Policies (Concluded) Payments received from contractowners represent participant contributions under the Contracts (but exclude amounts allocated to the guaranteed interest account, reflected in the General Account) reduced by applicable deductions, charges and state premium taxes. Contractowners may allocate amounts in their individual accounts to Variable Investment Options of the Account and/or to the guaranteed interest account of AXA Equitable's General Account, and/or fixed maturity options of Separate Account No. 46. Transfers between funds including guaranteed interest account, net, are amounts that participants have directed to be moved among funds, including permitted transfers to and from the guaranteed interest account and the fixed maturity option of Separate Account No. 46. The net assets of any variable investment option may not be less than the aggregate value of the Contractowner accounts allocated to that variable investment option. AXA Equitable is required by state insurance laws to set aside additional assets in AXA Equitable's General Account to provide for other policy benefits. AXA Equitable's General Account is subject to creditor rights. Transfers for contract benefits and terminations are payments to participants and beneficiaries made under the terms of the Contracts and amounts that participants have requested to be withdrawn and paid to them. Withdrawal charges (which represent deferred contingent withdrawal charges) are included in transfers, benefits and terminations to the extent that such charges apply to the contracts. Administrative charges are included in Contract maintenance charges to the extent that such charges apply to the Contracts. The operations of the Account are included in the federal income tax return of AXA Equitable which is taxed as a life insurance company under the provisions of the Internal Revenue Code. No federal income tax based on net income or realized and unrealized capital gains is currently applicable to Contracts participating in the Account by reason of applicable provisions of the Internal Revenue Code and no federal income tax payable by AXA Equitable is expected to affect the unit value of Contracts participating in the Account. Accordingly, no provision for income taxes is required. However, AXA Equitable retains the right to charge for any federal income tax which is attributable to the Account if the law is changed. 3. Fair Value Disclosures SFAS No. 157 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. SFAS No. 157 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value: Level 1 Quotes prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are not directly observable or can be corroborated by observable market data. Level 3 Unobservable inputs supported by little or no market activity and often requiring significant judgment or estimation, such as an entity's own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability. All investment and receivable assets of each Variable Investment Option of the Account are classified as Level 1. As described in Note 1 to the financial statements, the Account invests in open-ended mutual funds, available to contractholders of variable insurance policies. Contractholders may, without restriction, transact at the daily Net Asset Value(s) ("NAV") of the mutual funds. The NAV represents the daily per share value of the portfolio of investments of the mutual funds, at which sufficient volumes of transactions occur. As all assets of the account are classified as Level 1, no reconciliation of Level 3 assets and change in unrealized gains (losses) for Level 3 assets still held as of December 31, 2008, are presented. 4. Purchases and Sales of Investments The cost of purchases and proceeds from sales of investments for the year ended December 31, 2008 were as follows:
Purchases Sales ----------------- --------------- AXA Aggressive Allocation...................................... $1,263,045,276 $353,094,813 AXA Conservative Allocation.................................... 1,310,118,376 301,408,639 AXA Conservative-Plus Allocation............................... 829,955,973 275,575,452 AXA Moderate Allocation........................................ 2,383,512,640 552,460,742 AXA Moderate-Plus Allocation................................... 3,421,329,485 801,139,485
FSA-76 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 4. Purchases and Sales of Investments (Continued)
Purchases Sales ---------------- -------------- EQ/AllianceBernstein Common Stock............... 104,479,126 189,436,332 EQ/AllianceBernstein Intermediate Government Securities.................................... 478,949,325 374,296,124 EQ/AllianceBernstein International.............. 208,551,028 204,414,629 EQ/AllianceBernstein Small Cap Growth........... 86,083,767 101,427,338 EQ/Ariel Appreciation II........................ $ 30,913,692 $ 17,462,009 EQ/AXA Rosenberg Value Long/Short Equity........ 95,733,245 74,203,437 EQ/BlackRock Basic Value Equity................. 141,158,632 132,720,146 EQ/BlackRock International Value................ 149,000,368 195,133,889 EQ/Boston Advisors Equity Income................ 73,380,716 44,377,452 EQ/Calvert Socially Responsible................. 18,359,491 14,672,203 EQ/Capital Guardian Growth...................... 64,486,097 61,938,657 EQ/Capital Guardian Research.................... 62,056,663 236,169,049 EQ/Caywood-Scholl High Yield Bond............... 99,772,239 70,946,152 EQ/Davis New York Venture....................... 165,667,514 58,467,841 EQ/Equity 500 Index............................. 179,775,468 257,266,185 EQ/Evergreen International Bond................. 452,009,704 179,561,944 EQ/Evergreen Omega.............................. 65,199,304 60,848,691 EQ/Franklin Income.............................. 192,893,085 136,743,976 EQ/Franklin Small Cap Value..................... 89,624,091 45,729,803 EQ/Franklin Templeton Founding Strategy......... 815,236,861 84,660,252 EQ/GAMCO Mergers and Acquisitions............... 48,877,586 46,013,401 EQ/GAMCO Small Company Value.................... 187,660,587 83,073,632 EQ/International Core PLUS...................... 180,504,101 173,499,404 EQ/International ETF............................ 152,805 500,000 EQ/International Growth......................... 144,704,447 94,343,379 EQ/JPMorgan Core Bond........................... 117,108,163 326,985,863 EQ/JPMorgan Value Opportunities................. 32,450,488 80,795,000 EQ/Large Cap Core PLUS.......................... 17,625,593 48,000,978 EQ/Large Cap Growth Index....................... 58,471,818 77,809,331 EQ/Large Cap Growth PLUS........................ 71,828,389 111,937,440 EQ/Large Cap Value Index........................ 39,970,932 40,095,995 EQ/Large Cap Value PLUS......................... 113,016,755 377,524,985 EQ/Long Term Bond............................... 93,938,898 72,283,438 EQ/Lord Abbett Growth and Income................ 29,422,807 30,954,579 EQ/Lord Abbett Large Cap Core................... 77,626,518 40,001,606 EQ/Lord Abbett Mid Cap Value.................... 71,292,651 51,807,394 EQ/Marsico Focus................................ 273,760,205 230,606,633 EQ/Mid Cap Index................................ 110,921,143 139,922,410 EQ/Mid Cap Value PLUS........................... 45,023,271 164,857,584 EQ/Money Market................................. 1,621,225,947 978,365,701 EQ/Montag & Caldwell Growth..................... 171,164,855 68,125,549 EQ/Mutual Shares................................ 80,073,434 104,677,282 EQ/Oppenheimer Global........................... 74,111,923 43,129,213 EQ/Oppenheimer Main Street Opportunity.......... 22,979,750 17,885,361 EQ/Oppenheimer Main Street Small Cap............ 36,856,865 21,098,184 EQ/PIMCO Real Return............................ 918,618,717 353,569,876 EQ/Quality Bond PLUS............................ 102,533,995 125,539,091 EQ/Short Duration Bond.......................... 135,083,720 62,383,933 EQ/Small Company Index.......................... 104,375,313 85,974,629 EQ/T. Rowe Price Growth Stock................... 49,500,841 50,786,575 EQ/Templeton Growth............................. 53,414,292 78,703,490 EQ/UBS Growth and Income........................ 22,622,177 25,559,835 EQ/Van Kampen Comstock.......................... 60,380,760 52,061,631 EQ/Van Kampen Emerging Markets Equity........... 417,395,605 366,788,751 EQ/Van Kampen Mid Cap Growth.................... 168,098,162 99,486,791 EQ/Van Kampen Real Estate....................... 127,994,984 94,906,436 Multimanager Aggressive Equity.................. 22,620,685 29,589,143 Multimanager Core Bond.......................... 291,388,148 175,212,154 Multimanager Health Care........................ 91,332,969 77,959,654 Multimanager High Yield......................... 121,177,195 229,801,705
FSA-77 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 4. Purchases and Sales of Investments (Concluded)
Purchases Sales -------------- -------------- Multimanager International Equity.... 154,499,776 135,671,721 Multimanager Large Cap Core Equity... 33,037,287 46,964,328 Multimanager Large Cap Growth........ 47,118,937 62,919,050 Multimanager Large Cap Value......... 120,161,593 123,058,728 Multimanager Mid Cap Growth.......... $ 48,119,981 $ 70,659,054 Multimanager Mid Cap Value........... 65,498,014 85,420,252 Multimanager Small Cap Growth........ 43,617,079 55,302,207 Multimanager Small Cap Value......... 31,516,988 141,345,671 Multimanager Technology.............. 107,497,596 113,617,955 Target 2015 Allocation............... -- 1,117,965 Target 2025 Allocation............... -- 1,119,147 Target 2035 Allocation............... 39,432 -- Target 2045 Allocation............... 41,967 --
5. Expenses and Related Party Transactions The assets of each variable investment option are invested in shares of a corresponding mutual fund portfolio of The Trusts. Shares are offered by The Trusts at net asset value and are subject to fees for investment management and advisory services and other Trust expenses. The class of shares offered by the Account ("Class B shares") invest in shares of the Portfolios of the Trusts that are subject to distribution fees imposed under a distribution plan (herein, the "Rule 12b-1 Plans") adopted by the applicable Trust. The Rule 12b-1 Plans provide that The Trusts, on behalf of each Variable Portfolio, may charge a maximum annual distribution and/or service (12b-1) fee of 0.50% of the average daily net assets of a Portfolio attributable to its Class B shares in respect of activities primarily intended to result in the sale of Class B shares. Under arrangements approved by each Trust's Board of Trustees, the 12b-1 fee currently is limited to 0.25% of the average daily net assets. These fees are reflected in the net asset value of the shares of the Trusts and the total returns of the investment options, but are not included in the expenses or expense ratios of the investment options. AXA Equitable serves as investment manager of Portfolios of EQAT and VIP. Each investment manager receives management fees for services performed in its capacity as investment manager of The Trusts. Investment managers either oversee the activities of the investment advisors with respect to The Trusts and are responsible for retaining and discontinuing the services of those advisors or directly manage the Portfolios. Fees generally vary depending on net asset levels of individual portfolios and range for EQAT and VIP from a low of 0.05% to high of 1.40% of the average daily net assets of the Portfolios of the Trusts. AXA Equitable as investment manager of EQAT and VIP pays expenses for providing investment advisory services to the Portfolios, including the fees of the advisors of each Portfolio. In addition, AXA Advisors, LLC ("AXA Advisors") and AXA Distributors, LLC ("Distributors"), affiliates of AXA Equitable, may also receive distribution fees under Rule 12 b-1 Plans as described above. AllianceBernstein L.P. (formerly Alliance Capital Management L.P. ("AllianceBernstein")) serves as an investment advisor for a number of Portfolios in EQAT and VIP, including the EQ/AllianceBernstein Portfolios; EQ/Large Cap Growth Index, EQ/Equity 500 Index, and EQ/Small Company Index; as well as a portion of EQ/Large Cap Value PLUS, EQ/Quality Bond PLUS, Multimanager Aggressive Equity, Multimanager International Equity, Multimanager Large Cap Core Equity, Multimanager Large Cap Value, Multimanager Mid Cap Growth. AllianceBernstein is a limited partnership which is indirectly majority-owned by AXA Equitable and AXA Financial, Inc. (parent to AXA Equitable). AXA Advisors and Distributors are distributors and principal underwriters of the Contracts and the Account. They are both registered with the SEC as broker-dealers and are members of the National Association of Securities Dealers, Inc. ("NASD"). The Contracts are sold by financial professionals who are registered representatives of AXA Advisors and licensed insurance agents of AXA Network LLC, or its subsidiaries ("AXA Network") (affiliates of AXA Equitable). AXA Network receives commissions under its General Sales Agreement with AXA Equitable and its Networking Agreement with AXA Advisors. AXA Advisors receives service-related payments under its Supervisory and Distribution Agreement with AXA Equitable. The financial professionals are compensated on a commission basis by AXA Network. The Contracts are also sold through licensed insurance agencies (both affiliated and unaffiliated with AXA Equitable) and their affiliated broker-dealers (who are registered with the SEC and members of the NASD) that have entered into selling agreements with Distributors. The licensed insurance agents who sell AXA Equitable policies for these companies are appointed as agents of AXA Equitable and are registered representatives of the broker-dealers under contract with Distributors. FSA-78 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 6. Substitutions/Reorganizations The following table sets forth the dates at which substitution and reorganization transactions took place in the Account. For accounting purposes, these transactions were considered tax-free exchanges. * Denotes Reorganization Transaction. + Denotes Substitution Transaction
----------------------------------------------------------------------------------------- August 17, 2007 Removed Portfolio Surviving Portfolio ----------------------------------------------------------------------------------------- EQ/AllianceBernstein Growth and Income* EQ/AllianceBernstein Value* ----------------------------------------------------------------------------------------- Shares -- Class B 44,933,985 162,692,850 Value -- Class B $ 19.21 $ 16.27 Net assets before merger $ 863,181,852 $1,783,830,817 Net assets after merger $ -- $2,647,012,669 ----------------------------------------------------------------------------------------- UIF U.S. Real Estate+ EQ/Van Kampen Real Estate+ ----------------------------------------------------------------------------------------- Shares -- Class A 21,299,976 56,627,684 Value -- Class A $ 23.88 $ 9.13 Net assets before merger $ 508,643,427 $ 8,367,328 Net assets after merger $ -- $ 517,010,755 ----------------------------------------------------------------------------------------- July 6, 2007 EQ/Capital Guardian EQ/Capital Guardian U.S. Equity* Research* ----------------------------------------------------------------------------------------- Shares -- Class B 83,827,127 116,269,762 Value -- Class B $ 12.05 $ 15.08 Net assets before merger $1,010,116,880 $ 743,231,131 Net assets after merger $ -- $1,753,348,011 ----------------------------------------------------------------------------------------- EQ/T. Rowe Price EQ/Janus Large Cap Growth* Growth Stock* ----------------------------------------------------------------------------------------- Shares -- Class B 30,565,607 12,460,629 Value -- Class B $ 7.62 $ 23.21 Net assets before merger $ 232,909,925 $ 56,301,274 Net assets after merger $ -- $ 289,211,199 ----------------------------------------------------------------------------------------- EQ/Wells Fargo Montgomery Multimanager Small Small Cap* Cap Growth* ----------------------------------------------------------------------------------------- Shares -- Class B 8,839,563 28,086,973 Value -- Class B $ 14.94 $ 10.65 Net assets before merger $ 132,063,071 $ 167,063,191 Net assets after merger $ -- $ 299,126,262 -----------------------------------------------------------------------------------------
7. Contractowner Charges Charges are made directly against the net assets of the Account and are reflected daily in the computation of the unit values of the Contracts. Under the Contracts, AXA Equitable charges the account for the following charges:
Asset-based Current Maximum Mortality and Administration Distribution Aggregate Aggregate Expense Risks Charge Charge Charge Charge --------------- ---------------- -------------- ----------- ---------- Accumulator and Rollover IRA issued before May 1, 1997....................................... 0.90% 0.30% -- 1.20% 1.20% Accumulator issued on or after May 1, 1997.......... 1.10% 0.25% -- 1.35% 1.35% Accumulator issued on or after March 1, 2000........ 1.10% 0.25% 0.20% 1.55% 1.55% Accumulator issued on or after April 1, 2002........ 0.75% 0.25% 0.20% 1.20% 1.20%
FSA-79 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 7. Contractowner Charges (Continued)
Asset-based Current Maximum Mortality and Administration Distribution Aggregate Aggregate Expense Risks Charge Charge Charge Charge --------------- ---------------- -------------- ----------- ---------- Accumulator issued on or after September 15, 2003................................ 0.75% 0.30% 0.20% 1.25% 1.25% Accumulator 06, 07, 8.0............................. 0.80% 0.30% 0.20% 1.30% 1.30% Accumulator Elite, Plus, Select..................... 1.10% 0.25% 0.25% 1.60% 1.60% Accumulator Select II............................... 1.10% 0.35% 0.45% 1.90% 1.90% Accumulator Select issued on or after April 1, 2002.......................................... 1.10% 0.25% 0.35% 1.70% 1.70% Accumulator Plus issued on or after April 1, 2002........ 0.90% 0.25% 0.25% 1.40% 1.40% Accumulator Plus issued on or after September 15, 2003..................................... 0.90% 0.35% 0.25% 1.50% 1.50% Accumulator Plus 06, 07, 8.0............................. 0.95% 0.35% 0.25% 1.55% 1.55% Accumulator Elite issued on or after September 15, 2003..................................... 1.10% 0.30% 0.25% 1.65% 1.65% Accumulator Elite II..................................... 1.10% 0.25% 0.45% 1.80% 1.80% Accumulator Elite 06, 07, 8.0............................ 1.10% 0.30% 0.25% 1.65% 1.65% Stylus................................................... 0.80% 0.30% 0.05% 1.15% 1.15% Retirement Income for Life............................... 0.75% 0.30% 0.20% 1.25% 1.25% Retirement Income for Life (NY).......................... 0.80% 0.30% 0.20% 1.30% 1.30% Accumulator Advisor...................................... 0.50% -- -- 0.50% 0.50% Accumulator Express...................................... 0.70% 0.25% -- 0.95% 0.95%
The charges may be retained in the Account by AXA Equitable and participate in the net investment results of the Portfolios. Accumulator Advisor's daily charge of 0.50% includes mortality and expense risks charges and administrative charges to compensate for certain administrative expenses under the contract. Included in the Contract maintenance charges line of the Statements of Changes in Net Assets are certain administrative charges which are deducted from the Contractowners account value (unit liquidation from account value). The table below lists all the fees charged by the Separate Account assessed as a redemption of units. The range presented represents the fees that are actually assessed. Actual amounts may vary or may be zero depending on the contract or a Contractowners account value.
When charge Charges is deducted Amount deducted How deducted ------------------------------- -------------------------- ----------------------------------------------- ---------------------- Charges for state premium and At time of transaction Varies by state Applied to an annuity other applicable taxes payout option Charge for Trust expenses Daily Varies by portfolio Unit value Annual Administrative charge Annually on each Depending on account value, in Years Unit liquidation from contract date anniversary. 1 to 2 lesser of $30 or 2% of account account value value, thereafter $30 Variable Immediate Annuity pay- At time of transaction $350 annuity administrative fee Unit liquidation from out option administrative fee account value Withdrawal charge At time of transaction Low - 0% in contract year 10 and thereafter. Unit liquidation from account value High - 8% in contract years 1 and 2. The charge is 7% in contract years 3 and 4, and declines 1% each contract year until it reaches 0% in contract year 10.
FSA-80 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 7. Contractowner Charges (Continued)
When charge Charges is deducted Amount deducted How deducted ----------------------------- -------------------------- ------------------------------------------------- ---------------------- *Note - Depending on the contract and/or certain elections made under the contract, the withdrawal charge may or may not apply. BaseBuilder benefit charge Annually on each 0.30% Unit liquidation from contract date account value anniversary. Protection Plus Annually on each Low - 0.20% Unit liquidation from contract date anniversary. account value High - 0.35%. Guaranteed minimum death benefit options: Annual ratchet to age 85 Annually on each Low - 0.20% of the Annual ratchet to age 85 Unit liquidation from contract date anniversary. benefit base account value High - 0.30% of the Annual ratchet to age 85 benefit base Greater of 5% rollup to Annually on each 0.50% of the greater of 5% roll-up to age 85 or Unit liquidation from age 85 or annual ratchet contract date anniversary. annual ratchet to age 85 benefit base account value to age 85 6% rollup to age 80 or 70 0.20% of 6% roll-up to age 80 (or 70) benefit base 6% rollup to age 85 Annually on each Low - 0.35% of the 6% roll-up to age 85 benefit Unit liquidation from contract date anniversary. base account value High - 0.45% of the 6% roll-up to age 85 benefit base Greater of 6.5%, 6% or 3% Annually on each Low - 0.45% of the 6% roll-up to age 85 benefit Unit liquidation from rollup to age 85 or annual contract date anniversary. base or the Annual ratchet to age 85 benefit account value ratchet to age 85 base, as applicable High - 0.80% of the 6.5%, 6% or 3% roll-up to age 85 benefit base or the Annual ratchet to age 85 benefit base, as applicable Guaranteed Withdrawal Benefit Annually on each 0.30% Unit liquidation from for Life Enhanced Death contract date anniversary account value Benefit Earnings Enhancement Benefit Annually on each 0.35% Unit liquidation from (additional death benefit) contract date anniversary account value Guaranteed Minimum Income Annually on each Low - 0.45% Unit liquidation from Benefit contract date anniversary. account value High - 0.80% (max to 1.10%) Guaranteed Principal Benefit Annually on first 10 Low - 100% Guaranteed Principal Benefit - Unit liquidation from contract date 0.50% account value anniversaries High - 125% Guaranteed Principal Benefit - 0.75% Guaranteed Withdrawal Benefit Annually on each Low - 5% Withdrawal Option is 0.30% Unit liquidation from contract date anniversary account value High - 7% Withdrawal Option is 0.50% Net Loan Interest charge Netted against loan 2.00% Unit liquidation from for Rollover repayment account value Retirement Income for Life Annually on contract date Low - 0.60% for Single life Unit liquidation from Benefit charge anniversary 0.80% for Joint life account value High - 0.75% for Single life 0.90% for Joint life Guaranteed Withdrawal Benefit Annually on each Low - 0.60% for Single life; Unit liquidation from for Life (GWBL) contract date anniversary 0.80% for Joint life account value High - 0.75% for Single life; 0.95% for Joint life
FSA-81 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 7. Contractowner Charges (Concluded)
When charge Charges is deducted Amount deducted How deducted ---------------------- -------------------------- --------------------------------------------------- -------------------- Death benefit under Annually on each The GMDB charge in effect prior to conversion Unit liquidation from converted GWBL contract anniversary date will be deducted. Note - Charge will vary account value depending on combination GMDB elections. Converted Guaranteed Upon initial conversion Single and Joint life - charge is equal to the Unit liquidation of withdrawal benefit and annually on each percentage of Guaranteed minimum income benefit account value for life charge contract date anniversary base charge deducted as the Guaranteed minimum thereafter income benefit charge on the conversion effective date. Annual ratchets may increase the charge to a percentage equal to the maximum charge for the Guaranteed minimum income benefit.
FSA-82 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- AXA Aggressive Allocation ------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (a) $ 8.62 Highest contract charge 1.90% Class B (a) $ 8.05 All contract charges -- 2007 Lowest contract charge 0.50% Class B (a) $ 14.25 Highest contract charge 1.90% Class B (a) $ 13.49 All contract charges -- 2006 Lowest contract charge 0.50% Class B (a) $ 13.49 Highest contract charge 1.90% Class B (a) $ 12.95 All contract charges -- 2005 Lowest contract charge 0.50% Class B (a) $ 11.50 Highest contract charge 1.90% Class B (a) $ 11.22 All contract charges -- 2004 Lowest contract charge 0.50% Class B (a) $ 10.70 Highest contract charge 1.90% Class B (a) $ 10.56 All contract charges -- AXA Conservative Allocation --------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (a) $ 10.43 Highest contract charge 1.90% Class B (a) $ 9.73 All contract charges -- 2007 Lowest contract charge 0.50% Class B (a) $ 11.78 Highest contract charge 1.90% Class B (a) $ 11.15 All contract charges -- 2006 Lowest contract charge 0.50% Class B (a) $ 11.19 Highest contract charge 1.90% Class B (a) $ 10.74 All contract charges -- 2005 Lowest contract charge 0.50% Class B (a) $ 10.57 Highest contract charge 1.90% Class B (a) $ 10.29 All contract charges -- 2004 Lowest contract charge 0.50% Class B (a) $ 10.37 Highest contract charge 1.90% Class B (a) $ 10.24 All contract charges -- AXA Conservative-Plus Allocation -------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (a) $ 9.80 Highest contract charge 1.90% Class B (a) $ 9.14 All contract charges -- 2007 Lowest contract charge 0.50% Class B (a) $ 12.22 Highest contract charge 1.90% Class B (a) $ 11.57 All contract charges -- 2006 Lowest contract charge 0.50% Class B (a) $ 11.64 Highest contract charge 1.90% Class B (a) $ 11.18 All contract charges -- 2005 Lowest contract charge 0.50% Class B (a) $ 10.76 Highest contract charge 1.90% Class B (a) $ 10.48 All contract charges -- 2004 Lowest contract charge 0.50% Class B (a) $ 10.47 Highest contract charge 1.90% Class B (a) $ 10.34 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- AXA Aggressive Allocation ------------------------- 2008 -- -- -- (39.51)% -- -- -- (40.33)% 249,764 $2,198,545 1.66% -- 2007 -- -- -- 5.63% -- -- -- 4.17% 189,188 $2,787,372 3.04% -- 2006 -- -- -- 17.31% -- -- -- 15.46% 103,270 $1,472,607 3.07% -- 2005 -- -- -- 7.52% -- -- -- 6.01% 46,362 $ 572,360 5.10% -- 2004 -- -- -- 7.00% -- -- -- 6.11% 19,656 $ 227,194 2.60% -- AXA Conservative Allocation --------------------------- 2008 -- -- -- (11.46)% -- -- -- (12.74)% 130,528 $1,340,728 6.68% -- 2007 -- -- -- 5.27% -- -- -- 3.82% 43,687 $ 512,686 4.38% -- 2006 -- -- -- 5.84% -- -- -- 4.35% 27,021 $ 304,681 4.30% -- 2005 -- -- -- 1.93% -- -- -- 0.50% 18,040 $ 194,239 4.02% -- 2004 -- -- -- 3.74% -- -- -- 2.46% 9,001 $ 95,767 5.04% -- AXA Conservative-Plus Allocation -------------------------------- 2008 -- -- -- (19.80)% -- -- -- (21.00)% 126,714 $1,241,651 3.99% -- 2007 -- -- -- 4.98% -- -- -- 3.49% 83,083 $1,028,164 3.70% -- 2006 -- -- -- 8.22% -- -- -- 6.70% 62,323 $ 744,035 3.65% -- 2005 -- -- -- 2.73% -- -- -- 1.29% 40,493 $ 451,307 4.68% -- 2004 -- -- -- 4.93% -- -- -- 3.63% 18,199 $ 198,701 4.62% --
FSA-83 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- AXA Moderate Allocation ----------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 47.34 Highest contract charge 1.90% Class B $ 34.20 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 63.00 Highest contract charge 1.90% Class B $ 46.16 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 59.58 Highest contract charge 1.90% Class B $ 44.28 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 54.27 Highest contract charge 1.90% Class B $ 40.92 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 52.05 Highest contract charge 1.90% Class B $ 39.80 All contract charges -- AXA Moderate-Plus Allocation ---------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (a) $ 9.31 Highest contract charge 1.90% Class B (a) $ 8.69 All contract charges -- 2007 Lowest contract charge 0.50% Class B (a) $ 13.72 Highest contract charge 1.90% Class B (a) $ 12.98 All contract charges -- 2006 Lowest contract charge 0.50% Class B (a) $ 12.96 Highest contract charge 1.90% Class B (a) $ 12.44 All contract charges -- 2005 Lowest contract charge 0.50% Class B (a) $ 11.37 Highest contract charge 1.90% Class B (a) $ 11.07 All contract charges -- 2004 Lowest contract charge 0.50% Class B (a) $ 10.71 Highest contract charge 1.90% Class B (a) $ 10.58 All contract charges -- EQ/AllianceBernstein Common Stock --------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 200.52 Highest contract charge 1.90% Class B $ 125.78 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 358.57 Highest contract charge 1.90% Class B $ 228.16 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 348.26 Highest contract charge 1.90% Class B $ 224.77 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 316.20 Highest contract charge 1.90% Class B $ 206.99 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 304.68 Highest contract charge 1.90% Class B $ 202.28 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- AXA Moderate Allocation ----------------------- 2008 -- -- -- (24.86)% -- -- -- (25.91)% 438,140 $5,361,993 4.05% -- 2007 -- -- -- 5.74% -- -- -- 4.25% 339,622 $5,580,780 3.49% -- 2006 -- -- -- 9.77% -- -- -- 8.23% 267,779 $4,210,726 3.03% -- 2005 -- -- -- 4.27% -- -- -- 2.81% 188,833 $2,886,531 2.93% -- 2004 -- -- -- 8.18% -- -- -- 6.66% 94,832 $1,705,138 3.65% -- AXA Moderate-Plus Allocation ---------------------------- 2008 -- -- -- (32.14)% -- -- -- (33.05)% 853,511 $8,197,686 2.40% -- 2007 -- -- -- 5.86% -- -- -- 4.34% 689,233 $9,864,221 3.23% -- 2006 -- -- -- 13.93% -- -- -- 12.33% 450,637 $6,186,804 3.16% -- 2005 -- -- -- 6.14% -- -- -- 4.65% 231,245 $2,819,241 5.28% -- 2004 -- -- -- 7.46% -- -- -- 6.13% 82,739 $ 955,400 4.09% -- EQ/AllianceBernstein Common Stock --------------------------------- 2008 -- -- -- (44.08)% -- -- -- (44.87)% 40,142 $ 617,520 1.63% -- 2007 -- -- -- 2.96% -- -- -- 1.51% 41,874 $1,221,553 0.97% -- 2006 -- -- -- 10.14% -- -- -- 8.59% 44,440 $1,355,393 1.20% -- 2005 -- -- -- 3.78% -- -- -- 2.33% 36,983 $1,277,968 0.84% -- 2004 -- -- -- 13.55% -- -- -- 11.95% 23,045 $1,197,777 1.05% --
FSA-84 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ----------------------------------------------------------------------------- Units Outstanding Net Assets Investment Total Units value (000s) (000s) Income ratio** Return*** ------------- ------------------- ------------ ---------------- ------------- EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 23.77 -- -- -- 3.08% Highest contract charge 1.90% Class B $ 18.48 -- -- -- 1.59% All contract charges -- 26,853 $ 401,655 3.71% -- 2007 Lowest contract charge 0.50% Class B $ 23.06 -- -- -- 6.32% Highest contract charge 1.90% Class B $ 18.19 -- -- -- 4.84% All contract charges -- 18,561 $ 296,887 4.29% -- 2006 Lowest contract charge 0.50% Class B $ 21.69 -- -- -- 2.61% Highest contract charge 1.90% Class B $ 17.35 -- -- -- 1.17% All contract charges -- 18,923 $ 295,751 3.88% -- 2005 Lowest contract charge 0.50% Class B $ 21.14 -- -- -- 0.73% Highest contract charge 1.90% Class B $ 17.15 -- -- -- (0.68)% All contract charges -- 20,170 $ 320,909 3.41% -- 2004 Lowest contract charge 0.50% Class B $ 20.98 -- -- -- 1.43% Highest contract charge 1.90% Class B $ 17.27 -- -- -- -- All contract charges -- 20,300 $ 340,096 3.02% -- EQ/AllianceBernstein International ---------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 11.11 -- -- -- (50.95)% Highest contract charge 1.90% Class B $ 9.14 -- -- -- (51.67)% All contract charges -- 62,852 $ 607,988 2.73% -- 2007 Lowest contract charge 0.50% Class B $ 22.65 -- -- -- 11.14% Highest contract charge 1.90% Class B $ 18.91 -- -- -- 9.62% All contract charges -- 64,446 $1,284,350 1.43% -- 2006 Lowest contract charge 0.50% Class B $ 20.38 -- -- -- 22.90% Highest contract charge 1.90% Class B $ 17.25 -- -- -- 21.18% All contract charges -- 50,659 $ 919,120 1.53% -- 2005 Lowest contract charge 0.50% Class B $ 16.58 -- -- -- 14.72% Highest contract charge 1.90% Class B $ 14.24 -- -- -- 13.11% All contract charges -- 39,214 $ 585,935 1.67% -- 2004 Lowest contract charge 0.50% Class B $ 14.45 -- -- -- 17.58% Highest contract charge 1.90% Class B $ 12.59 -- -- -- 15.93% All contract charges -- 28,144 $ 371,190 2.10% -- EQ/AllianceBernstein Small Cap Growth ------------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 12.62 -- -- -- (44.94)% Highest contract charge 1.90% Class B $ 10.70 -- -- -- (45.71)% All contract charges -- 27,869 $ 280,414 -- -- 2007 Lowest contract charge 0.50% Class B $ 22.92 -- -- -- 16.11% Highest contract charge 1.90% Class B $ 19.71 -- -- -- 14.46% All contract charges -- 28,246 $ 526,859 -- -- 2006 Lowest contract charge 0.50% Class B $ 19.74 -- -- -- 8.46% Highest contract charge 1.90% Class B $ 17.22 -- -- -- 6.94% All contract charges -- 29,035 $ 479,583 -- -- 2005 Lowest contract charge 0.50% Class B $ 18.20 -- -- -- 10.95% Highest contract charge 1.90% Class B $ 16.10 -- -- -- 9.40% All contract charges -- 28,133 $ 443,581 -- -- 2004 Lowest contract charge 0.50% Class B $ 16.41 -- -- -- 13.41% Highest contract charge 1.90% Class B $ 14.72 -- -- -- 11.82% All contract charges -- 27,198 $ 400,895 -- --
FSA-85 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Ariel Appreciation II ------------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (e) $ 6.91 Highest contract charge 1.90% Class B (e) $ 6.60 All contract charges -- 2007 Lowest contract charge 0.50% Class B (e) $ 11.29 Highest contract charge 1.90% Class B (e) $ 10.94 All contract charges -- 2006 Lowest contract charge 0.50% Class B (e) $ 11.48 Highest contract charge 1.90% Class B (e) $ 11.29 All contract charges -- 2005 Lowest contract charge 0.50% Class B (e) $ 10.38 Highest contract charge 1.90% Class B (e) $ 10.35 All contract charges -- EQ/AXA Rosenberg Value Long/Short Equity (g) -------------------------------------------- Unit Value 1.20% to 1.70%* 2008 Lowest contract charge 1.20% Class B (a) $ 10.28 Highest contract charge 1.70% Class B $ 10.26 All contract charges -- 2007 Lowest contract charge 1.20% Class B (a) $ 11.04 Highest contract charge 1.70% Class B $ 11.07 All contract charges -- 2006 Lowest contract charge 1.20% Class B (a) $ 10.82 Highest contract charge 1.70% Class B $ 10.91 All contract charges -- 2005 Lowest contract charge 1.20% Class B (a) $ 10.79 Highest contract charge 1.70% Class B $ 10.94 All contract charges -- 2004 Lowest contract charge 1.20% Class B (a) $ 10.16 Highest contract charge 1.70% Class B $ 10.35 All contract charges -- EQ/BlackRock Basic Value Equity ------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 16.70 Highest contract charge 1.90% Class B $ 14.15 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 26.45 Highest contract charge 1.90% Class B $ 22.74 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 26.27 Highest contract charge 1.90% Class B $ 22.91 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 21.84 Highest contract charge 1.90% Class B $ 19.32 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 21.32 Highest contract charge 1.90% Class B $ 19.12 All contract charges -- EQ/BlackRock International Value -------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 15.47 Highest contract charge 1.90% Class B $ 13.11 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 27.28 Highest contract charge 1.90% Class B $ 23.45 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Ariel Appreciation II ------------------------ 2008 -- -- -- (38.80)% -- -- -- (39.67)% 6,447 $ 43,128 0.89% -- 2007 -- -- -- (1.66)% -- -- -- (3.10)% 4,758 $ 52,563 0.47% -- 2006 -- -- -- 10.61% -- -- -- 9.06% 2,735 $ 31,030 1.21% -- 2005 -- -- -- 3.83% -- -- -- 3.49% 510 $ 5,276 1.00% -- EQ/AXA Rosenberg Value Long/Short Equity (g) -------------------------------------------- 2008 -- -- -- (6.88)% -- -- -- (7.32)% 14,132 $ 146,219 0.18% -- 2007 -- -- -- 2.03% -- -- -- 1.47% 12,069 $ 134,307 1.91% -- 2006 -- -- -- 0.23% -- -- -- (0.27)% 13,017 $ 142,226 2.84% -- 2005 -- -- -- 6.22% -- -- -- 5.69% 11,318 $ 123,394 -- -- 2004 -- -- -- 1.27% -- -- -- 1.87% 3,869 $ 39,780 -- -- EQ/BlackRock Basic Value Equity ------------------------------- 2008 -- -- -- (36.86)% -- -- -- (37.77)% 46,485 $ 522,247 1.73% -- 2007 -- -- -- 0.69% -- -- -- (0.74)% 45,201 $ 829,334 1.08% -- 2006 -- -- -- 20.31% -- -- -- 18.62% 44,747 $ 846,668 2.90% -- 2005 -- -- -- 2.44% -- -- -- 1.00% 43,949 $ 723,084 1.38% -- 2004 -- -- -- 10.02% -- -- -- 8.47% 40,543 $ 701,451 2.37% -- EQ/BlackRock International Value -------------------------------- 2008 -- -- -- (43.29)% -- -- -- (44.09)% 48,585 $ 592,816 2.19% -- 2007 -- -- -- 9.65% -- -- -- 8.06% 52,311 $1,144,877 1.85% --
FSA-86 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/BlackRock International Value (Continued) -------------------------------------------- 2006 Lowest contract charge 0.50% Class B $ 24.88 Highest contract charge 1.90% Class B $ 21.70 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 19.90 Highest contract charge 1.90% Class B $ 17.60 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 18.04 Highest contract charge 1.90% Class B $ 16.18 All contract charges -- EQ/Boston Advisors Equity Income -------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (c) $ 5.05 Highest contract charge 1.90% Class B (c) $ 4.38 All contract charges -- 2007 Lowest contract charge 0.50% Class B (c) $ 7.50 Highest contract charge 1.90% Class B (c) $ 6.59 All contract charges -- 2006 Lowest contract charge 0.50% Class B (c) $ 7.26 Highest contract charge 1.90% Class B (c) $ 6.48 All contract charges -- 2005 Lowest contract charge 0.50% Class B (c) $ 6.30 Highest contract charge 1.90% Class B (c) $ 5.69 All contract charges -- 2004 Lowest contract charge 0.50% Class B (c) $ 5.96 Highest contract charge 1.90% Class B (c) $ 5.47 All contract charges -- EQ/Calvert Socially Responsible ------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 5.86 Highest contract charge 1.90% Class B $ 5.13 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 10.74 Highest contract charge 1.90% Class B $ 9.54 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 9.63 Highest contract charge 1.90% Class B $ 8.68 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 9.20 Highest contract charge 1.90% Class B $ 8.40 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 8.50 Highest contract charge 1.90% Class B $ 7.88 All contract charges -- EQ/Capital Guardian Growth -------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 8.87 Highest contract charge 1.90% Class B $ 7.51 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 14.95 Highest contract charge 1.90% Class B $ 12.85 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 14.25 Highest contract charge 1.90% Class B $ 12.42 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/BlackRock International Value (Continued) -------------------------------------------- 2006 -- -- -- 25.06% -- -- -- 23.30% 51,776 $1,057,795 3.58% -- 2005 -- -- -- 10.28% -- -- -- 8.74% 44,488 $ 754,971 1.84% -- 2004 -- -- -- 21.04% -- -- -- 19.33% 34,210 $ 557,170 1.66% -- EQ/Boston Advisors Equity Income -------------------------------- 2008 -- -- -- (32.67)% -- -- -- (33.54)% 39,344 $ 157,390 2.44% -- 2007 -- -- -- 3.31% -- -- -- 1.70% 31,430 $ 202,051 1.82% -- 2006 -- -- -- 15.39% -- -- -- 13.77% 30,079 $ 198,213 2.39% -- 2005 -- -- -- 5.62% -- -- -- 4.14% 22,950 $ 135,055 2.19% -- 2004 -- -- -- 9.05% -- -- -- 8.76% 3,003 $ 16,894 3.71% -- EQ/Calvert Socially Responsible ------------------------------- 2008 -- -- -- (45.44)% -- -- -- (46.23)% 5,674 $ 36,090 0.30% -- 2007 -- -- -- 11.53% -- -- -- 9.91% 5,341 $ 62,358 0.23% -- 2006 -- -- -- 4.70% -- -- -- 3.24% 5,169 $ 54,129 -- -- 2005 -- -- -- 8.20% -- -- -- 6.68% 4,883 $ 47,467 -- -- 2004 -- -- -- 3.07% -- -- -- 1.62% 3,656 $ 31,705 -- -- EQ/Capital Guardian Growth -------------------------- 2008 -- -- -- (40.67)% -- -- -- (41.56)% 35,102 $ 263,886 0.18% -- 2007 -- -- -- 4.91% -- -- -- 3.46% 34,213 $ 439,864 -- -- 2006 -- -- -- 6.87% -- -- -- 5.37% 30,418 $ 380,312 0.18% --
FSA-87 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Capital Guardian Growth (Continued) -------------------------------------- 2005 Lowest contract charge 0.50% Class B $ 13.33 Highest contract charge 1.90% Class B $ 11.79 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 12.75 Highest contract charge 1.90% Class B $ 11.44 All contract charges -- EQ/Capital Guardian Research (h) -------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 8.48 Highest contract charge 1.90% Class B $ 7.39 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 14.12 Highest contract charge 1.90% Class B $ 12.49 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 13.96 Highest contract charge 1.90% Class B $ 12.53 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 12.52 Highest contract charge 1.90% Class B $ 11.40 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 11.87 Highest contract charge 1.90% Class B $ 10.95 All contract charges -- EQ/Caywood-Scholl High Yield Bond --------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 9.25 Highest contract charge 1.90% Class B (d) $ 8.78 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 11.49 Highest contract charge 1.90% Class B (d) $ 11.06 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 11.23 Highest contract charge 1.90% Class B (d) $ 10.97 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 10.46 Highest contract charge 1.90% Class B (d) $ 10.36 All contract charges -- EQ/Davis New York Venture ------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 6.79 Highest contract charge 1.90% Class B (f) $ 6.57 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 11.23 Highest contract charge 1.90% Class B (f) $ 11.02 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 10.88 Highest contract charge 1.90% Class B (f) $ 10.83 All contract charges -- EQ/Equity 500 Index ------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 21.79 Highest contract charge 1.90% Class B $ 17.66 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Capital Guardian Growth (Continued) -------------------------------------- 2005 -- -- -- 4.58% -- -- -- 3.12% 23,591 $ 283,809 0.21% -- 2004 -- -- -- 5.01% -- -- -- 3.53% 20,651 $ 244,375 0.51% -- EQ/Capital Guardian Research (h) -------------------------------- 2008 -- -- -- (39.94)% -- -- -- (40.83)% 96,287 $ 757,787 0.91% -- 2007 -- -- -- 1.15% -- -- -- (0.32)% 113,240 $1,497,202 1.28% -- 2006 -- -- -- 11.50% -- -- -- 9.93% 56,224 $ 739,096 0.56% -- 2005 -- -- -- 5.53% -- -- -- 4.05% 59,370 $ 704,554 0.56% -- 2004 -- -- -- 10.35% -- -- -- 8.80% 61,357 $ 694,282 0.67% -- EQ/Caywood-Scholl High Yield Bond --------------------------------- 2008 -- -- -- (19.50)% -- -- -- (20.61)% 18,445 $ 131,696 8.08% -- 2007 -- -- -- 2.32% -- -- -- 0.82% 15,706 $ 143,500 7.16% -- 2006 -- -- -- 7.42% -- -- -- 5.92% 10,025 $ 103,369 7.96% -- 2005 -- -- -- 4.56% -- -- -- 3.58% 3,193 $ 33,180 15.00% -- EQ/Davis New York Venture ------------------------- 2008 -- -- -- (39.54)% -- -- -- (40.38)% 36,597 $ 242,910 0.62% -- 2007 -- -- -- 3.22% -- -- -- 1.75% 24,733 $ 273,949 0.62% -- 2006 -- -- -- 8.76% -- -- -- 8.29% 5,631 $ 61,054 0.75% -- EQ/Equity 500 Index ------------------- 2008 -- -- -- (37.64)% -- -- -- (38.51)% 71,841 $ 912,729 1.72% --
FSA-88 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Equity 500 Index (Continued) ------------------------------- 2007 Lowest contract charge 0.50% Class B $ 34.94 Highest contract charge 1.90% Class B $ 28.72 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 33.46 Highest contract charge 1.90% Class B $ 27.90 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 29.22 Highest contract charge 1.90% Class B $ 24.71 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 28.13 Highest contract charge 1.90% Class B $ 24.12 All contract charges -- EQ/Evergreen International Bond ------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (e) $ 11.58 Highest contract charge 1.90% Class B (e) $ 11.06 All contract charges -- 2007 Lowest contract charge 0.50% Class B (e) $ 10.93 Highest contract charge 1.90% Class B (e) $ 10.59 All contract charges -- 2006 Lowest contract charge 0.50% Class B (e) $ 10.05 Highest contract charge 1.90% Class B (e) $ 9.88 All contract charges -- 2005 Lowest contract charge 0.50% Class B (e) $ 9.77 Highest contract charge 1.90% Class B (e) $ 9.74 All contract charges -- EQ/Evergreen Omega ------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 7.62 Highest contract charge 1.90% Class B $ 6.62 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 10.58 Highest contract charge 1.90% Class B $ 9.32 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 9.55 Highest contract charge 1.90% Class B $ 8.53 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 9.07 Highest contract charge 1.90% Class B $ 8.21 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 8.77 Highest contract charge 1.90% Class B $ 8.05 All contract charges -- EQ/Franklin Income ------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 7.20 Highest contract charge 1.90% Class B (f) $ 6.97 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 10.62 Highest contract charge 1.90% Class B (f) $ 10.42 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 10.46 Highest contract charge 1.90% Class B (f) $ 10.41 All contract charges -- Years Ended December 31, --------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- ------------- EQ/Equity 500 Index (Continued) ------------------------------- 2007 -- -- -- 4.42% -- -- -- 2.94% 74,013 $1,576,822 1.31% -- 2006 -- -- -- 14.52% -- -- -- 12.91% 76,302 $1,640,567 1.54% -- 2005 -- -- -- 3.88% -- -- -- 2.42% 76,052 $1,537,157 1.35% -- 2004 -- -- -- 9.68% -- -- -- 8.14% 67,829 $1,471,224 1.53% -- EQ/Evergreen International Bond ------------------------------- 2008 -- -- -- 5.95% -- -- -- 4.44% 36,828 $ 413,319 19.53% -- 2007 -- -- -- 8.76% -- -- -- 7.19% 18,195 $ 194,602 3.41% -- 2006 -- -- -- 2.90% -- -- -- 1.46% 8,137 $ 80,817 0.43% -- 2005 -- -- -- (2.31)% -- -- -- (2.63)% 659 $ 6,422 -- -- EQ/Evergreen Omega ------------------ 2008 -- -- -- (27.98)% -- -- -- (28.97)% 15,753 $ 128,962 0.60% -- 2007 -- -- -- 10.79% -- -- -- 9.26% 15,374 $ 176,492 -- -- 2006 -- -- -- 5.34% -- -- -- 3.86% 13,748 $ 141,667 2.13% -- 2005 -- -- -- 3.44% -- -- -- 1.99% 15,270 $ 147,725 0.04% -- 2004 -- -- -- 6.51% -- -- -- 5.01% 15,623 $ 142,569 0.35% -- EQ/Franklin Income ------------------ 2008 -- -- -- (32.20)% -- -- -- (33.11)% 60,463 $ 425,663 6.36% -- 2007 -- -- -- 1.53% -- -- -- 0.10% 57,439 $ 601,803 4.16% -- 2006 -- -- -- 4.56% -- -- -- 4.11% 12,757 $ 132,983 2.34% --
FSA-89 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Franklin Small Cap Value --------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 6.54 Highest contract charge 1.90% Class B (f) $ 6.33 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 9.86 Highest contract charge 1.90% Class B (f) $ 9.68 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 10.85 Highest contract charge 1.90% Class B (f) $ 10.80 All contract charges -- EQ/Franklin Templeton Founding Strategy --------------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (n) $ 6.01 Highest contract charge 1.90% Class B (n) $ 5.87 All contract charges -- 2007 Lowest contract charge 0.50% Class B (n) $ 9.57 Highest contract charge 1.90% Class B (n) $ 9.48 All contract charges -- EQ/GAMCO Mergers and Acquisitions --------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 10.41 Highest contract charge 1.90% Class B (d) $ 9.88 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 12.14 Highest contract charge 1.90% Class B (d) $ 11.69 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 11.79 Highest contract charge 1.90% Class B (d) $ 11.52 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 10.56 Highest contract charge 1.90% Class B (d) $ 10.46 All contract charges -- EQ/GAMCO Small Company Value ---------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (c) $ 24.17 Highest contract charge 1.90% Class B (c) $ 18.09 All contract charges -- 2007 Lowest contract charge 0.50% Class B (c) $ 35.02 Highest contract charge 1.90% Class B (c) $ 26.60 All contract charges -- 2006 Lowest contract charge 0.50% Class B (c) $ 32.21 Highest contract charge 1.90% Class B (c) $ 24.81 All contract charges -- 2005 Lowest contract charge 0.50% Class B (c) $ 27.24 Highest contract charge 1.90% Class B (c) $ 21.28 All contract charges -- 2004 Lowest contract charge 0.50% Class B (c) $ 26.24 Highest contract charge 1.90% Class B (c) $ 20.79 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Franklin Small Cap Value --------------------------- 2008 -- -- -- (33.67)% -- -- -- (34.61)% 11,658 $ 74,460 1.06% -- 2007 -- -- -- (9.12)% -- -- -- (10.37)% 5,985 $ 58,243 0.48% -- 2006 -- -- -- 8.50% -- -- -- 8.03% 1,481 $ 16,022 0.54% -- EQ/Franklin Templeton Founding Strategy --------------------------------------- 2008 -- -- -- (37.20)% -- -- -- (38.08)% 168,583 $996,068 5.08% -- 2007 -- -- -- (4.30)% -- -- -- (5.20)% 83,451 $793,251 2.63% -- EQ/GAMCO Mergers and Acquisitions --------------------------------- 2008 -- -- -- (14.25)% -- -- -- (15.48)% 11,081 $111,017 0.50% -- 2007 -- -- -- 2.97% -- -- -- 1.48% 11,173 $131,859 0.78% -- 2006 -- -- -- 11.65% -- -- -- 10.08% 7,462 $ 86,530 6.34% -- 2005 -- -- -- 5.64% -- -- -- 4.65% 2,307 $ 24,225 5.28% -- EQ/GAMCO Small Company Value ---------------------------- 2008 -- -- -- (30.98)% -- -- -- (31.99)% 18,794 $392,717 0.61% -- 2007 -- -- -- 8.72% -- -- -- 7.21% 15,674 $470,454 0.52% -- 2006 -- -- -- 18.24% -- -- -- 16.58% 8,969 $243,842 1.60% -- 2005 -- -- -- 3.80% -- -- -- 2.34% 5,611 $129,461 1.01% -- 2004 -- -- -- 13.51% -- -- -- 13.22% 797 $ 17,882 0.39% --
FSA-90 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/International Core PLUS -------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 9.76 Highest contract charge 1.90% Class B $ 8.51 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 17.78 Highest contract charge 1.90% Class B $ 15.73 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 15.51 Highest contract charge 1.90% Class B $ 13.91 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 13.07 Highest contract charge 1.90% Class B $ 11.89 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 11.22 Highest contract charge 1.90% Class B $ 10.35 All contract charges -- EQ/International Growth ----------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 9.93 Highest contract charge 1.90% Class B (d) $ 9.43 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 16.72 Highest contract charge 1.90% Class B (d) $ 16.10 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 14.46 Highest contract charge 1.90% Class B (d) $ 14.12 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 11.56 Highest contract charge 1.90% Class B (d) $ 11.46 All contract charges -- EQ/JPMorgan Core Bond --------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 14.39 Highest contract charge 1.90% Class B $ 12.31 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 15.88 Highest contract charge 1.90% Class B $ 13.78 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 15.48 Highest contract charge 1.90% Class B $ 13.63 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 14.95 Highest contract charge 1.90% Class B $ 13.35 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 14.70 Highest contract charge 1.90% Class B $ 13.31 All contract charges -- EQ/JPMorgan Value Opportunities ------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 10.28 Highest contract charge 1.90% Class B $ 8.72 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 17.16 Highest contract charge 1.90% Class B $ 14.75 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/International Core PLUS -------------------------- 2008 -- -- -- (45.11)% -- -- -- (45.90)% 57,050 $ 554,312 1.49% -- 2007 -- -- -- 14.64% -- -- -- 13.08% 57,566 $1,024,304 0.39% -- 2006 -- -- -- 18.65% -- -- -- 16.99% 62,676 $ 973,881 1.38% -- 2005 -- -- -- 16.51% -- -- -- 14.91% 56,000 $ 728,289 1.54% -- 2004 -- -- -- 13.04% -- -- -- 11.45% 49,365 $ 543,898 1.64% -- EQ/International Growth ----------------------- 2008 -- -- -- (40.61)% -- -- -- (41.43)% 20,631 $ 168,007 0.99% -- 2007 -- -- -- 15.63% -- -- -- 14.02% 16,401 $ 237,725 0.72% -- 2006 -- -- -- 25.01% -- -- -- 23.26% 6,096 $ 83,819 1.21% -- 2005 -- -- -- 15.64% -- -- -- 14.56% 1,394 $ 16,015 2.07% -- EQ/JPMorgan Core Bond --------------------- 2008 -- -- -- (9.38)% -- -- -- (10.67)% 80,413 $ 913,345 4.06% -- 2007 -- -- -- 2.58% -- -- -- 1.10% 99,922 $1,271,392 4.32% -- 2006 -- -- -- 3.54% -- -- -- 2.09% 99,116 $1,260,924 4.37% -- 2005 -- -- -- 1.71% -- -- -- 0.28% 93,448 $1,190,350 3.56% -- 2004 -- -- -- 3.58% -- -- -- 2.12% 80,724 $1,064,120 4.15% -- EQ/JPMorgan Value Opportunities ------------------------------- 2008 -- -- -- (40.09)% -- -- -- (40.88)% 23,322 $ 210,531 1.78% -- 2007 -- -- -- (1.72)% -- -- -- (3.09)% 27,538 $ 419,788 1.32% --
FSA-91 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Outstanding Net Assets Investment Total Units value (000s) (000s) Income ratio** Return*** ------------- ------------------- ------------ ---------------- -------------- EQ/JPMorgan Value Opportunities (Continued) ------------------------------------------- 2006 Lowest contract charge 0.50% Class B $ 17.46 -- -- -- 19.78% Highest contract charge 1.90% Class B $ 15.22 -- -- -- 18.10% All contract charges -- 31,332 $492,862 4.27% -- 2005 Lowest contract charge 0.50% Class B $ 14.58 -- -- -- 3.41% Highest contract charge 1.90% Class B $ 12.89 -- -- -- 1.95% All contract charges -- 35,102 $468,128 1.50% -- 2004 Lowest contract charge 0.50% Class B $ 14.10 -- -- -- 10.33% Highest contract charge 1.90% Class B $ 12.64 -- -- -- 8.78% All contract charges -- 38,178 $499,166 1.28% -- EQ/Large Cap Core PLUS ---------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 7.29 -- -- -- (37.75)% Highest contract charge 1.90% Class B $ 6.33 -- -- -- (38.60)% All contract charges -- 18,391 $129,337 0.34% -- 2007 Lowest contract charge 0.50% Class B $ 11.71 -- -- -- 3.35% Highest contract charge 1.90% Class B $ 10.31 -- -- -- 1.88% All contract charges -- 21,585 $243,826 1.14% -- 2006 Lowest contract charge 0.50% Class B $ 11.33 -- -- -- 12.38% Highest contract charge 1.90% Class B $ 10.12 -- -- -- 10.80% All contract charges -- 26,152 $286,441 0.84% -- 2005 Lowest contract charge 0.50% Class B $ 10.08 -- -- -- 6.66% Highest contract charge 1.90% Class B $ 9.13 -- -- -- 5.16% All contract charges -- 30,163 $294,159 0.49% -- 2004 Lowest contract charge 0.50% Class B $ 9.45 -- -- -- 10.84% Highest contract charge 1.90% Class B $ 8.68 -- -- -- 9.28% All contract charges -- 32,507 $295,494 0.58% -- EQ/Large Cap Growth Index ------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 5.37 -- -- -- (36.60)% Highest contract charge 1.90% Class B $ 4.68 -- -- -- (37.52)% All contract charges -- 41,922 $245,887 0.14% -- 2007 Lowest contract charge 0.50% Class B $ 8.47 -- -- -- 13.39% Highest contract charge 1.90% Class B $ 7.49 -- -- -- 11.79% All contract charges -- 45,255 $411,124 -- 2006 Lowest contract charge 0.50% Class B $ 7.47 -- -- -- (1.04) Highest contract charge 1.90% Class B $ 6.70 -- -- -- (2.43) All contract charges -- 49,049 $384,363 -- -- 2005 Lowest contract charge 0.50% Class B $ 7.55 -- -- -- 14.36% Highest contract charge 1.90% Class B $ 6.86 -- -- -- 12.75% All contract charges -- 53,599 $409,334 -- -- 2004 Lowest contract charge 0.50% Class B $ 6.60 -- -- -- 7.84% Highest contract charge 1.90% Class B $ 6.09 -- -- -- 6.32% All contract charges -- 54,060 $349,068 -- -- EQ/Large Cap Growth PLUS ------------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 11.59 -- -- -- (38.55)% Highest contract charge 1.90% Class B $ 9.82 -- -- -- (39.42)% All contract charges -- 19,719 $193,193 0.11% -- 2007 Lowest contract charge 0.50% Class B $ 18.86 -- -- -- 15.07% Highest contract charge 1.90% Class B $ 16.21 -- -- -- 13.36% All contract charges -- 22,503 $363,276 0.41% -- 2006 Lowest contract charge 0.50% Class B $ 16.39 -- -- -- 7.24% Highest contract charge 1.90% Class B $ 14.30 -- -- -- 5.74% All contract charges -- 18,659 $269,728 -- --
FSA-92 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Large Cap Growth PLUS (Continued) ------------------------------------ 2005 Lowest contract charge 0.50% Class B $ 15.29 Highest contract charge 1.90% Class B $ 13.52 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 14.09 Highest contract charge 1.90% Class B $ 12.64 All contract charges -- EQ/Large Cap Value Index ------------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (e) $ 4.57 Highest contract charge 1.90% Class B (e) $ 4.36 All contract charges -- 2007 Lowest contract charge 0.50% Class B (e) $ 10.61 Highest contract charge 1.90% Class B (e) $ 10.28 All contract charges -- 2006 Lowest contract charge 0.50% Class B (e) $ 11.33 Highest contract charge 1.90% Class B (e) $ 11.14 All contract charges -- 2005 Lowest contract charge 0.50% Class B (e) $ 10.66 Highest contract charge 1.90% Class B (e) $ 10.63 All contract charges -- EQ/Large Cap Value PLUS (l) --------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 10.38 Highest contract charge 1.90% Class B $ 8.88 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 18.41 Highest contract charge 1.90% Class B $ 15.98 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 19.39 Highest contract charge 1.90% Class B $ 17.07 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 16.05 Highest contract charge 1.90% Class B $ 14.33 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 15.30 Highest contract charge 1.90% Class B $ 13.86 All contract charges -- EQ/Long Term Bond ----------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 11.37 Highest contract charge 1.90% Class B (d) $ 10.80 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 10.89 Highest contract charge 1.90% Class B (d) $ 10.48 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 10.19 Highest contract charge 1.90% Class B (d) $ 9.95 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 10.06 Highest contract charge 1.90% Class B (d) $ 9.96 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Large Cap Growth PLUS (Continued) ------------------------------------ 2005 -- -- -- 8.48% -- -- -- 6.96% 19,808 $ 272,973 -- -- 2004 -- -- -- 12.06% -- -- -- 10.48% 20,997 $ 272,395 -- -- EQ/Large Cap Value Index ------------------------ 2008 -- -- -- (56.93)% -- -- -- (57.59)% 16,998 $ 75,141 1.37% -- 2007 -- -- -- (6.35)% -- -- -- (7.72)% 17,409 $ 180,500 -- -- 2006 -- -- -- 6.30% -- -- -- 4.81% 15,831 $ 177,206 0.05% -- 2005 -- -- -- 6.62% -- -- -- 6.26% 2,464 $ 26,219 0.13% -- EQ/Large Cap Value PLUS (l) --------------------------- 2008 -- -- -- (43.62)% -- -- -- (44.43)% 128,632 $1,114,977 2.84% -- 2007 -- -- -- (5.05)% -- -- -- (6.39)% 150,945 $2,349,958 1.61% -- 2006 -- -- -- 20.78% -- -- -- 19.09% 110,933 $1,850,638 1.64% -- 2005 -- -- -- 4.91% -- -- -- 3.44% 101,618 $1,439,640 1.18% -- 2004 -- -- -- 12.88% -- -- -- 11.29% 91,811 $1,278,595 1.46% -- EQ/Long Term Bond ----------------- 2008 -- -- -- 4.41% -- -- -- 3.05% 13,056 $ 136,537 6.19% -- 2007 -- -- -- 6.87% -- -- -- 5.33% 11,044 $ 114,596 4.52% -- 2006 -- -- -- 1.31% -- -- -- (0.11)% 8,360 $ 83,248 5.01% -- 2005 -- -- -- 0.56% -- -- -- (0.38)% 4,300 $ 42,957 5.08% --
FSA-93 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Lord Abbett Growth and Income -------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 8.08 Highest contract charge 1.90% Class B (d) $ 7.67 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 12.80 Highest contract charge 1.90% Class B (d) $ 12.32 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 12.43 Highest contract charge 1.90% Class B (d) $ 12.14 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 10.66 Highest contract charge 1.90% Class B (d) $ 10.56 All contract charges -- EQ/Lord Abbett Large Cap Core ----------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 9.01 Highest contract charge 1.90% Class B (d) $ 8.55 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 13.11 Highest contract charge 1.90% Class B (d) $ 12.63 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 11.91 Highest contract charge 1.90% Class B (d) $ 11.63 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 10.62 Highest contract charge 1.90% Class B (d) $ 10.52 All contract charges -- EQ/Lord Abbett Mid Cap Value ---------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 7.62 Highest contract charge 1.90% Class B (d) $ 7.24 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 12.55 Highest contract charge 1.90% Class B (d) $ 12.09 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 12.54 Highest contract charge 1.90% Class B (d) $ 12.25 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 11.21 Highest contract charge 1.90% Class B (d) $ 11.11 All contract charges -- EQ/Marsico Focus ---------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 11.60 Highest contract charge 1.90% Class B $ 10.45 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 19.52 Highest contract charge 1.90% Class B $ 17.85 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 17.20 Highest contract charge 1.90% Class B $ 15.95 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 15.82 Highest contract charge 1.90% Class B $ 14.88 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Lord Abbett Growth and Income -------------------------------- 2008 -- -- -- (36.88)% -- -- -- (37.74)% 12,007 $ 93,540 1.55% -- 2007 -- -- -- 2.98% -- -- -- 1.48% 11,815 $ 147,275 1.13% -- 2006 -- -- -- 16.63% -- -- -- 14.99% 11,071 $ 135,386 1.21% -- 2005 -- -- -- 6.59% -- -- -- 5.59% 3,072 $ 32,532 1.42% -- EQ/Lord Abbett Large Cap Core ----------------------------- 2008 -- -- -- (31.27)% -- -- -- (32.30)% 9,794 $ 85,138 1.16% -- 2007 -- -- -- 10.08% -- -- -- 8.60% 6,105 $ 78,014 0.80% -- 2006 -- -- -- 12.13% -- -- -- 10.56% 4,229 $ 49,544 1.21% -- 2005 -- -- -- 6.21% -- -- -- 5.22% 2,022 $ 21,339 0.84% -- EQ/Lord Abbett Mid Cap Value ---------------------------- 2008 -- -- -- (39.28)% -- -- -- (40.12)% 25,830 $ 190,155 1.52% -- 2007 -- -- -- 0.08 % -- -- -- (1.31)% 24,325 $ 297,470 0.54% -- 2006 -- -- -- 11.87% -- -- -- 10.30% 17,475 $ 215,636 1.22% -- 2005 -- -- -- 12.11% -- -- -- 11.07% 9,142 $ 101,817 1.70% -- EQ/Marsico Focus ---------------- 2008 -- -- -- (40.57)% -- -- -- (41.46)% 118,651 $1,143,520 0.95% -- 2007 -- -- -- 13.49% -- -- -- 11.91% 115,724 $1,909,092 0.18% -- 2006 -- -- -- 8.78% -- -- -- 7.25% 110,995 $1,644,626 0.73% -- 2005 -- -- -- 10.15% -- -- -- 8.61% 91,026 $1,281,504 -- --
FSA-94 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Outstanding Net Assets Investment Total Units value (000s) (000s) Income ratio** Return*** ------------- ------------------- ------------ ---------------- -------------- EQ/Marsico Focus (Continued) ---------------------------- 2004 Lowest contract charge 0.50% Class B $ 14.36 -- -- -- 9.96% Highest contract charge 1.90% Class B $ 13.70 -- -- -- 8.41% All contract charges -- 69,842 $ 931,060 -- -- EQ/Mid Cap Index ---------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 7.36 -- -- -- (49.55)% Highest contract charge 1.90% Class B $ 6.54 -- -- -- (50.27)% All contract charges -- 67,946 $ 500,886 0.89% -- 2007 Lowest contract charge 0.50% Class B $ 14.59 -- -- -- 7.44% Highest contract charge 1.90% Class B $ 13.15 -- -- -- 5.96% All contract charges -- 70,501 $1,035,525 -- -- 2006 Lowest contract charge 0.50% Class B $ 13.58 -- -- -- 10.97% Highest contract charge 1.90% Class B $ 12.41 -- -- -- 9.41% All contract charges -- 72,246 $ 989,519 3.28% -- 2005 Lowest contract charge 0.50% Class B $ 12.23 -- -- -- 5.84% Highest contract charge 1.90% Class B $ 11.35 -- -- -- 4.35% All contract charges -- 70,729 $ 867,602 7.65% -- 2004 Lowest contract charge 0.50% Class B $ 11.56 -- -- -- 15.45% Highest contract charge 1.90% Class B $ 10.87 -- -- -- 13.82% All contract charges -- 64,623 $ 740,923 2.53% -- EQ/Mid Cap Value PLUS --------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 11.23 -- -- -- (39.85)% Highest contract charge 1.90% Class B $ 9.52 -- -- -- (40.69)% All contract charges -- 41,940 $ 400,022 1.38% -- 2007 Lowest contract charge 0.50% Class B $ 18.67 -- -- -- (2.10)% Highest contract charge 1.90% Class B $ 16.05 -- -- -- (3.49)% All contract charges -- 50,595 $ 811,824 0.97% -- 2006 Lowest contract charge 0.50% Class B $ 19.07 -- -- -- 11.92% Highest contract charge 1.90% Class B $ 16.63 -- -- -- 10.35% All contract charges -- 57,023 $ 948,678 0.31% -- 2005 Lowest contract charge 0.50% Class B $ 17.04 -- -- -- 10.77% Highest contract charge 1.90% Class B $ 15.07 -- -- -- 9.21% All contract charges -- 54,946 $ 832,305 4.89% -- 2004 Lowest contract charge 0.50% Class B $ 15.38 -- -- -- 17.26% Highest contract charge 1.90% Class B $ 13.80 -- -- -- 15.61% All contract charges -- 46,228 $ 648,657 2.63% -- EQ/Money Market --------------- Unit Value 0.00% to 1.90%* 2008 Lowest contract charge 0.00% Class B $ 44.43 -- -- -- 2.11% Highest contract charge 1.90% Class B $ 26.24 -- -- -- 0.15% All contract charges -- 90,924 $1,493,712 1.93% -- 2007 Lowest contract charge 0.00% Class B $ 43.51 -- -- -- 4.72% Highest contract charge 1.90% Class B $ 26.20 -- -- -- 2.70% All contract charges -- 45,468 $ 851,459 4.59% -- 2006 Lowest contract charge 0.00% Class B $ 41.55 -- -- -- 4.48% Highest contract charge 1.90% Class B $ 25.51 -- -- -- 2.51% All contract charges -- 33,332 $ 612,694 4.41% -- 2005 Lowest contract charge 0.00% Class B $ 39.77 -- -- -- 2.62% Highest contract charge 1.90% Class B $ 24.88 -- -- -- 0.68% All contract charges -- 24,414 $ 483,274 2.57% -- 2004 Lowest contract charge 0.00% Class B $ 38.75 -- -- -- 0.78% Highest contract charge 1.90% Class B $ 24.71 -- -- -- (1.14)% All contract charges -- 22,453 $ 474,277 0.74% --
FSA-95 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Montag & Caldwell Growth --------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (c) $ 4.22 Highest contract charge 1.90% Class B (c) $ 3.66 All contract charges -- 2007 Lowest contract charge 0.50% Class B (c) $ 6.32 Highest contract charge 1.90% Class B (c) $ 5.56 All contract charges -- 2006 Lowest contract charge 0.50% Class B (c) $ 5.26 Highest contract charge 1.90% Class B (c) $ 4.69 All contract charges -- 2005 Lowest contract charge 0.50% Class B (c) $ 4.90 Highest contract charge 1.90% Class B (c) $ 4.43 All contract charges -- 2004 Lowest contract charge 0.50% Class B (c) $ 4.67 Highest contract charge 1.90% Class B (c) $ 4.28 All contract charges -- EQ/Mutual Shares ---------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 6.69 Highest contract charge 1.90% Class B (f) $ 6.47 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 10.86 Highest contract charge 1.90% Class B (f) $ 10.66 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 10.74 Highest contract charge 1.90% Class B (f) $ 10.69 All contract charges -- EQ/Oppenheimer Global --------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 6.90 Highest contract charge 1.90% Class B (f) $ 6.68 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 11.70 Highest contract charge 1.90% Class B (f) $ 11.48 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 11.12 Highest contract charge 1.90% Class B (f) $ 11.07 All contract charges -- EQ/Oppenheimer Main Street Opportunity -------------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 6.87 Highest contract charge 1.90% Class B (f) $ 6.64 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 11.28 Highest contract charge 1.90% Class B (f) $ 11.07 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 10.96 Highest contract charge 1.90% Class B (f) $ 10.91 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Montag & Caldwell Growth --------------------------- 2008 -- -- -- (33.23)% -- -- -- (34.17)% 43,561 $143,894 0.26% -- 2007 -- -- -- 20.15% -- -- -- 18.55% 18,657 $100,498 0.37% -- 2006 -- -- -- 7.41% -- -- -- 5.90% 6,440 $ 30,006 0.21% -- 2005 -- -- -- 4.88% -- -- -- 3.41% 4,693 $ 21,467 0.44% -- 2004 -- -- -- 7.93% -- -- -- 7.65% 451 $ 1,993 0.48% -- EQ/Mutual Shares ---------------- 2008 -- -- -- (38.40)% -- -- -- (39.31)% 31,398 $205,168 3.61% -- 2007 -- -- -- 1.12% -- -- -- (0.28)% 32,835 $351,879 -- -- 2006 -- -- -- 7.38% -- -- -- 6.92% 7,714 $ 82,586 0.39% -- EQ/Oppenheimer Global --------------------- 2008 -- -- -- (41.03)% -- -- -- (41.81)% 13,246 $ 89,280 1.29% -- 2007 -- -- -- 5.22% -- -- -- 3.70% 9,648 $111,407 0.39% -- 2006 -- -- -- 11.23% -- -- -- 10.75% 1,756 $ 19,483 0.07% -- EQ/Oppenheimer Main Street Opportunity -------------------------------------- 2008 -- -- -- (39.10)% -- -- -- (40.02)% 4,048 $ 27,160 0.65% -- 2007 -- -- -- 2.92% -- -- -- 1.47% 3,395 $ 37,791 0.59% -- 2006 -- -- -- 9.61% -- -- -- 9.13% 726 $ 7,942 2.04% --
FSA-96 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Oppenheimer Main Street Small Cap ------------------------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 6.68 Highest contract charge 1.90% Class B (f) $ 6.47 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 10.88 Highest contract charge 1.90% Class B (f) $ 10.68 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 11.13 Highest contract charge 1.90% Class B (f) $ 11.08 All contract charges -- EQ/PIMCO Real Return -------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 10.57 Highest contract charge 1.90% Class B (d) $ 10.03 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 11.07 Highest contract charge 1.90% Class B (d) $ 10.66 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 9.98 Highest contract charge 1.90% Class B (d) $ 9.75 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 9.99 Highest contract charge 1.90% Class B (d) $ 9.90 All contract charges -- EQ/Quality Bond PLUS -------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 17.75 Highest contract charge 1.90% Class B $ 14.30 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 19.09 Highest contract charge 1.90% Class B $ 15.60 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 18.35 Highest contract charge 1.90% Class B $ 15.21 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 17.77 Highest contract charge 1.90% Class B $ 14.94 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 17.51 Highest contract charge 1.90% Class B $ 14.93 All contract charges -- EQ/Short Duration Bond ---------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 10.61 Highest contract charge 1.90% Class B (d) $ 10.07 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 10.88 Highest contract charge 1.90% Class B (d) $ 10.48 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 10.38 Highest contract charge 1.90% Class B (d) $ 10.14 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 10.04 Highest contract charge 1.90% Class B (d) $ 9.94 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Oppenheimer Main Street Small Cap ------------------------------------ 2008 -- -- -- (38.60)% -- -- -- (39.42)% 7,550 $ 49,305 0.10% -- 2007 -- -- -- (2.25)% -- -- -- (3.61)% 5,614 $ 60,151 -- -- 2006 -- -- -- 11.28% -- -- -- 10.79% 868 $ 9,639 1.06% -- EQ/PIMCO Real Return -------------------- 2008 -- -- -- (4.52)% -- -- -- (5.91)% 91,323 $917,805 3.21% -- 2007 -- -- -- 10.92% -- -- -- 9.33% 45,578 $486,803 3.07% -- 2006 -- -- -- (0.11)% -- -- -- (1.51)% 31,108 $304,380 4.98% -- 2005 -- -- -- (0.09)% -- -- -- (1.02)% 15,284 $151,723 5.31% -- EQ/Quality Bond PLUS -------------------- 2008 -- -- -- (7.02)% -- -- -- (8.33)% 26,466 $326,277 5.04% -- 2007 -- -- -- 4.03% -- -- -- 2.56% 28,944 $393,130 4.95% -- 2006 -- -- -- 3.30% -- -- -- 1.85% 27,600 $371,451 4.04% -- 2005 -- -- -- 1.49% -- -- -- 0.07% 25,641 $349,668 3.92% -- 2004 -- -- -- 3.23% -- -- -- 1.78% 21,465 $310,126 4.04% -- EQ/Short Duration Bond ---------------------- 2008 -- -- -- (2.48)% -- -- -- (3.91)% 13,905 $141,793 7.47% -- 2007 -- -- -- 4.82% -- -- -- 3.35% 7,630 $ 80,793 4.54% -- 2006 -- -- -- 3.44% -- -- -- 1.99% 5,862 $ 59,826 4.22% -- 2005 -- -- -- 0.36% -- -- -- (0.58)% 1,852 $ 18,465 2.64% --
FSA-97 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Small Company Index ---------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 11.85 Highest contract charge 1.90% Class B $ 10.14 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 18.09 Highest contract charge 1.90% Class B $ 15.70 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 18.52 Highest contract charge 1.90% Class B $ 16.30 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 15.81 Highest contract charge 1.90% Class B $ 14.12 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 15.24 Highest contract charge 1.90% Class B $ 13.80 All contract charges -- EQ/T. Rowe Price Growth Stock (i) --------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (c) $ 11.86 Highest contract charge 1.90% Class B (c) $ 8.88 All contract charges -- 2007 Lowest contract charge 0.50% Class B (c) $ 20.63 Highest contract charge 1.90% Class B (c) $ 15.67 All contract charges -- 2006 Lowest contract charge 0.50% Class B (c) $ 19.34 Highest contract charge 1.90% Class B (c) $ 14.89 All contract charges -- 2005 Lowest contract charge 0.50% Class B (c) $ 20.25 Highest contract charge 1.90% Class B (c) $ 15.82 Unit Value 0.50% to 1.90%* -- 2004 Lowest contract charge 0.50% Class B (c) $ 19.57 Highest contract charge 1.90% Class B (c) $ 15.50 All contract charges -- EQ/Templeton Growth ------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 6.45 Highest contract charge 1.90% Class B (f) $ 6.24 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 10.96 Highest contract charge 1.90% Class B (f) $ 10.75 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 10.79 Highest contract charge 1.90% Class B (f) $ 10.74 All contract charges -- EQ/UBS Growth and Income ------------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (c) $ 4.02 Highest contract charge 1.90% Class B (c) $ 3.49 All contract charges -- 2007 Lowest contract charge 0.50% Class B (c) $ 6.74 Highest contract charge 1.90% Class B (c) $ 5.93 All contract charges -- 2006 Lowest contract charge 0.50% Class B (c) $ 6.70 Highest contract charge 1.90% Class B (c) $ 5.97 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Small Company Index ---------------------- 2008 -- -- -- (34.49)% -- -- -- (35.41)% 28,477 $282,432 0.85% -- 2007 -- -- -- (2.32)% -- -- -- (3.68)% 28,985 $444,440 1.31% -- 2006 -- -- -- 17.12% -- -- -- 15.48% 29,757 $475,296 1.32% -- 2005 -- -- -- 3.74% -- -- -- 2.28% 26,002 $364,087 1.15% -- 2004 -- -- -- 17.08% -- -- -- 15.44% 24,789 $343,808 2.47% -- EQ/T. Rowe Price Growth Stock (i) --------------------------------- 2008 -- -- -- (42.51)% -- -- -- (43.33)% 19,024 $167,244 -- -- 2007 -- -- -- 6.67% -- -- -- 5.24% 17,951 $291,072 0.13% -- 2006 -- -- -- (4.49)% -- -- -- (5.83)% 3,277 $ 51,291 -- -- 2005 -- -- -- 3.47% -- -- -- 2.02% 2,742 $ 47,015 -- -- 2004 -- -- -- 12.32% -- -- -- 12.03% 265 $ 4,449 -- -- EQ/Templeton Growth ------------------- 2008 -- -- -- (41.15)% -- -- -- (41.95)% 23,768 $149,788 1.56% -- 2007 -- -- -- 1.58% -- -- -- 0.09% 26,167 $282,910 0.63% -- 2006 -- -- -- 7.86% -- -- -- 7.39% 6,220 $ 66,882 0.46% -- EQ/UBS Growth and Income ------------------------ 2008 -- -- -- (40.36)% -- -- -- (41.15)% 14,961 $ 48,057 1.26% -- 2007 -- -- -- 0.60% -- -- -- (0.67)% 15,122 $ 84,474 0.85% -- 2006 -- -- -- 13.58% -- -- -- 11.99% 11,683 $ 70,569 0.90% --
FSA-98 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/UBS Growth and Income (Continued) ------------------------------------ 2005 Lowest contract charge 0.50% Class B (c) $ 5.90 Highest contract charge 1.90% Class B (c) $ 5.33 All contract charges -- 2004 Lowest contract charge 0.50% Class B (c) $ 5.44 Highest contract charge 1.90% Class B (c) $ 4.99 All contract charges -- EQ/Van Kampen Comstock ---------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 7.36 Highest contract charge 1.90% Class B (d) $ 6.99 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 11.73 Highest contract charge 1.90% Class B (d) $ 11.30 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 12.10 Highest contract charge 1.90% Class B (d) $ 11.81 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 10.49 Highest contract charge 1.90% Class B (d) $ 10.39 All contract charges -- EQ/Van Kampen Emerging Markets Equity ------------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 12.25 Highest contract charge 1.90% Class B $ 10.43 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 28.86 Highest contract charge 1.90% Class B $ 24.92 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 20.43 Highest contract charge 1.90% Class B $ 17.89 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 14.98 Highest contract charge 1.90% Class B $ 13.30 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 11.34 Highest contract charge 1.90% Class B $ 10.21 All contract charges -- EQ/Van Kampen Mid Cap Growth ---------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 8.64 Highest contract charge 1.90% Class B (d) $ 8.20 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 16.48 Highest contract charge 1.90% Class B (d) $ 15.87 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 13.53 Highest contract charge 1.90% Class B (d) $ 13.21 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 12.44 Highest contract charge 1.90% Class B (d) $ 12.33 Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/UBS Growth and Income (Continued) ------------------------------------ 2005 -- -- -- 8.46% -- -- -- 6.94% 6,468 $ 35,639 1.24% -- 2004 -- -- -- 11.67% -- -- -- 11.38% 449 $ 2,306 3.51% -- EQ/Van Kampen Comstock ---------------------- 2008 -- -- -- (37.25)% -- -- -- (38.14)% 26,088 $ 185,024 1.98% -- 2007 -- -- -- (3.06)% -- -- -- (4.32)% 25,019 $ 285,776 1.63% -- 2006 -- -- -- 15.33% -- -- -- 13.71% 21,516 $ 255,976 3.07% -- 2005 -- -- -- 4.88% -- -- -- 3.90% 9,231 $ 96,174 2.07% -- EQ/Van Kampen Emerging Markets Equity ------------------------------------- 2008 -- -- -- (57.55)% -- -- -- (58.15)% 53,574 $ 696,118 0.15% -- 2007 -- -- -- 41.26% -- -- -- 39.30% 53,185 $1,627,247 -- -- 2006 -- -- -- 36.37% -- -- -- 34.46% 47,631 $1,034,450 0.45% -- 2005 -- -- -- 32.12% -- -- -- 30.27% 38,941 $ 606,208 0.63% -- 2004 -- -- -- 23.06% -- -- -- 21.33% 26,330 $ 296,336 0.74% -- EQ/Van Kampen Mid Cap Growth ---------------------------- 2008 -- -- -- (47.57)% -- -- -- (48.33)% 25,257 $ 210,339 -- -- 2007 -- -- -- 21.80% -- -- -- 20.14% 19,555 $ 313,835 0.33% -- 2006 -- -- -- 8.71% -- -- -- 7.19% 8,738 $ 116,309 0.47% -- 2005 -- -- -- 24.44% -- -- -- 23.28%
FSA-99 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Van Kampen Real Estate (k) (m) --------------------------------- Unit Value 1.20% to 1.70%* 2008 Lowest contract charge 1.20% Class B (m) $ 5.01 Highest contract charge 1.70% Class B (m) $ 4.97 All contract charges -- 2007 Lowest contract charge 1.20% Class B (m) $ 8.29 Highest contract charge 1.70% Class B (m) $ 8.27 All contract charges -- Multimanager Aggressive Equity ------------------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 41.97 Highest contract charge 1.90% Class B $ 30.32 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 79.11 Highest contract charge 1.90% Class B $ 57.97 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 71.38 Highest contract charge 1.90% Class B $ 53.06 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 68.25 Highest contract charge 1.90% Class B $ 51.46 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 63.39 Highest contract charge 1.90% Class B $ 48.47 All contract charges -- Multimanager Core Bond ---------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 12.94 Highest contract charge 1.90% Class B $ 11.72 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 12.69 Highest contract charge 1.90% Class B $ 11.66 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 12.01 Highest contract charge 1.90% Class B $ 11.19 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 11.63 Highest contract charge 1.90% Class B $ 10.99 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 11.49 Highest contract charge 1.90% Class B $ 11.01 All contract charges -- Multimanager Health Care ------------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 9.96 Highest contract charge 1.90% Class B $ 9.02 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 13.68 Highest contract charge 1.90% Class B $ 12.56 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 12.61 Highest contract charge 1.90% Class B $ 11.75 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 12.06 Highest contract charge 1.90% Class B $ 11.39 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Van Kampen Real Estate (k) (m) --------------------------------- 2008 -- -- -- (39.57)% -- -- -- (39.90)% 58,364 $290,993 2.49% -- 2007 -- -- -- (17.10)% -- -- -- (17.30)% 54,475 $451,152 1.00% -- Multimanager Aggressive Equity ------------------------------ 2008 -- -- -- (46.95)% -- -- -- (47.70)% 5,087 $ 67,727 0.36% -- 2007 -- -- -- 10.83% -- -- -- 9.25% 4,950 $134,774 -- -- 2006 -- -- -- 4.59% -- -- -- 3.12% 5,287 $139,296 -- -- 2005 -- -- -- 7.66% -- -- -- 6.15% 3,925 $127,148 -- -- 2004 -- -- -- 11.54% -- -- -- 9.97% 3,203 $119,925 -- -- Multimanager Core Bond ---------------------- 2008 -- -- -- 1.97% -- -- -- 0.51% 62,629 $734,371 4.89% -- 2007 -- -- -- 5.66% -- -- -- 4.20% 55,947 $653,841 4.09% -- 2006 -- -- -- 3.25% -- -- -- 1.80% 58,160 $651,206 4.11% -- 2005 -- -- -- 1.20% -- -- -- (0.18)% 57,425 $631,231 3.47% -- 2004 -- -- -- 3.37% -- -- -- 1.91% 55,151 $609,072 3.24% -- Multimanager Health Care ------------------------ 2008 -- -- -- (27.19)% -- -- -- (28.18)% 25,001 $241,324 -- -- 2007 -- -- -- 8.49% -- -- -- 6.89% 23,993 $320,884 -- -- 2006 -- -- -- 4.61% -- -- -- 3.14% 23,416 $290,818 1.05% -- 2005 -- -- -- 6.43% -- -- -- 4.93% 20,668 $246,216 2.61% --
FSA-100 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Outstanding Net Assets Investment Total Units value (000s) (000s) Income ratio** Return*** ------------- ------------------- ------------ ---------------- -------------- Multimanager Health Care (Continued) ------------------------------------ 2004 Lowest contract charge 0.50% Class B $ 11.33 -- -- -- 11.57% Highest contract charge 1.90% Class B $ 10.86 -- -- -- 10.00% All contract charges -- 17,556 $196,381 4.12% -- Multimanager High Yield ----------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 30.12 -- -- -- (23.90)% Highest contract charge 1.90% Class B $ 22.06 -- -- -- (24.94)% All contract charges -- 36,664 $531,727 8.68% -- 2007 Lowest contract charge 0.50% Class B $ 39.58 -- -- -- 2.62% Highest contract charge 1.90% Class B $ 29.39 -- -- -- 1.17% All contract charges -- 45,225 $879,446 7.17% -- 2006 Lowest contract charge 0.50% Class B $ 38.57 -- -- -- 9.38% Highest contract charge 1.90% Class B $ 29.05 -- -- -- 7.85% All contract charges -- 46,730 $935,762 6.95% -- 2005 Lowest contract charge 0.50% Class B $ 35.26 -- -- -- 2.55% Highest contract charge 1.90% Class B $ 26.94 -- -- -- 1.11% All contract charges -- 43,908 $877,332 7.68% -- 2004 Lowest contract charge 0.50% Class B $ 34.38 -- -- -- 8.13% Highest contract charge 1.90% Class B $ 26.64 -- -- -- 6.61% All contract charges -- 37,966 $860,727 6.76% -- Multimanager International Equity --------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 10.39 -- -- -- (47.47)% Highest contract charge 1.90% Class B $ 9.41 -- -- -- (48.21)% All contract charges -- 34,884 $355,985 1.57% -- 2007 Lowest contract charge 0.50% Class B $ 19.78 -- -- -- 11.88% Highest contract charge 1.90% Class B $ 18.17 -- -- -- 10.25% All contract charges -- 34,725 $680,288 0.73% -- 2006 Lowest contract charge 0.50% Class B $ 17.68 -- -- -- 24.69% Highest contract charge 1.90% Class B $ 16.48 -- -- -- 22.94% All contract charges -- 32,231 $568,482 2.23% -- 2005 Lowest contract charge 0.50% Class B $ 14.18 -- -- -- 14.87% Highest contract charge 1.90% Class B $ 13.40 -- -- -- 13.25% All contract charges -- 23,219 $328,766 4.06% -- 2004 Lowest contract charge 0.50% Class B $ 12.35 -- -- -- 17.32% Highest contract charge 1.90% Class B $ 11.83 -- -- -- 15.67% All contract charges -- 19,713 $242,452 2.40% -- Multimanager Large Cap Core Equity ---------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 8.09 -- -- -- (39.85)% Highest contract charge 1.90% Class B $ 7.33 -- -- -- (40.65)% All contract charges -- 12,279 $ 96,551 0.52% -- 2007 Lowest contract charge 0.50% Class B $ 13.45 -- -- -- 4.51% Highest contract charge 1.90% Class B $ 12.35 -- -- -- 3.00% All contract charges -- 13,471 $177,274 0.41% -- 2006 Lowest contract charge 0.50% Class B $ 12.87 -- -- -- 13.01% Highest contract charge 1.90% Class B $ 11.99 -- -- -- 11.43% All contract charges -- 13,690 $173,297 0.60% -- 2005 Lowest contract charge 0.50% Class B $ 11.39 -- -- -- 6.20% Highest contract charge 1.90% Class B $ 10.76 -- -- -- 4.71% All contract charges -- 13,468 $151,342 0.79% -- 2004 Lowest contract charge 0.50% Class B $ 10.72 -- -- -- 9.13% Highest contract charge 1.90% Class B $ 10.28 -- -- -- 7.59% All contract charges -- 12,820 $135,571 2.46% --
FSA-101 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Outstanding Net Assets Investment Total Units value (000s) (000s) Income ratio** Return*** ------------- ------------------- ------------ ---------------- -------------- Multimanager Large Cap Growth ----------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 6.05 -- -- -- (45.64)% Highest contract charge 1.90% Class B $ 5.48 -- -- -- (46.43)% All contract charges -- 27,165 $166,651 -- -- 2007 Lowest contract charge 0.50% Class B $ 11.13 -- -- -- 10.64% Highest contract charge 1.90% Class B $ 10.23 -- -- -- 9.18% All contract charges -- 28,454 $322,415 -- -- 2006 Lowest contract charge 0.50% Class B $ 10.06 -- -- -- (0.39)% Highest contract charge 1.90% Class B $ 9.37 -- -- -- (1.79)% All contract charges -- 30,036 $306,984 -- -- 2005 Lowest contract charge 0.50% Class B $ 10.10 -- -- -- 6.95% Highest contract charge 1.90% Class B $ 9.54 -- -- -- 5.45% All contract charges -- 28,903 $295,667 -- -- 2004 Lowest contract charge 0.50% Class B $ 9.44 -- -- -- 6.13% Highest contract charge 1.90% Class B $ 9.05 -- -- -- 4.64% All contract charges -- 29,040 $275,157 -- -- Multimanager Large Cap Value ---------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 9.62 -- -- -- (37.73)% Highest contract charge 1.90% Class B $ 8.71 -- -- -- (38.62)% All contract charges -- 37,613 $353,373 1.40% -- 2007 Lowest contract charge 0.50% Class B $ 15.45 -- -- -- 3.07% Highest contract charge 1.90% Class B $ 14.19 -- -- -- 1.65% All contract charges -- 38,402 $583,473 1.08% -- 2006 Lowest contract charge 0.50% Class B $ 14.99 -- -- -- 18.73% Highest contract charge 1.90% Class B $ 13.96 -- -- -- 17.06% All contract charges -- 39,025 $577,966 2.82% -- 2005 Lowest contract charge 0.50% Class B $ 12.62 -- -- -- 6.56% Highest contract charge 1.90% Class B $ 11.93 -- -- -- 5.07% All contract charges -- 35,233 $440,121 3.02% -- 2004 Lowest contract charge 0.50% Class B $ 11.84 -- -- -- 13.85% Highest contract charge 1.90% Class B $ 11.35 -- -- -- 12.25% All contract charges -- 29,242 $342,105 6.81% -- Multimanager Mid Cap Growth --------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 7.13 -- -- -- (43.86)% Highest contract charge 1.90% Class B $ 6.46 -- -- -- (44.64)% All contract charges -- 29,642 $216,713 -- -- 2007 Lowest contract charge 0.50% Class B $ 12.70 -- -- -- 11.31% Highest contract charge 1.90% Class B $ 11.67 -- -- -- 9.78% All contract charges -- 31,721 $414,209 -- -- 2006 Lowest contract charge 0.50% Class B $ 11.41 -- -- -- 9.07% Highest contract charge 1.90% Class B $ 10.63 -- -- -- 7.54% All contract charges -- 35,038 $410,676 0.51% -- 2005 Lowest contract charge 0.50% Class B $ 10.46 -- -- -- 7.84% Highest contract charge 1.90% Class B $ 9.88 -- -- -- 6.33% All contract charges -- 35,078 $374,043 1.58% -- 2004 Lowest contract charge 0.50% Class B $ 9.70 -- -- -- 11.17% Highest contract charge 1.90% Class B $ 9.30 -- -- -- 9.61% All contract charges -- 35,482 $346,528 1.55% --
FSA-102 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- Multimanager Mid Cap Value -------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 9.22 Highest contract charge 1.90% Class B $ 8.35 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 14.47 Highest contract charge 1.90% Class B $ 13.29 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 14.53 Highest contract charge 1.90% Class B $ 13.54 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 12.73 Highest contract charge 1.90% Class B $ 12.03 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 11.92 Highest contract charge 1.90% Class B $ 11.42 All contract charges -- Multimanager Small Cap Growth (j) --------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (c) $ 5.60 Highest contract charge 1.90% Class B (c) $ 4.85 All contract charges -- 2007 Lowest contract charge 0.50% Class B (c) $ 9.72 Highest contract charge 1.90% Class B (c) $ 8.55 All contract charges -- 2006 Lowest contract charge 0.50% Class B (c) $ 9.42 Highest contract charge 1.90% Class B (c) $ 8.40 All contract charges -- 2005 Lowest contract charge 0.50% Class B (c) $ 8.59 Highest contract charge 1.90% Class B (c) $ 7.77 All contract charges -- 2004 Lowest contract charge 0.50% Class B (c) $ 8.04 Highest contract charge 1.90% Class B (c) $ 7.37 All contract charges -- Multimanager Small Cap Value ---------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 11.78 Highest contract charge 1.90% Class B $ 10.08 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 19.06 Highest contract charge 1.90% Class B $ 16.54 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 21.25 Highest contract charge 1.90% Class B $ 18.70 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 18.39 Highest contract charge 1.90% Class B $ 16.42 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 17.65 Highest contract charge 1.90% Class B $ 15.99 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- Multimanager Mid Cap Value -------------------------- 2008 -- -- -- (36.28)% -- -- -- (37.17)% 26,245 $234,379 0.46% -- 2007 -- -- -- (0.41)% -- -- -- (1.85)% 27,826 $392,988 -- -- 2006 -- -- -- 14.16% -- -- -- 12.56% 30,733 $438,437 1.72% -- 2005 -- -- -- 6.81% -- -- -- 5.31% 29,548 $370,654 6.98% -- 2004 -- -- -- 14.61% -- -- -- 13.00% 30,025 $353,096 4.10% -- Multimanager Small Cap Growth (j) --------------------------------- 2008 -- -- -- (42.39)% -- -- -- (43.27)% 28,780 $135,528 -- -- 2007 -- -- -- 3.18% -- -- -- 1.79% 28,681 $242,159 -- -- 2006 -- -- -- 9.66% -- -- -- 8.12% 17,157 $147,393 1.40% -- 2005 -- -- -- 6.95% -- -- -- 5.45% 9,010 $ 72,375 3.58% -- 2004 -- -- -- 14.09% -- -- -- 13.79% 388 $ 2,939 -- -- Multimanager Small Cap Value ---------------------------- 2008 -- -- -- (38.20)% -- -- -- (39.06)% 39,759 $368,923 0.24% -- 2007 -- -- -- (10.31)% -- -- -- (11.55)% 47,546 $723,958 0.29% -- 2006 -- -- -- 15.53% -- -- -- 13.91% 57,348 $992,117 5.49% -- 2005 -- -- -- 4.16% -- -- -- 2.70% 56,358 $874,837 4.46% -- 2004 -- -- -- 16.52% -- -- -- 14.88% 52,025 $811,982 6.15% --
FSA-103 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Concluded) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Outstanding Net Assets Investment Total Units value (000s) (000s) Income ratio** Return*** ------------- ------------------- ------------ ---------------- -------------- Multimanager Technology (b) --------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 6.85 -- -- -- (47.35)% Highest contract charge 1.90% Class B $ 6.20 -- -- -- (48.12)% All contract charges -- 27,756 $192,697 -- -- 2007 Lowest contract charge 0.50% Class B $ 13.01 -- -- -- 17.63% Highest contract charge 1.90% Class B $ 11.95 -- -- -- 15.91% All contract charges -- 28,291 $373,990 -- -- 2006 Lowest contract charge 0.50% Class B $ 11.06 -- -- -- 6.76% Highest contract charge 1.90% Class B $ 10.31 -- -- -- 5.26% All contract charges -- 24,173 $271,064 -- -- 2005 Lowest contract charge 0.50% Class B $ 10.36 -- -- -- 10.71% Highest contract charge 1.90% Class B $ 9.79 -- -- -- 9.16% All contract charges -- 24,317 $253,676 -- -- 2004 Lowest contract charge 0.50% Class B $ 9.36 -- -- -- 4.46% Highest contract charge 1.90% Class B $ 8.97 -- -- -- 2.99% All contract charges -- 24,512 $228,436 0.93% --
---------- (a) Units were made available for sale on February 13, 2004. (b) A substitution of Multimanager Technology for EQ/Technology occurred on May 14, 2004. (c) Units were made available for sale on October 25, 2004. (d) Units were made available for sale on May 9, 2005. (e) Units were made available for sale on October 17, 2005. (f) Units were made available for sale on September 18, 2006. (g) A substitution of EQ/AXA Rosenberg Long/Short Equity for Laudus Rosenberg VIT Long/Short Equity occurred on November 17, 2006. (h) A substitution of EQ/Capital Guardian Research was made for EQ/Capital Guardian U.S. Equity on July 6, 2007. (i) A substitution of EQ/T. Rowe Price Growth Stock was made for EQ/Janus Large Cap Growth on July 6, 2007. (j) A substitution of Multimanager Small Cap Growth was made for EQ/Wells Fargo Montgomery Small Cap on July 6, 2007. (k) A substitution of EQ/Van Kampen Real Estate was made for U.S. Real Estate on August 17, 2007. (l) A substitution of EQ/Large Cap Value PLUS was made for EQ/AllianceBernstein Growth and Income on August 17, 2007. (m) Units were made available for sale on August 17, 2007. (n) Units were made available for sale on May 29, 2007. * Expenses as a percentage of average net assets (0.00%, 0.50%, 1.20%, 1.70%, and 1.90% annualized) consisting primarily of mortality and expense charges, for each period indicated. The ratios included only those expenses that result in direct reduction to unit values. Charges made directly to contract owner account through the redemption of units and expenses of the underlying fund have been excluded. The summary may not reflect the minimum and maximum contract charges offered by the Company as contractowners may not have selected all available and applicable contract options. ** The investment income ratio represents the dividends, excluding distributions of capital gains, received by the Account from the underlying mutual fund, net of mutual fund fees and expenses, divided by the average net assets. These ratios exclude those expenses, such as asset-based charges, that result in direct reductions in the unit values. The recognition of investment income by the Account is affected by the timing of the declaration of dividends by the underlying fund in which the Account invests. *** These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for each period indicated from the effective date through the end of the reporting period. FSA-104 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AXA EQUITABLE LIFE INSURANCE COMPANY Report of Independent Registered Public Accounting Firm.................. F-1 Consolidated Financial Statements: Consolidated Balance Sheets, December 31, 2008 and 2007................ F-2 Consolidated Statements of Earnings, Years Ended December 31, 2008, 2007 and 2006........................................................ F-3 Consolidated Statements of Shareholder's Equity and Comprehensive Income, Years Ended December 31, 2008, 2007 and 2006................. F-4 Consolidated Statements of Cash Flows, Years Ended December 31, 2008, 2007 and 2006........................................................ F-5 Notes to Consolidated Financial Statements............................. F-7 FS-1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholder of AXA Equitable Life Insurance Company In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of earnings, of shareholder's equity and comprehensive income and of cash flows present fairly, in all material respects, the financial position of AXA Equitable Life Insurance Company and its subsidiaries ("AXA Equitable") at December 31, 2008 and 2007, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2008 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of AXA Equitable's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As discussed in Note 2 of the Notes to Consolidated Financial Statements, AXA Equitable adopted a framework for measuring fair value on January 1, 2008. Also, AXA Equitable changed its method of accounting for uncertainty in income taxes on January 1, 2007 and for defined benefit pension and other postretirement plans on December 31, 2006. /s/ PricewaterhouseCoopers LLP New York, New York March 13, 2009 F-1 AXA EQUITABLE LIFE INSURANCE COMPANY CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2008 AND 2007
2008 2007 ----------------- ----------------- (IN MILLIONS) ASSETS Investments: Fixed maturities available for sale, at estimated fair value............. $ 23,831.0 $ 27,159.5 Mortgage loans on real estate............................................ 3,673.9 3,730.6 Equity real estate, held for the production of income.................... 370.3 381.7 Policy loans............................................................. 3,700.3 3,938.8 Other equity investments................................................. 1,646.8 1,820.3 Trading securities...................................................... 322.7 573.3 Other invested assets.................................................... 1,501.4 1,000.9 ----------------- ----------------- Total investments...................................................... 35,046.4 38,605.1 Cash and cash equivalents................................................... 2,403.9 1,173.2 Cash and securities segregated, at estimated fair value..................... 2,572.6 2,370.0 Broker-dealer related receivables........................................... 1,020.4 1,623.5 Deferred policy acquisition costs........................................... 7,482.0 9,019.3 Goodwill and other intangible assets, net................................... 3,702.4 3,724.6 Amounts due from reinsurers................................................. 2,897.2 2,890.6 Loans to affiliates......................................................... 588.3 638.3 Other assets................................................................ 12,926.0 3,341.8 Separate Accounts' assets................................................... 67,627.0 96,539.6 ----------------- ----------------- TOTAL ASSETS................................................................ $ 136,266.2 $ 159,926.0 ================= ================= LIABILITIES Policyholders' account balances............................................. $ 24,742.5 $ 25,168.2 Future policy benefits and other policyholders liabilities.................. 17,733.1 14,304.7 Broker-dealer related payables.............................................. 485.5 595.1 Customers related payables.................................................. 2,753.1 2,722.2 Amounts due to reinsurers................................................... 64.2 1,119.5 Short-term and long-term debt............................................... 484.6 982.0 Loans from affiliates....................................................... 1,325.0 325.0 Income taxes payable........................................................ 3,813.2 3,398.9 Other liabilities........................................................... 2,842.5 1,963.2 Separate Accounts' liabilities.............................................. 67,627.0 96,539.6 Minority interest in equity of consolidated subsidiaries.................... 2,896.9 2,478.9 Minority interest subject to redemption rights.............................. 135.0 142.7 ----------------- ----------------- Total liabilities...................................................... 124,902.6 149,740.0 ----------------- ----------------- Commitments and contingent liabilities (Notes 2, 7, 10, 11, 12, 13, 18 and 19) SHAREHOLDER'S EQUITY Common stock, $1.25 par value, 2.0 million shares authorized, issued and outstanding................................................... 2.5 2.5 Capital in excess of par value.............................................. 5,184.1 5,265.4 Retained earnings........................................................... 8,412.6 5,186.0 Accumulated other comprehensive loss........................................ (2,235.6) (267.9) ----------------- ----------------- Total shareholder's equity............................................. 11,363.6 10,186.0 ----------------- ----------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY.................................. $ 136,266.2 $ 159,926.0 ================= =================
See Notes to Consolidated Financial Statements. F-2 AXA EQUITABLE LIFE INSURANCE COMPANY CONSOLIDATED STATEMENTS OF EARNINGS YEARS ENDED DECEMBER 31, 2008, 2007 AND 2006
2008 2007 2006 ----------------- ----------------- ----------------- (IN MILLIONS) REVENUES Universal life and investment-type product policy fee income........................................... $ 2,951.7 $ 2,741.7 $ 2,252.7 Premiums...................................................... 758.6 804.9 817.8 Net investment income......................................... 9,093.7 2,688.4 2,389.2 Investment (losses) gains, net................................ (338.5) (7.2) 46.9 Commissions, fees and other income............................ 6,115.8 5,180.6 4,373.0 ----------------- ----------------- ----------------- Total revenues.......................................... 18,581.3 11,408.4 9,879.6 ----------------- ----------------- ----------------- BENEFITS AND OTHER DEDUCTIONS Policyholders' benefits....................................... 4,702.6 1,998.5 1,960.5 Interest credited to policyholders' account balances.......... 1,065.3 1,065.2 1,082.5 Compensation and benefits..................................... 1,989.1 2,453.2 2,090.4 Commissions................................................... 1,437.1 1,744.2 1,394.4 Distribution plan payments.................................... 274.4 335.1 292.9 Amortization of deferred sales commissions.................... 79.1 95.5 100.4 Interest expense.............................................. 58.5 72.0 70.4 Amortization of deferred policy acquisition costs............. 3,484.7 1,099.2 689.3 Capitalization of deferred policy acquisition costs........... (1,394.1) (1,719.3) (1,363.4) Rent expense.................................................. 246.6 224.3 204.1 Amortization of other intangible assets....................... 23.7 23.2 23.6 Other operating costs and expenses............................ 1,196.0 1,317.9 1,254.2 ----------------- ----------------- ----------------- Total benefits and other deductions..................... 13,163.0 8,709.0 7,799.3 ----------------- ----------------- ----------------- Earnings from continuing operations before income taxes and minority interest.......................... 5,418.3 2,699.4 2,080.3 Income taxes.................................................. (1,701.9) (759.8) (424.5) Minority interest in net income of consolidated subsidiaries.. (470.0) (702.9) (608.3) ----------------- ----------------- ----------------- Earnings from continuing operations........................... 3,246.4 1,236.7 1,047.5 (Losses) earnings from discontinued operations, net of income taxes........................................ (26.1) (5.9) 31.2 Gains (losses) on disposal of discontinued operations, net of income taxes........................................ 6.3 2.8 (1.9) ----------------- ----------------- ----------------- NET EARNINGS.................................................. $ 3,226.6 $ 1,233.6 $ 1,076.8 ================= ================= =================
See Notes to Consolidated Financial Statements. F-3 AXA EQUITABLE LIFE INSURANCE COMPANY CONSOLIDATED STATEMENTS OF SHAREHOLDER'S EQUITY AND COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2008, 2007 AND 2006
2008 2007 2006 ----------------- ---------------- ---------------- (IN MILLIONS) SHAREHOLDER'S EQUITY Common stock, at par value, beginning and end of year............. $ 2.5 $ 2.5 $ 2.5 ----------------- ---------------- ---------------- Capital in excess of par value, beginning of year................. 5,265.4 5,139.6 4,976.3 Changes in capital in excess of par value......................... (81.3) 125.8 163.3 ----------------- ---------------- ---------------- Capital in excess of par value, end of year....................... 5,184.1 5,265.4 5,139.6 ----------------- ---------------- ---------------- Retained earnings, beginning of year.............................. 5,186.0 4,507.6 4,030.8 Cumulative effect adjustment to adopt FIN 48...................... - 44.8 - ----------------- ---------------- ---------------- Retained earnings, beginning of year as adjusted.................. 5,186.0 4,552.4 4,030.8 Net earnings...................................................... 3,226.6 1,233.6 1,076.8 Dividends on common stock......................................... - (600.0) (600.0) ----------------- ---------------- ---------------- Retained earnings, end of year.................................... 8,412.6 5,186.0 4,507.6 ----------------- ---------------- ---------------- Accumulated other comprehensive (loss) income, beginning of year.............................................. (267.9) (167.3) 432.3 Other comprehensive loss ......................................... (1,967.7) (100.6) (150.1) Adjustment to initially apply SFAS No.158, net of income taxes ... - - (449.5) ----------------- ---------------- ---------------- Accumulated other comprehensive loss, end of year................. (2,235.6) (267.9) (167.3) ----------------- ---------------- ---------------- TOTAL SHAREHOLDER'S EQUITY, END OF YEAR........................... $ 11,363.6 $ 10,186.0 $ 9,482.4 ================= ================ ================
2008 2007 2006 ----------------- ---------------- ---------------- (IN MILLIONS) COMPREHENSIVE INCOME Net earnings.................................................... $ 3,226.6 $ 1,233.6 $ 1,076.8 ----------------- ---------------- ---------------- Change in unrealized losses, net of reclassification adjustment.................................. (1,374.4) (178.6) (150.1) Defined benefit plans: Net (loss) gain arising during year.......................... (620.4) 38.8 - Prior service cost arising during year....................... - 1.7 - Less: reclassification adjustment for: Amortization of net losses included in net periodic cost... 30.8 41.2 - Amortization of net prior service credit included in net periodic cost............................ (3.7) (3.6) - Amortization of net transition asset....................... - (.1) - ----------------- ---------------- ---------------- Other comprehensive income - defined benefit plans......... (593.3) 78.0 - ----------------- ---------------- ---------------- Other comprehensive loss........................................ (1,967.7) (100.6) (150.1) ----------------- ---------------- ---------------- COMPREHENSIVE INCOME............................................ $ 1,258.9 $ 1,133.0 $ 926.7 ================= ================ ================
See Notes to Consolidated Financial Statements. F-4 AXA EQUITABLE LIFE INSURANCE COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2008, 2007 AND 2006
2008 2007 2006 ----------------- ----------------- ----------------- (IN MILLIONS) Net earnings.................................................. $ 3,226.6 $ 1,233.6 $ 1,076.8 Adjustments to reconcile net earnings to net cash provided by operating activities: Interest credited to policyholders' account balances........ 1,065.3 1,065.2 1,082.5 Universal life and investment-type product policy fee income........................................ (2,951.7) (2,741.7) (2,252.7) Net change in broker-dealer and customer related receivables/payables..................................... 618.9 98.5 117.2 Net investment income related to derivative instruments..... (7,302.1) (86.6) 302.4 Change in reinsurance recoverable with affiliate............ (6,351.5) - - Investment losses (gains), net.............................. 338.5 7.2 (46.9) Change in segregated cash and securities, net............... (202.6) (360.3) (245.0) Change in deferred policy acquisition costs................. 2,090.6 (620.1) (674.1) Change in future policy benefits............................ 2,398.0 95.4 52.7 Change in income taxes payable.............................. 1,135.0 532.9 425.9 Minority interest in net income of consolidated subsidiaries 470.0 686.3 599.9 Change in fair value of guaranteed minimum income benefit reinsurance contracts............................ (1,566.8) (6.9) 14.8 Amortization of deferred sales commissions.................. 79.1 95.5 100.4 Other depreciation and amortization......................... 140.4 133.8 144.9 Amortization of other intangible assets, net................ 23.7 23.2 23.6 (Gains) losses on disposal of discontinued operations....... (6.3) (2.8) 1.9 Change in accounts payable and accrued expenses............. (187.7) 102.6 85.5 Other, net.................................................. 75.3 81.6 61.1 ----------------- ----------------- ----------------- Net cash (used in) provided by operating activities........... (6,907.3) 337.4 870.9 ----------------- ----------------- ----------------- Cash flows from investing activities: Maturities and repayments of fixed maturities and mortgage loans....................................... 1,727.5 2,143.1 2,962.2 Sales of investments........................................ 796.2 2,356.5 1,536.9 Sale of AXA Equitable Life and Annuity...................... 60.8 - - Purchases of investments.................................... (2,106.8) (3,525.3) (4,262.3) Cash settlements related to derivative instruments.......... 5,337.0 (98.3) - Change in short-term investments............................ 29.3 107.0 65.6 Decrease in loans to affiliates............................. - 400.0 - Increase in loans to affiliates............................. - (650.0) - Change in capitalized software, leasehold improvements and EDP equipment ....................................... (163.1) (205.0) (146.1) Other, net.................................................. 155.9 (91.2) (390.4) ----------------- ----------------- ----------------- Net cash provided by (used in) investing activities........... 5,836.8 436.8 (234.1) ----------------- ----------------- -----------------
F-5 AXA EQUITABLE LIFE INSURANCE COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2008, 2007 AND 2006 CONTINUED
2008 2007 2006 ----------------- ----------------- ----------------- (IN MILLIONS) Cash flows from financing activities: Policyholders' account balances: Deposits.................................................. $ 4,384.5 $ 4,102.1 $ 3,865.2 Withdrawals from and transfers to Separate Accounts....... (2,602.8) (3,831.7) (3,569.1) Change in short-term financings............................. (497.8) 199.0 327.7 Repayments of long-term debt ............................... - - (400.0) Increase in collateralized pledged liabilities.............. 568.7 - - Proceeds from loans from affiliates......................... 1,000.0 - - Shareholder dividends paid.................................. - (600.0) (600.0) Other, net.................................................. (551.4) (592.6) (206.5) ----------------- ----------------- ----------------- Net cash provided by (used in) financing activities........... 2,301.2 (723.2) (582.7) ----------------- ----------------- ----------------- Change in cash and cash equivalents........................... 1,230.7 51.0 54.1 Cash and cash equivalents, beginning of year.................. 1,173.2 1,122.2 1,068.1 ----------------- ----------------- ----------------- Cash and Cash Equivalents, End of Year........................ $ 2,403.9 $ 1,173.2 $ 1,122.2 ================= ================= ================= Supplemental cash flow information: Interest Paid............................................... $ 34.4 $ 52.6 $ 59.9 ================= ================= ================= Income Taxes Paid (Refunded)................................ $ 257.3 $ 178.1 $ (40.8) ================= ================= =================
See Notes to Consolidated Financial Statements. F-6 AXA EQUITABLE LIFE INSURANCE COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1) ORGANIZATION AXA Equitable Life Insurance Company ("AXA Equitable," and collectively with its consolidated subsidiaries the "Company") is an indirect, wholly owned subsidiary of AXA Financial, Inc. ("AXA Financial," and collectively with its consolidated subsidiaries, "AXA Financial Group"). AXA Financial is a wholly owned subsidiary of AXA, a French holding company for an international group of insurance and related financial services companies. The Company conducts operations in two business segments: the Insurance and Investment Management segments. The Company's management evaluates the performance of each of these segments independently and allocates resources based on current and future requirements of each segment. Insurance --------- The Insurance segment offers a variety of traditional, variable and interest-sensitive life insurance products, variable and fixed-interest annuity products, mutual funds and other investment products and asset management principally to individuals and small and medium size businesses and professional and trade associations. This segment includes Separate Accounts for individual insurance and annuity products. The Company's insurance business is conducted principally by AXA Equitable and, until August 1, 2008, its wholly owned life insurance subsidiary, AXA Equitable Life and Annuity Company ("AXA Life"), formerly AXA Life and Annuity Company. On August 1, 2008 AXA Equitable sold AXA Life to AXA Equitable Financial Services, LLC, a wholly-owned subsidiary of AXA Financial, for $60.8 million in cash, which approximated AXA Equitable's investment in AXA Life. Investment Management --------------------- The Investment Management segment is principally comprised of the investment management business of AllianceBernstein L.P., a Delaware limited partnership (together with its consolidated subsidiaries "AllianceBernstein"). AllianceBernstein provides research, diversified investment management and related services globally to a broad range of clients. Its principal services include: (a) institutional investment services, servicing institutional clients including unaffiliated corporate and public employee pension funds, endowment funds, domestic and foreign institutions and governments, by means of separately managed accounts, sub-advisory relationships, structured products, collective investments trusts, mutual funds and other investment vehicles, (b) retail services, servicing individual clients, primarily by means of retail mutual funds sponsored by AllianceBernstein or an affiliated company, sub-advisory relationships in respect of mutual funds sponsored by third parties, separately managed account programs sponsored by financial intermediaries worldwide, and other investment vehicles, (c) private client services, including high-net-worth individuals, trusts and estates, charitable foundations, partnerships, private and family corporations and other entities, by means of separately managed accounts, hedge funds, mutual funds, and other investment vehicles, and (d) institutional research services by means of independent, fundamental research, portfolio strategy and brokerage-related services. Principal subsidiaries of AllianceBernstein include: SCB Inc., formerly known as Sanford C. Bernstein, Inc. ("Bernstein"), Sanford C. Bernstein & Co. LLC ("SCB LLC"), Sanford C. Bernstein Limited ("SCBL") and SCB Partners, Inc. ("SCB Partners"). This segment includes institutional Separate Accounts principally managed by AllianceBernstein that provide various investment options for large group pension clients, primarily defined benefit and contribution plans, through pooled or single group accounts. AllianceBernstein is a private partnership for Federal income tax purposes and, accordingly, is not subject to Federal and state corporate income taxes. However, AllianceBernstein is subject to a 4.0% New York City unincorporated business tax ("UBT"). Domestic corporate subsidiaries of AllianceBernstein are subject to Federal, state and local income taxes. Foreign corporate subsidiaries are generally subject to taxes in the foreign jurisdictions where they are located. The Company provides Federal and state income taxes on the undistributed earnings of non-U.S. corporate subsidiaries except to the extent that such earnings are permanently invested outside the United States. F-7 In October 2000, AllianceBernstein acquired substantially all of the assets and liabilities of SCB Inc (the "Bernstein Acquisition"). Following a two-year lockout period that ended October 2002, the former Bernstein shareholders were permitted to exercise the right to sell private units in AllianceBernstein L.P. (the "AllianceBernstein Units") that were acquired in the Bernstein Acquisition to AXA Financial or an affiliated company (the "AB Put"). In February 2007, AXA Financial purchased a tranche of 8.16 million AllianceBernstein Units pursuant to an exercise of the AB Put at a purchase price of approximately $745.7 million and recorded additional goodwill of $392.8 million and other intangible assets of $209.5 million. After this purchase, AXA Financial Group's beneficial ownership in AllianceBernstein increased by approximately 3.0% to 63.3%. Through December 31, 2008, the Company acquired 32.7 million AllianceBernstein Units pursuant to the AB Put at the aggregate market price of $1,631.1 million and recorded additional goodwill of $733.8 million and other intangible assets of $251.7 million. At December 31, 2008 and 2007, the Company's consolidated economic interest in AllianceBernstein was 37.4% and 45.5%, respectively. At December 31, 2008 and 2007, AXA Financial Group's beneficial ownership in AllianceBernstein was approximately 62.4% and 63.2%, respectively. Minority interest subject to redemption rights on the consolidated balance sheets represents the remaining private AllianceBernstein Units still held by former Bernstein shareholders. On January 6, 2009, AXA America Holdings Inc. ("AXA America"), an indirect wholly owned subsidiary of AXA, purchased the remaining 8.16 million AllianceBernstein Units from SCB Partners at a price of $18.349 per Unit pursuant to the final installment of the AB Put. 2) SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation ----------------------------------------------------- The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions (including normal, recurring accruals) that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. The accompanying consolidated financial statements reflect all adjustments necessary in the opinion of management to present fairly the consolidated financial position of the Company and its consolidated results of operations and cash flows for the periods presented. The accompanying consolidated financial statements include the accounts of AXA Equitable and its subsidiary engaged in insurance related businesses (collectively, the "Insurance Group"); other subsidiaries, principally AllianceBernstein; and those investment companies, partnerships and joint ventures in which AXA Equitable or its subsidiaries has control and a majority economic interest as well as those variable interest entities ("VIEs") that meet the requirements for consolidation. At December 31, 2008 and 2007, respectively, the Insurance Group's General Account held $1.8 million and $5.7 million of investment assets issued by VIEs and determined to be significant variable interests under Financial Accounting Standards Board ("FASB") Interpretation ("FIN") 46(R), "Consolidation of Variable Interest Entities - Revised". At December 31, 2008 and 2007, respectively, as reported in the consolidated balance sheet, these investments included $0.8 million and $4.7 million of fixed maturities (collateralized debt and loan obligations) and $1.0 million and $1.0 million of other equity investments (principally investment limited partnership interests) and are subject to ongoing review for impairment in value. These VIEs do not require consolidation because management has determined that the Insurance Group is not the primary beneficiary. These variable interests at December 31, 2008 represent the Insurance Group's maximum exposure to loss from its direct involvement with the VIEs. The Insurance Group has no further economic interest in these VIEs in the form of related guarantees, commitments, derivatives, credit enhancements or similar instruments and obligations. Management of AllianceBernstein reviews quarterly its investment management agreements and its investments in, and other financial arrangements with, certain entities that hold client assets under management ("AUM") to determine the entities that AllianceBernstein is required to consolidate under FIN 46(R). These include certain mutual fund products, hedge funds, structured products, group trusts, collective investment trusts and limited partnerships. F-8 AllianceBernstein earned investment management fees on client AUM of these entities but derived no other benefit from those assets and cannot utilize those assets in its operations. At December 31, 2008, AllianceBernstein had significant variable interests in certain other structured products and hedge funds with approximately $61.0 million in client assets under management. However, these VIEs do not require consolidation because management has determined that AllianceBernstein is not the primary beneficiary of the expected losses or expected residual returns of these entities. AllianceBernstein's maximum exposure to loss in these entities is limited to its investments of $0.1 million in and prospective investment management fees earned from these entities. All significant intercompany transactions and balances have been eliminated in consolidation. The years "2008," "2007" and "2006" refer to the years ended December 31, 2008, 2007 and 2006, respectively. Certain reclassifications have been made in the amounts presented for prior periods to conform those periods to the current presentation. Accounting Changes ------------------ On January 12, 2009, the FASB issued FASB Staff Position ("FSP") Emerging Issues Task Force ("EITF") 99-20-1, "Amendments to the Impairment Guidance of EITF Issue No. 99-20", amending EITF Issue No. 99-20, "Recognition of Interest Income and Impairment of Purchased Beneficial Interests and Beneficial Interests That Continue to be Held by a Transferor in Securitized Financial Assets". The FSP broadens the other-than-temporary impairment assessment for interests in securitized financial assets within the scope of EITF 99-20 to conform to the model applicable to all other debt securities by permitting reasonable management judgment of the probability to collect all projected cash flows. FSP EITF 99-20-1 is effective prospectively for interim and annual reporting periods ending after December 15, 2008 and application to prior periods is not permitted. At December 31, 2008, debt securities with amortized cost and fair values of approximately $1,616.8 million and $1,156.3 million comprised the population subject to this amendment. Adoption of the FSP did not have an impact on the Company's consolidated results of operations or financial position. Effective January 1, 2008, Statement of Financial Accounting Standards ("SFAS") No. 159, "The Fair Value Option for Financial Assets and Financial Liabilities including an amendment of FASB Statement No. 115," permits entities to choose to measure many financial instruments and certain other items at fair value. The objective is to improve financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. Management has elected not to adopt the fair value option as permitted by SFAS No. 159. Effective January 1, 2008, the Company adopted SFAS No. 157, "Fair Value Measurements". SFAS No. 157 establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements. It applies only to fair value measurements that are already required or permitted by other accounting standards, except for measurements of share-based payments and measurements that are similar to, but not intended to be, fair value. Fair value is defined under SFAS No. 157 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company's adoption of SFAS No. 157 at January 1, 2008 required only a remeasurement of the fair value of the Guaranteed Minimum Income Benefit ("GMIB") reinsurance asset, resulting in an increase in net income of $68.8 million, related to an increase in the fair value of the GMIB reinsurance asset of $210.6 million, offset by increased DAC amortization of $104.7 million and increased Federal income taxes of $37.1 million. The increase in the GMIB reinsurance asset's fair value under SFAS No. 157 was due primarily to updates to the capital markets assumptions and risk margins, reflective of market participant assumptions required by the exit value model of SFAS No. 157. On February 12, 2008, the FASB issued FSP SFAS No. 157-2, which deferred the effective date of SFAS No. 157 for one year for all non-financial assets and non-financial liabilities, including goodwill and other intangible assets, except for those items that are recognized or disclosed at fair value on a recurring basis (at least annually). This deferral delays until December 31, 2009 the application of SFAS No. 157 to the Company's annual impairment testing of goodwill and other intangible assets but would require adoption in an earlier interim period in 2009 if circumstances would be indicative of an impairment event. Management F-9 does not anticipate adoption of this FSP to have significant impact on the methodologies used to measure fair value for these impairment assessments. On October 10, 2008, the FASB issued FSP SFAS No. 157-3, "Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active," which clarifies the application of SFAS No. 157 in a market that is not active and provides an example to illustrate key considerations in determining the fair value of a financial asset when the market for that financial asset is not active. FSP SFAS No. 157-3 was effective upon issuance, including prior periods for which financial statements have not been issued. Significant liquidity constraints that emerged in fourth quarter 2008 in the market for commercial mortgage-backed securities ("CMBS") resulted in the Company's adoption of this clarification for purpose of measuring the fair value of its CMBS portfolio at December 31, 2008. As a result, management concluded that an adjusted discounted cash flow methodology that maximizes the use of relevant observable inputs would produce a more representative measure of the fair value of CMBS at December 31, 2008 as compared to matrix pricing and broker quotes used at prior measurement dates and that now would require significant adjustments. The determination of fair value also considered the very limited, yet observable, CMBS transactions that occurred in fourth quarter 2008. At December 31, 2008, the fair value of the Company's CMBS portfolio was $1,674.7 million. Effective January 1, 2008, the Company adopted SFAS No. 141(R), "Business Combinations (revised 2007)" to be applied prospectively for all future acquisitions. While retaining the requirement of SFAS No. 141, "Business Combinations," to use purchase accounting for all business combinations, SFAS No. 141(R)'s new rules include the following: o The acquirer will recognize 100% of the fair values of acquired assets and assumed liabilities (with few exceptions) upon initially obtaining control even if it has not acquired 100% of the target company, o Contingent considerations will be included in the purchase price consideration on a fair value basis while transaction costs will be expensed as incurred, and o The requirements in SFAS No. 146, "Accounting for Costs Associated with Exit or Disposal Activities," must be met at the acquisition date in order to accrue for a restructuring plan. In June 2007, the American Institute of Certified Public Accountants ("AICPA") issued Statement of Position ("SOP") 07-1, "Clarification of the Scope of the Audit and Accounting Guide Investment Companies and Accounting by Parent Companies and Equity Method Investors for Investments in Investment Companies". The SOP provides guidance for determining whether an entity is within the scope of the AICPA Audit and Accounting Guide for Investment Companies (the "Guide"). The SOP addresses whether the specialized industry accounting principles of the Guide should be retained by a parent company in consolidation or by an investor that has the ability to exercise significant influence over the investment company and applies the equity method of accounting to its investment in the entity. SOP 07-1 was to have been effective for fiscal years beginning after December 15, 2007. On February 12, 2008, the FASB issued FSP SOP 07-1-1 that indefinitely delays the effective date of SOP 07-1. The delay is intended to allow the FASB time to consider a number of significant issues relating to the implementation of SOP 07-1. Effective January 1, 2007, and as more fully described in Note 15 herein, the Company adopted FIN 48, "Accounting for Uncertainty in Income Taxes," an interpretation that clarifies the recognition criteria and measurement of the economic benefits associated with tax positions taken or expected to be taken in a tax return. Under FIN 48, a tax benefit is recognized only if it is "more likely than not" to be sustained based on the technical merits of the position, assuming examination by the taxing authority, and is required to be measured at the largest amount of tax benefit that is more than 50% likely of being realized upon ultimate settlement, taking into consideration the amounts and probabilities of potential settlement outcomes. FIN 48 also addresses subsequent derecognition of tax positions, changes in the measurement of recognized tax positions, accrual and classification of interest and penalties, and accounting in interim periods. In addition, annual disclosures with respect to income taxes have been expanded by FIN 48 and require inclusion of a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the reporting period. As a result of adopting FIN 48, the Company recognized a $44.8 million cumulative-effect adjustment that increased January 1, 2007 retained earnings reflecting a decrease in the amount of unrecognized tax benefits. On January 1, 2007, the Company adopted the AICPA's SOP 05-1, "Accounting by Insurance Enterprises for Deferred Acquisition Costs in Connection with Modifications or Exchanges of Insurance Contracts". The SOP requires identification of transactions that result in a substantial change in an insurance contract. F-10 Transactions subject to review include internal contract exchanges, contract modifications via amendment, rider or endorsement and elections of benefits, features or rights contained within the contract. If determined that a substantial change has occurred, the related deferred policy acquisition costs ("DAC") and other related balances must be written off. The adoption of SOP 05-1 did not have a material impact on the Company's consolidated results of operations or financial position. On December 31, 2006, the Company implemented SFAS No. 158, "Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans," requiring employers to recognize the over or underfunded status of such benefit plans as an asset or liability in the balance sheet for reporting periods ending after December 15, 2006 and to recognize subsequent changes in that funded status as a component of other comprehensive income. The funded status of a plan is measured as the difference between plan assets at fair value and the projected benefit obligation for pension plans or the benefit obligation for any other postretirement plan. SFAS No. 158 did not change the determination of net periodic benefit cost or its presentation in the statement of earnings. However, its requirements represent a significant change to previous accounting guidance that generally delayed recognition of certain changes in plan assets and benefit obligations in the balance sheet and only required disclosure of the complete funded status of the plans in the notes to the financial statements. As required by SFAS No. 158, the $449.5 million impact of initial adoption, net of income tax and minority interest, was reported as an adjustment to the December 31, 2006 balance of accumulated other comprehensive income in the accompanying consolidated financial statements. The consequent recognition of the funded status of its defined benefit pension and other postretirement plans at December 31, 2006 reduced total assets by approximately $684.2 million principally due to the $684.2 million reduction of prepaid pension cost, and decreased total liabilities by approximately $234.7 million. The change in liabilities resulted principally from the $242.7 million decrease in income taxes payable partially offset by an increase of $12.0 million in benefit plan liabilities. SFAS No. 158 imposes an additional requirement, effective for fiscal years ending after December 15, 2008, to measure plan assets and benefit obligations as of the date of the employer's year-end balance sheet, thereby eliminating the option to elect an earlier measurement date alternative of not more than three months prior to that date, if used consistently each year. This provision of SFAS No. 158 had no impact on the Company as it already uses a December 31 measurement date for all of its plan assets and benefits obligations. On January 1, 2006, the Company adopted SFAS No. 123(R), "Share-Based Payment," which requires the cost of all share-based payments to employees to be recognized in the financial statements based on their fair values, resulting in compensation expense for certain types of the Company's equity-classified award programs for which no cost previously would have been charged to net earnings in accordance with Accounting Principles Board Opinion ("APB") No. 25, "Accounting for Stock Issued to Employees," most notably for employee options to purchase AXA American Depository Receipts ("ADRs") and AXA ordinary shares and for employee stock purchase plans. As a result of adopting SFAS No. 123(R) on January 1, 2006, consolidated earnings from continuing operations before income taxes and minority interest for 2006 was $81.8 million lower and consolidated net earnings for 2006 was $52.5 million lower than if these plans had continued to be accounted for under APB No. 25. The Company used the "modified prospective method," applying the measurement, recognition, and attribution requirements of SFAS No. 123(R) to stock-based compensation awards granted, modified, repurchased or cancelled on or after January 1, 2006. Beginning in first quarter 2006, costs associated with unvested portions of outstanding employee stock option awards at January 1, 2006 were recognized in the consolidated statement of earnings over the awards' remaining future service-vesting periods. Liability-classified awards outstanding at January 1, 2006, such as performance units and stock appreciation rights, were remeasured to fair value. The remeasurement resulted in no adjustment to their intrinsic value basis, including the cumulative effect of differences between actual and expected forfeitures, primarily due to the de minimis time remaining to expected settlement of these awards. The Company also elected the "short-cut" transition alternative for approximating the historical pool of windfall tax benefits available in shareholder's equity at January 1, 2006 as provided by the FASB in FSP FAS No. 123(R)-3, "Transition Election Related to Accounting For the Tax Effects of Share-Based Payment Awards". This historical pool represents the cumulative tax benefits of tax deductions for employee share-based payments in excess of compensation costs recognized under U.S. GAAP. In the event that a shortfall F-11 of tax benefits occurs during a reporting period (i.e., tax deductions are less than the related cumulative compensation expense), the historical pool will be reduced by the amount of the shortfall. If the shortfall exceeds the amount of the historical pool, there will be a negative impact on the results of operations. In 2008, 2007 and 2006, additional windfall tax benefits resulted from employee exercises of stock option awards. New Accounting Pronouncements ----------------------------- On December 30, 2008, the FASB issued FSP FAS 132(R)-1, "Disclosures about Employers' Postretirement Benefit Plan Assets". The FSP amended FAS. 132(R), "Disclosure about Plan Assets," to require additional disclosures about assets held in an employer's defined benefit pension or other postretirement plans, including disclosures about fair value measures similar to those of SFAS No. 157. The FSP is effective prospectively for fiscal years ending after December 15, 2009. On March 19, 2008, the FASB issued SFAS No. 161, "Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB Statement No. 133," which requires enhanced disclosures of an entity's objectives and strategies for using derivatives, including tabular presentation of fair value amounts, gains and losses, and related hedged items, with appropriate cross-referencing to the financial statements. SFAS No. 161 is effective for interim and annual reporting periods beginning January 1, 2009. On December 4, 2007, the FASB issued SFAS No. 160, "Noncontrolling Interests in Consolidated Financial Statements, an amendment of ARB No. 51". SFAS No. 160 will: o Recharacterize minority interests, currently classified within liabilities, as noncontrolling interests to be reported as a component of consolidated equity on the balance sheet, o Include total income in net income, with separate disclosure on the face of the consolidated income statement of the attribution of income between controlling and noncontrolling interests, and o Account for increases and decreases in noncontrolling interests as equity transactions with any difference between proceeds of a purchase or issuance of noncontrolling interests being accounted for as a change to the controlling entity's equity instead of as current period gains/losses in the consolidated income statement. Only when the controlling entity loses control and deconsolidates a subsidiary will a gain or loss be recognized. SFAS No. 160 is effective prospectively for fiscal years beginning on or after December 15, 2008 except for its specific transition provisions for retroactive adoption of the balance sheet and income statement presentation and disclosure requirements for existing minority interests. Management currently is assessing the impacts of adoption, including adjustments that will be required in the consolidated financial statements to conform the presentations of minority interest in the equity and net income of AllianceBernstein and the recognition of changes in the Company's ownership interest. In 2009, the Emerging Issues Task Force will consider a topic entitled "Consideration of an Insurer's Accounting for Majority Owned Investments When the Ownership Is Through a Separate Account". This issue will consider the treatment of Separate Account arrangements that involve ownership by the Separate Account of more than 50% of its mutual fund shares. Closed Block ------------ As a result of demutualization, the Closed Block was established in 1992 for the benefit of certain individual participating policies that were in force on that date. Assets, liabilities and earnings of the Closed Block are specifically identified to support its participating policyholders. Assets allocated to the Closed Block inure solely to the benefit of the Closed Block policyholders and will not revert to the benefit of AXA Equitable. No reallocation, transfer, borrowing or lending of assets can be made between the Closed Block and other portions of AXA Equitable's General Account, any of its Separate Accounts or any affiliate of AXA Equitable without the approval of the New York Superintendent of Insurance (the "Superintendent"). Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the General Account. The excess of Closed Block liabilities over Closed Block assets (adjusted to exclude the impact of related amounts in accumulated other comprehensive income) represents the expected maximum future post-tax earnings from the Closed Block that would be recognized in income from continuing operations over the period the policies and contracts in the Closed Block remain in force. As of January 1, 2001, the Company has developed an actuarial calculation of the expected timing of the Closed Block earnings. F-12 If the actual cumulative earnings from the Closed Block are greater than the expected cumulative earnings, only the expected earnings will be recognized in net income. Actual cumulative earnings in excess of expected cumulative earnings at any point in time are recorded as a policyholder dividend obligation because they will ultimately be paid to Closed Block policyholders as an additional policyholder dividend unless offset by future performance that is less favorable than originally expected. If a policyholder dividend obligation has been previously established and the actual Closed Block earnings in a subsequent period are less than the expected earnings for that period, the policyholder dividend obligation would be reduced (but not below zero). If, over the period the policies and contracts in the Closed Block remain in force, the actual cumulative earnings of the Closed Block are less than the expected cumulative earnings, only actual earnings would be recognized in income from continuing operations. If the Closed Block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside the Closed Block. Many expenses related to Closed Block operations, including amortization of DAC, are charged to operations outside of the Closed Block; accordingly, net revenues of the Closed Block do not represent the actual profitability of the Closed Block operations. Operating costs and expenses outside of the Closed Block are, therefore, disproportionate to the business outside of the Closed Block. Investments ----------- The carrying values of fixed maturities identified as available for sale are reported at fair value. Changes in fair value are reported in comprehensive income. The amortized cost of fixed maturities is adjusted for impairments in value deemed to be other than temporary. The redeemable preferred stock investments reported in fixed maturities include real estate investment trusts ("REIT") perpetual preferred stock, other perpetual preferred stock and redeemable preferred stock. These securities may not have a stated maturity, may not be cumulative and do not provide for mandatory redemption by the issuer. Mortgage loans on real estate are stated at unpaid principal balances, net of unamortized discounts and valuation allowances. Valuation allowances are based on the present value of expected future cash flows discounted at the loan's original effective interest rate or on its collateral value if the loan is collateral dependent. However, if foreclosure is or becomes probable, the collateral value measurement method is used. Impaired mortgage loans without provision for losses are loans where the fair value of the collateral or the net present value of the expected future cash flows related to the loan equals or exceeds the recorded investment. Interest income earned on loans where the collateral value is used to measure impairment is recorded on a cash basis. Interest income on loans where the present value method is used to measure impairment is accrued on the net carrying value amount of the loan at the interest rate used to discount the cash flows. Changes in the present value attributable to changes in the amount or timing of expected cash flows are reported as investment gains or losses. Real estate held for the production of income, including real estate acquired in satisfaction of debt, is stated at depreciated cost less valuation allowances. At the date of foreclosure (including in-substance foreclosure), real estate acquired in satisfaction of debt is valued at estimated fair value. Impaired real estate is written down to fair value with the impairment loss being included in Investment (losses) gains, net. Depreciation of real estate held for production of income is computed using the straight-line method over the estimated useful lives of the properties, which generally range from 40 to 50 years. Valuation allowances are netted against the asset categories to which they apply. Policy loans are stated at unpaid principal balances. Partnerships, investment companies and joint venture interests in which the Company has control and a majority economic interest (that is, greater than 50% of the economic return generated by the entity) or those that meet the requirements for consolidation under FIN 46(R) are consolidated; those in which the Company does not have control and a majority economic interest and those that do not meet FIN 46(R) requirements for consolidation are reported on the equity basis of accounting and are included either with equity real estate or other equity investments, as appropriate. The Company records its interests in certain of these partnerships on a one quarter lag. F-13 Equity securities, which include common stock and non-redeemable preferred stock classified as available for sale securities, are carried at fair value and are included in other equity investments with unrealized gains and losses reported as a separate component of accumulated other comprehensive income (loss) in Shareholder's equity. Trading securities, which include equity securities and fixed maturities, are carried at fair value based on quoted market prices, with unrealized gains and losses reported in Net earnings. Corporate owned life insurance ("COLI") is purchased by the Company on the lives of certain key employees; certain subsidiaries of the Company are named as beneficiaries under these policies. COLI is carried at the cash surrender value of the policies. At December 31, 2008 and 2007, the carrying value of COLI was $687.3 million and $770.7 million, respectively, and is reported in Other invested assets in the consolidated balance sheets. Short-term investments are stated at amortized cost that approximates fair value, and are included with other invested assets. Cash and cash equivalents includes cash on hand, demand deposits, money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less. Due to the short-term nature of these investments, the recorded value has been determined to approximate fair value. All securities owned including United States government and agency securities, mortgage-backed securities and futures and forwards transactions are recorded in the consolidated financial statements on a trade date basis. Derivatives ----------- The Company primarily uses derivatives for asset/liability risk management, for hedging individual securities and certain equity exposures and to reduce its exposure to interest rate fluctuations on its long-term debt obligations. Various derivative instruments are used to achieve these objectives, including interest rate floors, interest rate swaps, futures contracts and options positions. None of the derivatives were designated as qualifying hedges under SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities". The Insurance Group issues certain variable annuity products with Guaranteed Minimum Death Benefit ("GMDB"), GMIB and Guaranteed Withdrawal Benefit for Life ("GWBL") features. The risk associated with the GMDB feature is that under-performance of the financial markets could result in GMDB benefits, in the event of death, being higher than what accumulated policyholder account balances would support. The risk associated with the GMIB feature is that under-performance of the financial markets could result in GMIB benefits, in the event of election, being higher than what accumulated policyholders account balances would support. The Company currently utilizes a combination of futures contracts and interest rate swap and floor contracts to hedge such risks. However, for both GMDB and GMIB, the Company retains basis and volatility risk and risk associated with actual versus expected assumptions for mortality, lapse, surrender, withdrawal and contractholder election rates, among other things. The futures contracts are managed to correlate with changes in the value of the GMDB and GMIB feature that result from financial markets movements. In addition, the Company has purchased reinsurance contracts to mitigate the risks associated with the impact of potential market fluctuations on future policyholder elections of GMIB features contained in certain annuity contracts issued by the Company. Reinsurance contracts covering GMIB exposure as well as the GWBL features are considered derivatives for accounting purposes, and, therefore, must be reported in the balance sheet at their fair value. GMIB reinsurance and GWBL features' fair values are reported in the consolidated balance sheets in Other assets and Future policy benefits and other policyholders liabilities, respectively. Changes in GMIB reinsurance fair values are reflected in Commissions, fees and other income in the consolidated statements of earnings, while changes related to the GWBL fair values are reported in Policyholder's benefits. There can be no assurance that ultimate actual experience will not differ from management's estimates. See Note 8 herein. F-14 Margins on individual insurance and annuity contracts are affected by interest rate fluctuations. If interest rates fall, credited interest rates and dividends could be adjusted prospectively subject to minimum rate guarantees. To hedge exposure to lower interest rates for these and other reasons, the Company may use interest rate floors. The Company is exposed to equity market fluctuations through investments in Separate Accounts. The Company may enter into derivative contracts to minimize such risk. The Company is exposed to credit-related losses in the event of nonperformance by counterparties to derivative financial instruments. Generally, such credit exposure is limited to the fair value of the derivative instruments at the reporting date. All derivatives outstanding at December 31, 2008 and 2007 are recognized on the balance sheet at their fair values. The Company controls and minimizes its counterparty exposure. Exposure to credit risk is controlled with respect to each counterparty through a credit appraisal and approval process. Each counterparty is currently rated A+ or better by Moody's and Standard and Poor's rating agencies. In addition, as further described in Note 3, the Company has executed various collateral arrangements with counterparties to over-the-counter derivative transactions that require both pledging and accepting collateral either in the form of cash or high-quality securities, such as Treasuries or those issued by government agencies. All outstanding equity-based and treasury futures contracts at December 31, 2008 and 2007 were exchange-traded and are marked to market and net settled daily. All gains and losses on derivative financial instruments other than the GMIB reinsurance contracts and the GWBL features liability are reported in Net investment income. Net Investment Income, Investment (Losses) Gains, Net and Unrealized Investment Gains (Losses) -------------------------------------------------------------------- Net investment income and realized investment gains (losses), net (together, "investment results") related to certain participating group annuity contracts which are passed through to the contractholders are offset by amounts reflected as interest credited to policyholders' account balances. Realized investment gains (losses) are determined by identification with the specific asset and are presented as a component of revenue. Changes in the valuation allowances are included in Investment (losses) gains, net. Realized and unrealized holding gains (losses) on trading securities are reflected in Net investment income. Unrealized investment gains and losses on fixed maturities and equity securities available for sale held by the Company are accounted for as a separate component of accumulated comprehensive income, net of related deferred income taxes, amounts attributable to certain pension operations principally consisting of group non-participating wind-up annuity products ("Wind-up Annuities"), Closed Block's policyholders dividend obligation and DAC related to universal life and investment-type products and participating traditional life contracts. Fair Value of Other Financial Instruments ----------------------------------------- SFAS No. 157 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. SFAS No. 157 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value: Level 1 Quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data. Level 3 Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity's own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability. F-15 Fair value measurements classified as Level 1 include exchange-traded prices of debt and equity securities and net asset values for transacting subscriptions and redemptions of mutual fund shares held by Separate Accounts. At December 31, 2008, investments classified as Level 2 comprised approximately 24.0% of invested assets measured at fair value on a recurring basis and primarily included U.S. government and agency securities and certain corporate debt securities. As market quotes generally are not readily available or accessible for these securities, their fair value measures most often are determined through the use of model pricing that effectively discounts prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security's duration, also taking into consideration issuer-specific credit quality and liquidity. These valuation methodologies have been studied and evaluated by the Company and the resulting prices determined to be representative of exit values for which the significant inputs are sourced either directly or indirectly from market observable data. At December 31, 2008, approximately $419.4 million amortized cost of CMBS securities were transferred from Level 2 to Level 3 classification. Through third quarter 2008, pricing of these securities was sourced from a third party service, whose process placed significant reliance on market trading activity. In fourth quarter 2008, the lack of sufficient observable CMBS trading data and significant volatility in the pricing of isolated trades, made it difficult, at best, to validate prices of CMBS securities below the senior AAA tranche for which limited trading continued. Consequently, the Company instead applied a risk-adjusted present value technique to the projected cash flows of these securities, as adjusted for origination year, default metrics, and level of subordination, with the objective of maximizing observable inputs. To provide for consideration of fourth quarter market transactions, the fair value measures of these CMBS securities at December 31, 2008 attributed a 10% weighting to the pricing sourced from the third party service. This weighting of multiple valuation techniques is permitted both by SFAS No. 157 and FSP FAS 157-3 and produces a more representative measure of the fair values of these CMBS securities in the circumstances. The fair value of these CMBS securities at December 31, 2008 was approximately $358.2 million. The Level 2 classification continues to include approximately $1,843.0 million AAA-rated mortgage- and asset-backed securities, including AAA senior CMBS, for which the observability of market inputs to their pricing models is supported by sufficient, albeit more recently volatile, market activity in these sectors. Determinations to classify fair value measures within Level 3 of the valuation hierarchy generally are based upon the significance of the unobservable factors to the overall fair value measurement. In addition to the CMBS securities described above, included in the Level 3 classification at December 31, 2008 were approximately $458.4 million of fixed maturities with indicative pricing obtained from brokers that otherwise could not be corroborated to market observable data. The Company applies various due-diligence procedures, as considered appropriate, to validate the pricing of investments classified as Level 3, including back-testing to historical prices, benchmarking to similar securities, and internal review by a valuation committee. Level 3 also includes the GMIB reinsurance asset and the GWBL features' liability, which are accounted for as derivatives in accordance with SFAS No. 133. The GMIB reinsurance asset reflects the present value of reinsurance premiums and recoveries and risk margins over a range of market consistent economic scenarios while the GWBL related liability reflects the present value of expected future payments (benefits) less the fees, adjusted for risk margins, attributable to the GWBL feature valued as an embedded derivative over a range of market-consistent economic scenarios. The valuation of both the asset and liability just described incorporates significant non-observable assumptions related to policyholder behavior, risk margins and projections of Separate Account funds. The Company defines fair value as the quoted market prices for those instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time the Company's entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair values cannot be substantiated by comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument. Certain financial instruments are excluded from fair value disclosures, particularly insurance liabilities other than financial guarantees and investment contracts. Fair market values of off-balance-sheet financial instruments of the Insurance Group were not material at December 31, 2008 and 2007. F-16 Fair values for mortgage loans on real estate are measured by discounting future contractual cash flows using interest rates at which loans with similar characteristics and credit quality would be made. Fair values for foreclosed mortgage loans and problem mortgage loans are limited to the fair value of the underlying collateral if lower. The fair values for the Company's association plan contracts, supplementary contracts not involving life contingencies ("SCNILC") and certain annuities, which are included in policyholders' account balances, and guaranteed interest contracts are estimated using projected cash flows discounted at rates reflecting expected current offering rates. The fair values for variable deferred annuities and single premium deferred annuities, included in policyholders' account balances, are estimated as the discounted value of projected account values. Current account values are projected to the time of the next crediting rate review at the current crediting rates and are projected beyond that date at the greater of current estimated market rates offered on new policies or the guaranteed minimum crediting rate. Expected cash flows and projected account values are discounted back to the present at the current estimated market rates. Fair values for long-term debt are determined using published market values, where available, or contractual cash flows discounted at market interest rates. The fair values for non-recourse mortgage debt are determined by discounting contractual cash flows at a rate that takes into account the level of current market interest rates and collateral risk. The fair values for recourse mortgage debt are determined by discounting contractual cash flows at a rate based upon current interest rates of other companies with credit ratings similar to the Company. The Company's carrying value of short-term borrowings approximates fair value. Recognition of Insurance Income and Related Expenses ---------------------------------------------------- Premiums from universal life and investment-type contracts are reported as deposits to policyholders' account balances. Revenues from these contracts consist of amounts assessed during the period against policyholders' account balances for mortality charges, policy administration charges and surrender charges. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policyholders' account balances. Premiums from participating and non-participating traditional life and annuity policies with life contingencies generally are recognized in income when due. Benefits and expenses are matched with such income so as to result in the recognition of profits over the life of the contracts. This match is accomplished by means of the provision for liabilities for future policy benefits and the deferral and subsequent amortization of policy acquisition costs. For contracts with a single premium or a limited number of premium payments due over a significantly shorter period than the total period over which benefits are provided, premiums are recorded as revenue when due with any excess profit deferred and recognized in income in a constant relationship to insurance in-force or, for annuities, the amount of expected future benefit payments. Premiums from individual health contracts are recognized as income over the period to which the premiums relate in proportion to the amount of insurance protection provided. DAC --- Acquisition costs that vary with and are primarily related to the acquisition of new and renewal insurance business, including commissions, underwriting, agency and policy issue expenses, are deferred. DAC is subject to recoverability testing at the time of policy issue and loss recognition testing at the end of each accounting period. For universal life products and investment-type products, DAC is amortized over the expected total life of the contract group as a constant percentage of estimated gross profits arising principally from investment results, Separate Account fees, mortality and expense margins and surrender charges based on historical and anticipated future experience, updated at the end of each accounting period. When estimated gross profits are expected to be negative for multiple years of a contract life, DAC is amortized using the present value of estimated assessments. The effect on the amortization of DAC of revisions to estimated gross profits or F-17 assessments is reflected in earnings in the period such estimated gross profits or assessments are revised. A decrease in expected gross profits or assessments would accelerate DAC amortization. Conversely, an increase in expected gross profits or assessments would slow DAC amortization. The effect on the DAC asset that would result from realization of unrealized gains (losses) is recognized with an offset to accumulated comprehensive income in consolidated shareholder's equity as of the balance sheet date. A significant assumption in the amortization of DAC on variable and interest-sensitive life insurance and variable annuities relates to projected future Separate Account performance. Management sets estimated future gross profit assumptions related to Separate Account performance using a long-term view of expected average market returns by applying a reversion to the mean approach. In applying this approach to develop estimates of future returns, it is assumed that the market will return to an average gross long-term return estimate, developed with reference to historical long-term equity market performance and subject to assessment of the reasonableness of resulting estimates of future return assumptions. For purposes of making this reasonableness assessment, management has set limitations as to maximum and minimum future rate of return assumptions, as well as a limitation on the duration of use of these maximum or minimum rates of return. At December 31, 2008, the average gross short-term and long-term annual return estimate is 9.0% (6.7% net of product weighted average Separate Account fees), and the gross maximum and minimum annual rate of return limitations are 15.0% (12.7% net of product weighted average Separate Account fees) and 0.0% ((2.3%) net of product weighted average Separate Account fees), respectively. The maximum duration over which these rate limitations may be applied is 5 years. This approach will continue to be applied in future periods. If actual market returns continue at levels that would result in assuming future market returns of 15.0% for more than 5 years in order to reach the average gross long-term return estimate, the application of the 5 year maximum duration limitation would result in an acceleration of DAC amortization. Conversely, actual market returns resulting in assumed future market returns of 0.0% for more than 5 years would result in a required deceleration of DAC amortization. As of December 31, 2008, current projections of future average gross market returns assume a 9% return for 2009 through 2013, which is within the maximum and minimum limitations. At the end of each accounting period, the present value of estimated gross profits or assessments is updated based on historical and anticipated future experience. Due primarily to the significant reduction in Separate Accounts balances in fourth quarter 2008 and a change in the estimate of average gross short-term annual return on Separate Account balances to 9.0%, estimated gross profits on a U.S. GAAP basis for certain issue years of the Accumulator(R) product line of variable annuities are expected to be negative due to the recognition of derivative gains in earnings, while the reserves do not fully reflect the immediate impact of equity and interest market fluctuations. Therefore, the amortization method was changed from a methodology that uses the present value of estimated gross profits to the present value of estimated assessments. In addition, projections of future mortality assumptions related to variable and interest-sensitive life products are based on a long-term average of actual experience. This assumption is updated quarterly to reflect recent experience as it emerges. Improvement of life mortality in future periods from that currently projected would result in future deceleration of DAC amortization. Conversely, deterioration of life mortality in future periods from that currently projected would result in future acceleration of DAC amortization. Generally, life mortality experience has been improving in recent years. Other significant assumptions underlying gross profit estimates relate to contract persistency and General Account investment spread. For participating traditional life policies (substantially all of which are in the Closed Block), DAC is amortized over the expected total life of the contract group as a constant percentage based on the present value of the estimated gross margin amounts expected to be realized over the life of the contracts using the expected investment yield. At December 31, 2008, the average rate of assumed investment yields, excluding policy loans, was 6.2% grading to 6.0% over 10 years. Estimated gross margin includes anticipated premiums and investment results less claims and administrative expenses, changes in the net level premium reserve and expected annual policyholder dividends. The effect on the accumulated amortization of DAC of revisions to estimated gross margins is reflected in earnings in the period such estimated gross margins are revised. The effect on the DAC asset that would result from realization of unrealized gains (losses) is recognized with an offset to accumulated comprehensive income in consolidated shareholder's equity as of the balance sheet date. F-18 For non-participating traditional life policies, DAC is amortized in proportion to anticipated premiums. Assumptions as to anticipated premiums are estimated at the date of policy issue and are consistently applied during the life of the contracts. Deviations from estimated experience are reflected in earnings in the period such deviations occur. For these contracts, the amortization periods generally are for the total life of the policy. Contractholder Bonus Interest Credits ------------------------------------- Contractholder bonus interest credits are offered on certain deferred annuity products in the form of either immediate bonus interest credited or enhanced interest crediting rates for a period of time. The interest crediting expense associated with these contractholder bonus interest credits is deferred and amortized over the lives of the underlying contracts in a manner consistent with the amortization of DAC. Unamortized balances are included in Other assets. Policyholders' Account Balances and Future Policy Benefits ---------------------------------------------------------- Policyholders' account balances for universal life and investment-type contracts are equal to the policy account values. The policy account values represent an accumulation of gross premium payments plus credited interest less expense and mortality charges and withdrawals. AXA Equitable issues certain variable annuity products with GMDB and GWBL features and guaranteed minimum accumulation benefits ("GMAB"). AXA Equitable also issues certain variable annuity products that contain a GMIB feature which, if elected by the policyholder after a stipulated waiting period from contract issuance, guarantees a minimum lifetime annuity based on predetermined annuity purchase rates that may be in excess of what the contract account value can purchase at then-current annuity purchase rates. This minimum lifetime annuity is based on predetermined annuity purchase rates applied to a guaranteed minimum income benefit base. Reserves for GMDB and GMIB obligations are calculated on the basis of actuarial assumptions related to projected benefits and related contract charges generally over the lives of the contracts using assumptions consistent with those used in estimating gross profits for purposes of amortizing DAC. The determination of this estimated liability is based on models that involve numerous estimates and subjective judgments, including those regarding expected market rates of return and volatility, contract surrender and withdrawal rates, mortality experience, and, for contracts with the GMIB feature, GMIB election rates. Assumptions regarding Separate Account performance used for purposes of this calculation are set using a long-term view of expected average market returns by applying a reversion to the mean approach, consistent with that used for DAC amortization. There can be no assurance that ultimate actual experience will not differ from management's estimates. For reinsurance contracts other than those covering GMIB exposure, reinsurance recoverable balances are calculated using methodologies and assumptions that are consistent with those used to calculate the direct liabilities. Deferred cost of reinsurance associated with the reinsurance of GMDB and GMIB riders is amortized over the life of the underlying annuity contracts based on assessments. For participating traditional life policies, future policy benefit liabilities are calculated using a net level premium method on the basis of actuarial assumptions equal to guaranteed mortality and dividend fund interest rates. The liability for annual dividends represents the accrual of annual dividends earned. Terminal dividends are accrued in proportion to gross margins over the life of the contract. For non-participating traditional life insurance policies, future policy benefit liabilities are estimated using a net level premium method on the basis of actuarial assumptions as to mortality, persistency and interest established at policy issue. Assumptions established at policy issue as to mortality and persistency are based on the Insurance Group's experience that, together with interest and expense assumptions, includes a margin for adverse deviation. When the liabilities for future policy benefits plus the present value of expected future gross premiums for a product are insufficient to provide for expected future policy benefits and expenses for that product, DAC is written off and thereafter, if required, a premium deficiency reserve is established by a charge to earnings. Benefit liabilities for traditional annuities during the accumulation period are equal to accumulated contractholders' fund balances and, after annuitization, are equal to the present value of expected future payments. Interest rates used in establishing such liabilities range from 4.0% to 10.9% for life insurance liabilities and from 2.35% to 8.7% for annuity liabilities. F-19 Individual health benefit liabilities for active lives are estimated using the net level premium method and assumptions as to future morbidity, withdrawals and interest. Benefit liabilities for disabled lives are estimated using the present value of benefits method and experience assumptions as to claim terminations, expenses and interest. While management believes its disability income ("DI") reserves have been calculated on a reasonable basis and are adequate, there can be no assurance reserves will be sufficient to provide for future liabilities. Policyholders' Dividends ------------------------ The amount of policyholders' dividends to be paid (including dividends on policies included in the Closed Block) is determined annually by AXA Equitable's board of directors. The aggregate amount of policyholders' dividends is related to actual interest, mortality, morbidity and expense experience for the year and judgment as to the appropriate level of statutory surplus to be retained by AXA Equitable. At December 31, 2008, participating policies, including those in the Closed Block, represent approximately 9.73% ($27,200.0 million) of directly written life insurance in-force, net of amounts ceded. Separate Accounts ----------------- Generally, Separate Accounts established under New York State Insurance Law are not chargeable with liabilities that arise from any other business of the Insurance Group. Separate Accounts assets are subject to General Account claims only to the extent Separate Accounts assets exceed Separate Accounts liabilities. Assets and liabilities of the Separate Accounts represent the net deposits and accumulated net investment earnings less fees, held primarily for the benefit of contractholders, and for which the Insurance Group does not bear the investment risk. Separate Accounts' assets and liabilities are shown on separate lines in the consolidated balance sheets. Assets held in the Separate Accounts are carried at quoted market values or, where quoted values are not readily available or accessible for these securities, their fair value measures most often are determined through the use of model pricing that effectively discounts prospective cash flows to present value using appropriate sector adjusted credit spreads commensurate with the security's duration, also taking into consideration issuer-specific credit quality and liquidity. The assets and liabilities of three Separate Accounts are presented and accounted for as General Account assets and liabilities due to the fact that not all of the investment performance in those Separate Accounts is passed through to policyholders. Investment assets in these Separate Accounts principally consist of fixed maturities that are classified as available for sale in the accompanying consolidated financial statements. The investment results of Separate Accounts, including unrealized (losses) gains, on which the Insurance Group does not bear the investment risk are reflected directly in Separate Accounts liabilities and are not reported in revenues in the consolidated statements of earnings. For 2008, 2007 and 2006, investment results of such Separate Accounts were (losses) gains of $(33,912.8) million, $5,347.4 million and $5,689.1 million, respectively. Deposits to Separate Accounts are reported as increases in Separate Accounts liabilities and are not reported in revenues. Mortality, policy administration and surrender charges on all policies including those funded by Separate Accounts are included in revenues. The Company reports the General Account's interests in Separate Accounts as Trading securities in the consolidated balance sheets. Recognition of Investment Management Revenues and Related Expenses ------------------------------------------------------------------ Commissions, fees and other income principally include the Investment Management segment's investment advisory and service fees, distribution revenues and institutional research services revenue. Investment advisory and service base fees, generally calculated as a percentage, referred to as basis points ("BPs"), of assets under management, are recorded as revenue as the related services are performed; they include brokerage transactions charges received by SCB LLC, for certain retail, private client and institutional investment client transactions. Certain investment advisory contracts, including those with hedge funds, provide for a performance-based fee, in addition to or in lieu of a base fee that is calculated as either a percentage of absolute investment results or a percentage of the investment results in excess of or shortfall compared to a stated benchmark over a specified period of time. Performance-based fees are recorded as F-20 revenue at the end of each contract's measurement period. Institutional research services revenue consists of brokerage transaction charges received by SCB LLC and SCBL, for independent research and brokerage-related services provided to institutional investors. Brokerage transaction charges earned and related expenses are recorded on a trade date basis. Distribution revenues and shareholder servicing fees are accrued as earned. Commissions paid to financial intermediaries in connection with the sale of shares of open-end AllianceBernstein sponsored mutual funds sold without a front-end sales charge ("back-end load shares") are capitalized as deferred sales commissions and amortized over periods not exceeding five and one-half years for U.S. fund shares and four years for non-U.S. fund shares, the periods of time during which the deferred sales commissions are generally recovered. These commissions are recovered from distribution services fees received from those funds and from contingent deferred sales commissions ("CDSC") received from shareholders of those funds upon the redemption of their shares. CDSC cash recoveries are recorded as reductions of unamortized deferred sales commissions when received. AllianceBernstein's management tests the deferred sales commission asset for recoverability quarterly. AllianceBernstein's management determines recoverability by estimating undiscounted future cash flows to be realized from this asset, as compared to its recorded amount, as well as the estimated remaining life of the deferred sales commission asset over which undiscounted future cash flows are expected to be received. Undiscounted future cash flows consist of ongoing distribution services fees and CDSC. Distribution services fees are calculated as a percentage of average assets under management related to back-end load shares. CDSC are based on the lower of cost or current value, at the time of redemption, of back-end load shares redeemed and the point at which redeemed during the applicable minimum holding period under the mutual fund distribution system. Significant assumptions utilized to estimate future average assets under management and undiscounted future cash flows from back-end load shares include expected future market levels and redemption rates. Market assumptions are selected using a long-term view of expected average market returns based on historical returns of broad market indices. Future redemption rate assumptions are determined by reference to actual redemption experience over the five-year, three-year and one-year periods and current quarterly periods ended December 31, 2008. These assumptions are updated periodically. Estimates of undiscounted future cash flows and the remaining life of the deferred sales commission asset are made from these assumptions and the aggregate undiscounted cash flows are compared to the recorded value of the deferred sales commission asset. If AllianceBernstein's management determines in the future that the deferred sales commission asset is not recoverable, an impairment condition would exist and a loss would be measured as the amount by which the recorded amount of the asset exceeds its estimated fair value. Estimated fair value is determined using AllianceBernstein's management's best estimate of future cash flows discounted to a present value amount. Goodwill and Other Intangible Assets ------------------------------------ Goodwill represents the excess of the purchase price over the fair value of identifiable assets of acquired companies, and relates principally to the Bernstein Acquisition and purchases of AllianceBernstein units. In accordance with SFAS No. 142, "Goodwill and Other Intangible Assets," goodwill is tested annually for impairment and at interim periods if events or circumstances indicate an impairment could have occurred. Based on the 2008 impairment testing performed as of December 31, 2008, management determined that goodwill was not impaired. Intangible assets related to the Bernstein Acquisition and purchases of AllianceBernstein units include values assigned to contracts of businesses acquired. These intangible assets continue to be amortized on a straight-line basis over estimated useful lives of twenty years. Other intangible assets are tested for impairment quarterly. Management believes that other intangible assets were not impaired at December 31, 2008. Other Accounting Policies ------------------------- Capitalized internal-use software is amortized on a straight-line basis over the estimated useful life of the software that ranges between one and nine years. F-21 AXA Financial and certain of its consolidated subsidiaries, including the Company, file a consolidated Federal income tax return. Current Federal income taxes are charged or credited to operations based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year. Deferred income tax assets and liabilities are recognized based on the difference between financial statement carrying amounts and income tax bases of assets and liabilities using enacted income tax rates and laws. Discontinued operations include real estate held-for-sale. Real estate investments meeting the following criteria are classified as real estate held-for-sale: o Management having the authority to approve the action commits the organization to a plan to sell the property. o The property is available for immediate sale in its present condition subject only to terms that are usual and customary for the sale of such assets. o An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated and are continuing. o The sale of the asset is probable and transfer of the asset is expected to qualify for recognition as a completed sale within one year. o The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. o Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Real estate held-for-sale is stated at depreciated cost less valuation allowances. Valuation allowances on real estate held-for-sale are computed using the lower of depreciated cost or current estimated fair value, net of disposition costs. Depreciation is discontinued on real estate held-for-sale. Real estate held-for-sale is included in the Other assets line in the consolidated balance sheets. The results of operations for real estate held-for-sale in each of the three years ended December 31, 2008 were not significant. F-22 3) INVESTMENTS Fixed Maturities and Equity Securities The following tables provide additional information relating to fixed maturities and equity securities:
GROSS GROSS AMORTIZED UNREALIZED UNREALIZED ESTIMATED COST GAINS LOSSES FAIR VALUE ----------------- ----------------- ----------------- ---------------- (IN MILLIONS) DECEMBER 31, 2008 ----------------- Fixed Maturities: Available for Sale: Corporate...................... $ 18,913.6 $ 223.6 $ 1,782.7 $ 17,354.5 Mortgage and Asset Backed...... 4,242.8 76.7 580.0 3,739.5 U.S. Treasury, government and agency securities........ 1,061.9 279.7 - 1,341.6 States and political subdivisions................. 164.7 12.0 7.7 169.0 Foreign governments............ 256.3 46.5 5.6 297.2 Redeemable preferred stock..... 1,571.7 .1 642.6 929.2 ----------------- ----------------- ----------------- ---------------- Total Available for Sale..... $ 26,211.0 $ 638.6 $ 3,018.6 $ 23,831.0 ================= ================= ================= ================ Equity Securities: Available for sale............... $ 31.7 $ - $ 4.9 $ 26.8 Trading securities............... 434.9 .2 188.6 246.5 ----------------- ----------------- ----------------- ---------------- Total Equity Securities............ $ 466.6 $ .2 $ 193.5 $ 273.3 ================= ================= ================= ================ December 31, 2007 ----------------- Fixed Maturities: Available for Sale: Corporate...................... $ 19,495.5 $ 586.5 $ 290.1 $ 19,791.9 Mortgage and Asset Backed...... 4,665.3 52.5 266.5 4,451.3 U.S. Treasury, government and agency securities........ 715.4 51.8 - 767.2 States and political subdivisions................. 169.8 16.7 .6 185.9 Foreign governments............ 237.0 41.9 - 278.9 Redeemable preferred stock..... 1,730.7 51.3 97.7 1,684.3 ----------------- ----------------- ----------------- ---------------- Total Available for Sale..... $ 27,013.7 $ 800.7 $ 654.9 $ 27,159.5 ================= ================= ================= ================ Equity Securities: Available for sale............... $ 25.1 $ .8 $ .1 $ 25.8 Trading securities............... 482.2 8.7 23.8 467.1 ----------------- ----------------- ----------------- ---------------- Total Equity Securities............ $ 507.3 $ 9.5 $ 23.9 $ 492.9 ================= ================= ================= ================
At December 31, 2008 and 2007, respectively, the Company had trading fixed maturities with an amortized cost of $79.6 million and $105.3 million and carrying values of $76.2 million and $106.2 million. Gross unrealized gains on trading fixed maturities were $0.1 million and $1.0 million and gross unrealized losses were $3.5 million and $0.1 million for 2008 and 2007, respectively. The Company determines the fair value of fixed maturities and equity securities based upon quoted prices in active markets, when available, or through the use of alternative approaches when market quotes are not readily accessible or available. These alternative approaches include matrix or model pricing and use of independent pricing services, each supported by reference to principal market trades or other observable market assumptions for similar securities. More specifically, the matrix pricing approach to fair value is a discounted cash flow methodology that incorporates market interest rates commensurate with the credit quality and duration of the investment. F-23 The contractual maturity of bonds at December 31, 2008 is shown below:
AVAILABLE FOR SALE ------------------------------------ AMORTIZED ESTIMATED COST FAIR VALUE ---------------- ----------------- (IN MILLIONS) Due in one year or less.......................... $ 668.0 $ 670.7 Due in years two through five.................... 8,254.4 7,845.7 Due in years six through ten..................... 7,777.2 7,077.9 Due after ten years.............................. 3,696.9 3,568.0 ---------------- ----------------- Subtotal..................................... 20,396.5 19,162.3 Mortgage and Asset Backed........................ 4,242.8 3,739.5 ---------------- ----------------- Total .......................................... $ 24,639.3 $ 22,901.8 ================ =================
Bonds not due at a single maturity date have been included in the above table in the year of final maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The Company's management, with the assistance of its investment advisors, monitors the investment performance of its portfolio. This review process includes a quarterly review of certain assets by the Insurance Group's Investments Under Surveillance Committee that evaluates whether any investments are other than temporarily impaired. Based on the analysis, a determination is made as to the ability of the issuer to service its debt obligations on an ongoing basis. If this ability is deemed to be other than temporarily impaired, then the appropriate provisions are taken. The following table discloses the 1,373 issues of fixed maturities that have been in a continuous unrealized loss position for less than a twelve month period and greater than a twelve month period as of December 31, 2008:
LESS THAN 12 MONTHS 12 MONTHS OR LONGER TOTAL ---------------------------- ------------------------------------------------------------- GROSS GROSS GROSS ESTIMATED UNREALIZED ESTIMATED UNREALIZED ESTIMATED UNREALIZED FAIR VALUE LOSSES FAIR VALUE LOSSES FAIR VALUE LOSSES ------------ ------------- ------------- ------------- ------------- -------------- (IN MILLIONS) Fixed Maturities: Corporate.............. $ 8,636.5 $ (1,051.8) $ 3,495.8 $ (730.9) $ 12,132.3 $ (1,782.7) Mortgage and Asset Backed........ 379.9 (26.1) 1,409.6 (553.9) 1,789.5 (580.0) U.S. Treasury, government and agency securities.... - - - - - - States and political subdivisions......... 36.9 (5.2) 17.7 (2.5) 54.6 (7.7) Foreign governments.... 70.0 (5.6) - - 70.0 (5.6) Redeemable preferred stock...... 364.2 (278.1) 515.6 (364.5) 879.8 (642.6) ------------ ------------- ------------- ------------- ------------- -------------- Total Temporarily Impaired Securities.... $ 9,487.5 $ (1,366.8) $ 5,438.7 $ (1,651.8) $ 14,926.2 $ (3,018.6) ============ ============= ============= ============= ============= ==============
The Insurance Group's fixed maturity investment portfolio includes corporate high yield securities consisting primarily of public high yield bonds. These corporate high yield securities are classified as other than investment grade by the various rating agencies, i.e., a rating below Baa3/BBB- or the National Association of Insurance Commissioners ("NAIC") designation of 3 (medium grade), 4 or 5 (below investment grade) or 6 (in or near default). At December 31, 2008, approximately $900.4 million or 3.5% of the $26,211.0 million F-24 aggregate amortized cost of fixed maturities held by the Company was considered to be other than investment grade. The Insurance Group does not originate, purchase or warehouse residential mortgages and is not in the mortgage servicing business. The Insurance Group's fixed maturity investment portfolio includes Residential Mortgage Backed Securities ("RMBS") backed by subprime and Alt-A residential mortgages. RMBS are securities whose cash flows are backed by the principal and interest payments from a set of residential mortgage loans. RMBS backed by subprime and Alt-A residential mortgages consist of loans made by banks or mortgage lenders to residential borrowers with lower credit ratings. The criteria used to categorize such subprime borrowers include Fair Isaac Credit Organization ("FICO") scores, interest rates charged, debt-to-income ratios and loan-to-value ratios. Alt-A residential mortgages are mortgage loans where the risk profile falls between prime and subprime; borrowers typically have clean credit histories but the mortgage loan has an increased risk profile due to higher loan-to-value and debt-to-income ratios and /or inadequate documentation of the borrowers' income. At December 31, 2008, the Insurance Group owned $49.1 million in RMBS backed by subprime residential mortgage loans, approximately 76% rated AAA, and $26.9 million in RMBS backed by Alt-A residential mortgage loans, approximately 82% of which were rated AAA. RMBS backed by subprime and Alt-A residential mortgages are fixed income investments supporting General Account liabilities. At December 31, 2008, the carrying value of fixed maturities that were non-income producing for the twelve months preceding that date was $21.2 million. Mortgage Loans -------------- The payment terms of mortgage loans on real estate may from time to time be restructured or modified. There were no restructured mortgage loans on real estate, based on amortized cost, at December 31, 2008 or 2007. Gross interest income on such loans included in net investment income aggregated zero, $3.9 million and $4.1 million in 2008, 2007 and 2006, respectively. Gross interest income on restructured mortgage loans on real estate that would have been recorded in accordance with the original terms of such loans amounted to zero, $3.3 million and $4.8 million in 2008, 2007 and 2006, respectively. There were no impaired mortgage loans at December 31, 2008. Impaired mortgage loans along with the related investment valuation allowances at December 31, 2007 follow:
December 31, 2007 -------------- (In Millions) Impaired mortgage loans with investment valuation allowances....... $ 11.4 Impaired mortgage loans without investment valuation allowances.... - -------------- Recorded investment in impaired mortgage loans..................... 11.4 Investment valuation allowances.................................... (1.4) -------------- Net Impaired Mortgage Loans........................................ $ 10.0 ==============
During 2008, 2007 and 2006, respectively, the Company's average recorded investment in impaired mortgage loans was $7.4 million, $49.1 million and $78.8 million. Interest income recognized on these impaired mortgage loans totaled $0.6 million, $4.5 million, and, $4.5 million for 2008, 2007 and 2006, respectively. Mortgage loans on real estate are placed on nonaccrual status once management believes the collection of accrued interest is doubtful. Once mortgage loans on real estate are classified as nonaccrual loans, interest income is recognized under the cash basis of accounting and the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan on real estate has been restructured to where the collection of interest is considered likely. At December 31, 2008 and 2007, respectively, the carrying value of mortgage loans on real estate that had been classified as nonaccrual loans were zero and $10.0 million. F-25 Equity Real Estate ------------------ The Insurance Group's investment in equity real estate is through direct ownership and through investments in real estate joint ventures. At December 31, 2008 and 2007, respectively, the Company owned zero and $113.0 million of real estate acquired in satisfaction of debt. During 2008, 2007 and 2006, no real estate was acquired in satisfaction of debt. Accumulated depreciation on real estate was $189.8 million and $179.7 million at December 31, 2008 and 2007, respectively. Depreciation expense on real estate totaled $12.8 million, $14.2 million and $18.3 million for 2008, 2007 and 2006, respectively. Valuation Allowances for Mortgage Loans and Equity Real Estate Investment valuation allowances for mortgage loans and equity real estate and changes thereto follow:
2008 2007 2006 --------------- -------------- -------------- (IN MILLIONS) Balances, beginning of year........................ $ 1.4 $ 21.0 $ 11.8 Additions charged to income........................ - 20.9 10.1 Deductions for writedowns and asset dispositions............................... (1.4) (40.5) (.9) --------------- -------------- -------------- Balances, End of Year.............................. $ - $ 1.4 $ 21.0 =============== ============== ============== Balances, end of year comprise: Mortgage loans on real estate.................... $ - $ 1.4 $ 11.3 Equity real estate............................... - - 9.7 --------------- -------------- -------------- Total.............................................. $ - $ 1.4 $ 21.0 =============== ============== ==============
Equity Method Investments ------------------------- Included in other equity investments, are interests in limited partnership interests and investment companies accounted for under the equity method with a total carrying value of $1,414.6 million and $1,607.9 million, respectively, at December 31, 2008 and 2007. Included in equity real estate are interests in real estate joint ventures accounted for under the equity method with a total carrying value of $48.3 million and $59.7 million, respectively, at December 31, 2008 and 2007. The Company's total equity in net (losses) earnings for these real estate joint ventures and limited partnership interests was $(58.1) million, $237.1 million and $169.6 million, respectively, for 2008, 2007 and 2006. F-26 Summarized below is the combined financial information only for those real estate joint ventures and for those limited partnership interests accounted for under the equity method in which the Company has an investment of $10.0 million or greater and an equity interest of 10% or greater (4 individual ventures at both December 31, 2008 and 2007) and the Company's carrying value and equity in net earnings for those real estate joint ventures and limited partnership interests:
DECEMBER 31, ------------------------------------ 2008 2007 ---------------- ----------------- (IN MILLIONS) BALANCE SHEETS Investments in real estate, at depreciated cost........................ $ 318.2 $ 391.3 Investments in securities, generally at estimated fair value........... 47.3 99.3 Cash and cash equivalents.............................................. 7.8 2.4 Other assets........................................................... 8.7 - ---------------- ----------------- Total Assets........................................................... $ 382.0 $ 493.0 ================ ================= Borrowed funds - third party........................................... $ 190.3 $ 273.1 Other liabilities...................................................... 3.1 4.8 ---------------- ----------------- Total liabilities...................................................... 193.4 277.9 ---------------- ----------------- Partners' capital...................................................... 188.6 215.1 ---------------- ----------------- Total Liabilities and Partners' Capital................................ $ 382.0 $ 493.0 ================ ================= The Company's Carrying Value in These Entities Included Above.......... $ 110.6 $ 79.5 ================ =================
2008 2007 2006 -------------- ------------- ------------- (IN MILLIONS) STATEMENTS OF EARNINGS Revenues of real estate joint ventures.............. $ 59.9 $ 77.5 $ 88.5 Net revenues of other limited partnership interests - 15.3 (1.3) Interest expense - third party...................... (14.1) (18.2) (18.5) Other expenses...................................... (37.3) (43.8) (53.7) -------------- ------------- ------------- Net Earnings........................................ $ 8.5 $ 30.8 $ 15.0 ============== ============= ============= The Company's Equity in Net Earnings of These Entities Included Above........................... $ 12.3 $ 24.6 $ 14.4 ============== ============= =============
Derivatives ----------- At December 31, 2008, the Company had open exchange-traded futures positions on the S&P 500, Russell 1000, NASDAQ 100 and Emerging Market indices, having initial margin requirements of $453.3 million. At December 31, 2008, the Company had open exchange-traded futures positions on the 10-year U.S. Treasury Note, having initial margin requirements of $101.2 million. At that same date, the Company had open exchange-trade future positions on the Euro Stoxx, FTSE 100, European, Australasia, Far East ("EAFE") and Topix indices as well as corresponding currency futures on the Euro/U.S. dollar, Yen/U.S. dollar and Pound/U.S. dollar, having initial margin requirements of $150.2 million. All exchange-traded futures contracts are net cash settled daily. F-27 At December 31, 2008, the Company had $1,750.0 million open exchange-traded options on the S&P index to mature on January 19, 2010, consisting of a long put and short call on the index with strike prices of 881.7 and 1,021.2, respectively, and a short put position at 613.5. These positions were established in fourth quarter 2008 to mitigate the adverse effects of equity market declines on AXA Equitable statutory reserves and protect downside equity exposure to 30% but limit the opportunity for upside to approximately 16%. The contracts have not been designated as qualifying hedges under SFAS No. 133, consequently, changes in their fair values are reflected immediately in earnings. Investment income recorded on these derivatives totaled $7.1 million. The outstanding notional amounts of derivative financial instruments purchased and sold at December 31, 2008 and 2007 were:
DECEMBER 31, -------------------------------- 2008 2007 -------------- -------------- (IN MILLIONS) Notional Amount by Derivative Type: Interest rate floors............................................... $ 21,000 $ 27,000 Exchange traded U.S. Treasuries, and equity index futures.......... 10,834 6,241 Interest rate swaps................................................ 1,100 125 S&P puts/calls..................................................... 1,750 - -------------- -------------- Total.............................................................. $ 34,684 $ 33,366 ============== ==============
At December 31, 2008 and 2007 and during the years then ended, no significant financial instruments contained implicit or explicit terms that met the definition of an embedded derivative component that needed to be separated from the host contract and accounted for as a derivative under the provisions of SFAS No. 133. In 2008, the Company executed various collateral arrangements with counterparties to over-the-counter derivative transactions, primarily used in its hedging programs for managing GMDB, GMIB and GWBL exposures, that require both the pledging and accepting of collateral (either in the form of cash or high-quality Treasury or government agency securities). At December 31, 2008, the Company held $568.7 million in cash collateral delivered by trade counterparties, representing the fair value of the related derivative agreements. This unrestricted cash collateral is reported in Cash and cash equivalents, and the obligation to return it is reported in Other liabilities in the consolidated balance sheets. In addition, the Company held approximately $40.0 million U.S. Treasury securities under these collateral agreements at December 31, 2008. 4) GOODWILL AND OTHER INTANGIBLE ASSETS The carrying value of goodwill related to AllianceBernstein totaled $3,413.8 million and $3,412.1 million at December 31, 2008 and 2007, respectively. The Company tests this goodwill for recoverability each annual reporting period at December 31 and at interim periods if facts or circumstances are indicative of potential impairment. In accordance with the requirements of SFAS No. 142, the Company determined that goodwill was not impaired at December 31, 2008 and 2007 as the fair value of its investment in AllianceBernstein, the reporting unit, exceeded its carrying value at each respective measurement date. However, significant declines in AllianceBernstein's assets under management and operating results in 2008 as a result of the global financial crisis decreased the amount of the excess as compared to 2007. In addition, although the market price of AllianceBernstein Holding Units exceeded their book value at December 31, 2008 and 2007, their market value significantly decreased year-over-year. The Company primarily uses a discounted cash flow valuation technique to measure the fair value of its AllianceBernstein reporting unit for purpose of goodwill impairment testing. The underlying cash flows used in the December 31, 2008 valuation were sourced from AllianceBernstein's current business plan, which factored in current market conditions and all material events that have impacted, or that management believed at the time could potentially impact, future discounted expected cash flows for the first four years and a 7.4% compounded annual growth rate thereafter. The Company discounted these cash flows at approximately 8.2%. The resulting amount, net of minority interest, was tax-effected to reflect taxes incurred at the Company. F-28 The gross carrying amount of AllianceBernstein related intangible assets were $553.8 million and $556.2 million at December 31, 2008 and 2007, respectively, and the accumulated amortization of these intangible assets were $265.3 million and $243.7 million, respectively. Amortization expense related to the AllianceBernstein intangible assets totaled $23.7 million, $23.5 million and $23.6 million for 2008, 2007 and 2006, respectively, and estimated amortization expense for each of the next five years is expected to be approximately $21.4 million. AllianceBernstein tests intangible assets for impairment quarterly by comparing their fair value, as determined by applying a present value technique to expected cash flows, to their carrying value. Each quarter, significant assumptions used to estimate the expected cash flows from these intangible assets, primarily investment management contracts, are updated to reflect management's consideration of current market conditions on expectations made with respect to customer account attrition and asset growth rates. As of December 31, 2008, AllianceBernstein determined that these intangible assets were not impaired. At December 31, 2008 and 2007, respectively, net deferred sales commissions totaled $113.5 million and $183.6 million are included within the Investment Management segment's Other assets. The estimated amortization expense of deferred sales commissions based on the December 31, 2008 net asset balance for each of the next five years is $51.1 million, $32.4 million, $18.9 million, $8.2 million and $2.7 million. AllianceBernstein tests the deferred sales commission asset for impairment quarterly by comparing undiscounted future cash flows to the recorded value, net of accumulated amortization. Each quarter, significant assumptions used to estimate the future cash flows are updated to reflect management's consideration of current market conditions on expectations made with respect to future market levels and redemption rates. As of December 31, 2008, AllianceBernstein determined that the deferred sales commission asset was not impaired. To the extent that securities valuations remain depressed for prolonged periods of time and market conditions stagnate or worsen as a result of the global financial crisis, AllianceBernstein's assets under management, revenues, profitability, and unit price likely would be adversely affected. As a result, more frequent impairment testing may be required and potentially could result in an impairment of the goodwill, intangible assets, and/or deferred sales commission asset attributable to AllianceBernstein. In addition, subsequent impairment testing may be based upon different assumptions and future cash flow projections than used at December 31, 2008 as management's current business plan could be negatively impacted by other risks to which AllianceBernstein's business is subject, including, but not limited to, retention of investment management contracts, selling and distribution agreements, and existing relationships with clients and various financial intermediaries. Any impairment would reduce the recorded goodwill, intangible assets, and/or deferred sales commission asset amounts with a corresponding charge to earnings. F-29 5) CLOSED BLOCK Summarized financial information for the Closed Block follows:
DECEMBER 31, -------------------------------------- 2008 2007 ------------------ ------------------ (IN MILLIONS) CLOSED BLOCK LIABILITIES: Future policy benefits, policyholders' account balances and other.... $ 8,544.8 $ 8,657.3 Other liabilities.................................................... 71.3 115.2 ------------------ ------------------ Total Closed Block liabilities....................................... 8,616.1 8,772.5 ------------------ ------------------ ASSETS DESIGNATED TO THE CLOSED BLOCK: Fixed maturities, available for sale, at estimated fair value (amortized cost of $5,517.6 and $5,816.6)......................... 5,041.5 5,825.6 Mortgage loans on real estate........................................ 1,107.1 1,099.3 Policy loans......................................................... 1,180.3 1,197.5 Cash and other invested assets....................................... 104.2 4.7 Other assets......................................................... 472.4 240.1 ------------------ ------------------ Total assets designated to the Closed Block.......................... 7,905.5 8,367.2 ------------------ ------------------ Excess of Closed Block liabilities over assets designated to the Closed Block.................................................. 710.6 405.3 Amounts included in accumulated other comprehensive income: Net unrealized investment (losses) gains, net of deferred income tax benefit (expense) of $166.4 and $(3.2)............... (309.2) 5.9 ------------------ ------------------ Maximum Future Earnings To Be Recognized From Closed Block Assets and Liabilities............................................ $ 401.4 $ 411.2 ================== ==================
Closed Block revenues and expenses as follow:
2008 2007 2006 ---------------- ----------------- ------------------ (IN MILLIONS) REVENUES: Premiums and other income............................ $ 392.6 $ 409.6 $ 428.1 Investment income (net of investment expenses of $1.1, $.2, and $.1)................... 496.0 501.8 520.2 Investment (losses) gains, net....................... (47.5) 7.9 1.7 ---------------- ----------------- ------------------ Total revenues....................................... 841.1 919.3 950.0 ---------------- ----------------- ------------------ BENEFITS AND OTHER DEDUCTIONS: Policyholders' benefits and dividends................ 818.7 828.2 852.2 Other operating costs and expenses................... 7.4 2.7 3.0 ---------------- ----------------- ------------------ Total benefits and other deductions.................. 826.1 830.9 855.2 ---------------- ----------------- ------------------ Net revenues before income taxes..................... 15.0 88.4 94.8 Income tax expense................................... (5.2) (31.0) (31.1) ---------------- ----------------- ------------------ Net Revenues......................................... $ 9.8 $ 57.4 $ 63.7 ================ ================= ==================
Reconciliation of the policyholder dividend obligation follows: F-30
DECEMBER 31, ----------------------------------- 2008 2007 ---------------- ---------------- (IN MILLIONS) Balance at beginning of year.......................................... $ - $ 3.2 Increase in unrealized investment losses.............................. - (3.2) ---------------- ---------------- Balance at End of Year ............................................... $ - $ - ================ ================
There were no impaired mortgage loans at December 31, 2008 and 2007. Impaired mortgage loans along with the related investment valuation allowances at December 31, 2006 follow:
December 31, 2006 ---------------- (In Millions) Impaired mortgage loans with investment valuation allowances............ $ 17.8 Impaired mortgage loans without investment valuation allowances......... .1 ---------------- Recorded investment in impaired mortgage loans.......................... 17.9 Investment valuation allowances......................................... (7.3) ---------------- Net Impaired Mortgage Loans............................................... $ 10.6 ================
During 2008, 2007 and 2006, respectively, the Closed Block's average recorded investments in impaired mortgage loans were $0.4 million, $36.3 million and $59.9 million, respectively. Interest income recognized on these impaired mortgage loans totaled zero, $3.9 million and $3.3 million for 2008, 2007 and 2006, respectively. Valuation allowances amounted to $7.3 million on mortgage loans on real estate at December 31, 2006; there were no valuation allowances on mortgage loans at December 31, 2008 and 2007. Writedowns of fixed maturities amounted to $45.8 million, $3.0 million and $1.4 million for 2008, 2007 and 2006, respectively. 6) CONTRACTHOLDER BONUS INTEREST CREDITS Changes in the deferred asset for contractholder bonus interest credits are as follows:
DECEMBER 31, ----------------------------------- 2008 2007 --------------- ---------------- (IN MILLIONS) Balance, beginning of year............................................. $ 754.2 $ 650.7 Contractholder bonus interest credits deferred ........................ 137.6 174.7 Amortization charged to income ........................................ (83.9) (71.2) --------------- ---------------- Balance, End of Year .................................................. $ 807.9 $ 754.2 =============== ================
7) FAIR VALUE DISCLOSURES Assets and liabilities measured at fair value on a recurring basis are summarized below: FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2008
LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ---------------- ---------------- ---------------- ------------------ (IN MILLIONS) ASSETS Investments: Fixed maturities available for sale $ 149.9 $ 21,256.7 $ 2,424.4 $ 23,831.0 Other equity investments......... 63.4 - 2.0 65.4 Trading securities............... 322.6 - .1 322.7
F-31 Other invested assets............ 31.1 419.0 547.0 997.1 Loans to affiliates.................. - 588.3 - 588.3 Cash equivalents..................... 1,832.3 - - 1,832.3 Segregated securities................ 2,572.6 - - 2,572.6 GMIB reinsurance contracts........... - - 4,821.7 4,821.7 Separate Accounts' assets............ 66,044.4 1,248.3 334.3 67,627.0 ---------------- ---------------- ---------------- ------------------ Total Assets................... $ 71,016.3 $ 23,512.3 $ 8,129.5 $ 102,658.1 ================ ================ ================ ================== LIABILITIES GWBL features' liability............. $ - $ - $ 272.6 $ 272.6 ---------------- ---------------- ---------------- ------------------ Total Liabilities.............. $ - $ - $ 272.6 $ 272.6 ================ ================ ================ ==================
The table below presents a reconciliation for all Level 3 assets and liabilities at December 31, 2008: LEVEL 3 INSTRUMENTS FAIR VALUE MEASUREMENTS (IN MILLIONS)
FIXED MATURITIES OTHER OTHER GMIB SEPARATE GWBL AVAILABLE EQUITY INVESTED REINSURANCE ACCOUNTS FEATURES FOR SALE INVESTMENTS(1) ASSETS ASSET ASSETS LIABILITY -------------- -------------- ----------- -------------- ------------- ------------- BALANCE, DEC. 31, 2007....... $ 2,503.4 $ 3.0 $ 160.9 $ 124.7 $ 40.8 $ - Impact of adopting SFAS No. 157, included in earnings................ - - - 210.6 - - -------------- -------------- ----------- -------------- ------------- ------------- BALANCE, JAN. 1, 2008........ 2,503.4 3.0 160.9 335.3 40.8 - -------------- -------------- ----------- -------------- ------------- ------------- Total gains (losses), realized and unrealized, included in: Earnings as: Net investment income... 3.3 - 359.3 - - - Investment (losses) gains, net............. (144.5) (1.1) - - (17.4) - Commissions, fees and other income........... - - - 3,571.2 - - Policyholders' benefits. - - - - - 265.2 -------------- -------------- ----------- -------------- ------------- ------------- Subtotal.......... (141.2) (1.1) 359.3 3,571.2 (17.4) 265.2 -------------- -------------- ----------- -------------- ------------- ------------- Other comprehensive income.................. (384.6) .6 - - - - Purchases/issuances and sales/settlements, net..... (85.6) (.4) 26.8 915.2 248.6 7.4 Transfers into/out of Level 3(2)................. 532.4 - - - 62.3 - -------------- -------------- ----------- -------------- ------------- ------------- BALANCE, DEC. 31, 2008....... $ 2,424.4 $ 2.1 $ 547.0 $ 4,821.7 $ 334.3 $ 272.6 ============== ============== =========== ============== ============= =============
(1) Includes Trading securities' Level 3 amount. (2) Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values. The table below details changes in unrealized gains (losses) for 2008 by category for Level 3 assets and liabilities still held at December 31, 2008: F-32
EARNINGS ----------------------------------------------------------------- INVESTMENT COMMISSIONS OTHER NET GAINS FEES AND POLICY- COMPRE- INVESTMENT (LOSSES), OTHER HOLDER HENSIVE INCOME NET INCOME BENEFITS INCOME ------------- -------------- -------------- -------------- -------------- (IN MILLIONS) STILL HELD AT DEC. 31, 2008: CHANGE IN UNREALIZED GAINS OR LOSSES Fixed maturities available for sale......... $ - $ - $ - $ - (394.1) Other equity investments..... - - - - .6 Other invested assets........ 386.1 - - - - Cash equivalents............. - - - - - Segregated securities........ - - - - - GMIB reinsurance contracts.......... - - 3,571.2 - - Separate Accounts' assets........... - (16.6) - - - GWBL features' liability............ - - - 265.2 - ------------- -------------- -------------- -------------- -------------- Total.................... $ 386.1 $ (16.6) $ 3,571.2 $ 265.2 (393.5) ============= ============== ============== ============== ==============
Fair value measurements are required on a non-recurring basis for certain assets, including goodwill, mortgage loans on real estate, equity real estate held for production of income, and equity real estate held for sale, only when an other-than-temporary impairment or other event occurs. When such fair value measurements are recorded, they must be classified and disclosed within the fair value hierarchy. At December 31, 2008, no assets were measured at fair value on a non-recurring basis. The carrying values and fair values for financial instruments not otherwise disclosed in Notes 3, 5, 10 and 16 of Notes to Consolidated Financial Statements are presented below: F-33
DECEMBER 31, -------------------------------------------------------------------- 2008 2007 --------------------------------- --------------------------------- CARRYING ESTIMATED Carrying Estimated VALUE FAIR VALUE Value Fair Value --------------- --------------- --------------- --------------- (IN MILLIONS) Consolidated: ------------- Mortgage loans on real estate.......... $ 3,673.9 $ 3,624.5 $ 3,730.6 $ 3,766.9 Other limited partnership interests.... 1,414.6 1,414.6 1,607.9 1,607.9 Policyholders liabilities: Investment contracts................. 3,072.9 3,162.5 3,651.5 3,712.6 Long-term debt......................... 199.9 190.8 199.8 224.6 Closed Block: ------------- Mortgage loans on real estate.......... $ 1,107.1 $ 1,102.6 $ 1,099.3 $ 1,111.4 Other equity investments............... 2.7 2.7 3.6 3.6 SCNILC liability....................... 8.6 8.6 9.2 9.2 Wind-up Annuities: ------------------ Mortgage loans on real estate.......... $ 1.2 $ 1.3 $ 2.2 $ 2.3 Other equity investments............... 1.3 1.3 1.6 1.6 Guaranteed interest contracts.......... 5.5 6.2 5.5 5.8
8) GMDB, GMIB AND NO LAPSE GUARANTEE FEATURES A) Variable Annuity Contracts - GMDB, GMIB and GWBL The Company has certain variable annuity contracts with GMDB, GMIB and/or GWBL features in-force that guarantee one of the following: o Return of Premium: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals); o Ratchet: the benefit is the greatest of current account value, premiums paid (adjusted for withdrawals), or the highest account value on any anniversary up to contractually specified ages (adjusted for withdrawals); o Roll-Up: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified interest rates up to specified ages; or o Combo: the benefit is the greater of the ratchet benefit or the roll-up benefit which may include a five year or annual reset; or o Withdrawal: the withdrawal is guaranteed up to a maximum amount per year for life. F-34 The following table summarizes the GMDB and GMIB liabilities, before reinsurance ceded, reflected in the General Account in future policy benefits and other policyholders liabilities:
GMDB GMIB TOTAL ------------- ------------- -------------- (IN MILLIONS) Balance at January 1, 2006....................... $ 115.2 $ 173.6 $ 288.8 Paid guarantee benefits........................ (31.6) (3.3) (34.9) Other changes in reserve....................... 80.1 58.0 138.1 ------------- ------------- -------------- Balance at December 31, 2006..................... 163.7 228.3 392.0 Paid guarantee benefits........................ (30.6) (2.7) (33.3) Other changes in reserve....................... 120.0 84.3 204.3 ------------- ------------- -------------- Balance at December 31, 2007..................... 253.1 309.9 563.0 Paid guarantee benefits........................ (72.8) (8.2) (81.0) Other changes in reserve....................... 800.6 1,678.2 2,478.8 ------------- ------------- -------------- Balance at December 31, 2008..................... $ 980.9 $ 1,979.9 $ 2,960.8 ============= ============= ==============
Related GMDB reinsurance ceded amounts were:
GMDB ------------- (IN MILLIONS) Balance at January 1, 2006....................... $ 22.7 Paid guarantee benefits........................ (9.1) Other changes in reserve....................... 10.0 ------------- Balance at December 31, 2006..................... 23.6 Paid guarantee benefits........................ (7.6) Other changes in reserve....................... 11.5 ------------- Balance at December 31, 2007..................... 27.5 Paid guarantee benefits........................ (7.1) Other changes in reserve....................... 306.9 ------------- Balance at December 31, 2008..................... $ 327.3 =============
F-35 The December 31, 2008 values for variable annuity contracts in-force on such date with GMDB and GMIB features are presented in the following table. For contracts with the GMDB feature, the net amount at risk in the event of death is the amount by which the GMDB benefits exceed related account values. For contracts with the GMIB feature, the net amount at risk in the event of annuitization is the amount by which the present value of the GMIB benefits exceeds related account values, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. Since variable annuity contracts with GMDB guarantees may also offer GMIB guarantees in the same contract, the GMDB and GMIB amounts listed are not mutually exclusive:
RETURN OF PREMIUM RATCHET ROLL-UP COMBO TOTAL -------------- -------------- -------------- ------------- --------------- (DOLLARS IN MILLIONS) GMDB: ----- Account values invested in: General Account.................. $ 10,966 $ 329 $ 301 $ 925 $ 12,521 Separate Accounts................ $ 19,435 $ 5,680 $ 4,304 $ 24,633 $ 54,052 Net amount at risk, gross........... $ 6,079 $ 2,921 $ 3,622 $ 13,273 $ 25,895 Net amount at risk, net of amounts reinsured................ $ 6,079 $ 1,846 $ 2,427 $ 5,769 $ 16,121 Average attained age of contractholders.................. 49.4 61.9 65.9 61.9 53.1 Percentage of contractholders over age 70....................... 7.4% 24.0% 39.5% 22.1% 12.5% Range of contractually specified interest rates.................. N/A N/A 3% - 6% 3% - 6.5% GMIB: ----- Account values invested in: General Account.................. N/A N/A $ 46 $ 1,258 $ 1,304 Separate Accounts................ N/A N/A $ 2,578 $ 32,938 $ 35,516 Net amount at risk, gross........... N/A N/A $ 1,363 $ 1,527 $ 2,890 Net amount at risk, net of amounts reinsured................ N/A N/A $ 396 $ 612 $ 1,008 Weighted average years remaining until earliest annuitization..... N/A N/A 1.5 7.7 7.1 Range of contractually specified interest rates.................. N/A N/A 3% - 6% 3% - 6.5%
The GWBL related liability, which reflects the present value of expected future payments (benefits) less the fees attributable to the GWBL feature valued as an embedded derivative over a range of market consistent economic scenarios, was $272.6 million at December 31, 2008. F-36 B) Separate Account Investments by Investment Category Underlying GMDB and GMIB Features ------------------------------------------------------------------- The total account values of variable annuity contracts with GMDB and GMIB features include amounts allocated to the guaranteed interest option which is part of the General Account and variable investment options that invest through Separate Accounts in variable insurance trusts. The following table presents the aggregate fair value of assets, by major investment category, held by Separate Accounts that support variable annuity contracts with GMDB and GMIB benefits and guarantees. The investment performance of the assets impacts the related account values and, consequently, the net amount of risk associated with the GMDB and GMIB benefits and guarantees. Since variable annuity contracts with GMDB benefits and guarantees may also offer GMIB benefits and guarantees in each contract, the GMDB and GMIB amounts listed are not mutually exclusive: INVESTMENT IN VARIABLE INSURANCE TRUST MUTUAL FUNDS
DECEMBER 31, ------------------------------------ 2008 2007 ---------------- ------------------ (IN MILLIONS) GMDB: ----- Equity.............................................................. $ 30,428 $ 48,587 Fixed income........................................................ 3,745 4,392 Balanced............................................................ 17,469 20,546 Other............................................................... 2,410 2,151 ---------------- ------------------ Total............................................................... $ 54,052 $ 75,676 ================ ================== GMIB: ----- Equity.............................................................. $ 19,138 $ 27,831 Fixed income........................................................ 2,219 2,687 Balanced............................................................ 12,887 14,816 Other............................................................... 1,272 1,018 ---------------- ------------------ Total............................................................... $ 35,516 $ 46,352 ================ ==================
C) Hedging Programs for GMDB, GMIB and GWBL Features ------------------------------------------------- Beginning in 2003, AXA Equitable established a program intended to hedge certain risks associated first with the GMDB feature and, beginning in 2004, with the GMIB feature of the Accumulator(R) series of variable annuity products. This program currently utilizes exchange-traded futures contracts, interest rate swap and floor contracts and other derivative instruments that are managed in an effort to reduce the economic impact of unfavorable changes in GMDB, GMIB and GWBL exposures attributable to movements in the equity and fixed income markets. At the present time, this program hedges such economic risks on products sold from 2001 forward, to the extent such risks are not reinsured. At December 31, 2008, the total account value and net amount at risk of the hedged Accumulator(R) series of variable annuity contracts were $27,668 million and $10,615 million, respectively, with the GMDB feature and $15,514 million and $623 million, respectively, with the GMIB feature. These programs do not qualify for hedge accounting treatment under SFAS No. 133. Therefore, SFAS No. 133 requires gains or losses on the derivatives contracts used in these programs, including current period changes in fair value, to be recognized in investment income in the period in which they occur, and may contribute to earnings volatility. D) Variable and Interest-Sensitive Life Insurance Policies - No Lapse Guarantee ------------------------------------------------------------------ The no lapse guarantee feature contained in variable and interest- sensitive life insurance policies keeps them in force in situations where the policy value is not sufficient to cover monthly charges then due. The no lapse guarantee remains in effect so long as the policy meets a contractually specified premium funding test and certain other requirements. F-37 The following table summarizes the no lapse guarantee liabilities reflected in the General Account in Future policy benefits and other policyholders liabilities, and the related reinsurance ceded:
DIRECT REINSURANCE LIABILITY CEDED NET -------------- --------------- ------------- (IN MILLIONS) Balance at January 1, 2006......................... $ 34.8 $ (20.4) $ 14.4 Other changes in reserve........................ 32.0 (27.5) 4.5 -------------- --------------- ------------- Balance at December 31, 2006....................... 66.8 (47.9) 18.9 Other changes in reserve........................ 68.2 (59.7) 8.5 -------------- --------------- ------------- Balance at December 31, 2007....................... 135.0 (107.6) 27.4 Other changes in reserve........................ 68.0 (45.0) 23.0 -------------- --------------- ------------- Balance at December 31, 2008....................... $ 203.0 $ (152.6) $ 50.4 ============== =============== =============
9) REINSURANCE AGREEMENTS The Insurance Group assumes and cedes reinsurance with other insurance companies. The Insurance Group evaluates the financial condition of its reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. Ceded reinsurance does not relieve the originating insurer of liability. The Insurance Group reinsures most of its new variable life, universal life and term life policies on an excess of retention basis. The Insurance Group maintains a maximum retention on each single life policy of $25 million and on each second-to-die policy of $30 million with the excess 100% reinsured. The Insurance Group also reinsures the entire risk on certain substandard underwriting risks and in certain other cases. Likewise, certain risks that would otherwise be reinsured on a proportional basis have been retained. At December 31, 2008, the Company had reinsured to non-affiliates and affiliates in the aggregate approximately 5.4% and 32.3%, respectively, of its current exposure to the GMDB obligation on annuity contracts in-force and, subject to certain maximum amounts or caps in any one period, approximately 65.1% of its current liability exposure resulting from the GMIB feature. See Note 8 herein. Based on management's estimates of future contract cash flows and experience, the estimated fair values of the GMIB reinsurance contracts, considered derivatives under SFAS No. 133, at December 31, 2008 and 2007 were $4,821.7 million and $124.7 million, respectively. The increases (decreases) in fair value were $1,566.8 million, $6.9 million and $(14.8) million for 2008, 2007 and 2006, respectively. At December 31, 2008 and 2007, respectively, third party reinsurance recoverables related to insurance contracts amounted to $2,897.2 million and $2,890.6 million. Reinsurance payables related to insurance contracts totaling $62.7 million and $58.7 million are included in other liabilities in the consolidated balance sheets at December 31, 2008 and 2007, respectively. The Insurance Group cedes substantially all of its group life and health business to a third party insurer. Insurance liabilities ceded totaled $236.8 million and $239.6 million at December 31, 2008 and 2007, respectively. The Insurance Group also cedes a portion of its extended term insurance and paid up life insurance and substantially all of its individual disability income business through various coinsurance agreements. The Insurance Group has also assumed accident, health, aviation and space risks by participating in or reinsuring various reinsurance pools and arrangements. In addition to the sale of insurance products, the Insurance Group currently acts as a professional retrocessionaire by assuming life and annuity reinsurance from professional reinsurers. Reinsurance assumed reserves at December 31, 2008 and 2007 were $719.8 million and $642.8 million, respectively. F-38 The following table summarizes the effect of reinsurance (excluding group life and health):
2008 2007 2006 -------------- ------------- ------------- (IN MILLIONS) Direct premiums.................................... $ 848.3 $ 855.1 $ 858.6 Reinsurance assumed................................ 193.8 193.0 188.4 Reinsurance ceded.................................. (283.5) (243.2) (229.2) -------------- ------------- ------------- Premiums $ 758.6 $ 804.9 $ 817.8 ============== ============= ============= Universal Life and Investment-type Product Policy Fee Income Ceded.......................... $ 169.1 $ 153.9 $ 99.0 ============== ============= ============= Policyholders' Benefits Ceded...................... $ 1,221.8 $ 510.7 $ 387.5 ============== ============= ============= Interest Credited to Policyholders' Account Balances Ceded................................... $ 33.2 $ 56.1 $ 53.8 ============== ============= =============
Individual Disability Income and Major Medical Claim reserves and associated liabilities net of reinsurance ceded for individual DI and major medical policies were $94.4 million and $94.3 million at December 31, 2008 and 2007, respectively. At December 31, 2008 and 2007, respectively, $1,680.8 million and $1,040.9 million of DI reserves and associated liabilities were ceded through indemnity reinsurance agreements with a singular reinsurance group. Incurred benefits (benefits paid plus changes in claim reserves) and benefits paid for individual DI and major medical policies are summarized below:
2008 2007 2006 -------------- ------------- ------------- (IN MILLIONS) Incurred benefits related to current year.......... $ 35.5 $ 32.9 $ 35.8 Incurred benefits related to prior years........... 4.2 13.2 9.9 -------------- ------------- ------------- Total Incurred Benefits............................ $ 39.7 $ 46.1 $ 45.7 ============== ============= ============= Benefits paid related to current year.............. $ 10.8 $ 11.9 $ 14.0 Benefits paid related to prior years............... 28.8 32.8 30.0 -------------- ------------- ------------- Total Benefits Paid................................ $ 39.6 $ 44.7 $ 44.0 ============== ============= =============
10) SHORT-TERM AND LONG-TERM DEBT Short-term and long-term debt consists of the following:
DECEMBER 31, ----------------------------- 2008 2007 ------------- ------------- (IN MILLIONS) Short-term debt: Promissory note (with an interest rate of 5.16%).................. $ - $ 248.3 AllianceBernstein commercial paper (with interest rates of 1.8% and 4.3%).......................... 284.8 533.9 ------------- ------------- Total short-term debt......................................... 284.8 782.2 ------------- ------------- Long-term debt: AXA Equitable: Surplus Notes, 7.70%, due 2015.................................. 199.8 199.8 ------------- ------------- Total long-term debt.......................................... 199.8 199.8 ------------- ------------- Total Short-term and Long-term Debt............................... $ 484.6 $ 982.0 ============= =============
F-39 Short-term Debt --------------- On September 23, 2008, AXA Equitable repaid its $350.0 million promissory note, $101.7 million of which was included in Wind-up Annuities discontinued operations. On July 17, 2008, AXA Equitable was accepted as a member of the Federal Home Loan Bank of New York ("FHLBNY") which provides AXA Equitable access to collateralized borrowings and other FHLBNY products. As membership requires the ownership of member stock, AXA Equitable purchased stock totaling $13.5 million. The credit facility provided by the FHLBNY will supplement existing liquidity sources and provide a diverse and reliable source of funds. Any borrowings from the FHLBNY require the purchase of FHLBNY activity based stock in an amount equal to 4.5% of the borrowings. AXA Equitable's borrowing capacity with FHLBNY is $1.00 billion. As a member of FHLBNY, AXA Equitable can receive advances for which it would be required to pledge qualified mortgage-backed assets and government securities as collateral. At December 31, 2008, there were no outstanding borrowings from FHLBNY. As of December 31, 2008, SCB LLC maintained five separate uncommitted credit facilities with various banks totaling $775 million. As of December 31, 2008 and 2007, no amounts were outstanding under these credit facilities. Each loan shall bear interest at the rate of interest agreed to by the lender and the borrower at the time such loan is made. In January 2008, SCB LLC entered into a $950.0 million three-year revolving credit facility with a group of commercial banks to fund its obligations resulting from engaging in certain securities trading and other customer activities. Under the revolving credit facility, the interest rate, at the option of SCB LLC, is a floating rate generally based upon a defined prime rate, a rate related to LIBOR or the Federal Funds rate. AllianceBernstein has a $1,000.0 million five-year revolving credit facility with a group of commercial banks and other lenders which expires in 2011. The revolving credit facility is intended to provide back-up liquidity for their $1,000.0 million commercial paper program although they borrow directly under the facility from time to time. Under the revolving credit facility, the interest rate, at the option of AllianceBernstein, is a floating rate generally based upon a defined prime rate, a rate related to the London Interbank Offered Rate ("LIBOR") or the Federal Funds rate. The revolving credit facility contains covenants which, among other things, require AllianceBernstein to meet certain financial ratios. AllianceBernstein was in compliance with the covenants as of December 31, 2008. Long-term Debt -------------- At December 31, 2008, the Company was not in breach of any debt covenants. 11) RELATED PARTY TRANSACTIONS The Company reimburses AXA Financial for expenses relating to the Excess Retirement Plan, Supplemental Executive Retirement Plan and certain other employee benefit plans that provide participants with medical, life insurance, and deferred compensation benefits. Such reimbursement was based on the cost to AXA Financial of the benefits provided which totaled $76.2 million, $63.1 million and $53.5 million, respectively, for 2008, 2007 and 2006. In 2008, 2007 and 2006, respectively, the Company paid AXA Distribution and its subsidiaries $754.2 million, $806.9 million and $767.2 million of commissions and fees for sales of insurance products. The Company charged AXA Distribution's subsidiaries $320.5 million, $340.2 million and $352.9 million, respectively, for their applicable share of operating expenses in 2008, 2007 and 2006, pursuant to the Agreements for Services. In September 2001, AXA Equitable loaned $400.0 million to AXA Insurance Holding Co. Ltd., a subsidiary of AXA. This investment both matured and was repaid on June 15, 2007 and had an interest rate of 5.89%. In 2005, AXA Equitable issued a note to AXA Financial in the amount of $325.0 million with an interest rate of 6.00% and a maturity date of December 1, 2035. Interest on this note is payable semi-annually. F-40 In September 2007, AXA issued $650.0 million in 5.40% senior unsecured notes to AXA Equitable. These notes pay interest semi-annually and mature on September 30, 2012. In November 2008, AXA Financial purchased a $500.0 million callable 7.1% surplus note from AXA Equitable. The note pays interest semi-annually and matures on December 1, 2018. In December 2008, AXA Financial purchased a $500.0 million callable 7.1% surplus note from AXA Equitable. The note pays interest semi-annually and matures on December 1, 2018. In fourth quarter 2008, AXA Equitable reinsured the GMDB and GMIB riders on the Accumulator(R) products sold on or after January 1, 2006 and in-force at September 30, 2008 with AXA Financial (Bermuda) Ltd. ("AXA Bermuda"), an affiliate that is an indirect wholly owned subsidiary of AXA Financial. AXA Equitable transferred cash and derivative instruments with a fair value of $6,892.5 million equal to the market value of the insurance liabilities assumed by AXA Bermuda on October 1, 2008 and income derived from the hedges related to these riders for the period from October through December 2008, to that entity. AXA Bermuda will manage the dynamic hedging program to mitigate risks related to the reinsured riders. In fourth quarter 2008, AXA Equitable recorded a GMDB reinsurance recoverable and a GMIB reinsurance asset totaling $3,385.7 resulting in a cost of reinsurance of $3,506.8 million. The cost of this arrangement has been deferred and will be amortized over the life of the underlying annuity contracts. Amortization of the cost in 2009 is expected to be approximately $290 million. Various AXA affiliates cede a portion of their life and health insurance business through reinsurance agreements to AXA Cessions, an AXA affiliated reinsurer. AXA Cessions, in turn, retroceded a quota share portion of these risks to AXA Equitable on a one-year term basis for 2007 and 2006. Premiums earned in 2007 and 2006 under this arrangement totaled approximately $1.8 million and $1.1 million, respectively. Both AXA Equitable and AllianceBernstein, along with other AXA affiliates, participate in certain intercompany cost sharing and service agreements including technology and professional development arrangements. AXA Equitable and AllianceBernstein incurred expenses under such agreements of approximately $157.8 million, $143.6 million and $127.5 million in 2008, 2007 and 2006, respectively. Expense reimbursements by AXA and AXA affiliates to AXA Equitable under such agreements totaled approximately $63.0 million, $58.4 million and $53.8 million in 2008, 2007 and 2006, respectively. The net receivable related to these contracts was approximately $3.4 million and $25.3 million at December 31, 2008 and 2007, respectively. Commissions, fees and other income included certain revenues for services provided to mutual funds managed by AllianceBernstein. These revenues are described below:
2008 2007 2006 -------------- -------------- --------------- (IN MILLIONS) Investment advisory and services fees.............. $ 870.5 $ 1,027.6 $ 841.0 Distribution revenues.............................. 378.4 473.4 421.0 Other revenues - shareholder servicing fees........ 99.0 103.6 97.2 Other revenues - other............................. 6.9 6.5 6.9 Institutional research services.................... 1.2 1.6 1.9
12) EMPLOYEE BENEFIT PLANS The Company (other than AllianceBernstein) sponsors qualified and non-qualified defined benefit plans covering substantially all employees (including certain qualified part-time employees), managers and certain agents. On December 31, 2007, the Company transferred the liability for a non-qualified defined benefit plan to AXA Financial in exchange for a non-cash capital contribution totaling $13.5 million. These pension plans are non-contributory and their benefits are based on a cash balance formula and/or, for certain participants, years of service and final average earnings over a specified period in the plans. AllianceBernstein maintains a qualified, non-contributory, defined benefit retirement plan covering current and former employees who were employed by AllianceBernstein in the United States prior to October 2, 2000. AllianceBernstein's benefits are based on years of credited service and average final base salary. The Company uses a December 31 measurement date for its pension and postretirement plans. F-41 The Company made cash contributions to its qualified pension plans of $35.6 million in 2008. Generally, the Company's funding policy (other than AllianceBernstein) is to make an annual aggregate contribution to its qualified pension plans of approximately $30.0 million unless the minimum contribution required by the Employee Retirement Income Security Act of 1974 ("ERISA") is greater; no significant cash contributions are expected to be required to satisfy the minimum funding requirements for 2009. AllianceBernstein's policy is to satisfy its funding obligation each year in an amount not less than the minimum required by ERISA and not greater than the maximum it can deduct for federal income tax purposes. AllianceBernstein currently estimates it will make a contribution to its qualified retirement plan of $22 million in 2009. Effective December 31, 2008, AllianceBernstein amended its qualified pension plan to eliminate all future accruals for future services and compensation increases. This amendment was considered a plan curtailment and resulted in a decrease in the Projected Benefit Obligation ("PBO") of approximately $13.1 million, which was offset against existing deferred losses in accumulated other comprehensive income (loss). In addition, as a result of all future service being eliminated, AllianceBernstein accelerated recognition of the existing prior service credit of $3.5 million in fourth quarter 2008. Components of net periodic pension expense for the Company's qualified and non-qualified plans were as follows:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Service cost....................................... $ 41.6 $ 39.0 $ 37.6 Interest cost on PBO............................... 134.1 128.8 122.1 Expected return on assets.......................... (194.4) (191.0) (184.8) Curtailment gain recognized........................ (3.5) - - Net amortization and deferrals..................... 42.6 57.5 81.0 ----------------- ---------------- ----------------- Net Periodic Pension Expense....................... $ 20.4 $ 34.3 $ 55.9 ================= ================ =================
The plans' PBO under the Company's qualified and non-qualified plans were comprised of:
DECEMBER 31, ------------------------------------ 2008 2007 ---------------- ----------------- (IN MILLIONS) Benefit obligations, beginning of year................................. $ 2,222.1 $ 2,294.3 Service cost........................................................... 33.6 31.0 Interest cost.......................................................... 134.1 128.8 Plan amendments........................................................ - 8.2 Actuarial gains........................................................ (27.6) (73.6) Plan curtailment....................................................... (13.1) - Benefits paid.......................................................... (168.0) (166.6) ---------------- ----------------- Benefit Obligations, End of Year....................................... $ 2,181.1 $ 2,222.1 ================ =================
F-42 At December 31, 2006, the Company adopted SFAS No. 158, requiring recognition, in the consolidated balance sheet, of the funded status of its defined benefit pension plans, measured as the difference between plan assets at fair value and the PBO. The following table discloses the change in plan assets and the funded status of the Company's qualified and non-qualified plans:
DECEMBER 31, ----------------------------------- 2008 2007 ---------------- ----------------- (IN MILLIONS) Plan assets at fair value, beginning of year.............................. $ 2,415.7 $ 2,396.0 Actual return on plan assets.............................................. (813.6) 191.2 Contributions............................................................. 35.6 4.8 Benefits paid and fees.................................................... (177.3) (176.3) ---------------- ----------------- Plan assets at fair value, end of year.................................... 1,460.4 2,415.7 PBO....................................................................... 2,181.1 2,222.1 ---------------- ----------------- (Underfunding) Overfunding of Plan Assets Over PBO........................ $ (720.7) $ 193.6 ================ =================
Amounts recognized in the accompanying consolidated balance sheets to reflect the funded status of these plans were accrued pension costs of $720.7 million at December 31, 2008 and prepaid and accrued pension costs of $213.5 million and $19.9 million, respectively, at December 31, 2007. The aggregate PBOs and fair value of plan assets for pension plans with PBOs in excess of plan assets were $2,181.1 million and $1,460.4 million, respectively at December 31, 2008 and $76.7 million and $56.8 million, respectively, at December 31, 2007. The aggregate accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets were $2,137.7 million and $1,460.4 million, respectively, at December 31, 2008 and $65.0 million and $56.8 million, respectively, at December 31, 2007. The accumulated benefit obligations for all defined benefit pension plans were $2,137.7 million and $2,154.0 million at December 31, 2008 and 2007, respectively. The following table discloses the amounts included in accumulated other comprehensive income at December 31, 2008 that have not yet been recognized as components of net periodic pension cost:
DECEMBER 31, ---------------------------------------- 2008 2007 ------------------- ------------------- (IN MILLIONS) Unrecognized net actuarial loss .................................... $ 1,497.0 $ 575.8 Unrecognized prior service cost (credit)............................ 3.2 (4.9) Unrecognized net transition asset................................... (.6) (.8) ------------------- ------------------- Total ......................................................... $ 1,499.6 $ 570.1 =================== ===================
The estimated net actuarial loss, prior service credit, and net transition asset expected to be reclassified from accumulated other comprehensive income and recognized as components of net periodic pension cost over the next year are $97.3 million, $(4.2) million, and $(.1) million, respectively. The following table discloses the estimated fair value of plan assets and the percentage of estimated fair value to total plan assets for the qualified plans of the Company at December 31, 2008 and 2007.
DECEMBER 31, ---------------------------------------------------------- 2008 2007 --------------------------- --------------------------- (IN MILLIONS) ESTIMATED Estimated FAIR VALUE % Fair Value % ---------------- ---------- ----------------- ---------- Corporate and government debt securities........ $ 406.4 27.9 $ 414.3 17.1 Equity securities............................... 790.6 54.1 1,723.7 71.4 Equity real estate.............................. 244.5 16.7 277.7 11.5 Short-term investments ......................... 18.9 1.3 - - ---------------- ---------- ----------------- ---------- Total Plan Assets............................... $ 1,460.4 100.0 $ 2,415.7 100.0 ================ ========== ================= ==========
F-43 Qualified pension plan assets declined approximately $955.3 million from December 31, 2007 to December 31, 2008, primarily due to the steep decline and volatility in equity markets, particularly during the latter part of 2008. During fourth quarter 2008, a short term hedge program was executed by the AXA Equitable qualified pension plans to minimize further downside equity risk. The primary investment objective of the plans of the Company is to maximize return on assets, giving consideration to prudent risk. The asset allocation was designed with a long-term investment horizon, based on target investment of 65% equities, 25% fixed income and 10% real estate. Emphasis was given to equity investments, given their higher expected rate of return. Fixed income investments are included to provide less volatile return. Real estate investments offer diversity to the total portfolio and long-term inflation protection. In January 2009, the asset allocation strategy of the qualified defined benefit pension plans was revised to target 30%-40% equities, 50%-60% high quality bonds, and 10%-15% real estate and other investments. In anticipation of continued turbulence in the equity markets, management concluded it would be prudent to continue a hedging program for a period of one year, at which time the need for its continuance would be re-evaluated. The assumed discount rates for measurement of the benefit obligations at December 31, 2008 and 2007 each reflect the rates at which pension benefits then could be effectively settled. Specifically at December 31, 2008, projected nominal cash outflows to fund expected annual benefits payments under the Company's qualified and non-qualified pension and postretirement benefit plans were discounted using a published high-quality bond yield curve. The discount rate of 6.50% disclosed below as having been used to measure the benefits obligation at December 31, 2008 represents the level equivalent discount rate that produces the same present value measure of the benefits obligation as the aforementioned discounted cash flow analysis. The following table discloses the weighted-average assumptions used to measure the Company's pension benefit obligations and net periodic pension cost at and for the years ended December 31, 2008 and 2007.
2008 2007 ------------- ------------- Discount rate: Benefit obligation............................................... 6.50% 6.25% Periodic cost.................................................... 6.25% (1) 5.75% Rate of compensation increase: Benefit obligation and periodic cost............................. 6.00% 6.00% Expected long-term rate of return on plan assets (periodic cost)... 8.50% 8.50%
(1) For plans remeasured in second quarter 2008, periodic cost was recalculated using a discount rate of 6.75% for the remainder of the year. In developing the expected long-term rate of return assumption on plan assets, management considered the historical returns and future expectations for returns for each asset category of the plan portfolio. As noted above, in January 2009, the target asset allocation of the qualified pension plans was changed from the preceding years. Consequently, the long term rate of return assumption to be used for purpose of computing the expected return on plan assets component of pension expense, will be approximately 6.75% to reflect lower expected returns on the reallocated plan asset portfolio. Prior to 1987, the pension plan funded participants' benefits through the purchase of non-participating annuity contracts from AXA Equitable. Benefit payments under these contracts were approximately $17.3 million, $18.9 million and $20.3 million for 2008, 2007 and 2006, respectively. The following table sets forth an estimate of future benefits expected to be paid in each of the next five years, beginning January 1, 2009, and in the aggregate for the five years thereafter. These estimates are based on the same assumptions used to measure the respective benefit obligations at December 31, 2008 and include benefits attributable to estimated future employee service. F-44 PENSION BENEFITS -------------------- (IN MILLIONS) 2009..................... $ 182.1 2010..................... 192.8 2011..................... 194.2 2012..................... 195.5 2013..................... 194.2 Years 2014-2018.......... 953.3 AllianceBernstein maintains several unfunded deferred compensation plans for the benefit of certain eligible employees and executives. The AllianceBernstein Capital Accumulation Plan was frozen on December 31, 1987 and no additional awards have been made. For the active plans, benefits vest over a period ranging from 3 to 8 years and are amortized as compensation and benefit expense. ACMC, Inc. ("ACMC"), a subsidiary of the Company, is obligated to make capital contributions to AllianceBernstein in amounts equal to benefits paid under the Capital Accumulation Plan and the contractual unfunded deferred compensation arrangements. In connection with the acquisition of Bernstein, AllianceBernstein adopted the SCB Deferred Compensation Award Plan ("SCB Plan") and agreed to invest $96.0 million per annum for three years to fund purchases of AllianceBernstein Holding L.P. ("AllianceBernstein Holding") units or an AllianceBernstein sponsored money market fund in each case for the benefit of certain individuals who were stockholders or principals of Bernstein or hired to replace them. The Company has recorded compensation and benefit expenses in connection with these deferred compensation plans totaling $133.1 million, $289.1 million and $243.8 million for 2008, 2007 and 2006, respectively. 13) SHARE-BASED COMPENSATION AXA and AXA Financial sponsor various share-based compensation plans for eligible employees and associates of AXA Financial and its subsidiaries, including the Company. AllianceBernstein also sponsors its own unit option plans for certain of its employees. Activity in these share-based plans in the discussions that follow relates to awards granted to eligible employees and associates of AXA Financial and its subsidiaries under each of these plans in the aggregate, except where otherwise noted. For 2008, 2007 and 2006, respectively, the Company recognized compensation costs for share-based payment arrangements of $33.8 million, $81.2 million and $64.3 million before income taxes and minority interest. Effective January 1, 2006, the Company adopted SFAS No. 123(R), "Share-Based Payment", that required compensation costs for these programs to be recognized in the consolidated financial statements on a fair value basis. The Company recognized compensation costs of $27.0 million, $38.8 million and $24.8 million for employee stock options for 2008, 2007 and 2006, respectively. On April 1, 2008, approximately 3.0 million options to purchase AXA ordinary shares were granted under the terms of the Stock Option Plan at an exercise price of 21.51 euros. Approximately 2.2 million of those options have a four-year graded vesting schedule, with one-third vesting on each of the second, third and fourth anniversaries of the grant date, and approximately 0.8 million have a four-year cliff vesting term. In addition, approximately 0.5 million of the total options awarded on April 1, 2008 are further subject to conditional vesting terms that require the AXA ordinary share price to outperform the Euro Stoxx Insurance Index measured between April 1, 2008 and April 1, 2012. All of the options granted on April 1, 2008 have a ten-year contractual term. Beginning at the grant date, the total fair value of this award, net of expected forfeitures of approximately $14.8 million, is being charged to expense over the shorter of the vesting term or the period up to the date at which the participant becomes retirement eligible. In 2008, the Company recognized compensation expense of approximately $3.2 million in respect of the April 1, 2008 grant of options. F-45 The number of AXA ADRs authorized to be issued pursuant to option grants and, as further described below, restricted stock grants under The AXA Financial, Inc. 1997 Stock Incentive Plan (the "Stock Incentive Plan") is approximately 124.5 million less the number of shares issued pursuant to option grants under The AXA Financial, Inc. 1991 Stock Incentive Plan (the predecessor plan to the Stock Incentive Plan). A summary of the activity in the AXA, AXA Financial and AllianceBernstein option plans during 2008 follows:
Options Outstanding -------------------------------------------------------------------------------------------------------- AXA Ordinary Shares AXA ADRs AllianceBernstein Holding Units --------------------------------- -------------------------------- ----------------------------------- Weighted Weighted Weighted Number Average Number Average Number Average Outstanding Exercise Outstanding Exercise Outstanding Exercise (In Millions) Price (In Millions) Price (In Millions) Price --------------- ---------------- ---------------- -------------- --------------- ---------------- Options outstanding at January 1, 2008........ 10.3 (euro) 27.77 19.0 $ 22.64 7.3 $ 64.20 Options granted.......... 3.1 (euro) 21.40 - $ 36.11 - (2) $ 64.24 Options exercised......... - (euro) 20.44 (4.6) $ 24.87 (.3) $ 41.98 Options forfeited, net... (.2) (euro) 27.26 (2.1) $ 31.20 (.1) $ 67.67 Options expired........... - - (.2) 26.31 --------------- ---------------- --------------- Options Outstanding at December 31, 2008...... 13.2 (euro) 26.34 12.3 $ 20.40 6.7 $ 66.11 =============== ================ ================ ============== =============== =============== Aggregate Intrinsic Value(1)............... (euro) - $ 47.1 $ - ================ ============== =============== Weighted Average Remaining Contractual Term (in years)............. 7.73 3.93 6.3 =============== ================ =============== Options Exercisable at December 31, 2008...... 3.1 23.07 12.1 $ 20.30 3.3 $ 46.69 =============== ================ ================ ============== =============== =============== Aggregate Intrinsic Value(1)............... - $ 47.1 $ - ================ ============== =============== Weighted Average Remaining Contractual Term (in years)............. 6.58 3.89 3.2 =============== ================ ===============
(1) Intrinsic value, presented in millions, is calculated as the excess of the closing market price on December 31, 2008 of the respective underlying shares over the strike prices of the option awards. (2) AllianceBernstein grants totaled 13,825 units in 2008. Cash proceeds received from employee exercises of options to purchase AXA ADRs in 2008 was $113.4 million. The intrinsic value related to employee exercises of options to purchase AXA ADRs during 2008, 2007 and 2006 were $43.5 million, $141.4 million and $132.1 million, respectively, resulting in amounts currently deductible for tax purposes of $14.6 million, $48.0 million and $44.9 million, respectively, for the periods then ended. In 2008, 2007 and 2006, windfall tax benefits of approximately $10.0 million, $34.3 million and $34.8 million, respectively, resulted from employee exercises of stock option awards. At December 31, 2008, AXA Financial held 2.3 million AXA ADRs in treasury at a weighted average cost of approximately $24.91 per ADR, of which approximately 2.1 million were designated to fund future exercises of outstanding employee stock options and the remainder of approximately 0.2 million units was available for general corporate purposes, including funding other stock-based compensation programs. These AXA ADRs were obtained primarily by exercise of call options that had been purchased by AXA Financial beginning in fourth quarter 2004 to mitigate the U.S. dollar price and foreign exchange risks associated with funding exercises of employee stock options. Remaining outstanding and unexercised at December 31, 2008 are call options to purchase 8.6 million AXA ADRs at strike prices ranging from $31.39 to $32.37, each having a cap equal to approximately 150% of its strike price, at which time the option automatically would be exercised. These call options expire on November 23, 2009. During 2008, AXA Financial utilized approximately 2.5 million AXA ADRs from treasury to fund exercises of employee stock options. Outstanding employee options to purchase AXA ordinary shares began to become exercisable on March 29, F-46 2007, coincident with the second anniversary of the first award made in 2005, and exercises of these awards are funded by newly issued AXA ordinary shares. For the purpose of estimating the fair value of employee stock option awards, the Company applies the Black-Scholes-Merton formula. A Monte-Carlo simulation approach was used to model the fair value of the conditional vesting feature of the April 1, 2008 and May 10, 2007 awards of options to purchase AXA ordinary shares. Shown below are the relevant input assumptions used to derive the fair values of options awarded in 2008, 2007 and 2006, respectively. For employee stock options with graded vesting terms and service conditions granted on or after January 1, 2006, the Company elected under SFAS No. 123(R) to retain its practice of valuing these as singular awards and to change to the graded-vesting method of attribution, whereby the cost is recognized separately over the requisite service period for each individual one-third of the options vesting on the second, third and fourth anniversaries of the grant date.
AXA Ordinary Shares AllianceBernstein Holding Units ------------------------------ ------------------------------- 2008 2007 2006 2008 2007 2006 -------- -------- -------- -------- -------- -------- Dividend yield.................... 7.12% 4.10% 3.48% 5.4% 5.6-5.7% 6% Expected volatility............... 34.7% 27.5% 28% 29.3% 27.7-30.8% 31% Risk-free interest rate........... 4.19% 4.40% 3.77% 3.2% 3.5-4.9% 4.9% Expected life in years............ 6.0 5.5 5.0 6.0 6.0-9.5 6.5 Weighted average fair value per option at grant date............ $5.70 $9.61 $7.45 $10.85 $15.96 $12.35
As of December 31, 2008, approximately $54.4 million of unrecognized compensation cost related to unvested employee stock option awards, net of estimated pre-vesting forfeitures, is expected to be recognized by the Company over a weighted average period of 5.57 years. Under the Stock Incentive Plan, AXA Financial grants restricted AXA ADRs to employees of its subsidiaries. Generally, all outstanding restricted AXA ADR awards have a 5-year cliff-vesting term. Under The Equity Plan for Directors (the "Equity Plan"), AXA Financial grants non-officer directors restricted AXA ADRs and unrestricted AXA ADRs annually. Similarly, AllianceBernstein awards restricted AllianceBernstein Holding units to independent directors of its General Partner. In addition, under its Century Club Plan, awards of restricted AllianceBernstein Holding units that vest ratably over three years are made to eligible AllianceBernstein employees whose primary responsibilities are to assist in the distribution of company-sponsored mutual funds. On December 19, 2008, in accordance with the terms of his employment agreement, AllianceBernstein awarded Mr. Kraus, Chairman and CEO of AllianceBernstein, approximately 2.7 million restricted AllianceBernstein Holding Units with a grant date fair value of $19.20 per Unit. These Units vest ratably over a 5-year period. For 2008, 2007 and 2006, respectively, the Company recognized compensation costs of $6.1 million, $8.6 million and $5.6 million for awards outstanding under these plans. The fair values of awards made under these plans are measured at the date of grant by reference to the closing price of the unrestricted shares and the result generally is attributed over the shorter of the requisite service period, the performance period, if any, or to the date at which retirement eligibility is achieved and subsequent service no longer is required for continued vesting of the award. F-47 At December 31, 2008, approximately 3.3 million restricted awards remain unvested, including restricted awards of AllianceBernstein Holding units. At December 31, 2008, approximately $56.3 million of unrecognized compensation cost related to these unvested awards, net of estimated pre-vesting forfeitures, is expected to be recognized over a weighted average period of 4.4 years. Restricted AXA ADRs vested in 2008, 2007 and 2006 had aggregate vesting date fair values of approximately $3.3 million, $7.0 million and $13.5 million, respectively. In 2007, 100,187 restricted AXA ADRs were granted, having an aggregate grant-date fair value of $4.5 million. The following table summarizes unvested restricted AXA ADR activity for 2008.
Weighted Shares of Average Restricted Grant Date Stock Fair Value ---------------- ----------------- Unvested as of January 1, 2008.......................................... 408,511 $ 29.67 Granted................................................................. 149,413 $ 37.68 Vested.................................................................. 96,822 $ 24.30 Forfeited............................................................... - ---------------- Unvested as of December 31, 2008........................................ 461,102 $ 31.92 ================
In January 2001, certain employees exchanged fully vested in-the-money AXA ADR options for tandem Stock Appreciation Rights/AXA ADR non-statutory options ("tandem SARs/NSOs") of then-equivalent intrinsic value. The Company recorded compensation expense for these fully-vested awards of $(5.5) million, zero and $6.1 million for 2008, 2007 and 2006, respectively, reflecting the impact in those periods of the change in the market price of the AXA ADR on the cash-settlement value of the SARs component of the outstanding tandem SARs/NSOs. The value of these tandem SARs/NSOs at December 31, 2008 and 2007 was $1.2 million and $17.7 million, respectively. At December 31, 2008, 0.4 million tandem SARs/NSOs were outstanding, having weighted average remaining contractual term of 0.6 years, and for which the SARs component had maximum value of $6.2 million. On February 17, 2009, approximately 0.2 million of these tandem SARs/NSOs expired out-of-the-money. During 2008, 2007 and 2006, respectively, approximately 0.7 million, 0.4 million and 2.8 million of these awards were exercised at an aggregate cash-settlement value of $9.2 million, $7.2 million and $41.2 million. On April 1, 2008, 66,372 Stock Appreciation Rights ("SARs") with a 4-year cliff-vesting schedule were granted to certain associates of AXA Financial subsidiaries. These SARs entitle the holder to a cash payment equal to any appreciation in the value of the AXA ordinary share over 21.51 Euros as of the date of exercise. At December 31, 2008, 0.3 million SARs were outstanding, having weighted average remaining contractual term of 7.56 years. The accrued value of SARs at December 31, 2008 and 2007 was $0.4 million and $3.5 million, respectively, and recorded as liabilities in the consolidated balance sheets. For 2008, 2007 and 2006, the Company recorded compensation expense for SARs of $(2.3) million, $1.1 million and $1.9 million, respectively, reflecting the impact in those periods of the changes in their fair values as determined by applying the Black Scholes-Merton formula and assumptions used to price employee stock option awards. On March 31, 2008, approximately 702,404 performance units earned under the AXA Performance Unit Plan 2006 were fully vested for total value of approximately $24.2 million, including incremental units earned from having exceeded targeted 2007 performance criteria by 0.68%. Distributions to participants were made on April 10, 2008, resulting in cash settlements of approximately 78% of these performance units for aggregate value of approximately $18.6 million and equity settlements of the remainder with approximately 153,494 restricted AXA ADRs for aggregate value of approximately $5.6 million. In 2008, the AXA Management Board awarded 995,031 unearned performance units to employees of AXA Financial subsidiaries. During each year that the performance unit awards are outstanding, a pro-rata portion of the units may be earned based on criteria measuring the performance of AXA and AXA Financial Group. The extent to which performance targets are met determines the number of performance units earned, which may vary between 0% and 130% of the number of performance units at stake. Performance units earned under the 2008 plan cliff-vest on the second anniversary of their date of award. When fully vested, the performance units earned will be settled in cash or, in some cases, a combination of cash (70%) and stock (30%), the latter equity portion having transfer restrictions for a two-year period. The price used to value the 2008 performance units at settlement will be the average opening price of the AXA ordinary share for the last F-48 20 trading days of the vesting period converted to U.S. dollars using the Euro to U.S. dollar exchange rate on March 31, 2010. For 2008, the Company recognized compensation expense of approximately $3.5 million in respect of the 2008 grants of performance units. For 2008, 2007 and 2006, the Company recognized compensation costs of $5.5 million, $11.6 million and $25.9 million, respectively, for performance units earned to date. The change in fair value of these awards is measured by the closing price of the underlying AXA ordinary shares or AXA ADRs with adjustment to reflect the impact of expected and actual pre-vesting forfeitures. The cost of performance unit awards are attributed over the shorter of the cliff-vesting period or to the date at which retirement eligibility is achieved. The value of performance units earned and reported in Other liabilities in the consolidated balance sheets at December 31, 2008 and 2007 was $17.3 million and $31.1 million, respectively. Approximately 720,872 outstanding performance units are at risk to achievement of 2008 performance criteria, including approximately 50% of the award granted on May 10, 2007. In 2008, eligible employees of AXA Financial's subsidiaries participated in AXA's global offering to purchase newly issued AXA stock, subject to plan limits, under the terms of AXA Shareplan 2008. Similar to the AXA Shareplan programs previously offered in 2001 through 2007, the plan offered two investment alternatives that, with limited exceptions, restrict the sale or transfer of the purchased shares for a period of five years. "Investment Option A" permitted participants to purchase AXA ADRs at a 20% formula discounted price. "Investment Option B" permitted participants to purchase AXA ordinary shares at a 14.25% formula discounted price on a leveraged basis with a guaranteed return of initial investment plus 75% of any appreciation in the value of the total shares purchased. The Company recognized compensation expense of $1.1 million in 2008, $27.7 million in 2007 and $22.1 million in 2006 in connection with each respective year's offering of AXA Shareplan, representing the aggregate discount provided to participants for their purchase of AXA stock under each of those plans, as adjusted for the post-vesting, five-year holding period. Participants in AXA Shareplans 2008, 2007 and 2006 primarily invested under Investment Option B for the purchase of approximately 6.5 million, 5.3 million and 5.0 million AXA ordinary shares, respectively. On July 1, 2007, under the terms of the AXA Miles Program 2007, the AXA Management Board granted 50 AXA Miles to every employee of AXA for purpose of enhancing long-term employee-shareholder engagement. Each AXA Mile represents the right to receive one unrestricted AXA ordinary share on July 1, 2011, conditional only upon continued employment with AXA at the close of the four-year cliff vesting period with exceptions for retirement, death, and disability. For AXA Financial participants, settlement of the right to receive each unrestricted AXA ordinary share will be made in the form of an AXA ADR. The grant date fair value of approximately 449,400 AXA Miles awarded to employees of AXA Financial's subsidiaries was approximately $19.4 million, measured as the market equivalent of a vested AXA ordinary share. Beginning on July 1, 2007, the total fair value of this award, net of expected forfeitures, is expensed over the shorter of the vesting term or to the date at which the participant becomes retirement eligible. For 2008 and 2007, respectively, the Company recognized compensation expense of approximately $1.9 million and $2.7 million in respect of this grant of AXA Miles. Provided certain performance targets are achieved, an additional allocation of 50 AXA Miles per employee will be considered for award in 2010 and 2011 under terms then-to-be-determined and approved by the AXA Management Board. In 1997, AllianceBernstein Holding established a long-term incentive compensation plan under which unit-based awards are made to key employees for terms established by AllianceBernstein Holding at the time of grant. These awards include options, restricted AllianceBernstein Holding units and phantom restricted AllianceBernstein Holding units, performance awards, and other AllianceBernstein Holding unit based awards. The aggregate number of AllianceBernstein Holding units subject to options granted or otherwise awarded under this plan, as amended in December 2006 to include awards made to select participants under the Special Option Program, may not exceed 41.0 million. At December 31, 2008, approximately 14.2 million options to purchase AllianceBernstein Holding units and 4.1 million other unit awards, net of forfeitures, were subject to the aggregate allowable maximum under this plan. F-49 14) NET INVESTMENT INCOME AND INVESTMENT GAINS (LOSSES), NET The sources of net investment income follow:
2008 2007 2006 ----------------- ---------------- --------------- (IN MILLIONS) Fixed maturities................................... $ 1,668.6 $ 1,728.5 $ 1,848.6 Mortgage loans on real estate...................... 251.7 233.5 245.9 Equity real estate................................. 95.3 93.6 88.2 Other equity investments........................... (110.9) 231.9 181.2 Policy loans....................................... 251.3 255.9 249.8 Short-term investments............................. 30.8 55.1 55.2 Derivative investments............................. 7,302.1 86.6 (302.4) Broker-dealer related receivables.................. 91.8 234.6 226.5 Trading securities................................. (343.5) 29.5 53.4 Other investment income............................ 1.6 56.1 43.9 ----------------- ---------------- --------------- Gross investment income.......................... 9,238.8 3,005.3 2,690.3 Investment expenses................................ (108.6) (122.5) (113.3) Interest expense................................... (36.5) (194.4) (187.8) ----------------- ---------------- --------------- Net Investment Income.............................. $ 9,093.7 $ 2,688.4 $ 2,389.2 ================= ================ ===============
For 2008, 2007 and 2006, respectively, net investment income included gains (losses) on derivatives of $7,302.1 million, $86.6 million and $(302.4) million of which $6,622.6 million, $16.4 million and $(249.5) million were realized gains (losses) on contracts closed during those years and $679.5 million, $70.2 million and $(52.9) million were unrealized gains (losses) on derivative positions at each respective year end. Investment (losses) gains, net including changes in the valuation allowances, follow:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Fixed maturities................................... $ (367.3) $ (55.6) $ (11.5) Mortgage loans on real estate...................... 2.3 7.8 .2 Equity real estate................................. (1.6) 7.3 8.8 Other equity investments........................... 11.5 16.9 20.1 Other(1)........................................... 16.6 16.4 29.3 ----------------- ---------------- ----------------- Investment (Losses) Gains, Net..................... $ (338.5) $ (7.2) $ 46.9 ================= ================ =================
(1) In 2008, 2007 and 2006, respectively, AllianceBernstein issued units to its employees under long-term incentive plans. As a result of these transactions, the Company recorded non-cash realized gains of $9.9 million, $15.5 million and $28.0 million for 2008, 2007 and 2006, respectively. Writedowns of fixed maturities amounted to $285.9 million, $79.0 million and $27.4 million for 2008, 2007 and 2006, respectively. There were no writedowns of mortgage loans on real estate for 2008, 2007 and 2006. There were no writedowns of equity real estate for 2008, 2007 and 2006. For 2008, 2007 and 2006, respectively, proceeds received on sales of fixed maturities classified as available for sale amounted to $324.4 million, $1,554.6 million and $1,281.9 million. Gross gains of $3.3 million, $12.6 million and $33.9 million and gross losses of $94.5 million, $20.3 million and $24.5 million, respectively, were realized on these sales. The change in unrealized investment losses related to fixed maturities classified as available for sale for 2008, 2007 and 2006 amounted to $2,525.8 million, $376.4 million and $416.7 million, respectively. F-50 For 2008, 2007 and 2006, respectively, investment results passed through to certain participating group annuity contracts as interest credited to policyholders' account balances amounted to $47.7 million, $52.7 million and $57.8 million. Changes in unrealized gains (losses) reflect changes in fair value of only those fixed maturities and equity securities classified as available for sale and do not reflect any changes in fair value of policyholders' account balances and future policy benefits. The net unrealized investment gains (losses) included in the consolidated balance sheets as a component of accumulated other comprehensive income and the changes for the corresponding years, including Wind-up Annuities on a line-by-line basis, follow:
2008 2007 2006 ---------------- --------------- ---------------- (IN MILLIONS) Balance, beginning of year......................... $ 103.6 $ 282.2 $ 432.3 Changes in unrealized investment losses on investments............................ (2,608.8) (380.5) (431.4) Changes in unrealized investment gains (losses) attributable to: Participating group annuity contracts, Closed Block policyholder dividend obligation and other........................ (93.8) 15.0 90.9 DAC............................................ 582.0 83.5 85.8 Deferred income taxes.......................... 746.2 103.4 104.6 ---------------- --------------- ---------------- Balance, End of Year............................... $ (1,270.8) $ 103.6 $ 282.2 ================ =============== ================ Balance, end of year comprises: Unrealized investment (losses) gains on: Fixed maturities............................... $ (2,450.4) $ 155.5 $ 535.4 Other equity investments....................... (2.1) .8 1.4 ---------------- --------------- ---------------- Subtotal..................................... (2,452.5) 156.3 536.8 Unrealized investment gains (losses) attributable to: Participating group annuity contracts, Closed Block policyholder dividend obligation and other....................... (77.4) 16.4 1.4 DAC.......................................... 555.1 (26.9) (110.4) Deferred income taxes........................ 704.0 (42.2) (145.6) ---------------- --------------- ---------------- Total.............................................. $ (1,270.8) $ 103.6 $ 282.2 ================ =============== ================
15) INCOME TAXES A summary of the income tax expense in the consolidated statements of earnings follows:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Income tax expense: Current (benefit) expense ....................... $ (319.7) $ 464.0 $ 438.6 Deferred expense (benefit)....................... 2,021.6 295.8 (14.1) ----------------- ---------------- ----------------- Total.............................................. $ 1,701.9 $ 759.8 $ 424.5 ================= ================ =================
F-51 The Federal income taxes attributable to consolidated operations are different from the amounts determined by multiplying the earnings before income taxes and minority interest by the expected Federal income tax rate of 35%. The sources of the difference and their tax effects follow:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Expected income tax expense........................ $ 1,896.5 $ 939.0 $ 728.1 Minority interest.................................. (132.3) (227.3) (227.0) Separate Account investment activity............... (66.5) (52.0) (45.4) Non-taxable investment income...................... 26.1 (21.7) (23.1) Adjustment of tax audit reserves................... 9.9 21.5 (86.2) State income taxes................................. 20.5 50.2 38.0 AllianceBernstein income and foreign taxes......... (53.3) 40.2 32.9 Other.............................................. 1.0 9.9 7.2 ----------------- ---------------- ----------------- Income Tax Expense................................. $ 1,701.9 $ 759.8 $ 424.5 ================= ================ =================
The Company recognized a net tax benefit in 2006 of $117.7 million related to the settlement of an Internal Revenue Service's ("IRS") audit of the 1997-2001 tax years, partially offset by additional tax reserves established for subsequent tax periods. Of the net tax benefit of $117.7 million, $111.9 million related to the continuing operations and $5.8 million to the discontinued Wind-up Annuities. On August 16, 2007, the IRS issued Revenue Ruling 2007-54 that purported to change accepted industry and IRS interpretations of the statutes governing the computation of the Separate Account dividends received deduction ("DRD"). This ruling was suspended on September 25, 2007 in Revenue Ruling 2007-61 and the U.S. Department of the Treasury (the "Treasury") indicated that it would address the computational issues in a regulation project. Any regulations that the Treasury ultimately proposes for issuance in this area will be subject to public notice and comment, at which time insurance companies and other members of the public will have the opportunity to raise legal and practical questions about the content, scope and application of such regulations. The ultimate timing and substance of any such regulations are unknown, but they could result in the elimination of some or all of the Separate Account DRD tax benefit that the Company receives. The components of the net deferred income taxes are as follows:
DECEMBER 31, 2008 December 31, 2007 --------------------------------- --------------------------------- ASSETS LIABILITIES Assets Liabilities --------------- ---------------- --------------- --------------- (IN MILLIONS) Compensation and related benefits...... $ 297.1 $ - $ - $ 35.4 Reserves and reinsurance............... - 1,465.8 1,312.2 - DAC.................................... - 2,209.5 - 2,735.5 Unrealized investment gains............ 683.6 - - 42.5 Investments............................ - 741.0 - 1,044.2 Other.................................. - 47.0 81.5 - --------------- ---------------- --------------- --------------- Total.................................. $ 980.7 $ 4,463.3 $ 1,393.7 $ 3,857.6 =============== ================ =============== ===============
As a result of the implementation of FIN 48 as of January 1, 2007, the Company recognized a $44.8 million decrease in the amount of unrecognized tax benefits, which was accounted for as an increase to the January 1, 2007 balance of retained earnings. The total amount of unrecognized tax benefits at January 1, 2007 was $371.3 million. Of that total, $276.9 million would affect the effective tax rate and $94.4 million are tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, other than interest and penalties, the change in timing of the deduction would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority. At December 31, 2008, the total amount of unrecognized tax benefits was $506.6 million of which $372.6 million would affect the effective rate and $134.0 million was temporary in nature. At December 31, 2007, the total amount of unrecognized tax benefits was $412.2 million of which $301.9 million would affect the effective rate and $110.3 million was temporary in nature. F-52 The Company recognizes accrued interest and penalties related to unrecognized tax benefits in tax expense. Interest and penalties included in the amounts of unrecognized tax benefits at December 31, 2008 and 2007 were $77.3 million and $68.6 million, respectively. Tax expense for 2008 and 2007, respectively, reflected $8.7 million and $22.5 million in interest related to unrecognized tax benefits. A reconciliation of unrecognized tax benefits (excluding interest and penalties) follows:
2008 2007 --------------- --------------- (IN MILLIONS) Balance, beginning of year................................................ $ 343.6 $ 325.2 Additions for tax positions of prior years................................ 81.3 19.2 Reductions for tax positions of prior years............................... (4.9) (1.5) Additions for tax positions of current years.............................. .9 3.4 Reductions for tax positions of current years............................. - (.3) Settlements with tax authorities.......................................... 7.7 (2.4) Reductions as a result of a lapse of the applicable statute of limitations - - --------------- --------------- Balance, End of Year...................................................... $ 428.6 $ 343.6 =============== ===============
The IRS completed its examination of the Company's 2002 and 2003 Federal corporate income tax returns and issued its Revenue Agent's Report in second quarter 2008. The Company has appealed an issue to the Appeals Office of the IRS. In addition, AllianceBernstein settled various examinations by the state and local tax authorities. The impact of these completed audits on the Company's financial statements was a net benefit of $14.6 million. IRS examinations for years subsequent to 2003 are expected to commence in 2009. It is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months due to the conclusion of the current IRS proceedings and the additions of new issues for open tax years. The possible change in the amount of unrecognized tax benefits cannot be estimated at this time. 16) DISCONTINUED OPERATIONS The Company's discontinued operations include Wind-up Annuities, equity real estate held-for-sale and disposal of businesses. The following tables reconcile the (Losses) earnings from discontinued operations, net of income taxes and Gains (losses) on disposal of discontinued operations, net of income taxes to the amounts reflected in the consolidated statements of earnings for the three years ended December 31, 2008:
2008 2007 2006 ------------- ------------ ------------- (IN MILLIONS) (LOSSES) EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES: Wind-up Annuities............................................. $ (27.5) $ (.1) $ 30.2 Real estate held-for-sale..................................... 1.4 (6.8) 1.1 Disposal of business - Enterprise............................. - 1.0 (.1) ------------- ------------ ------------- Total......................................................... $ (26.1) $ (5.9) $ 31.2 ============= ============ ============= GAINS (LOSSES) ON DISPOSAL OF DISCONTINUED OPERATIONS, NET OF INCOME TAXES: Real estate held for sale..................................... $ 6.3 $ 3.2 $ - Disposal of business - Enterprise............................. - (.4) (1.9) ------------- ------------ ------------- Total......................................................... $ 6.3 $ 2.8 $ (1.9) ============= ============ =============
Disposal of Businesses ---------------------- In accordance with their October 2006 agreement, during 2007, AXA Financial and its subsidiaries, AXA Equitable, Enterprise Capital Management, Inc. ("Enterprise") and Enterprise Fund Distributors, Inc., ("EFD") transferred to Goldman Sachs Asset Management L.P. ("GSAM") assets of the business of serving F-53 as sponsor of and investment manager to 27 of the 31 funds of AXA Enterprise Multimanager Funds Trust, AXA Enterprise Funds Trust and The Enterprise Group of Funds, Inc. (collectively, the "AXA Enterprise Funds") and completed the reorganization of such funds to corresponding mutual funds managed by GSAM. In 2008, AXA Financial completed the reorganization and/or liquidation of the remaining four mutual funds in AXA Enterprise Funds of the remaining funds which together had approximately $661.9 million in assets under management as of December 31, 2007. AXA Financial has since entered into agreements to transfer the remaining funds. As a result of management's disposition plan, AXA Enterprise Funds advisory contracts were reported as Discontinued Operations. In 2007 and 2006, respectively, $0.7 million pre-tax ($0.4 million post-tax) and $3.0 million pre-tax ($1.9 million post-tax) of transaction costs were recorded as a result of the disposition of the funds; no additional costs were reported for 2008. Proceeds received in 2007 on the disposition of the AXA Enterprise Funds totaled $26.3 million. In 2008 and 2007, respectively, impairments of zero and $0.7 million pre-tax ($0.4 million post-tax) were recorded on intangible assets associated with AXA Enterprise Funds investment management contracts based upon estimated fair value. At December 31, 2008 and 2007 there were no assets or liabilities related to these operations. Wind-up Annuities In 1991, management discontinued the business of Wind-up Annuities, the terms of which were fixed at issue, which were sold to corporate sponsors of terminated qualified defined benefit plans, and for which a premium deficiency reserve and an allowance for future losses based upon projected future cash flows had been established. The Company's quarterly process for evaluating the need for an allowance for future losses involves comparison of the current period's results of Wind-up Annuities to previous projections and re-estimation of future expected losses, if appropriate, to determine whether an adjustment is required. Investment and benefit cash flow projections are updated annually as part of the Company's annual planning process. The assumptions and estimates for 2006 resulted in a release of the allowance. If the Company's analysis in any given period indicates that an allowance for future losses is not necessary, any current period Wind-up Annuities' operating losses or earnings are recognized as (Losses) earnings from discontinued operations, net of income taxes in the consolidated statements of earnings. At December 31, 2008, no allowance for future losses was necessary based upon projections of reasonably assured future net investing and operating cash flows. The determination of projected future cash flows involves numerous estimates and subjective judgments regarding the expected performance of invested assets held by Wind-up Annuities and the expected run-off of Wind-up Annuities liabilities. There can be no assurance the projected future cash flows will not differ from the cash flows ultimately realized. To the extent actual results or future projections of Wind-up Annuities are lower than management's current estimates and assumptions and result in operating losses not being offset by reasonably assured future net investing and operating cash flows, an allowance for future losses may be necessary. In particular, to the extent income, sales proceeds and holding periods for equity real estate differ from management's previous assumptions, establishment of a loss allowance liability may result. F-54 Summarized financial information for Wind-up Annuities follows:
DECEMBER 31, -------------------------------------- 2008 2007 ----------------- ----------------- (IN MILLIONS) BALANCE SHEETS Fixed maturities, available for sale, at estimated fair value (amortized cost of $661.8 and $696.3).............................. $ 602.1 $ 705.0 Equity real estate................................................... 162.2 165.0 Other invested assets................................................ 2.5 4.0 ----------------- ----------------- Total investments.................................................. 766.8 874.0 Cash and cash equivalents............................................ - - Other assets......................................................... 77.1 27.3 ----------------- ----------------- Total Assets......................................................... $ 843.9 $ 901.3 ================= ================= Policyholders liabilities............................................ $ 723.4 $ 756.1 Other liabilities.................................................... 120.5 145.2 ----------------- ----------------- Total Liabilities.................................................... $ 843.9 $ 901.3 ================= =================
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) STATEMENTS OF EARNINGS Investment income (net of investment expenses of $19.3, $19.6 and $19.0).............. $ 64.0 $ 64.9 $ 71.3 Investment (losses) gains, net..................... (4.8) (.8) 6.0 Policy fees, premiums and other income............. .1 .2 - ----------------- ---------------- ----------------- Total revenues..................................... 59.3 64.3 77.3 ----------------- ---------------- ----------------- Benefits and other deductions...................... 101.7 80.0 84.7 Losses charged to the allowance for future losses................................ - (15.6) (7.4) ----------------- ---------------- ----------------- Pre-tax loss from operations....................... (42.4) (.1) - Pre-tax (loss from strengthening) earnings from releasing the allowance for future losses........ - - 37.1 Income tax benefit (expense)....................... 14.9 - (6.9) ----------------- ---------------- ----------------- (Losses) Earnings from Wind-up Annuities........... $ (27.5) $ (.1) $ 30.2 ================= ================ =================
Income tax expense for Wind-up Annuities in 2006 included a $5.8 million tax benefit in connection with the settlement of an IRS audit of the 1997-2001 tax years. Real Estate Held-For-Sale ------------------------- In 2007, two real estate properties with a total book value of $172.7 million that had been previously reported in equity real estate were reclassified as real estate held-for-sale. Prior periods were restated to reflect these properties as discontinued operations. In third quarter 2007, one of the held-for-sale properties was sold resulting in a gain of $4.9 million ($3.2 million post-tax). At December 31, 2008 and 2007, equity real estate held-for-sale was zero and $121.7 million, respectively, and was included in Other assets. F-55 17) ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive (loss) income represents cumulative gains and losses on items that are not reflected in earnings. The balances for the past three years follow:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Unrealized (losses) gains on investments........... $ (1,270.8) $ 103.6 $ 282.2 Defined benefit pensions plans..................... (964.8) (371.5) (449.5) ----------------- ---------------- ----------------- Total Accumulated Other Comprehensive Loss............................... $ (2,235.6) $ (267.9) $ (167.3) ================= ================ =================
The components of other comprehensive loss for the past three years follow:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Net unrealized losses on investments: Net unrealized losses arising during the year....................................... $ (2,533.5) $ (357.8) $ (416.6) Losses reclassified into net earnings during the year................................ (75.3) (22.7) (14.8) ----------------- ---------------- ----------------- Net unrealized losses on investments............... (2,608.8) (380.5) (431.4) Adjustments for policyholders liabilities, DAC and deferred income taxes.................. 1,234.4 201.9 281.3 ----------------- ---------------- ----------------- Change in unrealized losses, net of adjustments.... (1,374.4) (178.6) (150.1) Change in defined benefits pension plans........... (593.3) 78.0 - ----------------- ---------------- ----------------- Total Other Comprehensive Loss..................... $ (1,967.7) $ (100.6) $ (150.1) ================= ================ =================
18) COMMITMENTS AND CONTINGENT LIABILITIES Debt Maturities --------------- At December 31, 2008, aggregate maturities of the long-term debt, including any current portion of long-term debt, based on required principal payments at maturity were none for 2009-2013 and $200.0 million thereafter. Leases ------ The Company has entered into operating leases for office space and certain other assets, principally information technology equipment and office furniture and equipment. Future minimum payments under non-cancelable operating leases for 2009 and the four successive years are $203.7 million, $199.3 million, $194.7 million, $197.9 million, $205.2 million and $2,356.1 million thereafter. Minimum future sublease rental income on these non-cancelable operating leases for 2009 and the four successive years is $5.3 million, $5.4 million, $4.7 million, $3.3 million, $3.2 million and $10.6 million thereafter. At December 31, 2008, the minimum future rental income on non-cancelable operating leases for wholly owned investments in real estate for 2009 and the four successive years is $102.5 million, $102.7 million, $103.2 million, $105.4 million, $106.6 million and $631.9 million thereafter. The Company has entered into capital leases for certain information technology equipment. Future minimum payments under non-cancelable capital leases for 2009 and the four successive years is $0.9 million, $0.9 million, $0.5 million, $0.4 million, $0.2 million and $0.1 million thereafter. F-56 Guarantees and Other Commitments -------------------------------- The Company provides certain guarantees or commitments to affiliates, investors and others. At December 31, 2008, these arrangements include commitments by the Company to provide equity financing of $711.3 million to certain limited partnerships under certain conditions. Management believes the Company will not incur material losses as a result of these commitments. AXA Equitable is the obligor under certain structured settlement agreements it had entered into with unaffiliated insurance companies and beneficiaries. To satisfy its obligations under these agreements, AXA Equitable owns single premium annuities issued by previously wholly owned life insurance subsidiaries. AXA Equitable has directed payment under these annuities to be made directly to the beneficiaries under the structured settlement agreements. A contingent liability exists with respect to these agreements should the previously wholly owned subsidiaries be unable to meet their obligations. Management believes the need for AXA Equitable to satisfy those obligations is remote. The Company had $59.8 million of undrawn letters of credit related to reinsurance at December 31, 2008. AXA Equitable had $15.0 million in commitments under existing mortgage loan agreements at December 31, 2008. In February 2002, AllianceBernstein signed a $125.0 million agreement with a commercial bank under which it guaranteed certain obligations of SCBL incurred in the ordinary course of its business in the event SCBL is unable to meet these obligations. During 2008, AllianceBerstein was not required to perform under the agreement and at December 31, 2008 had no liability outstanding in connection with the agreement. 19) LITIGATION A putative class action entitled Stefanie Hirt, et al. v. The Equitable Retirement Plan for Employees, Managers and Agents, et al. was filed in the District Court for the Southern District of New York in August 2001 against The Equitable Retirement Plan for Employees, Managers and Agents (the "Retirement Plan") and The Officers Committee on Benefit Plans of Equitable Life, as Plan Administrator. The action was brought by five participants in the Retirement Plan and purports to be on behalf of "all Plan participants, whether active or retired, their beneficiaries and Estates, whose accrued benefits or pension benefits are based on the Plan's Cash Balance Formula". The complaint challenged the change, effective January 1, 1989, in the pension benefit formula from a final average pay formula to a cash balance formula. Plaintiffs alleged that the change to the cash balance formula violated ERISA by reducing the rate of accruals based on age, failed to comply with ERISA's notice requirements and improperly applied the formula to retroactively reduce accrued benefits. The relief sought includes a declaration that the cash balance plan violated ERISA, an order enjoining the enforcement of the cash balance formula, reformation and damages. In April 2002, plaintiffs filed a motion seeking to certify a class of "all Plan participants, whether active or retired, their beneficiaries and Estates, whose accrued benefits or pension benefits are based on the Plan's Cash Balance Formula". Also in April 2002, plaintiffs agreed to dismiss with prejudice their claim that the change to the cash balance formula violated ERISA by improperly applying the formula to retroactively reduce accrued benefits. That claim was dismissed. In March 2003, plaintiffs filed an amended complaint elaborating on the remaining claims in the original complaint and adding additional class and individual claims alleging that the adoption and announcement of the cash balance formula and the subsequent announcement of changes in the application of the cash balance formula failed to comply with ERISA. By order dated May 2003, the District Court, as requested by the parties, certified the case as a class action, including a sub-class of all current and former Plan participants, whether active, inactive or retired, their beneficiaries or estates, who were subject to a 1991 change in application of the cash balance formula. In September 2006, the district court granted summary judgment in favor of the defendants. The court ruled that (a) the cash balance provisions of the Equitable Plan do not violate the age discrimination provisions of ERISA, (b) while the notice of plan changes provided to participants in 1990 was not adequate, the notice of plan changes provided to participants in 1992 satisfied the ERISA notice requirements regarding delivery and content, and (c) the claims of the named plaintiffs are barred by statute of limitations. The Court found that other individual class members were not precluded from asserting claims for additional benefit accruals from January 1991 through January 1993 to the extent that such individuals could show that the statute of limitations did not bar their claims. In October 2006, plaintiffs filed a notice of appeal and defendants filed a cross appeal. In July 2008, the Court of Appeals affirmed the lower court's decision that the cash balance plan does not violate the age discrimination provisions of ERISA and that plaintiffs' claims also were barred by the statute of limitations. F-57 In September 2008, the Court of Appeals denied plaintiffs motion for rehearing. The time for plaintiffs to make an appeal to the United States Supreme Court has expired. In April 2004, a purported nationwide class action lawsuit was filed in the Circuit Court for Madison County, Illinois entitled Matthew Wiggenhorn v. Equitable Life Assurance Society of the United States. The lawsuit alleges that AXA Equitable uses stale prices for the foreign securities within the investment divisions of its variable insurance products. The complaint further alleges that AXA Equitable's use of stale pricing diluted the returns of the purported class. The complaint also alleges that AXA Equitable breached its fiduciary duty to the class by allowing market timing in general within AXA Equitable's variable insurance products, thereby diluting the returns of the class. In June 2005, this case was transferred by the Judicial Panel on Multidistrict Litigation to the U.S. District Court in Maryland, where other market-timing related litigation is pending. In June 2005, plaintiff filed an amended complaint. In July 2005, AXA Equitable filed a motion to dismiss the amended complaint. In June 2006, AXA Equitable's motion to dismiss the amended complaint was granted and, in June 2006, plaintiff appealed. As of April 2007, the appeal was fully briefed. In October 2008, oral arguments on the appeal were held. In January 2009, the Fourth Circuit Court of Appeals affirmed the District Court's decision to dismiss the amended complaint. A putative class action entitled Eagan et al. v. AXA Equitable Life Insurance Company was filed in the District Court for the Central District of California in December 2006 against AXA Equitable as plan sponsor and fiduciary for an ERISA retiree health plan. The action was brought by two plan participants on behalf of all past and present employees and agents who received retiree medical benefits from AXA Equitable at any time after January 1, 2004, or who will receive such benefits in 2006 or later, excluding certain retired agents. Plaintiffs allege that AXA Equitable's adoption of a revised version of its retiree health plan in 1993 (the "1993 Plan") was not authorized or effective. Plaintiffs contend that AXA Equitable has therefore breached the retiree health plan by imposing the terms of the 1993 Plan on plaintiffs and other retirees. Plaintiffs allege that, even if the 1993 Plan is controlling, AXA Equitable has violated the terms of the retiree health plan by imposing health care costs and coverages on plaintiffs and other retirees that are not authorized under the 1993 Plan. Plaintiffs also allege that AXA Equitable breached fiduciary duties owed to plaintiffs and retirees by allegedly misrepresenting and failing to disclose information to them. The plaintiffs seek compensatory damages, restitution and injunctive relief prohibiting AXA Equitable from violating the terms of the applicable plan, together with interest and attorneys' fees. In March 2007, AXA Equitable filed a motion to dismiss. In July 2007, the plaintiffs filed an amended complaint that (i) redefined the scope of the class to now include all retired employee and independent contractor agents formerly employed by AXA Equitable who received medical benefits after December 1, 2000 or who will receive such benefits in the future, excluding certain retired agents, and (ii) eliminated the claim based on a breach of fiduciary duty and certain claims related to health care costs. In September 2007, AXA Equitable filed its answer to the amended complaint. The original trial date of May 2009 has been stayed, and the Court has not set a new trial date. In January 2009, AXA Equitable filed a motion to dismiss the complaint for lack of subject matter jurisdiction. In February 2009, the Court denied AXA Equitable's motion to dismiss the complaint. AXA Equitable and/or AXA Advisors LLC is currently the subject of four putative class actions pending in Federal court alleging certain wage and hour violations with regard to certain sales personnel. The cases were filed between July 2006 and September 2007. Each of the cases seek substantially the same relief under essentially the same theories of recovery: violation of the Fair Labor Standards Act for failure to pay minimum wage and overtime and violation of similar provisions under state labor laws in the respective states. In September 2007, the parties agreed to consolidate all four pending cases in the Northern District of California. The cases include the following: Meola v. AXA Advisors and AXA Equitable; Lennon v. AXA Advisors, et al.; Bolea v. AXA Advisors, LLC and AXA Equitable, et. al.; and Dhruv v. AXA Advisors, LLC, et al. Plaintiffs seek compensatory damages, restitution of all wages improperly withheld or deducted, punitive damages, penalties, and attorneys' fees. In February 2009, the parties filed a proposed settlement agreement with the Court. In March 2009, the Court preliminarily denied without prejudice the parties' motion for preliminary approval of the settlement. The Court requested that the parties refile the motion revising certain portions of the proposed notices by the end of March 2009. F-58 ALLIANCEBERNSTEIN LITIGATION Market Timing-Related Matters In October 2003, a purported class action complaint entitled Hindo, et al. v. AllianceBernstein Growth & Income Fund, et al. ("Hindo Complaint") was filed against AllianceBernstein, AllianceBernstein Holding, AllianceBernstein Corporation, AXA Financial, certain investment company funds (the "U.S. Funds") distributed by AllianceBernstein Investments, Inc., a wholly-owned subsidiary of AllianceBernstein, the registrants and issuers of those funds, certain officers of AllianceBernstein (the "AllianceBernstein defendants"), and certain other unaffiliated defendants, as well as unnamed Doe defendants. The Hindo Complaint alleges that certain defendants failed to disclose that they improperly allowed certain hedge funds and other unidentified parties to engage in "late trading" and "market timing" of U.S. Fund securities, violating various securities laws. Following October 2003, additional lawsuits making factual allegations generally similar to those in the Hindo Complaint were filed in various Federal and state courts against AllianceBernstein and certain other defendants. In September 2004, plaintiffs filed consolidated amended complaints with respect to four claim types: mutual fund shareholder claims; mutual fund derivative claims; derivative claims brought on behalf of AllianceBernstein Holding; and claims brought under ERISA by participants in the Profit Sharing Plan for Employees of AllianceBernstein. In April 2006, AllianceBernstein and attorneys for the plaintiffs in the mutual fund shareholder claims, mutual fund derivative claims, and ERISA claims entered into a confidential memorandum of understanding containing their agreement to settle these claims. The agreement will be documented by a stipulation of settlement and will be submitted for court approval at a later date. The settlement amount ($30 million), which AllianceBernstein previously accrued and disclosed, has been disbursed. The derivative claims brought on behalf of AllianceBernstein Holding, in which plaintiffs seek an unspecified amount of damages, remain pending. ----------------------------------- Although the outcome of litigation generally cannot be predicted with certainty, management intends to vigorously defend against the allegations made by the plaintiffs in the actions described above and believes that the ultimate resolution of the litigations described above involving AXA Equitable and/or its subsidiaries should not have a material adverse effect on the consolidated financial position of the Company. Management cannot make an estimate of loss, if any, or predict whether or not any of the litigations described above will have a material adverse effect on the Company's consolidated results of operations in any particular period. In addition to the type of matters described above, a number of lawsuits have been filed against life and health insurers in the jurisdictions in which AXA Equitable and its respective insurance subsidiaries do business involving insurers' sales practices, alleged agent misconduct, alleged failure to properly supervise agents, contract administration and other matters. Some of the lawsuits have resulted in the award of substantial judgments against other insurers, including material amounts of punitive damages, or in substantial settlements. In some states, juries have substantial discretion in awarding punitive damages. AXA Equitable and AXA Life, like other life and health insurers, from time to time are involved in such litigations. Some of these actions and proceedings filed against AXA Equitable and its subsidiaries have been brought on behalf of various alleged classes of claimants and certain of these claimants seek damages of unspecified amounts. While the ultimate outcome of such matters cannot be predicted with certainty, in the opinion of management no such matter is likely to have a material adverse effect on the Company's consolidated financial position or results of operations. However, it should be noted that the frequency of large damage awards, including large punitive damage awards that bear little or no relation to actual economic damages incurred by plaintiffs in some jurisdictions, continues to create the potential for an unpredictable judgment in any given matter. F-59 20) INSURANCE GROUP STATUTORY FINANCIAL INFORMATION AXA Equitable is restricted as to the amounts it may pay as dividends to AXA Financial. Under the New York Insurance Law, a domestic life insurer may, without prior approval of the Superintendent, pay a dividend to its shareholders not exceeding an amount calculated based on a statutory formula. Payment of dividends in 2009 would require the insurer to file notice of its intent to declare such dividends with the Superintendent who then has 30 days to disapprove the distribution. This formula would not permit AXA Equitable to pay shareholder dividends during 2009. For 2008, 2007 and 2006, the Insurance Group statutory net (loss) income totaled $(1,074.8) million, $605.8 million and $532.3 million, respectively. Statutory surplus, capital stock and Asset Valuation Reserve ("AVR") totaled $3,588.1 million and $7,812.0 million at December 31, 2008 and 2007, respectively. In both 2007 and 2006, AXA Equitable paid shareholder dividends of $600.0 million; no dividends were paid in 2008. At December 31, 2008, AXA Equitable, in accordance with various government and state regulations, had $59.5 million of securities on deposit with such government or state agencies. In fourth quarter 2008, AXA Equitable issued two $500.0 million surplus notes to AXA Financial. The notes, both of which mature on December 1, 2018, have a fixed interest rate of 7.1%. The accrual and payment of interest expense and principal related to surplus notes require approval from the State of New York Insurance Department (the "NYID"). Interest expense in 2009 will approximate $71.0 million. At December 31, 2008 and for the year then ended, there were no differences in net income and capital and surplus resulting from practices prescribed and permitted by the NYID and those prescribed by NAIC Accounting Practices and Procedures effective at December 31, 2008. Accounting practices used to prepare statutory financial statements for regulatory filings of stock life insurance companies differ in certain instances from U.S. GAAP. The differences between statutory surplus and capital stock determined in accordance with Statutory Accounting Principles ("SAP") and total shareholder's equity under U.S. GAAP are primarily: (a) the inclusion in SAP of an AVR intended to stabilize surplus from fluctuations in the value of the investment portfolio; (b) future policy benefits and policyholders' account balances under SAP differ from U.S. GAAP due to differences between actuarial assumptions and reserving methodologies; (c) certain policy acquisition costs are expensed under SAP but deferred under U.S. GAAP and amortized over future periods to achieve a matching of revenues and expenses; (d) under SAP, income taxes are provided on the basis of amounts currently payable with limited recognition of deferred tax assets while under U.S. GAAP, deferred taxes are recorded for temporary differences between the financial statements and tax basis of assets and liabilities where the probability of realization is reasonably assured; (e) the valuation of assets under SAP and U.S. GAAP differ due to different investment valuation and depreciation methodologies, as well as the deferral of interest-related realized capital gains and losses on fixed income investments; (f) the valuation of the investment in AllianceBernstein and AllianceBernstein Holding under SAP reflects a portion of the market value appreciation rather than the equity in the underlying net assets as required under U.S. GAAP; (g) the provision for future losses of the discontinued Wind-Up Annuities business as only required under U.S. GAAP; (h) reporting the surplus notes as a component of surplus in SAP but as a liability in U.S. GAAP; (i) computer software development costs are capitalized under U.S. GAAP but expensed under SAP; and (j) certain assets, primarily pre-paid assets, are not admissible under SAP but are admissible under U.S. GAAP. The following reconciles the Insurance Group's statutory change in surplus and capital stock and statutory surplus and capital stock determined in accordance with accounting practices prescribed by the NYID with net earnings and shareholder's equity on a U.S. GAAP basis. F-60
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Net change in statutory surplus and capital stock.................................... $ (3,414.3) $ 71.7 $ 1,386.5 Change in AVR...................................... (808.4) (167.2) 279.3 ----------------- ---------------- ----------------- Net change in statutory surplus, capital stock and AVR.......................................... (4,222.7) (95.5) 1,665.8 Adjustments: Future policy benefits and policyholders' account balances............................... 3.2 415.1 (144.3) DAC.............................................. (2,089.9) 620.1 674.1 Deferred income taxes............................ (4,116.6) (677.8) 517.3 Valuation of investments......................... 3,695.4 2.8 2.6 Valuation of investment subsidiary............... 5,046.4 461.7 (2,122.7) Change in fair value of guaranteed minimum income benefit reinsurance contracts.......... 1,566.8 6.9 (14.8) Pension adjustment.............................. 1,389.7 - - Premiums and benefits ceded to AXA Bermuda...... 2,846.7 - - Issuance of surplus notes....................... (1,000.0) - - Shareholder dividends paid...................... - 600.0 600.0 Changes in non-admitted assets................... 136.9 19.4 (57.4) Other, net....................................... (12.6) (150.3) (72.6) U.S. GAAP adjustments for Wind-up Annuities ..... (16.7) 31.2 28.8 ----------------- ---------------- ----------------- Consolidated Net Earnings ......................... $ 3,226.6 $ 1,233.6 $ 1,076.8 ================= ================ ================= DECEMBER 31, --------------------------------------------------------- 2008 2007 2006 ----------------- ---------------- ------------------ (IN MILLIONS) Statutory surplus and capital stock................ $ 3,155.0 $ 6,569.3 $ 6,497.6 AVR................................................ 433.1 1,242.7 1,409.9 ----------------- ---------------- ------------------ Statutory surplus, capital stock and AVR........... 3,588.1 7,812.0 7,907.5 Adjustments: Future policy benefits and policyholders' account balances............................... (1,487.3) (2,270.2) (2,574.1) DAC.............................................. 7,482.0 9,019.3 8,316.5 Deferred income taxes............................ (4,585.1) (1,089.3) (627.1) Valuation of investments......................... (2,312.5) 457.1 867.9 Valuation of investment subsidiary............... 588.1 (4,458.3) (4,920.0) Fair value of GMIB reinsurance contracts......................... 4,821.7 124.7 117.8 Deferred cost of insurance ceded to AXA Bermuda................................ 3,495.8 - - Non-admitted assets.............................. 1,144.0 1,014.5 994.5 Issuance of surplus notes........................ (1,524.9) (524.8) (524.8) Adjustment to initially apply SFAS No.158, net of income taxes........................... - - (449.5) Other, net....................................... 141.3 76.0 433.6 U.S. GAAP adjustments for Wind-up Annuities...... 12.4 1.5 (59.9) ----------------- ---------------- ------------------ Consolidated Shareholder's Equity.................. $ 11,363.6 $ 10,162.5 $ 9,482.4 ================= ================ ==================
F-61 21) BUSINESS SEGMENT INFORMATION The following tables reconcile segment revenues and earnings from continuing operations before income taxes to total revenues and earnings as reported on the consolidated statements of earnings and segment assets to total assets on the consolidated balance sheets, respectively.
2008 2007 2006 ----------------- ---------------- ------------------ (IN MILLIONS) SEGMENT REVENUES: Insurance.......................................... $ 15,115.1 $ 6,938.0 $ 5,966.9 Investment Management (1).......................... 3,542.7 4,561.8 4,002.7 Consolidation/elimination.......................... (76.5) (91.4) (90.0) ----------------- ---------------- ------------------ Total Revenues..................................... $ 18,581.3 $ 11,408.4 $ 9,879.6 ================= ================ ==================
(1) Intersegment investment advisory and other fees of approximately $93.3 million, $128.9 million and $120.8 million for 2008, 2007 and 2006, respectively, are included in total revenues of the Investment Management segment.
SEGMENT EARNINGS FROM CONTINUING 2008 2007 2006 OPERATIONS BEFORE INCOME ----------------- ----------------- ----------------- TAXES AND MINORITY INTEREST: (IN MILLIONS) Insurance.......................................... $ 4,486.5 $ 1,298.9 $ 881.9 Investment Management.............................. 932.2 1,400.5 1,198.4 Consolidation/elimination.......................... (.4) - - ----------------- ----------------- ----------------- Total Earnings from Continuing Operations before Income Taxes and Minority Interest....... $ 5,418.3 $ 2,699.4 $ 2,080.3 ================= ================= =================
DECEMBER 31, ------------------------------------- 2008 2007 ----------------- ----------------- (IN MILLIONS) SEGMENT ASSETS: Insurance.......................................... $ 123,757.2 $ 144,962.2 Investment Management.............................. 12,520.2 14,962.7 Consolidation/elimination.......................... (11.2) 1.1 ----------------- ----------------- Total Assets....................................... $ 136,266.2 $ 159,926.0 ================= =================
In accordance with SEC regulations, securities with a fair value of $2,547.9 million and $2,333.2 million have been segregated in a special reserve bank custody account at December 31, 2008 and 2007, respectively for the exclusive benefit of securities broker-dealer or brokerage customers under Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). F-62 22) QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The quarterly results of operations for 2008 and 2007 are summarized below:
THREE MONTHS ENDED ---------------------------------------------------------------------------- MARCH 31 JUNE 30 SEPTEMBER 30 DECEMBER 31 ----------------- ----------------- ------------------ ---------------- (IN MILLIONS) 2008 ---- Total Revenues................ $ 3,792.6 $ 2,411.1 $ 3,387.4 $ 8,990.2 ================= ================= ================== ================ Earnings from Continuing Operations.................. $ 600.1 $ 510.2 $ 96.6 $ 2,039.5 ================= ================= ================== ================ Net Earnings.................. $ 607.4 $ 510.6 $ 96.6 $ 2,012.0 ================= ================= ================== ================ 2007 ---- Total Revenues................ $ 2,677.9 $ 2,608.2 $ 2,938.5 $ 3,183.8 ================= ================= ================== ================ Earnings from Continuing Operations....... $ 295.7 $ 232.0 $ 356.6 $ 352.4 ================= ================= ================== ================ Net Earnings.................. $ 299.6 $ 218.2 $ 362.4 $ 353.4 ================= ================= ================== ================
F-63 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green The Accumulator(R) Series A combination variable and fixed deferred annuity contract PROSPECTUS DATED MAY 1, 2009 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. This Prospectus supersedes all prior Prospectuses and supplements. You should read the prospectuses for each Trust, which contain important information about the portfolios. -------------------------------------------------------------------------------- WHAT IS THE ACCUMULATOR(R) SERIES? The Accumulator(R) Series are deferred annuity contracts issued by AXA Equitable Life Insurance Company. The contracts provide for the accumulation of retirement savings and for income. The contracts offer income and death benefit protection as well. They also offer 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, fixed maturity options, or the account for special dollar cost averaging+ ("investment options"). This Prospectus is not your contract. Your contract and any endorsements, riders and data pages as identified in your contract are the entire contract between you and AXA Equitable and governs with respect to all features, benefits, rights and obligations. The description of the contract's provisions in this Prospectus is current as of the date of this Prospectus; however, because certain provisions may be changed after the date of this Prospectus in accordance with the contract, the description of the contract's provisions in this Prospectus is qualified in its entirety by the terms of the actual contract. The contract should be read carefully. You have the right to cancel the contract within a certain number of days after receipt of the contract. You should read this Prospectus in conjunction with any applicable supplements. The contracts may not be 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, in all states or from all selling broker-dealers. Please see Appendix VII later in this Prospectus for more information on state availability and/or variations of certain features and benefits. All optional features and benefits described in this Prospectus may not be available at the time you purchase the contract. We have the right to restrict availability of any optional feature or benefit. In addition, not all optional features and benefits may be available in combination with other optional features and benefits. We can refuse to accept any application or contribution from you at any time, including after you purchase the contract. ---------------------- + Not available for Accumulator(R) Select(SM) and Accumulator(R) Plus(SM) contracts -------------------------------------------------------------------------------- Variable investment options -------------------------------------------------------------------------------- o AXA Aggressive Allocation* o EQ/Boston Advisors Equity Income o AXA Conservative Allocation* o EQ/Calvert Socially Responsible o AXA Conservative-Plus Allocation* o EQ/Capital Guardian Growth o AXA Moderate Allocation* o EQ/Capital Guardian Research o AXA Moderate-Plus Allocation* o EQ/Caywood-Scholl High Yield Bond o EQ/AllianceBernstein International o EQ/Common Stock Index** o EQ/AllianceBernstein Small Cap o EQ/Core Bond Index Growth o EQ/Davis New York Venture o EQ/Ariel Appreciation II o EQ/Equity 500 Index o EQ/AXA Franklin Income Core** o EQ/Evergreen Omega o EQ/AXA Franklin Small Cap Value o EQ/Focus PLUS** Core** o EQ/GAMCO Mergers and Acquisitions o EQ/AXA Franklin Templeton Founding o EQ/GAMCO Small Company Value Strategy Core** o EQ/Global Bond PLUS** o EQ/AXA Mutual Shares Core** o EQ/Global Multi-Sector Equity** o EQ/AXA Rosenberg Value Long/Short o EQ/Intermediate Government Bond Equity Index o EQ/AXA Templeton Growth Core** o EQ/International Core PLUS o EQ/BlackRock Basic Value Equity o EQ/International Growth o EQ/BlackRock International Value o EQ/JPMorgan Value Opportunities -------------------------------------------------------------------------------- Variable investment options -------------------------------------------------------------------------------- o EQ/Large Cap Core PLUS o EQ/Short Duration Bond o EQ/Large Cap Growth Index o EQ/Small Company Index o EQ/Large Cap Growth PLUS o EQ/T. Rowe Price Growth Stock o EQ/Large Cap Value Index o EQ/UBS Growth and Income o EQ/Large Cap Value PLUS o EQ/Van Kampen Comstock o EQ/Long Term Bond o EQ/Van Kampen Mid Cap Growth o EQ/Lord Abbett Growth and Income o EQ/Van Kampen Real Estate o EQ/Lord Abbett Large Cap Core o Multimanager Aggressive Equity o EQ/Lord Abbett Mid Cap Value o Multimanager Core Bond o EQ/Mid Cap Index o Multimanager Health Care o EQ/Mid Cap Value PLUS o Multimanager International Equity o EQ/Money Market o Multimanager Large Cap Core Equity o EQ/Montag & Caldwell Growth o Multimanager Large Cap Growth o EQ/Oppenheimer Global 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 Multi-Sector Bond** Cap o Multimanager Small Cap Growth o EQ/PIMCO Ultra Short Bond** o Multimanager Small Cap Value o EQ/Quality Bond PLUS o Multimanager Technology -------------------------------------------------------------------------------- * The "AXA Allocation" portfolios. ** This is the variable investment option's new name, effective on or about May 1, 2009, subject to regulatory approval. Please see "Portfolios of the Trusts" under "Contract features and benefits" later in this Prospectus for the variable investment option's former name. You may allocate amounts to any of the variable investment options. At any time, we have the right to limit or terminate your contributions and allocations to any of the variable investment options and to limit the number of variable investment options which you may elect. Each variable investment option is a subaccount of Separate Account No. 49. Each variable investment option, in turn, invests in a corresponding securities portfolio ("Portfolio") of the AXA Premier VIP Trust or the EQ Advisors Trust (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, the fixed maturity options, and, if applicable under your Accumulator(R) Series contract, the account for special dollar cost averaging, which are discussed later in this Prospectus. If you elect the Guaranteed withdrawal benefit for life or a Principal guarantee benefit, your investment options will be limited to the guaranteed interest option, certain permitted variable investment options and, if applicable under your Accumulator(R) Series contract, the account for special dollar cost averaging. The permitted variable investment options are described 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. X02257/'06/'06.5 All To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green TYPES OF CONTRACTS. We offer the 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. We offer two versions of the traditional IRA: "Rollover IRA" and "Flexible Premium IRA." We also offer two versions of the Roth IRA: "Roth Conversion IRA" and "Flexible Premium Roth IRA." o Traditional and Roth Inherited IRA beneficiary continuation contract ("Inherited IRA") (direct transfer contributions only). o An annuity that is an investment vehicle for a qualified defined contribution plan ("QP") (Rollover and direct transfer contributions only). o An Internal Revenue Code Section 403(b) Tax-Sheltered Annuity ("TSA") -- ("Rollover TSA") (Rollover and direct transfer contributions only; employer or plan approval required). Not all types of contracts are available with each version of the Accumulator(R) Series contracts. See "How you can purchase and contribute to your contract" in "Contract features and benefits" for more information. Contract variations. Accumulator(R) Select(SM) contracts are no longer being sold. In addition to the possible state variations noted above, you should note that your contract features and charges may vary depending on the date on which you purchased your contract. For more information about the particular features, charges and options applicable to you, please contact your financial professional or refer to your contract, as well as review Appendix VII later in this Prospectus for contract variation information and timing. You may not change your contract or its features as issued. 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, 2009, 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 1547, Secaucus, NJ 07096-1547 or calling 1-800-789-7771. The SAI is incorporated by this 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. To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Contents of this Prospectus -------------------------------------------------------------------------------- THE ACCUMULATOR(R) SERIES -------------------------------------------------------------------------------- Index of key words and phrases 5 Who is AXA Equitable? 7 How to reach us 8 The Accumulator(R) Series at a glance -- key features 10 -------------------------------------------------------------------------------- FEE TABLE 13 -------------------------------------------------------------------------------- Examples 15 Condensed financial information 16 -------------------------------------------------------------------------------- 1. CONTRACT FEATURES AND BENEFITS 17 -------------------------------------------------------------------------------- How you can purchase and contribute to your contract 17 Owner and annuitant requirements 24 How you can make your contributions 24 What are your investment options under the contract? 25 Portfolios of the Trusts 26 Allocating your contributions 33 Credits (for Accumulator(R) Plus(SM) contracts only) 35 Guaranteed minimum death benefit and Guaranteed minimum income benefit base 36 Annuity purchase factors 38 Guaranteed minimum income benefit option 38 Guaranteed minimum death benefit 41 Guaranteed withdrawal benefit for life ("GWBL") 43 Principal guarantee benefits 47 Inherited IRA beneficiary continuation contract 48 Your right to cancel within a certain number of days 48 -------------------------------------------------------------------------------- 2. DETERMINING YOUR CONTRACT'S VALUE 50 -------------------------------------------------------------------------------- Your account value and cash value 50 Your contract's value in the variable investment options 50 Your contract's value in the guaranteed interest option 50 Your contract's value in the fixed maturity options 50 Your contract's value in the account for special dollar cost averaging 50 Insufficient account value 50 ---------------------- "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 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green -------------------------------------------------------------------------------- 3. TRANSFERRING YOUR MONEY AMONG INVESTMENT OPTIONS 52 -------------------------------------------------------------------------------- Transferring your account value 52 Disruptive transfer activity 52 Rebalancing your account value 53 -------------------------------------------------------------------------------- 4. ACCESSING YOUR MONEY 55 -------------------------------------------------------------------------------- Withdrawing your account value 55 How withdrawals are taken from your account value 57 How withdrawals affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Principal guarantee benefits 57 How withdrawals affect your GWBL and GWBL Guaranteed minimum death benefit 58 Withdrawals treated as surrenders 58 Loans under Rollover TSA contracts 58 Surrendering your contract to receive its cash value 59 When to expect payments 59 Your annuity payout options 60 -------------------------------------------------------------------------------- 5. CHARGES AND EXPENSES 63 -------------------------------------------------------------------------------- Charges that AXA Equitable deducts 63 Charges that the Trusts deduct 67 Group or sponsored arrangements 67 Other distribution arrangements 67 -------------------------------------------------------------------------------- 6. PAYMENT OF DEATH BENEFIT 68 -------------------------------------------------------------------------------- Your beneficiary and payment of benefit 68 Beneficiary continuation option 70 -------------------------------------------------------------------------------- 7. TAX INFORMATION 73 -------------------------------------------------------------------------------- Overview 73 Buying a contract to fund a retirement arrangement 73 Suspension of required minimum distributions for 2009 73 Transfers among investment options 74 Taxation of nonqualified annuities 74 Individual retirement arrangements (IRAs) 76 Traditional individual retirement annuities (traditional IRAs) 76 Roth individual retirement annuities (Roth IRAs) 82 Tax-sheltered annuity contracts (TSAs) 85 Federal and state income tax withholding and information reporting 90 Special rules for contracts funding qualified plans 91 Impact of taxes to AXA Equitable 91 -------------------------------------------------------------------------------- 8. MORE INFORMATION 92 -------------------------------------------------------------------------------- About Separate Account No. 49 92 About the Trusts 92 About our fixed maturity options 92 About the general account 93 About other methods of payment 94 Dates and prices at which contract events occur 94 About your voting rights 95 Statutory compliance 96 About legal proceedings 96 Financial statements 96 Transfers of ownership, collateral assignments, loans and borrowing 96 About Custodial IRAs 96 Distribution of the contracts 96 -------------------------------------------------------------------------------- 9. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE 99 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- APPENDICES -------------------------------------------------------------------------------- I -- Condensed financial information A-1 II -- Purchase considerations for QP contracts B-1 III -- Market value adjustment example C-1 IV -- Enhanced death benefit example D-1 V -- Hypothetical illustrations E-1 VI -- Earnings enhancement benefit example F-1 VII -- State contract availability and/or variations of certain features and benefits G-1 VIII -- Contract variations H-1 -------------------------------------------------------------------------------- STATEMENT OF ADDITIONAL INFORMATION TABLE OF CONTENTS -------------------------------------------------------------------------------- 4 Contents of this Prospectus To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Index of key words and phrases -------------------------------------------------------------------------------- This index should help you locate more information on the terms used in this Prospectus. Page 6% Roll-Up to age 85 37 12 month dollar cost averaging 34 account for special dollar cost averaging 33 account value 50 administrative charge 64 annual administrative charge 64 Annual Ratchet 45 Annual Ratchet to age 85 enhanced death benefit 37 annuitant 17 annuitization 60 annuity maturity date 62 annuity payout options 60 annuity purchase factors 38 automatic annual reset program 38 automatic customized reset program 38 automatic investment program 94 AXA Allocation portfolios cover beneficiary 68 Beneficiary continuation option ("BCO") 70 business day 94 cash value 50 charges for state premium and other applicable taxes 67 contract date 24 contract date anniversary 24 contract year 24 contributions to Roth IRAs 82 regular contributions 82 rollovers and transfers 83 conversion contributions 83 contributions to traditional IRAs 76 regular contributions 76 rollovers and transfers 78 Credit 35 disability, terminal illness or confinement to nursing home 65 disruptive transfer activity 52 distribution charge 63 Earnings enhancement benefit 42 Earnings enhancement benefit charge 66 ERISA 67 fixed-dollar option 35 fixed maturity options 32 Flexible Premium IRA cover Flexible Premium Roth IRA cover free look 48 free withdrawal amount 64 general account 93 general dollar cost averaging 34 guaranteed interest option 32 Guaranteed minimum death benefit 41 Guaranteed minimum death benefit and Guaranteed minimum income benefit base 36 Guaranteed minimum death benefit/Guaranteed minimum income benefit roll-up benefit base reset option 41 Guaranteed minimum income benefit 38 Guaranteed minimum income benefit charge 65 Guaranteed minimum income benefit "no lapse guarantee" 41 Guaranteed withdrawal benefit for life ("GWBL") 43 Guaranteed withdrawal benefit for life charge 66 GWBL benefit base 44 Inherited IRA cover investment options cover Investment simplifier 35 IRA cover IRS 73 lifetime required minimum distribution withdrawals 56 loan reserve account 59 loans under Rollover TSA 58 market adjusted amount 32 market timing 52 market value adjustment 32 maturity dates 32 maturity value 32 Mortality and expense risks charge 63 NQ cover one-time reset option 38 Online Account Access 8 partial withdrawals 55 permitted variable investment options 25 Portfolio cover Principal guarantee benefits 47 processing office 8 QP cover rate to maturity 32 rebalancing 53 Rollover IRA cover Rollover TSA cover Roth Conversion IRA cover Roth IRA cover SAI cover SEC cover self-directed allocation 33 Separate Account No. 49 92 special dollar cost averaging 33 Spousal continuation 69 standard death benefit 37 substantially equal withdrawals 56 systematic withdrawals 56 TOPS 8 TSA cover traditional IRA cover Trusts 86 unit 50 variable investment options 25 wire transmittals and electronic applications 94 withdrawal charge 64 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 or supplemental materials. Your financial professional can provide further explanation about your contract or supplemental materials. Index of key words and phrases 5 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
-------------------------------------------------------------------------------------- Prospectus Contract or Supplemental Materials -------------------------------------------------------------------------------------- fixed maturity options Guarantee Periods (Guaranteed Fixed Interest Accounts in supplemental materials) variable investment options Investment Funds account value Annuity Account Value rate to maturity Guaranteed Rates unit Accumulation Unit Guaranteed minimum death benefit Guaranteed death benefit Guaranteed minimum income benefit Guaranteed Income Benefit guaranteed interest option Guaranteed Interest Account Guaranteed withdrawal benefit for life Guaranteed withdrawal benefit GWBL benefit base Guaranteed withdrawal benefit for life benefit base Guaranteed annual withdrawal amount Guaranteed withdrawal benefit for life Annual withdrawal amount Excess withdrawal Guaranteed withdrawal benefit for life Excess withdrawal --------------------------------------------------------------------------------------
6 Index of key words and phrases To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 SA ("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 Equitable 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 $543.2 billion in assets as of December 31, 2008. 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 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green HOW TO REACH US Please communicate with us at the mailing addresses listed below for the purposes described. Certain methods of contacting us, such as by telephone or electronically, may be unavailable or delayed. For example, our facsimile service may not be available at all times and/or we may be unavailable due to emergency closing. In addition, the level and type of service available may be restricted based on criteria established by us. In order to avoid delays in processing, please send your correspondence and check to the appropriate location, as follows: -------------------------------------------------------------------------------- FOR CORRESPONDENCE WITH CHECKS: -------------------------------------------------------------------------------- FOR CONTRIBUTIONS SENT BY REGULAR MAIL: The Accumulator(R) Series P.O. Box 1577 Secaucus, NJ 07096-1577 FOR CONTRIBUTIONS SENT BY EXPRESS DELIVERY: The Accumulator(R) Series 500 Plaza Drive, 6th Floor Secaucus, NJ 07094 -------------------------------------------------------------------------------- FOR CORRESPONDENCE WITHOUT CHECKS: -------------------------------------------------------------------------------- FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT BY REGULAR MAIL: The Accumulator(R) Series P.O. Box 1547 Secaucus, NJ 07096-1547 FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT BY EXPRESS DELIVERY: The Accumulator(R) Series 500 Plaza Drive, 6th Floor Secaucus, NJ 07094 Your correspondence will be picked up at the mailing address noted above and delivered to our processing office. Your correspondence, however, is not considered received by us until it is received at our processing office. Where this Prospectus refers to the day when we receive a contribution, request, election, notice, transfer or any other transaction request from you, we mean the day on which that item (or the last thing necessary for us to process that item) arrives in complete and proper form at our processing office or via the appropriate telephone or fax number if the item is a type we accept by those means. There are two main exceptions: if the item arrives (1) on a day that is not a business day or (2) after the close of a business day, then, in each case, we are deemed to have received that item on the next business day. Our processing office is: 500 Plaza Drive, 6th Floor, Secaucus, New Jersey 07094. -------------------------------------------------------------------------------- REPORTS WE PROVIDE: -------------------------------------------------------------------------------- o written confirmation of financial transactions; o statement of your contract values at the close of each calendar year, and any calendar quarter in which there was a financial transaction; and o annual statement of your contract values as of the close of the contract year, including notification of eligibility for GWBL deferral bonuses and eligibility to exercise the Guaranteed minimum income benefit and/or the Roll-Up benefit base reset option. -------------------------------------------------------------------------------- TELEPHONE OPERATED PROGRAM SUPPORT ("TOPS") AND ONLINE ACCOUNT ACCESS SYSTEMS: -------------------------------------------------------------------------------- TOPS is designed to provide you with up-to-date information via touch-tone telephone. Online Account Access 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 (not available through Online Account Access); 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 investment options; o elect to receive certain contract statements electronically; o enroll in, modify or cancel a rebalancing program (through Online Account Access only) o change your address (not available through TOPS); o change your TOPS personal identification number ("PIN") (through TOPS only) and your Online Account Access password (through Online Account Access only); and o access Frequently Asked Questions and Service Forms (not available through TOPS). TOPS and Online Account Access are normally available seven days a week, 24 hours a day. You may use TOPS by calling toll free 1-888-909-7770. If you are a client with AXA Advisors you may use Online Account Access by visiting our website at www.axaonline.com and logging in to access your account. All other clients may access Online Account Access by visiting our website at www.axa-equitable.com. 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 8 Who is AXA Equitable? To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 (1-800-789-7771) to speak with one of our customer service representatives. Our customer service representatives are available on any business day from 8:30 a.m. until 5:30 p.m., Eastern Time. WE REQUIRE THAT THE FOLLOWING TYPES OF COMMUNICATIONS BE ON SPECIFIC FORMS WE PROVIDE FOR THAT PURPOSE: (1) authorization for telephone transfers by your financial profes sional (available only for contracts distributed through AXA Distributors); (2) conversion of a traditional IRA to a Roth Conversion IRA or, depending on your contract, Flexible Premium Roth IRA contract; (3) election of the automatic investment program; (4) requests for loans under Rollover TSA contracts (employer or plan approval required); (5) spousal consent for loans under Rollover TSA contracts; (6) requests for withdrawals or surrenders from Rollover TSA contracts (employer or plan approval required) and contracts with the Guaranteed withdrawal benefit for life ("GWBL"); (7) tax withholding elections; (8) election of the beneficiary continuation option; (9) IRA contribution recharacterizations; (10) Section 1035 exchanges; (11) direct transfers and rollovers; (12) exercise of the Guaranteed minimum income benefit; (13) requests to reset your Roll-Up benefit base (for contracts that have both the Guaranteed minimum income benefit and the Greater of 6% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit); (14) requests to opt out of or back into the Annual Ratchet of the Guaranteed withdrawal benefit for life ("GWBL") benefit base; (15) death claims; (16) change in ownership (NQ only, if available under your contract); (17) purchase by, or change of ownership to, a non-natural owner; (18) requests for enrollment in either our Maximum payment plan or Customized payment plan under the Guaranteed withdrawal benefit for life ("GWBL"); and (19) requests to reset the guaranteed minimum value for contracts with a Principal guarantee benefit. WE ALSO HAVE SPECIFIC FORMS THAT WE RECOMMEND YOU USE FOR THE FOLLOWING TYPES OF REQUESTS: (1) beneficiary changes; (2) contract surrender and withdrawal requests; (3) general dollar cost averaging (including the fixed dollar and interest sweep options); (4) 12 month dollar cost averaging (for Accumulator(R) Select(SM) contracts only); and (5) special dollar cost averaging (for Accumulator(R) and Accumulator(R) Elite(SM) contracts only). TO CANCEL OR CHANGE 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 (including the fixed dollar and interest sweep options); (3) 12 month dollar cost averaging (for Accumulator(R) Select(SM) contracts only); (4) special dollar cost averaging (for Accumulator(R) and Accumulator(R) Elite(SM) contracts only); (5) substantially equal withdrawals; (6) systematic withdrawals; and (7) the date annuity payments are to begin. TO CANCEL OR CHANGE ANY OF THE FOLLOWING, WE REQUIRE WRITTEN NOTIFICATION AT LEAST 30 CALENDAR DAYS PRIOR TO YOUR CONTRACT DATE ANNIVERSARY: (1) automatic annual reset program; and (2) automatic customized reset program. ---------------------- 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. Who is AXA Equitable? 9 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green The Accumulator(R) Series at a glance -- key features -------------------------------------------------------------------------------- Professional investment The Accumulator(R) Series' variable investment management options invest in different Portfolios managed by professional investment advisers. -------------------------------------------------------------------------------- Fixed maturity options o Fixed maturity options ("FMOs") 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. --------------------------------------------------- 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 a fixed maturity amount, 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. -------------------------------------------------------------------------------- Guaranteed interest o Principal and interest guarantees. option o Interest rates set periodically. -------------------------------------------------------------------------------- Account for special dollar Available for dollar cost averaging all or a cost averaging portion of any eligible contribution to your contract (available for Accumulator(R) and Accumulator(R) Elite(SM) contracts only). -------------------------------------------------------------------------------- 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. --------------------------------------------------- If you are purchasing or contributing to an annuity contract which is an Individual Retirement Annuity (IRA) or Tax Sheltered Annuity (TSA), or to fund an employer retirement plan (QP or Qualified Plan), you should be aware that such annuities do not provide tax deferral benefits beyond those already provided by the Internal Revenue Code for these types of arrangements. Before purchasing or contributing to one of the contracts, 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"). -------------------------------------------------------------------------------- Guaranteed minimum The Guaranteed minimum income benefit provides income benefit income protection for you during your life once you elect to annuitize the contract. -------------------------------------------------------------------------------- Guaranteed withdrawal The Guaranteed withdrawal benefit for life option benefit for life ("GWBL") guarantees that you can take withdrawals up to a maximum amount each contract year (your "Guaranteed annual withdrawal amount") beginning at age 45 or later. 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). -------------------------------------------------------------------------------- 10 The Accumulator(R) Series at a glance -- key features To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------------------------------------------------ Contribution amounts The chart below shows the minimum initial and additional contribution amounts under the contracts. Initial contribution amounts are provided for informational purposes only. Please see "How you can purchase and contribute to your contract" under "Contract features and benefits" for more information. Accumulator(R) Accumulator(R) Accumulator(R) Accumulator(R) Plus(SM) Elite(SM) Select(SM) ------------------------------------------------------------------------------------------------------------ NQ $5,000 ($500)* $ 10,000 ($500)* $10,000 ($500)* $25,000 ($500)* ------------------------------------------------------------------------------------------------------------ Rollover IRA $5,000 ($50) $ 10,000 ($50) $10,000 ($50) $25,000 ($50) ------------------------------------------------------------------------------------------------------------ Flexible Premium IRA $4,000 ($50)** n/a n/a n/a ------------------------------------------------------------------------------------------------------------ Roth Conversion IRA $5,000 ($50) $ 10,000 ($50) $10,000 ($50) $25,000 ($50) ------------------------------------------------------------------------------------------------------------ Flexible Premium $4,000 ($50)** n/a n/a n/a Roth IRA ------------------------------------------------------------------------------------------------------------ Inherited IRA Beneficiary Continuation contract $5,000 ($1,000) n/a $10,000 ($1,000) $25,000 ($1,000) (traditional IRA or Roth IRA) ("Inherited IRA") ------------------------------------------------------------------------------------------------------------ QP $5,000 ($500) $ 10,000 ($500) $10,000 ($500) n/a ------------------------------------------------------------------------------------------------------------ Rollover TSA $5,000 ($500) $ 10,000 ($500) $10,000 ($500) $25,000 ($500) ------------------------------------------------------------------------------------------------------------ * $100 monthly and $300 quarterly under our automatic investment program. ** $50 monthly or quarterly under our automatic investment program. o Maximum contribution limitations apply to all contracts. ------------------------------------------------------------------------------------------------------------- In general, contributions are limited to $1.5 million (for Accumulator(R), Accumulator(R) Elite(SM) and Accumulator(R) Select(SM) contracts, there is a $500,000 maximum for owners or annuitants who are age 81 and older at contract issue unless you elect GWBL) under all Accumulator(R) Series contracts with the same owner or annuitant. We generally limit aggregate contributions made after the first contract year to 150% of first-year contributions. Upon advance notice to you, we may exercise certain rights we have under the contract regarding contributions, including our rights to (i) change minimum and maximum contribution requirements and limitations, and (ii) discontinue acceptance of contributions. Further, we may at any time exercise our rights to limit or terminate your contributions and transfers to any of the variable investment options and to limit the number of variable investment options which you may elect. For more information, please see "How you can purchase and contribute to your contract" in "Contract features and benefits" later in this Prospectus. ------------------------------------------------------------------------------------------------------------------------------------ Credit We allocate your contributions to your account value. We allocate a Credit to your account value at the same (Accumulator(R) time that we allocate your contributions. The Credit will apply to additional contribution amounts only to Plus(SM) contracts the extent that those amounts exceed total withdrawals from the contract. The amount of Credit may be up to only) 5% of each contribution, depending on certain factors. The Credit is subject to recovery by us in certain limited circumstances. ------------------------------------------------------------------------------------------------------------------------------------ Access to your money o Partial withdrawals o Several withdrawal options on a periodic basis o Loans under Rollover TSA contracts (employer or plan approval required) o Contract surrender o Maximum payment plan (only under contracts with GWBL) o Customized payment plan (only under contracts with GWBL) You may incur a withdrawal charge (not applicable to Accumulator(R) Select(SM) contracts) for certain withdrawals or if you surrender your contract. You may also incur income tax and a tax penalty. Certain withdrawals will diminish the value of optional benefits. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ Payout options o Fixed annuity payout options o Variable Immediate Annuity payout options (described in a separate prospectus for that option) o Income Manager(R) payout options (described in a separate prospectus for that option) ------------------------------------------------------------------------------------------------------------------------------------ Additional features o Guaranteed minimum death benefit options o Principal guarantee benefits o Dollar cost averaging o Automatic investment program o Account value rebalancing (quarterly, semiannually, and annually) o Free transfers o Waiver of withdrawal charge for certain withdrawals, disability, terminal illness, or confinement to a nursing home (not applicable to Accumulator(R) Select(SM) contracts) o Earnings enhancement benefit, an optional death benefit available under certain contracts 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 Please see "How you can purchase and contribute to your contract" in "Contract features and benefits" for issue ages owner and annuitant issue ages applicable to your contract. ------------------------------------------------------------------------------------------------------------------------------------
The table above summarizes only certain current key features and benefits of the contract. The table also summarizes certain current limitations, restrictions and exceptions to those features and benefits that we have the right to impose under the contract and that are subject to change in the future. In some cases, other limitations, restrictions and exceptions may apply. The contract may not currently be 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, in all states or from all selling broker-dealers. Please see Appendix VII 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. This Prospectus is not your contract. Your contract and any endorsements, riders and data pages are the entire contract between you and AXA Equitable and governs with respect to all features, benefits, rights and obligations. The contract should be read carefully before investing. Please feel free to speak with your financial professional, or call us, if you have any questions. 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 every 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. 12 The Accumulator(R) Series at a glance -- key features To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. All features listed below may not have been available at the time you purchased your contract. See Appendix VIII later in this Prospectus for more information. The first table describes fees and expenses that you will pay at the time that you surrender the contract or if you make certain withdrawals or apply your cash value to certain payout options or 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 we deduct from your account value at the time you request certain transactions ----------------------------------------------------------------------------------------------------------------------------------- Maximum withdrawal charge as a percentage of contributions Accumulator(R) Accumulator(R) Accumulator(R) Accumulator(R) withdrawn (deducted if you surrender your contract or make Plus(SM) Elite(SM) Select(SM) certain withdrawals or apply your cash value to certain payout options).(1) 7.00% 8.00% 8.00% N/A ----------------------------------------------------------------------------------------------------------------------------------- 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(2) If your account value on a contract date anniversary is less than $50,000(3) $ 30 If your account value on a contract date anniversary is $50,000 or more $ 0
----------------------------------------------------------------------------------------------------------------------------------- Charges we deduct from your variable investment options expressed as an annual percentage of daily net assets ----------------------------------------------------------------------------------------------------------------------------------- SEPARATE ACCOUNT ANNUAL EXPENSES: Accumulator(R) Accumulator(R) Accumulator(R) Accumulator(R) Plus(SM) Elite(SM) Select(SM) Mortality and expense risks 0.80%(4) 0.95% 1.10% 1.10% Administrative 0.30% 0.35% 0.30% 0.25% Distribution 0.20% 0.25% 0.25% 0.35% Total Separate account annual expenses 1.30% 1.55% 1.65% 1.70%
----------------------------------------------------------------------------------------------------------------------------------- Charges we deduct from your account value each year if you elect any of the following optional benefits ----------------------------------------------------------------------------------------------------------------------------------- Guaranteed minimum death benefit charge (Calculated as a percentage of the applicable benefit base. Deducted annually(2) on each contract date anniversary for which the benefit is in effect.) Standard death benefit and GWBL Standard death benefit 0.00% Annual Ratchet to age 85 0.25% Greater of 6% Roll-Up to age 85 or Annual Ratchet to age 85 0.60% or 0.65%* GWBL Enhanced death benefit 0.30% *Please see Appendix VIII later in this Prospectus for more information on the charge applicable under your Accumulator(R) Series contract. -----------------------------------------------------------------------------------------------------------------------------------
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----------------------------------------------------------------------------------------------------------------------------------- Principal guarantee benefits charge (Calculated as a percent- age of the account value. Deducted annually(2) on each contract date anniversary for which the benefit is in effect.) 100% Principal guarantee benefit 0.50% 125% Principal guarantee benefit 0.75% ----------------------------------------------------------------------------------------------------------------------------------- Guaranteed minimum income benefit charge (Calculated as a percentage of the applicable benefit base. Deducted annually(2) on each contract date anniversary for which the benefit is in effect.) 0.65% ----------------------------------------------------------------------------------------------------------------------------------- Earnings enhancement benefit charge (Calculated as a per- centage of the account value. Deducted annually(2) on each contract date anniversary for which the benefit is in effect.) 0.35% ----------------------------------------------------------------------------------------------------------------------------------- Guaranteed withdrawal benefit for life benefit charge 0.60% for the Single Life option (Calculated as a percentage of the GWBL benefit base. Deducted 0.75% for the Joint Life option annually(2) on each contract date anniversary.) If your GWBL benefit base ratchets, we reserve the right to increase your charge up to: 0.75% for the Single Life option 0.90% for the Joint Life option Please see "Guaranteed withdrawal benefit for life" ("GWBL") in "Contract features and benefits" for more information about this feature, includ- ing its benefit base and the Annual Ratchet provision, and "Guaranteed withdrawal benefit for life benefit charge" in "Charges and expenses," both later in this Prospectus. ----------------------------------------------------------------------------------------------------------------------------------- Net loan interest charge - Rollover TSA contracts only (Cal- culated and deducted daily as a percentage of the outstanding loan amount.) 2.00%(5) -----------------------------------------------------------------------------------------------------------------------------------
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 2008 (expenses that are deducted Lowest Highest from Portfolio assets including management fees, 12b-1 fees, service fees, and/or ------ ------- other expenses)(6) 0.64% 3.65%
Notes:
(1) Deducted upon a withdrawal of amounts in excess of the 10% free withdrawal amount, if applicable: The withdrawal charge percentage we use is determined by Contract Accumulator(R) Accumulator(R) the contract year in which you make the withdrawal or Year Accumulator(R) Plus(SM) Elite(SM) surrender your contract. For each contribution, we consider 1.......... 7.00% 8.00% 8.00% the contract year in which we receive that contribution 2.......... 7.00% 8.00% 7.00% to be "contract year 1") 3.......... 6.00% 7.00% 6.00% 4.......... 6.00% 7.00% 5.00% 5.......... 5.00% 6.00% 0.00% 6.......... 3.00% 5.00% 0.00% 7.......... 1.00% 4.00% 0.00% 8.......... 0.00% 3.00% 0.00% 9+......... 0.00% 0.00% 0.00%
(2) 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 year. (3) During the first two contract years this charge, if applicable, is equal to the lesser of $30 or 2% of your account value. Thereafter, the charge, if applicable, is $30 for each contract year. (4) These charges compensate us for certain risks we assume and expenses we incur under the contract. We expect to make a profit from these charges. For Accumulator(R) Plus(SM) contracts, the charges also compensate us for the expense associated with the Credit. (5) We charge interest on loans under Rollover 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 Rollover TSA contracts" later in this Prospectus for more information on how the loan inter est is calculated and for restrictions that may apply. (6) "Total Annual Portfolio Operating Expenses" are based, in part, on estimated amounts for options added during the fiscal year 2008 and for the underlying portfolios. 14 Fee table To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 the underlying portfolio fees and expenses). These examples below show the expenses that a hypothetical contract owner (who has elected the enhanced death benefit that provides for the Greater of 6% Roll-Up to age 85 or Annual Ratchet to age 85 and the Earnings enhancement benefit with either the Guaranteed minimum income benefit (with the annual reset feature) or the 125% Principal guarantee benefit) would pay in the situations illustrated. All values in the expense examples were calculated with the Guaranteed minimum income benefit except for the AXA Moderate Allocation portfolio. The AXA Moderate Allocation portfolio is calculated with either the Guaranteed minimum income benefit or the 125% Principal guarantee benefit depending on which benefit yielded the higher expenses. These examples use an average annual administrative charge based on the charges paid in 2008, which results in an estimated administrative charge calculated as a percentage of contract value, as follows: Accumulator(R) 0.009%; Accumulator(R) Plus(SM) 0.007%; Accumulator(R) Elite(SM) 0.006%; and Accumulator(R) Select(SM) 0.004%. The fixed maturity options, guaranteed interest option, the account for special dollar cost averaging (if applicable under your contract) and the 12 month dollar cost averaging program (if applicable under your contract) are not covered by these examples. However, the annual administrative charge, the withdrawal charge (if applicable under your contract), 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, guaranteed interest option, the account for special dollar cost averaging and the 12 month dollar cost averaging program. 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. Other than the administrative charge (which is described immediately above), 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:
------------------------------------------------------------------------------------------------------------------------------------ Accumulator(R) ------------------------------------------------------------------------------------------------------------------------------------ If you surrender your contract at the If you annuitize at the end of 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 ------------------------------------------------------------------------------------------------------------------------------------ (a) assuming maximum fees and expenses of any of the Portfolios $1,395 $2,678 $3,951 $6,847 N/A $2,678 $3,951 $6,847 (b) assuming minimum fees and expenses of any of the Portfolios $1,079 $1,771 $2,512 $4,343 N/A $1,771 $2,512 $4,343 ------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------- If you do not surrender your contract at the end of the applicable time period --------------------------------------------------------------------------------------- 1 year 3 years 5 years 10 years --------------------------------------------------------------------------------------- (a) assuming maximum fees and expenses of any of the Portfolios $695 $2,078 $3,451 $6,847 (b) assuming minimum fees and expenses of any of the Portfolios $379 $1,171 $2,012 $4,343 ---------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ Accumulator(R) Plus(SM) ------------------------------------------------------------------------------------------------------------------------------------ If you surrender your contract at the If you annuitize at the end of 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 ------------------------------------------------------------------------------------------------------------------------------------ (a) assuming maximum fees and expenses of any of the Portfolios $1,545 $2,919 $4,276 $7,244 N/A $2,919 $4,276 $7,244 (b) assuming minimum fees and expenses of any of the Portfolios $1,216 $1,982 $2,794 $4,700 N/A $1,982 $2,794 $4,700 ------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------- If you do not surrender your contract at the end of the applicable time period --------------------------------------------------------------------------------------- 1 year 3 years 5 years 10 years --------------------------------------------------------------------------------------- (a) assuming maximum fees and expenses of any of the Portfolios $745 $2,219 $3,676 $7,244 (b) assuming minimum fees and expenses of any of the Portfolios $416 $1,282 $2,194 $4,700 ---------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ Accumulator(R) Elite(SM) ------------------------------------------------------------------------------------------------------------------------------------ If you surrender your contract at the If you annuitize at the end of 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 ------------------------------------------------------------------------------------------------------------------------------------ (a) assuming maximum fees and expenses of any of the Portfolios $1,532 $2,779 $3,605 $7,086 N/A $2,779 $3,605 $7,086 (b) assuming minimum fees and expenses of any of the Portfolios $1,216 $1,879 $2,187 $4,675 N/A $1,879 $2,187 $4,675 ------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------- If you do not surrender your contract at the end of the applicable time period --------------------------------------------------------------------------------------- 1 year 3 years 5 years 10 years --------------------------------------------------------------------------------------- (a) assuming maximum fees and expenses of any of the Portfolios $732 $2,179 $3,605 $7,086 (b) assuming minimum fees and expenses of any of the Portfolios $416 $1,279 $2,187 $4,675 ---------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ Accumulator(R) Select(SM) ------------------------------------------------------------------------------------------------------------------------------------ If you surrender or do not surrender If you annuitize at the end of the your contract at the end of applicable time period the applicable time period ------------------------------------------------------------------------------------------------------------------------------------ 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years ------------------------------------------------------------------------------------------------------------------------------------ (a) assuming maximum fees and expenses of any of the Portfolios N/A $2,543 $3,976 $7,469 $737 $2,193 $3,626 $7,119 (b) assuming minimum fees and expenses of any of the Portfolios N/A $1,644 $2,562 $5,070 $421 $1,294 $2,212 $4,720 ------------------------------------------------------------------------------------------------------------------------------------
For information on how your contract works under certain hypothetical circumstances, please see Appendix V at the end of this Prospectus. CONDENSED FINANCIAL INFORMATION Please see Appendix I 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, 2008. 16 Fee table To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 can refuse to accept any application or contribution from you at any time, including after you purchase the contract. We require a minimum contribution amount for each type of contract purchased. Maximum contribution limitations also apply. The following table summarizes our current rules regarding contributions to your contract, which rules are subject to change. In some states, our rules may vary. Both the owner and annuitant named in the contract must meet the issue age requirements shown in the table, and contributions are based on the age of the older of the original owner and annuitant. Additional contributions may not be permitted in your state. Please see Appendix VII later in this Prospectus to see if additional contributions are permitted in your state. Upon advance notice to you, we may exercise certain rights we have under the contract regarding contributions, including our rights to (i) change minimum and maximum contribution requirements and limitations, and (ii) discontinue acceptance of contributions. Further, we may at any time exercise our rights to limit or terminate your contributions and transfers to any of the variable investment options and to limit the number of variable investment options which you may elect. -------------------------------------------------------------------------------- We reserve the right to change our current limitations on your contributions and to discontinue acceptance of contributions. -------------------------------------------------------------------------------- We currently limit aggregate contributions on your contract made after the first contract year to 150% of first-year contributions (the "150% limit"). The 150% limit can be reduced or increased at any time upon advance notice to you. Even if the aggregate contributions on your contract do not exceed the 150% limit, we currently do not accept any contribution if: (i) the aggregate contributions under one or more Accumulator(R) series contracts with the same owner or annuitant would then total more than $1,500,000 ($500,000 for the same owner or annuitant who is age 81 and older at contract issue); or (ii) the aggregate contributions under all AXA Equitable annuity accumulation contracts with the same owner or annuitant would then total more than $2,500,000. We may waive these and other contribution limitations based on certain criteria that we determine, including elected benefits, issue age, aggregate contributions, variable investment option allocations and selling broker-dealer compensation. These and other contribution limitations may not be applicable in your state. Please see Appendix VII later in this Prospectus. We may accept less than the minimum initial contribution under a contract if an aggregate amount of contracts purchased at the same time by an individual (including spouse) meets the minimum. -------------------------------------------------------------------------------- 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 for determining contract benefits. --------------------------------------------------------------------------------
---------------------------------------------- Available for owner and annuitant Contract type issue ages ---------------------------------------------- NQ Accumulator(R) Accumulator(R) Elite(SM) Accumulator(R) Select(SM) 0 through 85 Accumulator(R) Plus(SM) 0 through 80 ----------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ Minimum Contract type contributions Source of contributions Limitations on contributions+ ------------------------------------------------------------------------------------------------------------------------------------ NQ o Accumulator(R) o After-tax money. o Accumulator(R) $5,000 (initial) Accumulator(R) Select(SM) o Paid to us by check or No additional contributions o Accumulator(R) Plus(SM) transfer of contract value may be made after attain- Accumulator(R) Elite(SM) in a tax-deferred exchange ment of age 86, or if later, $10,000 (initial) under Section 1035 of the the first contract date anni- Internal Revenue Code. versary.* o Accumulator(R) Select(SM) $25,000 (initial) o Accumulator(R) Plus(SM) No additional contributions o The Accumulator(R) Series after attainment of age 81 $500 (additional) or, if later, the first contract date anniversary.* o The Accumulator(R) Series $100 monthly and $300 o Accumulator(R) Elite(SM) quarterly under our auto- No additional contributions matic investment program after attainment of age 87.* (additional) ------------------------------------------------------------------------------------------------------------------------------------
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----------------------------------------------- Available for owner and annuitant Contract type issue ages ----------------------------------------------- Rollover IRA Accumulator(R) Accumulator(R) Elite(SM) Accumulator(R) Select(SM) 20 through 85 Accumulator(R) Plus(SM) 20 through 80 -----------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ Minimum Contract type contributions Source of contributions Limitations on contributions+ ------------------------------------------------------------------------------------------------------------------------------------ Rollover IRA o Accumulator(R) o Eligible rollover distribu- o Accumulator(R) $5,000 (initial) tions from 403(b) plans, No additional contributions qualified plans, and govern- may be made after attain- o Accumulator(R) Plus(SM) mental employer 457(b) ment of age 86, or, if later, Accumulator(R) Elite(SM) plans. the first contract date anni- $10,000 (initial) versary.* o Rollovers from another o Accumulator(R) Select(SM) traditional individual o Accumulator(R) Plus(SM) $25,000 (initial) retirement arrangement. No contributions after attainment of age 81 or, if o The Accumulator(R) Series o Direct custodian-to- later, the first contract date $50 (additional) custodian transfers from anniversary.* another traditional indi- vidual retirement o Accumulator(R) Elite(SM) arrangement. No rollover or direct transfer contributions after attain- o Regular IRA contributions. ment of age 87.* o Additional catch-up o Accumulator(R) Select(SM) contributions No rollover or direct transfer . contributions after attain- ment of age 86 or, if later, the first contract date anni- versary.* o Contributions after age 70-1/2 must be net of required minimum distribu- tions. o Although we accept regular IRA contributions (limited to $5,000) under Rollover IRA contracts, we intend that the contract be used primarily for rollover and direct trans- fer 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. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ Available for owner and annuitant Contract type issue ages ------------------------------------------------------------------------------------------------------------------------------------ Roth Conversion Accumulator(R) IRA Accumulator(R) Elite(SM) Accumulator(R) Select(SM) 20 through 85 Accumulator(R) Plus(SM) 20 through 80 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ Minimum Contract type contributions Source of contributions Limitations on contributions+ ------------------------------------------------------------------------------------------------------------------------------------ Roth Conversion o Accumulator(R) o Rollovers from another o Accumulator(R) IRA $5,000 (initial) Roth IRA. No additional contributions may be made after attain- o Accumulator(R) Plus(SM) o Rollovers from a "desig- ment of age 86, or, if later, Accumulator(R) Elite(SM) nated Roth contribution the first contract date anni- $10,000 (initial) account" under a 401(k) versary.* plan or 403(b) plan. o Accumulator(R) Select(SM) o Accumulator(R) Plus(SM) $25,000 (initial) o Conversion rollovers from a No additional rollover or traditional IRA or other direct contributions after o The Accumulator(R) Series eligible retirement plan. attainment of age 81 or, if $50 (additional) later, the first contract date o Direct transfers from anniversary.* another Roth IRA. o Accumulator(R) Elite(SM) o Regular Roth IRA contribu- No rollover or direct transfer tions. contributions after attain- ment of age 87.* o Additional catch-up contributions. o Accumulator(R) Select(SM) No additional rollover or direct transfer contributions after attainment of age 86 or, if later, the first contract date anniversary.* o Conversion rollovers after age 70-1/2 must be net of required minimum distribu- tions for the traditional IRA or other eligible retirement plan which is the source of the conversion rollover. o Before 2010, you cannot roll over funds from a traditional IRA or other eligible retire- ment plan if your adjusted gross income is $100,000 or more. o Although we accept regular Roth IRA contributions (lim- ited to $5,000) under Roth IRA contracts, we intend that the contract be used primarily for rollover and direct transfer contributions. o Additional catch-up contri- butions of up to $1,000 per calendar year where the owner is at least age 50 at any time during the calendar year for which the contribu- tion is made. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ Available for owner and annuitant Contract type issue ages ------------------------------------------------------------------------------------------------------------------------------------ Rollover TSA** Accumulator(R) Accumulator(R) Elite(SM) Accumulator(R) Select(SM) 20 through 85 Accumulator(R) Plus(SM) 20 through 80 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ Minimum Contract type contributions Source of contributions Limitations on contributions+ ------------------------------------------------------------------------------------------------------------------------------------ Rollover TSA** o Accumulator(R) o With documentation of o Accumulator(R) $5,000 (initial) employer or plan approval, No additional contributions and limited to pre-tax may be made after attain- o Accumulator(R) Plus(SM) funds, direct plan-to-plan ment of age 86, or, if later, Accumulator(R) Elite(SM) transfers from another the first contract date anni- $10,000 (initial) 403(b) plan or contract versary.* exchanges from another o Accumulator(R) Select(SM) 403(b) contract under the o Accumulator(R) Plus(SM) $25,000 (initial) same plan. No additional rollover or direct contributions after o The Accumulator(R) Series o With documentation of attainment of age 81 or, if $500 (additional) employer or plan approval, later, the first contract date and limited to pre-tax anniversary.* funds, eligible rollover dis- tributions from other 403(b) o Accumulator(R) Elite(SM) plans, qualified plans, gov- No rollover or direct transfer ernmental employer 457(b) contributions after attain- plans or traditional IRAs. ment of age 87.* o Accumulator(R) Select(SM) No additional rollover or direct transfer contributions after attainment of age 86 or, if later, the first contract date anniversary.* o Contributions after age 70-1/2 must be net of any required minimum distributions. o We do not accept employer- remitted contributions. o We do not accept after-tax contributions, including des- ignated Roth contributions. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ Available for owner and annuitant Contract type issue ages ------------------------------------------------------------------------------------------------------------------------------------ QP Accumulator(R) (Accumulator(R), Accumulator(R) Elite(SM) Accumulator(R) 20 through 75 Plus(SM) and Accumulator(R) Accumulator(R) Plus(SM) Elite(SM) contracts 20 through 70 only)
------------------------------------------------------------------------------------------------------------------------------------ Minimum Contract type contributions Source of contributions Limitations on contributions+ ------------------------------------------------------------------------------------------------------------------------------------ QP o Accumulator(R) o Only transfer contributions o A separate QP contract must (Accumulator(R), Accumulator(R) Elite(SM) from other investments be established for each plan Accumulator(R) $5,000 (initial) within an existing defined participant. Plus(SM) and contribution qualified plan Accumulator(R) o Accumulator(R) Plus(SM) trust. o We do not accept regular Elite(SM) contracts $10,000 (initial) ongoing payroll contribu- only) o The plan must be qualified tions or contributions o The Accumulator(R) Series under Section 401(a) of the directly from the employer. $500 (additional) Internal Revenue Code. o Only one additional transfer o For 401(k) plans, trans- contribution may be made ferred contributions may during a contract year. not include any after-tax contributions, including o No additional transfer con- designated Roth contribu- tributions after participant's tions. attainment of age 76 (age 71 under Accumulator(R) Plus(SM) contracts) or, if later, the first contract date anniversary. o Contributions after age 70-1/2 must be net of any required minimum distributions. o We do not accept contribu- tions from defined benefit plans. See Appendix II at the end of this Prospectus for a discussion of purchase considerations of QP contracts. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ Available for owner and annuitant Minimum Contract type issue ages contributions Source of contributions Limitations on contributions+ ------------------------------------------------------------------------------------------------------------------------------------ Flexible Premium 20 through 70 o $4,000 (initial) o Regular traditional IRA o No regular IRA contributions IRA contributions. in the calendar year you turn (Accumulator(R) o $50 (additional) age 70-1/2 and thereafter. contracts only) o Additional catch-up o $50 monthly or quarterly contributions. o Regular contributions may under our automatic invest- not exceed $5,000. ment program (additional) o Eligible rollover distribu- tions from 403(b) plans, o Additional catch-up contri- qualified plans, and govern- butions of up to $1,000 per mental employer 457(b) calendar year where the plans. owner is at least age 50 but under age 70-1/2 at any time o Rollovers from another during the calendar year for traditional individual retire- which the contribution is ment arrangement. made. o Direct custodian- o Although we accept rollover to-custodian transfers from and direct transfer contribu- another traditional indi- tions under the Flexible vidual retirement Premium IRA contract, we arrangement. intend that the contract be used for ongoing regular contributions. o Rollover and direct transfer contributions may be made up to attainment of age 86.* o Rollover and direct transfer contributions after age 70-1/2 must be net of required minimum distributions. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ Available for owner and annuitant Minimum Contract type issue ages contributions Source of contributions Limitations on contributions+ ------------------------------------------------------------------------------------------------------------------------------------ Flexible Premium 20 through 85 o $4,000 (initial) o Regular Roth IRA contribu- o No additional contributions Roth IRA tions. may be made after the (Accumulator(R) o $50 (additional) attainment of age 86, or, if contracts only) o Additional catch-up contri- later, the first contract date o $50 monthly or quarterly butions. anniversary.* under our automatic invest- ment program (additional) o Rollovers from another o Contributions are subject to Roth IRA. income limits and other tax rules. o Rollovers from a "desig- nated Roth contribution o Regular Roth IRA contribu- account" under a 401(k) tions may not exceed plan or 403(b) plan. $5,000. o Conversion rollovers from a o Additional catch-up contri- traditional IRA or other butions of up to $1,000 per eligible retirement plan. calendar year where the owner is at least age 50 at o Direct transfers from any time during the calendar another Roth IRA. year for which the contribu- tion is made. o Although we accept rollover and direct transfer contribu- tions under the Flexible Premium Roth IRA contract, we intend that the contract be used for ongoing regular Roth IRA contributions. ------------------------------------------------------------------------------------------------------------------------------------ Inherited IRA 0-70 o Accumulator(R) o Direct custodian-to- o Any additional contributions Beneficiary $ 5,000 (initial) custodian transfers of your must be from the same type Continuation interest as a death benefi- of IRA of the same deceased Contract (tradi- o Accumulator(R) Elite(SM) ciary of the deceased owner. tional IRA or $10,000 (initial) owner's traditional indi- Roth IRA) vidual retirement o Non-spousal beneficiary (Accumulator(R), o Accumulator(R) Select(SM) arrangement or Roth IRA to direct rollover contributions Accumulator(R) $25,000 (initial) an IRA of the same type. from qualified plans, 403(b) Elite(SM) and plans and governmental Accumulator(R) o The Accumulator(R) Series employer 457(b) plans may Select(SM) contracts $ 1,000 (additional) be made to an Inherited IRA only) contract under specified circumstances. ------------------------------------------------------------------------------------------------------------------------------------
+ Additional contributions may not be permitted under certain conditions in your state. Please see Appendix VII later in the Prospectus to see if additional contributions are permitted in your state. If you are participating in a Principal guarantee benefit, contributions will only be permitted for the first six months after the contract is issued and no further contributions will be permitted for the life of the contract. For the Guaranteed withdrawal benefit for life option, additional contributions are not permitted after the later of: (i) the end of the first contract year, and (ii) the date you make your first withdrawal. * Please see Appendix VII later in this Prospectus for state variations. ** May not be available from all Selling broker-dealers. Also, Rollover TSA is available only where the employer sponsoring the 403(b) plan currently contributes to one or more other 403(b) annuity contracts issued by AXA Equitable for active plan participants (the purchaser of the Accumulator(R) Series Rollover TSA may also be, but need not be, an owner of the other 403(b) annuity contract). See "Tax information" later in this Prospectus for a more detailed discussion of sources of contributions and certain contribution limitations. 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. Please review your contract for information on contribution limitations. Contract features and benefits 23 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green OWNER AND ANNUITANT REQUIREMENTS 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 the availability of the Accumulator(R) Select(SM) contract to other non-natural owners. 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 all IRA and Rollover TSA contracts, the owner and annuitant must be the same person. In some cases, an IRA contract may be held in a custodial individual retirement account for the benefit of the individual annuitant. This option may not be available under your contract. See "Inherited IRA beneficiary continuation contract" later in this section for Inherited IRA owner and annuitant requirements. 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. The determination of spousal status is made under applicable state law. However, in the event of a conflict between federal and state law, we follow federal rules. Certain same-sex spouses or civil union partners may not be eligible for tax benefits under federal law and in some circumstances will be required to take post-death distributions that dilute or eliminate the value of the contractual benefit. Accumulator(R) Select(SM) and Accumulator(R) Plus(SM) contracts are not available for purchase by Charitable Remainder Trusts. In general, we will not permit a contract to be owned by a minor unless it is pursuant to the Uniform Gifts to Minors Act or the Uniform Transfers to Minors Act in your state. Under QP contracts, the owner must be the trustee of the qualified plan and the annuitant must be the plan participant/employee. See Appendix II at the end of this Prospectus for more information on QP contracts. 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 the contract is jointly owned and GWBL has not been elected, benefits are based on the age of the older joint owner. In this Prospectus, when we use the term "owner", we intend this to be a reference to the annuitant if the contract has a non-natural owner. If GWBL is elected, the terms "owner" and "successor owner" are intended to be references to annuitant and joint annuitant, respectively, if the contract has a non-natural owner. We do not permit joint annuitants unless you elect the Guaranteed withdrawal benefit for life on a Joint Life basis, and the contract is owned by a non-natural owner. Under QP contracts, all benefits are based on the age of the annuitant. PURCHASE CONSIDERATIONS FOR A CHARITABLE REMAINDER TRUST (This section only applies to Accumulator(R) and Accumulator(R) Elite(SM) contracts.) If you are purchasing the contract to fund a charitable remainder trust and elect either the Guaranteed minimum income benefit ("GMIB") or the Guaranteed withdrawal benefit for life ("GWBL"), or an enhanced death benefit, you should strongly consider "split-funding": that is, the trust holds investments in addition to this Accumulator(R) Series contract. Charitable remainder trusts are required to take specific distributions. The charitable remainder trust annual withdrawal requirement may be equal to a percentage of the donated amount or a percentage of the current value of the donated amount. If your Accumulator(R) Series contract is the only source for such distributions, the payments you need to take may significantly reduce the value of those guaranteed benefits. Such amount may be greater than the annual increase in the GMIB, GWBL and/or the enhanced death benefit base and/or greater than the Guaranteed annual withdrawal amount under GWBL. See the discussion of these benefits later in this section. HOW YOU CAN MAKE YOUR CONTRIBUTIONS Except as noted below, contributions must be 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 an intended Section 1035 tax-free exchange or a direct transfer. We do not accept starter checks or travelers' checks. 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 your convenience, we will accept initial and additional contributions by wire transmittal from certain broker-dealers who have agreements with us for this purpose, including circumstances under which such contributions are considered received by us when your order is taken by such broker-dealers. Additional contributions may also be made under our automatic investment program. These methods of payment are discussed in detail in "More information" 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. -------------------------------------------------------------------------------- Your initial contribution must generally be accompanied by a completed application and any other form we need to process the payments. 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 this information. If we are unable to obtain all of the information we require within five business days after we receive an incomplete application or form, we will inform the financial professional submitting the application on your behalf. We will then return the contribution to you unless you specifically direct us to keep your contribution until we receive the 24 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green required information. The contribution will be applied as of the date we receive the missing information. -------------------------------------------------------------------------------- Our "business day" is generally any day the New York Stock Exchange is open for regular trading and generally ends at 4:00 p.m. Eastern Time (or as of an earlier close of regular trading). A business day does not include a day on which we are not open due to emergency conditions determined by the Securities and Exchange Commission. We may also close early due to such emergency conditions. For more information about our business day and our pricing of transactions, please see "Dates and prices at which contract events occur." -------------------------------------------------------------------------------- WHAT ARE YOUR INVESTMENT OPTIONS UNDER THE CONTRACT? You can choose from among the variable investment options, the guaranteed interest option, the fixed maturity options, and the account for special dollar cost averaging. If you elect the Guaranteed withdrawal benefit for life or the 100% Principal guarantee benefit, your investment options will be limited to the guaranteed interest option, the account for special dollar cost averaging and the following variable investment options: the AXA Allocation Portfolios and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio ("permitted variable investment options"). If you elect the 125% Principal guarantee benefit, your investment options will be limited to the guaranteed interest option, the account for special dollar cost averaging and the AXA Moderate Allocation Portfolio. Please note that the account for special dollar cost averaging is available to Accumulator(R) and Accumulator(R) Elite(SM) contract owners only. 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. We may, at any time, exercise our rights to limit or terminate your contributions and allocations to any of the variable investment options and to limit the number of variable investment options which you may elect. Contract features and benefits 25 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green PORTFOLIOS OF THE TRUSTS The AXA Allocation Portfolios and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio 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 and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio 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 the 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 and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio than certain other Portfolios available to you under your contract. In addition, due to the relative diversification of the underlying portfolios covering various asset classes and categories, the AXA Allocation Portfolios and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio may enable AXA Equitable to more efficiently manage AXA Equitable's financial risk associated with certain guaranteed features, including those optional benefits that restrict allocations to the AXA Allocation Portfolios and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio. 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 discontinuing the services of those sub-advisers. The chart below indicates the sub-adviser(s) for each Portfolio, if any. The chart below also shows the currently available Portfolios and their investment objectives.
------------------------------------------------------------------------------------------------------------------------------------ AXA Premier VIP Trust -- Class B shares* Investment Manager (or Sub-Adviser(s), Portfolio Name Objective as 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 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 o ClearBridge Advisors, LLC o Legg Mason Capital Management, Inc. o Marsico Capital Management, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER CORE BOND To seek a balance of high current income and capital o BlackRock Financial Management, Inc. appreciation, consistent with a prudent level of risk. o Pacific Investment Management Company LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER HEALTH CARE Long-term growth of capital. o Invesco Aim Capital Management, Inc. o RCM Capital Management LLC o SSgA Funds Management, Inc. o Wellington Management Company, LLP ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER INTERNATIONAL Long-term growth of capital. o AllianceBernstein L.P. EQUITY o JPMorgan Investment Management Inc. o Marsico Capital Management, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ AXA Premier VIP Trust -- Class B shares* 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 o Janus Capital Management LLC o SSgA Funds Management, Inc. o Thornburg Investment Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER LARGE CAP Long-term growth of capital. o Goodman & Co. NY Ltd. GROWTH o SSgA Funds Management, Inc. o T. Rowe Price Associates, Inc. o Westfield Capital Management Company, L.P. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER LARGE CAP Long-term growth of capital. o AllianceBernstein L.P. VALUE o Institutional Capital LLC o MFS Investment Management o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER MID CAP Long-term growth of capital. o AllianceBernstein L.P. GROWTH o Franklin Advisers, Inc. o SSgA Funds Management, Inc. o Wellington Management Company, LLP ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER MID CAP VALUE Long-term growth of capital. o AXA Rosenberg Investment Management LLC o SSgA Funds Management, Inc. o Tradewinds Global Investors, LLC o Wellington Management Company, LLP ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER MULTI-SECTOR High total return through a combination of current o Pacific Investment Management Company BOND(1) income and capital appreciation. LLC o Post Advisory Group, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER SMALL CAP Long-term growth of capital. o Eagle Asset Management, Inc. GROWTH o SSgA Funds Management, Inc. o Wells Capital Management Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER SMALL CAP Long-term growth of capital. o Franklin Advisory Services, LLC VALUE o Pacific Global Investment Management Company o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER TECHNOLOGY Long-term growth of capital. o Firsthand Capital Management, Inc. o RCM Capital Management LLC o SSgA Funds Management, Inc. o Wellington Management Company, LLP ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ EQ/Advisors Trust -- Class IB shares* 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. INTERNATIONAL ------------------------------------------------------------------------------------------------------------------------------------ EQ/ALLIANCEBERNSTEIN SMALL Seeks to achieve long-term growth of capital. o AllianceBernstein L.P. CAP GROWTH ------------------------------------------------------------------------------------------------------------------------------------ EQ/ARIEL APPRECIATION II Seeks to achieve long-term capital appreciation. o Ariel Capital Management, LLC ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA FRANKLIN INCOME Seeks to maximize income while maintaining prospects o BlackRock Investment Management, LLC CORE(2) for capital appreciation. o Franklin Advisers, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA FRANKLIN SMALL CAP Seeks to achieve long-term total return. o BlackRock Investment Management, LLC VALUE CORE(3) o Franklin Advisory Services, LLC ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA FRANKLIN TEMPLETON Primarily seeks capital appreciation and secondarily o AXA Equitable FOUNDING STRATEGY CORE(4) seeks income. ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA MUTUAL SHARES CORE(5) Seeks to achieve capital appreciation, which may occa- o BlackRock Investment Management, LLC sionally be short-term, and secondarily, income. o Franklin Mutual Advisers, 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/AXA TEMPLETON GROWTH Seeks to achieve long-term capital growth. o BlackRock Investment Management, LLC CORE(6) ------------------------------------------------------------------------------------------------------------------------------------ EQ/BLACKROCK BASIC VALUE Seeks to achieve capital appreciation and secondarily, o Templeton Global Advisors Limited EQUITY income. o BlackRock Investment Management, LLC ------------------------------------------------------------------------------------------------------------------------------------ EQ/BLACKROCK INTERNATIONAL Seeks to provide current income and long-term growth o BlackRock Investment Management VALUE of income, accompanied by growth of capital. International Limited ------------------------------------------------------------------------------------------------------------------------------------ EQ/BOSTON ADVISORS EQUITY Seeks to achieve a combination of growth and income to o Boston Advisors, LLC INCOME achieve an above-average and consistent total return. ------------------------------------------------------------------------------------------------------------------------------------ EQ/CALVERT SOCIALLY Seeks to achieve long-term capital appreciation. o Calvert Asset Management Company, Inc. RESPONSIBLE o Bridgeway Capital Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/CAPITAL GUARDIAN GROWTH Seeks to achieve long-term growth of capital. o Capital Guardian Trust Company ------------------------------------------------------------------------------------------------------------------------------------ EQ/CAPITAL GUARDIAN Seeks to achieve long-term growth of capital. o Capital Guardian Trust Company RESEARCH ------------------------------------------------------------------------------------------------------------------------------------ EQ/CAYWOOD-SCHOLL HIGH Seeks to maximize current income. o Caywood-Scholl Capital Management YIELD BOND ------------------------------------------------------------------------------------------------------------------------------------ EQ/COMMON STOCK INDEX(7) Seeks to achieve a total return before expenses that o AllianceBernstein L.P. approximates the total return performance of the Russell 3000 Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 3000 index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/CORE BOND INDEX Seeks to achieve a total return before expenses that o SSgA Funds Management, Inc. approximates the total return performance of the Barclays Capital U.S. Aggregate Bond Index, including reinvestment of dividends, at a risk level consistent with that of the Barclays Capital U.S. Aggregate Bond Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/DAVIS NEW YORK VENTURE Seeks to achieve long-term growth of capital. o Davis Selected Advisers, L.P. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ EQ/Advisors Trust -- Class IB shares* Investment Manager (or Sub-Adviser(s), Portfolio Name Objective as applicable) ------------------------------------------------------------------------------------------------------------------------------------ EQ/EQUITY 500 INDEX Seeks to achieve 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 OMEGA Seeks to achieve long-term capital growth. o Evergreen Investment Management Company, LLC ------------------------------------------------------------------------------------------------------------------------------------ EQ/FOCUS PLUS(8) Seeks to achieve long-term growth of capital. o AXA Equitable o Marsico Capital Management, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ 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/GLOBAL BOND PLUS(9) Seeks to achieve capital growth and current income. o BlackRock Investment Management, LLC o Evergreen Investment Management Company, LLC o First International Advisors, LLC (dba "Evergreen International") ------------------------------------------------------------------------------------------------------------------------------------ EQ/GLOBAL MULTI-SECTOR Seeks to achieve long-term capital appreciation. o BlackRock Investment Management, LLC EQUITY(10) o Morgan Stanley Investment Management Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/INTERMEDIATE GOVERNMENT Seeks to achieve a total return before expenses that o SSgA Funds Management, Inc. BOND INDEX approximates the total return performance of the Barclays Capital Intermediate Government Bond Index, including reinvestment of dividends, at a risk level consistent with that of the Barclays Capital Intermediate Government Bond Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/INTERNATIONAL CORE PLUS Seeks to achieve long-term growth of capital. o AXA Equitable o Hirayama Investments, LLC o SSgA Funds Management, Inc. o Wentworth Hauser and Violich, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/INTERNATIONAL GROWTH Seeks to achieve capital appreciation. o MFS Investment Management ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMORGAN VALUE Seeks to achieve long-term capital appreciation. o JPMorgan Investment Management Inc. OPPORTUNITIES ------------------------------------------------------------------------------------------------------------------------------------ EQ/LARGE CAP CORE PLUS Seeks to achieve long-term growth of capital with a sec- o AXA Equitable ondary objective to seek reasonable current income. For o Institutional Capital LLC purposes of this Portfolio, the words "reasonable current o SSgA Funds Management, Inc. income" mean moderate income. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LARGE CAP GROWTH INDEX Seeks to achieve a total return before expenses that o AllianceBernstein L.P. approximates the total return performance of the Russell 1000 Growth Index, including reinvestment of dividends at a risk level consistent with that of the Russell 1000 Growth Index. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ EQ/Advisors Trust -- Class IB shares* Investment Manager (or Sub-Adviser(s), Portfolio Name Objective as applicable) ------------------------------------------------------------------------------------------------------------------------------------ EQ/LARGE CAP GROWTH PLUS Seeks to provide long-term capital growth. o AXA Equitable o Marsico Capital Management, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LARGE CAP VALUE INDEX Seeks to achieve a total return before expenses that o SSgA Funds Management, Inc. approximates the total return performance of the Russell 1000 Value Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 1000 Value Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LARGE CAP VALUE PLUS Seeks to achieve capital appreciation. o AllianceBernstein L.P. o AXA Equitable ------------------------------------------------------------------------------------------------------------------------------------ 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 Seeks to achieve capital appreciation and growth of o Lord, Abbett & Co. LLC INCOME income without excessive fluctuation in market value. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LORD ABBETT LARGE CAP Seeks to achieve capital appreciation and growth of o Lord, Abbett & Co. LLC CORE income with reasonable risk. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LORD ABBETT MID CAP VALUE Seeks to achieve capital appreciation. o Lord, Abbett & Co. LLC ------------------------------------------------------------------------------------------------------------------------------------ EQ/MID CAP INDEX Seeks to achieve a total return before expenses that o SSgA Funds Management, Inc. approximates the total return performance of the S&P Mid Cap 400 Index, including reinvestment of dividends, at a risk level consistent with that of the S&P Mid Cap 400 Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/MID CAP VALUE PLUS Seeks to achieve long-term capital appreciation. o AXA Equitable o SSgA Funds Management, Inc. o Wellington Management Company LLP ------------------------------------------------------------------------------------------------------------------------------------ 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 Seeks to achieve capital appreciation. o Montag & Caldwell, Inc. GROWTH ------------------------------------------------------------------------------------------------------------------------------------ EQ/OPPENHEIMER GLOBAL Seeks to achieve capital appreciation. o OppenheimerFunds, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/OPPENHEIMER MAIN STREET Seeks to achieve long-term capital appreciation. o OppenheimerFunds, Inc. OPPORTUNITY ------------------------------------------------------------------------------------------------------------------------------------ EQ/OPPENHEIMER MAIN STREET Seeks to achieve capital appreciation. o OppenheimerFunds, Inc. SMALL CAP ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO ULTRA SHORT BOND(11) Seeks to generate a return in excess of traditional o Pacific Investment Management Company, money market products while maintaining an emphasis on LLC preservation of capital and liquidity. ------------------------------------------------------------------------------------------------------------------------------------ EQ/QUALITY BOND PLUS Seeks to achieve high current income consistent with o AllianceBernstein L.P. moderate risk to capital. o AXA Equitable o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/SHORT DURATION BOND Seeks to achieve current income with reduced volatility o BlackRock Financial Management, Inc. of principal. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ EQ/Advisors Trust -- Class IB shares* Investment Manager (or Sub-Adviser(s), Portfolio Name Objective as applicable) ------------------------------------------------------------------------------------------------------------------------------------ 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/T. ROWE PRICE GROWTH Seeks to achieve long-term capital appreciation and o T. Rowe Price Associates, Inc. STOCK secondarily, income. ------------------------------------------------------------------------------------------------------------------------------------ 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 Seeks to achieve capital growth and income. o Morgan Stanley Investment Management Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/VAN KAMPEN MID CAP Seeks to achieve capital growth. o Morgan Stanley Investment Management Inc. GROWTH ------------------------------------------------------------------------------------------------------------------------------------ EQ/VAN KAMPEN REAL ESTATE Seeks to provide above average current income and long- o Morgan Stanley Investment Management Inc. term capital appreciation. ------------------------------------------------------------------------------------------------------------------------------------
* The chart below reflects the portfolio's former name in effect until on or about May 1, 2009, subject to regulatory approval. The number in the "Footnote No." column corresponds with the number contained in the chart above. ------------------------------------------------------------- Footnote No. Portfolio's Former Name ------------------------------------------------------------- AXA Premier VIP Trust ------------------------------------------------------------- (1) Multimanager High Yield ------------------------------------------------------------- EQ Advisors Trust ------------------------------------------------------------- (2) EQ/Franklin Income ------------------------------------------------------------- (3) EQ/Franklin Small Cap Value ------------------------------------------------------------- (4) EQ/Franklin Templeton Founding Strategy ------------------------------------------------------------- (5) EQ/Mutual Shares ------------------------------------------------------------- (6) EQ/Templeton Growth ------------------------------------------------------------- (7) EQ/AllianceBernstein Common Stock ------------------------------------------------------------- (8) EQ/Marsico Focus ------------------------------------------------------------- (9) EQ/Evergreen International Bond ------------------------------------------------------------- (10) EQ/Van Kampen Emerging Markets Equity ------------------------------------------------------------- (11) EQ/PIMCO Real Return ------------------------------------------------------------- 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 1-800-789-7771. Contract features and benefits 31 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 interest 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 before deduction of annual administrative charges, any withdrawal charges (if applicable under your Accumulator(R) Series contract) and any optional benefit charges. See Appendix VII 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 2009 is 1.50%, 2.75% or 3.00%, depending on your lifetime minimum rate. 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 from the guaranteed interest option. FIXED MATURITY OPTIONS We offer fixed maturity options with maturity dates 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 any given time, we may not offer fixed maturity options with all ten possible maturity dates. You can allocate your contributions to one or more of these fixed maturity options, however, you may not have more than twelve different maturities running during any contract year. This limit includes any maturities that have had any allocation or transfers even if the entire amount is withdrawn or transferred during the contract year. 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 all states. Check with your financial professional or see Appendix VII later in this Prospectus to see if fixed maturity options are available in your state. -------------------------------------------------------------------------------- Fixed maturity options generally range from one to ten years to maturity. -------------------------------------------------------------------------------- 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, to the date of the calculation. This is the fixed maturity option's "maturity value." Before maturity, the current value we will report for your fixed maturity amounts 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 offer fixed maturity options with maturity dates ranging from one to ten years. Not all of these fixed maturity options will be available for owner and annuitant ages 76 and older. See "Allocating your contributions" below. Each new contribution is applied to a new fixed maturity option. When you apply for an Accumulator(R) Series contract, a 60-day rate lock-in will apply from the date the application is signed. Any contributions received and designated for a fixed maturity option during this period will receive the then current fixed maturity option rate or the rate that was in effect on the date that the application was signed, whichever is greater. There is no rate lock available for subsequent contributions to the contract after 60 days, transfers from any of the variable investment options or the guaranteed interest option into a fixed maturity option or transfers from one fixed maturity option to another. YOUR CHOICES AT THE MATURITY DATE. We will notify you between 15 and 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 restrictive conditions listed below in "Allocating your contributions," would apply: (a) transfer the maturity value into another available fixed maturity option, any of the variable investment options or the guaranteed interest option; or (b) withdraw the maturity value (for all contracts except Accumulator(R) Select(SM), 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 shortest available maturity option beginning on that date. As of February 17, 2009, the next available maturity date was February 16, 2016. If no fixed maturity options are available, we will transfer your maturity value to the EQ/Money Market option. MARKET VALUE ADJUSTMENT. If you make any withdrawals (including transfers, surrender 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 32 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 adjustment 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 we have in effect at that time for new fixed maturity options (adjusted to reflect a similar maturity date), and (b) the length of time remaining until the maturity date. If fixed maturity option 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 fixed maturity option 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. ACCOUNT FOR SPECIAL DOLLAR COST AVERAGING (This section only applies to Accumulator(R) and Accumulator(R) Elite(SM) contracts.) The account for special dollar cost averaging is part of our general account. We pay interest at guaranteed rates in this account. We will credit interest to the amounts that you have in the account for special dollar cost averaging every day. We set the interest rates periodically, according to procedures that we have. We reserve the right to change these procedures. We guarantee to pay our current interest rate that is in effect on the date that your contribution is allocated to this account. Your guaranteed interest rate for the time period you select will be shown in your contract for an initial contribution. The rate will never be less than the lifetime minimum rate for the guaranteed interest option. See "Allocating your contributions" below for rules and restrictions that apply to the special dollar cost averaging program. ALLOCATING YOUR CONTRIBUTIONS You may choose between self-directed and dollar cost averaging to allocate your contributions under your contract. Subsequent contributions are allocated according to instructions on file unless you provide new instructions. 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. If your financial professional is with AXA Advisors, he or she 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. SELF-DIRECTED ALLOCATION You may allocate your contributions to one or more, or all, of the variable investment options, the guaranteed interest option (subject to restrictions in certain states-see Appendix VII later in this Prospectus for state variations) and fixed maturity options. Allocations must be in whole percentages and you may change your allocations at any time. For Accumulator(R) Plus(SM), Accumulator(R) Elite(SM) and Accumulator(R) Select(SM) contract owners, 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%. We reserve the right to restrict allocations to any variable investment option. If an owner or annuitant is age 76-80, you may allocate contributions to fixed maturity options with maturities of seven years or less. If an owner or annuitant is age 81 or older, you may allocate contributions to fixed maturity options with maturities of five years or less. Also, you may not allocate amounts to fixed maturity options with maturity dates that are later than the date annuity payments are to begin. 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. -------------------------------------------------------------------------------- Units measure your value in each variable investment option. -------------------------------------------------------------------------------- SPECIAL DOLLAR COST AVERAGING PROGRAM. The special dollar cost averaging program is only available to Accumulator(R) and Accumulator(R) Contract features and benefits 33 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Elite(SM) contract owners. Under the program, you may choose to allocate all or a portion of any eligible contribution to the account for special dollar cost averaging. Contributions into the account for special dollar cost averaging may not be transfers from other investment options. Your initial allocation to any special dollar cost averaging program time period must be at least $2,000 and any subsequent contribution to that same time period must be at least $250. You may only have one time period in effect at any time and once you select a time period, you may not change it. In Pennsylvania, we refer to this program as "enhanced rate dollar cost averaging." You may have your account value transferred to any of the variable investment options available under your contract. Only the permitted variable investment options are available if you elect the Guaranteed withdrawal benefit for life or the 100% Principal guarantee benefit. Only the AXA Moderate Allocation Portfolio is available if you elect the 125% Principal guarantee benefit. We will transfer amounts from the account for special dollar cost averaging into the variable investment options over an available time period that you select. We offer time periods of 3, 6 or 12 months, during which you will receive an enhanced interest rate. We may also offer other time periods. Your financial professional can provide information on the time periods and interest rates currently available in your state, or you may contact our processing office. If the special dollar cost averaging program is selected at the time of application to purchase the Accumulator(R) Series contract, a 60 day rate lock will apply from the date of application. Any contribution(s) received during this 60 day period will be credited with the interest rate offered on the date of application for the remainder of the time period selected at application. Any contribution(s) received after the 60 day rate lock period has ended will be credited with the then current interest rate for the remainder of the time period selected at application. Contribution(s) made to a special dollar cost averaging program selected after the Accumulator(R) Series contract has been issued will be credited with the then current interest rate on the date the contribution is received by AXA Equitable for the time period initially selected by you. Once the time period you selected has run, you may then select another time period for future contributions. At that time, you may also select a different allocation for transfers to the variable investment options, or, if you wish, we will continue to use the selection that you have previously made. Currently, your account value will be transferred from the account for special dollar cost averaging into the variable investment options on a monthly basis. We may offer this program in the future with transfers on a different basis. We will transfer all amounts out of the account for special dollar cost averaging by the end of the chosen time period. The transfer date will be the same day of the month as the contract date, but not later than the 28th day of the month. For a special dollar cost averaging program selected after application, the first transfer date and each subsequent transfer date for the time period selected will be one month from the date the first contribution is made into the special dollar cost averaging program, but not later than the 28th day of the month. If you choose to allocate only a portion of an eligible contribution to the account for special dollar cost averaging, the remaining balance of that contribution will be allocated to the variable investment options, guaranteed interest option or fixed maturity options according to your instructions. The only transfers that will be made from the account for special dollar cost averaging are your regularly scheduled transfers to the variable investment options. No amounts may be transferred from the account for special dollar cost averaging to the guaranteed interest option or the fixed maturity options. If you request to transfer or withdraw any other amounts from the account for special dollar averaging, we will transfer all of the value that you have remaining in the account for special dollar cost averaging to the investment options according to the allocation percentages for special dollar cost averaging we have on file for you. You may ask us to cancel your participation at any time. GENERAL DOLLAR COST AVERAGING PROGRAM. If your value in the EQ/Money Market option is at least $5,000, you may choose, at any time, to have a specified dollar amount or percentage of your value transferred from that option to the other variable investment options. Please see Appendix VII for more information on state availability or certain restrictions in your state. You can select to have transfers made on a monthly, quarterly or annual basis. The transfer date will be the same calendar day of the month as the contract date, but not later than the 28th day of the month. 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 $250. 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 are participating in a Principal guarantee benefit, the general dollar cost averaging program is not available. If you elect the Guaranteed withdrawal benefit for life, general dollar cost averaging is not available. 12 MONTH DOLLAR COST AVERAGING PROGRAM. The 12 month dollar cost averaging program is only available to Accumulator(R) Select(SM) contract owners. You may dollar cost average from the EQ/Money Market option into any of the other variable investment options. You may elect to participate in the 12 month dollar cost averaging program at any time subject to the age limitation on contributions described earlier in this Prospectus. Contributions into the account for 12 month dollar cost averaging may not be transfers from other investment options. You must allocate your entire initial contribution into the EQ/Money Market option if you are selecting the 12 month dollar cost averaging program at application to purchase an Accumulator(R) Select(SM) contract; thereafter, initial allocations to any new 12 month dollar cost averaging program time period must be at least $2,000 and any subsequent contribution to that same time period must be at least $250. You may only have one time period in effect at any time. We will transfer your value in the EQ/Money Market option into the other variable investment options that you select over the next 12 months or such other period we may offer. Once the time period then in effect has run, you 34 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green may then select to participate in the dollar cost averaging program for an additional time period. At that time, you may also select a different allocation for transfers to the variable investment options, or, if you wish, we will continue to use the selection that you have previously made. Currently, the transfer date will be the same day of the month as the contract date, but not later than the 28th. For a 12 month dollar cost averaging program selected after application, the first transfer date and each subsequent transfer date for the time period selected will be one month from the date the first contribution is made into the 12 month dollar cost averaging program, but not later than the 28th of the month. All amounts will be transferred out by the end of the time period then in effect. Under this program we will not deduct the mortality and expense risks, administrative, and distribution charges from assets in the EQ/Money Market option. You may not transfer amounts to the EQ/Money Market option established for this program that are not part of the 12 month dollar cost averaging program. The only amounts that should be transferred from the EQ/Money Market option are your regularly scheduled transfers to the other variable investment options. If you request to transfer or withdraw any other amounts from the EQ/Money Market option, we will transfer all of the value that you have remaining in the account for 12 month dollar cost averaging to the investment options according to the allocation percentages we have on file for you. You may ask us to cancel your participation at any time. You may not participate in the 12 month dollar cost averaging program if you elect the Guaranteed withdrawal benefit for life or a Principal guarantee benefit. INVESTMENT SIMPLIFIER 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 the permitted variable investment options are available if you elect the Guaranteed withdrawal benefit for life or the 100% Principal guarantee benefit. Only the AXA Moderate Allocation Portfolio is available if you elect the 125% Principal guarantee benefit. Transfers may be made on a monthly, quarterly or annual basis. You can specify the number of transfers or instruct us to continue to make 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. The transfer date will be the same calendar day of the month as the contract date but not later than the 28th day of the month. The minimum transfer amount is $50. Unlike the account for special dollar cost averaging (available in Accumulator(R) and Accumulator(R) Elite(SM) contracts only), the fixed dollar option does not offer enhanced rates. Also, this option is subject to the guaranteed interest option transfer limitations described under "Transferring your account value" in "Transferring your money among investment options" later in this Prospectus. While the program is running, any transfer that exceeds those limitations will cause the program to end for that contract year. You will be notified. You must send in a request form to resume the program in the next or subsequent contract years. If, on any transfer date, your value in the guaranteed interest option is equal to or less than the amount you have elected to have transferred, the entire amount will be transferred, and the program will end. You may change the transfer amount once each contract year or cancel this program at any time. INTEREST SWEEP OPTION. Under this option, you may elect to have monthly transfers from amounts in the guaranteed interest option into the variable investment options of your choice. Only the permitted variable investment options are available if you elect the Guaranteed withdrawal benefit for life or the 100% Principal guarantee benefit. Only the AXA Moderate Allocation Portfolio is available if you elect the 125% Principal guarantee benefit. The transfer date will be the last business day of the month. 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. We will automatically cancel the interest sweep program if the amount in the guaranteed interest option is less than $7,500 on the last day of the month for two months in a row. For the interest sweep option, 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. ---------------------------------- You may not participate in any dollar cost averaging program if you are participating in the Option II rebalancing program. Under the Option I rebalancing program, you may participate in any of the dollar cost averaging programs except general dollar cost averaging, and for Accumulator(R) Select(SM) contract owners, the 12 month dollar cost averaging program. You may only participate in one dollar cost averaging program at a time. See "Transferring your money among investment options" later in this Prospectus. Also, 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" immediately below. We do not deduct a transfer charge for any transfer made in connection with our dollar cost averaging and Investment Simplifier programs. Not all dollar cost averaging programs are available in all states. See Appendix VII later in this Prospectus for more information on state availability. CREDITS (for Accumulator(R) Plus(SM) contracts only) A credit will also be allocated to your account value at the same time that we allocate your contribution. Credits are allocated to the same investment options based on the same percentages used to allocate your contributions. The credit amounts attributable to your contributions are not included for purposes of calculating any of the guaranteed benefits. The amount of the credit will be 4%, 4.5% or 5% of each contribution based on the following breakpoints and rules: Contract features and benefits 35 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green ----------------------------------------------------------- Credit percentage First year total contributions applied to Breakpoints contributions ----------------------------------------------------------- Less than $500,000 4% ----------------------------------------------------------- $500,000-$999,999.99 4.5% ----------------------------------------------------------- $1 million or more 5% ----------------------------------------------------------- The percentage of the credit is based on your total first year contributions. If you purchase a Principal guarantee benefit, you may not make additional contributions after the first six months. This credit percentage will be credited to your initial contribution and each additional contribution made in the first contract year (after adjustment as described below), as well as those in the second and later contract years. The credit will apply to additional contributions only to the extent that the sum of that contribution and prior contributions to which no credit was applied exceeds the total withdrawals made from the contract since the issue date. Although the credit, as adjusted at the end of the first contract year, will be based upon first year total contributions, the following rules affect the percentage with which contributions made in the first contract year are credited during the first contract year: o Indication of intent: If you indicate in the application at the time you purchase your contract an intention to make additional contributions to meet one of the breakpoints (the "Expected First Year Contribution Amount") and your initial contribution is at least 50% of the Expected First Year Contribution Amount, your credit percentage will be as follows: o For any contributions resulting in total contributions to date less than or equal to your Expected First Year Contribution Amount, the credit percentage will be the percentage that applies to the Expected First Year Contribution Amount based on the table above. o For any subsequent contribution that results in your total contri butions to date exceeding your Expected First Year Contribution Amount, such that the credit percentage should have been higher, we will increase the credit percentage applied to that contribution, as well as any prior or subsequent contributions made in the first contract year, accordingly. o If at the end of the first contract year your total contributions were lower than your Expected First Year Contribution Amount such that the credit applied should have been lower, we will recover any Excess Credit. The Excess Credit is equal to the difference between the credit that was actually applied based on your Expected First Year Contribution Amount (as applicable) and the credit that should have been applied based on first year total contributions. o The "Indication of intent" approach to first year contributions is not available in all states. Please see Appendix VII later in this Prospectus for information on state availability. o No indication of intent: o For your initial contribution (if available in your state) we will apply the credit percentage based upon the above table. o For any subsequent contribution that results in a higher appli cable credit percentage (based on total contributions to date), we will increase the credit percentage applied to that contribution, as well as any prior or subsequent contributions made in the first contract year, accordingly. In addition to the recovery of any Excess Credit, we will recover all of the credit or a portion of the credit in the following situations: o If you exercise your right to cancel the contract, we will recover the entire credit made to your contract (see "Your right to cancel within a certain number of days" later in this Prospectus). o If you start receiving annuity payments within three years of making any contribution, we will recover the credit that applies to any contribution made within the prior three years. Please see Appendix VII later in this Prospectus for information on state variations. o If the owner (or older joint owner, if applicable) dies during the one-year period following our receipt of a contribution to which a credit was applied, we will recover the amount of such Credit. For Joint life GWBL contracts, we will only recover the credit if the second owner dies within the one-year period following a contribution. We will recover any credit on a pro rata basis from the value in your variable investment options and guaranteed interest option. If there is insufficient value or no value in the variable investment options and 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 order of the earliest maturing date(s). A market value adjustment may apply to withdrawals from the fixed maturity options. We do not consider credits to be contributions for purposes of any discussion in this Prospectus. Credits are also not considered to be part of your investment in the contract for tax purposes. We use a portion of the mortality and expense risks charge and withdrawal charge to help recover our cost of providing the credit. See "Charges and expenses" later in this Prospectus. The charge associated with the credit may, over time, exceed the sum of the credit and any related earnings. You should consider this possibility before purchasing the contract. GUARANTEED MINIMUM DEATH BENEFIT AND GUARANTEED MINIMUM INCOME BENEFIT BASE 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. 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. 36 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green STANDARD DEATH BENEFIT. Your benefit base is equal to: o your initial contribution and any additional contributions to the contract; less o a deduction that reflects any withdrawals you make (including any applicable withdrawal charges). The amount of this deduction is described under "How withdrawals affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Principal guarantee benefits" in "Accessing your money" later in this Prospectus. The amount of any withdrawal charge is described under "Withdrawal charge" in "Charges and expenses" later in the Prospectus. Please note that withdrawal charges do not apply to Accumulator(R) Select(SM) contracts. 6% ROLL-UP TO AGE 85 (USED FOR THE GREATER OF 6% ROLL-UP TO AGE 85 OR 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 additional contributions to the contract; plus o daily roll-up; less o a deduction that reflects any withdrawals you make (including any applicable withdrawal charges). The amount of this deduction is described under "How withdrawals affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Principal guarantee benefits" in "Accessing your money" and the section entitled "Charges and expenses" later in this Prospectus. The amount of any withdrawal charge is described under "Withdrawal charge" in "Charges and expenses" later in the Prospectus. Please note that withdrawal charges do not apply to Accumulator(R) Select(SM) contracts. The effective annual roll-up rate credited to this benefit base is: o 6% with respect to the variable investment options (other than EQ/Intermediate Government Bond Index, EQ/Money Market and EQ/Short Duration Bond), the account for special dollar cost averaging (Accumulator(R) and Accumulator(R) Elite(SM) contracts only) and monies allocated to the 12 month dollar cost averaging program (Accumulator(R) Select(SM) contracts only); the effective annual rate may be 4% in some states. Please see Appendix VII later in this Prospectus to see what applies in your state; and o 3% with respect to the EQ/Intermediate Government Bond Index, EQ/Money Market and EQ/Short Duration Bond variable investment options, the fixed maturity options, the guaranteed interest option and the loan reserve account under Rollover TSA (if applicable). The benefit base stops rolling up on the contract date 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 on the contract date 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 6% ROLL-UP TO AGE 85 OR ANNUAL RATCHET TO AGE 85 ENHANCED DEATH BENEFIT AND FOR THE GUARANTEED MINIMUM INCOME BENEFIT). If you have not taken a withdrawal from your contract, your benefit base is equal to the greater of either: o your initial contribution to the contract (plus any additional contributions), or o your highest account value on any contract date anniversary up to the contract date anniversary following the owner's (or older joint owner's, if applicable) 85th birthday (plus any contributions made since the most recent Annual Ratchet). If you take a withdrawal from your contract, your benefit base will be reduced as described under "How withdrawals affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Principal guarantee benefits"in "Accessing your money" later in this Prospectus. The amount of any withdrawal charge is described under "Withdrawal charge" in "Charges and expenses" later in this Prospectus. Please note that withdrawal charges do not apply to Accumulator(R) Select(SM) contract owners. After such withdrawal, your benefit base is equal to the greater of either: o your benefit base immediately following the most recent withdrawal (plus any additional contributions made after the date of such withdrawal), or o your highest account value on any contract date anniversary after the date of the most recent withdrawal, up to the contract date anniversary following the owner's (or older joint owner's, if applicable) 85th birthday (plus any contributions made since the most recent Annual Ratchet after the date of such withdrawal). For contracts with non-natural owners, the last contract date anniversary a ratchet could occur is based on the annuitant's age. GREATER OF 6% ROLL-UP TO AGE 85 OR 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. For the Guaranteed minimum income benefit, the benefit base is reduced by any applicable withdrawal charge remaining when the option is exercised. For more information, see "Withdrawal charge" in "Charges and expenses" later in the Prospectus. Please note that withdrawal charges do not apply to Accumulator(R) Select(SM) contract owners. In Washington a different roll-up rate applies to the Greater of 6% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit. See Appendix VII later in this Prospectus. GUARANTEED MINIMUM DEATH BENEFIT/GUARANTEED MINIMUM INCOME BENEFIT ROLL-UP BENEFIT BASE RESET. If both the Guaranteed minimum income benefit AND the Greater of 6% Roll-Up to age 85 or 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 on any contract date anniversary until the contract date anniversary following age 75, Contract features and benefits 37 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green if your contract has an annual reset. If your contract has a five year reset, you may reset the Roll-Up benefit base for these guaranteed benefits to equal the account value on any 5th or later contract date anniversary until the contract date anniversary following 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. If your contract is eligible for an annual reset and your request to reset your Roll-Up benefit base is received at our processing office more than 30 days after your contract date anniversary, your Roll-Up benefit base will reset on the next contract date anniversary on which you are eligible for a reset. If your contract is eligible for an annual reset, you may choose one of the three available reset methods: one-time reset option, automatic annual reset program or automatic customized reset program. -------------------------------------------------------------------------------- ONE-TIME RESET OPTION - resets your Roll-Up benefit base on a single contract date anniversary. AUTOMATIC ANNUAL RESET PROGRAM - automatically resets your Roll-Up benefit base on each contract date anniversary you are eligible for a reset. AUTOMATIC CUSTOMIZED RESET PROGRAM - automatically resets your Roll-Up benefit base on each contract date anniversary, if eligible, for the period you designate. -------------------------------------------------------------------------------- If you wish to cancel your elected reset program, your request must be received by our processing office at least 30 days prior to your contract date anniversary to terminate your reset program for such contract date anniversary. Cancellation requests received after this window will be applied the following year. A reset cannot be cancelled after it has occurred. For more information, see "How to reach us" earlier in this Prospectus. Each time you reset the Roll-Up benefit base, your Roll-Up benefit base will not be eligible for another reset until the next contract date anniversary or for five years, depending upon the reset period available under your contract. Please see Appendix VIII later in this Prospectus for more information on the reset feature available under your contract. If after your death your spouse continues the contract and your contract has an annual reset, the benefit base will be eligible to be reset on each contract date anniversary, if applicable. However, if your contract has a five year reset, 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 the contract date anniversary following 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 reset; you may not exercise until the tenth contract date anniversary following the reset or, if later, the earliest date you would have been permitted to exercise without regard to the reset. See "Exercise rules" under "Guaranteed minimum income benefit option" below for more information. Please note that in almost all cases, resetting your Roll-Up benefit base will lengthen the exercise waiting period. Also, even when 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" in the Prospectus. If you are a traditional IRA, TSA or QP contract owner, before you reset your Roll-Up benefit base, please consider the effect of the 10-year exercise waiting period on your requirement to take lifetime required minimum distributions with respect to the contract. If you must begin taking lifetime required minimum distributions during the 10-year waiting period, you may want to consider taking the annual lifetime required minimum distribution calculated for the contract from another permissible contract or funding vehicle. If you withdraw the lifetime required minimum distribution from the contract, and the required minimum distribution is more than 6% of the reset benefit base, the withdrawal would cause a pro-rata reduction in the benefit base. Alternatively, resetting the benefit base to a larger amount would make it less likely that the required minimum distributions would 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." Also, see "Required minimum distributions" under "Individual retirement arrangements (IRAs)" and "Tax-sheltered annuity contracts (TSAs)" in "Tax information" and Appendix II -- "Purchase considerations for QP Contracts," 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 under "Your annuity payout options" 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 may specify 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. GUARANTEED MINIMUM INCOME BENEFIT OPTION The Guaranteed minimum income benefit is available if the owner is age 20 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 38 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green "Charges and expenses" later in this Prospectus. Once you purchase the Guaranteed minimum income benefit, you may not voluntarily terminate this benefit. If you are purchasing the contract as an Inherited IRA or if you elect a Principal guarantee benefit or the Guaranteed withdrawal benefit for life, the Guaranteed minimum income benefit is not available. If you are using the contract to fund a charitable remainder trust (for Accumulator(R) and Accumulator(R) Elite(SM) contracts only), you will have to take certain distribution amounts. You should consider split-funding so that those distributions do not adversely impact your Guaranteed minimum income benefit. See "Owner and annuitant requirements" earlier in this section. For IRA, QP and Rollover TSA contracts, owners over age 60 at contract issue should consider the impact of the minimum distributions required by tax law in relation to the withdrawal limitations under the Guaranteed minimum income benefit. See "How withdrawals affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Principal guarantee benefits" in "Accessing your money" later in this Prospectus. 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. 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, less any applicable withdrawal charge remaining (if applicable under your Accumulator(R) Series contract), to guaranteed annuity purchase factors, or (ii) the income provided by applying your account value to our then current annuity purchase factors. For Rollover 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. If you elect monthly or quarterly payments, the aggregate payments you receive in a contract year will be less than what you would have received if you had elected an annual payment, as monthly and quarterly payments reflect the time value of money with regard to both interest and mortality. 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 (including its death benefit and any account or cash values) 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. For certain contracts, 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. Contract features and benefits 39 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. Upon exercise, your contract (including its death benefit and any account or cash values) will terminate. o You will have 30 days from when we notify you to change the payout option and/or the payment frequency. Please note that we will not automatically exercise the Guaranteed minimum income benefit, as described above, if you have a TSA contract and withdrawal restrictions apply. 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); o Upon the contract date anniversary following the owner (or older joint owner, if applicable) reaching age 85. Please note that if you participate in our Automatic RMD service, 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 Rollover TSA contracts, and assuming there were no allocations to the EQ/Intermediate Government Bond Index, EQ/Money Market, EQ/Short Duration Bond variable investment options, the guaranteed interest option, the fixed maturity options or the loan reserve account under Rollover TSA contracts. -------------------------------------------------------------------------------- Guaranteed Guaranteed mini- minimum income mum income benefit benefit -- annual -- annual income income payable for payable for life (for Contract life (for contracts contracts with the date with the five year annual Roll-Up ben- anniversary Roll-Up benefit base efit base reset at exercise reset feature) feature). -------------------------------------------------------------------------------- 10 $11,891 $10,065 15 $18,597 $15,266 -------------------------------------------------------------------------------- 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. Eligibility to exercise the Guaranteed minimum income benefit is based on the owner's (or older joint owner's, if applicable) age as follows: o If you were at least age 20 and no older than age 44 when the contract was issued, you are eligible to exercise the Guaranteed minimum income benefit within 30 days following each contract date anniversary beginning with the 15th contract date anniversary. o If you were at least age 45 and no older than age 49 when the contract was issued, you are eligible to exercise the Guaranteed minimum income benefit within 30 days following each contract date anniversary after age 60. o If you were at least age 50 and no older than age 75 when the contract was issued, 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: 40 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green (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 the Accumulator(R) Series QP contracts, the Plan participant can exercise the Guaranteed minimum income benefit only if he or she elects to take a distribution from the Plan and, in connection with this distribution, the Plan's trustee changes the ownership of the contract to the participant. This effects a rollover of the Accumulator(R) Series QP contract into an Accumulator(R) Series Rollover IRA. This process must be completed within the 30-day timeframe following the contract date anniversary in order for the Plan participant to be eligible to exercise. However, if the Guaranteed minimum income benefit is automatically exercised as a result of the no lapse guarantee, a rollover into an IRA will not be effected and payments will be made directly to the trustee; (iv) for the Accumulator(R) Series Rollover TSA contracts, you may exercise the Guaranteed minimum income benefit only if you effect a rollover of the TSA contract to the Accumulator(R) Series Rollover IRA. This may only occur when you are eligible for a distribution from the TSA. This process must be completed within the 30-day timeframe following the contract date anniversary in order for you to be eligible to exercise; (v) 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 reset or, if later, the earliest date you would have been permitted to exercise without regard to the reset. Please note that in almost all cases, resetting your Roll-Up benefit base will lengthen the waiting period; (vi) 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; (vii) 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 basis of the older owner's age; and (viii) 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's value" and "How withdrawals affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Principal guarantee benefits" 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 standard 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 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 the standard death benefit, whichever provides the higher amount. The standard death benefit is equal to your total contributions, adjusted for any withdrawals (and any associated withdrawal charges, if applicable under your Accumulator(R) Series contract). The standard death benefit is the only death benefit available for owners (or older joint owners, if applicable) ages 76 through 85 at issue (ages 76 through 80 at issue for Accumulator(R) Plus(SM) contracts). Once your contract is issued, you may not change or voluntarily terminate your death benefit. 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 (and associated withdrawal charges, if applicable under your Accumulator(R) Series contract), whichever provides the higher amount. See "Payment of death benefit" later in this Prospectus for more information. Any of the enhanced death benefits or the standard death benefit can be elected by themselves or with the Guaranteed minimum income benefit. 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. Contract features and benefits 41 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green For Accumulator(R) Plus(SM) contracts, if the owner (or older joint owner, if applicable) dies during the one-year period following our receipt of a contribution, the account value used to calculate the applicable guaranteed minimum death benefit will not reflect any Credits applied in the one-year period prior to death. For Joint life GWBL contracts, we will only recover the Credit if the second owner dies within the one-year period following a contribution. OPTIONAL ENHANCED DEATH BENEFITS APPLICABLE FOR OWNER (OR OLDER JOINT OWNER, IF APPLICABLE) AGES 0 THROUGH 75 AT ISSUE OF NQ CONTRACTS; 20 THROUGH 75 AT ISSUE OF ROLLOVER IRA, ROTH CONVERSION IRA, FLEXIBLE PREMIUM ROTH IRA, AND ROLLOVER TSA CONTRACTS; 20 THROUGH 70 AT ISSUE OF FLEXIBLE PREMIUM IRA CONTRACTS; 0 THROUGH 70 AT ISSUE OF INHERITED IRA CONTRACTS; AND 20 THROUGH 75 AT ISSUE OF QP CONTRACTS (20 THROUGH 70 AT ISSUE FOR ACCUMULATOR(R) PLUS(SM) QP CONTRACTS). FOR CONTRACTS WITH NON-NATURAL OWNERS, THE AVAILABLE DEATH BENEFITS ARE BASED ON THE ANNUITANT'S AGE. SEE "HOW YOU CAN PURCHASE AND CONTRIBUTE TO YOUR CONTRACT" IN "CONTRACT FEATURES AND BENEFITS" EARLIER IN THIS PROSPECTUS. Subject to state availability, you may elect one of the following enhanced death benefits (see Appendix VII later in this Prospectus for state availability of these benefits): o Annual Ratchet to age 85. o The Greater of 6% Roll-Up to age 85 or 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's value" and "How withdrawals affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Principal guarantee benefits" in "Accessing your money" and the section entitled "Charges and expenses" later in this Prospectus for more information on these guaranteed benefits. If you are using your Accumulator(R) or Accumulator(R) Elite(SM) contract to fund a charitable remainder trust, you will have to take certain distribution amounts. You should consider split-funding so that those distributions do not adversely impact your enhanced death benefit. See "Owner and annuitant requirements" earlier in this section. See Appendix IV later in this Prospectus for an example of how we calculate an enhanced death benefit. EARNINGS ENHANCEMENT BENEFIT Subject to state and contract availability, if you are purchasing a contract under which the Earnings enhancement benefit is available, you may elect the benefit at the time you purchase your contract (see Appendix VII later in this Prospectus for state availability of these benefits). The Earnings enhancement benefit provides an additional death benefit as described below. See "Tax information" later in this Prospectus for the potential tax consequences of electing to purchase the Earnings enhancement benefit in an NQ, IRA or Rollover TSA contract. Once you purchase the Earnings enhancement benefit, you may not voluntarily terminate the feature. If you elect the Guaranteed withdrawal benefit for life, the Earnings enhancement benefit is not available. If you elect the Earnings enhancement benefit described below and change ownership of the contract, generally 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. If the owner (or older joint owner, if applicable) is 70 or younger when we issue your contract (or if the spouse beneficiary or younger spouse joint owner is 70 or younger when he or she becomes the successor owner and the Earnings enhancement benefit had been elected at issue), the additional death benefit will be 40% of: the greater of: o the account value, or o any applicable death benefit decreased by: o total net contributions For purposes of calculating your Earnings enhancement benefit, the following applies: (i) "Net contributions" are the total contributions made (or if applicable, the total amount that would otherwise have been paid as a death benefit had the spouse beneficiary or younger spouse joint owner not continued the contract plus any subsequent contributions) adjusted for each withdrawal that exceeds your Earnings enhancement benefit earnings. "Net contributions" are reduced by the amount of that excess. Earnings enhancement benefit earnings are equal to (a) minus (b) where (a) is the greater of the account value and the death benefit immediately prior to the withdrawal, and (b) is the net contributions as adjusted by any prior withdrawals (for Accumulator(R) Plus(SM contracts, Credit amounts are not included in "net contributions"); and (ii) "Death benefit" is equal to the greater of the account value as of the date we receive satisfactory proof of death or any applicable Guaranteed minimum death benefit as of the date of death. For Accumulator(R) Plus(SM) contracts, for purposes of calculating your Earnings enhancement benefit, if any contributions are made in the one-year period prior to death of the owner (or older joint owner, if applicable), the account value will not include any Credits applied in the one-year period prior to death. If the owner (or older joint owner, if applicable) is age 71 through 75 when we issue your contract (or if the spouse beneficiary or younger spouse joint owner is between the ages of 71 and 75 when he or she becomes the successor owner and the Earnings enhancement benefit had been elected at issue), the additional death benefit will be 25% of: the greater of: o the account value, or o any applicable death benefit decreased by: o total net contributions 42 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green The value of the Earnings enhancement benefit is frozen on the first contract date anniversary after the owner (or older joint owner, if applicable) turns age 80, except that the benefit will be reduced for withdrawals on a pro rata basis. Reduction on a pro rata basis means that we calculate the percentage of the current account value that is being withdrawn and we reduce the benefit by that percentage. For example, if the account value is $30,000 and you withdraw $12,000, you have withdrawn 40% of your account value. If the benefit is $40,000 before the withdrawal, it would be reduced by $16,000 ($40,000 x .40) and the benefit after the withdrawal would be $24,000 ($40,000 - $16,000). For contracts with non-natural owners, your eligibility to elect the Earnings enhancement benefit will be based on the annuitant's age. For an example of how the Earnings enhancement benefit is calculated, please see Appendix VI. For contracts continued under Spousal continuation upon the death of the spouse (or older spouse, in the case of jointly owned contracts), the account value will be increased by the value of the Earnings enhancement benefit as of the date we receive due proof of death. The benefit will then be based on the age of the surviving spouse as of the date of the deceased spouse's death for the remainder of the contract. If the surviving spouse is age 76 or older, the benefit will terminate and the charge will no longer be in effect. The spouse may also take the death benefit (increased by the Earnings enhancement benefit) in a lump sum. See "Spousal continuation" in "Payment of death benefit" later in this Prospectus for more information. The Earnings enhancement benefit must be elected when the contract is first issued. Neither the owner nor the successor owner can add it after the contract has been issued. Ask your financial professional or see Appendix VII later in this Prospectus to see if this feature is available in your state. 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"). GWBL is only available at issue. This benefit is not available at issue ages younger than 45. GWBL is not available if you have elected the Guaranteed minimum income benefit, the Earnings enhancement benefit or one of our Principal guarantee benefits described later in this Prospectus. 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 for more information. If you elect the GWBL, your investment options will be limited to the permitted variable investment options, the guaranteed interest option and the account for special dollar cost averaging (for Accumulator(R) and Accumulator(R) Elite(SM) contracts only). Please note that the 12 month dollar cost averaging program (for Accumulator(R) Select(SM) contracts only) and our general dollar cost averaging program are not available if you elect the GWBL, but the investment simplifier program is available if you elect the GWBL. See "What are your investment options under the contract?" earlier in this section. 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 and joint annuitant, as applicable). For Joint Life contracts, a successor owner may be named at contract issue only. The successor owner must be the owner's spouse. 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. For NQ contracts, you have the option to designate the successor owner as a joint owner. For Joint Life contracts owned by a non-natural owner, a joint annuitant may be named at contract issue only. The annuitant and joint annuitant must be spouses. If the annuitant and joint annuitant are no longer married, you may either: (i) drop the joint annuitant or (ii) replace the original joint annuitant with the annuitant's new spouse. This can only be done before the first withdrawal. After the first withdrawal, the joint annuitant may be dropped but cannot be replaced. If the joint annuitant is dropped after withdrawals begin, the charge continues based on a Joint Life basis. Joint annuitants are not permitted under any other contracts. This benefit is not available under an Inherited IRA contract. Joint Life QP and TSA contracts are not permitted in connection with this benefit. If you are using your Accumulator(R) or Accumulator(R) Elite(SM) contract to fund a charitable remainder trust, you will have to take certain distribution amounts. You should consider split-funding so that those distributions do not adversely impact your guaranteed withdrawal benefit for life. See "Owner and annuitant requirements" earlier in this section. 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 not interested in taking withdrawals prior to the contract's maturity date; o You are using the contract to fund a Rollover TSA or QP contract where withdrawal restrictions will apply; 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. The Federal Defense of Marriage Act precludes same-sex married couples, domestic partners, and civil union partners from being considered married under federal law. Such individuals, therefore, are not Contract features and benefits 43 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green entitled to the favorable tax treatment accorded spouses under federal tax law. As a result, mandatory distributions from the contract must be made after the death of the first individual. Accordingly, the GWBL will have little or no value to the surviving same-gender spouse or partner. You should consult with your tax adviser for more information on this subject. For traditional IRAs, TSA and QP 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 Automatic RMD service. If you do not expect to comply 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 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 either the annuitant's age or on 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 date 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 ----------------------------------------- 45-64 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. The withdrawal charge, if applicable under your Accumulator(R) Series contract, is waived for withdrawals up to the Guaranteed annual withdrawal amount, but all withdrawals are counted toward your free withdrawal amount. See "Withdrawal charge" in "Charges and expenses" later in this Prospectus. 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 the 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. 44 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Withdrawal charges, if applicable under your Accumulator(R) Series contract, are applied to the amount of the withdrawal that exceeds the greater of (i) the Guaranteed annual withdrawal amount or (ii) the 10% free withdrawal amount. A withdrawal charge would not be applied in the example above since the $8,000 withdrawal (equal to 10% of the contract's account value as of the beginning of the contract year) falls within the 10% free withdrawal amount. Under the example above, additional withdrawals during the same contract year could result in a further reduction of the GWBL benefit base and the Guaranteed annual withdrawal amount, as well as an application of withdrawal charges, if applicable. See "Withdrawal charge" in "Charges and expenses" 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's value" later in this Prospectus. In general, if you purchase the contract as a traditional IRA, QP or TSA and participate in our Automatic RMD service, 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 Rollover 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 date anniversary after you begin taking withdrawals, your Applicable percentage may increase 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 date 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 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 an additional contribution, your GWBL benefit base will be increased by the 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 45-85 (issue ages 45-80 for Accumulator(R) Plus(SM) contracts), and (ii) the GWBL Enhanced death benefit, which is available for an additional charge for owner issue ages 45-75. Please see Appendix VII later in this Prospectus to see if these guaranteed death benefits are available in your state. 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 additional 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 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. Contract features and benefits 45 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green The death benefit is equal to your account value (adjusted for any pro rata optional benefit charges) 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 and associated withdrawal charges, if applicable), whichever provides a higher amount. For more information, see "Withdrawal charge" in "Charges and expenses" later in the Prospectus. 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 Accumulator(R) Series contract terminates and you will receive a supplementary life annuity contract setting forth your continuing benefits. The owner of the Accumulator(R) Series 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 and joint annuitant, if applicable, will be the same as under your Accumulator(R) Series 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. o If you were taking withdrawals through the "Customized payment plan" or in unscheduled partial withdrawals, 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 is not appropriate if you do not intend to take withdrawals prior to annuitization. o Amounts withdrawn in excess of your Guaranteed annual withdrawal amount may be subject to a withdrawal charge, if applicable under your Accumulator(R) Series contract, as described in "Charges and expenses" later in the Prospectus. In addition, all withdrawals count toward your free withdrawal amount for that contract year. 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 as annuity payments for tax purposes, and may be subject to an additional 10% Federal income tax penalty if they are taken 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 the contract, you terminate the GWBL benefit. See "Transfers of ownership, collateral assignments, loans and borrowing" in "More information" later in this Prospectus for more information. o Withdrawals are available under other annuity contracts we offer and the contract without purchasing a withdrawal benefit. o For IRA, QP 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. Any withdrawal made for the purpose of creating another contract for your ex-spouse will reduce the benefit base(s) as described in "How withdrawals affect your GWBL and GWBL Guaranteed minimum death benefit" later in this Prospectus, even if pursuant to a divorce decree. 46 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green o The Federal Defense of Marriage Act precludes same-sex married couples, domestic partners, and civil union partners from being considered married under federal law. Such individuals, therefore, are not entitled to the favorable tax treatment accorded spouses under federal tax law. As a result, mandatory distributions from the contract must be made after the death of the first individual. Accordingly, a Joint life GWBL will have little or no value to the surviving same-sex spouse or partner. You should consult with your tax adviser for more information on this subject. PRINCIPAL GUARANTEE BENEFITS We offer two 10-year Principal guarantee benefits at an additional charge: the 100% Principal guarantee benefit and the 125% Principal guarantee benefit. You may only elect one Principal guarantee benefit ("PGB"). 100% PRINCIPAL GUARANTEE BENEFIT. The guaranteed amount under the 100% Principal guarantee benefit is equal to your initial contribution and additional permitted contributions, adjusted for withdrawals. For Accumulator(R) Plus(SM) contracts, the guaranteed amount does not include any Credits allocated to your contract. Under the 100% Principal guarantee benefit, your investment options are limited to the guaranteed interest option, the account for special dollar cost averaging and the permitted variable investment options. Please note that the account for special dollar cost averaging is available to Accumulator(R) and Accumulator(R) Elite(SM) contract owners only. 125% PRINCIPAL GUARANTEE BENEFIT. The guaranteed amount under the 125% Principal guarantee benefit is equal to 125% of your initial contribution and additional permitted contributions, adjusted for withdrawals. For Accumulator(R) Plus(SM) contracts, the guaranteed amount does not include any Credits allocated to your contract. Under the 125% Principal guarantee benefit, your investment options are limited to the guaranteed interest option, the account for special dollar cost averaging and the AXA Moderate Allocation Portfolio. Please note that the account for special dollar cost averaging is available to Accumulator(R) and Accumulator(R) Elite(SM) contract owners only. Under both Principal guarantee benefits, if, on the 10th contract date anniversary (or later if you've exercised a reset as explained below) ("benefit maturity date"), your account value is less than the guaranteed amount, we will increase your account value to equal the applicable guaranteed amount. Any such additional amounts added to your account value will be allocated pursuant to the allocation instructions for additional contributions we have on file. After the benefit maturity date, the guarantee will terminate. You have the option to reset (within 30 days following each applicable contract date anniversary) the guaranteed amount to the account value or 125% of the account value, as applicable, as of your fifth and later contract date anniversaries. If you exercise this option, you are eligible for another reset on each fifth and later contract date anniversary after the last reset up to the contract date anniversary following an owner's 85th birthday (an owner's 80th birthday under Accumulator(R) Plus(SM) contracts). If you elect to reset the guaranteed amount, your benefit maturity date will be extended to be the 10th contract date anniversary after the anniversary on which you reset the guaranteed amount. This extension applies each time you reset the guaranteed amount. Neither PGB is available under Inherited IRA, Flexible Premium IRA and Flexible Premium Roth IRA contracts. If you elect either PGB, you may not elect the Guaranteed minimum income benefit, the Guaranteed withdrawal benefit for life, the systematic withdrawals option or the substantially equal withdrawals option. Also, for Accumulator(R) Select(SM) contracts, the 12 month dollar cost averaging program is not available if you elect one of the PGB options. If you purchase a PGB, you may not make additional contributions to your contract after six months from the contract issue date. If you are using your Accumulator(R) or Accumulator(R) Elite(SM) contract to fund a charitable remainder trust, you will have to take certain distribution amounts. You should consider split-funding so that those distributions do not adversely impact your Principal guarantee benefit. See "Owner and annuitant requirements" earlier in this section. If you are planning to take required minimum distributions from the contract, this benefit may not be appropriate. See "Tax information" later in this Prospectus. If you elect a PGB and change ownership of the contract, your PGB 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. Once you purchase a PGB, you may not voluntarily terminate this benefit. Your PGB will terminate if the contract terminates before the benefit maturity date, as defined below. If you die before the benefit maturity date and the contract continues, we will continue the PGB only if the contract can continue through the benefit maturity date. If the contract cannot so continue, we will terminate your PGB and the charge. See "Non-spousal joint owner contract continuation" in "Payment of death benefit" later in this Prospectus. The PGB will terminate upon the exercise of the beneficiary continuation option. See "Payment of death benefit" later in this Prospectus for more information about the continuation of the contract after the death of the owner and/or the annuitant. There is a charge for the Principal guarantee benefits (see "Charges and expenses" later in this Prospectus). You should note that the purchase of a PGB is not appropriate if you want to make additional contributions to your contract beyond the first six months after your contract is issued. The purchase of a PGB is also not appropriate if you plan on terminating your contract before the benefit maturity date. The purchase of a PGB may not be appropriate if you plan on taking withdrawals from your contract before the benefit maturity date. Withdrawals from your contract before the benefit maturity date reduce the guaranteed amount under a PGB on a pro rata basis. You should also note that if you intend to allocate a large percentage of your contributions to the guaranteed interest option, the purchase of a PGB may not be appropriate because of the guarantees already provided by this option at no additional charge. Please note that loans (applicable to TSA contracts only) are not permitted under either PGB. Contract features and benefits 47 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green INHERITED IRA BENEFICIARY CONTINUATION CONTRACT (For Accumulator(R), Accumulator(R) Select(SM) and Accumulator(R) Elite(SM) contracts only) There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for 2009" later in this Prospectus. We will make distributions for calendar year 2009 unless we receive, before we make the payment, a written request to suspend the 2009 distribution. The 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." The 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. The contract is not suitable for beneficiaries electing the "5-year rule." See "Beneficiary continuation option for IRA and Roth IRA contracts" under "Beneficiary continuation option" in "Payment of death benefit" later in this Prospectus. You should discuss with your tax adviser your own personal situation. The contract may not be available in all states. Please speak with your financial professional for further information. 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. 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 You must receive payments from the contract even if you are receiving payments from another IRA of the deceased owner in an amount that would otherwise satisfy the amount required to be distributed from the contract. 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 owners over age 70. o The initial contribution must be a direct transfer from the deceased owner's original IRA and is subject to minimum contribution amounts. See "How you can purchase and contribute to your contract" earlier in this section. 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. 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 in "Charges and expenses" later in this Prospectus. Please note that withdrawal charges do not apply to Accumulator(R) Select(SM) contract owners. o The Guaranteed minimum income benefit, Spousal continuation, the special and 12 month dollar cost averaging programs (if available), automatic investment program, Principal guarantee benefits, the Guaranteed withdrawal benefit for life and systematic withdrawals are not available under the Inherited IRA beneficiary continuation contract. 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. Thereafter, withdrawal charges (if applicable under your Accumulator(R) Series contract) will no longer apply. If you had elected any enhanced death benefits, they will no longer be in effect and charges for such benefits will stop. The Guaranteed minimum death benefit will also no longer be in effect. 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, 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 48 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green may apply. Please contact your financial professional and/or see Appendix VII to find out what applies in your state. Generally, your refund will equal your account value (less loan reserve account under Rollover TSA contracts) under the contract on the day we receive notification of your decision to cancel the contract and will reflect (i) any investment gain or loss in the variable investment options (less the daily charges we deduct), (ii) any guaranteed interest in the guaranteed interest option, (iii) any positive or negative market value adjustments in the fixed maturity options through the date we receive your contract, and (iv) any interest in the account for special dollar cost averaging, through the date we receive your contract. Some states, however, require that we refund the full amount of your contribution (not reflecting (i), (ii), (iii) or (iv) above). For any IRA contract returned to us within seven days after you receive it, we are required to refund the full amount of your contribution. Please note that the account for special dollar cost averaging is available to Accumulator(R) and Accumulator(R) Elite(SM) contract owners only. For Accumulator(R) Plus(SM) contract owners, please note that you will forfeit the Credit by exercising this right of cancellation. 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 whether we have received your contribution or not. Please see "Tax information" later in this Prospectus for possible consequences of cancelling your contract. If you fully convert an existing traditional IRA contract to a Roth Conversion IRA or Flexible Premium Roth IRA contract, you may cancel your Roth Conversion IRA or Flexible Premium Roth IRA contract and return to a Rollover IRA or Flexible Premium IRA contract, whichever applies. Our processing office, or your financial professional, can provide you with the cancellation instructions. In addition to the cancellation right described above, you have the right to surrender your contract, rather than cancel it. Please see "Surrendering your contract to receive its cash value," later in this Prospectus. Surrendering your contract may yield results different than canceling your contract, including a greater potential for taxable income. In some cases, your cash value upon surrender may be greater than your contributions to the contract. Please see "Tax information," later in this Prospectus. Contract features and benefits 49 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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; (iv) the account for special dollar cost averaging (applies to Accumulator(R) and Accumulator(R) Elite(SM) contracts only); and (v) the loan reserve account (applies to Rollover 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 the annual administrative charge, as well as any optional benefit charges; (ii) any applicable withdrawal charges (not applicable to Accumulator(R) Select(SM) contracts); and (iii) the amount of any outstanding loan plus accrued interest (applicable to Rollover 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 risks; (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 additional contributions (plus the Credit for Accumulator(R) Plus(SM) contracts); (ii) decreased to reflect a withdrawal (plus withdrawal charges if applicable under your Accumulator(R) Series contract); (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 Rollover TSA contract. In addition, when we deduct the enhanced death benefit, Guaranteed minimum income benefit, Principal guarantee benefits, Guaranteed withdrawal benefit for life and/or Earnings enhancement benefit charges, the number of units credited to your contract will be reduced. Your units are also reduced when we deduct the annual administrative charge. 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. YOUR CONTRACT'S VALUE IN THE ACCOUNT FOR SPECIAL DOLLAR COST AVERAGING (For Accumulator(R) and Accumulator(R) Elite(SM) contracts only) Your value in the account for special dollar cost averaging at any time will equal your contribution allocated to that option, plus interest, less the sum of all amounts that have been transferred to the variable investment options you have selected. ---------------------------------- If you apply for the contract by electronic means, please see Appendix VII for additional information. 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 VII 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 Guaran- 50 Determining your contract's value To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green teed minimum income benefit will still have value. Please see "Contract features and benefits" earlier in this Prospectus for information on this feature. PRINCIPAL GUARANTEE BENEFITS. If you take no withdrawals, and your account value is insufficient to pay charges, we will not terminate your contract if you are participating in a PGB. Your contract will remain in force and we will pay your guaranteed amount at the benefit maturity date. GUARANTEED WITHDRAWAL BENEFIT FOR LIFE. If you elect the Guaranteed withdrawal benefit for life and your account value falls to zero due to an 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 an 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 51 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 may not transfer any amount to the account for special dollar cost averaging. Please note that the account for special dollar cost averaging is available to Accumulator(R) and Accumulator(R) Elite(SM) contract owners only. o You may not transfer to a fixed maturity option that has a rate to maturity of 3%. o For Accumulator(R) Select(SM) contract owners, you may not transfer any amount to the 12 month dollar cost averaging program. o If an owner or annuitant is age 76-80, you must limit your transfers to fixed maturity options with maturities of seven years or less. If an owner or annuitant is age 81 or older, you must limit your transfers to fixed maturity options of five years or less. Also, the maturity dates may be no 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 may cause a market value adjustment. o For Accumulator(R) Plus(SM), Accumulator(R) Elite(SM) and Accumulator(R) Select(SM) contract owners, a transfer into the guaranteed interest option will not be permitted 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. Some states may have additional transfer restrictions. Please see Appendix VII later in this Prospectus. In addition, we reserve the right to restrict transfers into and 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 "Allocating your contributions" in "Contract features and benefits" earlier in this Prospectus) 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 Online Account Access. 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 52 Transferring your money among investment options To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 (together, the "trusts"). The trusts have adopted policies and procedures regarding disruptive transfer activity. They discourage frequent purchases and redemptions of portfolio shares and will not make special arrangements to accommodate such transactions. They aggregate inflows and outflows for each portfolio on a daily basis. On any day when a portfolio's net inflows or outflows exceed an established monitoring threshold, the trust obtains from us contract owner trading activity. The trusts currently consider transfers into and out of (or vice versa) the same variable investment option within a five business day period as potentially disruptive transfer activity. Each trust reserves the right to reject a transfer that it believes, in its sole discretion, is disruptive (or potentially disruptive) to the management of one of its portfolios. Please see the prospectuses for the trusts for more information. When a contract is identified in connection with potentially disruptive transfer activity 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, the trusts had not implemented such a fee. If a redemption fee is implemented by a trust, that fee, like any other trust fee, will be borne by the 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. REBALANCING YOUR ACCOUNT VALUE We currently offer two rebalancing programs that you can use to automatically reallocate your account value among your investment options. Option I allows you to rebalance your account value among the variable investment options. Option II allows you to rebalance among the variable investment options and the guaranteed interest option. Under both options, rebalancing is not available for amounts you have allocated to the fixed maturity options. To enroll in one of our rebalancing programs, you must notify us in writing or through Online Account Access and tell us: (a) the percentage you want invested in each investment option (whole percentages only), and (b) how often you want the rebalancing to occur (quarterly, semiannually, or annually on a contract year basis) Rebalancing will occur on the same day of the month as the contract date. If a contract is established after the 28th, rebalancing will occur on the first business day of the month following the contract issue date. You may elect or terminate the rebalancing program at any time. You may also change your allocations under the program at any time. Once enrolled in the rebalancing program, it will remain in effect until you instruct us in writing to terminate the program. Requesting an investment option transfer while enrolled in our rebalancing program will not automatically change your allocation instructions for rebalancing your account value. This means that upon the next scheduled rebalancing, we will transfer amounts among your investment options pursuant to the allocation instructions previously on file for your program. Changes to your allocation instructions for the rebalancing program (or termination of your enrollment in the program) must be in writing and sent to our Processing Office. Termination requests can be Transferring your money among investment options 53 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green made online through Online Account Access. See "How to reach us" in "Who is AXA Equitable?" earlier in this Prospectus. There is no charge for the rebalancing feature. -------------------------------------------------------------------------------- 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. -------------------------------------------------------------------------------- While your rebalancing program is in effect, we will transfer amounts among the investment options so that the percentage of your account value that you specify is invested in each option at the end of each rebalancing date. If you select Option II, you will be subject to our rules regarding transfers from the guaranteed interest option to the variable investment options. These rules are described in "Transferring your account value" earlier in this section. Under Option II, a transfer into or out of the guaranteed interest option to initiate the rebalancing program will not be permitted if such transfer would violate these rules. If this occurs, the rebalancing program will not go into effect. You may not elect Option II if you are participating in any dollar cost averaging program. You may not elect Option I if you are participating in general dollar cost averaging or, in the case of Accumulator(R) Select(SM) contract owners, 12 month dollar cost averaging. If you elect a benefit that limits your variable investment options, those limitations will also apply to the rebalancing programs. 54 Transferring your money among investment options To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. Please see "Insufficient account value" in "Determining your contract's value" earlier in this Prospectus and "How withdrawals affect your Guaranteed minimum income benefit, Guaranteed minimum death benefit and Principal guarantee benefits" 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. -------------------------------------------------------------------------------- Method of withdrawal -------------------------------------------------------------- Automatic Lifetime payment Pre-age required plans 59-1/2 minimum (GWBL substantially distribu- Contract+ only) Partial Systematic equal tion -------------------------------------------------------------------------------- NQ Yes Yes Yes No No -------------------------------------------------------------------------------- Rollover IRA Yes Yes Yes Yes Yes -------------------------------------------------------------------------------- Flexible Premium IRA Yes Yes Yes Yes Yes -------------------------------------------------------------------------------- Roth Conversion IRA Yes Yes Yes Yes No -------------------------------------------------------------------------------- Flexible Premium Roth IRA Yes Yes Yes Yes No -------------------------------------------------------------------------------- Inherited IRA No Yes No No * -------------------------------------------------------------------------------- QP** Yes Yes No No Yes -------------------------------------------------------------------------------- Rollover TSA*** Yes Yes Yes No Yes -------------------------------------------------------------------------------- + Please note that not all contract types are available under the Accumulator(R) Series of contracts. * The contract pays out post-death required minimum distributions. See "Inherited IRA beneficiary continuation contract" in "Contract features and benefits" earlier in this Prospectus. ** All payments are made to the trust as the owner of the contract. See "Appendix II: Purchase considerations for QP contracts" later in this Prospectus. *** Employer or plan approval required for all transactions. Your ability to take with drawals or loans from, or surrender your TSA contract may be limited. See "Tax Sheltered Annuity contracts (TSAs)" in "Tax information" later in this Prospectus. 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 following any Annual Ratchet or 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 following any Annual Ratchet or 5% deferral bonus. 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 the 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. PARTIAL WITHDRAWALS (All contracts) You may take partial withdrawals from your account value at any time. (Rollover TSA contracts may have restrictions and employer or plan approval is required.) The minimum amount you may withdraw is $300. For all contracts except Accumulator(R) Select(SM), partial withdrawals will be subject to a withdrawal charge if they exceed the 10% free withdrawal amount. For more information, see "10% free withdrawal amount" in "Charges and expenses" later in this Prospectus. Under Accessing your money 55 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Rollover TSA contracts, if a loan is outstanding, you may only take partial withdrawals as long as the cash value remaining after any withdrawal equals at least 10% of the outstanding loan plus accrued interest. 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 Inherited IRA and QP) You may take systematic withdrawals of a particular dollar amount or a particular percentage of your account value. (Rollover TSA contracts may have restrictions and employer or plan approval is required.) You may take systematic withdrawals on a monthly, quarterly or annual basis as long as the withdrawals do not exceed the following percentages of your account value: 0.8% monthly, 2.4% quarterly and 10.0% annually. The minimum amount you may take in each systematic withdrawal is $250. If the amount withdrawn would be less than $250 on the date a withdrawal is to be taken, we will not make a payment and we will terminate your systematic withdrawal election. If the withdrawal charges on your contract have expired, you may elect a systematic withdrawal option in excess of percentages described in the preceding paragraph, up to 100% of your account value. However, if you elect a systematic withdrawal option in excess of these limits, and make a subsequent contribution to your contract, the systematic withdrawal option will be terminated. You may then elect a new systematic withdrawal option within the limits described in the preceding paragraph. Please note that withdrawal charges do not apply to Accumulator(R) Select(SM) contract owners. 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, we will make the withdrawals on the same calendar day of the month as the contract date. You must wait at least 28 days after your contract is issued before your systematic withdrawals can begin. 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. You may change the payment frequency, or the amount or percentage of your systematic withdrawals, once each contract year. However, you may not change the amount or percentage in any contract year in which you have already taken a partial withdrawal. You can cancel the systematic withdrawal option at any time. For all contracts except Accumulator(R) Select(SM), systematic withdrawals are not subject to a withdrawal charge, except to the extent that, when added to a partial withdrawal previously taken in the same contract year, the systematic withdrawal exceeds the 10% free withdrawal amount. Also, systematic withdrawals are not available if you have elected a Principal guarantee benefit or the Guaranteed withdrawal benefit for life. SUBSTANTIALLY EQUAL WITHDRAWALS (Rollover IRA, Roth Conversion IRA, Flexible Premium IRA and Flexible Premium Roth IRA contracts) We offer our "substantially equal withdrawals option" to allow you to receive distributions from your account value without triggering the 10% additional federal income tax penalty, which normally applies to distributions made before age 59-1/2. See "Tax information" later in this Prospectus. We use one of the IRS-approved methods for doing this; this is not the exclusive method of meeting this exception. After consultation with your tax adviser, you may decide to use another method which would require you to compute amounts yourself and request partial withdrawals. In such a case, a withdrawal charge may apply (if applicable under your Accumulator(R) Series contract). Once you begin to take substantially equal withdrawals, you should not (i) stop them; (ii) change the pattern of your withdrawals for example, by taking an additional partial withdrawal; or (iii) contribute any more to the contract until after the later of age 59-1/2 or five full years after the first withdrawal. If you alter the pattern of withdrawals, you may be liable for the 10% federal tax penalty that would have otherwise been due on prior withdrawals made under this option and for any interest on the delayed payment of the penalty. In accordance with IRS guidance, an individual who has elected to receive substantially equal withdrawals may make a one time change, without penalty, from one of the IRS-approved methods of calculating fixed payments to another IRS-approved method (similar to the required minimum distribution rules) of calculating payments which vary each year. You may elect to take substantially equal withdrawals at any time before age 59-1/2. 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. We will calculate the amount of your substantially equal withdrawals using the IRS-approved method we offer. The payments will be made monthly, quarterly or annually as you select. These payments will continue until (i) we receive written notice from you to cancel this option; (ii) you take an additional partial withdrawal; or (iii) you contribute any more to the contract. You may elect to start receiving substantially equal withdrawals again, but the payments may not restart in the same calendar year in which you took a partial withdrawal or added amounts to the contract. We will calculate the new withdrawal amount. For all contracts except Accumulator(R) Select(SM), substantially equal withdrawals that we calculate for you are not subject to a withdrawal charge, except to the extent that, when added to a partial withdrawal previously taken in the same contract year, the substantially equal withdrawal exceeds the free withdrawal amount (see "10% free withdrawal amount" in "Charges and expenses" later in this Prospectus). Also, the substantially equal withdrawal program is not available if you have elected a Principal guarantee benefit or the Guaranteed withdrawal benefit for life. LIFETIME REQUIRED MINIMUM DISTRIBUTION WITHDRAWALS (Rollover IRA, Flexible Premium IRA, QP and Rollover TSA contracts only -- See "Tax information" later in this Prospectus) There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for 2009" later in this Prospectus. We will make distributions for calendar year 2009 unless we receive, before we make the payment, a written request to suspend the 2009 distribution. 56 Accessing your money To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green We offer our "automatic required minimum distribution (RMD) service" 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 applicable under your Accumulator(R) Series contract). 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 or Guaranteed minimum income benefit, amounts withdrawn from the contract to meet RMDs 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 service in the year in which you reach age 70-1/2 or in any later year. The minimum amount we will pay out is $250. 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. -------------------------------------------------------------------------------- For Rollover IRA, Flexible Premium IRA, and Rollover 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). -------------------------------------------------------------------------------- For all contracts except Accumulator(R) Select(SM), we do not impose a withdrawal charge on minimum distribution withdrawals if you are enrolled in our automatic RMD service except if, when added to a partial withdrawal previously taken in the same contract year, the minimum distribution withdrawal exceeds the 10% free withdrawal amount. Under Rollover TSA contracts, you may not elect our automatic RMD service if a loan is outstanding. FOR CONTRACTS WITH GWBL. Generally, if you elect our Automatic RMD service, any lifetime required minimum distribution payment we make to you under our Automatic RMD service will not be treated as an Excess withdrawal. If you elect either the Maximum payment plan or the Customized payment plan AND our Automatic RMD service, we will make an extra payment, if necessary, on December 1st that will equal your lifetime required minimum distribution less all payments made through November 30th 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 withdrawals may cause an Excess withdrawal and may be subject to a withdrawal charge (if applicable under your Accumulator(R) Series contract). You may enroll in the plan again at any time, but the scheduled payments will not resume until the next contract date 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 Automatic RMD service and elect to take your Guaranteed annual withdrawal amount in partial withdrawals without electing one of our available automatic payment plans, we will make a payment, if necessary, on December 1st that will equal your required minimum distribution less all withdrawals made through November 30th. If prior to December 1st you make a partial withdrawal that exceeds your Guaranteed annual withdrawal amount, but not your RMD amount, that partial withdrawal will be treated as an Excess withdrawal, as well as any subsequent partial withdrawals made during the same contract year. However, if by December 1st your withdrawals have not exceeded your RMD amount, the RMD payment we make to you will not be treated as an Excess withdrawal. FOR CONTRACTS WITH THE GUARANTEED MINIMUM INCOME BENEFIT. The no lapse guarantee will not be terminated if a required minimum distribution payment using our automatic RMD service 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 tax-qualified contracts (IRA, TSA and QP) 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. For Accumulator(R)and Accumulator(R) Elite(SM) contracts only, if the fixed maturity option amounts are insufficient, we will deduct all or a portion of the withdrawal from the account for special dollar cost averaging. A market value adjustment will apply to withdrawals from the fixed maturity options. HOW WITHDRAWALS AFFECT YOUR GUARANTEED MINIMUM INCOME BENEFIT, GUARANTEED MINIMUM DEATH BENEFIT AND PRINCIPAL GUARANTEE BENEFITS In general, withdrawals (including RMDs) 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 Accessing your money 57 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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). For purposes of calculating the adjustment to your guaranteed benefits, the amount of the withdrawal will include the amount of any applicable withdrawal charge. Using the example above, the $12,000 withdrawal would include the withdrawal amount paid to you and the amount of any applicable withdrawal charge deducted from your account value. For more information on the calculation of the charge, see "Withdrawal charge" later in this Prospectus. Please note that withdrawal charges do not apply to Accumulator(R) Select(SM) contract owners. With respect to the Guaranteed minimum income benefit and the Greater of 6% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit, withdrawals (including any applicable withdrawal charges, if applicable) 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 a contract year do not affect the amount of the 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 RMDs) 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 "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. For purposes of calculating your GWBL and GWBL Guaranteed minimum death benefit amount, the amount of the Excess withdrawal will include the withdrawal amount paid to you and the amount of the withdrawal charge deducted from your account value. For more information on calculation of the charge, see "Withdrawal charge" later in the Prospectus. Please note that withdrawal charges do not apply to Accumulator(R) Select(SM) contract owners. 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 the contract if no contributions are made during the last three completed contract years, and 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 an 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 an Excess withdrawal. In other words, if you take an 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's value" earlier in this Prospectus. Please also see "Guaranteed withdrawal benefit for life ("GWBL")" 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 ROLLOVER TSA CONTRACTS Loans under a Rollover TSA contract are not permitted without employer or plan approval. We will not permit you to take a loan or have a loan outstanding while you are enrolled in our "automatic required minimum distribution (RMD) service" or if you elect the GWBL option or a PGB. Loans are subject to federal income tax limits and are also subject to the limits of the plan. The loan rules under ERISA may apply to plans not sponsored by a governmental employer. Federal income tax rules apply to all plans, even if the plan is not subject to ERISA. A loan will not be treated as a taxable distribution unless: o It exceeds limits of federal income tax rules; o Interest and principal are not paid when due; or 58 Accessing your money To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green o In some instances, service with the employer terminates. Taking a loan in excess of the Internal Revenue Code limits may result in adverse tax consequences. Before we make a loan, you must properly complete and sign a loan request form. Loan processing may not be completed until we receive all information and approvals required to process the loan at our processing office. We will permit you to have only one loan outstanding at a time. The minimum loan amount is $1,000. The maximum amount is $50,000 or, if less, 50% of your account value, subject to any limits under the federal income tax rules. The term of a loan is five years. However, if you use the loan to acquire your primary residence, the term is 10 years. The term may not extend beyond the earliest of: (1) the date annuity payments begin, (2) the date the contract terminates, and (3) the date a death benefit is paid (the outstanding loan, including any accrued but unpaid loan interest, will be deducted from the death benefit amount). A loan request under your Rollover 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. Interest will accrue daily on your outstanding loan at a rate we set. The loan interest rate will be equal to the Moody's Corporate Bond Yield Averages for Baa bonds for the calendar month ending two months before the first day of the calendar quarter in which the rate is determined. Please see Appendix VII later in this Prospectus for any state rules that may affect loans from a TSA contract. Also, see "Tax information" later in this Prospectus for general rules applicable to loans. Tax consequences for 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. LOAN RESERVE ACCOUNT. On the date your loan is processed, we will transfer the amount of your loan to the "loan reserve account." Unless you specify otherwise, we will subtract your loan on a pro rata basis from your value in the variable investment options and the guaranteed interest option. If those amounts are insufficient, any additional amount of the loan will be subtracted from the fixed maturity options in the order of the earliest maturity date(s) first. A market value adjustment may apply. For Accumulator(R) and Accumulator(R) Elite(SM) contracts only, if such fixed maturity amounts are insufficient, we will deduct all or a portion of the loan from the account for special dollar cost averaging. For the period of time your loan is outstanding, the loan reserve account rate we will credit will equal the loan interest rate minus a maximum rate of 2%. When you make a loan repayment, unless you specify otherwise, we will transfer the dollar amount of the loan repaid and the amount of interest earned from the loan reserve account to the investment options according to the allocation percentages we have on our records. For Accumulator(R) Plus(SM) contracts, loan repayments are not considered contributions and therefore are not eligible for additional Credits. 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. (Rollover TSA contracts may have restrictions and employer or plan approval is required.) 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's value" and "Guaranteed withdrawal benefit for life ("GWBL")" 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 (less any withdrawal charge, if applicable) 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) the SEC determines that an emergency exists as a result of sales of securities or determination of the fair value of a variable investment option's assets is not reasonably practicable, or (3) the SEC, by order, permits us to defer payment to protect people remaining in the variable investment options. We can defer payment of any portion of your value in the guaranteed interest option, the fixed maturity options and the account for special dollar cost averaging (other than for death benefits) for up to six months while you are living. Please note that the account for special dollar cost averaging is available to Accumulator(R) and Accumulator(R) Accessing your money 59 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Elite(SM) contract owners only. We also may defer payments for a reasonable amount of time (not to exceed 10 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 Deferred annuity contracts such as those in the Accumulator(R) Series provide for conversion to payout status at or before the contract's "maturity date." This is called annuitization. When your contract is annuitized, your Accumulator(R) Series contract and 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 Accumulator(R) Series 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. We have the right to require you to provide any information we deem necessary to provide an annuity payout option. If an annuity payout is later found to be based on incorrect information, it will be adjusted on the basis of the correct information. Your Accumulator(R) Series contract guarantees that upon annuitization, your annuity account value will be applied to a guaranteed annuity purchase factor for a life annuity payout option. We reserve the right, with advance notice to you, to change your annuity purchase factor any time after your fifth contract date anniversary and at not less than five year intervals after the first change. (Please see your contract and SAI for more information.) 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 VII later in this Prospectus for variations that may apply in your state. 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 before the maturity date, 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 ("GWBL")" 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 Life annuity with period certain -------------------------------------------------------------------------------- Income Manager(R) payout options Life annuity with period certain (available for owners and annu- Period certain annuity itants age 83 or less at contract issue) -------------------------------------------------------------------------------- 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 contract 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 you with 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. 60 Accessing your money To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. INCOME MANAGER(R) PAYOUT OPTIONS The Income Manager(R) 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(R) payout annuity contract. You may request an illustration of the Income Manager(R) payout annuity contract from your financial professional. Income Manager(R) payout options are described in a separate prospectus that is available from your financial professional. Before you select an Income Manager(R) payout option, you should read the prospectus which contains important information that you should know. Both NQ and IRA Income Manager(R) payout options provide guaranteed level payments. The Income Manager(R) (life annuity with period certain) also provides guaranteed increasing payments (NQ contracts only). You may not elect an Income Manager(R) payout option without life contingencies unless withdrawal charges are no longer in effect under your Accumulator(R) Series contract. Please note that withdrawal charges do not apply to Accumulator(R) Select(SM) contract owners. For QP and Rollover TSA contracts, if you want to elect an Income Manager(R) payout option, we will first roll over amounts in such contract to a Rollover IRA contract with the plan participant as owner. You must be eligible for a distribution under the QP or Rollover TSA contract. You may choose to apply your account value of your Accumulator(R) Series contract to an Income Manager(R) payout annuity. In this case, we will consider any amounts applied as a withdrawal from your Accumulator(R) Series contract and we will deduct any applicable withdrawal charge, if applicable under your Accumulator(R) Series contract. For the tax consequences of withdrawals, see "Tax information" later in this Prospectus. The Income Manager(R) payout options are not available in all states. THE AMOUNT APPLIED TO PURCHASE AN ANNUITY PAYOUT OPTION (For the purposes of this section, please note that withdrawal charges do not apply to Accumulator(R) Select(SM) contracts.) 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 withdrawal charges that apply under your Accumulator(R) Series contract. 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. For the fixed annuity payout options and Variable Immediate Annuity payout options, no withdrawal charge is imposed if you select a life annuity, life annuity with period certain or life annuity with refund certain. The withdrawal charge applicable under your Accumulator(R) Series contract is imposed if you select a non-life contingent period certain payout annuity. If the period certain is more than 5 years, then the withdrawal charge deducted will not exceed 5% of the account value. For the Income Manager(R) life contingent payout options, no withdrawal charge is imposed under your Accumulator(R) Series contract. If the withdrawal charge that otherwise would have been applied to your account value under your Accumulator(R) Series contract is greater than 2% of the contributions that remain in your contract at the time you purchase your payout option, the withdrawal charges under the Income Manager(R) will apply. The year in which your account value is applied to the payout option will be "contract year 1." 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 your Accumulator(R), Accumulator(R) Elite(SM) or Accumulator(R) Select(SM) contract date or not earlier than five years (in a limited number of jurisdictions this requirement may be more or less than five years) from your Accumulator(R) Plus(SM) contract date. Except with respect to the Income Manager(R) 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. For Accumulator(R) Plus(SM) contracts, if you start receiving annuity payments within three years of making any contribution, we will recover the Credit that applies to any contribution made within the prior three years. Please see Appendix VII later in this Prospectus for information on state variations. 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 be less with a greater frequency of payments, or with a longer duration of a non-life contingent annuity or a longer 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 Accessing your money 61 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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(R) payout option is chosen. ANNUITY MATURITY DATE Your contract has a maturity date by which you must either take a lump sum payment or select an annuity payout option. The maturity date is based on the age of the original annuitant at contract issue and cannot be changed other than in conformance with applicable law even if you name a new annuitant. The maturity date is generally the contract date anniversary that follows the annuitant's 95th birthday. We will send a notice with the contract statement one year prior to the maturity date. 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. At annuitization, you will no longer be able to take withdrawals in addition to the payments under this annuity payout option. You will still be able to surrender the contract at any time for any remaining account value. As described in "Contract features and benefits" under "Guaranteed withdrawal benefit for life ("GWBL")," 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 continue to ratchet annually if your account value is greater than your minimum death benefit base. 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 VII later in this Prospectus for variations that may apply in your state. 62 Accessing your money To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 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 -- an annual administrative charge, if applicable. o At the time you make certain withdrawals or surrender your contract -- a withdrawal charge (not applicable to Accumulator(R) Select(SM) contracts). o On each contract date anniversary -- a charge for each optional benefit you elect: a death benefit (other than the Standard and GWBL Standard death benefit); the Guaranteed minimum income benefit; the Guaranteed withdrawal benefit for life; and the Earnings enhancement benefit. o On any contract date anniversary on which you are participating in a PGB -- a charge for a PGB. 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" later in this section. 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 contracts. 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. SEPARATE ACCOUNT ANNUAL EXPENSES 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. Below is the daily charge shown as an annual rate of the net assets in each variable investment option for each contract in the Accumulator(R) Series: Accumulator(R): 0.80% Accumulator(R) Plus(SM): 0.95% Accumulator(R) Elite(SM): 1.10% Accumulator(R) Select(SM): 1.10% 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. For Accumulator(R) Plus(SM) contracts, a portion of this charge also compensates us for the contract Credit. For a discussion of the credit, see "Credits" in "Contract features and benefits" earlier in this Prospectus. We expect to make a profit from this charge. ADMINISTRATIVE CHARGE. We deduct a daily charge from the net assets in each variable investment option. The charge, together with the annual administrative charge described below, is to compensate us for administrative expenses under the contracts. Below is the daily charge shown as an annual rate of the net assets in each variable investment option for each contract in the Accumulator(R) Series: Accumulator(R): 0.30% Accumulator(R) Plus(SM): 0.35% Accumulator(R) Elite(SM): 0.30% Accumulator(R) Select(SM): 0.25% 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. Below is the daily charge shown as an annual rate of the net assets in each variable investment option for each contract in the Accumulator(R) Series: Accumulator(R): 0.20% Accumulator(R) Plus(SM): 0.25% Accumulator(R) Elite(SM): 0.25% Accumulator(R) Select(SM): 0.35% Charges and expenses 63 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green ANNUAL ADMINISTRATIVE CHARGE We deduct an administrative charge from your account value on each contract date anniversary. We deduct the charge if your account value on the last business day of the contract year is less than $50,000. If your account value on such date is $50,000 or more, we do not deduct the charge. During the first two contract years, the charge is equal to $30 or, if less, 2% of your account value. The charge is $30 for contract years three and later. We will deduct this charge from your value in the variable investment options and the guaranteed interest option (see Appendix VII 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 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 such fixed maturity option amounts are insufficient, we will deduct all or a portion of the charge from the account for special dollar cost averaging or the account for 12 month dollar cost averaging, as applicable. Please note that the account for special dollar cost averaging is available to Accumulator(R) and Accumulator(R) Elite(SM) contract owners only and the account for 12 month dollar cost averaging is available for Accumulator(R) Select(SM) contract owners only.. If the contract is surrendered or annuitized or a death benefit is paid on a date 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's value" earlier in this Prospectus. WITHDRAWAL CHARGE (For Accumulator(R), Accumulator(R) Plus(SM) and Accumulator(R) Elite(SM) contracts only) A withdrawal charge applies in two circumstances: (1) if you make one or more withdrawals during a contract year that, in total, exceed the 10% free withdrawal amount, described below, or (2) if you surrender your contract to receive its cash value or to apply your cash value to a non-life contingent annuity payout option. For more information about the withdrawal charge if you select an annuity payout option, see "Your annuity payout options--The amount applied to purchase an annuity payout option" in "Accessing your money" earlier in the Prospectus. For Accumulator(R) Plus(SM) contracts, a portion of this charge also compensates us for the contract Credit. For a discussion of the Credit, see "Credits" in "Contracts features and benefits" earlier in this Prospectus. We expect to make a profit from this charge. The withdrawal charge equals a percentage of the contributions withdrawn. For Accumulator(R) Plus(SM) contracts, we do not consider Credits to be contributions. Therefore, there is no withdrawal charge associated with a Credit. The percentage of the withdrawal charge that applies to each contribution 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: -------------------------------------------------------------------------------- Withdrawal charge as a % of contribution Contract Year -------------------------------------------------------------------------------- 1 2 3 4 5 6 7 8 9 -------------------------------------------------------------------------------- Accumulator(R) 7% 7% 6% 6% 5% 3% 1% 0%(a) -- -------------------------------------------------------------------------------- Accumulator(R) Plus(SM) 8% 8% 7% 7% 6% 5% 4% 3% 0%(b) -------------------------------------------------------------------------------- Accumulator(R) Elite(SM) 8% 7% 6% 5% 0%(c) -- -- -- -- -------------------------------------------------------------------------------- (a) Charge does not apply in the 8th and subsequent contract years following contribution. (b) Charge does not apply in the 9th and subsequent contract years following contribution. (c) Charge does not apply in the 5th and subsequent contract years following contribution. For purposes of calculating the withdrawal charge, we treat the contract year in which we receive a contribution as "contract year 1" and the withdrawal charge is reduced or expires on each applicable contract date anniversary. Amounts withdrawn up to the free withdrawal amount are not considered withdrawals 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 your contract as withdrawn first. See "Tax information" later in this Prospectus. Please see Appendix VII later in this Prospectus for possible withdrawal charge schedule variations in your state. In order to give you the exact dollar amount of the withdrawal you request, we deduct the amount of the withdrawal and 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 charge in proportion to the amount of the withdrawal subtracted from each investment option. The withdrawal charge helps cover our sales expenses. For purposes of calculating reductions in your guaranteed benefits and associated benefit bases, the withdrawal amount includes both the withdrawal amount paid to you and the amount of the withdrawal charge deducted from your account value. For more information, see "Guaranteed minimum death benefit and Guaranteed minimum income benefit base" and "How withdrawals affect your Guaranteed minimum income benefit and Guaranteed minimum death benefit" earlier 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 beginning of each contract year. In the first contract year, the 10% free withdrawal amount is determined using all contributions received in the first 90 days of the contract year. Additional contributions during the contract year do not increase your 10% free withdrawal amount. The 10% free withdrawal amount does not apply if you surrender your contract except where required by law. For Accumulator(R) and Accumulator(R) Elite(SM) NQ contracts issued to a charitable remainder trust, the free withdrawal amount will equal the greater of: (1) the current account value less contributions that have 64 Charges and expenses To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green not been withdrawn (earnings in the contract) and (2) the 10% free withdrawal amount defined above. Certain withdrawals. If you elected the Guaranteed minimum income benefit and/or the Greater of 6% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit, the withdrawal charge will be waived for any withdrawal that, together with any prior withdrawals made during the contract year, does not exceed 6% of the beginning of contract year 6% Roll-Up to age 85 benefit base, even if such withdrawals exceed the free withdrawal amount. Also, a withdrawal charge does not apply to a withdrawal that exceeds 6% of the beginning of contract year 6% Roll-Up to age 85 benefit base as long as it does not exceed the free withdrawal amount. If your withdrawal exceeds the amount described above, this waiver is not applicable to that withdrawal nor to any subsequent withdrawal for the life of the contract. If you elect the Guaranteed withdrawal benefit for life, we will waive any withdrawal charge for any withdrawals during the contract year up to the Guaranteed annual withdrawal amount, even if such withdrawals exceed the free withdrawal amount. However, each withdrawal reduces the free withdrawal amount for that contract year by the amount of the withdrawal. Also, a withdrawal charge does not apply to a withdrawal that exceeds the Guaranteed annual withdrawal amount as long as it does not exceed the free withdrawal amount. Withdrawal charges, if applicable, are applied to the amount of the withdrawal that exceeds both the free withdrawal amount and the Guaranteed annual withdrawal amount. DISABILITY, TERMINAL ILLNESS, OR CONFINEMENT TO NURSING HOME. The withdrawal charge also does not apply if: (i) An owner (or older joint owner, if applicable) 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 an owner's (or older joint owner's, if applicable) life expectancy is six months or less; or (iii) An owner (or older joint owner, if applicable) 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, or U.S. Virgin Islands) 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, if the conditions described in (i), (ii) or (iii) above existed at the time a contribution was remitted or if the condition began within 12 months of the 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. 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 either 0.65% or 0.60% of the Greater of 6% Roll-Up to age 85 or Annual Ratchet to age 85 benefit base, depending upon when and where you purchased your contract. Please see Appendix VIII later in this Prospectus for more information on the Guaranteed minimum death benefit charge applicable to your contract. GWBL ENHANCED DEATH BENEFIT. This death benefit is only available if you elect the GWBL option. 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. WHEN WE DEDUCT THESE CHARGES. We will deduct these charges from your value in the variable investment options (or, if applicable, the permitted variable investment options) and the guaranteed interest option on a pro rata basis (see Appendix VII later in this Prospectus to see if deducting these charges from the guaranteed interest option is permitted in your state). If those amounts are insufficient, we will deduct all or a portion of these charges from the fixed maturity options (if applicable) in the order of the earliest maturity date(s) first. A market value adjustment will apply to deductions from the fixed maturity options. If such fixed maturity option amounts are still insufficient, we will deduct all or a portion of these charges from the account for special dollar cost averaging. Please note that the account for special dollar cost averaging is available to Accumulator(R) and Accumulator(R) Elite(SM) contract owners only. If the contract is surrendered or annuitized or a death benefit is paid on a date other than a contract date anniversary, we will deduct a pro rata portion of these charges for that year. If your account value is insufficient to pay these charges, 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's value" earlier in this Prospectus. STANDARD DEATH BENEFIT AND GWBL STANDARD DEATH BENEFIT. There is no additional charge for these standard death benefits. Charges and expenses 65 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green PRINCIPAL GUARANTEE BENEFITS CHARGE If you purchase a PGB, we deduct a charge annually from your account value on each contract date anniversary on which you are participating in a PGB. The charge is equal to 0.50% of the account value for the 100% Principal guarantee benefit and 0.75% of the account value for the 125% Principal guarantee benefit. We will continue to deduct the charge until your benefit maturity date. We will deduct this charge from your value in the permitted variable investment options and the guaranteed interest option (see Appendix VII 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 such amounts are insufficient, we will deduct all or a portion from the account for special dollar cost averaging. Please note that the account for special dollar cost averaging is available to Accumulator(R) and Accumulator(R) Elite(SM) contract owners only. If the contract is surrendered or annuitized or a death benefit is paid on a date other than a contract date anniversary, we will deduct a pro rata portion of the charge for that year. 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's value" earlier in this Prospectus. 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 (or older joint owner, if applicable) 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 on a pro rata basis (see Appendix VII later in this Prospectus to see if deducting this charge from the guaranteed interest option is permitted in your state). If those amounts are 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. A market value adjustment will apply to deductions from the fixed maturity options. If such fixed maturity option amounts are still insufficient, we will deduct all or a portion of the charge from the account for special dollar cost averaging. Please note that the account for special dollar cost averaging is available to Accumulator(R) and Accumulator(R) Elite(SM) contract owners only. If the contract is surrendered or annuitized or a death benefit is paid on a date other than a contract date anniversary, we will deduct a pro rata portion of the charge for that year. 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's value" earlier in this Prospectus. EARNINGS ENHANCEMENT BENEFIT CHARGE If you elect the Earnings enhancement 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 0.35% of the account value on each contract date anniversary. 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 in the order of the earliest maturity date(s) first. If such fixed maturity option amounts are insufficient, we will deduct all or a portion of the charge from the account for special dollar cost averaging. Please note that the account for special dollar cost averaging is available to Accumulator(R) and Accumulator(R) Elite(SM) contract owners only. If the contract is surrendered or annuitized or a death benefit is paid on a date 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's 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 date anniversary. If you elect the Single Life option, the charge is equal to 0.60%. If you elect the Joint Life option, the charge is equal to 0.75%. We will deduct this charge from your value in the permitted variable investment options and the guaranteed interest option on a pro rata basis. (See Appendix VII later in this Prospectus to see if deducting this charge from the guaranteed interest option is permitted in your state.) If those amounts are insufficient, we will deduct all or a portion of the charge from the account for special dollar cost averaging. Please note that the account for special dollar cost averaging is available to Accumulator(R) and Accumulator(R) Elite(SM) contract owners only. If the contract is surrendered or annuitized or a death benefit is paid on a date 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 or joint annuitant 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 or joint annuitant is dropped after withdrawals begin, the charge will continue based on a Joint Life basis. 66 Charges and expenses To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 currently 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 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. o 12b-1 fees. 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 withdrawal charge (if applicable under your Accumulator(R) Series contract) or 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. If permitted under the terms of our exemptive order regarding Accumulator(R) Plus(SM) bonus feature, we may also change the crediting percentage that applies to contributions. 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 Rollover IRA and Roth Conversion 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 ("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 67 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 as of the date the written request is executed, whether or not you are living on the date 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. You may be limited as to the beneficiary you can designate in a Rollover TSA contract. In a QP contract, the beneficiary must be the trustee. Where an NQ contract is owned for the benefit of a minor pursuant to the Uniform Gift to Minors Act or the Uniform Transfers to Minors Act, the beneficiary must be the estate of the minor. Where an IRA contract is owned in a custodial individual retirement account, the custodian must be the beneficiary. 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. In either case, the death benefit is increased by any amount applicable under the Earnings enhancement benefit. We determine the amount of the death benefit (other than the applicable Guaranteed minimum death benefit) and any amount applicable under the Earnings enhancement 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. For Accumulator(R) Plus(SM) contracts, the account value used to determine the death benefit and the Earnings enhancement benefit will first be reduced by the amount of any Credits applied in the one-year period prior to the owner's (or older joint owner's, if applicable) death. 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 Rollover 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. Payment of the death benefit terminates the contract. Your beneficiary designation may specify the form of death benefit payout (such as a life annuity), provided the payout you elect is one that we offer both at the time of designation and when the death benefit is payable. In general, the beneficiary will have no right to change the election. You should be aware that (i) in accordance with current federal income tax rules, we apply a predetermined death benefit annuity payout election only if payment of the death benefit amount begins within one year following the date of death, which payment may not occur if the beneficiary has failed to provide all required information before the end of that period, (ii) we will not apply the predetermined death benefit payout election if doing so would violate any federal income tax rules or any other applicable law, and (iii) a beneficiary or a successor owner who continues the contract under one of the continuation options described below will have the right to change your annuity payout election. 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 the owner dies while the contract is in force, the contract terminates and the applicable death benefit is paid. If the contract is jointly owned, the death benefit is payable upon the death of the older owner. If the contract has a non-natural owner, the death benefit is payable upon the death of the annuitant. For 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, or the annuitant and joint annuitant, as applicable. There are various circumstances, however, in which the contract can be continued by a successor owner or under a Beneficiary continuation option ("BCO"). For contracts with spouses who are joint owners, the surviving spouse will automatically be able to continue the contract under the "Spousal continuation" feature or under our Beneficiary continuation option, as discussed below. For 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" or under our Beneficiary continuation option, as discussed below. 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. If a PGB election is in effect upon your death with a benefit maturity date of less than five years from the date of death, it will remain in effect. For more information on non-spousal joint owner contract continuation, see the section immediately below. 68 Payment of death benefit To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green NON-SPOUSAL JOINT OWNER CONTRACT CONTINUATION 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, and by the value of the Earnings enhancement benefit. 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. For Accumulator(R) Plus(SM) contracts, if any contributions are made during the one-year period prior to the owner's death, the account value will first be reduced by any Credits applied to any such contributions. If the contract continues, the Guaranteed minimum death benefit and charge and the Guaranteed minimum income benefit and charge will then be discontinued. Withdrawal charges, if applicable under your Accumulator(R) Series contract, will no longer apply, and no additional 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 and the Earnings enhancement 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. Withdrawal charges, if applicable under your Accumulator(R) Series contract, will continue to apply and no additional contributions will be permitted. Upon the death of either owner, if the surviving owner elects the 5-year rule and a PGB was in effect upon the owner's death with a maturity date of more than five years from the date of death, we will terminate the benefit and the charge. SPOUSAL CONTINUATION If you are the contract owner and your spouse is the sole primary beneficiary or you jointly own the 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. The determination of spousal status is made under applicable state law. However, in the event of a conflict between federal and state law, we follow federal rules. 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, plus any amount applicable under the Earnings enhancement benefit, and adjusted for any subsequent withdrawals. For Accumulator(R) Plus(SM) contracts, if any contributions are made during the one-year period prior to the owner's death, the account value will first be reduced by any Credits applied to any such contributions. 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 In general, withdrawal charges will no longer apply to contributions made before your death. Withdrawal charges will apply if additional contributions are made. Please note that withdrawal charges do not apply to Accumulator(R) Select(SM) contract owners. o The applicable Guaranteed minimum death benefit option may continue as follows: - 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. - 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. - 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. - 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. - 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 base as of the date of your death (less subsequent withdrawals), and pay it upon your spouse's death. o The Earnings enhancement benefit will be based on the surviving spouse's age at the date of the deceased spouse's death for the remainder of the life of the contract. If the benefit had been previously frozen because the older spouse had attained age 80, it will be reinstated if the surviving spouse is age 75 or younger. The benefit is then frozen on the contract date anniversary after the Payment of death benefit 69 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green surviving spouse reaches age 80. If the surviving spouse is age 76 or older, the benefit and charge will be discontinued. o If elected, PGB continues and is based on the same benefit maturity date and guaranteed amount that was guaranteed. 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 the Guaranteed withdrawal benefit for life 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. Withdrawal charges, if applicable under your Accumulator(R) Series contract, will continue to apply to all contributions made prior to the deceased spouse's death. No additional contributions will be permitted. If you elect the Guaranteed withdrawal benefit for life 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. Where an IRA contract is owned in a custodial individual retirement account, and your spouse is the sole beneficiary of the account, the custodian may request that the spouse be substituted as annuitant after your death. 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, the Earnings enhancement 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 a PGB had been elected, the benefit continues and is based on the same benefit maturity date and guaranteed amount. o If you elect the Guaranteed withdrawal benefit for life, the benefit and charge will remain in effect and no death benefit is payable until the death of the surviving spouse. o The withdrawal charge schedule, if applicable under your Accumulator(R) Series contract, remains in effect. 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 with the deceased contract owner's name on it 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, subject to state availability. Please speak with your financial professional or see Appendix VII later in this Prospectus for further information. Where an IRA contract is owned in a custodial individual retirement account, the custodian may reinvest the death benefit in an individual retirement annuity contract, using the account beneficiary as the annuitant. Please speak with your financial professional for further information. For Joint Life contracts with GWBL, the beneficiary continuation option 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, plus any amount applicable under the Earnings enhancement benefit, adjusted for any subsequent withdrawals. For Accumulator (R) Plus(SM) contracts, the account value will first be reduced by any Credits applied in the one-year period prior to the owner's death. 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 later in this Prospectus in "Tax information" under "Individual retirement arrangements (IRAs)," the beneficiary may choose the "5-year rule" option 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. There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for 2009" later in this Prospectus. We will make distributions for calendar year 2009 unless we receive, before we make the payment, a written request to suspend the 2009 distribution. Under the beneficiary continuation option for IRA and Roth IRA contracts: o The contract continues with your name on it for the benefit of your beneficiary. o The beneficiary replaces the deceased owner as annuitant. 70 Payment of death benefit To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 If you had elected the Guaranteed minimum income benefit, an optional enhanced death benefit, a PGB, the Guaranteed withdrawal benefit for life 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 The beneficiary may choose at any time to withdraw all or a portion of the account value and no withdrawal charges, if any, 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 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 with your name on it 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 If you had elected the Guaranteed minimum income benefit, an optional enhanced death benefit, a PGB, the Guaranteed withdrawal benefit for life 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 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 plus any amount applicable under the Earnings enhancement benefit adjusted for any subsequent withdrawals. For Accumulator(R) Plus(SM) contracts, the account value will first be reduced by any Credits applied in a one-year period prior to the owner's death. Payment of death benefit 71 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green o No withdrawal charges, if applicable under your Accumulator(R) Series contract, will apply to any withdrawals by the beneficiary. If the deceased is the younger non-spousal joint owner: o The annuity account value will not be reset to the death benefit amount. o The contract's withdrawal charge schedule, if applicable under your Accumulator(R) Series contract, will continue to be applied to any withdrawal or surrender other than scheduled payments; the contract's free withdrawal amount will continue to apply to withdrawals but does not apply to surrenders. 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 exceed the free withdrawal amount. See the "Withdrawal charges" in "Charges and expenses" earlier in this Prospectus. Please note that withdrawal charges do not apply to Accumulator(R) Select(SM) contract owners. 72 Payment of death benefit To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 7. Tax information -------------------------------------------------------------------------------- OVERVIEW In this part of the Prospectus, we discuss the current federal income tax rules that generally apply to Accumulator(R) Series contracts owned by United States individual taxpayers. The tax rules can differ, depending on the type of contract, whether NQ, traditional IRA, Roth IRA, QP 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, 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 individual retirement annuity contract such as the ones offered in this Prospectus, or a custodial or trusteed individual retirement account. Similarly, a 403(b) plan can be funded through a 403(b) annuity contract or a 403(b)(7) custodial account. Annuity contracts can also be purchased in connection with retirement plans qualified under Section 401(a) of the Code ("QP contracts"). How these arrangements work, including special rules applicable to each, are described in the specific sections for each type of arrangement, below. You should be aware that the funding vehicle for a tax-qualified arrangement does not provide any tax deferral benefit beyond that already provided by the Code for all permissible funding vehicles. Before choosing an annuity contract, therefore, you should consider the annuity's features and benefits available under the Accumulator(R) Series, such as: o choice of death benefits; o choices of investment options; o choices of payout options; o the Guaranteed withdrawal benefit for life; o the Guaranteed minimum income benefit o special dollar cost averaging (available for Accumulator(R) and Accumulator(R) Elite(SM) contracts only); o 12 month dollar cost averaging (available for Accumulator(R) Select(SM contracts only); o the Credit applied to certain contributions (available for Accumulator(R) Plus(SM contracts only). Also, you should consider the features and benefits of other permissible funding vehicles and the relative costs of annuities and other arrangements. You should be aware that cost may vary depending on the features and benefits made available and the charges and expenses of the investment options or funds that you elect. Certain provisions of the Treasury Regulations on required minimum distributions concerning the actuarial present value of additional contract benefits could increase the amount required to be distributed from annuity contracts funding qualified plans, 403(b) plans 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. See also Appendix II at the end of this Prospectus for a discussion of QP contracts. SUSPENSION OF REQUIRED MINIMUM DISTRIBUTIONS FOR 2009 Congress has enacted a limited suspension of account-based required minimum distribution withdrawals only for calendar year 2009. The suspension does not apply to annuity payments. The suspension does not affect the determination of the Required Beginning Date. Neither lifetime nor post-death required minimum distributions need to be made during 2009. Please note that if you have previously elected to have amounts automatically withdrawn from a contract to meet required minimum distribution rules (for example, our "automatic required minimum distribution (RMD) service" or our "beneficiary continuation option" under a deceased individual's IRA contract each discussed earlier in this Prospectus) we will make distributions for calendar year 2009 unless you request in writing before we make the distribution that you want no required minimum distribution for calendar year 2009. If you receive a distribution which would have been a lifetime required minimum distribution (but for the 2009 suspension), you may preserve the tax deferral on the distribution by rolling it over within 60 days after you receive it to an IRA or other eligible retirement plan. Please note that any distribution to a nonspousal beneficiary which would have been a post-death required minimum distribution (but for the 2009 suspension) is not eligible for the 60-day rollover. Tax information 73 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. Federal tax law requires that all nonqualified deferred annuity contracts that AXA Equitable and its affiliates issue to you during the same calendar year be linked together and treated as one contract for calculating the taxable amount of any distribution from any of those contracts. ANNUITY PAYMENTS Annuitization payments that are based on life or life expectancy are considered annuity payments for income tax purposes. We include in annuitization payments GMIB payments and other annuitization payments available under your contract. We also include Guaranteed annual withdrawals 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. In order to get annuity payment tax treatment, all amounts under the contract must be applied to the annuity payout option; we do not "partially annuitize" nonqualified deferred annuity contracts. Your rights to apply amounts under this Accumulator(R) Series contract to an annuity payout option are described elsewhere in this Prospectus. If you hold your contract to the maximum maturity age under the contract we require that a choice be made between taking a lump sum settlement of any remaining account value or applying any such account value to one of the annuity payout options under the contract. If no affirmative choice is made, we will apply any remaining annuity value to the default option under the contract at such age. While there is no specific federal tax guidance as to whether or when an annuity contract is required to mature, or as to the form of the payments to be made upon maturity, we believe that this Accumulator(R) Series contract constitutes an annuity contract under current federal tax rules. 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. WITHDRAWALS 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. It reduces the investment in the contract. TAXATION OF LIFETIME WITHDRAWALS IF YOU ELECT THE GUARANTEED WITHDRAWAL BENEFIT FOR LIFE We treat Guaranteed annual withdrawals and other withdrawals as non-annuity payments for income tax purposes as discussed above. EARNINGS ENHANCEMENT BENEFIT In order to enhance the amount of the death benefit to be paid at the owner's death, you may purchase an Earnings enhancement benefit rider for your NQ contract. Although we regard this benefit as an investment protection feature which is part of the contract and which should have no adverse tax effect, it is possible that the IRS could take a contrary position or assert that the Earnings enhancement benefit rider is not part of the contract. In such a case, the charges for the Earnings enhancement benefit rider could be treated for federal income tax purposes as a partial withdrawal from the contract. If this were so, such a deemed withdrawal could be taxable, and for contract owners under age 59-1/2, also subject to a tax penalty. Were the IRS to take this position, AXA Equitable would take all reasonable steps to attempt to avoid this result, which could include amending the contract (with appropriate notice to you). 74 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 Accumulator(R) Series 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 Accumulator(R) Series 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 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 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 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 No. 49. If you were treated as the owner, you would be taxable 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 No. 49. 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 No. 49, 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 Tax information 75 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 No. 49. 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/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; 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. The traditional IRAs we offer are the Rollover IRA and for Accumulator(R) contracts only, the Flexible Premium IRA. The versions of the Roth IRA available are the Roth Conversion IRA and for Accumulator(R) contracts only, the Flexible Premium Roth IRA. We also offer the Inherited IRA (available for all Accumulator(R) Series contracts except Accumulator(R) Plus(SM) for payment of post-death required minimum distributions from traditional IRAs and Roth IRAs. 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. For contracts owned in a custodial individual retirement account, the disclosure will apply only if you terminate your account or transfer ownership of the contract to yourself. 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). AXA Equitable has applied for opinion letters from the IRS to approve the respective forms of the Accumulator(R) Series traditional and Roth IRA contracts for use as a traditional and Roth IRA, respectively. It is not clear if and when any such approval may be received. We have in the past received IRS opinion letters approving the respective forms of similar traditional IRA and Roth IRA endorsements for use as a traditional and 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 Accumulator(R) Series traditional and Roth IRA contracts. AXA Equitable has also submitted the respective forms of the Accumulator(R) Series Inherited IRA beneficiary continuation contract to the IRS for approval as to form for use as a traditional IRA or 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 either type of the Accumulator(R) Series IRA contract (traditional IRA or Roth IRA) by following the directions in "Your right to cancel with a certain number of days" under "Contract features and benefits" earlier in this Prospectus. 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. 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"). 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, $5,000 is the maximum amount that you may contribute to all IRAs (including Roth IRAs). When your earnings are below $5,000, 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 tax year in which you reach age 70-1/2 or any tax year after that. 76 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green If you are at least age 50 at any time during the taxable year for which you are making a regular contribution to your IRA, you may be eligible to make additional "catch-up contributions" of up to $1,000 to your traditional IRA. 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 $5,000, married individuals filing jointly can contribute up to $10,000 per year to any combination of traditional IRAs and Roth IRAs. 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 $5,000 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 $5,000 or 100% of "earned income" to a traditional IRA for a non-working spouse until the year in which the non-working 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 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 earlier in this section under "Limits on contributions". That is, your fully deductible contribution can be up to $5,000, or if less, your earned income. The dollar limit is $6,000 for people eligible to make age 50-70-1/2 catch-up contributions. 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 adjustments apply to the income limits on deductible contributions. 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 2009, AGI between $55,000 and $65,000 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 2009, AGI between $89,000 and $109,000 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 between $150,000 and $160,000 (for 2009, AGI between $166,000 and $176,000 after adjustment). To determine the deductible amount of the contribution for 2009, for example, you determine AGI and subtract $55,000 if you are single, or $89,000 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 contribution for the year 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 for which the contribution is made. You cannot be a full-time student or claimed as a dependent on someone else's tax return and your adjusted gross income cannot exceed $50,000 ($55,000 after cost of living adjustments for 2009). 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, including extensions. Saver's credit-eligible contributions may be made to a 401(k) plan, 403(b) plan, governmental employer 457(b) plan, SIMPLE IRA or SARSEP IRA, as well as a traditional IRA or Roth IRA. Tax information 77 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 non-working spouse's traditional IRA) may not, however, exceed the $5,000 maximum per person limit for the applicable taxable year. The dollar limit is $6,000 for people eligible to make age 50-70-1/2 catch-up contributions. See "Excess contributions to traditional IRAs" later in this section for more information. 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" later in this section for more information. 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 taxable 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; o 403(b) plans; 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. During calendar year 2009 only, due to the temporary suspension of account-based required minimum distribution withdrawals, you may be able to roll over to a traditional IRA a distribution that normally would not be eligible to be rolled over. Please note that distributions from inherited IRAs made to beneficiaries may not be rolled over once distributed. There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for 2009" earlier in this Prospectus. 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. A non-spousal death beneficiary may also be able to make a direct rollover to an inherited IRA under certain circumstances. The Accumulator(R) Series IRA contract is not available for purchase by a non-spousal death beneficiary direct rollover. 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 403(b) plan, qualified plan or governmental employer 457(b) plan are eligible rollover distributions, unless the distributions are: o (for every year except 2009) "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 death benefit payments to a beneficiary who is not your surviving spouse; or o qualified domestic relations order distributions to a beneficiary who is not your current spouse 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 penalty 78 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 403(b) plan (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 section 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, 403(b) plan 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 spouse beneficiary of a deceased individual can roll over funds from, or directly transfer funds from, an inherited IRA to one or more other traditional IRAs. A non-spousal death beneficiary may also be able to make a direct rollover to an inherited IRA under certain circumstances. The Accumulator(R) Series IRA contract is not available for purchase by a non-spousal death beneficiary direct rollover. 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 TO TRADITIONAL IRAS 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 (for every year except 2009). 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 later in this section 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 Tax information 79 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 to traditional IRAs" earlier in this section; 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" earlier in this section for more information.) The following are eligible to receive rollovers of distributions from a traditional IRA: a qualified plan, a 403(b) plan 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, 403(b) plan 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 2009 directly transferred to charitable organizations may be tax-free to IRA owners 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. 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 the contracts if you take annual withdrawals instead of annuitizing. Please consult your tax adviser concerning applicability of these complex rules to your situation. There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for 2009" earlier in this Prospectus. 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 1st - April 1st). 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 "automatic required minimum distribution (RMD) service." Even if you do not 80 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 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 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. SPOUSAL CONTINUATION If the contract is continued under Spousal continuation, the required minimum distribution rules are applied as if your surviving spouse is the contract owner. 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: Tax information 81 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 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 expectancies) using an IRS-approved distribution method. 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. To meet the substantially equal periodic payment exception, you could elect to apply your contract value to an Income Manager(R) (life annuity with a period certain) payout annuity contract (level payments version). You could also elect the substantially equal withdrawals option. We will calculate the substantially equal annual payments, using your choice of IRS-approved methods we offer. Although substantially equal withdrawals and Income Manager(R) payments are not subject to the 10% penalty tax, they are taxable as discussed in "Withdrawals, payments and transfers of funds out of traditional IRAs" earlier in this section. Once substantially equal withdrawals or Income Manager(R) annuity payments begin, the distributions should not be stopped or changed until after the later of your reaching age 59-1/2 or five years after the date of the first distribution, or the penalty tax, including an interest charge for the prior penalty avoidance, may apply to all prior distributions under either option. Also, it is possible that the IRS could view any additional withdrawal or payment you take from, or any additional contributions or transfers you make to, your contract as changing your pattern of substantially equal withdrawals or Income Manager(R) payments for purposes of determining whether the penalty applies. 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 individual retirement annuities (traditional IRAs)." The Accumulator(R) Series 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. 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 or other eligible retirement plans ("conversion rollover" contributions); or o tax-free rollover contributions from other Roth individual retirement arrangements or designated Roth accounts under defined contribution plans; or o tax-free direct custodian-to-custodian transfers from other Roth IRAs ("direct transfers"). Regular after-tax, direct transfer and rollover contributions may be made to a Roth Conversion IRA or a Flexible Premium Roth IRA contract. See "Rollovers and direct transfer contributions to Roth IRAs" later in this section for more information. 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. 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, $5,000 is the maximum amount that you may contribute to all IRAs (including Roth IRAs). 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 $5,000, 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 under "Special rules for spouses" earlier in this section 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, you may be eligible to make additional catch-up contributions of up to $1,000. 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): o your federal income tax filing status is "married filing jointly" and your modified adjusted gross income is over $160,000 (for 2009, $176,000 after adjustment); or 82 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green o your federal income tax filing status is "single" and your modified adjusted gross income is over $110,000 (for 2009, $120,000 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 2009, between $166,000 and $176,000 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 2009, between $105,000 and $120,000 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 regular Roth IRA contributions. WHEN YOU CAN MAKE CONTRIBUTIONS. Same as traditional IRAs. DEDUCTIBILITY OF CONTRIBUTIONS. Roth IRA contributions are not tax deductible. ROLLOVER AND DIRECT TRANSFER CONTRIBUTIONS TO ROTH IRAS 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 make rollovers 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; o a 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 rollover"); o a "designated Roth contribution account" under a 401(k) plan or a 403(b) plan (direct or 60-day); or o from non-Roth accounts under another eligible retirement plan, subject to limits specified below under "Conversion rollover contributions to Roth IRAs." 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 ROLLOVER 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. Amounts can also be rolled over from non-Roth accounts under another eligible retirement plan, including a Code Section 401(a) qualified plan, a 403(b) plan, and a governmental employer Section 457(b) plan. Until 2010, you must meet AGI limits specified below. Unlike a rollover from a traditional IRA to another traditional IRA, a conversion rollover transaction from a traditional IRA or other eligible retirement plan to a Roth IRA is not tax-free. Instead, the distribution from the traditional IRA or other eligible retirement plan is generally fully taxable. In the case of a traditional IRA conversion rollover for example, we are required to withhold 10% federal income tax from the amount treated as converted unless you properly elect out of such withholding. If you are converting all or part of a traditional IRA, and you have ever made nondeductible regular 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. Even if you are under age 59-1/2, the early distribution penalty tax does not apply to conversion rollover contributions to a Roth IRA. The following rules apply until 2010: You cannot make conversion rollover 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 computed without the gross income stemming from the conversion rollover. Modified adjusted gross income for this purpose excludes any lifetime required minimum distribution from a traditional IRA or other eligible retirement plan.) 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." Tax information 83 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green You cannot make conversion contributions to a Roth IRA to the extent that the funds in your traditional IRA or other eligible retirement plan are subject to the lifetime annual required minimum distribution rules. 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 issued 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 a 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. Roth IRA conversion contributions from a SEP-IRA or SIMPLE IRA can be recharacterized to a SEP-IRA or SIMPLE IRA (including the original SEP-IRA or SIMPLE IRA). You cannot recharacterize back to the original plan a contribution directly rolled over from an eligible retirement plan which is not a 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 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. 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). 84 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, then 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 2009 and the conversion contribution is made in 2010, the conversion contribution is treated as contributed prior to other conversion contributions made in 2010. 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?", assuming death before the Required Beginning Date. The suspension of account-based required minimum distribution withdrawals for calendar year 2009 applies to post-death required minimum distribution withdrawals from Roth IRAs. 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 TO ROTH IRAS 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, until 2010, 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. TAX-SHELTERED ANNUITY CONTRACTS (TSAS) GENERAL This section of the Prospectus reflects our current understanding of some of the special federal income tax rules applicable to annuity contracts used to fund employer plans under Section 403(b) of the Internal Revenue Code. We refer to these contracts as "403(b) annuity contracts" or "Tax Sheltered Annuity contracts (TSAs)." If the rules are the same as those that apply to another kind of contract, for example, Tax information 85 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green traditional IRA contracts, we will refer you to the same topic under "Traditional individual retirement annuities (traditional IRAs)." -------------------------------------------------------------------------------- The disclosure generally assumes that the TSA has 403(b) contract status or qualifies as a 403(b) contract. Due to the Internal Revenue Service and Treasury regulatory changes in 2007 which became fully effective on January 1, 2009, contracts issued prior to September 25, 2007 which qualified as 403(b) contracts under the rules at the time of issue may lose their status as 403(b) contracts or have the availability of transactions under the contract restricted as of January 1, 2009 unless the individual's employer or the individual take certain actions. Please consult your tax adviser regarding the effect of these rules (which may vary depending on the owner's employment status, plan participation status, and when and how the contract was acquired) on your personal situation. -------------------------------------------------------------------------------- FINAL REGULATIONS UNDER SECTION 403(B) In 2007, the IRS and the Treasury Department published final Treasury Regulations under Section 403(b) of the Code ("2007 Regulations"). As a result, there are significant revisions to the establishment and operation of plans and arrangements under Section 403(b) of the Code, and the contracts issued to fund such plans. These rules became fully effective on January 1, 2009, but various transition rules applied beginning in 2007. The 2007 Regulations raise a number of questions as to the effect of the 2007 Regulations on TSAs issued prior to the effective date of the 2007 Regulations. The IRS has issued guidance intended to clarify some of these questions, and may issue further guidance in future years. PERMISSIBLE INVESTMENTS. The 2007 Regulations retain the rule that there are generally two types of investments available to fund 403(b) plans -- 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) funding vehicles qualify for tax deferral. EMPLOYER PLAN REQUIREMENT. The thrust of the 2007 Regulations is to eliminate informal Section 403(b) arrangements with minimal or diffuse employer oversight and to require employers purchasing annuity contracts for their employees under Section 403(b) of the Code to conform to other tax-favored, employer-based retirement plans with salary reduction contributions, such as Section 401(k) plans and governmental employer Section 457(b) plans. The 2007 Regulations require employers sponsoring 403(b) plans as of January 1, 2009, to have a written plan designating administrative responsibilities for various functions under the plan, and the plan in operation must conform to the plan terms. The IRS has announced relief measures for failure to have a written plan finalized by the beginning of 2009, as long as the written plan is adopted by December 31, 2009, and the plan operates in accordance with the 2007 Regulations beginning by January 1, 2009. LIMITATIONS ON INDIVIDUAL INITIATED DIRECT TRANSFERS. The 2007 Regulations revoke Revenue Ruling 90-24 (Rev. Rul. 90-24), effective January 1, 2009. Prior to the 2007 Regulations, Rev. Rul. 90-24 had permitted individual-initiated, tax-free direct transfers of funds from one 403(b) annuity contract to another, without reportable taxable income to the individual. Under the 2007 Regulations and other IRS published guidance, direct transfers made after September 24, 2007 may still be permitted with plan or employer approval as described below. EFFECT OF THE 2007 REGULATIONS ON CONTRIBUTIONS TO THE ACCUMULATOR(R) SERIES TSA CONTRACTS Each Accumulator(R) Series TSA contract was designed to be purchased through a direct transfer of funds from one 403(b) plan to another, a contract exchange under the same plan, or a rollover from another eligible retirement plan and does not accept employer-remitted contributions. Contributions to an Accumulator(R) Series TSA contract are extremely limited as described below. Contributions to an Accumulator(R) Series TSA contract may only be made where AXA Equitable is an "approved vendor" under an employer's 403(b) plan. That is, some or all of the participants in the employer 403(b) plan are currently contributing to a non-Accumulator AXA Equitable 403(b) annuity contract. AXA Equitable and the employer must agree to share information with respect to the Accumulator(R) Series TSA contract and other funding vehicles under the plan. AXA Equitable does not accept contributions of after-tax funds, including designated Roth contributions to the Accumulator(R) Series TSA contracts. We will accept contributions of pre-tax funds only with documentation satisfactory to us of employer or its designee or plan approval of the transaction. CONTRIBUTIONS TO 403(B) ANNUITY CONTRACTS Because the Accumulator(R) Series TSA contract can be issued through a direct plan-to-plan transfer or a contract exchange under the same plan, the characterization of funds in the contract can remain the same as under the prior contract. We provide the following discussion as part of our description of restrictions on the distribution of funds directly transferred, which include employer-remitted contributions to other 403(b) annuity contracts. EMPLOYER-REMITTED CONTRIBUTIONS. Employer-remitted contributions to TSA contracts made through the employer's payroll are subject to annual limits. (Tax-free plan-to-plan direct transfer contributions from another 403(b) plan, contract exchanges under the same plan, and 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 contract are made under a salary reduction agreement between the employee and the employer. These contributions are called "salary reduction" or "elective deferral" contributions. However, a TSA contract can also be wholly or partially funded through non-elective employer contributions or after-tax employee contributions. Amounts attributable to salary reduction contributions to TSA contracts are generally subject to withdrawal restrictions. Also, all amounts attributable to investments in a 403(b)(7) custodial account are subject to withdrawal restrictions discussed below. ROLLOVER AND DIRECT TRANSFER CONTRIBUTIONS. It is unlikely that rollover or direct transfer contributions can be made for an individual no longer actively participating in a 403(b) plan; however, there may be circumstances where an individual must take a required minimum 86 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green distribution from a distributing plan or contract before rolling over or transferring the distribution to the Accumulator(R) Series contract. The amount of any rollover or direct transfer contributions made to a 403(b) annuity contract must be net of the required minimum distribution for the tax year in which the 403(b) annuity contract is issued if the owner is at least age 70-1/2 in the calendar year the contribution is made, and has retired from service with the employer who sponsored the plan or provided the funds to purchase the 403(b) annuity contract which is the source of the contribution. For calendar year 2009 only, account-based required minimum distribution withdrawals are suspended, so certain rollovers which would be impermissible in other years may be made. ROLLOVER CONTRIBUTIONS. After a TSA contract has been established with 403(b) plan source funds, federal tax law permits rollover contributions to be made to a TSA contract from these sources: qualified plans, governmental employer 457(b) plans and traditional IRAs, as well as other 403(b) plan funding vehicles. The recipient 403(b) plan must allow such contributions to be made. Generally, funds may be rolled over when a plan participant has a distributable event from an eligible retirement plan as a result of: o termination of employment with the employer who provided the funds for the plan; or o reaching age 59-1/2 even if still employed; or o disability (special federal income tax definition). If the source of the rollover contribution is pre-tax funds from a traditional IRA, no specific event is required. 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 penalty if you roll the funds to a different type of eligible retirement plan and subsequently take a premature distribution. Further, in light of the restrictions on the ability to take distributions or loans from a 403(b) contract without plan or employer approval under the 2007 Regulations, a plan participant should consider carefully whether to roll an eligible rollover distribution (which is no longer subject to distribution restrictions) to a 403(b) plan funding vehicle, or to a traditional IRA instead. 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. Because AXA Equitable does not separately account for rollover contributions from other eligible retirement plans in the Accumulator(R) Series TSA contract, amounts that would be free of distribution restrictions in a traditional IRA, for example, are subject to distribution restrictions in the Accumulator(R) Series TSA contract. DIRECT TRANSFER CONTRIBUTIONS. A tax-free direct transfer occurs when changing the 403(b) plan funding vehicle, even if there is no distributable event. Under a direct transfer a plan participant does not receive a distribution. The 2007 Regulations provide for two types of direct transfers between 403(b) funding vehicles: "plan-to-plan transfers" and "contract exchanges within the same 403(b) plan." 403(b) plans do not have to offer these options. A "plan-to-plan transfer" must meet the following conditions: (i) both the source 403(b) plan and the recipient 403(b) plan permit plan-to-plan transfers; (ii) the transfer from one 403(b) plan to another 403(b) plan is made for a participant (or beneficiary of a deceased participant) who is an employee or former employee of the employer sponsoring the recipient 403(b) plan; (iii) immediately after the transfer the accumulated benefit of the participant (or beneficiary) whose assets are being transferred is at least equal to the participant's (or beneficiary's) accumulated benefit immediately before the transfer; (iv) the recipient 403(b) plan imposes distribution restrictions on transferred amounts at least as stringent as those imposed under the source 403(b) plan; and (v) if the plan-to-plan transfer is not a complete transfer of the participant's (or beneficiary's) interest in the source 403(b) plan, the recipient 403(b) plan treats the amount transferred as a continuation of a pro rata portion of the participant's (or beneficiary's) interest in the source 403(b) plan (for example, with respect to the participant's interest in any after-tax employee contributions). A "contract exchange within the same 403(b) plan" must meet the following conditions: (i) the 403(b) plan under which the contract is issued must permit contract exchanges; (ii) immediately after the exchange the accumulated benefit of the participant (or beneficiary of a deceased participant) is at least equal to the participant's (or beneficiary's) accumulated benefit immediately before the exchange (taking into account the accumulated benefit of that participant (or beneficiary) under both section 403(b) annuity contracts immediately before the exchange); (iii) the contract issued in the exchange is subject to distribution restrictions with respect to the participant that are not less stringent than those imposed on the contract being exchanged; and (iv) the employer sponsoring the 403(b) plan and the issuer of the contract issued in the exchange agree to provide each other with specified information from time to time in the future ("an information sharing agreement"). The shared information is designed to preserve the requirements of Section 403(b), primarily to comply with loan requirements, hardship withdrawal rules, and distribution restrictions. DISTRIBUTIONS FROM TSAS GENERAL. Generally, after the 2007 Regulations, employer or plan administrator consent is required for loan, withdrawal or distribution transactions under a 403(b) annuity contract. Processing of a requested transaction will not be completed until the information required to process the transaction is received from the employer or its Tax information 87 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green designee. This information will be transmitted as a result of an information sharing agreement between AXA Equitable and the employer sponsoring the plan. WITHDRAWAL RESTRICTIONS. AXA Equitable treats all amounts under an Accumulator(R) Series Rollover TSA contract as not eligible for withdrawal until: o the owner is severed from employment with the employer who provided the funds used to purchase the TSA contract; o the owner dies; or o the plan under which the Accumulator(R) Series TSA contract is purchased is terminated. TAX TREATMENT OF DISTRIBUTIONS. Amounts held under TSA contracts 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 TSA contracts are includible in gross income as ordinary income. Distributions from TSA contracts 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 contract 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 AXA Equitable does not accept after-tax funds to an Accumulator(R) Series Rollover TSA contract, we do not track your investment in the TSA contract, if any. We will report all distributions from this Rollover TSA contract as fully taxable. You will have to determine how much of the distribution is taxable. 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 contract 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. Annuitization payments that are based on life or life expectancy are considered annuity payments for income tax purposes. We include in annuitization payments Guaranteed annual withdrawals 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. If you elect an annuity payout option, you will recover any investment in the TSA contract as each payment is received by dividing the investment in the TSA 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 TSA 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 TSA 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 contract generally receive the same tax treatment as distributions during your lifetime. In some instances, distributions from a TSA contract made to your surviving spouse may be rolled over to a traditional IRA or other eligible retirement plan. A surviving spouse might also be eligible to directly roll over a TSA contract death benefit to a Roth IRA in a taxable conversion rollover. A non-spousal death beneficiary may be able to directly roll over death benefits to a new inherited IRA under certain circumstances. EFFECT OF 2007 REGULATIONS ON LOANS FROM TSAS As a result of the 2007 Regulations, loans are not available without employer or plan administrator approval. If loans are available, loan processing may be delayed pending receipt of information required to process the loan under an information sharing agreement. The processing of a loan request will not be completed until the information required to process the transaction is received from the employer or its designee. This information will be transmitted as a result of an information sharing agreement between AXA Equitable and the employer sponsoring the plan. If loans are available: 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 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 under TSA contracts are subject to the following conditions: 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; and (2) $50,000 reduced by the excess (if any) of the highest outstanding loan balance over the previous 12 months over the outstanding loan balance of plan loans on the date the loan was made. o In general, the term of the loan cannot exceed five years unless the loan is used to acquire the participant's primary residence. Accumu- 88 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green lator(R) Series Rollover TSA contracts have a term limit of ten 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 and not repaid may be treated as a distribution if: o the loan does not qualify under the conditions above; o the participant fails to repay the interest or principal when due; or o in some instances, the participant separates from service with the employer who provided the funds or the plan is terminated. 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. For purposes of calculating any subsequent loans which may be made under any plan of the same employer, a defaulted loan which has not been fully repaid is treated as still outstanding, even after the default is reported to the IRS on Form 1099-R. The amount treated as still outstanding (which limits subsequent loans) includes interest accruing on the unpaid balance. TAX-DEFERRED ROLLOVERS AND FUNDING VEHICLE TRANSFERS. You may roll over an "eligible rollover distribution" from a 403(b) annuity contract 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 403(b) annuity contract to any of the following: another 403(b) plan funding vehicle, 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. A non-spousal death beneficiary may be able to directly roll over death benefits to a new inherited IRA under certain circumstances. An Accumulator(R) Series IRA contract is not available for purchase by a non-spousal death beneficiary direct rollover. Distributions from a 403(b) annuity contract can be rolled over to a Roth IRA. Such conversion rollover transactions are taxable. Any taxable portion of the amount rolled over will be taxed at the time of the rollover. Rollovers are subject to the Roth IRA conversion rules, which, prior to 2010, restrict conversions of traditional IRAs to Roth IRAs to taxpayers with adjusted gross income of no more than $100,000, whether single or married filing jointly. 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. Suspension of account-based required minimum distribution withdrawals for calendar year 2009 temporarily permits distributions which would be ineligible lifetime required minimum distributions in any other year to be rolled over to another eligible retirement plan in calendar year 2009. Direct transfers from one 403(b) annuity contract to another (whether under a plan-to-plan transfer, contract exchange under the same 403(b) plan, or under Rev. Rul. 90-24 prior to the 2007 Regulations), are not distributions. REQUIRED MINIMUM DISTRIBUTIONS Please note the temporary suspension of account-based required minimum distribution withdrawals, both lifetime and post-death, in calendar year 2009. Generally the same as traditional IRA with these differences: WHEN YOU HAVE TO TAKE THE FIRST REQUIRED MINIMUM DISTRIBUTION. The minimum distribution rules force 403(b) plan participants to start calculating and taking annual distributions from their 403(b) annuity contracts 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 403(b) plan participants who have not retired from service with the employer maintaining the 403(b) plan 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. o 403(b) plan participants may also delay the start of required minimum distributions to age 75 for the portion of their account value attributable to their December 31, 1986 TSA contract account balance, even if retired at age 70-1/2. We will know whether or not you qualify for this exception because it only applies to individuals who established their Accumulator(R) Series Rollover TSA contract by direct Revenue Ruling 90-24 transfer prior to September 25, 2007, or by a contract exchange or a plan-to-plan exchange approved under the employer's plan after that date. If you do not give us the amount of your December 31, 1986, account balance that is being transferred to the Accumulator(R) Series Rollover TSA contract on the form used to establish the TSA contract, you do not qualify. SPOUSAL CONSENT RULES Your employer will tell us on the form used to establish the TSA contract whether or not you need to get spousal consent for loans, withdrawals or other distributions. If you do, you will need such consent if you are married when you request a withdrawal 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 Tax information 89 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 contract. EARLY DISTRIBUTION PENALTY TAX A penalty tax of 10% of the taxable portion of a distribution applies to distributions from a TSA contract 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 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. 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. Generally, an election out of federal withholding will also be considered an election out of state withholding. In some states, you may elect out of state withholding, even if federal withholding applies. 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 Federal tax rules require payers to withhold differently on "periodic" and "non-periodic" payments. Payers are to withhold from periodic annuity payments as if the payments were wages. The annuity contract owner is to specify marital status and the number of withholding exemptions claimed on an IRS Form W-4P or similar substitute election form. If the owner does not claim a different number of withholding exemptions or marital status, the payer is to withhold assuming that the owner is married and claiming three withholding exemptions. Based on the assumption that an annuity contract owner is married and claiming three withholding exemptions, periodic annuity payments totaling less than $19,200 in 2009 will generally be exempt from federal income tax withholding. If the owner does not provide the owner's correct Taxpayer Identification Number a payer is to withhold from periodic annuity payments as if the owner were single with no exemptions. A contract owner's withholding election remains effective unless and until the owner revokes it. The contract owner may revoke or change a withholding election at any time. FEDERAL INCOME TAX WITHHOLDING ON NON-PERIODIC ANNUITY PAYMENTS (WITHDRAWALS) Non-periodic distributions include partial withdrawals, total surrenders and death benefits. Payers generally withhold federal income tax at a flat 10% rate from (i) the taxable amount in the case of nonqualified contracts, and (ii) 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. As described below, there is no election out of federal income tax withholding if the payment is an eligible rollover distribution from a qualified plan or TSA contract. If a non-periodic distribution from a 90 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green qualified plan or TSA contract is not an eligible rollover distribution then election out is permitted. If there is no election out, the 10% withholding rate applies. MANDATORY WITHHOLDING FROM TSA AND QUALIFIED PLAN DISTRIBUTIONS Unless the distribution is directly rolled over to another eligible retirement plan, eligible rollover distributions from qualified plans and TSA contracts are subject to mandatory 20% withholding. The plan administrator is responsible for withholding from qualified plan distributions. All distributions from a TSA contract 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 from service with the employer; or o substantially equal periodic payments made at least annually for the life (or life expectancy) or the joint lives (or joint life expectancies) of the plan participant (and 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 the plan participant's surviving spouse; or o a qualified domestic relations order distribution to a beneficiary who is not the plan participant's current spouse or former spouse. A death benefit payment to the plan participant's surviving spouse, or a qualified domestic relations order distribution to the plan participant's current or former spouse may be a distribution subject to mandatory 20% withholding. SPECIAL RULES FOR CONTRACTS FUNDING QUALIFIED PLANS The trustee is responsible for making all required notifications on tax matters to plan participants and to the IRS. See Appendix II at the end of this Prospectus. IMPACT OF TAXES TO AXA EQUITABLE The contracts provide that we may charge Separate Account No. 49 for taxes. We do not now, but may in the future set up reserves for such taxes. Tax information 91 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 8. More information -------------------------------------------------------------------------------- ABOUT SEPARATE ACCOUNT NO. 49 Each variable investment option is a subaccount of Separate Account No. 49. We established Separate Account No. 49 in 1996 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 No. 49 and may withdraw any amounts that exceed our reserves and other liabilities with respect to variable investment options under our contracts. For example, we may withdraw amounts from Separate Account No. 49 that represent our investments in Separate Account No. 49 or that represent fees and charges under the contracts that we have earned. Also, we may, at our sole discretion, invest Separate Account No. 49 assets in any investment permitted by applicable law. The results of Separate Account No. 49'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 No. 49. However, the obligations themselves are obligations of AXA Equitable. Separate Account No. 49 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 No. 49. Although Separate Account No. 49 is registered, the SEC does not monitor the activity of Separate Account No. 49 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 No. 49 invests solely in 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 No. 49, 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 No. 49 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 No. 49 or a variable investment option directly); (5) to deregister Separate Account No. 49 under the Investment Company Act of 1940; (6) to restrict or eliminate any voting rights as to Separate Account No. 49; and (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. If the exercise of these rights results in a material change in the underlying investment of Separate Account No. 49, you will be notified of such exercise, as required by law. 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 of each Trust may establish additional Portfolios or eliminate existing Portfolios at any time. More detailed information about each Trust, its Portfolio investment objectives, policies, restrictions, risks, expenses, its Rule 12b-1 Plan, and other aspects of its operations, appears in the prospectuses for each Trust, which 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. Fixed maturity option rates are determined daily. The rates in the table below are illustrative only and will most likely differ from the rates applicable at time of purchase. Current fixed maturity option rates can be obtained from your financial professional. The rates to maturity for new allocations as of February 17, 2009 and the related price per $100 of maturity value were as shown below: ------------------------------------------------------------- Fixed Maturity Options with February 17th Rate to Price Maturity Date of Maturity as of Per $100 of Maturity Year February 17, 2009 Maturity Value ------------------------------------------------------------- 2010 3.00%* $ 97.09 2011 3.00%* $ 94.26 2012 3.00%* $ 91.51 2013 3.00%* $ 88.84 2014 3.00%* $ 86.25 2015 3.00%* $ 83.74 ------------------------------------------------------------- 92 More information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green ------------------------------------------------------------- Fixed Maturity Options with February 17th Rate to Price Maturity Date of Maturity as of Per $100 of Maturity Year February 17, 2009 Maturity Value ------------------------------------------------------------- 2016 3.12% $ 80.64 2017 3.42% $ 76.40 2018 3.61% $ 72.66 2019 3.75% $ 69.19 ------------------------------------------------------------- * Since these rates to maturity are 3%, no amounts could have been allocated to these options. HOW WE DETERMINE THE MARKET VALUE ADJUSTMENT We use the following procedure to calculate the market value adjustment (positive or negative) we make if you withdraw any 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 for your fixed maturity option based on the rate for a new fixed maturity option issued on the same date and having the same maturity date as your fixed maturity option; if the same maturity date is not available for new fixed maturity options, we determine a rate that is between the rates for new fixed maturity option maturities that immediately precede and immediately follow your fixed maturity option's maturity date. (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. 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. Please note that withdrawal charges do not apply to Accumulator(R) Select(SM) contract owners. 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 by using a widely published index. We reserve the right to add up to 0.25% 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 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 obligations and any guaranteed benefits under the contract are supported by AXA Equitable's general account and are subject to AXA Equitable's claims paying ability. For more information about AXA Equitable's financial strength, you may review its financial statements and/or check its current rating with one or more of the independent sources that rate insurance companies for their financial strength and stability. Such ratings are subject to change and have no bearing on the performance of the variable investment options. You may also speak with your financial representative. For Accumulator(R) Plus(SM) contracts, Credits allocated to your account value are funded from our general account. More information 93 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. However, the market value adjustment interests under the contracts are registered under the Securities Act of 1933. 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 WIRE TRANSMITTALS AND ELECTRONIC APPLICATIONS We accept initial and subsequent contributions sent by wire to our processing office by agreement with certain broker-dealers. Such transmittals must be accompanied by information we require to allocate your contribution. Wire orders not accompanied by complete information may be retained as described under "How you can make your contributions" under "Contract features and benefits" earlier in this Prospectus. Even if we accept the wire order and essential information, a contract generally will not be issued until we receive and accept a properly completed application. In certain cases we may issue a contract based on information provided through certain broker-dealers with which we have established electronic facilities. In any such cases, you must sign our Acknowledgement of Receipt form. Where we require a signed application, the above procedures do not apply and no financial transactions will be permitted until we receive the signed application and have issued the contract. Where we issue a contract based on information provided through electronic facilities, we require an Acknowledgement of Receipt form, and financial transactions are only permitted if you request them in writing, sign the request and have it signature guaranteed, until we receive the signed Acknowledgement of Receipt form. After your contract has been issued, additional contributions may be transmitted by wire. In general, the transaction date for electronic transmissions is the date on which we receive at our regular processing office all required information and the funds due for your contribution. We may also establish same-day electronic processing facilities with a broker-dealer that has undertaken to pay contribution amounts on behalf of its customers. In such cases, the transaction date for properly processed orders is the business day on which the broker-dealer inputs all required information into its electronic processing system. You can contact us to find out more about such arrangements. After your contract has been issued, additional contributions may be transmitted by wire. AUTOMATIC INVESTMENT PROGRAM -- FOR NQ, FLEXIBLE PREMIUM IRA AND FLEXIBLE PREMIUM ROTH IRA CONTRACTS ONLY You may use our automatic investment program, or "AIP," to have a specified amount automatically deducted from a checking account, money market account, or credit union checking account and contributed as an additional contribution into an NQ, Flexible Premium IRA or Flexible Premium Roth IRA contract on a monthly or quarterly basis. AIP is not available for Rollover IRA, Roth Conversion IRA, QP, Inherited IRA Beneficiary Continuation (traditional IRA or Roth IRA) or Rollover TSA contracts. Please see Appendix VII later in this Prospectus to see if the automatic investment program is available in your state. For NQ contracts, the minimum amounts we will deduct are $100 monthly and $300 quarterly. Under Flexible Premium IRA and Flexible Premium Roth IRA contracts, the minimum amount is $50. Under the IRA contracts, these amounts are subject to the tax maximums. AIP additional contributions may be allocated to any of the variable investment options and available fixed maturity options, but not the account for special dollar cost averaging. Please note that the account for special dollar cost averaging is available to Accumulator(R) and Accumulator(R) Elite(SM) contract owners only. 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. For contracts with the Guaranteed withdrawal benefit for life, AIP will be automatically terminated after the later of: (i) the end of the first contract year, or (ii) the date the first withdrawal is taken. For contracts with PGB, AIP will be automatically terminated at the end of the first six months. 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. 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 the New York Stock Exchange ("NYSE") is open for regular trading and generally ends at 4:00 p.m. Eastern Time (or as of an earlier close of regular trading). A business day does not include a day on which we are not open due to emergency conditions determined by the Securities and Exchange Commission. We may also close early due to such emergency conditions. 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. 94 More information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green o If your contribution, transfer or any other transaction request containing all the required information reaches us on any of the following, we will use the next business day: - on a non-business day; - after 4:00 p.m. Eastern Time on a business day; or - after an early close of regular trading on the NYSE on a business day. o A loan request under your Rollover 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. o If we have entered into an agreement with your broker-dealer for automated processing of contributions upon receipt of customer order, your contribution will be considered received at the time your broker-dealer receives your contribution and all information needed to process your application, along with any required documents. Your broker-dealer will then transmit your order to us in accordance with our processing procedures. However, in such cases, your broker-dealer is considered a processing office for the purpose of receiving the contribution. Such arrangements may apply to initial contributions, subsequent contributions, or both, and may be commenced or terminated at any time without prior notice. If required by law, the "closing time" for such orders will be earlier than 4:00 p.m., Eastern Time. CONTRIBUTIONS, CREDITS AND TRANSFERS o Contributions (and Credits, for Accumulator(R) Plus(SM) contracts only) allocated to the variable investment options are invested at the unit value next determined after the receipt of the contribution. o Contributions (and Credits, for Accumulator(R) Plus(SM) contracts only) allocated to the guaranteed interest option will receive the crediting rate in effect on that business day for the specified time period. o Contributions (and Credits, for Accumulator(R) Plus(SM) contracts only) allocated to a fixed maturity option will receive the rate to maturity in effect for that fixed maturity option on that business day (unless a rate lock-in is applicable). o Initial contributions allocated to the account for special dollar cost averaging receive the interest rate in effect on that business day. At certain times, we may offer the opportunity to lock in the interest rate for an initial contribution to be received under Section 1035 exchanges and trustee to trustee transfers. Please note that the account for special dollar cost averaging is available to Accumulator(R) and Accumulator(R) Elite(SM) contract owners only. Your financial professional can provide information or you can call our processing office. 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 be based on the rate to maturity in effect for that fixed maturity option on the business day of the transfer. o Transfers to the guaranteed interest option will receive the crediting rate in effect on that business day for the specified time period. o For the interest sweep option, 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. 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 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 variable 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 NO. 49 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 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. More information 95 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. STATUTORY COMPLIANCE We have the right to change your contract without the consent of any other person in order to comply with any laws and regulations that apply, 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 your contract must be in writing and made by an authorized officer of AXA Equitable. We will provide notice of any contract change. The benefits under your contract will not be less than the minimum benefits required by any state law that applies. ABOUT LEGAL PROCEEDINGS AXA Equitable and its affiliates are parties to various legal proceedings. In our view, none of these proceedings would be considered material with respect to a contract owner's interest in Separate Account No. 49, 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 distribution of the contracts. FINANCIAL STATEMENTS The financial statements of Separate Account No. 49, as well as the consolidated financial statements of AXA Equitable, are in the SAI. The financial statements of AXA Equitable have relevance to the contracts only to the extent that they bear upon the ability of AXA Equitable to meet its obligations under the contracts. The SAI is available free of charge. You may request one by writing to our processing office or calling 1-800-789-7771. 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, the Earnings enhancement benefit, a PGB, and/or the Guaranteed withdrawal benefit for life (collectively, the "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 VII later in this Prospectus for any state variations with regard to terminating any benefits under your contract. You cannot assign or transfer ownership of an IRA, QP or Rollover TSA contract except by surrender to us. If your individual retirement annuity contract is held in your custodial individual retirement account, you may only assign or transfer ownership of such an IRA contract to yourself. Loans are not available (except for Rollover TSA contracts, subject to plan or employer approval) and you cannot assign IRA and QP contracts as security for a loan or other obligation. Loans are available under a Rollover TSA contract only if permitted under the sponsoring employer's plan. 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, QP or Rollover TSA 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. ABOUT CUSTODIAL IRAS For certain custodial IRA accounts, after your contract has been issued, we may accept transfer instructions by telephone, mail, facsimile or electronically from a broker-dealer, provided that we or your broker-dealer have your written authorization to do so on file. Accordingly, AXA Equitable will rely on the stated identity of the person placing instructions as authorized to do so on your behalf. AXA Equitable will not be liable for any claim, loss, liability or expenses that may arise out of such instructions. AXA Equitable will continue to rely on this authorization until it receives your written notification at its processing office that you have withdrawn this authorization. AXA Equitable may change or terminate telephone or electronic or overnight mail transfer procedures at any time without prior written notice and restrict facsimile, internet, telephone and other electronic transfer services because of disruptive transfer activity. DISTRIBUTION OF THE CONTRACTS The Accumulator(R) Series 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 No. 49. 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 96 More information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green and are members of the Financial Industry Regulatory Authority, Inc. ("FINRA"). 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 8.50% 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 1.20% 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 7.50% 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 1.25% 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 the Accumulator(R) Series contracts 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 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 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." 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. AXA Advisors may provide other forms of compensation to its financial professionals, including health and retirement benefits. 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 FINRA, 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, finan- 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 FINRA, 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, finan- More information 97 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green cial 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 FINRA rules and other laws and regulations. 98 More information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 9. Incorporation of certain documents by reference -------------------------------------------------------------------------------- AXA Equitable's Annual Report on Form 10-K for the period ended December 31, 2008 (the "Annual Report") is considered to be part of this Prospectus because it is incorporated by reference. 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 fixed maturity option (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. After the date of this Prospectus and before we terminate the offering of the securities under the Registration Statement, all documents or reports we file with the SEC under the Securities Exchange Act of 1934 ("Exchange Act"), will be considered to become part of this Prospectus because they are incorporated by reference. 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 the Registration Statement and 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. In accordance with SEC rules, we will provide copies of any exhibits specifically incorporated by reference into the text of the Exchange Act reports (but not any other exhibits). 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). You can access our website at www.axa-equitable.com. Incorporation of certain documents by reference 99 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix I: Condensed financial information -------------------------------------------------------------------------------- The unit values and number of units outstanding shown below are for contracts offered under Separate Account No. 49 with the same daily asset charges 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, 2008.
----------------------------------------------------------------------------------------------------------------------------------- For the years ended December 31, ------------------------------------------- 2008 2007 2006 ----------------------------------------------------------------------------------------------------------------------------------- AXA Aggressive Allocation ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.75 $ 14.58 $ 13.91 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 49,051 25,941 4,973 ----------------------------------------------------------------------------------------------------------------------------------- AXA Conservative Allocation ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.51 $ 11.97 $ 11.46 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 16,158 4,306 590 ----------------------------------------------------------------------------------------------------------------------------------- AXA Conservative-Plus Allocation ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.04 $ 12.62 $ 12.12 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 17,697 6,473 1,414 ----------------------------------------------------------------------------------------------------------------------------------- AXA Moderate Allocation ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.89 $ 13.27 $ 12.65 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 84,689 37,645 8,363 ----------------------------------------------------------------------------------------------------------------------------------- AXA Moderate-Plus Allocation ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.90 $ 14.71 $ 14.01 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 141,905 75,948 17,150 ----------------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Common Stock ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.73 $ 13.94 $ 13.65 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 3,919 2,328 869 ----------------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Intermediate Government Securities ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.07 $ 10.83 $ 10.27 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 2,411 353 63 ----------------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein International ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.68 $ 19.90 $ 18.04 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 7,019 4,042 800 ----------------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Small Cap Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.99 $ 16.46 $ 14.29 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 2,070 1,013 213 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Ariel Appreciation II ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.73 $ 11.09 $ 11.37 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 1,030 639 124 ----------------------------------------------------------------------------------------------------------------------------------- EQ/AXA Rosenberg Value Long/Short Equity ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.49 $ 11.27 $ 11.05 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 1,449 440 160 ----------------------------------------------------------------------------------------------------------------------------------- EQBlackRock Basic Value Equity ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.02 $ 14.40 $ 14.42 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 3,987 1,992 385 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Black Rock International Value ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.04 $ 19.62 $ 18.04 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 3,778 2,421 590 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Boston Advisors Equity Income ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 1.90 $ 2.84 $ 2.77 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 8,373 3,300 989 -----------------------------------------------------------------------------------------------------------------------------------
A-1 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008. (CONTINUED)
----------------------------------------------------------------------------------------------------------------------------------- For the years ended December 31, ------------------------------------------- 2008 2007 2006 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Calvert Socially Responsible ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.14 $ 13.22 $ 11.94 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 594 324 101 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.28 $ 12.38 $ 11.90 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 3,633 2,506 604 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Research ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.11 $ 13.61 $ 13.57 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 2,728 2,267 276 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Caywood-Scholl High Yield Bond ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 2.71 $ 3.40 $ 3.35 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 5,267 4,141 966 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Davis New York Venture ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.67 $ 11.11 $ 10.85 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 7,157 3,823 406 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Equity 500 Index ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.75 $ 14.14 $ 13.65 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 4,505 2,496 553 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Evergreen International Bond ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.29 $ 10.74 $ 9.95 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 4,266 1,405 316 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Evergreen Omega ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.49 $ 13.28 $ 12.09 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 807 550 81 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Income ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.07 $ 10.51 $ 10.43 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 8,899 7,144 828 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Small Cap Value ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.42 $ 9.76 $ 10.82 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 2,521 1,033 123 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Templeton Founding Strategy ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 5.93 $ 9.52 -- ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 48,476 21,512 -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/GAMCO Mergers and Acquisitions ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.92 $ 11.67 $ 11.43 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 1,668 1,148 231 ----------------------------------------------------------------------------------------------------------------------------------- EQ/GAMCO Small Company Value ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 31.77 $ 46.43 $ 43.04 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 1,862 981 156 ----------------------------------------------------------------------------------------------------------------------------------- EQ/International Core PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.54 $ 19.36 $ 17.03 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 3,339 1,892 625 ----------------------------------------------------------------------------------------------------------------------------------- EQ/International Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 4.28 $ 7.26 $ 6.33 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 5,559 3,231 363 ----------------------------------------------------------------------------------------------------------------------------------- EQ/JPMorgan Core Bond ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.91 $ 11.03 $ 10.84 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 3,840 3,598 1,106 ----------------------------------------------------------------------------------------------------------------------------------- EQ/JPMorgan Value Opportunities ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.46 $ 14.23 $ 14.59 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 893 648 104 -----------------------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information A-2 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008. (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ------------------------------------------- 2008 2007 2006 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Core PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.67 $ 14.03 $ 13.69 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 365 162 37 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Growth Index ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.71 $ 13.84 $ 12.31 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 1,472 881 180 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Growth PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.04 $ 14.83 $ 13.00 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 1,333 747 58 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Value Index ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 4.45 $ 10.42 $ 11.22 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 1,673 1,065 314 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Value PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.03 $ 14.35 $ 15.23 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 5,760 5,014 1,142 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Long Term Bond ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.43 $ 8.13 $ 7.67 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 2,692 1,046 249 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Growth and Income ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.87 $ 12.58 $ 12.32 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 1,289 975 291 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Large Cap Core ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.81 $ 12.92 $ 11.83 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 1,142 524 92 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Mid Cap Value ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.47 $ 12.40 $ 12.50 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 3,432 2,011 408 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Marsico Focus ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.02 $ 15.30 $ 13.60 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 10,424 5,402 1,416 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Mid Cap Index ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.00 $ 15.98 $ 14.99 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 3,947 2,442 587 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Mid Cap Value PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.06 $ 15.19 $ 15.64 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 1,612 1,507 506 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Money Market ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.67 $ 10.58 $ 10.24 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 6,707 1,895 702 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Montag & Caldwell Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 1.56 $ 2.36 $ 1.98 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 9,857 2,099 449 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Mutual Shares ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.57 $ 10.75 $ 10.71 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 5,798 5,018 666 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Global ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.77 $ 11.58 $ 11.10 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 2,631 1,541 158 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Main Street Opportunity ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.74 $ 11.16 $ 10.93 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 683 487 35 -----------------------------------------------------------------------------------------------------------------------------------
A-3 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008. (CONTINUED)
----------------------------------------------------------------------------------------------------------------------------------- For the years ended December 31, ------------------------------------------- 2008 2007 2006 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Main Street Small Cap ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.56 $ 10.76 $ 11.10 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 1,533 886 96 ----------------------------------------------------------------------------------------------------------------------------------- EQ/PIMCO Real Return ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.95 $ 9.45 $ 8.59 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 9,821 3,197 841 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Quality Bond PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $10.21 $ 11.07 $ 10.73 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 1,880 1,453 364 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Short Duration Bond ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.93 $ 10.26 $ 9.87 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 1,229 488 111 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Small Company Index ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.35 $ 14.39 $ 14.85 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 2,215 1,354 370 ----------------------------------------------------------------------------------------------------------------------------------- EQ/T. Rowe Price Growth Stock ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 3.85 $ 6.75 $ 6.37 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 2,900 1,437 154 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Templeton Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.33 $ 10.84 $ 10.76 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 4,870 4,461 526 ----------------------------------------------------------------------------------------------------------------------------------- EQ/UBS Growth and Income ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 1.46 $ 2.46 $ 2.47 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 2,891 2,349 473 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Comstock ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.15 $ 11.48 $ 11.93 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 2,784 2,074 664 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Emerging Markets Equity ----------------------------------------------------------------------------------------------------------------------------------- Unit value $14.63 $ 34.76 $ 24.80 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 5,722 2,799 625 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Mid Cap Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.38 $ 16.12 $ 13.35 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 3,390 1,545 298 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Real Estate ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 5.00 $ 8.29 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 6,805 3,973 ----------------------------------------------------------------------------------------------------------------------------------- Multimanager Aggressive Equity ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.50 $ 14.25 $ 12.96 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 529 238 94 ----------------------------------------------------------------------------------------------------------------------------------- Multimanager Core Bond ----------------------------------------------------------------------------------------------------------------------------------- Unit value $11.41 $ 11.28 $ 10.76 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 2,680 1,109 333 ----------------------------------------------------------------------------------------------------------------------------------- Multimanager Health Care ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.97 $ 13.81 $ 12.84 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 1,648 845 178 ----------------------------------------------------------------------------------------------------------------------------------- Multimanager High Yield ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.56 $ 12.66 $ 12.44 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 2,102 1,768 448 ----------------------------------------------------------------------------------------------------------------------------------- Multimanager International Equity ----------------------------------------------------------------------------------------------------------------------------------- Unit value $10.65 $ 20.44 $ 18.42 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 2,606 1,524 386 -----------------------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information A-4 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008. (CONTINUED)
----------------------------------------------------------------------------------------------------------------------------------- For the years ended December 31, ------------------------------------------- 2008 2007 2006 ----------------------------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Core Equity ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.36 $ 14.02 $ 13.53 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 507 349 62 ----------------------------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.83 $ 12.67 $ 11.54 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 1,190 674 176 ----------------------------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Value ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.83 $ 15.92 $ 15.57 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 2,483 1,212 264 ----------------------------------------------------------------------------------------------------------------------------------- Multimanager Mid Cap Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.27 $ 14.84 $ 13.44 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 1,229 725 212 ----------------------------------------------------------------------------------------------------------------------------------- Multimanager Mid Cap Value ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.36 $ 14.81 $ 15.00 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 1,300 778 224 ----------------------------------------------------------------------------------------------------------------------------------- Multimanager Small Cap Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 2.98 $ 5.21 $ 5.09 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 4,840 3,439 574 ----------------------------------------------------------------------------------------------------------------------------------- Multimanager Small Cap Value ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.15 $ 13.29 $ 14.93 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 910 704 327 ----------------------------------------------------------------------------------------------------------------------------------- Multimanager Technology ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.57 $ 14.50 $ 12.42 ----------------------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 1,902 986 112 -----------------------------------------------------------------------------------------------------------------------------------
A-5 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green The unit values and number of units outstanding shown below are for contracts offered under Separate Account No. 49 with the same daily asset charges of 1.70%. 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, 2008.
----------------------------------------------------------------------------------------------------------------------------------- For the years ended December 31, ------------------------------------------- 2008 2007 ----------------------------------------------------------------------------------------------------------------------------------- AXA Aggressive Allocation ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.00 $ 15.05 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 8,484 6,377 ----------------------------------------------------------------------------------------------------------------------------------- AXA Conservative Allocation ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.29 $ 11.76 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 5,824 2,454 ----------------------------------------------------------------------------------------------------------------------------------- AXA Conservative-Plus Allocation ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.82 $ 12.40 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 4,505 2,753 ----------------------------------------------------------------------------------------------------------------------------------- AXA Moderate Allocation ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 35.84 $ 48.27 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 4,019 3,098 ----------------------------------------------------------------------------------------------------------------------------------- AXA Moderate-Plus Allocation ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.69 $ 14.45 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 27,177 23,506 ----------------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Common Stock ----------------------------------------------------------------------------------------------------------------------------------- Unit value $134.51 $ 243.48 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 63 65 ----------------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Intermediate Government Securities ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 19.16 $ 18.82 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 948 404 ----------------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein International ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.40 $ 19.41 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,924 2,236 ----------------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Small Cap Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.96 $ 20.14 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 421 443 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Ariel Appreciation II ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.65 $ 10.99 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 339 227 ----------------------------------------------------------------------------------------------------------------------------------- EQ/AXA Rosenberg Value Long/Short Equity ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.26 $ 11.07 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 458 383 ----------------------------------------------------------------------------------------------------------------------------------- EQ/BlackRock Basic Value Equity ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 14.49 $ 23.24 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 834 842 ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- For the years ended December 31, ------------------------------------------- 2006 2005 2004 ----------------------------------------------------------------------------------------------------------------------------------- AXA Aggressive Allocation ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 14.43 $ 12.45 $ 11.72 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 3,109 1,519 656 ----------------------------------------------------------------------------------------------------------------------------------- AXA Conservative Allocation ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.31 $ 10.82 $ 10.74 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,800 1,000 281 ----------------------------------------------------------------------------------------------------------------------------------- AXA Conservative-Plus Allocation ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.96 $ 11.19 $ 11.02 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 3,022 2,176 414 ----------------------------------------------------------------------------------------------------------------------------------- AXA Moderate Allocation ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 46.21 $ 42.61 $ 41.36 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,325 1,725 893 ----------------------------------------------------------------------------------------------------------------------------------- AXA Moderate-Plus Allocation ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 13.82 $ 12.28 $ 11.71 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 14,705 6,917 2,788 ----------------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Common Stock ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 239.38 $ 219.99 $ 214.55 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 73 73 64 ----------------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Intermediate Government Securities ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 17.92 $ 17.67 $ 17.76 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 376 481 416 ----------------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein International ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 17.67 $ 14.55 $ 12.84 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,508 1,037 649 ----------------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Small Cap Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 17.56 $ 16.39 $ 14.95 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 462 372 312 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Ariel Appreciation II ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.31 $ 10.35 -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 123 40 -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/AXA Rosenberg Value Long/Short Equity ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.91 $ 10.94 -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 13,017 784 -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/BlackRock Basic Value Equity ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 23.37 $ 19.66 $ 19.43 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 856 849 802 ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- For the years ended December 31, ------------------------------------------- 2003 2002 ----------------------------------------------------------------------------------------------------------------------------------- AXA Aggressive Allocation ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.66 -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 32 -- ----------------------------------------------------------------------------------------------------------------------------------- AXA Conservative Allocation ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.30 -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1 -- ----------------------------------------------------------------------------------------------------------------------------------- AXA Conservative-Plus Allocation ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.41 -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 84 -- ----------------------------------------------------------------------------------------------------------------------------------- AXA Moderate Allocation ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 38.70 $ 33.05 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 383 86 ----------------------------------------------------------------------------------------------------------------------------------- AXA Moderate-Plus Allocation ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.66 -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 46 -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Common Stock ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 191.26 $ 130.09 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 29 9 ----------------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Intermediate Government Securities ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 17.72 $ 17.65 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 458 259 ----------------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein International ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.05 $ 8.32 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 530 142 ----------------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Small Cap Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 13.34 $ 9.63 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 478 121 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Ariel Appreciation II ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/AXA Rosenberg Value Long/Short Equity ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/BlackRock Basic Value Equity ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 17.87 $ 13.86 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 502 184 -----------------------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information A-6 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008. (CONTINUED)
----------------------------------------------------------------------------------------------------------------------------------- For the years ended December 31, ------------------------------------------- 2008 2007 ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- EQ/BlackRock International Value ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 13.43 $ 23.97 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,000 1,136 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Boston Advisors Equity Income ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 4.47 $ 6.71 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 730 571 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Calvert Socially Responsible ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 5.23 $ 9.71 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 286 373 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.70 $ 13.14 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,426 1,289 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Research ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.54 $ 12.71 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,528 3,063 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Caywood-Scholl High Yield Bond ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.85 $ 11.12 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,204 180 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Davis New York Venture ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.60 $ 11.05 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,517 1,189 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Equity 500 Index ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 18.20 $ 29.54 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,308 1,547 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Evergreen International Bond ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.14 $ 10.64 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,063 476 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Evergreen Omega ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.75 $ 9.49 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 353 249 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Income ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.01 $ 10.45 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,649 1,574 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Small Cap Value ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.36 $ 9.71 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 377 421 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Templeton Founding Strategy ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 5.89 $ 9.49 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 5,195 2,805 ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- For the years ended December 31, --------------------------------------- 2006 2005 2004 ----------------------------------------------------------------------------------------------------------------------------------- EQ/BlackRock International Value ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 22.13 $ 17.91 $ 16.44 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1052 782 522 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Boston Advisors Equity Income ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.59 $ 5.78 $ 5.54 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 504 326 15 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Calvert Socially Responsible ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.81 $ 8.51 $ 7.96 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 353 314 204 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 12.67 $ 12.00 $ 11.62 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,484 351 160 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Research ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 12.72 $ 11.55 $ 11.08 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,393 1,585 1,200 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Caywood-Scholl High Yield Bond ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.01 $ 10.37 -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 225 81 -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Davis New York Venture ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.84 -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 216 -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Equity 500 Index ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 28.64 $ 25.31 $ 24.66 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,418 1,604 1,386 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Evergreen International Bond ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.90 $ 9.74 -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 185 8 -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Evergreen Omega ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.67 $ 8.33 $ 8.15 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 215 280 377 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Income ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.42 -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 368 -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Small Cap Value ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.81 -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 38 -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Templeton Founding Strategy ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- For the years ended December 31, ------------------------------------------- 2003 2002 ----------------------------------------------------------------------------------------------------------------------------------- EQ/BlackRock International Value ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 13.75 $ 10.92 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 441 161 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Boston Advisors Equity Income ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Calvert Socially Responsible ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.82 $ 6.22 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 249 42 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.20 $ 9.19 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 164 40 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Research ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.16 $ 7.86 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 776 200 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Caywood-Scholl High Yield Bond ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Davis New York Venture ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Equity 500 Index ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 22.76 $ 18.11 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,074 399 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Evergreen International Bond ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Evergreen Omega ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.75 $ 5.70 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 218 32 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Income ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Small Cap Value ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Templeton Founding Strategy ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -----------------------------------------------------------------------------------------------------------------------------------
A-7 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008. (CONTINUED)
----------------------------------------------------------------------------------------------------------------------------------- For the years ended December 31, ------------------------------------------- 2008 2007 ----------------------------------------------------------------------------------------------------------------------------------- EQ/GAMCO Mergers and Acquisitions ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.95 $ 11.75 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 305 337 ----------------------------------------------------------------------------------------------------------------------------------- EQ/GAMCO Small Company Value ----------------------------------------------------------------------------------------------------------------------------------- Unit value $18.86 $ 27.67 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 610 618 ----------------------------------------------------------------------------------------------------------------------------------- EQ/International Core PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.68 $ 16.01 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,341 2,289 ----------------------------------------------------------------------------------------------------------------------------------- EQ/International Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.50 $ 16.18 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 796 665 ----------------------------------------------------------------------------------------------------------------------------------- EQ/JPMorgan Core Bond ----------------------------------------------------------------------------------------------------------------------------------- Unit value $12.59 $ 14.07 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,216 1,473 ----------------------------------------------------------------------------------------------------------------------------------- EQ/JPMorgan Value Opportunities ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.93 $ 15.08 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 280 288 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Core PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.46 $ 10.50 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 389 458 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Growth Index ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 4.78 $ 7.62 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,004 1,050 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Growth PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $10.06 $ 16.57 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 298 492 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Value Index ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 4.39 $ 10.32 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 847 809 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Value PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.09 $ 16.31 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,668 3,123 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Long Term Bond ----------------------------------------------------------------------------------------------------------------------------------- Unit value $10.88 $ 10.54 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 237 248 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Growth and Income ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.73 $ 12.39 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 351 369 ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- For the years ended December 31, ------------------------------------------- 2006 2005 2004 ----------------------------------------------------------------------------------------------------------------------------------- EQ/GAMCO Mergers and Acquisitions ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.56 $ 10.48 -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 193 77 -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/GAMCO Small Company Value ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 25.76 $ 22.05 $ 21.50 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 233 79 9 ----------------------------------------------------------------------------------------------------------------------------------- EQ/International Core PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 14.13 $ 12.06 $ 10.47 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 3,208 2,337 1,926 ----------------------------------------------------------------------------------------------------------------------------------- EQ/International Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 14.17 $ 11.47 -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 269 56 -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/JPMorgan Core Bond ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 13.88 $ 13.57 $ 13.50 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,477 1,527 1,343 ----------------------------------------------------------------------------------------------------------------------------------- EQ/JPMorgan Value Opportunities ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 15.53 $ 13.12 $ 12.84 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 351 347 370 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Core PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.28 $ 9.26 $ 8.79 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 510 603 610 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Growth Index ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.80 $ 6.96 $ 6.16 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,042 1,055 981 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Growth PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 14.58 $ 13.76 $ 12.84 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 192 184 149 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Value Index ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.17 $ 10.63 -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 532 144 -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Value PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 17.38 $ 14.57 $ 14.06 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,507 2,363 2,169 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Long Term Bond ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.98 $ 9.98 -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 135 173 -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Growth and Income ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 12.18 $ 10.57 -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 308 83 -- ----------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- For the years ended December 31, ----------------------------------------- 2003 2002 ----------------------------------------------------------------------------------------------------------------------------------- EQ/GAMCO Mergers and Acquisitions ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/GAMCO Small Company Value ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/International Core PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.38 $ 7.19 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,026 282 ----------------------------------------------------------------------------------------------------------------------------------- EQ/International Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/JPMorgan Core Bond ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 13.20 $ 12.99 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,175 441 ----------------------------------------------------------------------------------------------------------------------------------- EQ/JPMorgan Value Opportunities ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.78 $ 9.45 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 307 128 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Core PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.03 $ 6.69 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 598 229 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Growth Index ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 5.78 $ 4.77 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 856 341 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Growth PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.60 $ 9.12 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 93 38 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Value Index ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Value PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 12.60 $ 9.96 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,481 530 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Long Term Bond ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Growth and Income ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -----------------------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information A-8 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008. (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ------------------------------------------ 2008 2007 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.62 $ 12.70 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 425 442 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.29 $ 12.15 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 922 888 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $10.61 $ 18.08 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,228 3,346 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.66 $ 13.35 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,863 2,166 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.74 $ 16.40 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 902 1,069 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market ------------------------------------------------------------------------------------------------------------------------------------ Unit value $27.75 $ 27.65 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,943 1,051 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Montag & Caldwell Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 3.74 $ 5.66 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,560 657 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mutual Shares ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.50 $ 10.69 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,644 1,727 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Global ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.71 $ 11.51 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 786 674 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Opportunity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.68 $ 11.10 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 130 154 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Small Cap ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.50 $ 10.70 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 340 277 ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO Real Return ------------------------------------------------------------------------------------------------------------------------------------ Unit value $10.11 $ 10.72 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,525 1,235 ------------------------------------------------------------------------------------------------------------------------------------ EQ/ Quality Bond PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $14.75 $ 16.06 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 502 626 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.67 $ 10.54 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 196 84 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.29 $ 11.12 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 591 290 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 16.13 $ 15.01 $ 13.79 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,714 2,354 1,938 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.57 $ 11.47 $ 10.97 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,890 1,556 1,391 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 16.96 $ 15.34 $ 14.02 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,156 1,107 1,007 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 26.86 $ 26.15 $ 25.92 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1102 845 349 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Montag & Caldwell Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.77 $ 4.49 $ 4.34 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 83 72 22 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mutual Shares ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.70 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 258 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Global ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.08 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 83 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Opportunity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.92 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 20 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Small Cap ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.09 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 19 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO Real Return ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.78 $ 9.91 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 730 286 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/ Quality Bond PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.63 $ 15.31 $ 15.27 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 590 573 555 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2003 2002 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.69 $ 9.85 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,510 386 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.62 $ 6.81 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 883 285 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.10 $ 9.24 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 636 237 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 26.17 $ 26.47 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 434 630 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Montag & Caldwell Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mutual Shares ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Global ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Opportunity ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Small Cap ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO Real Return ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/ Quality Bond PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.97 $ 14.71 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 512 198 ------------------------------------------------------------------------------------------------------------------------------------
A-9 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008. (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2008 2007 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.15 $ 10.53 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 475 262 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.37 $ 16.02 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 720 713 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T. Rowe Price Growth Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.26 $ 16.30 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 421 401 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Templeton Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.27 $ 10.78 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 848 853 ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 3.56 $ 6.04 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 153 89 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Comstock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.04 $ 11.36 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 545 539 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Emerging Markets Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.67 $ 25.45 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,528 1,726 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.26 $ 15.95 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 695 782 ------------------------------------------------------------------------------------------------------------------------------------ EQ Van Kampen Real Estate ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.97 $ 8.27 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,342 1,440 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 31.77 $ 60.62 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 53 56 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.89 $ 11.80 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,511 1,494 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.15 $ 12.72 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 429 390 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 23.07 $ 30.68 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 523 526 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.17 $ 9.96 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 202 60 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 16.60 $ 14.35 $ 14.00 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 744 596 575 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T. Rowe Price Growth Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.46 $ 16.39 $ 16.03 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 47 41 6 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Templeton Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.75 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 178 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.07 $ 5.41 $ 5.05 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 104 69 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Comstock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.85 $ 10.40 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 602 296 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Emerging Markets Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 18.23 $ 13.53 $ 10.37 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1239 755 609 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.26 $ 12.34 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 297 179 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ Van Kampen Real Estate ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 55.37 $ 53.59 $ 50.38 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 47 25 28 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.30 $ 11.08 $ 11.07 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,030 1,611 1,424 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.87 $ 11.49 $ 10.93 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 400 338 284 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 30.26 $ 28.00 $ 27.64 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 758 755 771 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2003 2002 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.10 $ 8.44 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 449 122 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T. Rowe Price Growth Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Templeton Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Comstock ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Emerging Markets Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.53 $ 5.56 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 457 69 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ Van Kampen Real Estate ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 45.72 $ 33.82 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 10 4 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.84 $ 10.63 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,202 628 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.91 $ 7.87 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 143 57 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 25.87 $ 21.48 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 557 125 ------------------------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information A-10 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008. (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2008 2007 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.54 $ 18.39 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 951 1,047 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.43 $ 12.50 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 447 473 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.56 $ 10.35 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 840 881 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.83 $ 14.37 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 921 1,210 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.55 $ 11.81 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 813 934 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.47 $ 13.46 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 727 805 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.95 $ 8.71 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 687 788 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $10.31 $ 16.88 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 666 748 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Technology ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.29 $ 12.10 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 462 597 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 16.64 $ 13.51 $ 11.90 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,030 783 806 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.11 $ 10.85 $ 10.34 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 453 353 272 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.47 $ 9.62 $ 9.10 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,014 980 876 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.10 $ 12.02 $ 11.42 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,363 1,238 1,242 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.74 $ 9.96 $ 9.35 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,035 1,075 1,055 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.68 $ 12.13 $ 11.49 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1010 876 1,011 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.54 $ 7.89 $ 7.46 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 475 242 59 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 19.05 $ 16.69 $ 16.22 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1201 991 884 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Technology ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.41 $ 9.87 $ 9.02 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 350 311 306 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2003 2002 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.27 $ 7.78 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 360 135 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.59 $ 7.61 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 238 104 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.68 $ 6.76 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 792 408 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.15 $ 7.88 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 726 316 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.52 $ 6.18 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 731 292 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.15 $ 7.34 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 560 206 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.09 $ 10.43 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 641 270 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Technology ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.74 $ 5.64 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 98 14 ------------------------------------------------------------------------------------------------------------------------------------
A-11 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green The unit values and number of units outstanding shown below are for contracts offered under Separate Account No. 49 with the same daily asset charges of 1.55%. 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, 2008.
------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2008 2007 2006 ------------------------------------------------------------------------------------------------------------------------------------ AXA Aggressive Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.19 $ 13.68 $ 13.09 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 44,143 31,080 6,793 ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.90 $ 11.30 $ 10.85 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 18,171 4,087 1,202 ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.30 $ 11.73 $ 11.29 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 16,064 7,023 2,537 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 37.11 $ 49.91 $ 47.71 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 18,036 9,394 3,387 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.84 $ 13.16 $ 12.57 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 130,940 85,777 22,340 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 141.42 $ 255.59 $ 250.91 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 423 392 361 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 19.69 $ 19.30 $ 18.35 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,058 813 747 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.60 $ 19.79 $ 17.99 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 6,749 5,611 1,983 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.15 $ 20.47 $ 17.82 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,766 2,301 1,922 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Ariel Appreciation II ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.68 $ 11.03 $ 11.34 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 709 507 100 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA Rosenberg Value Long/Short Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.35 $ 11.14 $ 10.96 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,130 773 255 ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock Basic Value Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.75 $ 23.62 $ 23.71 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,421 2,381 1,301 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2005 2004 2003 ------------------------------------------------------------------------------------------------------------------------------------ AXA Aggressive Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.28 $ 10.60 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 342 120 -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.36 $ 10.27 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 501 286 -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.55 $ 10.38 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 671 279 -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 43.93 $ 42.57 $ 39.77 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 762 659 461 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.15 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,035 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 230.23 $ 224.21 $ 199.56 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 370 430 484 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 18.07 $ 18.13 $ 18.07 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 873 1,061 1,357 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.79 $ 13.03 $ 11.20 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,000 1,008 1,052 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 16.60 $ 15.12 $ 13.48 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,979 2,313 2,809 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Ariel Appreciation II ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.36 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA Rosenberg Value Long/Short Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock Basic Value Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 19.92 $ 19.65 $ 18.05 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,147 1,430 1,339 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2002 2001 2000 ------------------------------------------------------------------------------------------------------------------------------------ AXA Aggressive Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 33.91 $ 39.47 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 279 110 -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 135.53 $ 206.51 $ 235.03 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 521 499 204 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 17.97 $ 16.81 $ 15.83 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,226 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.42 $ 9.51 $ 12.60 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 135 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.71 $ 14.14 $ 16.56 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,037 2,971 1,248 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Ariel Appreciation II ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA Rosenberg Value Long/Short Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock Basic Value Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.98 $ 17.04 $ 16.40 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,334 1,071 299 ------------------------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information A-12 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008. (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2008 2007 ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock International Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.67 $ 24.36 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,347 4,881 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Boston Advisors Equity Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.54 $ 6.81 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,897 2,391 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.30 $ 9.83 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 636 349 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.83 $ 13.35 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,107 3,136 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.65 $ 12.88 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 6,117 7,563 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Caywood-Scholl High Yield Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.90 $ 11.17 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,019 1,451 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Davis New York Venture ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.63 $ 11.07 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,304 3,797 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 18.62 $ 30.17 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,288 4,204 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen International Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.19 $ 10.68 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,387 1,997 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.86 $ 9.62 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,482 1,089 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.03 $ 10.47 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 8,326 6,851 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.38 $ 9.73 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,829 936 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Templeton Founding Strategy ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.90 $ 9.50 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 27,745 13,483 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock International Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 22.46 $ 18.15 $ 16.63 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,580 3,145 3,356 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Boston Advisors Equity Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.67 $ 5.84 $ 5.59 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,207 536 306 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.91 $ 8.60 $ 8.03 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 147 65 88 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.86 $ 12.16 $ 11.75 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,540 2,470 2,815 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.87 $ 11.67 $ 11.18 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,914 5,540 6,418 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Caywood-Scholl High Yield Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.04 $ 10.38 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 382 65 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Davis New York Venture ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.84 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 665 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 29.20 $ 15.77 $ 25.07 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,534 3,726 4,345 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen International Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.92 $ 9.74 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 457 9 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.78 $ 8.42 $ 8.23 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 319 349 400 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.42 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,076 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.82 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 153 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Templeton Founding Strategy ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ---------------------------------------------------- 2003 2002 2001 2000 ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock International Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.89 $ 11.02 $ 13.42 $ 17.37 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,673 4,227 4,268 2,110 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Boston Advisors Equity Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.87 $ 6.25 $ 8.63 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 101 79 19 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.23 $ 7.91 $ 10.66 $ 11.05 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 6,957 7,543 2,052 628 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Caywood-Scholl High Yield Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Davis New York Venture ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 23.10 $ 18.36 $ 24.03 $ 27.79 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,750 5,020 4,534 1,524 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen International Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7,80 $ 5.74 $ 7.67 $ 9.39 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 500 378 182 47 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Templeton Founding Strategy ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
A-13 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008. (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2008 2007 ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Mergers and Acquisitions ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.01 $ 11.80 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,577 1,416 ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Small Company Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 19.46 $ 28.50 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,270 2,211 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.81 $ 16.22 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,686 3,598 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.55 $ 16.25 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,704 1,865 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.80 $ 14.28 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 6,813 8,678 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Value Opportunities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.09 $ 15.32 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,921 3,721 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.56 $ 10.64 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,845 3,557 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.85 $ 7.72 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 7,722 7,920 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.24 $ 16.84 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,719 2,698 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.42 $ 10.36 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,742 1,312 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.24 $ 16.56 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 8,454 9,126 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Long Term Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.94 $ 10.58 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,241 1,048 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.77 $ 12.44 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,303 1,062 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Mergers and Acquisitions ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.59 $ 10.49 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 425 11 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Small Company Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 26.49 $ 22.64 $ 22.05 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 519 111 63 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.30 $ 12.18 $ 10.56 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,904 2,599 2,863 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.20 $ 11.48 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 310 5 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.07 $ 13.73 $ 13.65 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 7,950 8,015 8,979 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Value Opportunities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.76 $ 13.30 $ 12.99 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,048 4,589 5,234 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.41 $ 9.36 $ 8.87 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,130 4,965 5,788 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.88 $ 7.03 $ 6.21 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 7,569 9.117 10,421 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.80 $ 13.94 $ 12.99 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,090 2,422 2,867 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.19 $ 10.64 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 738 113 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 17.62 $ 14.75 $ 14.21 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,695 5,091 5,823 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Long Term Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.01 $ 9.99 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 567 30 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.21 $ 10.58 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 501 58 -- ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2003 2002 2001 2000 ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Mergers and Acquisitions ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Small Company Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.44 $ 7.23 $ 8.65 $ 11.10 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,832 2,786 2,530 1,050 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.32 $ 13.09 $ 12.13 $ 11.41 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 10,672 12,695 8,943 1,427 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Value Opportunities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.90 $ 9.53 $ 11.97 $ 13.04 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 6,009 6,939 6,123 1,419 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.08 $ 6.73 $ 8.66 $ 10.47 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 6,613 7,231 7,160 2,262 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.82 $ 4.80 $ 7.08 $ 9.46 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 11,828 13,521 14,217 6,200 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.72 $ 9.20 $ 14.23 $ 21.92 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,344 3,796 4,345 2,112 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.72 $ 10.04 $ 11.80 $ 11.63 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 6,106 6,520 4,851 1,119 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Long Term Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information A-14 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008. (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2008 2007 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.66 $ 12.75 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,080 497 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.33 $ 12.20 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,698 2,108 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.73 $ 18.25 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 9,050 5,863 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.74 $ 13.50 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 7,091 6,060 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.92 $ 16.67 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,049 3,624 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 28.93 $ 28.78 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,634 3,506 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Montag & Caldwell Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 3.79 $ 5.74 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,847 1,806 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mutual Shares ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.53 $ 10.71 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,890 3,519 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Global ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.73 $ 11.54 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,347 1,565 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Opportunity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.70 $ 11.12 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 968 683 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Small Cap ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.52 $ 10.73 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,367 1,020 ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO Real Return ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.17 $ 10.76 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 11,794 3,625 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Quality Bond PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.10 $ 16.41 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,534 1,355 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.70 $ 10.55 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 138 45 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.32 $ 11.13 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 531 120 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 16.26 $ 15.11 $ 13.86 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,666 1,390 1,251 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.70 $ 11.56 $ 11.04 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,317 4,297 4,997 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 17.21 $ 15.54 $ 14.18 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,215 3,279 3,574 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 27.92 $ 27.14 $ 26.87 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,933 1,954 2,306 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Montag & Caldwell Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.83 $ 4.54 $ 4.38 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 155 14 6 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mutual Shares ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.70 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 623 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Global ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.09 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 227 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Opportunity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.92 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 158 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Small Cap ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.09 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 186 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO Real Return ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.81 $ 9.92 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,202 300 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Quality Bond PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.95 $ 15.60 $ 15.54 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 630 455 480 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2003 2002 2001 2000 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.74 $ 9.87 $ 11.33 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,338 701 89 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.67 $ 6.84 $ 8.52 $ 9.99 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,343 5,392 4,418 609 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.22 $ 9.32 $ 11.09 $ 10.84 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,783 4,067 3,015 198 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 27.08 $ 27.35 $ 27.44 $ 26.91 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,186 4,967 4,110 826 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Montag & Caldwell Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mutual Shares ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Global ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Opportunity ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Small Cap ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO Real Return ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Quality Bond PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.21 $ 14.92 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 519 474 -- -- ------------------------------------------------------------------------------------------------------------------------------------
A-15 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008. (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2008 2007 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.20 $ 10.57 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,549 603 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.55 $ 16.27 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,777 2,196 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T.Rowe Price Growth Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.55 $ 16.79 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,310 2,146 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Templeton Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.29 $ 10.80 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,287 2,998 ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 3.62 $ 6.12 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,130 1,796 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Comstock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.08 $ 11.41 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,035 1,990 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Emerging Markets Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.86 $ 25.86 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 8,369 5,992 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.31 $ 16.02 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,782 2,291 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Real Estate ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.98 $ 8.28 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 6,634 4,762 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 32.90 $ 62.68 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 210 180 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.02 $ 11.91 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,422 2,253 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.25 $ 12.83 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,361 1,640 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 23.85 $ 31.67 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,874 2,103 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.20 $ 9.97 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 205 25 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 16.83 $ 14.52 $ 14.15 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,231 854 1,001 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T.Rowe Price Growth Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.90 16.83 $ 16.44 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 71 15 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Templeton Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.75 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 531 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.15 $ 5.47 $ 5.10 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 424 102 6 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Comstock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.88 $ 10.41 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 900 131 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Emerging Markets Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 18.50 $ 13.71 $ 10.48 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,602 1,632 1,515 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.29 $ 12.36 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 361 40 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Real Estate ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 57.17 $ 55.24 $ 51.85 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 171 172 181 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.39 $ 11.14 $ 11.13 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,474 1,199 1,470 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.96 $ 11.56 $ 10.98 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 696 453 565 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 31.19 $ 28.82 $ 28.41 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,654 1,626 1,924 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ------------------------------------------ 2003 2002 2001 2000 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.21 $ 8.50 $ 10.92 $ 10.87 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,152 974 825 270 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T.Rowe Price Growth Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Templeton Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Comstock ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Emerging Markets Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.61 $ 5.61 $ 6.06 $ 6.49 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,462 1,464 1,482 881 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Real Estate ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 46.99 $ 34.70 $ 49.56 $ 67.28 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 211 241 249 106 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.88 $ 10.65 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,625 1,594 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.94 $ 7.88 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 375 264 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 26.55 $ 22.00 $ 23.03 $ 23.23 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,218 1,906 1,632 432 ------------------------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information A-16 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008. (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2008 2007 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.64 $ 18.56 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,649 2,753 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.51 $ 12.62 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 981 750 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.62 $ 10.45 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,942 1,621 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.93 $ 14.50 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,416 2,431 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.62 $ 11.92 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,770 1,398 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.56 $ 13.58 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,982 1,394 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.03 $ 8.83 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,484 2,924 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $10.48 $ 17.14 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,879 2,209 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Technology ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.36 $ 12.21 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,243 3,629 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 16.77 $ 13.59 $ 11.96 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,168 480 411 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.21 $ 10.92 $ 10.39 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 346 269 397 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.54 $ 9.68 $ 9.15 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 999 613 930 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.21 $ 12.10 $ 11.47 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,285 919 809 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.82 $ 10.03 $ 9.40 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 884 663 773 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.78 $ 12.20 $ 11.54 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 838 550 720 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.65 $ 7.97 $ 7.53 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 627 195 11 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 19.31 $ 16.89 $ 16.39 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,465 2,629 3,013 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Technology ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.49 $ 9.93 $ 9.07 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,459 2,792 3,478 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2003 2002 2001 2000 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.30 $ 7.79 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 323 108 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.62 $ 7.63 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 296 201 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.71 $ 6.77 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 759 424 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.18 $ 7.89 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 635 503 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.54 $ 6.19 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 720 427 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.18 $ 7.35 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 545 364 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.22 $ 10.51 $ 12.39 $ 10.69 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,182 3,460 2,447 588 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Technology ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.77 $ 5.65 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 278 386 -- -- ------------------------------------------------------------------------------------------------------------------------------------
A-17 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green The unit values and number of units outstanding shown below are for contracts offered under Separate Account No. 49 with the same daily asset charges of 1.65%. 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, 2008.
------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2008 2007 ------------------------------------------------------------------------------------------------------------------------------------ AXA Aggressive Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.02 $ 15.09 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 88,738 64,596 ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.32 $ 11.79 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 42,602 10,068 ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.85 $ 12.43 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 39,676 23,580 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.76 $ 13.13 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 162,336 117,390 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.72 $ 14.48 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 307,331 240,939 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.70 $ 13.93 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 7,635 7,057 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.94 $ 10.74 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 5,624 2,177 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.54 $ 19.68 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 12,678 12,529 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.85 $ 16.27 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,155 3,846 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Ariel Appreciation II ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.66 $ 11.00 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,446 1,556 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA Rosenberg Value Long/Short Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.29 $ 11.10 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,525 3,847 ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock Basic Value Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.88 $ 14.23 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 8,195 7,001 ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock International Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.87 $ 19.38 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 8,942 9,184 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Boston Advisors Equity Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.49 $ 6.74 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 6,763 5,771 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.03 $ 13.04 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 994 982 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.17 $ 12.24 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 10,512 9,279 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ------------------------------------------- 2006 2005 2004 2003 ------------------------------------------------------------------------------------------------------------------------------------ AXA Aggressive Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.45 $ 12.46 $ 11.72 $ 10.66 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 32,813 12,508 4,674 195 ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.33 $ 10.83 $ 10.75 $ 10.31 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 5,935 3,738 1,736 116 ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.98 $ 11.20 $ 11.03 $ 10.41 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 16,150 9,271 3,928 215 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.57 $ 11.58 $ 11.24 $ 10.51 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 83,885 52,197 21,440 970 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.84 $ 12.29 $ 11.72 $ 10.67 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 152,231 69,680 21,528 560 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.69 $ 12.58 $ 12.26 $ 10.92 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 7,207 5,402 2,957 158 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.22 $ 10.07 $ 10.12 $ 10.09 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,691 1,398 905 69 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 17.91 $ 14.74 $ 13.00 $ 11.19 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 7,675 3,716 1,270 66 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.18 $ 13.22 $ 12.06 $ 10.75 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,926 1,783 913 81 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Ariel Appreciation II ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.32 $ 10.35 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 907 118 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA Rosenberg Value Long/Short Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.92 $ 10.95 $ 10.35 $ 10.16 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,611 2,568 878 43 ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock Basic Value Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.30 $ 12.02 $ 11.87 $ 10.92 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 5,785 4,888 3,020 210 ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock International Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 17.89 $ 14.47 $ 13.27 $ 11.09 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 7,223 4,026 1,161 30 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Boston Advisors Equity Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.61 $ 5.80 $ 5.55 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,814 3,177 208 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.83 $ 11.43 $ 10.68 $ 10.49 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 894 571 194 5 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.80 $ 11.17 $ 10.80 $ 10.41 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 6,225 2,419 273 15 ------------------------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information A-18 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008. (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ------------------------------------------- 2008 2007 2006 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.97 $ 13.44 $ 13.44 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 15,308 17,200 6,674 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Caywood-Scholl High Yield Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.86 $ 11.14 $ 11.02 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,932 2,709 1,957 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Davis New York Venture ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.61 $ 11.06 $ 10.84 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 12,038 7,823 1,788 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.63 $ 14.00 $ 13.56 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 13,591 11,756 9,866 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen International Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.16 $ 10.65 $ 9.91 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 8,932 4,959 2,013 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.34 $ 13.11 $ 11.98 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,848 2,691 1,979 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.01 $ 10.46 $ 10.42 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 22,020 19,931 3,992 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.36 $ 9.71 $ 10.81 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,589 2,069 384 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Templeton Founding Strategy ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.90 $ 9.50 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 73,834 36,003 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Mergers and Acquisitions ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.97 $ 11.77 $ 11.57 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,617 2,502 1,759 ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Small Company Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 19.06 $ 27.94 $ 26.00 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,032 3,011 1,796 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.36 $ 19.11 $ 16.87 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 12,557 12,092 11,624 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.52 $ 16.21 $ 14.18 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,806 3,860 1,674 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.76 $ 10.89 $ 10.74 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 13,286 14,134 11,680 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Value Opportunities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.33 $ 14.06 $ 14.47 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,028 2,094 1,769 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.53 $ 13.85 $ 13.56 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,341 1,364 1,455 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.57 $ 13.66 $ 12.19 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,045 3,311 2,506 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2005 2004 2003 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.20 $ 11.69 $ 10.72 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,879 2,900 86 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Caywood-Scholl High Yield Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.38 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 563 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Davis New York Venture ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.98 $ 11.67 $ 10.76 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 7,495 4,181 204 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen International Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.74 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 172 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.50 $ 11.25 $ 10.69 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,528 1,146 126 ------------------------------------------------------------------------------------------------------------------------------------ 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/Franklin Templeton Founding Strategy ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Mergers and Acquisitions ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.48 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 442 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Small Company Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 22.24 $ 21.68 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 802 76 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.38 $ 12.48 $ 11.17 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 7,243 3,564 178 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.48 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 373 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.50 $ 10.44 $ 10.20 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 7,995 3,501 284 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Value Opportunities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.22 $ 11.96 $ 10.97 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,018 473 42 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.21 $ 11.58 $ 10.57 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,271 643 69 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.46 $ 11.02 $ 10.34 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,386 595 44 ------------------------------------------------------------------------------------------------------------------------------------
A-19 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008. (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2008 2007 2006 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.90 $ 14.66 $ 12.89 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,429 2,960 1,215 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.40 $ 10.34 $ 11.17 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 6,687 7,005 5,957 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.90 $ 14.17 $ 15.10 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 17,618 19,894 14,100 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Long Term Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.90 $ 10.55 $ 9.99 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,905 1,635 878 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.74 $ 12.41 $ 12.19 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,958 3,773 3,163 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.63 $ 12.71 $ 11.68 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,823 1,698 1,248 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.30 $ 12.17 $ 12.30 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 8,482 7,885 5,585 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.86 $ 15.09 $ 13.45 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 27,244 25,093 20,022 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.86 $ 15.77 $ 14.84 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 10,589 10,337 8,706 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.92 $ 15.00 $ 15.51 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 5,726 6,668 6,490 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.59 $ 10.55 $ 10.24 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 26,885 8,854 4,632 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Montag & Caldwell Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 3.76 $ 5.69 $ 4.79 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 8,750 4,503 1,430 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mutual Shares ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.51 $ 10.70 $ 10.70 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 11,898 12,811 2,470 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Global ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.71 $ 11.52 $ 11.08 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,013 2,779 367 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Opportunity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.68 $ 11.11 $ 10.92 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 969 743 133 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Small Cap ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.50 $ 10.71 $ 11.09 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,314 1,662 182 ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO Real Return ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.13 $ 10.73 $ 9.79 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 25,636 14,527 8,303 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2005 2004 2003 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.16 $ 11.34 $ 10.24 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 705 369 29 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.63 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 563 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.65 $ 12.20 $ 10.93 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 9,522 5,080 310 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Long Term Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.98 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 743 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.58 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 874 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.54 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 527 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.13 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,163 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.51 $ 11.49 $ 10.57 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 11,881 5,249 435 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.53 $ 12.93 $ 11.33 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 5,920 3,260 291 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.02 $ 12.80 $ 11.04 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,526 2,213 149 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.97 $ 9.87 $ 9.96 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,041 1,005 42 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Montag & Caldwell Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.51 $ 4.35 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 883 38 -- ------------------------------------------------------------------------------------------------------------------------------------ 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 Opportunity ------------------------------------------------------------------------------------------------------------------------------------ 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 $ 9.91 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,300 -- -- ------------------------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information A-20 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008. (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2008 2007 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Quality Bond PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.07 $ 10.96 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,558 4,138 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.16 $ 10.55 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 5,000 2,217 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.21 $ 14.21 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,820 4,773 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T.Rowe Price Growth Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.36 $ 16.46 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,779 3,120 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Templeton Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.28 $ 10.79 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 9,057 10,518 ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 3.58 $ 6.07 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,308 3,079 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Comstock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.05 $ 11.38 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 10,821 9,921 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Emerging Markets Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.40 $ 34.34 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 9,040 8,306 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.28 $ 15.97 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 6,915 5,059 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Real Estate ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.97 $ 8.27 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 13,059 11,901 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.43 $ 14.17 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,350 1,191 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.17 $ 11.08 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 11,031 6,566 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.79 $ 13.61 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,575 4,083 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.46 $ 12.58 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 6,601 7,716 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.46 $ 20.15 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 7,867 7,136 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.22 $ 13.82 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,797 1,624 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.71 $ 12.49 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,987 3,875 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ------------------------------------------- 2006 2005 2004 2003 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Quality Bond PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.66 $ 10.44 $ 10.40 $ 10.20 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,340 2,303 1,119 95 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.18 $ 9.96 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,594 402 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.72 $ 12.72 $ 12.40 $ 10.71 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,061 2,210 1,215 79 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T.Rowe Price Growth Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.61 $ 16.53 $ 16.17 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 907 526 22 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Templeton Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.75 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,001 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.10 $ 5.43 $ 5.07 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,346 952 71 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Comstock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.86 $ 10.41 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 7,856 2,852 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Emerging Markets Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 24.59 $ 18.24 $ 13.97 $ 11.48 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 6,050 3,408 1,047 46 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.27 $ 12.35 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,350 533 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Real Estate ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.93 $ 12.51 $ 11.75 $ 10.66 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 976 442 210 15 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.61 $ 10.39 $ 10.38 $ 10.16 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 5,315 4,566 2,210 301 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.70 $ 12.28 $ 11.67 $ 10.59 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,143 1,765 716 86 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.40 $ 11.47 $ 11.32 $ 10.59 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 6,956 5,292 3,135 282 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 18.23 $ 14.79 $ 13.02 $ 11.23 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 5,220 2,536 1,127 65 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.38 $ 11.98 $ 11.41 $ 10.58 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,487 1,016 456 20 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.42 $ 11.59 $ 10.97 $ 10.45 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,137 2,204 1,141 59 ------------------------------------------------------------------------------------------------------------------------------------
A-21 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, 2008. (CONTINUED)
------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2008 2007 2006 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.65 $ 15.69 $ 15.40 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 6,951 6,335 5,165 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.12 $ 14.63 $ 13.30 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,317 3,883 3,570 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.20 $ 14.60 $ 14.83 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,175 4,025 3,627 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.98 $ 8.75 $ 8.58 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 6,845 6,231 3,530 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.02 $ 13.12 $ 14.80 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 6,403 7,224 7,719 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Technology ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.44 $ 14.29 $ 12.29 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,301 3,743 2,164 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ended December 31, ----------------------------------------- 2005 2004 2003 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.12 $ 12.46 $ 11.07 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,109 1,455 59 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.33 $ 11.57 $ 10.53 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,515 1,381 97 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.15 $ 12.45 $ 10.99 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,566 1,506 103 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.91 $ 7.49 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,416 31 -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.96 $ 12.59 $ 10.93 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 5,307 2,979 191 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Technology ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.65 $ 10.64 $ 10.31 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,431 675 35 ------------------------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information A-22 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix II: Purchase considerations for QP contracts* -------------------------------------------------------------------------------- Trustees who are considering the purchase of an Accumulator(R) Series QP contract should discuss with their tax advisers whether this is an appropriate investment vehicle for the employer's plan. Trustees should consider whether the plan provisions permit the investment of plan assets in the QP contract, the distribution of such an annuity, the purchase of the Guaranteed minimum income benefit and other guaranteed benefits, and the payment of death benefits in accordance with the requirements of the federal income tax rules. The QP contract and this Prospectus should be reviewed in full, and the following factors, among others, should be noted. Assuming continued plan qualification and operation, earnings on qualified plan assets will accumulate value on a tax-deferred basis even if the plan is not funded by the Accumulator(R) Series QP contract or another annuity contract. Therefore, you should purchase an Accumulator(R) Series QP contract to fund a plan for the contract's features and benefits other than tax deferral after considering the relative costs and benefits of annuity contracts and other types of arrangements and funding vehicles. We will not accept defined benefit plans. This QP contract accepts only transfer contributions from other investments within an existing qualified plan trust. We will not accept ongoing payroll contributions or other contributions from the employer. For 401(k) plans, no employee after-tax contributions are accepted. A "designated Roth contribution account" is not available in the QP contract. Checks written on accounts held in the name of the employer instead of the plan or the trustee will not be accepted. Only one additional transfer contribution may be made per contract year. The maximum contribution age is 75 (70, under Accumulator(R) Plus(SM) contracts), or if later, the first contract anniversary. If amounts attributable to an excess or mistaken contribution must be withdrawn, any or all of the following may apply: (1) withdrawal charges; (2) market value adjustments; or (3) benefit base adjustments to an optional benefit. AXA Equitable will not perform or provide any plan recordkeeping services with respect to the QP contracts. The plan's administrator will be solely responsible for performing or providing for all such services. There is no loan feature offered under the QP contracts, so if the plan provides for loans and a participant takes a loan from the plan, other plan assets must be used as the source of the loan and any loan repayments must be credited to other investment vehicles and/or accounts available under the plan. Given that required minimum distributions must generally commence from the plan for participants after age 70-1/2, trustees should consider: o whether required minimum distributions under QP contracts would cause withdrawals in excess of 6% of the Guaranteed minimum income benefit Roll-Up benefit base; o that provisions in the Treasury Regulations on required minimum distributions require that the actuarial present value of additional annuity contract benefits be added to the dollar amount credited for purposes of calculating required minimum distributions. This could increase the amounts required to be distributed; and o that if the Guaranteed minimum income benefit is automatically exercised as a result of the no lapse guarantee, payments will be made to the trustee. Finally, because the method of purchasing the QP contract, including the large initial contribution, and the features of the QP contract may appeal more to plan participants who are older and tend to be highly paid, and because certain features of the QP contract are available only to plan participants who meet certain minimum and/or maximum age requirements, plan trustees should discuss with their advisors whether the purchase of the QP contract would cause the plan to engage in prohibited discrimination in contributions, benefits or otherwise. * QP contracts are available for Accumulator(R), Accumulator(R) Plus(SM) and Accumulator(R) Elite(SM) contracts owners only. B-1 Appendix II: Purchase considerations for QP contracts* To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 February 17, 2009 to a fixed maturity option with a maturity date of February 15, 2017 (eight years later) at a hypothetical rate to maturity of 7.00% ("h" in the calculation below), resulting in a maturity value of $171,882 on the maturity date. We further assume that a withdrawal of $50,000, including any applicable withdrawal charge, is made four years later on February 15, 2013(a). Please note that withdrawal charges do not apply to Accumulator(R) Select(SM) contract owners.
------------------------------------------------------------------------------------------------------------------------------------ Hypothetical assumed rate to maturity(j) ("j" in the calculation below) February 15, 2013 ------------------------------------------------------ 5.00% 9.00% ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ As of February 15, 2013 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 February 15, 2013 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% (D/365) (1,461/365) (1+j) (1+j) (c) Fixed maturity amount is based on the following calculation: Maturity value $171,882 --------------- = -------------------- (D/365) (1,461/365) (1+h) (1+0.07) (d) Maturity value is based on the following calculation: (D/365) (1,461/365) Fixed maturity amount - (1+h) = ($84,741 or $77,257) - (1+0.07)
Appendix III: Market value adjustment example C-1 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix IV: 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 for Accumulator(R), Accumulator(R) Elite(SM) and Accumulator(R) Select(SM) contracts. The enhanced death benefit calculation for Accumulator(R) Plus(SM) contracts is illustrated on the next page. Assuming $100,000 is allocated to the variable investment options (with no allocation to the EQ/Intermediate Government Bond Index, EQ/Money Market, EQ/Short Duration Bond, the guaranteed interest option or the fixed maturity options), no additional contributions, no transfers, no withdrawals and no loans under a Rollover TSA contract, the enhanced death benefit for an owner age 45 would be calculated as follows:
-------------------------------------------------------------------------------------------------------- End of contract 6% Roll-Up to age 85 Annual Ratchet to age 85 GWBL Enhanced year Account value benefit base benefit base death benefit base -------------------------------------------------------------------------------------------------------- 1 $105,000 $ 106,000(4) $ 105,000(1) $ 105,000(5) -------------------------------------------------------------------------------------------------------- 2 $115,500 $ 112,360(3) $ 115,500(1) $ 115,500(5) -------------------------------------------------------------------------------------------------------- 3 $129,360 $ 119,102(3) $ 129,360(1) $ 129,360(5) -------------------------------------------------------------------------------------------------------- 4 $103,488 $ 126,248(3) $ 129,360(2) $ 135,828(6) -------------------------------------------------------------------------------------------------------- 5 $113,837 $ 133,823(4) $ 129,360(2) $ 142,296(6) -------------------------------------------------------------------------------------------------------- 6 $127,497 $ 141,852(4) $ 129,360(2) $ 148,764(6) -------------------------------------------------------------------------------------------------------- 7 $127,497 $ 150,363(4) $ 129,360(2) $ 155,232(6) --------------------------------------------------------------------------------------------------------
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 Annual Ratchet to age 85 enhanced death benefit is equal to the current account value. (2) At the end of contract years 4 through 7, the death benefit is equal to the Annual Ratchet to age 85 enhanced death benefit at the end of the prior year since it is higher than the current account value. GREATER OF 6% ROLL-UP TO AGE 85 OR 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. (3) At the end of contract years 2 through 4, the enhanced death benefit will be based on the Annual Ratchet to age 85. (4) At the end of contract years 1 and 5 through 7, the enhanced death benefit will be based on the 6% Roll-Up to age 85. 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. (5) At the end of contract years 1 through 3, the GWBL Enhanced death benefit is equal to the current account value. (6) At the end of contract years 4 through 7, the GWBL Enhanced death benefit is greater than the current account value. D-1 Appendix IV: Enhanced death benefit example To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green The following illustrates the enhanced death benefit calculation for Accumulator(R) Plus(SM) contracts. Assuming $100,000 is allocated to the variable investment options (with no allocation to the EQ/Intermediate Government Bond Index, EQ/Money Market, EQ/Short Duration Bond, the guaranteed interest option or the fixed maturity options) , no additional contributions, no transfers, no withdrawals and no loans under a Rollover TSA contract, the enhanced death benefit for an owner age 45 would be calculated as follows:
-------------------------------------------------------------------------------------------------------------------- End of Contract 6% Roll-Up to age 85 Annual Ratchet to age 85 GWBL Enhanced Year Account Value benefit base benefit base death benefit base -------------------------------------------------------------------------------------------------------------------- 1 $109,200 $ 106,000(3) $ 109,200(1) $ 109,200(5) -------------------------------------------------------------------------------------------------------------------- 2 $120,120 $ 112,360(3) $ 120,120(1) $ 120,120(5) -------------------------------------------------------------------------------------------------------------------- 3 $134,534 $ 119,102(3) $ 134,534(1) $ 134,534(5) -------------------------------------------------------------------------------------------------------------------- 4 $107,628 $ 126,248(3) $ 134,534(3) $ 141,261(6) -------------------------------------------------------------------------------------------------------------------- 5 $118,390 $ 133,823(3) $ 134,534(2) $ 147,988(6) -------------------------------------------------------------------------------------------------------------------- 6 $132,597 $ 141,852(4) $ 134,534(2) $ 154,715(6) -------------------------------------------------------------------------------------------------------------------- 7 $132,597 $ 150,363(4) $ 134,534(2) $ 161,441(6) --------------------------------------------------------------------------------------------------------------------
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 Annual Ratchet to age 85 enhanced death benefit is equal to the current account value. (2) At the end of contract years 4 through 7, the death benefit is equal to the Annual Ratchet to age 85 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 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. (3) At the end of contract years 1 through 5, the enhanced death benefit will be based on the Annual Ratchet to age 85. (4) At the end of contract years 6 and 7, the enhanced death benefit will be based on the 6% Roll-Up to age 85. 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. (5) At the end of contract years 1 through 3, the GWBL Enhanced death benefit is equal to the current account value. (6) At the end of contract years 4 through 7, the GWBL Enhanced death benefit is greater than the current account value. Appendix IV: Enhanced death benefit example D-2 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix V: 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 Annual Ratchet to age 85" enhanced death benefit, the Earnings enhancement benefit and the Guaranteed minimum income benefit under certain hypothetical circumstances for Accumulator(R), Accumulator(R) Plus(SM), Accumulator(R) Elite(SM) and Accumulator(R) Select(SM) contracts, respectively. 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 (2.47)%, 3.53% for the Accumulator(R) contracts; (2.72)% and 3.28% for Accumulator(R) Plus(SM) contracts (2.82)% and 3.18% for Accumulator(R) Elite(SM) contracts; and (2.87)% and 3.13% for Accumulator(R) Select(SM) contracts, respectively 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 enhanced death benefit, the Earnings enhancement benefit and the Guaranteed minimum income benefit features, as well as the annual administrative charge. If the net annual rates of return did reflect these charges, the net annual rates of return shown 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 or Annual Ratchet to age 85" enhanced death benefit charge, the Earnings enhancement benefit charge, the Guaranteed minimum income benefit charge and any applicable administrative charge and withdrawal 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 date 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 0.61%, and (2) an assumed average asset charge for all other expenses of the underlying portfolios equivalent to an effective annual rate of 0.31% 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 account value 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. E-1 Appendix V: Hypothetical illustrations To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Variable deferred annuity Accumulator(R) $100,000 Single contribution and no withdrawals Male, issue age 60 Benefits: Greater of 6% Roll-Up to age 85 or Annual Ratchet to age 85 Guaranteed minimum death benefit Earnings enhancement benefit Guaranteed minimum income benefit
Greater of 6% Roll-Up to age Lifetime Annual 85 or Annual Guaranteed Minimum Income Benefit Ratchet to age ---------------------------------- 85 Guaranteed Total Death Benefit Minimum Death with the Earnings Guaranteed Hypothetical Account Value Cash Value Benefit enhancement benefit Income Income Contract ------------------- ------------------ ------------------- ------------------- ----------------- ---------------- Age Year 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% ----- --------- --------- --------- -------- --------- --------- --------- --------- --------- -------- -------- -------- ------- 60 1 100,000 100,000 93,000 93,000 100,000 100,000 100,000 100,000 N/A N/A N/A N/A 61 2 95,814 101,793 88,814 94,793 106,000 106,000 108,400 108,400 N/A N/A N/A N/A 62 3 91,664 103,561 85,664 97,561 112,360 112,360 117,304 117,304 N/A N/A N/A N/A 63 4 87,542 105,297 81,542 99,297 119,102 119,102 126,742 126,742 N/A N/A N/A N/A 64 5 83,443 106,995 78,443 101,995 126,248 126,248 136,747 136,747 N/A N/A N/A N/A 65 6 79,360 108,649 76,360 105,649 133,823 133,823 147,352 147,352 N/A N/A N/A N/A 66 7 75,288 110,250 74,288 109,250 141,852 141,852 158,593 158,593 N/A N/A N/A N/A 67 8 71,219 111,792 71,219 111,792 150,363 150,363 170,508 170,508 N/A N/A N/A N/A 68 9 67,148 113,265 67,148 113,265 159,385 159,385 183,139 183,139 N/A N/A N/A N/A 69 10 63,066 114,661 63,066 114,661 168,948 168,948 196,527 196,527 N/A N/A N/A N/A 74 15 42,189 120,101 42,189 120,101 226,090 226,090 276,527 276,527 13,520 13,520 13,520 13,520 79 20 19,789 121,747 19,789 121,747 302,560 302,560 383,584 383,584 20,272 20,272 20,272 20,272 84 25 0 117,366 0 117,366 0 404,893 0 493,179 32,391 32,391 32,391 32,391 89 30 0 119,173 0 119,173 0 429,187 0 517,472 N/A N/A N/A N/A 94 35 0 124,445 0 124,445 0 429,187 0 517,472 N/A N/A N/A N/A 95 36 0 125,602 0 125,602 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 V: Hypothetical illustrations E-2 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Variable deferred annuity Accumulator(R) Plus(SM) $100,000 Single contribution and no withdrawals Male, issue age 60 Benefits: Greater of 6% Roll-Up to age 85 or Annual Ratchet to age 85 Guaranteed minimum death benefit Earnings enhancement benefit Guaranteed minimum income benefit
Greater of 6% Roll-Up to age Lifetime Annual 85 or Annual Guaranteed Minimum Income Benefit Ratchet to age ---------------------------------- 85 Guaranteed Total Death Benefit Minimum Death with the Earnings Guaranteed Hypothetical Account Value Cash Value Benefit enhancement benefit Income Income Contract ------------------- ------------------ ------------------- ------------------- ----------------- ---------------- Age Year 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% ----- --------- --------- --------- -------- --------- --------- --------- --------- --------- -------- -------- -------- ------- 60 1 104,000 104,000 96,000 96,000 100,000 100,000 100,000 100,000 N/A N/A N/A N/A 61 2 99,443 105,661 91,443 97,661 106,000 106,000 108,400 108,400 N/A N/A N/A N/A 62 3 94,943 107,288 87,943 100,288 112,360 112,360 117,304 117,304 N/A N/A N/A N/A 63 4 90,492 108,875 83,492 101,875 119,102 119,102 126,742 126,742 N/A N/A N/A N/A 64 5 86,085 110,415 80,085 104,415 126,248 126,248 136,747 136,747 N/A N/A N/A N/A 65 6 81,714 111,902 76,714 106,902 133,823 133,823 147,352 147,352 N/A N/A N/A N/A 66 7 77,372 113,328 73,372 109,328 141,852 141,852 158,593 158,593 N/A N/A N/A N/A 67 8 73,052 114,685 70,052 111,685 150,363 150,363 170,508 170,508 N/A N/A N/A N/A 68 9 68,747 115,965 68,747 115,965 159,385 159,385 183,139 183,139 N/A N/A N/A N/A 69 10 64,449 117,157 64,449 117,157 168,948 168,948 196,527 196,527 N/A N/A N/A N/A 74 15 42,763 121,439 42,763 121,439 226,090 226,090 276,527 276,527 13,520 13,520 13,520 13,520 79 20 19,893 121,693 19,893 121,693 302,560 302,560 383,584 383,584 20,272 20,272 20,272 20,272 84 25 0 115,710 0 115,710 0 404,893 0 493,179 0 32,391 0 32,391 89 30 0 115,716 0 115,716 0 429,187 0 517,472 N/A N/A N/A N/A 94 35 0 118,853 0 118,853 0 429,187 0 517,472 N/A N/A N/A N/A 95 36 0 119,537 0 119,537 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. E-3 Appendix V: Hypothetical illustrations To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Variable deferred annuity Accumulator(R) Elite(SM) $100,000 Single contribution and no withdrawals Male, issue age 60 Benefits: Greater of 6% Roll-Up to age 85 or Annual Ratchet to age 85 Guaranteed minimum death benefit Earnings enhancement benefit Guaranteed minimum income benefit
Greater of 6% Roll-Up to age Lifetime Annual 85 or Annual Guaranteed Minimum Income Benefit Ratchet to age ---------------------------------- 85 Guaranteed Total Death Benefit Minimum Death with the Earnings Guaranteed Hypothetical Account Value Cash Value Benefit enhancement benefit Income Income Contract ------------------- ------------------ ------------------- ------------------- ----------------- ---------------- Age Year 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% ----- --------- --------- --------- -------- --------- --------- --------- --------- --------- -------- -------- -------- ------- 60 1 100,000 100,000 92,000 92,000 100,000 100,000 100,000 100,000 N/A N/A N/A N/A 61 2 95,466 101,445 88,466 94,445 106,000 106,000 108,400 108,400 N/A N/A N/A N/A 62 3 90,992 102,847 84,992 96,847 112,360 112,360 117,304 117,304 N/A N/A N/A N/A 63 4 86,571 104,202 81,571 99,202 119,102 119,102 126,742 126,742 N/A N/A N/A N/A 64 5 82,197 105,502 82,197 105,502 126,248 126,248 136,747 136,747 N/A N/A N/A N/A 65 6 77,863 106,740 77,863 106,740 133,823 133,823 147,352 147,352 N/A N/A N/A N/A 66 7 73,562 107,909 73,562 107,909 141,852 141,852 158,593 158,593 N/A N/A N/A N/A 67 8 69,285 109,000 69,285 109,000 150,363 150,363 170,508 170,508 N/A N/A N/A N/A 68 9 65,026 110,005 65,026 110,005 159,385 159,385 183,139 183,139 N/A N/A N/A N/A 69 10 60,777 110,913 60,777 110,913 168,948 168,948 196,527 196,527 N/A N/A N/A N/A 74 15 39,346 113,635 39,346 113,635 226,090 226,090 276,527 276,527 13,520 13,520 13,520 13,520 79 20 16,826 112,081 16,826 112,081 302,560 302,560 383,584 383,584 20,272 20,272 20,272 20,272 84 25 0 104,030 0 104,030 0 404,893 0 493,179 0 32,391 0 32,391 89 30 0 101,688 0 101,688 0 429,187 0 517,472 N/A N/A N/A N/A 94 35 0 102,114 0 102,114 0 429,187 0 517,472 N/A N/A N/A N/A 95 36 0 102,206 0 102,206 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 V: Hypothetical illustrations E-4 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Variable deferred annuity Accumulator(R) Select(SM) $100,000 Single contribution and no withdrawals Male, issue age 60 Benefits: Greater of 6% Roll-Up to age 85 or Annual Ratchet to age 85 Guaranteed minimum death benefit Earnings enhancement benefit Guaranteed minimum income benefit
Greater of 6% Roll-Up to age Lifetime Annual 85 or Annual Guaranteed Minimum Income Benefit Ratchet to age ---------------------------------- 85 Guaranteed Total Death Benefit Minimum Death with the Earnings Guaranteed Hypothetical Account Value Cash Value Benefit enhancement 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 95,416 101,395 95,416 101,395 106,000 106,000 108,400 108,400 N/A N/A N/A N/A 62 3 90,896 102,746 90,896 102,746 112,360 112,360 117,304 117,304 N/A N/A N/A N/A 63 4 86,433 104,046 86,433 104,046 119,102 119,102 126,742 126,742 N/A N/A N/A N/A 64 5 82,021 105,290 82,021 105,290 126,248 126,248 136,747 136,747 N/A N/A N/A N/A 65 6 77,651 106,470 77,651 106,470 133,823 133,823 147,352 147,352 N/A N/A N/A N/A 66 7 73,318 107,578 73,318 107,578 141,852 141,852 158,593 158,593 N/A N/A N/A N/A 67 8 69,012 108,606 69,012 108,606 150,363 150,363 170,508 170,508 N/A N/A N/A N/A 68 9 64,727 109,545 64,727 109,545 159,385 159,385 183,139 183,139 N/A N/A N/A N/A 69 10 60,456 110,386 60,456 110,386 168,948 168,948 196,527 196,527 N/A N/A N/A N/A 74 15 38,951 112,735 38,951 112,735 226,090 226,090 276,527 276,527 13,520 13,520 13,520 13,520 79 20 16,420 110,751 16,420 110,751 302,560 302,560 383,584 383,584 20,272 20,272 20,272 20,272 84 25 0 102,217 0 102,217 0 404,893 0 493,179 0 32,391 0 32,391 89 30 0 99,340 0 99,340 0 429,187 0 517,472 N/A N/A N/A N/A 94 35 0 99,153 0 99,153 0 429,187 0 517,472 N/A N/A N/A N/A 95 36 0 99,113 0 99,113 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. E-5 Appendix V: Hypothetical illustrations To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix VI: Earnings enhancement benefit example -------------------------------------------------------------------------------- The following illustrates the calculation of a death benefit that includes the Earnings enhancement benefit for an owner age 45. The example assumes a contribution of $100,000 and no additional contributions. Where noted, a single withdrawal in the amount shown is also assumed. The calculation is as follows:
No withdrawal $3,000 withdrawal $6,000 withdrawal --------------------------------------------------------------------------------------------------------------------- A Initial contribution 100,000 100,000 100,000 --------------------------------------------------------------------------------------------------------------------- B Death benefit: prior to withdrawal.* 104,000 104,000 104,000 --------------------------------------------------------------------------------------------------------------------- Earnings enhancement benefit earnings: death benefit less net contributions (prior to the withdrawal in C D). 4,000 4,000 4,000 B minus A. --------------------------------------------------------------------------------------------------------------------- D Withdrawal 0 3,000 6,000 --------------------------------------------------------------------------------------------------------------------- Excess of the withdrawal over the Earnings E enhancement benefit earnings 0 0 2,000 greater of D minus C or zero --------------------------------------------------------------------------------------------------------------------- Net contributions (adjusted for the withdrawal in D) F A minus E 100,000 100,000 98,000 --------------------------------------------------------------------------------------------------------------------- Death benefit (adjusted for the withdrawal in D) G B minus D 104,000 101,000 98,000 --------------------------------------------------------------------------------------------------------------------- Death benefit less net contributions H G minus F 4,000 1,000 0 --------------------------------------------------------------------------------------------------------------------- I Earnings enhancement benefit factor 40% 40% 40% --------------------------------------------------------------------------------------------------------------------- Earnings enhancement benefit J H times I 1,600 400 0 --------------------------------------------------------------------------------------------------------------------- Death benefit: including the Earnings enhancement K benefit G plus J 105,600 101,400 98,000 ---------------------------------------------------------------------------------------------------------------------
* The death benefit is the greater of the account value or any applicable death benefit. Appendix VI: Earnings enhancement benefit example F-1 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix VII: State contract availability and/or variations of certain features and benefits -------------------------------------------------------------------------------- The following information is a summary of the states where the Accumulator(R) Series contracts or certain features and/or benefits in the contracts are either not available or vary from the respective contract's features and benefits as previously described in this Prospectus. Certain features and/or benefits may have been approved in your state after your contract was issued and cannot be added. Please contact your financial professional for more information about availability in your state. See also Appendix VIII later in this Prospectus for information about the availability of certain features under your contract. STATES WHERE CERTAIN ACCUMULATOR(R) SERIES CONTRACT'S FEATURES AND/OR BENEFITS ARE NOT AVAILABLE OR VARY:
------------------------------------------------------------------------------------------ State Features and Benefits ------------------------------------------------------------------------------------------ CALIFORNIA See "Contract features and benefits"--"Your right to can- cel within a certain number of days" ------------------------------------------------------------------------------------------ FLORIDA See "Contract features and benefits" in "Credits" (For Accumulator(R) Plus(SM) contracts only) ------------------------------------------------------------------------------------------ OREGON See "We require that the following types of communica- (For Accumulator(R), tions be on specific forms we provide for that purpose:" in Accumulator(R) Plus(SM) "Who is AXA Equitable?" and Accumulator(R) Elite(SM) contracts only --Accumulator(R) Flexible Premium IRA, Flexible Premium Roth IRA and QP Select(SM) contracts not contracts available) Fixed maturity options Automatic investment program ------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------ 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, if available), the amount of your refund will be equal to your contribution less interest, unless you make a trans- fer, 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 the Principal guarantee ben- efit or Guaranteed withdrawal benefit for life is elected, the investment allocation during the 30 day free look period is limited to the guaranteed interest option. If you allocate any portion of your initial contribution to the variable invest- ment 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. ------------------------------------------------------------------------------------------ FLORIDA The following information replaces the second bullet to the final set of bullets in this section: o You may annuitize your contract after thirteen months, however, if you elect to receive annuity payments within five years of the contract date, we will recover the credit that applies to any contribution made in that five years. If you start receiving annuity payments after five years from the contract date and within three years of making any contribution, we will recover the credit that applies to any contribution made within the prior three years. ------------------------------------------------------------------------------------------ OREGON The following is added: (For Accumulator(R), (20) requests for required minimum distributions, other Accumulator(R) Plus(SM) than pursuant to our automatic RMD service. and Accumulator(R) Elite(SM) contracts only --Accumulator(R) Not Available Select(SM) contracts not available) Not Available Not Available ------------------------------------------------------------------------------------------
G-1 Appendix VII: State contract availability and/or variations of certain features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------ State Features and Benefits ------------------------------------------------------------------------------------------ OREGON Special dollar cost averaging program (CONTINUED) (For Accumulator(R) and Accumulator(R) Elite(SM) contracts only) See "How you can purchase and contribute to your con- tract" in "Contract features and benefits" See "Guaranteed minimum death benefit/Guaranteed mini- mum income benefit roll-up benefit base reset" in "Contract features and benefits" See "Lifetime required minimum distribution withdrawals" under "Withdrawing your account value" in "Accessing your money" See "Selecting an annuity payout option" under "Your annuity payout options" in "Accessing your money" See "Greater of 6% Roll-Up to age 85 or Annual Ratchet to age 85" under "Guaranteed minimum death benefit charge" in "Charges and expenses" See "Disability, terminal illness, or confinement to nursing home" under "Withdrawal charge" in "Charges and expenses" ------------------------------------------------------------------------------------------ PENNSYLVANIA Contributions Special dollar cost averaging program (For Accumulator(R) and Accumulator(R) Elite(SM) contracts only) See "Disability, terminal illness, or confinement to nursing home" under "Withdrawal charge" in "Charges and expenses" (For Accumulator(R), Accumulator(R) Plus(SM) and Accumulator(R) Elite(SM) contracts only) ------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------ State Availability or Variation ------------------------------------------------------------------------------------------ OREGON o Available only during the first contract year. (CONTINUED) o Subsequent contributions cannot be used to elect new programs after the first contract year. You may make subsequent contributions to the initial programs while they are still running. Additional contributions are limited to the first year after the contract issue date only. The Roll-Up benefit base is eligible for reset beginning on the fifth contract date anniversary and on each fifth or later contract date anniversary after a reset. The following replaces the third paragraph: We generally will not impose a withdrawal charge on mini- mum distribution withdrawals even if you are not enrolled in our automatic RMD service except if, when added to a lump sum withdrawal previously taken in the same contract year, the minimum distribution withdrawals exceed the 10% free withdrawal amount. In order to avoid a with- drawal charge in connection with minimum distribution withdrawals outside of our automatic RMD service, you must notify us using our request form. Such minimum distri- bution withdrawals must be based solely on your contract's account value. for Accumulator(R) contracts: An annuity commencement date earlier than seven years from the contract issue date may not be elected. for Accumulator(R) Elite(SM) contracts: An annuity commencement date earlier than four years from the contract issue date may not be elected. for Accumulator(R) Plus(SM) contracts: An annuity commencement date earlier than eight years from the contract issue date may not be elected. The charge is equal to 0.60% of the Greater of 6% Roll-Up to age 85 or Annual Ratchet to age 85 benefit base. Item (i) under this section is deleted in its entirety ------------------------------------------------------------------------------------------ PENNSYLVANIA Your contract refers to contributions as premiums. In Pennsylvania, we refer to this program as "enhanced rate dollar cost averaging." Item (iii) under this section is deleted in its entirety. ------------------------------------------------------------------------------------------
Appendix VII: State contract availability and/or variations of certain features and benefits G-2 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
-------------------------------------------------------------------------------- State Features and Benefits -------------------------------------------------------------------------------- PENNSYLVANIA Required disclosure for Pennsylvania customers (CONTINUED) -------------------------------------------------------------------------------- PUERTO RICO IRA, Roth IRA, Inherited IRA, QP and Rollover TSA contracts Beneficiary continuation option (IRA) Tax Information--Special rules for NQ contracts -------------------------------------------------------------------------------- TEXAS See "Charges that AXA Equitable deducts" under "Annual administrative charge" in "Charges and expenses" -------------------------------------------------------------------------------- WASHINGTON Guaranteed interest option Investment simplifier -- Fixed-dollar option and Interest sweep option Fixed maturity options Income Manager(R) payout option Earnings enhancement benefit Special dollar cost averaging program (For Accumulator(R) and Accumulator(R) Elite(SM) contracts only) "Greater of 6% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit" See "Guaranteed minimum death benefit charge" in "Fee table" and in "Charges and expenses" -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- State Availability or Variation -------------------------------------------------------------------------------- PENNSYLVANIA Any person who knowingly and with intent to defraud any (CONTINUED) insurance company or other person files an application for insurance or statement of claim containing any materially false information or conceals for the purpose of misleading, information concerning any fact material thereto commits a fraudulent insurance act, which is a crime and subjects such person to criminal and civil penalties. -------------------------------------------------------------------------------- PUERTO RICO Not Available Not Available 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 resi- dents 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 con- tract 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 per- sonal situation and the timing of the different tax liabilities, you may not be able to take full advantage of this credit. -------------------------------------------------------------------------------- TEXAS We will deduct the annual administrative charge on a pro rata basis but only from your value in the variable invest- ment options. We will not deduct this charge from your value in the guaranteed interest option. -------------------------------------------------------------------------------- WASHINGTON Not Available Not Available Not Available Not Available Not Available o Available only at issue o Subsequent contributions cannot be used to elect new programs. You may make subsequent contributions to the initial programs while they are still running. All references to this feature are deleted in their entirety. You have the choice of the following guaranteed minimum death benefits: the Greater of 4% Roll-Up to age 85 or Annual Ratchet to age 85; the Annual Ratchet to age 85; the Standard death benefit; the GWBL Enhanced death benefit; or the GWBL Standard death benefit. The charge for the Greater of 4% Roll-Up to age 85 or Annual Ratchet to age 85 is 0.60% --------------------------------------------------------------------------------
G-3 Appendix VII: State contract availability and/or variations of certain features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
-------------------------------------------------------------------------------- State Features and Benefits -------------------------------------------------------------------------------- WASHINGTON See "Guaranteed minimum death benefit and Guaranteed (CONTINUED) minimum income benefit base" in "Contract features and benefits" See "Guaranteed minimum death benefit/Guaranteed minimum income benefit roll-up benefit base reset" in "Contract features and benefits" See "Guaranteed minimum death benefit" in "Contract features and benefits" See "Annual administrative charge" in "Charges and expenses" -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- State Availability or Variation -------------------------------------------------------------------------------- WASHINGTON o If you elect the 6% Guaranteed minimum income benefit with (CONTINUED) the Greater of 4% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit, the variable investment options (other than those variable investment options that roll up at 3%), the account for special dollar cost averaging program and the account for 12 month dollar cost averaging will roll up at an annual rate of 6% for the Guaranteed minimum income benefit base and 4% for the 4% Roll-Up to age 85 benefit base. o If you elect the Greater of 4% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit, with- out the Guaranteed minimum income benefit, the variable investment options (other than those variable investment options that roll up at 3%), the account for special dollar cost averaging program and the account for 12 month dollar cost averaging will roll up at an annual rate of 4% for the 4% Roll-Up to age 85 benefit base. Your "Greater of 4% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit" benefit base will reset only if your account value is greater than your Guaranteed minimum income benefit roll-up benefit base. You have a choice of the Standard death benefit, the Annual Ratchet to age 85 enhanced death benefit, or the Greater of 4% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit. The second paragraph of this section is replaced with the following: For Accumulator(R) and Accumulator(R) Elite(SM) contracts: The annual administrative charge will be deducted from the value in the variable investment options on a pro rata basis. If those amounts are insufficient, we will deduct all or a portion of the charge from the account for special dollar cost averaging. If the contract is surrendered or annuitized or a death benefit is paid on a date other than a contract date anniversary, we will deduct a pro rata portion of that charge for the year. For Accumulator(R) Select(SM) contracts: The annual administrative charge will be deducted from the value in the variable investment options on a pro rata basis. If those amounts are insufficient, we will deduct all or a portion of the charge from the account for 12 month dollar cost averaging. If the contract is surrendered or annuitized or a death benefit is paid on a date other than a contract date anniversary, we will deduct a pro rata portion of that charge for the year. For Accumulator(R) Plus(SM) contracts: The annual administrative charge will be deducted from the value in the variable investment options on a pro rata basis. If the contract is surrendered or annuitized or a death ben- efit is paid on a date other than a contract date anniversary, we will deduct a pro rata portion of that charge for the year. --------------------------------------------------------------------------------
Appendix VII: State contract availability and/or variations of certain features and benefits G-4 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
-------------------------------------------------------------------------------- State Features and Benefits -------------------------------------------------------------------------------- WASHINGTON See "How withdrawals affect your Guaranteed minimum (CONTINUED) income benefit, Guaranteed minimum death benefit and Principal guarantee benefits" in "Accessing your money" See "10% free withdrawal amount" under "Withdrawal charge" in "Charges and expenses" (For Accumulator(R), Accumulator(R) Plus(SM) and Accumulator(R) Elite(SM) contracts only) See "Certain withdrawals" under "Withdrawal charge" in "Charges and expenses" (For Accumulator(R), Accumulator(R) Plus(SM) and Accumulator(R) Elite(SM) contracts only) See "Withdrawal charge" in "Charges and expenses" under "Disability, terminal illness, or confinement to nursing home" (For Accumulator(R), Accumulator(R) Plus(SM) and Accu- mulator(R) Elite(SM) contracts only) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- State Availability or Variation -------------------------------------------------------------------------------- WASHINGTON The first sentence of the third paragraph is replaced with (CONTINUED) the following: With respect to the Guaranteed minimum income benefit and the Greater of 4% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit, withdrawals (including any applicable withdrawal charges) will reduce each of the benefits' Roll-Up to age 85 benefit base on a dollar-for- dollar basis, as long as the sum of the withdrawals in a contract year is 6% or less of each benefit's Roll-Up benefit base on the contract issue date or the most recent contract date anniversary, if later. With respect to the Greater of 4% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit, if elected without the Guaranteed minimum income benefit, withdrawals (including any applicable with- drawal charges) will reduce the 4% Roll-Up to age 85 benefit base on a dollar-for-dollar basis, as long as the sum of the withdrawals in a contract year is 6% or less of the 4% Roll-Up to age 85 benefit base on the contract issue date or the most recent contract date anniversary, if later. The 10% free withdrawal amount applies to full surrenders. If you elect the Greater of 4% Roll-Up to age 85 or Annual Ratchet to age 85 enhanced death benefit without a Guar- anteed minimum income benefit, the withdrawal charge will be waived for any withdrawal that, together with any prior withdrawals made during the contract year, does not exceed 6% of the beginning of contract year 4% Roll-Up to age 85 benefit base, even if such withdrawals exceed the free with- drawal amount. The owner (or older joint owner, if applicable) has qualified to receive Social Security disability benefits as certified by the Social Security Administration or a statement from an independent U.S. licensed physician stating that the owner (or older joint owner, if applicable) meets the definition of total disability for at least 6 continuous months prior to the notice of claim. Such disability must be re-certified every 12 months. --------------------------------------------------------------------------------
G-5 Appendix VII: State contract availability and/or variations of certain features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix VIII: Contract variations -------------------------------------------------------------------------------- You should note that your contract's options, features and charges may vary from what is described in this Prospectus depending on the approximate date on which you purchased your contract. You may not change your contract or its features after issue. This Appendix reflects contract variations that differ from what is described in this Prospectus but may have been in effect at the time your contract was issued. If you purchased your contract during the "Approximate Time Period" below, the noted variation may apply to you. In addition, options and/or features may vary among states in light of applicable regulations or state approvals. Any such state variations are generally not included here but instead included in Appendix VII earlier in this section. For more information about state variations applicable to you, as well as particular features, charges and options available under your contract based upon when you purchased it, please contact your financial professional and/or refer to your contract.
------------------------------------------------------------------------------------------------------------------------------------ Approximate Time Period Feature/Benefit Variation ------------------------------------------------------------------------------------------------------------------------------------ July 10, 2006 - January 15, 2007 Greater of 6% Roll-Up to age 85 or Annual The fee for this benefit is 0.60%. Ratchet to age 85 enhanced death benefit Guaranteed minimum death benefit/ The Roll-Up benefit base is eligible for reset Guaranteed minimum income benefit roll-up beginning on the fifth contract date anniversary benefit base reset and on each fifth or later contract date anniversary after a reset. ------------------------------------------------------------------------------------------------------------------------------------ January 16, 2007 - present Greater of 6% Roll-Up to age 85 or Annual The fee for this benefit is 0.65%.* Ratchet to age 85 enhanced death benefit Guaranteed minimum death benefit/ The Roll-Up benefit base is eligible for reset Guaranteed minimum income benefit roll-up annually.* benefit base reset ------------------------------------------------------------------------------------------------------------------------------------
* This charge and feature are not available to contracts issued in Oregon. Appendix VIII: Contract variations H-1 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Statement of additional information -------------------------------------------------------------------------------- TABLE OF CONTENTS Page Who is AXA Equitable? 2 Unit Values 2 Calculation of Annuity Payments 2 Custodian and Independent Registered Public Accounting Firm 3 Distribution of the Contracts 3 Financial Statements 3 How to obtain an Accumulator(R) Series Statement of Additional Information for Separate Account No. 49 Send this request form to: Accumulator(R) P.O. Box 1547 Secaucus, NJ 07096-1547 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Please send me an Accumulator(R) Series SAI for Separate Account No. 49 dated May 1, 2009. -------------------------------------------------------------------------------- Name -------------------------------------------------------------------------------- Address -------------------------------------------------------------------------------- City State Zip x02411/'06/'06.5 All The Accumulator(R) Series A combination variable and fixed deferred annuity contract STATEMENT OF ADDITIONAL INFORMATION MAY 1, 2009 AXA Equitable Life Insurance Company 1290 Avenue of the Americas New York, New York 10104 -------------------------------------------------------------------------------- This Statement of Additional Information ("SAI") is not a Prospectus. It should be read in conjunction with the related Accumulator(R) Series Prospectus, dated May 1, 2009. That Prospectus provides detailed information concerning the contracts and the variable investment options, the fixed maturity options and the guaranteed interest option that fund the contracts. Each variable investment option is a subaccount of AXA Equitable's Separate Account No. 49. Definitions of special terms used in the SAI are found in the Prospectus. On September 7, 2004, our name was changed from "The Equitable Life Assurance Society of the United States" to "AXA Equitable Life Insurance Company." A copy of the Prospectus is available free of charge by writing the processing office (Post Office Box 1547, Secaucus, NJ 07096-1547), by calling 1-800-789-7771 toll free, or by contacting your financial professional. TABLE OF CONTENTS Who is AXA Equitable? 2 Unit Values 2 Calculation of Annuity Payments 2 Custodian and Independent Registered Public Accounting Firm 3 Distribution of the Contracts 3 Financial Statements 3 Copyright 2009 AXA Equitable Life Insurance Company. All rights reserved. Accumulator(R) is a registered service mark of AXA Equitable Life Insurance Company. Accumulator(R) '06/'06.5 All x02411 WHO IS AXA EQUITABLE? AXA Equitable is a wholly owned subsidiary of AXA Equitable Financial Services, LLC, a holding company, which is itself a wholly owned subsidiary of AXA Financial, Inc. ("AXA Financial"). Interests in AXA Financial are held by the immediate holding company, AXA America Holdings, Inc., and the following affiliated companies: AXA Corporate Solutions Reinsurance Company ("AXA Corporate Solutions") and AXA Belgium SA. AXA holds its interest in AXA America Holdings, Inc. and AXA Corporate Solutions, directly and indirectly through its wholly owned subsidiary holding company, Ouidinot Participations. AXA holds its interest in AXA Belgium SA, through its wholly owned subsidiary holding company, AXA Holdings Belgium SA. UNIT VALUES Unit values are determined at the end of each valuation period for each of the variable investment options. We may offer other annuity contracts and certificates which will have their own unit values for the variable investment options. They may be different from the unit values for the Accumulator(R). The unit value for a variable investment option for any valuation period is equal to: (i) the unit value for the preceding valuation period multiplied by (ii) the net investment factor for that option for that valuation period. A valuation period is each business day together with any preceding non-business days. The net investment factor is: a (-) - c b where: (a) is the value of the variable investment option's shares of the corresponding portfolio at the end of the valuation period. Any amounts allocated to or withdrawn from the option for the valuation period are not taken into account. For this purpose, we use the share value reported to us by the Trusts (as described in the Prospectus), as applicable. (b) is the value of the variable investment option's shares of the corresponding portfolio at the end of the preceding valuation period. (Any amounts allocated or withdrawn for that valuation period are taken into account.) (c) is the daily mortality and expense risks charge, administrative charge and any applicable distribution charge relating to the contracts, times the number of calendar days in the valuation period. These daily charges are at an effective annual rate not to exceed a total of 1.70%. Your contract charges may be less. CALCULATION OF ANNUITY PAYMENTS The calculation of monthly annuity payments under a contract takes into account the number of annuity units of each variable investment option credited under a contract, their respective annuity unit values, and a net investment factor. The annuity unit values used for the Accumulator(R) Series may vary, although the method of calculating annuity unit values set forth below applies to all contracts. Annuity unit values will also vary by variable investment option. For each valuation period, the adjusted net investment factor is equal to the net investment factor for the variable investment option reduced for each day in the valuation period by: o .00013366 of the net investment factor for a contract with an assumed base rate of net investment return of 5% a year; or o .00009425 of the net investment factor for a contract with an assumed base rate of net investment return of 3-1/2%. Because of this adjustment, the annuity unit value rises and falls depending on whether the actual rate of net investment return (after charges) is higher or lower than the assumed base rate. The assumed base rate will be 5%, except in states where that rate is not permitted. Annuity payments based upon an assumed base rate of 3-1/2% will at first be smaller than those based upon a 5% assumed base rate. Payments based upon a 3-1/2% rate, however, will rise more rapidly when unit values are rising, and payments will fall more slowly when unit values are falling than those based upon a 5% rate. The amounts of variable annuity payments are determined as follows: Payments normally start on the business day specified on your election form or on such other future date as specified therein. The first three monthly payments are the same. The initial payment will be calculated using the basis guaranteed in the applicable Accumulator(R) Series contract or our current basis, whichever would provide the higher initial benefit. The first three payments depend on the assumed base rate of net investment return and the form of annuity chosen (and any fixed period). If the annuity involves a life contingency, the risk class and the age of the annuitants will affect payments. Payments after the first three will vary according to the investment performance of the variable investment option(s) selected to fund the variable payments. After that, each monthly payment will be calculated by multiplying the number of annuity units credited by the average annuity unit value for the selected fund for the second calendar month immediately preceding the due date of the payment. The number of units is calculated by dividing the first monthly payment by the annuity unit value for the valuation period which includes the due date of the first monthly payment. The average annuity unit value is the average of the annuity unit values for the valuation periods ending in that month. Illustration of calculation of annuity payments To show how we determine variable annuity payments, assume that the account value for an Accumulator(R) Series contract on a retirement date is enough to fund an annuity with a monthly payment of $100 and that the annuity unit value of the selected variable investment option for the valuation period that includes the due date of the first annuity payment is $3.74. The number of annuity units credited under the contract would be 26.74 (100 divided by 3.74 = 26.74). Based on a hypothetical average annuity unit value of $3.56 in October 2009, 2 the annuity payment due in December 2009 would be $95.19 (the number of units (26.74) times $3.56). CUSTODIAN AND INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AXA Equitable is the custodian for the shares of the Trusts owned by Separate Account No. 49. The financial statements of each Separate Account at December 31, 2008 and for each of the two years in the period ended December 31, 2008, and the consolidated financial statements of AXA Equitable at December 31, 2008 and 2007 and for each of the three years in the period ended December 31, 2008 are included in this SAI in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. PricewaterhouseCoopers LLP provides independent audit services and certain other non-audit services to AXA Equitable as permitted by the applicable SEC independence rules, and as disclosed in AXA Equitable's Form 10-K. PricewaterhouseCoopers LLP's address is 300 Madison Avenue, New York, New York 10017. DISTRIBUTION OF CONTRACTS Under a distribution agreement between AXA Distributors, LLC, AXA Equitable and certain of AXA Equitable's separate accounts, including Separate Account No. 49, AXA Equitable paid AXA Distributors, LLC, distribution fees of $750,235,874 in 2008, $1,007,208,067 in 2007 and $694,578,570 in 2006, as the distributor of certain contracts, including these contracts, and as the principal underwriter of several AXA Equitable separate accounts, including Separate Account No. 49. Of these amounts, for each of these three years, AXA Distributors, LLC retained $81,519,894, $95,562,846 and $88,941,713, respectively. Pursuant to a Distribution and Servicing Agreement between AXA Advisors, AXA Equitable and certain of AXA Equitable's separate accounts, including Separate Account No. 49, AXA Equitable paid AXA Advisors a fee of $325,380 for each of the years 2008, 2007 and 2006. AXA Equitable paid AXA Advisors, as the distributors of certain contracts, including these contracts, and as the principal underwriter of several AXA Equitable separate accounts, including Separate Account No. 49, $677,871,467in 2008, $731,920,627 in 2007 and $672,531,658 in 2006. Of these amounts, AXA Advisors retained $356,304,358, $386,036,299 and $339,484,801, respectively. FINANCIAL STATEMENTS The consolidated financial statements of AXA Equitable included herein should be considered only as bearing upon the ability of AXA Equitable to meet its obligations under the contracts. The financial statements of Separate Account No. 49 list variable investment options not currently offered under this contract. 3 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 INDEX TO FINANCIAL STATEMENTS Report of Independent Registered Public Accounting Firm................. FSA-2 Financial Statements: Statements of Assets and Liabilities, December 31, 2008.............. FSA-3 Statements of Operations for the Year Ended December 31, 2008........ FSA-35 Statements of Changes in Net Assets for the Years Ended December 31, 2008 and 2007......................................... FSA-48 Notes to Financial Statements........................................ FSA-74 AXA EQUITABLE LIFE INSURANCE COMPANY INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Report of Independent Registered Public Accounting Firm................. F-1 Consolidated Financial Statements: Consolidated Balance Sheets, December 31, 2008 and 2007.............. F-2 Consolidated Statements of Earnings, Years Ended December 31, 2008, 2007 and 2006...................................................... F-3 Consolidated Statements of Shareholder's Equity and Comprehensive Income, Years Ended December 31, 2008, 2007 and 2006............... F-4 Consolidated Statements of Cash Flows, Years Ended December 31, 2008, 2007 and 2006................................... F-5 Notes to Consolidated Financial Statements........................... F-7 FSA-1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors of AXA Equitable Life Insurance Company and Contractowners of Separate Account No. 49 of AXA Equitable Life Insurance Company: In our opinion, the accompanying statements of assets and liabilities and the related statements of operations and of changes in net assets present fairly, in all material respects, the financial position of each of the separate Variable Investment Options, as listed in Note 1 to such financial statements, of AXA Equitable Life Insurance Company ("AXA Equitable") Separate Account No. 49 at December 31, 2008, the results of each of their operations and the changes in each of their net assets for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of AXA Equitable's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of investments at December 31, 2008 by correspondence with the underlying funds' transfer agents, provide a reasonable basis for our opinion. PricewaterhouseCoopers LLP New York, New York April 9, 2009 FSA-2 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 2008
AXA Aggressive AXA Conservative AXA Conservative-Plus Allocation Allocation Allocation --------------- ---------------- --------------------- Assets: Investment in shares of The Trusts, at fair value........... $2,198,631,703 $1,340,768,352 $1,241,918,705 Receivable for The Trusts shares sold....................... -- 2,744,531 -- Receivable for policy-related transactions.................. 2,024,597 -- 1,357,385 -------------- -------------- -------------- Total assets.............................................. 2,200,656,300 1,343,512,883 1,243,276,090 -------------- -------------- -------------- Liabilities: Payable for The Trusts shares purchased..................... 2,024,597 -- 1,357,385 Payable for policy-related transactions..................... -- 2,744,531 -- -------------- -------------- -------------- Total liabilities......................................... 2,024,597 2,744,531 1,357,385 -------------- -------------- -------------- Net Assets.................................................. $2,198,631,703 $1,340,768,352 $1,241,918,705 ============== ============== ============== Net Assets: Accumulation Units.......................................... 2,198,544,523 1,340,727,854 1,241,651,047 Retained by AXA Equitable in Separate Account No. 49........ 87,180 40,498 267,658 -------------- -------------- -------------- Total net assets............................................ $2,198,631,703 $1,340,768,352 $1,241,918,705 ============== ============== ============== Investments in shares of The Trusts, at cost................ $3,607,878,894 $1,507,814,118 $1,557,082,455 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 269,693,609 146,807,062 142,190,324 AXA Moderate AXA Moderate-Plus EQ/AllianceBernstein Allocation Allocation Common Stock --------------- ----------------- -------------------- Assets: Investment in shares of The Trusts, at fair value........... $5,362,020,192 $ 8,197,834,399 $617,645,189 Receivable for The Trusts shares sold....................... -- -- 182,224 Receivable for policy-related transactions.................. 6,480,626 6,291,147 -- -------------- --------------- ------------ Total assets.............................................. 5,368,500,818 8,204,125,546 617,827,413 -------------- --------------- ------------ Liabilities: Payable for The Trusts shares purchased..................... 6,480,626 6,291,147 -- Payable for policy-related transactions..................... -- -- 182,224 -------------- --------------- ------------ Total liabilities......................................... 6,480,626 6,291,147 182,224 -------------- --------------- ------------ Net Assets.................................................. $5,362,020,192 $ 8,197,834,399 $617,645,189 ============== =============== ============ Net Assets: Accumulation Units.......................................... 5,361,993,448 8,197,685,886 617,519,769 Retained by AXA Equitable in Separate Account No. 49........ 26,744 148,513 125,420 -------------- --------------- ------------ Total net assets............................................ $5,362,020,192 $ 8,197,834,399 $617,645,189 ============== =============== ============ Investments in shares of The Trusts, at cost................ $7,137,470,784 $12,083,819,370 $997,822,997 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 456,144,406 935,485,561 55,887,701
------- The accompanying notes are an integral part of these financial statements. FSA-3 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/AllianceBernstein Intermediate Government EQ/AllianceBernstein EQ/AllianceBernstein Securities International Small Cap Growth -------------------- -------------------- -------------------- Assets: Investment in shares of The Trusts, at fair value........ $401,670,396 $ 607,962,616 $280,421,943 Receivable for The Trusts shares sold.................... -- -- -- Receivable for policy-related transactions............... 174,429 27,197 4,928 ------------ -------------- ------------ Total assets........................................... 401,844,825 607,989,813 280,426,871 ------------ -------------- ------------ Liabilities: Payable for The Trusts shares purchased.................. 174,429 1,197 4,928 Payable for policy-related transactions.................. -- -- -- ------------ -------------- ------------ Total liabilities...................................... 174,429 1,197 4,928 ------------ -------------- ------------ Net Assets............................................... $401,670,396 $ 607,988,616 $280,421,943 ============ ============== ============ Net Assets: Accumulation Units....................................... 401,655,205 607,987,723 280,414,007 Retained by AXA Equitable in Separate Account No. 49..... 15,191 893 7,936 ------------ -------------- ------------ Total net assets......................................... $401,670,396 $ 607,988,616 $280,421,943 ============ ============== ============ Investments in shares of The Trusts, at cost............. $406,793,463 $1,192,484,652 $475,926,870 The Trusts shares held Class A................................................. -- -- -- Class B................................................. 40,722,191 91,896,563 32,011,781 EQ/Ariel EQ/AXA Rosenberg EQ/BlackRock Appreciation II Value Long/Short Equity Basic Value Equity --------------- ----------------------- ------------------ Assets: Investment in shares of The Trusts, at fair value........ $44,146,841 $146,200,558 $522,266,147 Receivable for The Trusts shares sold.................... -- 16,521 -- Receivable for policy-related transactions............... 24,247 2,479 609,020 ----------- ------------ ------------ Total assets........................................... 44,171,088 146,219,558 522,875,167 ----------- ------------ ------------ Liabilities: Payable for The Trusts shares purchased.................. 24,247 -- 609,020 Payable for policy-related transactions.................. -- -- -- ----------- ------------ ------------ Total liabilities...................................... 24,247 -- 609,020 ----------- ------------ ------------ Net Assets............................................... $44,146,841 $146,219,558 $522,266,147 =========== ============ ============ Net Assets: Accumulation Units....................................... 43,128,220 146,218,673 522,247,447 Retained by AXA Equitable in Separate Account No. 49..... 1,018,621 885 18,700 ----------- ------------ ------------ Total net assets......................................... $44,146,841 $146,219,558 $522,266,147 =========== ============ ============ Investments in shares of The Trusts, at cost............. $66,936,069 $153,998,251 $815,851,364 The Trusts shares held Class A................................................. 10,482 -- -- Class B................................................. 6,636,517 14,489,649 53,898,820
------- The accompanying notes are an integral part of these financial statements. FSA-4 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/BlackRock EQ/Boston Advisors EQ/Calvert International Value Equity Income Socially Responsible --------------------- -------------------- ---------------------- Assets: Investment in shares of The Trusts, at fair value........... $592,888,008 $157,471,117 $36,094,424 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 1,531,887 84,450 4,455 ------------ ------------ ----------- Total assets.............................................. 594,419,895 157,555,567 36,098,879 ------------ ------------ ----------- Liabilities: Payable for The Trusts shares purchased..................... 1,531,887 84,450 4,455 Payable for policy-related transactions..................... -- -- -- ------------ ------------ ----------- Total liabilities......................................... 1,531,887 84,450 4,455 ------------ ------------ ----------- Net Assets.................................................. $592,888,008 $157,471,117 $36,094,424 ============ ============ =========== Net Assets: Accumulation Units.......................................... 592,815,585 157,389,829 36,090,048 Retained by AXA Equitable in Separate Account No. 49........ 72,423 81,288 4,376 ------------ ------------ ----------- Total net assets............................................ $592,888,008 $157,471,117 $36,094,424 ============ ============ =========== Investments in shares of The Trusts, at cost................ $992,576,864 $228,866,380 $59,889,243 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 68,198,763 36,835,681 7,370,145 EQ/Capital EQ/Capital EQ/Caywood-Scholl Guardian Growth Guardian Research High Yield Bond ----------------- ------------------- ------------------- Assets: Investment in shares of The Trusts, at fair value........... $263,939,219 $ 757,792,183 $131,761,953 Receivable for The Trusts shares sold....................... 124,825 207,834 -- Receivable for policy-related transactions.................. -- -- 582,313 ------------ -------------- ------------ Total assets.............................................. 264,064,044 758,000,017 132,344,266 ------------ -------------- ------------ Liabilities: Payable for The Trusts shares purchased..................... -- -- 582,313 Payable for policy-related transactions..................... 124,825 207,834 -- ------------ -------------- ------------ Total liabilities......................................... 124,825 207,834 582,313 ------------ -------------- ------------ Net Assets.................................................. $263,939,219 $ 757,792,183 $131,761,953 ============ ============== ============ Net Assets: Accumulation Units.......................................... 263,886,281 757,786,834 131,696,077 Retained by AXA Equitable in Separate Account No. 49........ 52,938 5,349 65,876 ------------ -------------- ------------ Total net assets............................................ $263,939,219 $ 757,792,183 $131,761,953 ============ ============== ============ Investments in shares of The Trusts, at cost................ $411,234,495 $1,189,796,461 $172,393,134 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 30,044,236 93,257,083 40,707,272
------- The accompanying notes are an integral part of these financial statements. FSA-5 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Davis New York EQ/Equity EQ/Evergreen Venture 500 Index International Bond --------------- ----------------- -------------------- Assets: Investment in shares of The Trusts, at fair value........... $242,865,969 $ 912,777,058 $413,274,116 Receivable for The Trusts shares sold....................... -- 901,696 554,618 Receivable for policy-related transactions.................. 120,884 -- -- ------------ -------------- ------------ Total assets.............................................. 242,986,853 913,678,754 413,828,734 ------------ -------------- ------------ Liabilities: Payable for The Trusts shares purchased..................... 76,884 -- -- Payable for policy-related transactions..................... -- 901,696 509,618 ------------ -------------- ------------ Total liabilities......................................... 76,884 901,696 509,618 ------------ -------------- ------------ Net Assets.................................................. $242,909,969 $ 912,777,058 $413,319,116 ============ ============== ============ Net Assets: Accumulation Units.......................................... 242,909,648 912,728,885 413,318,609 Retained by AXA Equitable in Separate Account No. 49........ 321 48,173 507 ------------ -------------- ------------ Total net assets............................................ $242,909,969 $ 912,777,058 $413,319,116 ============ ============== ============ Investments in shares of The Trusts, at cost................ $373,213,612 $1,330,289,666 $472,994,978 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 36,168,162 58,208,520 43,237,231 EQ/Evergreen EQ/Franklin EQ/Franklin Omega Income Small Cap Value -------------- --------------- ---------------- Assets: Investment in shares of The Trusts, at fair value........... $129,004,382 $425,712,289 $ 74,531,038 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 94,207 144,578 280,519 ------------ ------------ ------------ Total assets.............................................. 129,098,589 425,856,867 74,811,557 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... 94,207 144,578 280,519 Payable for policy-related transactions..................... -- -- -- ------------ ------------ ------------ Total liabilities......................................... 94,207 144,578 280,519 ------------ ------------ ------------ Net Assets.................................................. $129,004,382 $425,712,289 $ 74,531,038 ============ ============ ============ Net Assets: Accumulation Units.......................................... 128,961,611 425,663,187 74,460,493 Retained by AXA Equitable in Separate Account No. 49........ 42,771 49,102 70,545 ------------ ------------ ------------ Total net assets............................................ $129,004,382 $425,712,289 $ 74,531,038 ============ ============ ============ Investments in shares of The Trusts, at cost................ $173,059,493 $660,641,947 $104,585,753 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 20,085,680 66,501,368 11,493,110
------- The accompanying notes are an integral part of these financial statements. FSA-6 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Franklin EQ/GAMCO Templeton Mergers and EQ/GAMCO Small Founding Strategy Acquisitions Company Value ------------------- -------------- ---------------- Assets: Investment in shares of The Trusts, at fair value........... $ 996,121,628 $110,956,013 $392,679,712 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 1,194,880 82,015 319,791 -------------- ------------ ------------ Total assets.............................................. 997,316,508 111,038,028 392,999,503 -------------- ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... 1,194,880 20,015 282,791 Payable for policy-related transactions..................... -- -- -- -------------- ------------ ------------ Total liabilities......................................... 1,194,880 20,015 282,791 -------------- ------------ ------------ Net Assets.................................................. $ 996,121,628 $111,018,013 $392,716,712 ============== ============ ============ Net Assets: Accumulation Units.......................................... 996,067,806 111,017,287 392,716,505 Retained by AXA Equitable in Separate Account No. 49........ 53,822 726 207 -------------- ------------ ------------ Total net assets............................................ $ 996,121,628 $111,018,013 $392,716,712 ============== ============ ============ Investments in shares of The Trusts, at cost................ $1,524,407,409 $135,140,303 $559,944,836 The Trusts shares held Class A.................................................... 10,822 3 -- Class B.................................................... 174,099,996 11,037,168 18,722,816 EQ/International EQ/International Core PLUS EQ/International ETF Growth ------------------ ---------------------- ----------------- Assets: Investment in shares of The Trusts, at fair value........... $554,322,481 $1,603,884 $168,048,135 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 32,751 -- 144,727 ------------ ---------- ------------ Total assets.............................................. 554,355,232 1,603,884 168,192,862 ------------ ---------- ------------ Liabilities: Payable for The Trusts shares purchased..................... 32,751 -- 144,727 Payable for policy-related transactions..................... -- -- -- ------------ ---------- ------------ Total liabilities......................................... 32,751 -- 144,727 ------------ ---------- ------------ Net Assets.................................................. $554,322,481 $1,603,884 $168,048,135 ============ ========== ============ Net Assets: Accumulation Units.......................................... 554,312,199 -- 168,006,702 Retained by AXA Equitable in Separate Account No. 49........ 10,282 1,603,884 41,433 ------------ ---------- ------------ Total net assets............................................ $554,322,481 $1,603,884 $168,048,135 ============ ========== ============ Investments in shares of The Trusts, at cost................ $973,213,983 $2,460,167 $264,845,756 The Trusts shares held Class A.................................................... -- 126,923 -- Class B.................................................... 81,530,345 125,863 40,055,290
------- The accompanying notes are an integral part of these financial statements. FSA-7 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/JPMorgan EQ/JPMorgan EQ/Large Cap Core Bond Value Opportunities Core PLUS ----------------- --------------------- -------------- Assets: Investment in shares of The Trusts, at fair value........... $ 913,336,047 $210,569,258 $129,360,305 Receivable for The Trusts shares sold....................... 200,694 24,924 11,311 Receivable for policy-related transactions.................. -- -- -- -------------- ------------ ------------ Total assets.............................................. 913,536,741 210,594,182 129,371,616 -------------- ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... -- -- -- Payable for policy-related transactions..................... 191,694 24,924 11,311 -------------- ------------ ------------ Total liabilities......................................... 191,694 24,924 11,311 -------------- ------------ ------------ Net Assets.................................................. $ 913,345,047 $210,569,258 $129,360,305 ============== ============ ============ Net Assets: Accumulation Units.......................................... 913,344,774 210,531,131 129,336,542 Retained by AXA Equitable in Separate Account No. 49........ 273 38,127 23,763 -------------- ------------ ------------ Total net assets............................................ $ 913,345,047 $210,569,258 $129,360,305 ============== ============ ============ Investments in shares of The Trusts, at cost................ $1,073,540,018 $370,569,015 $202,475,796 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 97,451,850 31,151,061 22,841,964 EQ/Large Cap EQ/Large Cap EQ/Large Cap Growth Index Growth PLUS Value Index -------------- -------------- -------------- Assets: Investment in shares of The Trusts, at fair value........... $245,932,260 $193,224,784 $ 76,510,005 Receivable for The Trusts shares sold....................... 78,029 -- 24,434 Receivable for policy-related transactions.................. -- 811,993 -- ------------ ------------ ------------ Total assets.............................................. 246,010,289 194,036,777 76,534,439 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... -- 811,993 -- Payable for policy-related transactions..................... 78,029 -- 24,434 ------------ ------------ ------------ Total liabilities......................................... 78,029 811,993 24,434 ------------ ------------ ------------ Net Assets.................................................. $245,932,260 $193,224,784 $ 76,510,005 ============ ============ ============ Net Assets: Accumulation Units.......................................... 245,886,982 193,192,830 75,141,233 Retained by AXA Equitable in Separate Account No. 49........ 45,278 31,954 1,368,772 ------------ ------------ ------------ Total net assets............................................ $245,932,260 $193,224,784 $ 76,510,005 ============ ============ ============ Investments in shares of The Trusts, at cost................ $319,797,615 $276,865,077 $169,626,097 The Trusts shares held Class A.................................................... -- -- 10,820 Class B.................................................... 44,153,009 17,654,996 18,062,720
------- The accompanying notes are an integral part of these financial statements. FSA-8 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Large Cap EQ/Long EQ/Lord Abbett Value PLUS Term Bond Growth and Income ----------------- --------------- ------------------- Assets: Investment in shares of The Trusts, at fair value........... $1,114,995,607 $136,541,572 $ 93,546,882 Receivable for The Trusts shares sold....................... 328,034 103,352 -- Receivable for policy-related transactions.................. -- -- 92,912 -------------- ------------ ------------ Total assets.............................................. 1,115,323,641 136,644,924 93,639,794 -------------- ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... -- -- 92,912 Payable for policy-related transactions..................... 328,034 103,352 -- -------------- ------------ ------------ Total liabilities......................................... 328,034 103,352 92,912 -------------- ------------ ------------ Net Assets.................................................. $1,114,995,607 $136,541,572 $ 93,546,882 ============== ============ ============ Net Assets: Accumulation Units.......................................... 1,114,977,172 136,536,833 93,539,904 Retained by AXA Equitable in Separate Account No. 49........ 18,435 4,739 6,978 -------------- ------------ ------------ Total net assets............................................ $1,114,995,607 $136,541,572 $ 93,546,882 ============== ============ ============ Investments in shares of The Trusts, at cost................ $2,080,253,752 $133,795,872 $144,407,579 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 144,303,879 10,060,017 12,409,529 EQ/Lord Abbett EQ/Lord Abbett EQ/Marsico Large Cap Core Mid Cap Value Focus ---------------- ---------------- --------------- Assets: Investment in shares of The Trusts, at fair value........... $ 85,244,148 $190,310,610 $1,143,654,720 Receivable for The Trusts shares sold....................... 1,119,918 24,821 8,484 Receivable for policy-related transactions.................. -- -- -- ------------ ------------ -------------- Total assets.............................................. 86,364,066 190,335,431 1,143,663,204 ------------ ------------ -------------- Liabilities: Payable for The Trusts shares purchased..................... -- -- -- Payable for policy-related transactions..................... 1,119,918 24,821 8,484 ------------ ------------ -------------- Total liabilities......................................... 1,119,918 24,821 8,484 ------------ ------------ -------------- Net Assets.................................................. $ 85,244,148 $190,310,610 $1,143,654,720 ============ ============ ============== Net Assets: Accumulation Units.......................................... 85,137,695 190,154,772 1,143,520,264 Retained by AXA Equitable in Separate Account No. 49........ 106,453 155,838 134,456 ------------ ------------ -------------- Total net assets............................................ $ 85,244,148 $190,310,610 $1,143,654,720 ============ ============ ============== Investments in shares of The Trusts, at cost................ $111,429,125 $325,072,991 $1,699,463,545 The Trusts shares held Class A.................................................... 1,838 -- -- Class B.................................................... 9,982,894 28,120,424 111,548,786
------- The accompanying notes are an integral part of these financial statements. FSA-9 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Mid Cap EQ/Mid Cap Index Value PLUS EQ/Money Market ----------------- --------------- ----------------- Assets: Investment in shares of The Trusts, at fair value........... $ 501,016,737 $400,063,290 $1,494,248,659 Receivable for The Trusts shares sold....................... -- 568,305 275,352 Receivable for policy-related transactions.................. 71,932 -- 682,576 -------------- ------------ -------------- Total assets.............................................. 501,088,669 400,631,595 1,495,206,587 -------------- ------------ -------------- Liabilities: Payable for The Trusts shares purchased..................... 71,932 -- 682,576 Payable for policy-related transactions..................... -- 568,305 549,039 -------------- ------------ -------------- Total liabilities......................................... 71,932 568,305 1,231,615 -------------- ------------ -------------- Net Assets.................................................. $ 501,016,737 $400,063,290 $1,493,974,972 ============== ============ ============== Net Assets: Accumulation Units.......................................... 500,885,732 400,021,681 1,493,712,447 Retained by AXA Equitable in Separate Account No. 49........ 131,005 41,609 262,525 -------------- ------------ -------------- Total net assets............................................ $ 501,016,737 $400,063,290 $1,493,974,972 ============== ============ ============== Investments in shares of The Trusts, at cost................ $1,017,839,781 $813,503,785 $1,494,473,530 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 101,671,872 65,587,707 1,494,120,569 EQ/Montag & EQ/Oppenheimer Caldwell Growth EQ/Mutual Shares Global ----------------- ------------------ ---------------- Assets: Investment in shares of The Trusts, at fair value........... $143,898,720 $205,351,897 $ 89,375,404 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 268,800 193,739 33,815 ------------ ------------ ------------ Total assets.............................................. 144,167,520 205,545,636 89,409,219 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... 268,800 193,739 33,815 Payable for policy-related transactions..................... -- -- -- ------------ ------------ ------------ Total liabilities......................................... 268,800 193,739 33,815 ------------ ------------ ------------ Net Assets.................................................. $143,898,720 $205,351,897 $ 89,375,404 ============ ============ ============ Net Assets: Accumulation Units.......................................... 143,894,053 205,167,972 89,279,982 Retained by AXA Equitable in Separate Account No. 49........ 4,667 183,925 95,422 ------------ ------------ ------------ Total net assets............................................ $143,898,720 $205,351,897 $ 89,375,404 ============ ============ ============ Investments in shares of The Trusts, at cost................ $189,588,633 $336,788,953 $140,506,768 The Trusts shares held Class A.................................................... -- 16,092 7,420 Class B.................................................... 32,706,012 32,003,148 13,369,719
------- The accompanying notes are an integral part of these financial statements. FSA-10 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Oppenheimer EQ/Oppenheimer Main Street Main Street EQ/PIMCO Opportunity Small Cap Real Return --------------- ---------------- ----------------- Assets: Investment in shares of The Trusts, at fair value........... $33,021,294 $54,358,567 $ 917,877,204 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 23,291 47,326 604,801 ----------- ----------- -------------- Total assets.............................................. 33,044,585 54,405,893 918,482,005 ----------- ----------- -------------- Liabilities: Payable for The Trusts shares purchased..................... 23,291 47,326 604,801 Payable for policy-related transactions..................... -- -- -- ----------- ----------- -------------- Total liabilities......................................... 23,291 47,326 604,801 ----------- ----------- -------------- Net Assets.................................................. $33,021,294 $54,358,567 $ 917,877,204 =========== =========== ============== Net Assets: Accumulation Units.......................................... 27,159,952 49,305,478 917,804,939 Retained by AXA Equitable in Separate Account No. 49........ 5,861,342 5,053,089 72,265 ----------- ----------- -------------- Total net assets............................................ $33,021,294 $54,358,567 $ 917,877,204 =========== =========== ============== Investments in shares of The Trusts, at cost................ $51,037,664 $84,763,567 $1,041,808,074 The Trusts shares held Class A.................................................... 455,882 391,178 11,255 Class B.................................................... 4,668,020 7,996,692 98,848,862 EQ/Quality EQ/Short EQ/Small Bond PLUS Duration Bond Company Index --------------- --------------- -------------- Assets: Investment in shares of The Trusts, at fair value........... $326,287,401 $141,795,528 $282,566,957 Receivable for The Trusts shares sold....................... 210,566 249,734 -- Receivable for policy-related transactions.................. -- -- 803,028 ------------ ------------ ------------ Total assets.............................................. 326,497,967 142,045,262 283,369,985 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... -- -- 803,028 Payable for policy-related transactions..................... 210,566 249,734 -- ------------ ------------ ------------ Total liabilities......................................... 210,566 249,734 803,028 ------------ ------------ ------------ Net Assets.................................................. $326,287,401 $141,795,528 $282,566,957 ============ ============ ============ Net Assets: Accumulation Units.......................................... 326,276,911 141,793,330 282,431,668 Retained by AXA Equitable in Separate Account No. 49........ 10,490 2,198 135,289 ------------ ------------ ------------ Total net assets............................................ $326,287,401 $141,795,528 $282,566,957 ============ ============ ============ Investments in shares of The Trusts, at cost................ $372,475,847 $153,460,278 $466,434,822 The Trusts shares held Class A.................................................... -- 5,840 -- Class B.................................................... 37,462,509 15,224,141 41,749,726
------- The accompanying notes are an integral part of these financial statements. FSA-11 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/T. Rowe Price EQ/Templeton EQ/UBS Growth Stock Growth Growth and Income ------------------ -------------- ------------------- Assets: Investment in shares of The Trusts, at fair value........... $167,269,498 $149,797,557 $48,070,362 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 74,822 13,844 2,518 ------------ ------------ ----------- Total assets.............................................. 167,344,320 149,811,401 48,072,880 ------------ ------------ ----------- Liabilities: Payable for The Trusts shares purchased..................... 74,822 13,844 2,518 Payable for policy-related transactions..................... -- -- -- ------------ ------------ ----------- Total liabilities......................................... 74,822 13,844 2,518 ------------ ------------ ----------- Net Assets.................................................. $167,269,498 $149,797,557 $48,070,362 ============ ============ =========== Net Assets: Accumulation Units.......................................... 167,244,401 149,787,852 48,056,767 Retained by AXA Equitable in Separate Account No. 49........ 25,097 9,705 13,595 ------------ ------------ ----------- Total net assets............................................ $167,269,498 $149,797,557 $48,070,362 ============ ============ =========== Investments in shares of The Trusts, at cost................ $266,856,760 $250,241,249 $75,944,653 The Trusts shares held Class A.................................................... 5 -- -- Class B.................................................... 13,499,442 23,694,696 11,923,038 EQ/Van Kampen EQ/Van Kampen Emerging Markets EQ/Van Kampen Comstock Equity Mid Cap Growth --------------- ------------------ --------------- Assets: Investment in shares of The Trusts, at fair value........... $185,053,421 $ 696,090,827 $210,352,684 Receivable for The Trusts shares sold....................... 38,676 -- -- Receivable for policy-related transactions.................. -- 418,806 193,356 ------------ -------------- ------------ Total assets.............................................. 185,092,097 696,509,633 210,546,040 ------------ -------------- ------------ Liabilities: Payable for The Trusts shares purchased..................... -- 391,806 193,356 Payable for policy-related transactions..................... 38,676 -- -- ------------ -------------- ------------ Total liabilities......................................... 38,676 391,806 193,356 ------------ -------------- ------------ Net Assets.................................................. $185,053,421 $ 696,117,827 $210,352,684 ============ ============== ============ Net Assets: Accumulation Units.......................................... 185,023,568 696,117,827 210,338,843 Retained by AXA Equitable in Separate Account No. 49........ 29,853 -- 13,841 ------------ -------------- ------------ Total net assets............................................ $185,053,421 $ 696,117,827 $210,352,684 ============ ============== ============ Investments in shares of The Trusts, at cost................ $297,592,481 $1,445,771,000 $358,070,784 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 27,956,782 91,354,695 25,433,292
------- The accompanying notes are an integral part of these financial statements. FSA-12 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Van Kampen Multimanager Multimanager Real Estate Aggressive Equity Core Bond -------------- ------------------- -------------- Assets: Investment in shares of The Trusts, at fair value........... $290,998,270 $ 67,742,645 $734,752,733 Receivable for The Trusts shares sold....................... 26,667 19,919 -- Receivable for policy-related transactions.................. -- -- 243,736 ------------ ------------ ------------ Total assets.............................................. 291,024,937 67,762,564 734,996,469 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... -- -- 243,736 Payable for policy-related transactions..................... 26,667 19,919 -- ------------ ------------ ------------ Total liabilities......................................... 26,667 19,919 243,736 ------------ ------------ ------------ Net Assets.................................................. $290,998,270 $ 67,742,645 $734,752,733 ============ ============ ============ Net Assets: Accumulation Units.......................................... 290,992,723 67,727,406 734,371,111 Retained by AXA Equitable in Separate Account No. 49........ 5,547 15,239 381,622 ------------ ------------ ------------ Total net assets............................................ $290,998,270 $ 67,742,645 $734,752,733 ============ ============ ============ Investments in shares of The Trusts, at cost................ $555,718,638 $111,928,061 $761,069,347 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 60,462,406 4,046,753 74,393,029 Multimanager Multimanager Multimanager Health Care High Yield International Equity -------------- -------------- --------------------- Assets: Investment in shares of The Trusts, at fair value........... $241,339,483 $531,806,711 $356,075,829 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 270,128 193,879 105,653 ------------ ------------ ------------ Total assets.............................................. 241,609,611 532,000,590 356,181,482 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... 270,128 193,879 105,653 Payable for policy-related transactions..................... -- -- -- ------------ ------------ ------------ Total liabilities......................................... 270,128 193,879 105,653 ------------ ------------ ------------ Net Assets.................................................. $241,339,483 $531,806,711 $356,075,829 ============ ============ ============ Net Assets: Accumulation Units.......................................... 241,324,268 531,727,181 355,984,590 Retained by AXA Equitable in Separate Account No. 49........ 15,215 79,530 91,239 ------------ ------------ ------------ Total net assets............................................ $241,339,483 $531,806,711 $356,075,829 ============ ============ ============ Investments in shares of The Trusts, at cost................ $323,340,590 $797,253,557 $614,105,897 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 30,460,526 149,861,366 42,997,798
------- The accompanying notes are an integral part of these financial statements. FSA-13 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Multimanager Large Cap Multimanager Multimanager Core Equity Large Cap Growth Large Cap Value --------------- ------------------ ----------------- Assets: Investment in shares of The Trusts, at fair value........... $ 96,573,555 $166,671,952 $353,379,357 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 84,877 63,361 125,369 ------------ ------------ ------------ Total assets.............................................. 96,658,432 166,735,313 353,504,726 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... 84,877 63,361 125,369 Payable for policy-related transactions..................... -- -- -- ------------ ------------ ------------ Total liabilities......................................... 84,877 63,361 125,369 ------------ ------------ ------------ Net Assets.................................................. $ 96,573,555 $166,671,952 $353,379,357 ============ ============ ============ Net Assets: Accumulation Units.......................................... 96,550,822 166,651,091 353,373,197 Retained by AXA Equitable in Separate Account No. 49........ 22,733 20,861 6,160 ------------ ------------ ------------ Total net assets............................................ $ 96,573,555 $166,671,952 $353,379,357 ============ ============ ============ Investments in shares of The Trusts, at cost................ $148,654,175 $294,363,171 $562,995,951 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 13,824,518 31,565,389 48,970,223 Multimanager Multimanager Multimanager Small Cap Mid Cap Growth Mid Cap Value Growth ---------------- --------------- -------------- Assets: Investment in shares of The Trusts, at fair value........... $216,711,039 $234,433,676 $135,537,202 Receivable for The Trusts shares sold....................... -- 242,895 -- Receivable for policy-related transactions.................. 110,537 -- 132,728 ------------ ------------ ------------ Total assets.............................................. 216,821,576 234,676,571 135,669,930 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... 108,809 -- 132,728 Payable for policy-related transactions..................... -- 242,895 -- ------------ ------------ ------------ Total liabilities......................................... 108,809 242,895 132,728 ------------ ------------ ------------ Net Assets.................................................. $216,712,767 $234,433,676 $135,537,202 ============ ============ ============ Net Assets: Accumulation Units.......................................... 216,712,767 234,378,984 135,528,471 Retained by AXA Equitable in Separate Account No. 49........ -- 54,692 8,731 ------------ ------------ ------------ Total net assets............................................ $216,712,767 $234,433,676 $135,537,202 ============ ============ ============ Investments in shares of The Trusts, at cost................ $382,671,037 $392,663,208 $236,572,383 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 43,370,442 41,404,944 26,368,162
------- The accompanying notes are an integral part of these financial statements. FSA-14 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Multimanager Multimanager Target 2015 Small Cap Value Technology Allocation ----------------- -------------- ------------- Assets: Investment in shares of The Trusts, at fair value........... $368,970,510 $192,768,758 $-- Receivable for The Trusts shares sold....................... 30,000 -- -- Receivable for policy-related transactions.................. -- 45,792 -- ------------ ------------ --- Total assets.............................................. 369,000,510 192,814,550 -- ------------ ------------ --- Liabilities: Payable for The Trusts shares purchased..................... -- 45,792 -- Payable for policy-related transactions..................... 30,000 -- -- ------------ ------------ --- Total liabilities......................................... 30,000 45,792 -- ------------ ------------ --- Net Assets.................................................. $368,970,510 $192,768,758 $-- ============ ============ === Net Assets: Accumulation Units.......................................... 368,922,661 192,697,108 -- Retained by AXA Equitable in Separate Account No. 49........ 47,849 71,650 -- ------------ ------------ --- Total net assets............................................ $368,970,510 $192,768,758 $-- ============ ============ === Investments in shares of The Trusts, at cost................ $702,869,960 $311,640,255 $-- The Trusts shares held Class A.................................................... 8 -- -- Class B.................................................... 53,236,974 28,066,508 -- Target 2025 Target 2035 Target 2045 Allocation Allocation Allocation ------------- ------------- ------------- Assets: Investment in shares of The Trusts, at fair value........... $-- $ 730,151 $ 698,248 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. -- -- -- --- ---------- ---------- Total assets.............................................. -- 730,151 698,248 --- ---------- ---------- Liabilities: Payable for The Trusts shares purchased..................... -- -- -- Payable for policy-related transactions..................... -- -- -- --- ---------- ---------- Total liabilities......................................... -- -- -- --- ---------- ---------- Net Assets.................................................. $-- $ 730,151 $ 698,248 === ========== ========== Net Assets: Accumulation Units.......................................... -- -- -- Retained by AXA Equitable in Separate Account No. 49........ -- 730,151 698,248 --- ---------- ---------- Total net assets............................................ $-- $ 730,151 $ 698,248 === ========== ========== Investments in shares of The Trusts, at cost................ $-- $1,094,503 $1,113,748 The Trusts shares held Class A.................................................... -- 55,525 56,476 Class B.................................................... -- 55,190 56,140
------- The accompanying notes are an integral part of these financial statements. FSA-15 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- AXA Aggressive Allocation................ Class B 0.50% $ 8.62 -- AXA Aggressive Allocation................ Class B 0.95% $ 8.44 118 AXA Aggressive Allocation................ Class B 1.15% $ 8.35 471 AXA Aggressive Allocation................ Class B 1.20% $ 8.33 3,515 AXA Aggressive Allocation................ Class B 1.25% $ 9.22 23,024 AXA Aggressive Allocation................ Class B 1.30% $ 8.75 49,051 AXA Aggressive Allocation................ Class B 1.35% $ 8.27 1,566 AXA Aggressive Allocation................ Class B 1.40% $ 8.25 5,254 AXA Aggressive Allocation................ Class B 1.50% $ 9.10 22,425 AXA Aggressive Allocation................ Class B 1.55% $ 8.19 44,143 AXA Aggressive Allocation................ Class B 1.60% $ 8.17 2,922 AXA Aggressive Allocation................ Class B 1.65% $ 9.02 88,738 AXA Aggressive Allocation................ Class B 1.70% $ 9.00 8,484 AXA Aggressive Allocation................ Class B 1.80% $ 8.09 4 AXA Aggressive Allocation................ Class B 1.90% $ 8.05 49 AXA Conservative Allocation.............. Class B 0.50% $ 10.43 -- AXA Conservative Allocation.............. Class B 0.95% $ 10.20 -- AXA Conservative Allocation.............. Class B 1.15% $ 10.10 211 AXA Conservative Allocation.............. Class B 1.20% $ 10.08 4,014 AXA Conservative Allocation.............. Class B 1.25% $ 10.54 11,977 AXA Conservative Allocation.............. Class B 1.30% $ 10.51 16,158 AXA Conservative Allocation.............. Class B 1.35% $ 10.00 2,542 AXA Conservative Allocation.............. Class B 1.40% $ 9.98 7,092 AXA Conservative Allocation.............. Class B 1.50% $ 10.40 18,465 AXA Conservative Allocation.............. Class B 1.55% $ 9.90 18,171 AXA Conservative Allocation.............. Class B 1.60% $ 9.88 3,454 AXA Conservative Allocation.............. Class B 1.65% $ 10.32 42,602 AXA Conservative Allocation.............. Class B 1.70% $ 10.29 5,824 AXA Conservative Allocation.............. Class B 1.80% $ 9.78 13 AXA Conservative Allocation.............. Class B 1.90% $ 9.73 5 AXA Conservative-Plus Allocation......... Class B 0.50% $ 9.80 -- AXA Conservative-Plus Allocation......... Class B 0.95% $ 9.58 -- AXA Conservative-Plus Allocation......... Class B 1.15% $ 9.49 218 AXA Conservative-Plus Allocation......... Class B 1.20% $ 9.47 2,920 AXA Conservative-Plus Allocation......... Class B 1.25% $ 10.06 15,870 AXA Conservative-Plus Allocation......... Class B 1.30% $ 10.04 17,697 AXA Conservative-Plus Allocation......... Class B 1.35% $ 9.40 1,565 AXA Conservative-Plus Allocation......... Class B 1.40% $ 9.37 4,543 AXA Conservative-Plus Allocation......... Class B 1.50% $ 9.93 20,789 AXA Conservative-Plus Allocation......... Class B 1.55% $ 9.30 16,064 AXA Conservative-Plus Allocation......... Class B 1.60% $ 9.28 2,852 AXA Conservative-Plus Allocation......... Class B 1.65% $ 9.85 39,676 AXA Conservative-Plus Allocation......... Class B 1.70% $ 9.82 4,505 AXA Conservative-Plus Allocation......... Class B 1.80% $ 9.19 -- AXA Conservative-Plus Allocation......... Class B 1.90% $ 9.14 15 AXA Moderate Allocation.................. Class B 0.50% $ 47.34 -- AXA Moderate Allocation.................. Class B 0.95% $ 42.66 3 AXA Moderate Allocation.................. Class B 1.15% $ 40.73 267 AXA Moderate Allocation.................. Class B 1.20% $ 40.26 4,257 AXA Moderate Allocation.................. Class B 1.25% $ 9.97 68,049 AXA Moderate Allocation.................. Class B 1.30% $ 9.89 84,689 AXA Moderate Allocation.................. Class B 1.35% $ 38.88 1,346 AXA Moderate Allocation.................. Class B 1.40% $ 38.43 6,917 AXA Moderate Allocation.................. Class B 1.50% $ 9.84 85,214 AXA Moderate Allocation.................. Class B 1.55% $ 37.11 18,036 AXA Moderate Allocation.................. Class B 1.60% $ 36.68 2,966 AXA Moderate Allocation.................. Class B 1.65% $ 9.76 162,336 AXA Moderate Allocation.................. Class B 1.70% $ 35.84 4,019 AXA Moderate Allocation.................. Class B 1.80% $ 35.01 38 AXA Moderate Allocation.................. Class B 1.90% $ 34.20 3
FSA-16 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- AXA Moderate-Plus Allocation............................... Class B 0.50% $ 9.31 -- AXA Moderate-Plus Allocation............................... Class B 0.95% $ 9.11 7 AXA Moderate-Plus Allocation............................... Class B 1.15% $ 9.02 1,651 AXA Moderate-Plus Allocation............................... Class B 1.20% $ 8.99 11,250 AXA Moderate-Plus Allocation............................... Class B 1.25% $ 9.93 97,959 AXA Moderate-Plus Allocation............................... Class B 1.30% $ 9.90 141,905 AXA Moderate-Plus Allocation............................... Class B 1.35% $ 8.93 5,241 AXA Moderate-Plus Allocation............................... Class B 1.40% $ 8.91 18,061 AXA Moderate-Plus Allocation............................... Class B 1.50% $ 9.80 103,155 AXA Moderate-Plus Allocation............................... Class B 1.55% $ 8.84 130,940 AXA Moderate-Plus Allocation............................... Class B 1.60% $ 8.82 8,765 AXA Moderate-Plus Allocation............................... Class B 1.65% $ 9.72 307,331 AXA Moderate-Plus Allocation............................... Class B 1.70% $ 9.69 27,177 AXA Moderate-Plus Allocation............................... Class B 1.80% $ 8.73 65 AXA Moderate-Plus Allocation............................... Class B 1.90% $ 8.69 4 EQ/AllianceBernstein Common Stock.......................... Class B 0.50% $ 200.52 -- EQ/AllianceBernstein Common Stock.......................... Class B 0.95% $ 172.73 1 EQ/AllianceBernstein Common Stock.......................... Class B 1.20% $ 158.94 330 EQ/AllianceBernstein Common Stock.......................... Class B 1.25% $ 7.87 9,704 EQ/AllianceBernstein Common Stock.......................... Class B 1.30% $ 7.73 3,919 EQ/AllianceBernstein Common Stock.......................... Class B 1.35% $ 151.18 555 EQ/AllianceBernstein Common Stock.......................... Class B 1.40% $ 148.68 501 EQ/AllianceBernstein Common Stock.......................... Class B 1.50% $ 7.76 16,700 EQ/AllianceBernstein Common Stock.......................... Class B 1.55% $ 141.42 423 EQ/AllianceBernstein Common Stock.......................... Class B 1.60% $ 139.08 308 EQ/AllianceBernstein Common Stock.......................... Class B 1.65% $ 7.70 7,635 EQ/AllianceBernstein Common Stock.......................... Class B 1.70% $ 134.51 63 EQ/AllianceBernstein Common Stock.......................... Class B 1.80% $ 130.07 2 EQ/AllianceBernstein Common Stock.......................... Class B 1.90% $ 125.78 1 EQ/AllianceBernstein Intermediate Government Securities.... Class B 0.50% $ 23.77 -- EQ/AllianceBernstein Intermediate Government Securities.... Class B 0.95% $ 21.93 2 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.20% $ 20.97 2,492 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.25% $ 11.18 2,898 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.30% $ 11.07 2,411 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.35% $ 20.41 571 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.40% $ 20.23 3,868 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.50% $ 11.03 4,313 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.55% $ 19.69 2,058 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.60% $ 19.51 1,664 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.65% $ 10.94 5,624 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.70% $ 19.16 948 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.80% $ 18.82 3 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.90% $ 18.48 1 EQ/AllianceBernstein International......................... Class B 0.50% $ 11.11 -- EQ/AllianceBernstein International......................... Class B 0.95% $ 10.43 5 EQ/AllianceBernstein International......................... Class B 1.20% $ 10.08 4,586 EQ/AllianceBernstein International......................... Class B 1.25% $ 9.75 8,362 EQ/AllianceBernstein International......................... Class B 1.30% $ 9.68 7,019 EQ/AllianceBernstein International......................... Class B 1.35% $ 9.87 1,498 EQ/AllianceBernstein International......................... Class B 1.40% $ 9.80 6,793 EQ/AllianceBernstein International......................... Class B 1.50% $ 9.62 10,686 EQ/AllianceBernstein International......................... Class B 1.55% $ 9.60 6,749 EQ/AllianceBernstein International......................... Class B 1.60% $ 9.53 2,496 EQ/AllianceBernstein International......................... Class B 1.65% $ 9.54 12,678 EQ/AllianceBernstein International......................... Class B 1.70% $ 9.40 1,924 EQ/AllianceBernstein International......................... Class B 1.80% $ 9.27 49 EQ/AllianceBernstein International......................... Class B 1.90% $ 9.14 7
FSA-17 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/AllianceBernstein Small Cap Growth........... Class B 0.50% $ 12.62 -- EQ/AllianceBernstein Small Cap Growth........... Class B 0.95% $ 11.97 13 EQ/AllianceBernstein Small Cap Growth........... Class B 1.20% $ 11.62 2,429 EQ/AllianceBernstein Small Cap Growth........... Class B 1.25% $ 9.05 3,292 EQ/AllianceBernstein Small Cap Growth........... Class B 1.30% $ 8.99 2,070 EQ/AllianceBernstein Small Cap Growth........... Class B 1.35% $ 11.42 2,048 EQ/AllianceBernstein Small Cap Growth........... Class B 1.40% $ 11.35 3,557 EQ/AllianceBernstein Small Cap Growth........... Class B 1.50% $ 8.93 5,226 EQ/AllianceBernstein Small Cap Growth........... Class B 1.55% $ 11.15 2,766 EQ/AllianceBernstein Small Cap Growth........... Class B 1.60% $ 11.09 1,882 EQ/AllianceBernstein Small Cap Growth........... Class B 1.65% $ 8.85 4,155 EQ/AllianceBernstein Small Cap Growth........... Class B 1.70% $ 10.96 421 EQ/AllianceBernstein Small Cap Growth........... Class B 1.80% $ 10.83 7 EQ/AllianceBernstein Small Cap Growth........... Class B 1.90% $ 10.70 3 EQ/Ariel Appreciation II........................ Class B 0.50% $ 6.91 -- EQ/Ariel Appreciation II........................ Class B 0.95% $ 6.81 -- EQ/Ariel Appreciation II........................ Class B 1.20% $ 6.76 162 EQ/Ariel Appreciation II........................ Class B 1.25% $ 6.74 719 EQ/Ariel Appreciation II........................ Class B 1.30% $ 6.73 1,030 EQ/Ariel Appreciation II........................ Class B 1.35% $ 6.81 57 EQ/Ariel Appreciation II........................ Class B 1.40% $ 6.71 191 EQ/Ariel Appreciation II........................ Class B 1.50% $ 6.69 708 EQ/Ariel Appreciation II........................ Class B 1.55% $ 6.68 709 EQ/Ariel Appreciation II........................ Class B 1.60% $ 6.67 85 EQ/Ariel Appreciation II........................ Class B 1.65% $ 6.66 2,446 EQ/Ariel Appreciation II........................ Class B 1.70% $ 6.65 339 EQ/Ariel Appreciation II........................ Class B 1.80% $ 6.62 -- EQ/Ariel Appreciation II........................ Class B 1.90% $ 6.60 1 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.20% $ 10.28 523 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.25% $ 10.51 1,638 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.30% $ 10.49 1,449 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.40% $ 10.18 1,173 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.50% $ 10.37 2,862 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.55% $ 10.35 1,130 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.60% $ 10.08 374 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.65% $ 10.29 4,525 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.70% $ 10.26 458 EQ/BlackRock Basic Value Equity................. Class B 0.50% $ 16.70 -- EQ/BlackRock Basic Value Equity................. Class B 0.95% $ 15.84 -- EQ/BlackRock Basic Value Equity................. Class B 1.20% $ 15.38 3,698 EQ/BlackRock Basic Value Equity................. Class B 1.25% $ 9.07 6,950 EQ/BlackRock Basic Value Equity................. Class B 1.30% $ 9.02 3,987 EQ/BlackRock Basic Value Equity................. Class B 1.35% $ 15.11 1,799 EQ/BlackRock Basic Value Equity................. Class B 1.40% $ 15.02 5,575 EQ/BlackRock Basic Value Equity................. Class B 1.50% $ 8.95 9,830 EQ/BlackRock Basic Value Equity................. Class B 1.55% $ 14.75 3,421 EQ/BlackRock Basic Value Equity................. Class B 1.60% $ 14.66 2,175 EQ/BlackRock Basic Value Equity................. Class B 1.65% $ 8.88 8,195 EQ/BlackRock Basic Value Equity................. Class B 1.70% $ 14.49 834 EQ/BlackRock Basic Value Equity................. Class B 1.80% $ 14.32 17 EQ/BlackRock Basic Value Equity................. Class B 1.90% $ 14.15 4 EQ/BlackRock International Value................ Class B 0.50% $ 15.47 -- EQ/BlackRock International Value................ Class B 0.95% $ 14.67 20 EQ/BlackRock International Value................ Class B 1.20% $ 14.25 3,321 EQ/BlackRock International Value................ Class B 1.25% $ 11.10 6,161 EQ/BlackRock International Value................ Class B 1.30% $ 11.04 3,778
FSA-18 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/BlackRock International Value........ Class B 1.35% $ 14.00 4,114 EQ/BlackRock International Value........ Class B 1.40% $ 13.91 4,395 EQ/BlackRock International Value........ Class B 1.50% $ 10.95 8,981 EQ/BlackRock International Value........ Class B 1.55% $ 13.67 5,347 EQ/BlackRock International Value........ Class B 1.60% $ 13.59 2,472 EQ/BlackRock International Value........ Class B 1.65% $ 10.87 8,942 EQ/BlackRock International Value........ Class B 1.70% $ 13.43 1,000 EQ/BlackRock International Value........ Class B 1.80% $ 13.27 47 EQ/BlackRock International Value........ Class B 1.90% $ 13.11 7 EQ/Boston Advisors Equity Income........ Class B 0.50% $ 5.05 -- EQ/Boston Advisors Equity Income........ Class B 0.95% $ 4.82 1 EQ/Boston Advisors Equity Income........ Class B 1.20% $ 4.70 1,732 EQ/Boston Advisors Equity Income........ Class B 1.25% $ 4.68 5,451 EQ/Boston Advisors Equity Income........ Class B 1.30% $ 1.90 8,373 EQ/Boston Advisors Equity Income........ Class B 1.35% $ 4.63 413 EQ/Boston Advisors Equity Income........ Class B 1.40% $ 4.61 2,442 EQ/Boston Advisors Equity Income........ Class B 1.50% $ 4.56 8,902 EQ/Boston Advisors Equity Income........ Class B 1.55% $ 4.54 3,897 EQ/Boston Advisors Equity Income........ Class B 1.60% $ 4.51 613 EQ/Boston Advisors Equity Income........ Class B 1.65% $ 4.49 6,763 EQ/Boston Advisors Equity Income........ Class B 1.70% $ 4.47 730 EQ/Boston Advisors Equity Income........ Class B 1.80% $ 4.42 3 EQ/Boston Advisors Equity Income........ Class B 1.90% $ 4.38 24 EQ/Calvert Socially Responsible......... Class B 0.50% $ 5.86 -- EQ/Calvert Socially Responsible......... Class B 0.95% $ 5.61 -- EQ/Calvert Socially Responsible......... Class B 1.20% $ 5.48 470 EQ/Calvert Socially Responsible......... Class B 1.25% $ 7.18 812 EQ/Calvert Socially Responsible......... Class B 1.30% $ 7.14 594 EQ/Calvert Socially Responsible......... Class B 1.35% $ 5.40 132 EQ/Calvert Socially Responsible......... Class B 1.40% $ 5.38 681 EQ/Calvert Socially Responsible......... Class B 1.50% $ 7.08 862 EQ/Calvert Socially Responsible......... Class B 1.55% $ 5.30 636 EQ/Calvert Socially Responsible......... Class B 1.60% $ 5.28 206 EQ/Calvert Socially Responsible......... Class B 1.65% $ 7.03 994 EQ/Calvert Socially Responsible......... Class B 1.70% $ 5.23 286 EQ/Calvert Socially Responsible......... Class B 1.80% $ 5.18 1 EQ/Calvert Socially Responsible......... Class B 1.90% $ 5.13 -- EQ/Capital Guardian Growth.............. Class B 0.50% $ 8.87 -- EQ/Capital Guardian Growth.............. Class B 0.95% $ 8.41 3 EQ/Capital Guardian Growth.............. Class B 1.20% $ 8.16 1,900 EQ/Capital Guardian Growth.............. Class B 1.25% $ 7.33 3,851 EQ/Capital Guardian Growth.............. Class B 1.30% $ 7.28 3,633 EQ/Capital Guardian Growth.............. Class B 1.35% $ 8.02 4,337 EQ/Capital Guardian Growth.............. Class B 1.40% $ 7.97 1,933 EQ/Capital Guardian Growth.............. Class B 1.50% $ 7.23 2,693 EQ/Capital Guardian Growth.............. Class B 1.55% $ 7.83 3,107 EQ/Capital Guardian Growth.............. Class B 1.60% $ 7.79 1,689 EQ/Capital Guardian Growth.............. Class B 1.65% $ 7.17 10,512 EQ/Capital Guardian Growth.............. Class B 1.70% $ 7.70 1,426 EQ/Capital Guardian Growth.............. Class B 1.80% $ 7.60 10 EQ/Capital Guardian Growth.............. Class B 1.90% $ 7.51 8 EQ/Capital Guardian Research............ Class B 0.50% $ 8.48 -- EQ/Capital Guardian Research............ Class B 0.95% $ 8.12 56 EQ/Capital Guardian Research............ Class B 1.20% $ 7.92 12,691 EQ/Capital Guardian Research............ Class B 1.25% $ 8.15 11,194 EQ/Capital Guardian Research............ Class B 1.30% $ 8.11 2,728
FSA-19 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Capital Guardian Research............. Class B 1.35% $ 7.80 8,941 EQ/Capital Guardian Research............. Class B 1.40% $ 7.76 13,802 EQ/Capital Guardian Research............. Class B 1.50% $ 8.04 9,561 EQ/Capital Guardian Research............. Class B 1.55% $ 7.65 6,117 EQ/Capital Guardian Research............. Class B 1.60% $ 7.61 13,273 EQ/Capital Guardian Research............. Class B 1.65% $ 7.97 15,308 EQ/Capital Guardian Research............. Class B 1.70% $ 7.54 2,528 EQ/Capital Guardian Research............. Class B 1.80% $ 7.47 77 EQ/Capital Guardian Research............. Class B 1.90% $ 7.39 11 EQ/Caywood-Scholl High Yield Bond........ Class B 0.50% $ 9.25 -- EQ/Caywood-Scholl High Yield Bond........ Class B 0.95% $ 9.10 -- EQ/Caywood-Scholl High Yield Bond........ Class B 1.20% $ 9.01 404 EQ/Caywood-Scholl High Yield Bond........ Class B 1.25% $ 9.00 2,356 EQ/Caywood-Scholl High Yield Bond........ Class B 1.30% $ 2.71 5,267 EQ/Caywood-Scholl High Yield Bond........ Class B 1.35% $ 8.96 84 EQ/Caywood-Scholl High Yield Bond........ Class B 1.40% $ 8.95 758 EQ/Caywood-Scholl High Yield Bond........ Class B 1.50% $ 8.91 3,181 EQ/Caywood-Scholl High Yield Bond........ Class B 1.55% $ 8.90 2,019 EQ/Caywood-Scholl High Yield Bond........ Class B 1.60% $ 8.88 240 EQ/Caywood-Scholl High Yield Bond........ Class B 1.65% $ 8.86 2,932 EQ/Caywood-Scholl High Yield Bond........ Class B 1.70% $ 8.85 1,204 EQ/Caywood-Scholl High Yield Bond........ Class B 1.80% $ 8.81 -- EQ/Caywood-Scholl High Yield Bond........ Class B 1.90% $ 8.78 -- EQ/Davis New York Venture................ Class B 0.50% $ 6.79 -- EQ/Davis New York Venture................ Class B 0.95% $ 6.72 -- EQ/Davis New York Venture................ Class B 1.20% $ 6.68 1,290 EQ/Davis New York Venture................ Class B 1.25% $ 6.67 2,935 EQ/Davis New York Venture................ Class B 1.30% $ 6.67 7,157 EQ/Davis New York Venture................ Class B 1.35% $ 6.66 374 EQ/Davis New York Venture................ Class B 1.40% $ 6.65 1,678 EQ/Davis New York Venture................ Class B 1.50% $ 6.63 3,524 EQ/Davis New York Venture................ Class B 1.55% $ 6.63 5,304 EQ/Davis New York Venture................ Class B 1.60% $ 6.62 780 EQ/Davis New York Venture................ Class B 1.65% $ 6.61 12,038 EQ/Davis New York Venture................ Class B 1.70% $ 6.60 1,517 EQ/Davis New York Venture................ Class B 1.80% $ 6.59 -- EQ/Davis New York Venture................ Class B 1.90% $ 6.57 -- EQ/Equity 500 Index...................... Class B 0.50% $ 21.79 -- EQ/Equity 500 Index...................... Class B 0.95% $ 20.37 9 EQ/Equity 500 Index...................... Class B 1.20% $ 19.62 5,596 EQ/Equity 500 Index...................... Class B 1.25% $ 8.82 10,559 EQ/Equity 500 Index...................... Class B 1.30% $ 8.75 4,505 EQ/Equity 500 Index...................... Class B 1.35% $ 19.19 3,764 EQ/Equity 500 Index...................... Class B 1.40% $ 19.04 7,882 EQ/Equity 500 Index...................... Class B 1.50% $ 8.70 15,202 EQ/Equity 500 Index...................... Class B 1.55% $ 18.62 4,288 EQ/Equity 500 Index...................... Class B 1.60% $ 18.48 5,011 EQ/Equity 500 Index...................... Class B 1.65% $ 8.63 13,591 EQ/Equity 500 Index...................... Class B 1.70% $ 18.20 1,308 EQ/Equity 500 Index...................... Class B 1.80% $ 17.93 114 EQ/Equity 500 Index...................... Class B 1.90% $ 17.66 12 EQ/Evergreen International Bond.......... Class B 0.50% $ 11.58 -- EQ/Evergreen International Bond.......... Class B 0.95% $ 11.42 -- EQ/Evergreen International Bond.......... Class B 1.20% $ 11.32 1,734 EQ/Evergreen International Bond.......... Class B 1.25% $ 11.30 3,500 EQ/Evergreen International Bond.......... Class B 1.30% $ 11.29 4,266
FSA-20 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Evergreen International Bond................ Class B 1.35% $ 11.34 499 EQ/Evergreen International Bond................ Class B 1.40% $ 11.25 3,380 EQ/Evergreen International Bond................ Class B 1.50% $ 11.21 7,003 EQ/Evergreen International Bond................ Class B 1.55% $ 11.19 5,387 EQ/Evergreen International Bond................ Class B 1.60% $ 11.17 1,062 EQ/Evergreen International Bond................ Class B 1.65% $ 11.16 8,932 EQ/Evergreen International Bond................ Class B 1.70% $ 11.14 1,063 EQ/Evergreen International Bond................ Class B 1.80% $ 11.10 -- EQ/Evergreen International Bond................ Class B 1.90% $ 11.06 2 EQ/Evergreen Omega............................. Class B 0.50% $ 7.62 -- EQ/Evergreen Omega............................. Class B 0.95% $ 7.29 -- EQ/Evergreen Omega............................. Class B 1.20% $ 7.10 1,933 EQ/Evergreen Omega............................. Class B 1.25% $ 9.54 2,079 EQ/Evergreen Omega............................. Class B 1.30% $ 9.49 807 EQ/Evergreen Omega............................. Class B 1.35% $ 7.00 309 EQ/Evergreen Omega............................. Class B 1.40% $ 6.96 2,596 EQ/Evergreen Omega............................. Class B 1.50% $ 9.41 2,152 EQ/Evergreen Omega............................. Class B 1.55% $ 6.86 1,482 EQ/Evergreen Omega............................. Class B 1.60% $ 6.82 1,192 EQ/Evergreen Omega............................. Class B 1.65% $ 9.34 2,848 EQ/Evergreen Omega............................. Class B 1.70% $ 6.75 353 EQ/Evergreen Omega............................. Class B 1.80% $ 6.68 -- EQ/Evergreen Omega............................. Class B 1.90% $ 6.62 2 EQ/Franklin Income............................. Class B 0.50% $ 7.20 -- EQ/Franklin Income............................. Class B 0.95% $ 7.13 15 EQ/Franklin Income............................. Class B 1.20% $ 7.09 2,264 EQ/Franklin Income............................. Class B 1.25% $ 7.08 5,337 EQ/Franklin Income............................. Class B 1.30% $ 7.07 8,899 EQ/Franklin Income............................. Class B 1.35% $ 7.06 474 EQ/Franklin Income............................. Class B 1.40% $ 7.05 3,118 EQ/Franklin Income............................. Class B 1.50% $ 7.04 6,862 EQ/Franklin Income............................. Class B 1.55% $ 7.03 8,326 EQ/Franklin Income............................. Class B 1.60% $ 7.02 1,489 EQ/Franklin Income............................. Class B 1.65% $ 7.01 22,020 EQ/Franklin Income............................. Class B 1.70% $ 7.01 1,649 EQ/Franklin Income............................. Class B 1.80% $ 6.99 10 EQ/Franklin Income............................. Class B 1.90% $ 6.97 -- EQ/Franklin Small Cap Value.................... Class B 0.50% $ 6.54 -- EQ/Franklin Small Cap Value.................... Class B 0.95% $ 6.47 -- EQ/Franklin Small Cap Value.................... Class B 1.20% $ 6.43 431 EQ/Franklin Small Cap Value.................... Class B 1.25% $ 6.42 759 EQ/Franklin Small Cap Value.................... Class B 1.30% $ 6.42 2,521 EQ/Franklin Small Cap Value.................... Class B 1.35% $ 6.41 170 EQ/Franklin Small Cap Value.................... Class B 1.40% $ 6.40 643 EQ/Franklin Small Cap Value.................... Class B 1.50% $ 6.39 1,089 EQ/Franklin Small Cap Value.................... Class B 1.55% $ 6.38 1,829 EQ/Franklin Small Cap Value.................... Class B 1.60% $ 6.37 250 EQ/Franklin Small Cap Value.................... Class B 1.65% $ 6.36 3,589 EQ/Franklin Small Cap Value.................... Class B 1.70% $ 6.36 377 EQ/Franklin Small Cap Value.................... Class B 1.80% $ 6.34 -- EQ/Franklin Small Cap Value.................... Class B 1.90% $ 6.33 -- EQ/Franklin Templeton Founding Strategy........ Class B 0.50% $ 6.01 -- EQ/Franklin Templeton Founding Strategy........ Class B 0.95% $ 5.96 -- EQ/Franklin Templeton Founding Strategy........ Class B 1.15% $ 5.94 481 EQ/Franklin Templeton Founding Strategy........ Class B 1.20% $ 5.94 757 EQ/Franklin Templeton Founding Strategy........ Class B 1.25% $ 5.93 3,488
FSA-21 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Franklin Templeton Founding Strategy........ Class B 1.30% $ 5.93 48,476 EQ/Franklin Templeton Founding Strategy........ Class B 1.35% $ 5.92 619 EQ/Franklin Templeton Founding Strategy........ Class B 1.40% $ 5.92 2,076 EQ/Franklin Templeton Founding Strategy........ Class B 1.50% $ 5.91 4,748 EQ/Franklin Templeton Founding Strategy........ Class B 1.55% $ 5.90 27,745 EQ/Franklin Templeton Founding Strategy........ Class B 1.60% $ 5.90 1,164 EQ/Franklin Templeton Founding Strategy........ Class B 1.65% $ 5.90 73,834 EQ/Franklin Templeton Founding Strategy........ Class B 1.70% $ 5.89 5,195 EQ/Franklin Templeton Founding Strategy........ Class B 1.80% $ 5.88 -- EQ/Franklin Templeton Founding Strategy........ Class B 1.90% $ 5.87 -- EQ/GAMCO Mergers and Acquisitions.............. Class B 0.50% $ 10.41 -- EQ/GAMCO Mergers and Acquisitions.............. Class B 0.95% $ 10.23 -- EQ/GAMCO Mergers and Acquisitions.............. Class B 1.20% $ 10.14 307 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.25% $ 10.12 1,492 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.30% $ 9.92 1,668 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.35% $ 10.08 66 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.40% $ 10.07 810 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.50% $ 10.03 2,068 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.55% $ 10.01 1,577 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.60% $ 9.99 171 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.65% $ 9.97 2,617 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.70% $ 9.95 305 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.80% $ 9.92 -- EQ/GAMCO Mergers and Acquisitions.............. Class B 1.90% $ 9.88 -- EQ/GAMCO Small Company Value................... Class B 0.50% $ 24.17 -- EQ/GAMCO Small Company Value................... Class B 0.95% $ 22.03 -- EQ/GAMCO Small Company Value................... Class B 1.20% $ 20.92 932 EQ/GAMCO Small Company Value................... Class B 1.25% $ 20.70 2,324 EQ/GAMCO Small Company Value................... Class B 1.30% $ 31.77 1,862 EQ/GAMCO Small Company Value................... Class B 1.35% $ 20.28 295 EQ/GAMCO Small Company Value................... Class B 1.40% $ 20.07 1,365 EQ/GAMCO Small Company Value................... Class B 1.50% $ 19.66 3,794 EQ/GAMCO Small Company Value................... Class B 1.55% $ 19.46 3,270 EQ/GAMCO Small Company Value................... Class B 1.60% $ 19.26 302 EQ/GAMCO Small Company Value................... Class B 1.65% $ 19.06 4,032 EQ/GAMCO Small Company Value................... Class B 1.70% $ 18.86 610 EQ/GAMCO Small Company Value................... Class B 1.80% $ 18.47 1 EQ/GAMCO Small Company Value................... Class B 1.90% $ 18.09 7 EQ/International Core PLUS..................... Class B 0.50% $ 9.76 -- EQ/International Core PLUS..................... Class B 0.95% $ 9.34 39 EQ/International Core PLUS..................... Class B 1.20% $ 9.11 5,199 EQ/International Core PLUS..................... Class B 1.25% $ 10.59 7,012 EQ/International Core PLUS..................... Class B 1.30% $ 10.54 3,339 EQ/International Core PLUS..................... Class B 1.35% $ 8.98 1,946 EQ/International Core PLUS..................... Class B 1.40% $ 8.94 6,917 EQ/International Core PLUS..................... Class B 1.50% $ 10.45 7,172 EQ/International Core PLUS..................... Class B 1.55% $ 8.81 4,686 EQ/International Core PLUS..................... Class B 1.60% $ 8.76 5,817 EQ/International Core PLUS..................... Class B 1.65% $ 10.36 12,557 EQ/International Core PLUS..................... Class B 1.70% $ 8.68 2,341 EQ/International Core PLUS..................... Class B 1.80% $ 8.59 20 EQ/International Core PLUS..................... Class B 1.90% $ 8.51 5 EQ/International Growth........................ Class B 0.50% $ 9.93 -- EQ/International Growth........................ Class B 0.95% $ 9.77 -- EQ/International Growth........................ Class B 1.20% $ 9.68 688 EQ/International Growth........................ Class B 1.25% $ 9.66 1,783
FSA-22 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/International Growth................ Class B 1.30% $ 4.28 5,559 EQ/International Growth................ Class B 1.35% $ 9.63 191 EQ/International Growth................ Class B 1.40% $ 9.61 1,045 EQ/International Growth................ Class B 1.50% $ 9.57 2,667 EQ/International Growth................ Class B 1.55% $ 9.55 2,704 EQ/International Growth................ Class B 1.60% $ 9.54 378 EQ/International Growth................ Class B 1.65% $ 9.52 4,806 EQ/International Growth................ Class B 1.70% $ 9.50 796 EQ/International Growth................ Class B 1.80% $ 9.47 14 EQ/International Growth................ Class B 1.90% $ 9.43 -- EQ/JPMorgan Core Bond.................. Class B 0.50% $ 14.39 -- EQ/JPMorgan Core Bond.................. Class B 0.95% $ 13.69 18 EQ/JPMorgan Core Bond.................. Class B 1.20% $ 13.31 7,625 EQ/JPMorgan Core Bond.................. Class B 1.25% $ 9.97 10,724 EQ/JPMorgan Core Bond.................. Class B 1.30% $ 9.91 3,840 EQ/JPMorgan Core Bond.................. Class B 1.35% $ 13.09 4,114 EQ/JPMorgan Core Bond.................. Class B 1.40% $ 13.02 11,027 EQ/JPMorgan Core Bond.................. Class B 1.50% $ 9.83 13,785 EQ/JPMorgan Core Bond.................. Class B 1.55% $ 12.80 6,813 EQ/JPMorgan Core Bond.................. Class B 1.60% $ 12.73 7,829 EQ/JPMorgan Core Bond.................. Class B 1.65% $ 9.76 13,286 EQ/JPMorgan Core Bond.................. Class B 1.70% $ 12.59 1,216 EQ/JPMorgan Core Bond.................. Class B 1.80% $ 12.45 113 EQ/JPMorgan Core Bond.................. Class B 1.90% $ 12.31 23 EQ/JPMorgan Value Opportunities........ Class B 0.50% $ 10.28 -- EQ/JPMorgan Value Opportunities........ Class B 0.95% $ 9.75 4 EQ/JPMorgan Value Opportunities........ Class B 1.20% $ 9.47 2,221 EQ/JPMorgan Value Opportunities........ Class B 1.25% $ 8.51 1,391 EQ/JPMorgan Value Opportunities........ Class B 1.30% $ 8.46 893 EQ/JPMorgan Value Opportunities........ Class B 1.35% $ 9.30 6,572 EQ/JPMorgan Value Opportunities........ Class B 1.40% $ 9.25 2,899 EQ/JPMorgan Value Opportunities........ Class B 1.50% $ 8.40 1,477 EQ/JPMorgan Value Opportunities........ Class B 1.55% $ 9.09 2,921 EQ/JPMorgan Value Opportunities........ Class B 1.60% $ 9.03 2,578 EQ/JPMorgan Value Opportunities........ Class B 1.65% $ 8.33 2,028 EQ/JPMorgan Value Opportunities........ Class B 1.70% $ 8.93 280 EQ/JPMorgan Value Opportunities........ Class B 1.80% $ 8.82 43 EQ/JPMorgan Value Opportunities........ Class B 1.90% $ 8.72 15 EQ/Large Cap Core PLUS................. Class B 0.50% $ 7.29 -- EQ/Large Cap Core PLUS................. Class B 0.95% $ 6.97 3 EQ/Large Cap Core PLUS................. Class B 1.20% $ 6.80 2,449 EQ/Large Cap Core PLUS................. Class B 1.25% $ 8.71 913 EQ/Large Cap Core PLUS................. Class B 1.30% $ 8.67 365 EQ/Large Cap Core PLUS................. Class B 1.35% $ 6.69 1,960 EQ/Large Cap Core PLUS................. Class B 1.40% $ 6.66 2,917 EQ/Large Cap Core PLUS................. Class B 1.50% $ 8.60 1,160 EQ/Large Cap Core PLUS................. Class B 1.55% $ 6.56 2,845 EQ/Large Cap Core PLUS................. Class B 1.60% $ 6.53 4,012 EQ/Large Cap Core PLUS................. Class B 1.65% $ 8.53 1,341 EQ/Large Cap Core PLUS................. Class B 1.70% $ 6.46 389 EQ/Large Cap Core PLUS................. Class B 1.80% $ 6.39 35 EQ/Large Cap Core PLUS................. Class B 1.90% $ 6.33 2 EQ/Large Cap Growth Index.............. Class B 0.50% $ 5.37 -- EQ/Large Cap Growth Index.............. Class B 0.95% $ 5.14 32 EQ/Large Cap Growth Index.............. Class B 1.20% $ 5.02 3,977 EQ/Large Cap Growth Index.............. Class B 1.25% $ 8.75 2,387
FSA-23 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Large Cap Growth Index........ Class B 1.30% $ 8.71 1,472 EQ/Large Cap Growth Index........ Class B 1.35% $ 4.94 4,108 EQ/Large Cap Growth Index........ Class B 1.40% $ 4.92 6,340 EQ/Large Cap Growth Index........ Class B 1.50% $ 8.63 3,017 EQ/Large Cap Growth Index........ Class B 1.55% $ 4.85 7,722 EQ/Large Cap Growth Index........ Class B 1.60% $ 4.82 7,705 EQ/Large Cap Growth Index........ Class B 1.65% $ 8.57 4,045 EQ/Large Cap Growth Index........ Class B 1.70% $ 4.78 1,004 EQ/Large Cap Growth Index........ Class B 1.80% $ 4.73 56 EQ/Large Cap Growth Index........ Class B 1.90% $ 4.68 57 EQ/Large Cap Growth PLUS......... Class B 0.50% $ 11.59 -- EQ/Large Cap Growth PLUS......... Class B 0.95% $ 10.99 18 EQ/Large Cap Growth PLUS......... Class B 1.20% $ 10.67 1,206 EQ/Large Cap Growth PLUS......... Class B 1.25% $ 9.10 1,751 EQ/Large Cap Growth PLUS......... Class B 1.30% $ 9.04 1,333 EQ/Large Cap Growth PLUS......... Class B 1.35% $ 10.49 3,436 EQ/Large Cap Growth PLUS......... Class B 1.40% $ 10.42 1,733 EQ/Large Cap Growth PLUS......... Class B 1.50% $ 8.97 2,695 EQ/Large Cap Growth PLUS......... Class B 1.55% $ 10.24 2,719 EQ/Large Cap Growth PLUS......... Class B 1.60% $ 10.18 2,095 EQ/Large Cap Growth PLUS......... Class B 1.65% $ 8.90 2,429 EQ/Large Cap Growth PLUS......... Class B 1.70% $ 10.06 298 EQ/Large Cap Growth PLUS......... Class B 1.80% $ 9.94 5 EQ/Large Cap Growth PLUS......... Class B 1.90% $ 9.82 1 EQ/Large Cap Value Index......... Class B 0.50% $ 4.57 -- EQ/Large Cap Value Index......... Class B 0.95% $ 4.50 -- EQ/Large Cap Value Index......... Class B 1.20% $ 4.47 320 EQ/Large Cap Value Index......... Class B 1.25% $ 4.46 1,968 EQ/Large Cap Value Index......... Class B 1.30% $ 4.45 1,673 EQ/Large Cap Value Index......... Class B 1.35% $ 4.51 147 EQ/Large Cap Value Index......... Class B 1.40% $ 4.44 495 EQ/Large Cap Value Index......... Class B 1.50% $ 4.42 2,813 EQ/Large Cap Value Index......... Class B 1.55% $ 4.42 1,742 EQ/Large Cap Value Index......... Class B 1.60% $ 4.41 306 EQ/Large Cap Value Index......... Class B 1.65% $ 4.40 6,687 EQ/Large Cap Value Index......... Class B 1.70% $ 4.39 847 EQ/Large Cap Value Index......... Class B 1.80% $ 4.38 -- EQ/Large Cap Value Index......... Class B 1.90% $ 4.36 -- EQ/Large Cap Value PLUS.......... Class B 0.50% $ 10.38 -- EQ/Large Cap Value PLUS.......... Class B 0.95% $ 9.88 33 EQ/Large Cap Value PLUS.......... Class B 1.20% $ 9.61 14,916 EQ/Large Cap Value PLUS.......... Class B 1.25% $ 8.07 17,011 EQ/Large Cap Value PLUS.......... Class B 1.30% $ 8.03 5,760 EQ/Large Cap Value PLUS.......... Class B 1.35% $ 9.45 4,274 EQ/Large Cap Value PLUS.......... Class B 1.40% $ 9.39 22,041 EQ/Large Cap Value PLUS.......... Class B 1.50% $ 7.96 25,055 EQ/Large Cap Value PLUS.......... Class B 1.55% $ 9.24 8,454 EQ/Large Cap Value PLUS.......... Class B 1.60% $ 9.19 10,639 EQ/Large Cap Value PLUS.......... Class B 1.65% $ 7.90 17,618 EQ/Large Cap Value PLUS.......... Class B 1.70% $ 9.09 2,668 EQ/Large Cap Value PLUS.......... Class B 1.80% $ 8.98 127 EQ/Large Cap Value PLUS.......... Class B 1.90% $ 8.88 36 EQ/Long Term Bond................ Class B 0.50% $ 11.37 -- EQ/Long Term Bond................ Class B 0.95% $ 11.19 -- EQ/Long Term Bond................ Class B 1.20% $ 11.08 900 EQ/Long Term Bond................ Class B 1.25% $ 11.06 2,362
FSA-24 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Long Term Bond....................... Class B 1.30% $ 8.43 2,692 EQ/Long Term Bond....................... Class B 1.35% $ 11.02 203 EQ/Long Term Bond....................... Class B 1.40% $ 11.00 652 EQ/Long Term Bond....................... Class B 1.50% $ 10.96 2,588 EQ/Long Term Bond....................... Class B 1.55% $ 10.94 1,241 EQ/Long Term Bond....................... Class B 1.60% $ 10.92 276 EQ/Long Term Bond....................... Class B 1.65% $ 10.90 1,905 EQ/Long Term Bond....................... Class B 1.70% $ 10.88 237 EQ/Long Term Bond....................... Class B 1.80% $ 10.84 -- EQ/Long Term Bond....................... Class B 1.90% $ 10.80 -- EQ/Lord Abbett Growth and Income........ Class B 0.50% $ 8.08 -- EQ/Lord Abbett Growth and Income........ Class B 0.95% $ 7.94 -- EQ/Lord Abbett Growth and Income........ Class B 1.20% $ 7.87 322 EQ/Lord Abbett Growth and Income........ Class B 1.25% $ 7.86 1,713 EQ/Lord Abbett Growth and Income........ Class B 1.30% $ 7.87 1,289 EQ/Lord Abbett Growth and Income........ Class B 1.35% $ 7.83 211 EQ/Lord Abbett Growth and Income........ Class B 1.40% $ 7.81 531 EQ/Lord Abbett Growth and Income........ Class B 1.50% $ 7.78 2,006 EQ/Lord Abbett Growth and Income........ Class B 1.55% $ 7.77 1,303 EQ/Lord Abbett Growth and Income........ Class B 1.60% $ 7.76 323 EQ/Lord Abbett Growth and Income........ Class B 1.65% $ 7.74 3,958 EQ/Lord Abbett Growth and Income........ Class B 1.70% $ 7.73 351 EQ/Lord Abbett Growth and Income........ Class B 1.80% $ 7.70 -- EQ/Lord Abbett Growth and Income........ Class B 1.90% $ 7.67 -- EQ/Lord Abbett Large Cap Core........... Class B 0.50% $ 9.01 -- EQ/Lord Abbett Large Cap Core........... Class B 0.95% $ 8.86 -- EQ/Lord Abbett Large Cap Core........... Class B 1.20% $ 8.78 357 EQ/Lord Abbett Large Cap Core........... Class B 1.25% $ 8.76 1,147 EQ/Lord Abbett Large Cap Core........... Class B 1.30% $ 8.81 1,142 EQ/Lord Abbett Large Cap Core........... Class B 1.35% $ 8.73 202 EQ/Lord Abbett Large Cap Core........... Class B 1.40% $ 8.71 781 EQ/Lord Abbett Large Cap Core........... Class B 1.50% $ 8.68 1,630 EQ/Lord Abbett Large Cap Core........... Class B 1.55% $ 8.66 1,080 EQ/Lord Abbett Large Cap Core........... Class B 1.60% $ 8.65 207 EQ/Lord Abbett Large Cap Core........... Class B 1.65% $ 8.63 2,823 EQ/Lord Abbett Large Cap Core........... Class B 1.70% $ 8.62 425 EQ/Lord Abbett Large Cap Core........... Class B 1.80% $ 8.58 -- EQ/Lord Abbett Large Cap Core........... Class B 1.90% $ 8.55 -- EQ/Lord Abbett Mid Cap Value............ Class B 0.50% $ 7.62 -- EQ/Lord Abbett Mid Cap Value............ Class B 0.95% $ 7.50 -- EQ/Lord Abbett Mid Cap Value............ Class B 1.20% $ 7.43 649 EQ/Lord Abbett Mid Cap Value............ Class B 1.25% $ 7.41 3,815 EQ/Lord Abbett Mid Cap Value............ Class B 1.30% $ 7.47 3,432 EQ/Lord Abbett Mid Cap Value............ Class B 1.35% $ 7.39 197 EQ/Lord Abbett Mid Cap Value............ Class B 1.40% $ 7.37 1,060 EQ/Lord Abbett Mid Cap Value............ Class B 1.50% $ 7.35 4,221 EQ/Lord Abbett Mid Cap Value............ Class B 1.55% $ 7.33 2,698 EQ/Lord Abbett Mid Cap Value............ Class B 1.60% $ 7.32 354 EQ/Lord Abbett Mid Cap Value............ Class B 1.65% $ 7.30 8,482 EQ/Lord Abbett Mid Cap Value............ Class B 1.70% $ 7.29 922 EQ/Lord Abbett Mid Cap Value............ Class B 1.80% $ 7.26 -- EQ/Lord Abbett Mid Cap Value............ Class B 1.90% $ 7.24 -- EQ/Marsico Focus........................ Class B 0.50% $ 11.60 -- EQ/Marsico Focus........................ Class B 0.95% $ 11.22 6 EQ/Marsico Focus........................ Class B 1.20% $ 11.01 9,776 EQ/Marsico Focus........................ Class B 1.25% $ 9.05 16,060
FSA-25 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Marsico Focus............. Class B 1.30% $ 9.02 10,424 EQ/Marsico Focus............. Class B 1.35% $ 10.89 1,313 EQ/Marsico Focus............. Class B 1.40% $ 10.85 14,437 EQ/Marsico Focus............. Class B 1.50% $ 8.93 21,105 EQ/Marsico Focus............. Class B 1.55% $ 10.73 9,050 EQ/Marsico Focus............. Class B 1.60% $ 10.69 5,954 EQ/Marsico Focus............. Class B 1.65% $ 8.86 27,244 EQ/Marsico Focus............. Class B 1.70% $ 10.61 3,228 EQ/Marsico Focus............. Class B 1.80% $ 10.53 49 EQ/Marsico Focus............. Class B 1.90% $ 10.45 5 EQ/Mid Cap Index............. Class B 0.50% $ 7.36 -- EQ/Mid Cap Index............. Class B 0.95% $ 7.09 25 EQ/Mid Cap Index............. Class B 1.20% $ 6.94 8,228 EQ/Mid Cap Index............. Class B 1.25% $ 8.03 8,169 EQ/Mid Cap Index............. Class B 1.30% $ 8.00 3,947 EQ/Mid Cap Index............. Class B 1.35% $ 6.86 1,046 EQ/Mid Cap Index............. Class B 1.40% $ 6.83 10,755 EQ/Mid Cap Index............. Class B 1.50% $ 7.93 11,084 EQ/Mid Cap Index............. Class B 1.55% $ 6.74 7,091 EQ/Mid Cap Index............. Class B 1.60% $ 6.71 5,117 EQ/Mid Cap Index............. Class B 1.65% $ 7.86 10,589 EQ/Mid Cap Index............. Class B 1.70% $ 6.66 1,863 EQ/Mid Cap Index............. Class B 1.80% $ 6.60 28 EQ/Mid Cap Index............. Class B 1.90% $ 6.54 4 EQ/Mid Cap Value PLUS........ Class B 0.50% $ 11.23 -- EQ/Mid Cap Value PLUS........ Class B 0.95% $ 10.65 12 EQ/Mid Cap Value PLUS........ Class B 1.20% $ 10.34 5,211 EQ/Mid Cap Value PLUS........ Class B 1.25% $ 9.11 5,616 EQ/Mid Cap Value PLUS........ Class B 1.30% $ 9.06 1,612 EQ/Mid Cap Value PLUS........ Class B 1.35% $ 10.16 780 EQ/Mid Cap Value PLUS........ Class B 1.40% $ 10.10 7,400 EQ/Mid Cap Value PLUS........ Class B 1.50% $ 8.99 8,252 EQ/Mid Cap Value PLUS........ Class B 1.55% $ 9.92 3,049 EQ/Mid Cap Value PLUS........ Class B 1.60% $ 9.86 3,335 EQ/Mid Cap Value PLUS........ Class B 1.65% $ 8.92 5,726 EQ/Mid Cap Value PLUS........ Class B 1.70% $ 9.74 902 EQ/Mid Cap Value PLUS........ Class B 1.80% $ 9.63 32 EQ/Mid Cap Value PLUS........ Class B 1.90% $ 9.52 13 EQ/Money Market.............. Class B 0.00% $ 44.43 14 EQ/Money Market.............. Class B 0.50% $ 38.72 -- EQ/Money Market.............. Class B 0.95% $ 34.19 5 EQ/Money Market.............. Class B 1.15% $ 11.33 195 EQ/Money Market.............. Class B 1.15% $ 32.35 24 EQ/Money Market.............. Class B 1.20% $ 31.90 2,708 EQ/Money Market.............. Class B 1.25% $ 10.82 9,274 EQ/Money Market.............. Class B 1.30% $ 10.67 6,707 EQ/Money Market.............. Class B 1.35% $ 30.60 2,696 EQ/Money Market.............. Class B 1.40% $ 30.17 4,787 EQ/Money Market.............. Class B 1.50% $ 10.68 20,804 EQ/Money Market.............. Class B 1.55% $ 28.93 5,634 EQ/Money Market.............. Class B 1.55% $ 32.29 4,286 EQ/Money Market.............. Class B 1.60% $ 28.54 4,635 EQ/Money Market.............. Class B 1.65% $ 10.59 26,885 EQ/Money Market.............. Class B 1.70% $ 27.75 1,943 EQ/Money Market.............. Class B 1.70% $ 32.26 307 EQ/Money Market.............. Class B 1.80% $ 26.99 7 EQ/Money Market.............. Class B 1.90% $ 26.24 13
FSA-26 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Montag & Caldwell Growth................... Class B 0.50% $ 4.22 -- EQ/Montag & Caldwell Growth................... Class B 0.95% $ 4.03 8 EQ/Montag & Caldwell Growth................... Class B 1.20% $ 3.93 1,807 EQ/Montag & Caldwell Growth................... Class B 1.25% $ 3.91 3,564 EQ/Montag & Caldwell Growth................... Class B 1.30% $ 1.56 9,857 EQ/Montag & Caldwell Growth................... Class B 1.35% $ 3.87 617 EQ/Montag & Caldwell Growth................... Class B 1.40% $ 3.85 4,010 EQ/Montag & Caldwell Growth................... Class B 1.50% $ 3.81 6,462 EQ/Montag & Caldwell Growth................... Class B 1.55% $ 3.79 5,847 EQ/Montag & Caldwell Growth................... Class B 1.60% $ 3.77 1,065 EQ/Montag & Caldwell Growth................... Class B 1.65% $ 3.76 8,750 EQ/Montag & Caldwell Growth................... Class B 1.70% $ 3.74 1,560 EQ/Montag & Caldwell Growth................... Class B 1.80% $ 3.70 14 EQ/Montag & Caldwell Growth................... Class B 1.90% $ 3.66 -- EQ/Mutual Shares.............................. Class B 0.50% $ 6.69 -- EQ/Mutual Shares.............................. Class B 0.95% $ 6.62 4 EQ/Mutual Shares.............................. Class B 1.20% $ 6.58 922 EQ/Mutual Shares.............................. Class B 1.25% $ 6.57 2,806 EQ/Mutual Shares.............................. Class B 1.30% $ 6.57 5,798 EQ/Mutual Shares.............................. Class B 1.35% $ 6.56 193 EQ/Mutual Shares.............................. Class B 1.40% $ 6.55 1,147 EQ/Mutual Shares.............................. Class B 1.50% $ 6.53 2,595 EQ/Mutual Shares.............................. Class B 1.55% $ 6.53 3,890 EQ/Mutual Shares.............................. Class B 1.60% $ 6.52 499 EQ/Mutual Shares.............................. Class B 1.65% $ 6.51 11,898 EQ/Mutual Shares.............................. Class B 1.70% $ 6.50 1,644 EQ/Mutual Shares.............................. Class B 1.80% $ 6.49 2 EQ/Mutual Shares.............................. Class B 1.90% $ 6.47 -- EQ/Oppenheimer Global......................... Class B 0.50% $ 6.90 -- EQ/Oppenheimer Global......................... Class B 0.95% $ 6.83 -- EQ/Oppenheimer Global......................... Class B 1.20% $ 6.79 328 EQ/Oppenheimer Global......................... Class B 1.25% $ 6.78 1,127 EQ/Oppenheimer Global......................... Class B 1.30% $ 6.77 2,631 EQ/Oppenheimer Global......................... Class B 1.35% $ 6.76 102 EQ/Oppenheimer Global......................... Class B 1.40% $ 6.75 602 EQ/Oppenheimer Global......................... Class B 1.50% $ 6.74 1,080 EQ/Oppenheimer Global......................... Class B 1.55% $ 6.73 2,347 EQ/Oppenheimer Global......................... Class B 1.60% $ 6.72 230 EQ/Oppenheimer Global......................... Class B 1.65% $ 6.71 4,013 EQ/Oppenheimer Global......................... Class B 1.70% $ 6.71 786 EQ/Oppenheimer Global......................... Class B 1.80% $ 6.69 -- EQ/Oppenheimer Global......................... Class B 1.90% $ 6.68 -- EQ/Oppenheimer Main Street Opportunity........ Class B 0.50% $ 6.87 -- EQ/Oppenheimer Main Street Opportunity........ Class B 0.95% $ 6.79 -- EQ/Oppenheimer Main Street Opportunity........ Class B 1.20% $ 6.75 171 EQ/Oppenheimer Main Street Opportunity........ Class B 1.25% $ 6.75 358 EQ/Oppenheimer Main Street Opportunity........ Class B 1.30% $ 6.74 683 EQ/Oppenheimer Main Street Opportunity........ Class B 1.35% $ 6.73 43 EQ/Oppenheimer Main Street Opportunity........ Class B 1.40% $ 6.72 141 EQ/Oppenheimer Main Street Opportunity........ Class B 1.50% $ 6.71 516 EQ/Oppenheimer Main Street Opportunity........ Class B 1.55% $ 6.70 968 EQ/Oppenheimer Main Street Opportunity........ Class B 1.60% $ 6.69 63 EQ/Oppenheimer Main Street Opportunity........ Class B 1.65% $ 6.68 969 EQ/Oppenheimer Main Street Opportunity........ Class B 1.70% $ 6.68 130 EQ/Oppenheimer Main Street Opportunity........ Class B 1.80% $ 6.66 6 EQ/Oppenheimer Main Street Opportunity........ Class B 1.90% $ 6.64 --
FSA-27 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Oppenheimer Main Street Small Cap........ Class B 0.50% $ 6.68 -- EQ/Oppenheimer Main Street Small Cap........ Class B 0.95% $ 6.61 -- EQ/Oppenheimer Main Street Small Cap........ Class B 1.20% $ 6.57 179 EQ/Oppenheimer Main Street Small Cap........ Class B 1.25% $ 6.57 575 EQ/Oppenheimer Main Street Small Cap........ Class B 1.30% $ 6.56 1,533 EQ/Oppenheimer Main Street Small Cap........ Class B 1.35% $ 6.55 42 EQ/Oppenheimer Main Street Small Cap........ Class B 1.40% $ 6.54 332 EQ/Oppenheimer Main Street Small Cap........ Class B 1.50% $ 6.53 717 EQ/Oppenheimer Main Street Small Cap........ Class B 1.55% $ 6.52 1,367 EQ/Oppenheimer Main Street Small Cap........ Class B 1.60% $ 6.51 148 EQ/Oppenheimer Main Street Small Cap........ Class B 1.65% $ 6.50 2,314 EQ/Oppenheimer Main Street Small Cap........ Class B 1.70% $ 6.50 340 EQ/Oppenheimer Main Street Small Cap........ Class B 1.80% $ 6.48 3 EQ/Oppenheimer Main Street Small Cap........ Class B 1.90% $ 6.47 -- EQ/PIMCO Real Return........................ Class B 0.50% $ 10.57 -- EQ/PIMCO Real Return........................ Class B 0.95% $ 10.39 -- EQ/PIMCO Real Return........................ Class B 1.20% $ 10.30 3,734 EQ/PIMCO Real Return........................ Class B 1.25% $ 10.28 10,323 EQ/PIMCO Real Return........................ Class B 1.30% $ 8.95 9,821 EQ/PIMCO Real Return........................ Class B 1.35% $ 10.24 1,173 EQ/PIMCO Real Return........................ Class B 1.40% $ 10.22 7,245 EQ/PIMCO Real Return........................ Class B 1.50% $ 10.18 16,250 EQ/PIMCO Real Return........................ Class B 1.55% $ 10.17 11,794 EQ/PIMCO Real Return........................ Class B 1.60% $ 10.15 2,800 EQ/PIMCO Real Return........................ Class B 1.65% $ 10.13 25,636 EQ/PIMCO Real Return........................ Class B 1.70% $ 10.11 2,525 EQ/PIMCO Real Return........................ Class B 1.80% $ 10.07 20 EQ/PIMCO Real Return........................ Class B 1.90% $ 10.03 2 EQ/Quality Bond PLUS........................ Class B 0.50% $ 17.75 -- EQ/Quality Bond PLUS........................ Class B 0.95% $ 16.57 2 EQ/Quality Bond PLUS........................ Class B 1.20% $ 15.94 2,700 EQ/Quality Bond PLUS........................ Class B 1.25% $ 10.29 3,340 EQ/Quality Bond PLUS........................ Class B 1.30% $ 10.21 1,880 EQ/Quality Bond PLUS........................ Class B 1.35% $ 15.57 324 EQ/Quality Bond PLUS........................ Class B 1.40% $ 15.45 4,304 EQ/Quality Bond PLUS........................ Class B 1.50% $ 10.15 5,828 EQ/Quality Bond PLUS........................ Class B 1.55% $ 15.10 1,534 EQ/Quality Bond PLUS........................ Class B 1.60% $ 14.98 1,459 EQ/Quality Bond PLUS........................ Class B 1.65% $ 10.07 4,558 EQ/Quality Bond PLUS........................ Class B 1.70% $ 14.75 502 EQ/Quality Bond PLUS........................ Class B 1.80% $ 14.53 4 EQ/Quality Bond PLUS........................ Class B 1.90% $ 14.30 31 EQ/Short Duration Bond...................... Class B 0.50% $ 10.61 -- EQ/Short Duration Bond...................... Class B 0.95% $ 10.43 -- EQ/Short Duration Bond...................... Class B 1.20% $ 10.34 478 EQ/Short Duration Bond...................... Class B 1.25% $ 10.32 1,426 EQ/Short Duration Bond...................... Class B 1.30% $ 9.93 1,229 EQ/Short Duration Bond...................... Class B 1.35% $ 10.28 304 EQ/Short Duration Bond...................... Class B 1.40% $ 10.26 1,221 EQ/Short Duration Bond...................... Class B 1.50% $ 10.22 1,587 EQ/Short Duration Bond...................... Class B 1.55% $ 10.20 1,549 EQ/Short Duration Bond...................... Class B 1.60% $ 10.18 628 EQ/Short Duration Bond...................... Class B 1.65% $ 10.16 5,000 EQ/Short Duration Bond...................... Class B 1.70% $ 10.15 475 EQ/Short Duration Bond...................... Class B 1.80% $ 10.11 5 EQ/Short Duration Bond...................... Class B 1.90% $ 10.07 3
FSA-28 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Small Company Index............... Class B 0.50% $ 11.85 -- EQ/Small Company Index............... Class B 0.95% $ 11.28 11 EQ/Small Company Index............... Class B 1.20% $ 10.97 2,545 EQ/Small Company Index............... Class B 1.25% $ 9.41 3,503 EQ/Small Company Index............... Class B 1.30% $ 9.35 2,215 EQ/Small Company Index............... Class B 1.35% $ 10.79 995 EQ/Small Company Index............... Class B 1.40% $ 10.73 4,046 EQ/Small Company Index............... Class B 1.50% $ 9.28 5,157 EQ/Small Company Index............... Class B 1.55% $ 10.55 2,777 EQ/Small Company Index............... Class B 1.60% $ 10.49 1,675 EQ/Small Company Index............... Class B 1.65% $ 9.21 4,820 EQ/Small Company Index............... Class B 1.70% $ 10.37 720 EQ/Small Company Index............... Class B 1.80% $ 10.26 9 EQ/Small Company Index............... Class B 1.90% $ 10.14 4 EQ/T. Rowe Price Growth Stock........ Class B 0.50% $ 11.86 -- EQ/T. Rowe Price Growth Stock........ Class B 0.95% $ 10.81 4 EQ/T. Rowe Price Growth Stock........ Class B 1.20% $ 10.27 1,438 EQ/T. Rowe Price Growth Stock........ Class B 1.25% $ 10.16 1,665 EQ/T. Rowe Price Growth Stock........ Class B 1.30% $ 3.85 2,900 EQ/T. Rowe Price Growth Stock........ Class B 1.35% $ 9.96 369 EQ/T. Rowe Price Growth Stock........ Class B 1.40% $ 9.85 2,057 EQ/T. Rowe Price Growth Stock........ Class B 1.50% $ 9.65 2,729 EQ/T. Rowe Price Growth Stock........ Class B 1.55% $ 9.55 2,310 EQ/T. Rowe Price Growth Stock........ Class B 1.60% $ 9.45 1,328 EQ/T. Rowe Price Growth Stock........ Class B 1.65% $ 9.36 3,779 EQ/T. Rowe Price Growth Stock........ Class B 1.70% $ 9.26 421 EQ/T. Rowe Price Growth Stock........ Class B 1.80% $ 9.07 12 EQ/T. Rowe Price Growth Stock........ Class B 1.90% $ 8.88 12 EQ/Templeton Growth.................. Class B 0.50% $ 6.45 -- EQ/Templeton Growth.................. Class B 0.95% $ 6.38 1 EQ/Templeton Growth.................. Class B 1.20% $ 6.35 561 EQ/Templeton Growth.................. Class B 1.25% $ 6.34 1,872 EQ/Templeton Growth.................. Class B 1.30% $ 6.33 4,870 EQ/Templeton Growth.................. Class B 1.35% $ 6.32 189 EQ/Templeton Growth.................. Class B 1.40% $ 6.32 766 EQ/Templeton Growth.................. Class B 1.50% $ 6.30 1,904 EQ/Templeton Growth.................. Class B 1.55% $ 6.29 3,287 EQ/Templeton Growth.................. Class B 1.60% $ 6.29 411 EQ/Templeton Growth.................. Class B 1.65% $ 6.28 9,057 EQ/Templeton Growth.................. Class B 1.70% $ 6.27 848 EQ/Templeton Growth.................. Class B 1.80% $ 6.26 2 EQ/Templeton Growth.................. Class B 1.90% $ 6.24 -- EQ/UBS Growth and Income............. Class B 0.50% $ 4.02 -- EQ/UBS Growth and Income............. Class B 0.95% $ 3.84 -- EQ/UBS Growth and Income............. Class B 1.20% $ 3.75 283 EQ/UBS Growth and Income............. Class B 1.25% $ 3.73 1,764 EQ/UBS Growth and Income............. Class B 1.30% $ 1.46 2,891 EQ/UBS Growth and Income............. Class B 1.35% $ 3.69 108 EQ/UBS Growth and Income............. Class B 1.40% $ 3.67 590 EQ/UBS Growth and Income............. Class B 1.50% $ 3.63 3,589 EQ/UBS Growth and Income............. Class B 1.55% $ 3.62 2,130 EQ/UBS Growth and Income............. Class B 1.60% $ 3.60 145 EQ/UBS Growth and Income............. Class B 1.65% $ 3.58 3,308 EQ/UBS Growth and Income............. Class B 1.70% $ 3.56 153 EQ/UBS Growth and Income............. Class B 1.80% $ 3.52 -- EQ/UBS Growth and Income............. Class B 1.90% $ 3.49 --
FSA-29 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Van Kampen Comstock....................... Class B 0.50% $ 7.36 -- EQ/Van Kampen Comstock....................... Class B 0.95% $ 7.24 1 EQ/Van Kampen Comstock....................... Class B 1.20% $ 7.17 493 EQ/Van Kampen Comstock....................... Class B 1.25% $ 7.16 4,223 EQ/Van Kampen Comstock....................... Class B 1.30% $ 7.15 2,784 EQ/Van Kampen Comstock....................... Class B 1.35% $ 7.13 244 EQ/Van Kampen Comstock....................... Class B 1.40% $ 7.12 878 EQ/Van Kampen Comstock....................... Class B 1.50% $ 7.09 3,571 EQ/Van Kampen Comstock....................... Class B 1.55% $ 7.08 2,035 EQ/Van Kampen Comstock....................... Class B 1.60% $ 7.07 491 EQ/Van Kampen Comstock....................... Class B 1.65% $ 7.05 10,821 EQ/Van Kampen Comstock....................... Class B 1.70% $ 7.04 545 EQ/Van Kampen Comstock....................... Class B 1.80% $ 7.01 2 EQ/Van Kampen Comstock....................... Class B 1.90% $ 6.99 -- EQ/Van Kampen Emerging Markets Equity........ Class B 0.50% $ 12.25 -- EQ/Van Kampen Emerging Markets Equity........ Class B 0.95% $ 11.63 30 EQ/Van Kampen Emerging Markets Equity........ Class B 1.20% $ 11.30 3,004 EQ/Van Kampen Emerging Markets Equity........ Class B 1.25% $ 14.72 5,840 EQ/Van Kampen Emerging Markets Equity........ Class B 1.30% $ 14.63 5,722 EQ/Van Kampen Emerging Markets Equity........ Class B 1.35% $ 11.11 1,671 EQ/Van Kampen Emerging Markets Equity........ Class B 1.40% $ 11.05 6,223 EQ/Van Kampen Emerging Markets Equity........ Class B 1.50% $ 14.52 9,735 EQ/Van Kampen Emerging Markets Equity........ Class B 1.55% $ 10.86 8,369 EQ/Van Kampen Emerging Markets Equity........ Class B 1.60% $ 10.79 2,396 EQ/Van Kampen Emerging Markets Equity........ Class B 1.65% $ 14.40 9,040 EQ/Van Kampen Emerging Markets Equity........ Class B 1.70% $ 10.67 1,528 EQ/Van Kampen Emerging Markets Equity........ Class B 1.80% $ 10.55 14 EQ/Van Kampen Emerging Markets Equity........ Class B 1.90% $ 10.43 2 EQ/Van Kampen Mid Cap Growth................. Class B 0.50% $ 8.64 -- EQ/Van Kampen Mid Cap Growth................. Class B 0.95% $ 8.49 5 EQ/Van Kampen Mid Cap Growth................. Class B 1.20% $ 8.42 971 EQ/Van Kampen Mid Cap Growth................. Class B 1.25% $ 8.40 3,245 EQ/Van Kampen Mid Cap Growth................. Class B 1.30% $ 8.38 3,390 EQ/Van Kampen Mid Cap Growth................. Class B 1.35% $ 8.37 294 EQ/Van Kampen Mid Cap Growth................. Class B 1.40% $ 8.35 1,561 EQ/Van Kampen Mid Cap Growth................. Class B 1.50% $ 8.32 3,987 EQ/Van Kampen Mid Cap Growth................. Class B 1.55% $ 8.31 3,782 EQ/Van Kampen Mid Cap Growth................. Class B 1.60% $ 8.29 412 EQ/Van Kampen Mid Cap Growth................. Class B 1.65% $ 8.28 6,915 EQ/Van Kampen Mid Cap Growth................. Class B 1.70% $ 8.26 695 EQ/Van Kampen Mid Cap Growth................. Class B 1.80% $ 8.23 -- EQ/Van Kampen Mid Cap Growth................. Class B 1.90% $ 8.20 -- EQ/Van Kampen Real Estate.................... Class B 1.20% $ 5.01 1,885 EQ/Van Kampen Real Estate.................... Class B 1.25% $ 5.00 9,478 EQ/Van Kampen Real Estate.................... Class B 1.30% $ 5.00 6,805 EQ/Van Kampen Real Estate.................... Class B 1.40% $ 4.99 3,678 EQ/Van Kampen Real Estate.................... Class B 1.50% $ 4.98 14,752 EQ/Van Kampen Real Estate.................... Class B 1.55% $ 4.98 6,634 EQ/Van Kampen Real Estate.................... Class B 1.60% $ 4.98 731 EQ/Van Kampen Real Estate.................... Class B 1.65% $ 4.97 13,059 EQ/Van Kampen Real Estate.................... Class B 1.70% $ 4.97 1,342 Multimanager Aggressive Equity............... Class B 0.50% $ 41.97 -- Multimanager Aggressive Equity............... Class B 0.95% $ 37.83 1 Multimanager Aggressive Equity............... Class B 1.20% $ 35.69 162 Multimanager Aggressive Equity............... Class B 1.25% $ 7.59 834 Multimanager Aggressive Equity............... Class B 1.30% $ 7.50 529
FSA-30 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- Multimanager Aggressive Equity........... Class B 1.35% $ 34.47 305 Multimanager Aggressive Equity........... Class B 1.40% $ 34.07 206 Multimanager Aggressive Equity........... Class B 1.50% $ 7.49 1,250 Multimanager Aggressive Equity........... Class B 1.55% $ 32.90 210 Multimanager Aggressive Equity........... Class B 1.60% $ 32.52 186 Multimanager Aggressive Equity........... Class B 1.65% $ 7.43 1,350 Multimanager Aggressive Equity........... Class B 1.70% $ 31.77 53 Multimanager Aggressive Equity........... Class B 1.80% $ 31.04 1 Multimanager Aggressive Equity........... Class B 1.90% $ 30.32 -- Multimanager Core Bond................... Class B 0.50% $ 12.94 -- Multimanager Core Bond................... Class B 0.95% $ 12.54 -- Multimanager Core Bond................... Class B 1.20% $ 12.32 8,401 Multimanager Core Bond................... Class B 1.25% $ 11.41 6,075 Multimanager Core Bond................... Class B 1.30% $ 11.41 2,680 Multimanager Core Bond................... Class B 1.35% $ 12.19 705 Multimanager Core Bond................... Class B 1.40% $ 12.14 13,388 Multimanager Core Bond................... Class B 1.50% $ 11.26 9,154 Multimanager Core Bond................... Class B 1.55% $ 12.02 3,422 Multimanager Core Bond................... Class B 1.60% $ 11.97 4,240 Multimanager Core Bond................... Class B 1.65% $ 11.17 11,031 Multimanager Core Bond................... Class B 1.70% $ 11.89 3,511 Multimanager Core Bond................... Class B 1.80% $ 11.80 19 Multimanager Core Bond................... Class B 1.90% $ 11.72 3 Multimanager Health Care................. Class B 0.50% $ 9.96 -- Multimanager Health Care................. Class B 0.95% $ 9.65 -- Multimanager Health Care................. Class B 1.20% $ 9.48 2,706 Multimanager Health Care................. Class B 1.25% $ 10.01 2,953 Multimanager Health Care................. Class B 1.30% $ 9.97 1,648 Multimanager Health Care................. Class B 1.35% $ 9.38 275 Multimanager Health Care................. Class B 1.40% $ 9.34 3,929 Multimanager Health Care................. Class B 1.50% $ 9.87 5,011 Multimanager Health Care................. Class B 1.55% $ 9.25 2,361 Multimanager Health Care................. Class B 1.60% $ 9.21 1,104 Multimanager Health Care................. Class B 1.65% $ 9.79 4,575 Multimanager Health Care................. Class B 1.70% $ 9.15 429 Multimanager Health Care................. Class B 1.80% $ 9.08 9 Multimanager Health Care................. Class B 1.90% $ 9.02 1 Multimanager High Yield.................. Class B 0.50% $ 30.12 -- Multimanager High Yield.................. Class B 0.95% $ 27.26 4 Multimanager High Yield.................. Class B 1.20% $ 25.79 2,545 Multimanager High Yield.................. Class B 1.25% $ 9.67 6,014 Multimanager High Yield.................. Class B 1.30% $ 9.56 2,102 Multimanager High Yield.................. Class B 1.35% $ 24.94 1,227 Multimanager High Yield.................. Class B 1.40% $ 24.66 3,858 Multimanager High Yield.................. Class B 1.50% $ 9.54 9,841 Multimanager High Yield.................. Class B 1.55% $ 23.85 1,874 Multimanager High Yield.................. Class B 1.60% $ 23.59 2,063 Multimanager High Yield.................. Class B 1.65% $ 9.46 6,601 Multimanager High Yield.................. Class B 1.70% $ 23.07 523 Multimanager High Yield.................. Class B 1.80% $ 22.56 11 Multimanager High Yield.................. Class B 1.90% $ 22.06 1 Multimanager International Equity........ Class B 0.50% $ 10.39 -- Multimanager International Equity........ Class B 0.95% $ 10.06 -- Multimanager International Equity........ Class B 1.20% $ 9.89 2,888 Multimanager International Equity........ Class B 1.25% $ 10.69 3,883 Multimanager International Equity........ Class B 1.30% $ 10.65 2,606
FSA-31 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- Multimanager International Equity......... Class B 1.35% $ 9.78 528 Multimanager International Equity......... Class B 1.40% $ 9.75 4,854 Multimanager International Equity......... Class B 1.50% $ 10.54 6,101 Multimanager International Equity......... Class B 1.55% $ 9.64 3,649 Multimanager International Equity......... Class B 1.60% $ 9.61 1,547 Multimanager International Equity......... Class B 1.65% $ 10.46 7,867 Multimanager International Equity......... Class B 1.70% $ 9.54 951 Multimanager International Equity......... Class B 1.80% $ 9.47 9 Multimanager International Equity......... Class B 1.90% $ 9.41 1 Multimanager Large Cap Core Equity........ Class B 0.50% $ 8.09 -- Multimanager Large Cap Core Equity........ Class B 0.95% $ 7.84 3 Multimanager Large Cap Core Equity........ Class B 1.20% $ 7.70 1,747 Multimanager Large Cap Core Equity........ Class B 1.25% $ 8.40 907 Multimanager Large Cap Core Equity........ Class B 1.30% $ 8.36 507 Multimanager Large Cap Core Equity........ Class B 1.35% $ 7.62 192 Multimanager Large Cap Core Equity........ Class B 1.40% $ 7.59 2,992 Multimanager Large Cap Core Equity........ Class B 1.50% $ 8.28 1,691 Multimanager Large Cap Core Equity........ Class B 1.55% $ 7.51 981 Multimanager Large Cap Core Equity........ Class B 1.60% $ 7.48 1,012 Multimanager Large Cap Core Equity........ Class B 1.65% $ 8.22 1,797 Multimanager Large Cap Core Equity........ Class B 1.70% $ 7.43 447 Multimanager Large Cap Core Equity........ Class B 1.80% $ 7.38 3 Multimanager Large Cap Core Equity........ Class B 1.90% $ 7.33 -- Multimanager Large Cap Growth............. Class B 0.50% $ 6.05 -- Multimanager Large Cap Growth............. Class B 0.95% $ 5.86 -- Multimanager Large Cap Growth............. Class B 1.20% $ 5.76 3,514 Multimanager Large Cap Growth............. Class B 1.25% $ 6.86 2,547 Multimanager Large Cap Growth............. Class B 1.30% $ 6.83 1,190 Multimanager Large Cap Growth............. Class B 1.35% $ 5.70 415 Multimanager Large Cap Growth............. Class B 1.40% $ 5.68 6,433 Multimanager Large Cap Growth............. Class B 1.50% $ 6.76 3,750 Multimanager Large Cap Growth............. Class B 1.55% $ 5.62 1,942 Multimanager Large Cap Growth............. Class B 1.60% $ 5.60 2,508 Multimanager Large Cap Growth............. Class B 1.65% $ 6.71 3,987 Multimanager Large Cap Growth............. Class B 1.70% $ 5.56 840 Multimanager Large Cap Growth............. Class B 1.80% $ 5.52 39 Multimanager Large Cap Growth............. Class B 1.90% $ 5.48 -- Multimanager Large Cap Value.............. Class B 0.50% $ 9.62 -- Multimanager Large Cap Value.............. Class B 0.95% $ 9.32 16 Multimanager Large Cap Value.............. Class B 1.20% $ 9.15 4,173 Multimanager Large Cap Value.............. Class B 1.25% $ 9.87 4,032 Multimanager Large Cap Value.............. Class B 1.30% $ 9.83 2,483 Multimanager Large Cap Value.............. Class B 1.35% $ 9.06 478 Multimanager Large Cap Value.............. Class B 1.40% $ 9.02 6,385 Multimanager Large Cap Value.............. Class B 1.50% $ 9.73 6,245 Multimanager Large Cap Value.............. Class B 1.55% $ 8.93 3,416 Multimanager Large Cap Value.............. Class B 1.60% $ 8.90 2,480 Multimanager Large Cap Value.............. Class B 1.65% $ 9.65 6,951 Multimanager Large Cap Value.............. Class B 1.70% $ 8.83 921 Multimanager Large Cap Value.............. Class B 1.80% $ 8.77 33 Multimanager Large Cap Value.............. Class B 1.90% $ 8.71 -- Multimanager Mid Cap Growth............... Class B 0.50% $ 7.13 -- Multimanager Mid Cap Growth............... Class B 0.95% $ 6.91 1 Multimanager Mid Cap Growth............... Class B 1.20% $ 6.79 4,628 Multimanager Mid Cap Growth............... Class B 1.25% $ 8.30 2,663 Multimanager Mid Cap Growth............... Class B 1.30% $ 8.27 1,229
FSA-32 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- Multimanager Mid Cap Growth.......... Class B 1.35% $ 6.72 426 Multimanager Mid Cap Growth.......... Class B 1.40% $ 6.69 7,140 Multimanager Mid Cap Growth.......... Class B 1.50% $ 8.18 4,032 Multimanager Mid Cap Growth.......... Class B 1.55% $ 6.62 1,770 Multimanager Mid Cap Growth.......... Class B 1.60% $ 6.60 2,611 Multimanager Mid Cap Growth.......... Class B 1.65% $ 8.12 4,317 Multimanager Mid Cap Growth.......... Class B 1.70% $ 6.55 813 Multimanager Mid Cap Growth.......... Class B 1.80% $ 6.50 11 Multimanager Mid Cap Growth.......... Class B 1.90% $ 6.46 1 Multimanager Mid Cap Value........... Class B 0.50% $ 9.22 -- Multimanager Mid Cap Value........... Class B 0.95% $ 8.93 3 Multimanager Mid Cap Value........... Class B 1.20% $ 8.78 3,405 Multimanager Mid Cap Value........... Class B 1.25% $ 9.40 2,512 Multimanager Mid Cap Value........... Class B 1.30% $ 9.36 1,300 Multimanager Mid Cap Value........... Class B 1.35% $ 8.68 410 Multimanager Mid Cap Value........... Class B 1.40% $ 8.65 5,707 Multimanager Mid Cap Value........... Class B 1.50% $ 9.27 3,935 Multimanager Mid Cap Value........... Class B 1.55% $ 8.56 1,982 Multimanager Mid Cap Value........... Class B 1.60% $ 8.53 2,077 Multimanager Mid Cap Value........... Class B 1.65% $ 9.20 4,175 Multimanager Mid Cap Value........... Class B 1.70% $ 8.47 727 Multimanager Mid Cap Value........... Class B 1.80% $ 8.41 11 Multimanager Mid Cap Value........... Class B 1.90% $ 8.35 1 Multimanager Small Cap Growth........ Class B 0.50% $ 5.60 -- Multimanager Small Cap Growth........ Class B 0.95% $ 5.35 1 Multimanager Small Cap Growth........ Class B 1.20% $ 5.21 728 Multimanager Small Cap Growth........ Class B 1.25% $ 5.19 4,114 Multimanager Small Cap Growth........ Class B 1.30% $ 2.98 4,840 Multimanager Small Cap Growth........ Class B 1.35% $ 5.14 306 Multimanager Small Cap Growth........ Class B 1.40% $ 5.11 1,483 Multimanager Small Cap Growth........ Class B 1.50% $ 5.06 5,941 Multimanager Small Cap Growth........ Class B 1.55% $ 5.03 3,484 Multimanager Small Cap Growth........ Class B 1.60% $ 5.01 350 Multimanager Small Cap Growth........ Class B 1.65% $ 4.98 6,845 Multimanager Small Cap Growth........ Class B 1.70% $ 4.95 687 Multimanager Small Cap Growth........ Class B 1.80% $ 4.90 1 Multimanager Small Cap Growth........ Class B 1.90% $ 4.85 -- Multimanager Small Cap Value......... Class B 0.50% $ 11.78 -- Multimanager Small Cap Value......... Class B 0.95% $ 11.21 9 Multimanager Small Cap Value......... Class B 1.20% $ 10.90 4,558 Multimanager Small Cap Value......... Class B 1.25% $ 8.20 6,215 Multimanager Small Cap Value......... Class B 1.30% $ 8.15 910 Multimanager Small Cap Value......... Class B 1.35% $ 10.72 2,179 Multimanager Small Cap Value......... Class B 1.40% $ 10.66 5,936 Multimanager Small Cap Value......... Class B 1.50% $ 8.09 7,894 Multimanager Small Cap Value......... Class B 1.55% $ 10.48 1,879 Multimanager Small Cap Value......... Class B 1.60% $ 10.43 3,075 Multimanager Small Cap Value......... Class B 1.65% $ 8.02 6,403 Multimanager Small Cap Value......... Class B 1.70% $ 10.31 666 Multimanager Small Cap Value......... Class B 1.80% $ 10.20 29 Multimanager Small Cap Value......... Class B 1.90% $ 10.08 6 Multimanager Technology.............. Class B 0.50% $ 6.85 -- Multimanager Technology.............. Class B 0.95% $ 6.64 25 Multimanager Technology.............. Class B 1.20% $ 6.52 2,156 Multimanager Technology.............. Class B 1.25% $ 7.60 2,241 Multimanager Technology.............. Class B 1.30% $ 7.57 1,902
FSA-33 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Concluded) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- Multimanager Technology........ Class B 1.35% $ 6.45 537 Multimanager Technology........ Class B 1.40% $ 6.43 4,601 Multimanager Technology........ Class B 1.50% $ 7.50 5,133 Multimanager Technology........ Class B 1.55% $ 6.36 4,243 Multimanager Technology........ Class B 1.60% $ 6.34 2,147 Multimanager Technology........ Class B 1.65% $ 7.44 4,301 Multimanager Technology........ Class B 1.70% $ 6.29 462 Multimanager Technology........ Class B 1.80% $ 6.25 8 Multimanager Technology........ Class B 1.90% $ 6.20 --
The accompanying notes are an integral part of these financial statements. FSA-34 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2008
AXA Aggressive AXA Conservative AXA Conservative-Plus Allocation Allocation Allocation ------------------- ------------------ ----------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 43,475,876 $ 60,694,901 $ 47,959,378 Expenses: Asset-based charges............................. 39,539,772 13,658,850 18,031,056 ---------------- -------------- -------------- Net Investment Income (Loss)........................ 3,936,104 47,036,051 29,928,322 ---------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (50,014,957) (21,365,385) (25,239,385) Realized gain distribution from The Trusts........ 181,297,323 13,756,608 32,119,239 ---------------- -------------- -------------- Net realized gain (loss).......................... 131,282,366 (7,608,777) 6,879,854 ---------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments.................................. (1,449,797,143) (159,266,295) (315,384,042) ---------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (1,318,514,777) (166,875,072) (308,504,188) ---------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations................................... $ (1,314,578,673) $ (119,839,021) $ (278,575,866) ================ ============== ============== AXA Moderate AXA Moderate-Plus EQ/AllianceBernstein Allocation Allocation Common Stock ------------------- ------------------- ---------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 228,580,685 $ 225,406,113 $ 15,061,103 Expenses: Asset-based charges............................. 83,977,450 142,061,852 13,400,647 ---------------- ---------------- -------------- Net Investment Income (Loss)........................ 144,603,235 83,344,261 1,660,456 ---------------- ---------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (1,977,088) (46,138,786) (9,877,898) Realized gain distribution from The Trusts........ 242,661,895 500,717,492 -- ---------------- ---------------- -------------- Net realized gain (loss).......................... 240,684,807 454,578,706 (9,877,898) ---------------- ---------------- -------------- Change in unrealized appreciation (depreciation) of investments.................................. (2,048,184,961) (4,240,331,255) (509,119,672) ---------------- ---------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (1,807,500,154) (3,785,752,549) (518,997,570) ---------------- ---------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations................................... $ (1,662,896,919) $ (3,702,408,288) $ (517,337,114) ================ ================ ==============
------- The accompanying notes are an integral part of these financial statements. FSA-35 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/AllianceBernstein Intermediate Government EQ/AllianceBernstein EQ/AllianceBernstein Securities International Small Cap Growth --------------------- ---------------------- ---------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 12,784,560 $ 27,095,257 $ -- Expenses: Asset-based charges............................. 4,962,814 14,618,030 6,084,011 ------------ -------------- -------------- Net Investment Income (Loss)........................ 7,821,746 12,477,227 (6,084,011) ------------ -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (1,366,840) 8,071,308 (8,898,837) Realized gain distribution from The Trusts...... -- 16,908,423 589,575 ------------ -------------- -------------- Net realized gain (loss).......................... (1,366,840) 24,979,731 (8,309,262) ------------ -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... 1,364,716 (689,165,353) (222,476,523) ------------ -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (2,124) (664,185,622) (230,785,785) ------------ -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ 7,819,622 $ (651,708,395) $ (236,869,796) ============ ============== ============== EQ/Ariel EQ/AXA Rosenberg EQ/BlackRock Appreciation II Value Long/Short Equity Basic Value Equity ----------------- ------------------------- ------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 454,064 $ 256,168 $ 11,805,862 Expenses: Asset-based charges............................. 723,965 2,099,814 9,899,013 ------------- ------------- -------------- Net Investment Income (Loss)........................ (269,901) (1,843,646) 1,906,849 ------------- ------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (3,904,956) (3,734,130) (10,058,990) Realized gain distribution from The Trusts...... 178,911 -- 3,251,229 ------------- ------------- -------------- Net realized gain (loss).......................... (3,726,045) (3,734,130) (6,807,761) ------------- ------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (21,331,726) (5,980,556) (305,492,350) ------------- ------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (25,057,771) (9,714,686) (312,300,111) ------------- ------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (25,327,672) $ (11,558,332) $ (310,393,262) ============= ============= ==============
------- The accompanying notes are an integral part of these financial statements. FSA-36 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/BlackRock EQ/Boston Advisors EQ/Calvert International Value Equity Income Socially Responsible --------------------- -------------------- ---------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 18,961,935 $ 4,298,665 $ 153,020 Expenses: Asset-based charges............................. 12,681,260 2,589,159 749,526 -------------- ------------- ------------- Net Investment Income (Loss)........................ 6,280,675 1,709,506 (596,506) -------------- ------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. 85,152 (7,074,396) (1,410,399) Realized gain distribution from The Trusts...... 21,437,617 2,067,390 734,616 -------------- ------------- ------------- Net realized gain (loss).......................... 21,522,769 (5,007,006) (675,783) -------------- ------------- ------------- Change in unrealized appreciation (depreciation) of investments................... (506,344,124) (66,805,964) (28,608,826) -------------- ------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (484,821,355) (71,812,970) (29,284,609) -------------- ------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (478,540,680) $ (70,103,464) $ (29,881,115) ============== ============= ============= EQ/Capital EQ/Capital EQ/Caywood-Scholl Guardian Growth Guardian Research High Yield Bond ----------------- ------------------- ------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 658,708 $ 10,435,729 $ 11,366,597 Expenses: Asset-based charges............................. 5,488,589 16,684,762 2,080,066 -------------- -------------- ------------- Net Investment Income (Loss)........................ (4,829,881) (6,249,033) 9,286,531 -------------- -------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (3,137,954) 15,643,765 (7,485,659) Realized gain distribution from The Trusts...... -- 19,216,412 -- -------------- -------------- ------------- Net realized gain (loss).......................... (3,137,954) 34,860,177 (7,485,659) -------------- -------------- ------------- Change in unrealized appreciation (depreciation) of investments................... (175,765,854) (581,110,378) (33,083,367) -------------- -------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (178,903,808) (546,250,201) (40,569,026) -------------- -------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (183,733,689) $ (552,499,234) $ (31,282,495) ============== ============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-37 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Davis EQ/Equity EQ/Evergreen New York Venture 500 Index International Bond ------------------ ----------------- -------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 1,766,544 $ 21,523,400 $ 70,881,744 Expenses: Asset-based charges............................. 4,240,760 18,255,723 5,386,252 -------------- -------------- -------------- Net Investment Income (Loss)........................ (2,474,216) 3,267,677 65,495,492 -------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (11,064,766) 1,257,345 7,956,127 Realized gain distribution from The Trusts...... -- 12,189,496 -- -------------- -------------- -------------- Net realized gain (loss).......................... (11,064,766) 13,446,841 7,956,127 -------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (130,689,555) (588,331,784) (67,209,876) -------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (141,754,321) (574,884,943) (59,253,749) -------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (144,228,537) $ (571,617,266) $ 6,241,743 ============== ============== ============== EQ/Evergreen EQ/Franklin EQ/Franklin Omega Income Small Cap Value ---------------- ------------------ ---------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 884,502 $ 34,505,301 $ 728,241 Expenses: Asset-based charges............................. 2,171,800 8,165,359 1,010,387 ------------- -------------- ------------- Net Investment Income (Loss)........................ (1,287,298) 26,339,942 (282,146) ------------- -------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (6,872,902) (25,473,569) (8,686,880) Realized gain distribution from The Trusts...... 2,430,624 -- -- ------------- -------------- ------------- Net realized gain (loss).......................... (4,442,278) (25,473,569) (8,686,880) ------------- -------------- ------------- Change in unrealized appreciation (depreciation) of investments................... (45,017,948) (210,034,118) (21,900,745) ------------- -------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (49,460,226) (235,507,687) (30,587,625) ------------- -------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (50,747,524) $ (209,167,745) $ (30,869,771) ============= ============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-38 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Franklin EQ/GAMCO Templeton Founding Mergers and EQ/GAMCO Small Strategy Acquisitions Company Value -------------------- ---------------- ------------------ Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 51,453,841 $ 626,961 $ 2,731,988 Expenses: Asset-based charges............................. 15,487,283 1,850,488 6,616,581 -------------- ------------- -------------- Net Investment Income (Loss)........................ 35,966,558 (1,223,527) (3,884,593) -------------- ------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (26,487,462) (3,821,896) (9,622,960) Realized gain distribution from The Trusts...... 2,080 4,859,572 15,812,497 -------------- ------------- -------------- Net realized gain (loss).......................... (26,485,382) 1,037,676 6,189,537 -------------- ------------- -------------- Change in unrealized appreciation (depreciation) of investments..................... (501,379,956) (20,056,018) (172,866,113) -------------- ------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (527,865,338) (19,018,342) (166,676,576) -------------- ------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (491,898,780) $ (20,241,869) $ (170,561,169) ============== ============= ============== EQ/International EQ/International Core PLUS EQ/International ETF Growth ------------------ ---------------------- ----------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 12,455,363 $ 152,463 $ 2,259,940 Expenses: Asset-based charges............................. 12,361,599 -- 3,435,543 -------------- ------------ -------------- Net Investment Income (Loss)........................ 93,764 152,463 (1,175,603) -------------- ------------ -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. 11,471,956 (319,876) (14,203,965) Realized gain distribution from The Trusts...... 12,279,301 342 4,593,717 -------------- ------------ -------------- Net realized gain (loss).......................... 23,751,257 (319,534) (9,610,248) -------------- ------------ -------------- Change in unrealized appreciation (depreciation) of investments................... (488,516,584) (1,432,902) (105,847,924) -------------- ------------ -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (464,765,327) (1,752,436) (115,458,172) -------------- ------------ -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (464,671,563) $ (1,599,973) $ (116,633,775) ============== ============ ==============
------- The accompanying notes are an integral part of these financial statements. FSA-39 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/JPMorgan EQ/JPMorgan Core Bond Value Opportunities ------------------ --------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 44,337,650 $ 5,558,859 Expenses: Asset-based charges............................. 15,878,364 4,493,938 -------------- -------------- Net Investment Income (Loss)........................ 28,459,286 1,064,921 -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (33,827,360) (20,041,344) Realized gain distribution from The Trusts...... -- 3,330,483 -------------- -------------- Net realized gain (loss).......................... (33,827,360) (16,710,861) -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (114,440,875) (141,195,370) -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (148,268,235) (157,906,231) -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (119,808,949) $ (156,841,310) ============== ============== EQ/Large Cap EQ/Large Cap EQ/Large Cap EQ/Large Cap Core PLUS Growth Index Growth PLUS Value Index ---------------- ----------------- ----------------- ------------------ Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 640,135 $ 471,270 $ 300,001 $ 1,773,982 Expenses: Asset-based charges............................. 2,768,486 4,855,764 4,147,421 1,947,525 ------------- -------------- -------------- -------------- Net Investment Income (Loss)........................ (2,128,351) (4,384,494) (3,847,420) (173,543) ------------- -------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (8,730,231) (753,175) 3,819,000 (18,493,317) Realized gain distribution from The Trusts...... -- -- -- 3,511,072 ------------- -------------- -------------- -------------- Net realized gain (loss).......................... (8,730,231) (753,175) 3,819,000 (14,982,245) ------------- -------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (75,404,584) (145,142,612) (134,073,469) (88,532,502) ------------- -------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (84,134,815) (145,895,787) (130,254,469) (103,514,747) ------------- -------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (86,263,166) $ (150,280,281) $ (134,101,889) $ (103,688,290) ============= ============== ============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-40 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Large Cap EQ/Long EQ/Lord Abbett Value PLUS Term Bond Growth and Income ------------------ ------------- ------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 48,778,635 $7,007,165 $ 1,886,684 Expenses: Asset-based charges............................. 24,855,470 1,644,108 1,802,702 -------------- ---------- ------------- Net Investment Income (Loss)........................ 23,923,165 5,363,057 83,982 -------------- ---------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (33,805,389) (328,018) (3,662,419) Realized gain distribution from The Trusts...... -- 794,483 309,320 -------------- ---------- ------------- Net realized gain (loss).......................... (33,805,389) 466,465 (3,353,099) -------------- ---------- ------------- Change in unrealized appreciation (depreciation) of investments................... (936,768,121) 557,676 (52,452,677) -------------- ---------- ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (970,573,510) 1,024,141 (55,805,776) -------------- ---------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (946,650,345) $6,387,198 $ (55,721,794) ============== ========== ============= EQ/Lord Abbett EQ/Lord Abbett EQ/Marsico Large Cap Core Mid Cap Value Focus ---------------- ------------------ ----------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 1,068,793 $ 3,793,229 $ 14,996,911 Expenses: Asset-based charges............................. 1,331,320 3,723,396 23,224,023 ------------- -------------- -------------- Net Investment Income (Loss)........................ (262,527) 69,833 (8,227,112) ------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (3,881,435) (13,493,734) 23,216,990 Realized gain distribution from The Trusts...... 605,586 7,228,956 16,603,409 ------------- -------------- -------------- Net realized gain (loss).......................... (3,275,849) (6,264,778) 39,820,399 ------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments..................... (30,541,689) (117,086,130) (832,575,684) ------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (33,817,538) (123,350,908) (792,755,285) ------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (34,080,065) $ (123,281,075) $ (800,982,397) ============= ============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-41 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Mid Cap EQ/Mid Cap EQ/Money Index Value PLUS Market ----------------- ------------------ -------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 6,969,523 $ 8,466,656 $22,433,185 Expenses: Asset-based charges............................. 11,507,198 8,849,281 17,129,200 -------------- -------------- ----------- Net Investment Income (Loss)........................ (4,537,675) (382,625) 5,303,985 -------------- -------------- ----------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (32,831,518) (79,877,282) (71,662) Realized gain distribution from The Trusts...... 8,574,962 -- -- -------------- -------------- ----------- Net realized gain (loss).......................... (24,256,556) (79,877,282) (71,662) -------------- -------------- ----------- Change in unrealized appreciation (depreciation) of investments................... (472,975,556) (212,234,558) (62,631) -------------- -------------- ----------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (497,232,112) (292,111,840) (134,293) -------------- -------------- ----------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (501,769,787) $ (292,494,465) $ 5,169,692 ============== ============== =========== EQ/Montag & Caldwell EQ/Mutual EQ/Oppenheimer Growth Shares Global ---------------------- ------------------ ---------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 358,514 $ 10,575,549 $ 1,528,008 Expenses: Asset-based charges............................. 2,089,490 4,281,598 1,699,945 ------------- -------------- ------------- Net Investment Income (Loss)........................ (1,730,976) 6,293,951 (171,937) ------------- -------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (6,065,466) (17,044,008) (11,040,438) Realized gain distribution from The Trusts...... -- -- 187,676 ------------- -------------- ------------- Net realized gain (loss).......................... (6,065,466) (17,044,008) (10,852,762) ------------- -------------- ------------- Change in unrealized appreciation (depreciation) of investments................... (53,756,587) (126,766,530) (51,264,819) ------------- -------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (59,822,053) (143,810,538) (62,117,581) ------------- -------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (61,553,029) $ (137,516,587) $ (62,289,518) ============= ============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-42 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Oppenheimer EQ/Oppenheimer Main Street Main Street Opportunity Small Cap ----------------- ---------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 278,515 $ 66,175 Expenses: Asset-based charges............................. 498,725 871,683 ------------- ------------- Net Investment Income (Loss)........................ (220,210) (805,508) ------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (5,044,440) (6,080,785) Realized gain distribution from The Trusts...... -- 134,596 ------------- ------------- Net realized gain (loss).......................... (5,044,440) (5,946,189) ------------- ------------- Change in unrealized appreciation (depreciation) of investments................... (16,088,699) (26,326,303) ------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (21,133,139) (32,272,492) ------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (21,353,349) $ (33,078,000) ============= ============= EQ/PIMCO EQ/Quality EQ/Short EQ/Small Real Return Bond PLUS Duration Bond Company Index ----------------- ---------------- --------------- ------------------ Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 26,106,437 $ 18,806,873 $ 8,372,433 $ 3,126,354 Expenses: Asset-based charges............................. 12,155,601 5,412,722 1,690,017 5,370,137 -------------- ------------- ------------- -------------- Net Investment Income (Loss)........................ 13,950,836 13,394,151 6,682,416 (2,243,783) -------------- ------------- ------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. 5,446,842 (7,378,896) (1,147,459) (11,882,685) Realized gain distribution from The Trusts...... 50,351,628 -- -- 30,372,072 -------------- ------------- ------------- -------------- Net realized gain (loss).......................... 55,798,470 (7,378,896) (1,147,459) 18,489,387 -------------- ------------- ------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (139,568,977) (36,321,748) (10,470,086) (168,643,358) -------------- ------------- ------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (83,770,507) (43,700,644) (11,617,545) (150,153,971) -------------- ------------- ------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (69,819,671) $ (30,306,493) $ (4,935,129) $ (152,397,754) ============== ============= ============= ==============
------- The accompanying notes are an integral part of these financial statements. FSA-43 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/T. Rowe Price EQ/Templeton Growth Stock Growth ------------------ ------------------ Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 8,160 $ 3,339,056 Expenses: Asset-based charges............................. 3,540,524 3,217,154 -------------- -------------- Net Investment Income (Loss)........................ (3,532,364) 121,902 -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (1,862,403) (15,288,794) Realized gain distribution from The Trusts...... 50,320 -- -------------- -------------- Net realized gain (loss).......................... (1,812,083) (15,288,794) -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (120,650,775) (95,839,083) -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (122,462,858) (111,127,877) -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (125,995,222) $ (111,005,975) ============== ============== EQ/Van Kampen EQ/UBS EQ/Van Kampen Emerging Markets EQ/Van Kampen Growth and Income Comstock Equity Mid Cap Growth ------------------- ----------------- ------------------ ----------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 830,802 $ 4,773,911 $ 1,771,182 $ -- Expenses: Asset-based charges............................. 985,039 3,627,620 17,523,987 4,334,837 ------------- -------------- -------------- -------------- Net Investment Income (Loss)........................ (154,237) 1,146,291 (15,752,805) (4,334,837) ------------- -------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (2,709,534) (8,955,642) 3,617,201 (10,432,354) Realized gain distribution from The Trusts...... -- 2,171,823 61,537,000 -- ------------- -------------- -------------- -------------- Net realized gain (loss).......................... (2,709,534) (6,783,819) 65,154,201 (10,432,354) ------------- -------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (30,779,777) (103,659,127) (985,591,293) (166,657,947) ------------- -------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (33,489,311) (110,442,946) (920,437,092) (177,090,301) ------------- -------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (33,643,548) $ (109,296,655) $ (936,189,897) $ (181,425,138) ============= ============== ============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-44 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Van Kampen Multimanager Multimanager Real Estate Aggressive Equity Core Bond ------------------ ------------------- ---------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 10,226,118 $ 362,630 $ 33,788,400 Expenses: Asset-based charges............................. 6,058,268 1,480,732 9,990,211 -------------- ------------- -------------- Net Investment Income (Loss)........................ 4,167,850 (1,118,102) 23,798,189 -------------- ------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (21,534,708) (1,624,330) (3,756,623) Realized gain distribution from The Trusts...... 3,110,516 -- 19,359,681 -------------- ------------- -------------- Net realized gain (loss).......................... (18,424,192) (1,624,330) 15,603,058 -------------- ------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (172,012,766) (58,474,374) (31,731,111) -------------- ------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (190,436,958) (60,098,704) (16,128,053) -------------- ------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (186,269,108) $ (61,216,806) $ 7,670,136 ============== ============= ============== Multimanager Multimanager Multimanager Health Care High Yield International Equity ---------------- ------------------ --------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ -- $ 63,373,150 $ 8,541,362 Expenses: Asset-based charges............................. 4,239,081 10,614,425 8,055,090 ------------- -------------- -------------- Net Investment Income (Loss)........................ (4,239,081) 52,758,725 486,272 ------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (7,210,901) (38,020,929) (2,187,524) Realized gain distribution from The Trusts...... 3,403,465 -- 10,424,588 ------------- -------------- -------------- Net realized gain (loss).......................... (3,807,436) (38,020,929) 8,237,064 ------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (85,613,153) (201,076,743) (341,084,511) ------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (89,420,589) (239,097,672) (332,847,447) ------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (93,659,670) $ (186,338,947) $ (332,361,175) ============= ============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-45 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
Multimanager Multimanager Multimanager Large Cap Large Cap Large Cap Core Equity Growth Value ----------------- ----------------- ------------------ Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 716,674 $ -- $ 6,792,003 Expenses: Asset-based charges............................. 1,999,491 3,718,749 7,111,367 ------------- -------------- -------------- Net Investment Income (Loss)........................ (1,282,817) (3,718,749) (319,364) ------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (3,352,636) (9,839,415) (18,007,950) Realized gain distribution from The Trusts...... 299,468 41,523 1,170,362 ------------- -------------- -------------- Net realized gain (loss).......................... (3,053,168) (9,797,892) (16,837,588) ------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (63,496,754) (130,114,572) (209,296,551) ------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (66,549,922) (139,912,464) (226,134,139) ------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (67,832,739) $ (143,631,213) $ (226,453,503) ============= ============== ============== Multimanager Multimanager Multimanager Mid Cap Mid Cap Small Cap Growth Value Growth ------------------ ------------------ ------------------ Income and Expenses: Investment Income: Dividends from The Trusts....................... $ -- $ 1,443,577 $ -- Expenses: Asset-based charges............................. 4,650,103 4,586,595 2,723,714 -------------- -------------- -------------- Net Investment Income (Loss)........................ (4,650,103) (3,143,018) (2,723,714) -------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (13,929,844) (31,220,744) (17,341,396) Realized gain distribution from The Trusts...... 3,491,950 4,074,649 728,355 -------------- -------------- -------------- Net realized gain (loss).......................... (10,437,894) (27,146,095) (16,613,041) -------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (161,055,636) (107,537,998) (81,669,836) -------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (171,493,530) (134,684,093) (98,282,877) -------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (176,143,633) $ (137,827,111) $ (101,006,591) ============== ============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-46 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Concluded) FOR THE YEAR ENDED DECEMBER 31, 2008
Multimanager Small Cap Multimanager Value Technology ----------------- ----------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 1,321,259 $ -- Expenses: Asset-based charges............................. 7,992,100 4,289,714 -------------- -------------- Net Investment Income (Loss)........................ (6,670,841) (4,289,714) -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (46,163,380) 4,441,497 Realized gain distribution from The Trusts...... 2,300,176 -- -------------- -------------- Net realized gain (loss).......................... (43,863,204) 4,441,497 -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (199,190,979) (179,730,920) -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (243,054,183) (175,289,423) -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (249,725,024) $ (179,579,137) ============== ============== Target 2015 Target 2025 Target 2035 Target 2045 Allocation Allocation Allocation Allocation ------------- ------------- ------------- -------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ -- $ -- $ 24,776 $ 21,233 Expenses: Asset-based charges............................. -- -- -- -- --------- ---------- ---------- ---------- Net Investment Income (Loss)........................ -- -- 24,776 21,233 --------- ---------- ---------- ---------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. 45,811 54,278 -- -- Realized gain distribution from The Trusts...... -- -- 14,656 20,734 --------- ---------- ---------- ---------- Net realized gain (loss).......................... 45,811 54,278 14,656 20,734 --------- ---------- ---------- ---------- Change in unrealized appreciation (depreciation) of investments................... (86,045) (103,585) (486,172) (532,414) --------- ---------- ---------- ---------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (40,234) (49,307) (471,516) (511,680) --------- ---------- ---------- ---------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (40,234) $ (49,307) $ (446,740) $ (490,447) ========= ========== ========== ==========
------- The accompanying notes are an integral part of these financial statements. FSA-47 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS FOR THE YEARS ENDED DECEMBER 31,
AXA Aggressive Allocation -------------------------------------- 2008 2007 ------------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 3,936,104 $ 32,391,791 Net realized gain (loss) on investments........ 131,282,366 131,968,772 Change in unrealized appreciation (depreciation) of investments................ (1,449,797,143) (97,771,692) ----------------- -------------- Net increase (decrease) in net assets from operations................................... (1,314,578,673) 66,588,871 ----------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 779,016,877 1,176,124,863 Transfers between funds including guaranteed interest account, net........... 75,436,777 165,605,218 Transfers for contract benefits and terminations............................... (99,788,750) (77,561,900) Contract maintenance charges................. (29,008,368) (16,030,668) ----------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. 725,656,536 1,248,137,513 ----------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (405,768) (625,147) ----------------- -------------- Increase (Decrease) in Net Assets................ (589,327,905) 1,314,101,237 Net Assets -- Beginning of Period................ 2,787,959,608 1,473,858,371 ----------------- -------------- Net Assets -- End of Period...................... $ 2,198,631,703 $2,787,959,608 ================= ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 87,524 97,725 Units Redeemed................................. (26,948) (11,807) ----------------- -------------- Net Increase (Decrease)......................... 60,576 85,918 ================= ============== AXA Conservative AXA Conservative-Plus Allocation Allocation ----------------------------------- ------------------------------------- 2008 2007 2008 2007 ------------------ ---------------- ------------------ ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 47,036,051 $ 11,885,291 $ 29,928,322 $ 19,521,518 Net realized gain (loss) on investments........ (7,608,777) 15,230,093 6,879,854 32,848,368 Change in unrealized appreciation (depreciation) of investments................ (159,266,295) (8,667,059) (315,384,042) (18,980,507) -------------- ------------- -------------- -------------- Net increase (decrease) in net assets from operations................................... (119,839,021) 18,448,325 (278,575,866) 33,389,379 -------------- ------------- -------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 224,125,509 112,696,853 292,413,908 220,384,033 Transfers between funds including guaranteed interest account, net........... 820,180,316 122,797,914 309,105,532 96,909,579 Transfers for contract benefits and terminations............................... (87,145,892) (42,430,719) (97,480,974) (59,646,899) Contract maintenance charges................. (9,569,855) (3,514,814) (11,725,004) (7,051,116) -------------- ------------- -------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. 947,590,078 189,549,234 492,313,462 250,595,597 -------------- ------------- -------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 327,000 -- 17,098 2,367 -------------- ------------- -------------- -------------- Increase (Decrease) in Net Assets................ 828,078,057 207,997,559 213,754,694 283,987,343 Net Assets -- Beginning of Period................ 512,690,295 304,692,736 1,028,164,011 744,176,668 -------------- ------------- -------------- -------------- Net Assets -- End of Period...................... $1,340,768,352 $ 512,690,295 $1,241,918,705 $1,028,164,011 ============== ============= ============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 113,047 40,052 66,914 38,552 Units Redeemed................................. (26,206) (23,386) (23,283) (17,792) -------------- ------------- -------------- -------------- Net Increase (Decrease)........................ 86,841 16,666 43,631 20,760 ============== ============= ============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-48 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
AXA Moderate Allocation -------------------------------------- 2008 2007 ------------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ 144,603,235 $ 98,473,231 Net realized gain (loss) on investments......... 240,684,807 171,100,302 Change in unrealized appreciation (depreciation) of investments.................. (2,048,184,961) (56,033,792) ----------------- -------------- Net increase (decrease) in net assets from operations..................................... (1,662,896,919) 213,539,741 ----------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 1,414,673,639 1,252,051,668 Transfers between funds including guaranteed interest account, net.............. 452,134,313 248,986,023 Transfers for contract benefits and terminations.................................. (367,318,946) (304,823,603) Contract maintenance charges................... (55,459,239) (39,920,371) ----------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................... 1,444,029,767 1,156,293,717 ----------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49...... (242,999) (26,419) ----------------- -------------- Increase (Decrease) in Net Assets................ (219,110,151) 1,369,807,039 Net Assets -- Beginning of Period................ 5,581,130,343 4,211,323,304 ----------------- -------------- Net Assets -- End of Period...................... $ 5,362,020,192 $5,581,130,343 ================= ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued.................................... 125,254 87,744 Units Redeemed.................................. (26,736) (15,901) ----------------- -------------- Net Increase (Decrease)......................... 98,518 71,843 ================= ============== AXA Moderate-Plus EQ/AllianceBernstein Allocation Common Stock -------------------------------------- ------------------------------------ 2008 2007 2008 2007 ------------------- ------------------ ----------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 83,344,261 $ 138,685,694 $ 1,660,456 $ (6,264,923) Net realized gain (loss) on investments........ 454,578,706 344,131,313 (9,877,898) 40,907,683 Change in unrealized appreciation (depreciation) of investments................ (4,240,331,255) (158,174,434) (509,119,672) (6,366,134) ----------------- -------------- --------------- -------------- Net increase (decrease) in net assets from operations................................... (3,702,408,288) 324,642,573 (517,337,114) 28,276,626 ----------------- -------------- --------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 2,281,673,853 3,022,793,996 56,901,214 89,129,139 Transfers between funds including guaranteed interest account, net........... 310,927,122 752,517,446 (59,248,095) (120,783,852) Transfers for contract benefits and terminations............................... (454,122,102) (357,527,075) (75,547,301) (120,975,473) Contract maintenance charges................. (102,426,627) (65,315,919) (8,801,481) (9,583,822) ----------------- -------------- --------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. 2,036,052,246 3,352,468,448 (86,695,663) (162,214,008) ----------------- -------------- --------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (30,197) 84,703 78,001 61,494 ----------------- -------------- --------------- -------------- Increase (Decrease) in Net Assets................ (1,666,386,239) 3,677,195,724 (603,954,776) (133,875,888) Net Assets -- Beginning of Period................ 9,864,220,638 6,187,024,914 1,221,599,965 1,355,475,853 ----------------- -------------- --------------- -------------- Net Assets -- End of Period...................... $ 8,197,834,399 $9,864,220,638 $ 617,645,189 $1,221,599,965 ================= ============== =============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 220,674 261,996 4,910 4,066 Units Redeemed................................. (56,396) (23,400) (6,642) (6,632) ----------------- -------------- --------------- -------------- Net Increase (Decrease)........................ 164,278 238,596 (1,732) (2,566) ================= ============== =============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-49 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/AllianceBernstein Intermediate Government EQ/AllianceBernstein Securities International --------------------------------- ------------------------------------ 2008 2007 2008 2007 ---------------- ---------------- ----------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 7,821,746 $ 8,429,131 $ 12,477,227 $ (472,811) Net realized gain (loss) on investments........ (1,366,840) (2,368,295) 24,979,731 162,502,124 Change in unrealized appreciation (depreciation) of investments................ 1,364,716 9,261,262 (689,165,353) (65,164,226) ------------- ------------- --------------- -------------- Net increase (decrease) in net assets from operations................................... 7,819,622 15,322,098 (651,708,395) 96,865,087 ------------- ------------- --------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 42,004,283 12,541,487 115,436,752 236,797,792 Transfers between funds including guaranteed interest account, net........... 94,974,307 7,893,862 (74,025,783) 110,751,037 Transfers for contract benefits and terminations............................... (36,984,246) (32,594,693) (55,977,050) (70,452,562) Contract maintenance charges................. (3,042,890) (2,080,528) (10,506,171) (8,549,775) ------------- ------------- --------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. 96,951,454 (14,239,872) (25,072,252) 268,546,492 ------------- ------------- --------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (120,000) (2,133) (150,998) (4,737) ------------- ------------- --------------- -------------- Increase (Decrease) in Net Assets................ 104,651,076 1,080,093 (676,931,645) 365,406,842 Net Assets -- Beginning of Period................ 297,019,320 295,939,227 1,284,920,261 919,513,419 ------------- ------------- --------------- -------------- Net Assets -- End of Period...................... $ 401,670,396 $ 297,019,320 $ 607,988,616 $1,284,920,261 ============= ============= =============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 19,978 5,930 10,714 20,571 Units Redeemed................................. (11,686) (6,292) (12,308) (6,784) ------------- ------------- --------------- -------------- Net Increase (Decrease)........................ 8,292 (362) (1,594) 13,787 ============= ============= =============== ============== EQ/AllianceBernstein Small Cap Growth ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (6,084,011) $ (7,333,508) Net realized gain (loss) on investments........ (8,309,262) 109,170,025 Change in unrealized appreciation (depreciation) of investments................ (222,476,523) (34,042,658) --------------- ------------- Net increase (decrease) in net assets from operations................................... (236,869,796) 67,793,859 --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 37,063,336 46,636,441 Transfers between funds including guaranteed interest account, net........... (12,427,376) (17,044,208) Transfers for contract benefits and terminations............................... (30,315,140) (46,468,053) Contract maintenance charges................. (3,982,954) (3,644,114) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (9,662,134) (20,519,934) --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (186,999) (2,649) --------------- ------------- Increase (Decrease) in Net Assets................ (246,718,929) 47,271,276 Net Assets -- Beginning of Period................ 527,140,872 479,869,596 --------------- ------------- Net Assets -- End of Period...................... $ 280,421,943 $ 527,140,872 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 5,966 5,921 Units Redeemed................................. (6,343) (6,710) --------------- ------------- Net Increase (Decrease)........................ (377) (789) =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-50 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/AXA Rosenberg EQ/Ariel Appreciation II Value Long/Short Equity -------------------------------- --------------------------------- 2008 2007 2008 2007 ---------------- --------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (269,901) $ (454,336) $ (1,843,646) $ 557,078 Net realized gain (loss) on investments........ (3,726,045) 1,766,134 (3,734,130) (636,517) Change in unrealized appreciation (depreciation) of investments................ (21,331,726) (4,076,114) (5,980,556) 2,056,359 -------------- ------------ ------------- ------------- Net increase (decrease) in net assets from operations................................... (25,327,672) (2,764,316) (11,558,332) 1,976,920 -------------- ------------ ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 8,923,474 19,216,403 11,056,946 19,258,475 Transfers between funds including guaranteed interest account, net........... 8,325,131 6,872,221 21,952,839 (17,848,655) Transfers for contract benefits and terminations............................... (2,162,219) (1,503,449) (7,889,538) (9,988,002) Contract maintenance charges................. (544,215) (328,265) (1,704,791) (1,317,250) -------------- ------------ ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 14,542,171 24,256,910 23,415,456 (9,895,432) -------------- ------------ ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (999,499) -- (23,002) (846) -------------- ------------ ------------- ------------- Increase (Decrease) in Net Assets................ (11,785,000) 21,492,594 11,834,122 (7,919,358) Net Assets -- Beginning of Period................ 55,931,841 34,439,247 134,385,436 142,304,794 -------------- ------------ ------------- ------------- Net Assets -- End of Period...................... $ 44,146,841 $ 55,931,841 $ 146,219,558 $ 134,385,436 ============== ============ ============= ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 3,415 3,179 8,826 4,101 Units Redeemed................................. (1,726) (1,155) (6,763) (5,049) -------------- ------------ ------------- ------------- Net Increase (Decrease)........................ 1,689 2,024 2,063 (948) ============== ============ ============= ============= EQ/BlackRock Basic Value Equity ----------------------------------- 2008 2007 ----------------- ----------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 1,906,849 $ (3,219,995) Net realized gain (loss) on investments........ (6,807,761) 109,495,256 Change in unrealized appreciation (depreciation) of investments................ (305,492,350) (108,651,865) --------------- --------------- Net increase (decrease) in net assets from operations................................... (310,393,262) (2,376,604) --------------- --------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 61,465,787 87,291,039 Transfers between funds including guaranteed interest account, net........... (1,458,766) (21,942,637) Transfers for contract benefits and terminations............................... (49,860,219) (73,516,615) Contract maintenance charges................. (6,975,396) (6,862,596) --------------- --------------- Net increase (decrease) in net assets from contractowners transactions.................. 3,171,406 (15,030,809) --------------- --------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 109,003 (4,983) --------------- --------------- Increase (Decrease) in Net Assets................ (307,112,853) (17,412,396) Net Assets -- Beginning of Period................ 829,379,000 846,791,396 --------------- --------------- Net Assets -- End of Period...................... $ 522,266,147 $ 829,379,000 =============== =============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 9,070 7,893 Units Redeemed................................. (7,786) (7,439) --------------- --------------- Net Increase (Decrease)........................ 1,284 454 =============== ===============
------- The accompanying notes are an integral part of these financial statements. FSA-51 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/BlackRock International Value ------------------------------------ 2008 2007 ----------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 6,280,675 $ 4,412,602 Net realized gain (loss) on investments........ 21,522,769 195,606,209 Change in unrealized appreciation (depreciation) of investments................ (506,344,124) (106,862,733) --------------- -------------- Net increase (decrease) in net assets from operations................................... (478,540,680) 93,156,078 --------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 73,740,015 155,163,691 Transfers between funds including guaranteed interest account, net........... (81,316,769) (56,367,362) Transfers for contract benefits and terminations............................... (57,703,962) (96,742,546) Contract maintenance charges................. (8,272,098) (8,208,358) --------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. (73,552,814) (6,154,575) --------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (299,000) (11,093) --------------- -------------- Increase (Decrease) in Net Assets................ (552,392,494) 86,990,410 Net Assets -- Beginning of Period................ 1,145,280,502 1,058,290,092 --------------- -------------- Net Assets -- End of Period...................... $ 592,888,008 $1,145,280,502 =============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 6,597 11,109 Units Redeemed................................. (10,323) (10,574) --------------- -------------- Net Increase (Decrease)........................ (3,726) 535 =============== ============== EQ/Boston Advisors EQ/Calvert Equity Income Socially Responsible --------------------------------- ------------------------------- 2008 2007 2008 2007 ---------------- ---------------- ---------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 1,709,506 $ 713,731 $ (596,506) $ (734,440) Net realized gain (loss) on investments........ (5,007,006) 21,233,183 (675,783) 5,867,834 Change in unrealized appreciation (depreciation) of investments................ (66,805,964) (17,465,104) (28,608,826) 563,148 ------------- ------------- -------------- ------------ Net increase (decrease) in net assets from operations................................... (70,103,464) 4,481,810 (29,881,115) 5,696,542 ------------- ------------- -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 25,954,321 27,799,851 5,781,713 7,527,710 Transfers between funds including guaranteed interest account, net........... 10,982,143 (13,773,073) 1,659,449 (1,468,329) Transfers for contract benefits and terminations............................... (9,708,716) (12,782,293) (3,334,442) (3,062,301) Contract maintenance charges................. (1,874,063) (1,725,812) (526,541) (460,495) ------------- ------------- -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. 25,353,685 (481,327) 3,580,179 2,536,585 ------------- ------------- -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (127,317) -- (31,001) -- ------------- ------------- -------------- ------------ Increase (Decrease) in Net Assets................ (44,877,096) 4,000,483 (26,331,937) 8,233,127 Net Assets -- Beginning of Period................ 202,348,213 198,347,730 62,426,361 54,193,234 ------------- ------------- -------------- ------------ Net Assets -- End of Period...................... $ 157,471,117 $ 202,348,213 $ 36,094,424 $ 62,426,361 ============= ============= ============== ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 15,282 9,080 1,822 1,667 Units Redeemed................................. (7,368) (7,729) (1,489) (1,494) ------------- ------------- -------------- ------------ Net Increase (Decrease)........................ 7,914 1,351 333 173 ============= ============= ============== ============
------- The accompanying notes are an integral part of these financial statements. FSA-52 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Capital Guardian Growth ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (4,829,881) $ (6,227,880) Net realized gain (loss) on investments........ (3,137,954) 9,479,341 Change in unrealized appreciation (depreciation) of investments................ (175,765,854) 10,004,790 --------------- ------------- Net increase (decrease) in net assets from operations................................... (183,733,689) 13,256,251 --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 36,011,938 81,287,806 Transfers between funds including guaranteed interest account, net........... 272,383 6,319,263 Transfers for contract benefits and terminations............................... (24,908,574) (38,489,374) Contract maintenance charges................. (3,683,428) (2,813,497) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 7,692,319 46,304,198 --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (314,998) (2,386) --------------- ------------- Increase (Decrease) in Net Assets................ (176,356,368) 59,558,063 Net Assets -- Beginning of Period................ 440,295,587 380,737,524 --------------- ------------- Net Assets -- End of Period...................... $ 263,939,219 $ 440,295,587 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 6,098 9,528 Units Redeemed................................. (5,209) (5,733) --------------- ------------- Net Increase (Decrease)........................ 889 3,795 =============== ============= EQ/Capital EQ/Caywood-Scholl Guardian Research (c) High Yield Bond ------------------------------------ -------------------------------- 2008 2007 2008 2007 ----------------- ------------------ ---------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (6,249,033) $ (2,078,747) $ 9,286,531 $ 7,563,864 Net realized gain (loss) on investments........ 34,860,177 93,236,134 (7,485,659) 280,475 Change in unrealized appreciation (depreciation) of investments................ (581,110,378) (150,182,401) (33,083,367) (6,865,010) --------------- -------------- ------------- ------------ Net increase (decrease) in net assets from operations................................... (552,499,234) (59,025,014) (31,282,495) 979,329 --------------- -------------- ------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 25,369,585 48,042,371 19,055,687 36,618,753 Transfers between funds including guaranteed interest account, net........... (105,957,845) 892,249,902 8,958,467 10,435,491 Transfers for contract benefits and terminations............................... (95,335,590) (114,835,109) (6,967,960) (6,909,561) Contract maintenance charges................. (11,096,916) (8,780,504) (1,509,637) (993,955) --------------- -------------- ------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. (187,020,766) 816,676,660 19,536,557 39,150,728 --------------- -------------- ------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (58,999) 161,583 2,999 (42) --------------- -------------- ------------- ------------ Increase (Decrease) in Net Assets................ (739,578,999) 757,813,229 (11,742,939) 40,130,015 Net Assets -- Beginning of Period................ 1,497,371,182 739,557,953 143,504,892 103,374,877 --------------- -------------- ------------- ------------ Net Assets -- End of Period...................... $ 757,792,183 $1,497,371,182 $ 131,761,953 $143,504,892 =============== ============== ============= ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 2,925 74,931 9,764 9,466 Units Redeemed................................. (19,878) (17,915) (7,025) (3,785) --------------- -------------- ------------- ------------ Net Increase (Decrease)........................ (16,953) 57,016 2,739 5,681 =============== ============== ============= ============
------- The accompanying notes are an integral part of these financial statements. FSA-53 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Davis New York Venture ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (2,474,216) $ (1,601,399) Net realized gain (loss) on investments........ (11,064,766) 3,108,761 Change in unrealized appreciation (depreciation) of investments................ (130,689,555) (1,538,345) --------------- ------------ Net increase (decrease) in net assets from operations................................... (144,228,537) (30,983) --------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 75,415,343 135,833,888 Transfers between funds including guaranteed interest account, net........... 51,212,766 85,354,705 Transfers for contract benefits and terminations............................... (10,623,100) (7,097,003) Contract maintenance charges................. (3,106,524) (941,691) --------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. 112,898,485 213,149,899 --------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (3,180,596) (39) --------------- ------------ Increase (Decrease) in Net Assets................ (34,510,648) 213,118,877 Net Assets -- Beginning of Period................ 277,420,617 64,301,740 --------------- ------------ Net Assets -- End of Period...................... $ 242,909,969 $277,420,617 =============== ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 17,626 21,573 Units Redeemed................................. (5,762) (2,471) --------------- ------------ Net Increase (Decrease)........................ 11,864 19,102 =============== ============ EQ/Evergreen EQ/Equity 500 Index International Bond ------------------------------------ -------------------------------- 2008 2007 2008 2007 ----------------- ------------------ ---------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 3,267,677 $ (2,430,789) $ 65,495,492 $ 2,476,493 Net realized gain (loss) on investments........ 13,446,841 115,413,902 7,956,127 1,619,880 Change in unrealized appreciation (depreciation) of investments................ (588,331,784) (55,926,961) (67,209,876) 5,870,675 --------------- -------------- ------------- ------------ Net increase (decrease) in net assets from operations................................... (571,617,266) 57,056,152 6,241,743 9,967,048 --------------- -------------- ------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 68,657,789 117,566,722 73,793,425 42,372,676 Transfers between funds including guaranteed interest account, net........... (44,788,116) (71,345,475) 162,751,963 68,191,027 Transfers for contract benefits and terminations............................... (104,782,497) (155,335,344) (20,102,077) (5,474,549) Contract maintenance charges................. (11,655,065) (11,768,154) (3,679,230) (848,078) --------------- -------------- ------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. (92,567,889) (120,882,251) 212,764,081 104,241,076 --------------- -------------- ------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (380,000) (49,140) (5,766,813) (17) --------------- -------------- ------------- ------------ Increase (Decrease) in Net Assets................ (664,565,155) (63,875,239) 213,239,011 114,208,107 Net Assets -- Beginning of Period................ 1,577,342,213 1,641,217,452 200,080,105 85,871,998 --------------- -------------- ------------- ------------ Net Assets -- End of Period...................... $ 912,777,058 $1,577,342,213 $ 413,319,116 $200,080,105 =============== ============== ============= ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 10,494 10,400 34,200 12,715 Units Redeemed................................. (12,666) (12,689) (15,567) (2,657) --------------- -------------- ------------- ------------ Net Increase (Decrease)........................ (2,172) (2,289) 18,633 10,058 =============== ============== ============= ============
------- The accompanying notes are an integral part of these financial statements. FSA-54 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Evergreen Omega --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (1,287,298) $ (2,229,322) Net realized gain (loss) on investments........ (4,442,278) 14,531,813 Change in unrealized appreciation (depreciation) of investments................ (45,017,948) (317,278) ------------- ------------- Net increase (decrease) in net assets from operations................................... (50,747,524) 11,985,213 ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 10,409,823 18,111,345 Transfers between funds including guaranteed interest account, net........... 5,139,584 18,096,362 Transfers for contract benefits and terminations............................... (10,628,166) (12,051,857) Contract maintenance charges................. (1,701,654) (1,313,436) ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 3,219,587 22,842,414 ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (12,300) (422) ------------- ------------- Increase (Decrease) in Net Assets................ (47,540,237) 34,827,205 Net Assets -- Beginning of Period................ 176,544,619 141,717,414 ------------- ------------- Net Assets -- End of Period...................... $ 129,004,382 $ 176,544,619 ============= ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 6,380 6,147 Units Redeemed................................. (6,001) (4,521) ------------- ------------- Net Increase (Decrease)........................ 379 1,626 ============= ============= EQ/Franklin EQ/Franklin Income Small Cap Value ---------------------------------- ------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ---------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 26,339,942 $ 11,493,316 $ (282,146) $ (493,776) Net realized gain (loss) on investments........ (25,473,569) 5,513,796 (8,686,880) 891,688 Change in unrealized appreciation (depreciation) of investments................ (210,034,118) (27,348,192) (21,900,745) (8,707,855) --------------- ------------- -------------- ------------ Net increase (decrease) in net assets from operations................................... (209,167,745) (10,341,080) (30,869,771) (8,309,943) --------------- ------------- -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 76,510,415 237,227,754 21,810,440 42,643,971 Transfers between funds including guaranteed interest account, net........... (8,634,358) 270,963,723 29,154,742 9,535,218 Transfers for contract benefits and terminations............................... (28,787,766) (26,252,919) (3,083,154) (1,661,701) Contract maintenance charges................. (6,278,297) (2,650,387) (794,269) (266,104) --------------- ------------- -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. 32,809,994 479,288,171 47,087,759 50,251,384 --------------- ------------- -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (3,000,828) (79) (2,911,325) -- --------------- ------------- -------------- ------------ Increase (Decrease) in Net Assets................ (179,358,579) 468,947,012 13,306,663 41,941,441 Net Assets -- Beginning of Period................ 605,070,868 136,123,856 61,224,375 19,282,934 --------------- ------------- -------------- ------------ Net Assets -- End of Period...................... $ 425,712,289 $ 605,070,868 $ 74,531,038 $ 61,224,375 =============== ============= ============== ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 17,101 51,409 10,493 6,927 Units Redeemed................................. (14,077) (6,727) (4,820) (2,424) --------------- ------------- -------------- ------------ Net Increase (Decrease)........................ 3,024 44,682 5,673 4,503 =============== ============= ============== ============
------- The accompanying notes are an integral part of these financial statements. FSA-55 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Franklin Templeton Founding Strategy (a) ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 35,966,558 $ 7,140,840 Net realized gain (loss) on investments........ (26,485,382) (994,457) Change in unrealized appreciation (depreciation) of investments................ (501,379,956) (26,905,825) --------------- ------------- Net increase (decrease) in net assets from operations................................... (491,898,780) (20,759,442) --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 520,219,218 573,405,440 Transfers between funds including guaranteed interest account, net........... 223,763,310 249,266,273 Transfers for contract benefits and terminations............................... (39,830,059) (8,095,879) Contract maintenance charges................. (9,501,659) (603,954) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 694,650,810 813,971,880 --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (42,839) 199,999 --------------- ------------- Increase (Decrease) in Net Assets................ 202,709,191 793,412,437 Net Assets -- Beginning of Period................ 793,412,437 - --------------- ------------- Net Assets -- End of Period...................... $ 996,121,628 $ 793,412,437 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 94,300 85,911 Units Redeemed................................. (9,168) (2,460) --------------- ------------- Net Increase (Decrease)........................ 85,132 83,451 =============== ============= EQ/GAMCO EQ/GAMCO Mergers and Acquisitions Small Company Value --------------------------------- ---------------------------------- 2008 2007 2008 2007 ---------------- ---------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (1,223,527) $ (834,621) $ (3,884,593) $ (3,716,987) Net realized gain (loss) on investments........ 1,037,676 7,456,848 6,189,537 28,644,152 Change in unrealized appreciation (depreciation) of investments................ (20,056,018) (5,768,786) (172,866,113) (6,392,804) ------------- ------------ --------------- ------------- Net increase (decrease) in net assets from operations................................... (20,241,869) 853,441 (170,561,169) 18,534,361 ------------- ------------ --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 16,641,524 34,611,090 87,585,184 135,160,984 Transfers between funds including guaranteed interest account, net........... (10,708,187) 15,605,530 28,597,473 94,223,934 Transfers for contract benefits and terminations............................... (5,144,520) (4,804,492) (18,342,653) (18,318,916) Contract maintenance charges................. (1,465,331) (933,725) (5,098,441) (2,975,379) ------------- ------------ --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (676,514) 44,478,403 92,741,563 208,090,623 ------------- ------------ --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (33,346) 99,989 (45,511) 99,996 ------------- ------------ --------------- ------------- Increase (Decrease) in Net Assets................ (20,951,729) 45,431,833 (77,865,117) 226,724,980 Net Assets -- Beginning of Period................ 131,969,742 86,537,909 470,581,831 243,856,851 ------------- ------------ --------------- ------------- Net Assets -- End of Period...................... $ 111,018,013 $131,969,742 $ 392,716,714 $ 470,581,831 ============= ============ =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 3,900 5,603 6,224 9,458 Units Redeemed................................. (3,992) (1,892) (3,104) (2,753) ------------- ------------ --------------- ------------- Net Increase (Decrease)........................ (92) 3,711 3,120 6,705 ============= ============ =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-56 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/International Core PLUS ------------------------------------ 2008 2007 ----------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 93,764 $ (11,099,081) Net realized gain (loss) on investments........ 23,751,257 281,548,796 Change in unrealized appreciation (depreciation) of investments................ (488,516,584) (143,168,641) --------------- -------------- Net increase (decrease) in net assets from operations................................... (464,671,563) 127,281,074 --------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 53,379,072 82,354,390 Transfers between funds including guaranteed interest account, net........... 9,893,762 (75,301,686) Transfers for contract benefits and terminations............................... (59,946,839) (75,816,636) Contract maintenance charges................. (8,694,364) (8,118,467) --------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. (5,368,369) (76,882,399) --------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... -- (7,110) --------------- -------------- Increase (Decrease) in Net Assets................ (470,039,932) 50,391,565 Net Assets -- Beginning of Period................ 1,024,362,413 973,970,848 --------------- -------------- Net Assets -- End of Period...................... $ 554,322,481 $1,024,362,413 =============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 10,626 8,052 Units Redeemed................................. (11,142) (13,162) --------------- -------------- Net Increase (Decrease)........................ (516) (5,110) =============== ============== EQ/International ETF EQ/International Growth ---------------------------- ---------------------------------- 2008 2007 2008 2007 --------------- ------------ ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 152,463 $ 60,919 $ (1,175,603) $ (1,187,347) Net realized gain (loss) on investments........ (319,534) 20,344 (9,610,248) 18,033,828 Change in unrealized appreciation (depreciation) of investments................ (1,432,902) 279,135 (105,847,924) 326,276 ------------- ---------- --------------- ------------ Net increase (decrease) in net assets from operations................................... (1,599,973) 360,398 (116,633,775) 17,172,757 ------------- ---------- --------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ -- -- 44,238,330 65,008,893 Transfers between funds including guaranteed interest account, net........... -- -- 14,441,973 80,380,411 Transfers for contract benefits and terminations............................... -- -- (9,281,621) (7,522,680) Contract maintenance charges................. -- -- (2,559,727) (1,136,646) ------------- ---------- --------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. -- -- 46,838,955 136,729,978 ------------- ---------- --------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (500,000) -- 103,999 (17) ------------- ---------- --------------- ------------ Increase (Decrease) in Net Assets................ (2,099,973) 360,398 (69,690,821) 153,902,718 Net Assets -- Beginning of Period................ 3,703,857 3,343,459 237,738,956 83,836,238 ------------- ---------- --------------- ------------ Net Assets -- End of Period...................... $ 1,603,884 $3,703,857 $ 168,048,135 $237,738,956 ============= ========== =============== ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... -- -- 11,798 14,739 Units Redeemed................................. -- -- (7,568) (4,434) ------------- ---------- --------------- ------------ Net Increase (Decrease)........................ -- -- 4,230 10,305 ============= ========== =============== ============
------- The accompanying notes are an integral part of these financial statements. FSA-57 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/JPMorgan Core Bond ------------------------------------ 2008 2007 ----------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 28,459,286 $ 36,992,085 Net realized gain (loss) on investments........ (33,827,360) (1,384,245) Change in unrealized appreciation (depreciation) of investments................ (114,440,875) (15,337,364) --------------- -------------- Net increase (decrease) in net assets from operations................................... (119,808,949) 20,270,476 --------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 42,075,735 111,814,271 Transfers between funds including guaranteed interest account, net........... (172,293,479) 12,407,294 Transfers for contract benefits and terminations............................... (97,989,775) (125,039,236) Contract maintenance charges................. (10,044,167) (9,052,018) --------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. (238,251,686) (9,869,689) --------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (76,301) (15,725) --------------- -------------- Increase (Decrease) in Net Assets................ (358,136,936) 10,385,062 Net Assets -- Beginning of Period................ 1,271,481,983 1,261,096,921 --------------- -------------- Net Assets -- End of Period...................... $ 913,345,047 $1,271,481,983 =============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 6,426 15,903 Units Redeemed................................. (25,935) (15,097) --------------- -------------- Net Increase (Decrease)........................ (19,509) 806 =============== ============== EQ/JPMorgan EQ/Large Cap Value Opportunities Core PLUS ----------------------------------- ---------------------------------- 2008 2007 2008 2007 ----------------- ----------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 1,064,921 $ (594,482) $ (2,128,351) $ (934,831) Net realized gain (loss) on investments........ (16,710,861) 94,004,642 (8,730,231) 67,447,660 Change in unrealized appreciation (depreciation) of investments................ (141,195,370) (103,900,210) (75,404,584) (59,398,695) --------------- --------------- --------------- ------------- Net increase (decrease) in net assets from operations................................... (156,841,310) (10,490,050) (86,263,166) 7,114,134 --------------- --------------- --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 10,736,796 33,789,166 5,525,159 10,302,391 Transfers between funds including guaranteed interest account, net........... (25,761,728) (30,654,913) (10,481,074) (19,399,231) Transfers for contract benefits and terminations............................... (35,229,962) (63,195,761) (21,858,504) (39,046,480) Contract maintenance charges................. (2,218,023) (2,543,075) (1,432,614) (1,590,512) --------------- --------------- --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (52,472,917) (62,604,583) (28,247,033) (49,733,832) --------------- --------------- --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (266,998) (4,955) -- (14,102) --------------- --------------- --------------- ------------- Increase (Decrease) in Net Assets................ (209,581,225) (73,099,588) (114,510,199) (42,633,800) Net Assets -- Beginning of Period................ 420,150,483 493,250,071 243,870,504 286,504,304 --------------- --------------- --------------- ------------- Net Assets -- End of Period...................... $ 210,569,258 $ 420,150,483 $ 129,360,305 $ 243,870,504 =============== =============== =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 1,967 4,550 1,617 1,691 Units Redeemed................................. (6,183) (8,344) (4,811) (6,258) --------------- --------------- --------------- ------------- Net Increase (Decrease)........................ (4,216) (3,794) (3,194) (4,567) =============== =============== =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-58 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Large Cap Growth Index ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (4,384,494) $ (5,772,220) Net realized gain (loss) on investments........ (753,175) 3,398,259 Change in unrealized appreciation (depreciation) of investments................ (145,142,612) 47,055,787 --------------- ------------- Net increase (decrease) in net assets from operations................................... (150,280,281) 44,681,826 --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 24,221,650 37,810,987 Transfers between funds including guaranteed interest account, net........... (6,728,431) (9,593,154) Transfers for contract benefits and terminations............................... (29,710,764) (43,777,926) Contract maintenance charges................. (2,752,474) (2,371,345) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (14,970,019) (17,931,438) --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 17,000 (11,979) --------------- ------------- Increase (Decrease) in Net Assets................ (165,233,300) 26,738,409 Net Assets -- Beginning of Period................ 411,165,560 384,427,151 --------------- ------------- Net Assets -- End of Period...................... $ 245,932,260 $ 411,165,560 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 6,807 6,563 Units Redeemed................................. (10,140) (10,357) --------------- ------------- Net Increase (Decrease)........................ (3,333) (3,794) =============== ============= EQ/Large Cap EQ/Large Cap Growth PLUS Value Index ---------------------------------- ---------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (3,847,420) $ (3,115,637) $ (173,543) $ (2,845,557) Net realized gain (loss) on investments........ 3,819,000 14,111,167 (14,982,245) 6,960,177 Change in unrealized appreciation (depreciation) of investments................ (134,073,469) 25,048,213 (88,532,502) (18,747,929) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from operations................................... (134,101,889) 36,043,743 (103,688,290) (14,633,309) --------------- ------------- --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 23,776,388 29,398,855 14,398,302 40,646,668 Transfers between funds including guaranteed interest account, net........... (34,904,608) 63,462,388 (9,927,410) (12,553,838) Transfers for contract benefits and terminations............................... (22,544,757) (33,664,941) (6,397,649) (8,727,650) Contract maintenance charges................. (2,362,155) (1,660,190) (1,535,834) (1,637,542) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (36,035,132) 57,536,112 (3,462,591) 17,727,638 --------------- ------------- --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (226,500) (6,023) -- (15) --------------- ------------- --------------- ------------- Increase (Decrease) in Net Assets................ (170,363,521) 93,573,832 (107,150,881) 3,094,314 Net Assets -- Beginning of Period................ 363,588,305 270,014,473 183,660,886 180,566,572 --------------- ------------- --------------- ------------- Net Assets -- End of Period...................... $ 193,224,784 $ 363,588,305 $ 76,510,005 $ 183,660,886 =============== ============= =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 5,289 8,416 4,886 4,986 Units Redeemed................................. (8,073) (4,572) (5,297) (3,408) --------------- ------------- --------------- ------------- Net Increase (Decrease)........................ (2,784) 3,844 (411) 1,578 =============== ============= =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-59 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Large Cap Value PLUS (g) -------------------------------------- 2008 2007 ------------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 23,923,165 $ 3,190,690 Net realized gain (loss) on investments........ (33,805,389) 295,176,429 Change in unrealized appreciation (depreciation) of investments................ (936,768,121) (444,902,189) ----------------- -------------- Net increase (decrease) in net assets from operations................................... (946,650,345) (146,535,070) ----------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 55,111,908 170,996,564 Transfers between funds including guaranteed interest account, net........... (196,962,458) 676,449,939 Transfers for contract benefits and terminations............................... (129,154,256) (184,807,241) Contract maintenance charges................. (17,490,591) (16,755,326) ----------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. (288,495,397) 645,883,936 ----------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 64,001 (8,009) ----------------- -------------- Increase (Decrease) in Net Assets................ (1,235,081,741) 499,340,857 Net Assets -- Beginning of Period................ 2,350,077,348 1,850,736,491 ----------------- -------------- Net Assets -- End of Period...................... $ 1,114,995,607 $2,350,077,348 ================= ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 5,339 63,216 Units Redeemed................................. (27,652) (23,204) ----------------- -------------- Net Increase (Decrease)........................ (22,313) 40,012 ================= ============== EQ/Lord Abbett EQ/Long Term Bond Growth and Income --------------------------------- --------------------------------- 2008 2007 2008 2007 ---------------- ---------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 5,363,057 $ 2,933,011 $ 83,982 $ (501,314) Net realized gain (loss) on investments........ 466,465 (530,683) (3,353,099) 12,151,925 Change in unrealized appreciation (depreciation) of investments................ 557,676 3,827,867 (52,452,677) (8,920,319) ------------ ------------ -------------- ------------- Net increase (decrease) in net assets from operations................................... 6,387,198 6,230,195 (55,721,794) 2,730,292 ------------ ------------ -------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 13,144,485 19,023,154 14,924,350 30,910,383 Transfers between funds including guaranteed interest account, net........... 10,868,505 12,350,753 (5,583,383) (9,982,533) Transfers for contract benefits and terminations............................... (7,297,430) (5,506,029) (6,293,266) (10,470,126) Contract maintenance charges................. (1,183,131) (747,250) (1,322,119) (1,167,373) ------------ ------------ -------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 15,532,429 25,120,628 1,725,582 9,290,351 ------------ ------------ -------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (34,509) -- (3,650,654) -- ------------ ------------ -------------- ------------- Increase (Decrease) in Net Assets................ 21,885,118 31,350,823 (57,646,866) 12,020,643 Net Assets -- Beginning of Period................ 114,656,454 83,305,631 151,193,748 139,173,105 ------------ ------------ -------------- ------------- Net Assets -- End of Period...................... $136,541,572 $114,656,454 $ 93,546,882 $ 151,193,748 ============ ============ ============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 8,936 7,557 2,682 4,513 Units Redeemed................................. (6,924) (4,873) (2,490) (3,769) ------------ ------------ -------------- ------------- Net Increase (Decrease)........................ 2,012 2,684 192 744 ============ ============ ============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-60 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Lord Abbett EQ/Lord Abbett Large Cap Core Mid Cap Value -------------------------------- ---------------------------------- 2008 2007 2008 2007 ---------------- --------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (262,527) $ (403,400) $ 69,833 $ (2,672,202) Net realized gain (loss) on investments........ (3,275,849) 5,496,227 (6,264,778) 31,557,447 Change in unrealized appreciation (depreciation) of investments................ (30,541,689) 212,541 (117,086,130) (37,151,529) -------------- ------------ --------------- ------------- Net increase (decrease) in net assets from operations................................... (34,080,065) 5,305,368 (123,281,075) (8,266,284) -------------- ------------ --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 13,537,401 16,067,399 30,853,855 80,614,716 Transfers between funds including guaranteed interest account, net........... 31,639,977 11,520,031 (1,595,975) 24,758,315 Transfers for contract benefits and terminations............................... (4,269,182) (3,527,075) (10,866,745) (12,908,381) Contract maintenance charges................. (1,052,344) (508,010) (2,884,939) (2,273,152) -------------- ------------ --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 39,855,852 23,552,345 15,506,196 90,191,498 -------------- ------------ --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (2,574,002) -- (3,319,727) -- -------------- ------------ --------------- ------------- Increase (Decrease) in Net Assets................ 3,201,785 28,857,713 (111,094,606) 81,925,214 Net Assets -- Beginning of Period................ 82,042,363 53,184,650 301,405,216 219,480,002 -------------- ------------ --------------- ------------- Net Assets -- End of Period...................... $ 85,244,148 $ 82,042,363 $ 190,310,610 $ 301,405,216 ============== ============ =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 7,001 3,381 6,109 12,288 Units Redeemed................................. (3,312) (1,505) (4,604) (5,438) -------------- ------------ --------------- ------------- Net Increase (Decrease)........................ 3,689 1,876 1,505 6,850 ============== ============ =============== ============= EQ/Marsico Focus ------------------------------------ 2008 2007 ------------------ ----------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (8,227,112) $ (22,776,187) Net realized gain (loss) on investments........ 39,820,399 236,799,514 Change in unrealized appreciation (depreciation) of investments................ (832,575,684) (7,038,803) -------------- -------------- Net increase (decrease) in net assets from operations................................... (800,982,397) 206,984,524 -------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 168,142,262 230,174,261 Transfers between funds including guaranteed interest account, net........... (23,278,056) (31,417,755) Transfers for contract benefits and terminations............................... (92,517,279) (126,245,484) Contract maintenance charges................. (17,082,652) (14,839,784) -------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. 35,264,275 57,671,238 -------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (487,000) (7,221) -------------- -------------- Increase (Decrease) in Net Assets................ (766,205,122) 264,648,541 Net Assets -- Beginning of Period................ 1,909,859,842 1,645,211,301 -------------- -------------- Net Assets -- End of Period...................... $1,143,654,720 $1,909,859,842 ============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 18,185 18,999 Units Redeemed................................. (15,258) (14,270) -------------- -------------- Net Increase (Decrease)........................ 2,927 4,729 ============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-61 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Mid Cap Index ------------------------------------ 2008 2007 ----------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (4,537,675) $ (15,351,363) Net realized gain (loss) on investments........ (24,256,556) 177,355,115 Change in unrealized appreciation (depreciation) of investments................ (472,975,556) (99,558,417) --------------- -------------- Net increase (decrease) in net assets from operations................................... (501,769,787) 62,445,335 --------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 59,080,324 115,889,468 Transfers between funds including guaranteed interest account, net........... (32,303,620) (43,777,381) Transfers for contract benefits and terminations............................... (51,574,835) (79,876,311) Contract maintenance charges................. (8,240,422) (8,555,184) --------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. (33,038,553) (16,319,408) --------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... -- (5,275) --------------- -------------- Increase (Decrease) in Net Assets................ (534,808,340) 46,120,652 Net Assets -- Beginning of Period................ 1,035,825,077 989,704,425 --------------- -------------- Net Assets -- End of Period...................... $ 501,016,737 $1,035,825,077 =============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 8,705 10,091 Units Redeemed................................. (11,260) (11,835) --------------- -------------- Net Increase (Decrease)........................ (2,555) (1,744) =============== ============== EQ/Mid Cap Value PLUS EQ/Money Market ----------------------------------- ------------------------------------ 2008 2007 2008 2007 ----------------- ----------------- ------------------ ----------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (382,625) $ (4,610,290) $ 5,303,985 $ 23,246,551 Net realized gain (loss) on investments........ (79,877,282) 260,539,525 (71,662) (211,185) Change in unrealized appreciation (depreciation) of investments................ (212,234,558) (277,118,388) (62,631) 222,973 --------------- --------------- -------------- --------------- Net increase (decrease) in net assets from operations................................... (292,494,465) (21,189,153) 5,169,692 23,258,339 --------------- --------------- -------------- --------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 17,465,982 72,453,587 737,101.790 459,390,401 Transfers between funds including guaranteed interest account, net........... (86,089,191) (105,491,837) 301,263,885 256,278,645 Transfers for contract benefits and terminations............................... (44,393,137) (75,035,606) (392,439,992) (495,059,766) Contract maintenance charges................. (6,313,342) (7,592,654) (8,372,217) (5,120,378) --------------- --------------- -------------- --------------- Net increase (decrease) in net assets from contractowners transactions.................. (119,329,688) (115,666,510) 637,553,466 215,488,902 --------------- --------------- -------------- --------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (122,000) (6,127) (270,893) 14,278 --------------- --------------- -------------- --------------- Increase (Decrease) in Net Assets................ (411,946,153) (136,861,790) 642,452,265 238,761,519 Net Assets -- Beginning of Period................ 812,009,443 948,871,233 851,522,707 612,761,188 --------------- --------------- -------------- --------------- Net Assets -- End of Period...................... $ 400,063,290 $ 812,009,443 $1,493,974,972 $ 851,522,707 =============== =============== ============== =============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 2,829 5,715 101,142 73,489 Units Redeemed................................. (11,484) (12,143) (55,686) (61,353) --------------- --------------- -------------- --------------- Net Increase (Decrease)........................ (8,655) (6,428) 45,456 12,136 =============== =============== ============== ===============
------- The accompanying notes are an integral part of these financial statements. FSA-62 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Montag & Caldwell Growth --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (1,730,976) $ (510,000) Net realized gain (loss) on investments........ (6,065,466) 1,724,061 Change in unrealized appreciation (depreciation) of investments................ (53,756,587) 5,944,169 ------------- ------------ Net increase (decrease) in net assets from operations................................... (61,553,029) 7,158,230 ------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 28,840,231 11,709,118 Transfers between funds including guaranteed interest account, net........... 84,271,697 55,312,746 Transfers for contract benefits and terminations............................... (6,620,843) (3,261,364) Contract maintenance charges................. (1,581,869) (373,381) ------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. 104,909,216 63,387,119 ------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (138,933) -- ------------- ------------ Increase (Decrease) in Net Assets................ 43,217,254 70,545,349 Net Assets -- Beginning of Period................ 100,681,466 30,136,117 ------------- ------------ Net Assets -- End of Period...................... $ 143,898,720 $100,681,466 ============= ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 39,334 14,727 Units Redeemed................................. (14,430) (2,510) ------------- ------------ Net Increase (Decrease)........................ 24,904 12,217 ============= ============ EQ/Oppenheimer EQ/Mutual Shares Global ---------------------------------- --------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 6,293,951 $ (4,133,571) $ (171,937) $ (670,358) Net realized gain (loss) on investments........ (17,044,008) 3,865,724 (10,852,762) 2,120,164 Change in unrealized appreciation (depreciation) of investments................ (126,766,530) (9,039,783) (51,264,819) (1,198,545) --------------- ------------- -------------- ------------ Net increase (decrease) in net assets from operations................................... (137,516,587) (9,307,630) (62,289,518) 251,261 --------------- ------------- -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 37,815,910 169,234,897 27,145,149 56,803,015 Transfers between funds including guaranteed interest account, net........... (35,013,356) 123,656,655 16,514,971 37,905,119 Transfers for contract benefits and terminations............................... (11,816,877) (12,293,363) (4,909,832) (2,231,694) Contract maintenance charges................. (3,499,476) (1,626,668) (1,293,315) (313,754) --------------- ------------- -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. (12,513,799) 278,971,521 37,456,973 92,162,686 --------------- ------------- -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (18,384,000) (43) (6,490,003) (16) --------------- ------------- -------------- ------------ Increase (Decrease) in Net Assets................ (168,414,386) 269,663,848 (31,322,548) 92,413,931 Net Assets -- Beginning of Period................ 373,766,283 104,102,435 120,697,952 28,284,021 --------------- ------------- -------------- ------------ Net Assets -- End of Period...................... $ 205,351,897 $ 373,766,283 $ 89,375,404 $120,697,952 =============== ============= ============== ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 7,703 30,452 7,529 8,995 Units Redeemed................................. (9,140) (5,331) (3,931) (1,103) --------------- ------------- -------------- ------------ Net Increase (Decrease)........................ (1,437) 25,121 3,598 7,892 =============== ============= ============== ============
------- The accompanying notes are an integral part of these financial statements. FSA-63 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Oppenheimer EQ/Oppenheimer Main Street Opportunity Main Street Small Cap -------------------------------- -------------------------------- 2008 2007 2008 2007 ---------------- --------------- ---------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (220,210) $ (163,878) $ (805,508) $ (601,043) Net realized gain (loss) on investments........ (5,044,440) 2,788,609 (5,946,189) 1,112,009 Change in unrealized appreciation (depreciation) of investments................ (16,088,699) (2,875,869) (26,326,303) (5,108,656) -------------- ------------ -------------- ------------ Net increase (decrease) in net assets from operations................................... (21,353,349) (251,138) (33,078,000) (4,597,690) -------------- ------------ -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 6,725,792 18,510,013 15,379,062 33,472,851 Transfers between funds including guaranteed interest account, net........... 1,496,217 13,290,476 5,271,746 23,744,238 Transfers for contract benefits and terminations............................... (1,528,559) (1,167,130) (2,047,617) (1,970,130) Contract maintenance charges................. (382,352) (150,501) (676,595) (213,438) -------------- ------------ -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. 6,311,098 30,482,858 17,926,596 55,033,521 -------------- ------------ -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (996,499) -- (1,497,003) -- -------------- ------------ -------------- ------------ Increase (Decrease) in Net Assets................ (16,038,750) 30,231,720 (16,648,407) 50,435,831 Net Assets -- Beginning of Period................ 49,060,044 18,828,324 71,006,974 20,571,143 -------------- ------------ -------------- ------------ Net Assets -- End of Period...................... $ 33,021,294 $ 49,060,044 $ 54,358,567 $ 71,006,974 ============== ============ ============== ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 2,441 3,606 4,009 6,126 Units Redeemed................................. (1,788) (937) (2,073) (1,380) -------------- ------------ -------------- ------------ Net Increase (Decrease)........................ 653 2,669 1,936 4,746 ============== ============ ============== ============ EQ/PIMCO Real Return ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 13,950,836 $ 5,847,847 Net realized gain (loss) on investments........ 55,798,470 3,829,324 Change in unrealized appreciation (depreciation) of investments................ (139,568,977) 28,562,465 --------------- ------------- Net increase (decrease) in net assets from operations................................... (69,819,671) 38,239,636 --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 141,377,956 79,109,648 Transfers between funds including guaranteed interest account, net........... 420,851,015 88,930,409 Transfers for contract benefits and terminations............................... (52,885,920) (20,859,358) Contract maintenance charges................. (8,645,672) (2,950,283) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 500,697,379 144,230,416 --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 48,998 99,653 --------------- ------------- Increase (Decrease) in Net Assets................ 430,926,706 182,569,705 Net Assets -- Beginning of Period................ 486,950,498 304,380,793 --------------- ------------- Net Assets -- End of Period...................... $ 917,877,204 $ 486,950,498 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 78,030 25,813 Units Redeemed................................. (32,285) (11,343) --------------- ------------- Net Increase (Decrease)........................ 45,745 14,470 =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-64 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Quality Bond PLUS --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 13,394,151 $ 13,408,270 Net realized gain (loss) on investments........ (7,378,896) (1,983,580) Change in unrealized appreciation (depreciation) of investments................ (36,321,748) 122,499 ------------- ------------- Net increase (decrease) in net assets from operations................................... (30,306,493) 11,547,189 ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 29,785,877 39,166,371 Transfers between funds including guaranteed interest account, net........... (32,254,968) 9,052,896 Transfers for contract benefits and terminations............................... (30,268,685) (35,131,052) Contract maintenance charges................. (3,825,471) (3,103,980) ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (36,563,247) 9,984,235 ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 27,469 135,459 ------------- ------------- Increase (Decrease) in Net Assets................ (66,842,271) 21,666,883 Net Assets -- Beginning of Period................ 393,129,672 371,462,789 ------------- ------------- Net Assets -- End of Period...................... $ 326,287,401 $ 393,129,672 ============= ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 6,787 7,550 Units Redeemed................................. (9,265) (6,206) ------------- ------------- Net Increase (Decrease)........................ (2,478) 1,344 ============= ============= EQ/Short EQ/Small Duration Bond Company Index -------------------------------- ---------------------------------- 2008 2007 2008 2007 ---------------- --------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 6,682,416 $ 2,148,882 $ (2,243,783) $ (785,522) Net realized gain (loss) on investments........ (1,147,459) 954,551 18,489,387 57,778,402 Change in unrealized appreciation (depreciation) of investments................ (10,470,086) (412,042) (168,643,358) (71,918,814) ------------- ------------ --------------- ------------- Net increase (decrease) in net assets from operations................................... (4,935,129) 2,691,391 (152,397,754) (14,925,934) ------------- ------------ --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 26,888,122 17,276,944 25,484,049 57,163,322 Transfers between funds including guaranteed interest account, net........... 49,540,870 7,351,269 (8,035,308) (32,828,333) Transfers for contract benefits and terminations............................... (9,396,284) (5,974,974) (23,331,058) (36,399,028) Contract maintenance charges................. (1,095,337) (514,672) (3,832,287) (3,782,262) ------------- ------------ --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 65,937,371 18,138,567 (9,714,604) (15,846,301) ------------- ------------ --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 168 80,116 (13,000) (2,322) ------------- ------------ --------------- ------------- Increase (Decrease) in Net Assets................ 61,002,410 20,910,074 (162,125,358) (30,774,557) Net Assets -- Beginning of Period................ 80,793,118 59,883,044 444,692,315 475,466,872 ------------- ------------ --------------- ------------- Net Assets -- End of Period...................... $ 141,795,528 $ 80,793,118 $ 282,566,957 $ 444,692,315 ============= ============ =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 12,083 7,585 5,604 5,902 Units Redeemed................................. (5,808) (5,817) (6,112) (6,674) ------------- ------------ --------------- ------------- Net Increase (Decrease)........................ 6,275 1,768 (508) (772) ============= ============ =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-65 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/T. Rowe Price Growth Stock (d) ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (3,532,364) $ (2,277,057) Net realized gain (loss) on investments........ (1,812,083) 24,486,444 Change in unrealized appreciation (depreciation) of investments................ (120,650,775) (25,648,683) --------------- ------------- Net increase (decrease) in net assets from operations................................... (125,995,222) (3,439,296) --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 23,208,023 23,853,471 Transfers between funds including guaranteed interest account, net........... 73,817 236,913,422 Transfers for contract benefits and terminations............................... (18,802,621) (16,236,193) Contract maintenance charges................. (2,409,909) (1,332,712) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 2,069,310 243,197,988 --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 123,317 17,686 --------------- ------------- Increase (Decrease) in Net Assets................ (123,802,595) 239,776,378 Net Assets -- Beginning of Period................ 291,072,093 51,295,715 --------------- ------------- Net Assets -- End of Period...................... $ 167,269,498 $ 291,072,093 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 4,607 16,936 Units Redeemed................................. (3,534) (2,262) --------------- ------------- Net Increase (Decrease)........................ 1,073 14,674 =============== ============= EQ/Templeton Growth EQ/UBS Growth and Income ---------------------------------- ------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ---------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 121,902 $ (1,911,943) $ (154,237) $ (521,621) Net realized gain (loss) on investments........ (15,288,794) 3,536,098 (2,709,534) 4,179,584 Change in unrealized appreciation (depreciation) of investments................ (95,839,083) (7,014,476) (30,779,777) (4,590,749) --------------- ------------- -------------- ------------ Net increase (decrease) in net assets from operations................................... (111,005,975) (5,390,321) (33,643,548) (932,786) --------------- ------------- -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 26,301,609 135,146,323 6,896,212 20,770,619 Transfers between funds including guaranteed interest account, net........... (36,421,901) 97,981,466 (5,415,471) (834,027) Transfers for contract benefits and terminations............................... (9,571,998) (10,373,599) (3,505,033) (4,420,849) Contract maintenance charges................. (2,661,067) (1,272,154) (759,129) (678,483) --------------- ------------- -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. (22,353,357) 221,482,036 (2,783,421) 14,837,260 --------------- ------------- -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (3,057,741) (45) -- -- --------------- ------------- -------------- ------------ Increase (Decrease) in Net Assets................ (136,417,073) 216,091,670 (36,426,969) 13,904,474 Net Assets -- Beginning of Period................ 286,214,630 70,122,960 84,497,331 70,592,857 --------------- ------------- -------------- ------------ Net Assets -- End of Period...................... $ 149,797,557 $ 286,214,630 $ 48,070,362 $ 84,497,331 =============== ============= ============== ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 5,750 23,623 5,139 7,374 Units Redeemed................................. (8,149) (3,676) (5,300) (3,934) --------------- ------------- -------------- ------------ Net Increase (Decrease)........................ (2,399) 19,947 (161) 3,440 =============== ============= ============== ============
------- The accompanying notes are an integral part of these financial statements. FSA-66 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Van Kampen EQ/Van Kampen Comstock Emerging Markets Equity ---------------------------------- ------------------------------------ 2008 2007 2008 2007 ----------------- ---------------- ----------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 1,146,291 $ 423,457 $ (15,752,805) $ (19,088,257) Net realized gain (loss) on investments........ (6,783,819) 18,648,767 65,154,201 446,664,476 Change in unrealized appreciation (depreciation) of investments................ (103,659,127) (32,146,462) (985,591,293) 7,510,616 --------------- ------------- -------------- -------------- Net increase (decrease) in net assets from operations................................... (109,296,655) (13,074,238) (936,189,897) 435,086,835 --------------- ------------- -------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 22,199,653 69,517,617 174,385,806 239,698,333 Transfers between funds including guaranteed interest account, net........... (286,039) (9,510,659) (86,789,044) 20,394,939 Transfers for contract benefits and terminations............................... (10,777,798) (14,799,789) (70,211,440) (92,112,067) Contract maintenance charges................. (2,816,201) (2,425,684) (12,474,163) (10,268,253) --------------- ------------- -------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. 8,319,615 42,781,485 4,911,159 157,712,952 --------------- ------------- -------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (3,318,600) (21) (61,501) (4,056) --------------- ------------- -------------- -------------- Increase (Decrease) in Net Assets................ (104,295,640) 29,707,226 (931,340,239) 592,795,731 Net Assets -- Beginning of Period................ 289,349,061 259,641,835 1,627,458,066 1,034,662,335 --------------- ------------- -------------- -------------- Net Assets -- End of Period...................... $ 185,053,421 $ 289,349,061 $ 696,117,827 $1,627,458,066 =============== ============= ============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 5,848 7,869 16,383 20,750 Units Redeemed................................. (4,779) (4,366) (15,994) (15,196) --------------- ------------- -------------- -------------- Net Increase (Decrease)........................ 1,069 3,503 389 5,554 =============== ============= ============== ============== EQ/Van Kampen Mid Cap Growth ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (4,334,837) $ (2,224,184) Net realized gain (loss) on investments........ (10,432,354) 21,157,345 Change in unrealized appreciation (depreciation) of investments................ (166,657,947) 11,739,869 --------------- ------------- Net increase (decrease) in net assets from operations................................... (181,425,138) 30,673,030 --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 56,603,270 66,008,687 Transfers between funds including guaranteed interest account, net........... 38,012,249 113,561,380 Transfers for contract benefits and terminations............................... (13,513,191) (10,270,623) Contract maintenance charges................. (3,275,653) (1,551,753) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 77,826,675 167,747,691 --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (4,880,466) -- --------------- ------------- Increase (Decrease) in Net Assets................ (108,478,929) 198,420,721 Net Assets -- Beginning of Period................ 318,831,613 120,410,892 --------------- ------------- Net Assets -- End of Period...................... $ 210,352,684 $ 318,831,613 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 12,774 13,520 Units Redeemed................................. (7,072) (2,703) --------------- ------------- Net Increase (Decrease)........................ 5,702 10,817 =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-67 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Van Kampen Real Estate (b) (f) ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 4,167,850 $ 1,071,250 Net realized gain (loss) on investments........ (18,424,192) 7,562,359 Change in unrealized appreciation (depreciation) of investments................ (172,012,766) (53,491,083) --------------- ------------- Net increase (decrease) in net assets from operations................................... (186,269,108) (44,857,474) --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 46,435,201 27,648,694 Transfers between funds including guaranteed interest account, net........... 4,518,438 479,842,930 Transfers for contract benefits and terminations............................... (20,218,542) (9,756,305) Contract maintenance charges................. (4,671,321) (1,620,650) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 26,063,776 496,114,669 --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (253,593) 200,000 --------------- ------------- Increase (Decrease) in Net Assets................ (160,458,925) 451,457,195 Net Assets -- Beginning of Period................ 451,457,195 - --------------- ------------- Net Assets -- End of Period...................... $ 290,998,270 $ 451,457,195 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 15,583 59,830 Units Redeemed................................. (11,694) (5,355) --------------- ------------- Net Increase (Decrease)........................ 3,889 54,475 =============== ============= Multimanager Multimanager Aggressive Equity Core Bond --------------------------------- --------------------------------- 2008 2007 2008 2007 ---------------- ---------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (1,118,102) $ (1,993,654) $ 23,798,189 $ 17,362,876 Net realized gain (loss) on investments........ (1,624,330) 7,992,369 15,603,058 (4,088,282) Change in unrealized appreciation (depreciation) of investments................ (58,474,374) 5,935,319 (31,731,111) 17,212,374 ------------- ------------- ------------- ------------- Net increase (decrease) in net assets from operations................................... (61,216,806) 11,934,034 7,670,136 30,486,968 ------------- ------------- ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 9,564,526 15,553,578 41,424,004 37,696,538 Transfers between funds including guaranteed interest account, net........... (5,793,823) (17,886,983) 97,217,901 (3,279,239) Transfers for contract benefits and terminations............................... (8,692,522) (13,188,187) (58,488,580) (56,661,798) Contract maintenance charges................. (926,538) (935,087) (7,142,205) (5,397,440) ------------- ------------- ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (5,848,357) (16,456,679) 73,011,120 (27,641,939) ------------- ------------- ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (2,000) -- 7,001 (4,366) ------------- ------------- ------------- ------------- Increase (Decrease) in Net Assets................ (67,067,163) (4,522,645) 80,688,257 2,840,663 Net Assets -- Beginning of Period................ 134,809,808 139,332,453 654,064,476 651,223,813 ------------- ------------- ------------- ------------- Net Assets -- End of Period...................... $ 67,742,645 $ 134,809,808 $ 734,752,733 $ 654,064,476 ============= ============= ============= ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 1,451 1,437 20,826 12,768 Units Redeemed................................. (1,314) (1,774) (14,144) (14,981) ------------- ------------- ------------- ------------- Net Increase (Decrease)........................ 137 (337) 6,682 (2,213) ============= ============= ============= =============
------- The accompanying notes are an integral part of these financial statements. FSA-68 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
Multimanager Health Care --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (4,239,081) $ (4,476,018) Net realized gain (loss) on investments........ (3,807,436) 32,370,131 Change in unrealized appreciation (depreciation) of investments................ (85,613,153) (6,588,306) ------------- ------------- Net increase (decrease) in net assets from operations................................... (93,659,670) 21,305,807 ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 25,550,911 35,569,857 Transfers between funds including guaranteed interest account, net........... 8,327,100 (4,934,070) Transfers for contract benefits and terminations............................... (16,493,478) (19,346,186) Contract maintenance charges................. (3,288,603) (2,671,786) ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 14,095,930 8,617,815 ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 19,462 91,984 ------------- ------------- Increase (Decrease) in Net Assets................ (79,544,278) 30,015,606 Net Assets -- Beginning of Period................ 320,883,761 290,868,155 ------------- ------------- Net Assets -- End of Period...................... $ 241,339,483 $ 320,883,761 ============= ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 7,357 5,154 Units Redeemed................................. (6,349) (4,577) ------------- ------------- Net Increase (Decrease)........................ 1,008 577 ============= ============= Multimanager Multimanager High Yield International Equity ---------------------------------- ---------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 52,758,725 $ 53,414,827 $ 486,272 $ (4,709,108) Net realized gain (loss) on investments........ (38,020,929) 42,690 8,237,064 81,851,913 Change in unrealized appreciation (depreciation) of investments................ (201,076,743) (38,526,322) (341,084,511) (13,590,584) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from operations................................... (186,338,947) 14,931,195 (332,361,175) 63,552,221 --------------- ------------- --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 29,911,093 75,108,248 56,365,595 97,829,235 Transfers between funds including guaranteed interest account, net........... (119,893,179) (49,472,822) (10,558,070) (3,480,572) Transfers for contract benefits and terminations............................... (64,454,973) (89,853,713) (31,963,390) (40,679,469) Contract maintenance charges................. (7,024,175) (6,997,321) (5,916,942) (5,298,150) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (161,461,234) (71,215,608) 7,927,193 48,371,044 --------------- ------------- --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 78,000 (11,818) (9,998) (2,709) --------------- ------------- --------------- ------------- Increase (Decrease) in Net Assets................ (347,722,181) (56,296,231) (324,443,980) 111,920,556 Net Assets -- Beginning of Period................ 879,528,892 935,825,123 680,519,809 568,599,253 --------------- ------------- --------------- ------------- Net Assets -- End of Period...................... $ 531,806,711 $ 879,528,892 $ 356,075,829 $ 680,519,809 =============== ============= =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 3,397 7,880 8,713 10,956 Units Redeemed................................. (11,958) (9,385) (8,554) (8,462) --------------- ------------- --------------- ------------- Net Increase (Decrease)........................ (8,561) (1,505) 159 2,494 =============== ============= =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-69 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
Multimanager Large Cap Core Equity --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (1,282,817) $ (1,861,159) Net realized gain (loss) on investments........ (3,053,168) 23,483,211 Change in unrealized appreciation (depreciation) of investments................ (63,496,754) (15,770,813) ------------- ------------- Net increase (decrease) in net assets from operations................................... (67,832,739) 5,851,239 ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 9,354,533 16,575,734 Transfers between funds including guaranteed interest account, net........... (9,332,214) (3,134,775) Transfers for contract benefits and terminations............................... (11,469,633) (13,817,236) Contract maintenance charges................. (1,476,378) (1,514,077) ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (12,923,692) (1,890,354) ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (20,000) (1,216) ------------- ------------- Increase (Decrease) in Net Assets................ (80,776,431) 3,959,669 Net Assets -- Beginning of Period................ 177,349,986 173,390,317 ------------- ------------- Net Assets -- End of Period...................... $ 96,573,555 $ 177,349,986 ============= ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 2,988 3,239 Units Redeemed................................. (4,180) (3,458) ------------- ------------- Net Increase (Decrease)........................ (1,192) (219) ============= ============= Multimanager Multimanager Large Cap Growth Large Cap Value ---------------------------------- ---------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (3,718,749) $ (4,535,388) $ (319,364) $ (2,319,683) Net realized gain (loss) on investments........ (9,797,892) 51,853,612 (16,837,588) 96,064,770 Change in unrealized appreciation (depreciation) of investments................ (130,114,572) (19,182,119) (209,296,551) (81,818,072) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from operations................................... (143,631,213) 28,136,105 (226,453,503) 11,927,015 --------------- ------------- --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 16,849,861 25,722,038 49,428,992 66,592,837 Transfers between funds including guaranteed interest account, net........... (8,336,400) (11,413,412) (17,111,832) (21,646,809) Transfers for contract benefits and terminations............................... (17,897,682) (24,380,314) (30,886,054) (46,326,446) Contract maintenance charges................. (2,756,466) (2,656,640) (5,157,236) (5,046,941) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (12,140,687) (12,728,328) (3,726,130) (6,427,359) --------------- ------------- --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 17,799 (1,538) (22,001) (2,128) --------------- ------------- --------------- ------------- Increase (Decrease) in Net Assets................ (155,754,101) 15,406,239 (230,201,634) 5,497,528 Net Assets -- Beginning of Period................ 322,426,053 307,019,814 583,580,991 578,083,463 --------------- ------------- --------------- ------------- Net Assets -- End of Period...................... $ 166,671,952 $ 322,426,053 $ 353,379,357 $ 583,580,991 =============== ============= =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 5,329 5,643 8,703 8,867 Units Redeemed................................. (6,618) (7,225) (9,492) (9,490) --------------- ------------- --------------- ------------- Net Increase (Decrease)........................ (1,289) (1,582) (789) (623) =============== ============= =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-70 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
Multimanager Mid Cap Growth ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (4,650,103) $ (6,127,383) Net realized gain (loss) on investments........ (10,437,894) 56,472,196 Change in unrealized appreciation (depreciation) of investments................ (161,055,636) (9,234,848) --------------- ------------- Net increase (decrease) in net assets from operations................................... (176,143,633) 41,109,965 --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 19,078,584 28,099,308 Transfers between funds including guaranteed interest account, net........... (14,926,472) (27,419,637) Transfers for contract benefits and terminations............................... (22,102,169) (34,635,321) Contract maintenance charges................. (3,456,566) (3,654,882) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (21,406,623) (37,610,532) --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 27,430 (2,543) --------------- ------------- Increase (Decrease) in Net Assets................ (197,522,826) 3,496,890 Net Assets -- Beginning of Period................ 414,235,593 410,738,703 --------------- ------------- Net Assets -- End of Period...................... $ 216,712,767 $ 414,235,593 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 4,150 3,811 Units Redeemed................................. (6,229) (7,128) --------------- ------------- Net Increase (Decrease)........................ (2,079) (3,317) =============== ============= Multimanager Multimanager Mid Cap Value Small Cap Growth (e) ---------------------------------- ---------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (3,143,018) $ (6,474,610) $ (2,723,714) $ (3,089,072) Net realized gain (loss) on investments........ (27,146,095) 39,617,747 (16,613,041) 29,308,643 Change in unrealized appreciation (depreciation) of investments................ (107,537,998) (36,433,587) (81,669,836) (33,439,325) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from operations................................... (137,827,111) (3,290,450) (101,006,591) (7,219,754) --------------- ------------- --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 20,268,911 39,192,130 19,629,713 30,977,521 Transfers between funds including guaranteed interest account, net........... (14,425,378) (42,633,623) (15,042,379) 84,485,220 Transfers for contract benefits and terminations............................... (23,248,754) (34,927,644) (8,451,130) (12,954,807) Contract maintenance charges................. (3,408,946) (3,763,511) (2,125,982) (1,809,027) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (20,814,167) (42,132,648) (5,989,778) 100,698,907 --------------- ------------- --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (39,702) (2,426) (3,699,991) 5,351,699 --------------- ------------- --------------- ------------- Increase (Decrease) in Net Assets................ (158,680,980) (45,425,524) (110,696,360) 98,830,852 Net Assets -- Beginning of Period................ 393,114,656 438,540,180 246,233,562 147,402,710 --------------- ------------- --------------- ------------- Net Assets -- End of Period...................... $ 234,433,676 $ 393,114,656 $ 135,537,202 $ 246,233,562 =============== ============= =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 5,114 4,292 7,074 21,675 Units Redeemed................................. (6,695) (7,199) (6,975) (10,151) --------------- ------------- --------------- ------------- Net Increase (Decrease)........................ (1,581) (2,907) 99 11,524 =============== ============= =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-71 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
Multimanager Small Cap Value ----------------------------------- 2008 2007 ----------------- ----------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (6,670,841) $ (10,432,975) Net realized gain (loss) on investments........ (43,863,204) 91,427,573 Change in unrealized appreciation (depreciation) of investments................ (199,190,979) (174,133,468) --------------- -------------- Net increase (decrease) in net assets from operations................................... (249,725,024) (93,138,870) --------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 13,780,041 35,637,468 Transfers between funds including guaranteed interest account, net........... (69,210,950) (121,687,075) Transfers for contract benefits and terminations............................... (44,406,413) (81,889,679) Contract maintenance charges................. (5,530,698) (7,121,145) --------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. (105,368,020) (175,060,431) --------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (89,998) (4,259) --------------- -------------- Increase (Decrease) in Net Assets................ (355,183,042) (268,203,560) Net Assets -- Beginning of Period................ 724,153,552 992,357,112 --------------- -------------- Net Assets -- End of Period...................... $ 368,970,510 $ 724,153,552 =============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 2,332 2,804 Units Redeemed................................. (10,119) (12,606) --------------- -------------- Net Increase (Decrease)........................ (7,787) (9,802) =============== ============== Multimanager Target 2015 Technology Allocation ---------------------------------- ---------------------------- 2008 2007 2008 2007 ----------------- ---------------- --------------- ------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (4,289,714) $ (4,478,117) $ -- $ 34,195 Net realized gain (loss) on investments........ 4,441,497 25,150,618 45,811 13,099 Change in unrealized appreciation (depreciation) of investments................ (179,730,920) 20,946,945 (86,045) 32,310 --------------- ------------- ------------- ---------- Net increase (decrease) in net assets from operations................................... (179,579,137) 41,619,446 (40,234) 79,604 --------------- ------------- ------------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 35,208,395 39,472,575 -- -- Transfers between funds including guaranteed interest account, net........... (15,171,707) 49,358,494 -- -- Transfers for contract benefits and terminations............................... (18,827,762) (25,270,554) -- -- Contract maintenance charges................. (2,908,072) (2,320,125) -- -- --------------- ------------- ------------- ---------- Net increase (decrease) in net assets from contractowners transactions.................. (1,699,146) 61,240,390 -- -- --------------- ------------- ------------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (131,500) (792) (1,117,965) -- --------------- ------------- ------------- ---------- Increase (Decrease) in Net Assets................ (181,409,783) 102,859,044 (1,158,199) 79,604 Net Assets -- Beginning of Period................ 374,178,541 271,319,497 1,158,199 1,078,595 --------------- ------------- ------------- ---------- Net Assets -- End of Period...................... $ 192,768,758 $ 374,178,541 $ -- $1,158,199 =============== ============= ============= ========== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 10,081 12,042 -- -- Units Redeemed................................. (10,616) (7,924) -- -- --------------- ------------- ------------- ---------- Net Increase (Decrease)........................ (535) 4,118 -- -- =============== ============= ============= ==========
------- The accompanying notes are an integral part of these financial statements. FSA-72 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Concluded) FOR THE YEARS ENDED DECEMBER 31,
Target 2025 Allocation ---------------------------- 2008 2007 --------------- ------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ -- $ 28,857 Net realized gain (loss) on investments........ 54,278 14,417 Change in unrealized appreciation (depreciation) of investments................ (103,585) 38,288 ------------- ---------- Net increase (decrease) in net assets from operations................................... (49,307) 81,562 ------------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ -- -- Transfers between funds including guaranteed interest account, net........... -- -- Transfers for contract benefits and terminations............................... -- -- Contract maintenance charges................. -- -- ------------- ---------- Net increase (decrease) in net assets from contractowners transactions.................. -- -- ------------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (1,119,147) -- ------------- ---------- Increase (Decrease) in Net Assets................ (1,168,454) 81,562 Net Assets -- Beginning of Period................ 1,168,454 1,086,892 ------------- ---------- Net Assets -- End of Period...................... $ -- $1,168,454 ============= ========== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... -- -- Units Redeemed................................. -- -- ------------- ---------- Net Increase (Decrease)........................ -- -- ============= ========== Target 2035 Target 2045 Allocation Allocation -------------------------- -------------------------- 2008 2007 2008 2007 ------------- ------------ ------------- ------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 24,776 $ 25,690 $ 21,233 $ 21,696 Net realized gain (loss) on investments........ 14,656 11,466 20,734 35,055 Change in unrealized appreciation (depreciation) of investments................ (486,172) 45,236 (532,414) 30,737 ----------- ---------- ----------- ---------- Net increase (decrease) in net assets from operations................................... (446,740) 82,392 (490,447) 87,488 ----------- ---------- ----------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ -- -- -- -- Transfers between funds including guaranteed interest account, net........... -- -- -- -- Transfers for contract benefits and terminations............................... -- -- -- -- Contract maintenance charges................. -- -- -- -- ----------- ---------- ----------- ---------- Net increase (decrease) in net assets from contractowners transactions.................. -- -- -- -- ----------- ---------- ----------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... -- -- -- ----------- ---------- ----------- ---------- Increase (Decrease) in Net Assets................ (446,740) 82,392 (490,447) 87,488 Net Assets -- Beginning of Period................ 1,176,891 1,094,499 1,188,695 1,101,207 ----------- ---------- ----------- ---------- Net Assets -- End of Period...................... $ 730,151 $1,176,891 $ 698,248 $1,188,695 =========== ========== =========== ========== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... -- -- -- -- Units Redeemed................................. -- -- -- -- ----------- ---------- ----------- ---------- Net Increase (Decrease)........................ -- -- -- -- =========== ========== =========== ==========
------- (a) Commenced operations on May 29, 2007. (b) Commenced operations on August 17, 2007. (c) A substitution of EQ/Capital Guardian Research was made for EQ/Capital Guardian U.S. Equity on July 6, 2007. (d) A substitution of EQ/T. Rowe Price Growth Stock was made for EQ/Janus Large Cap Growth on July 6, 2007. (e) A substitution of Multimanager Small Cap Growth was made for EQ/Wells Fargo Montgomery Small Cap on July 6, 2007. (f) A substitution of EQ/Van Kampen Real Estate was made for U.S. Real Estate on August 17, 2007. (g) A substitution of EQ/Large Cap Value PLUS was made for EQ/AllianceBernstein Growth and Income on August 17, 2007. The accompanying notes are an integral part of these financial statements. FSA-73 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements December 31, 2008 1. Organization AXA Equitable Life Insurance Company (formerly The Equitable Life Assurance Society of the United States) ("AXA Equitable") Separate Account No. 49 ("the Account") is organized as a unit investment trust, a type of investment company, and is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940 (the "1940 Act"). The Account has Variable Investment Options, each of which invests in shares of a mutual fund portfolio of EQ Advisors Trust ("EQAT") and AXA Premier VIP Trust ("VIP"), ("The Trusts"). The Trusts are open-ended diversified management investment companies that sell shares of a portfolio ("Portfolio") of a mutual fund to separate accounts of insurance companies. Each Portfolio of The Trusts have separate investment objectives. These financial statements and notes are those of the Variable Investment Options of the Account. The Account consists of 78 variable investment options each of which invests in the EQAT or VIP portfolio of the same name: o AXA Aggressive Allocation o AXA Conservative Allocation o AXA Conservative-Plus Allocation o AXA Moderate Allocation o AXA Moderate-Plus Allocation o EQ/AllianceBernstein Common Stock o EQ/AllianceBernstein Intermediate Government Securities o EQ/AllianceBernstein International o EQ/AllianceBernstein Small Cap Growth o EQ/Ariel Appreciation II o EQ/AXA Rosenberg Value Long/Short Equity o EQ/BlackRock Basic Value Equity o EQ/BlackRock International Value o EQ/Boston Advisors Equity Income o EQ/Calvert Socially Responsible o EQ/Capital Guardian Growth o EQ/Capital Guardian Research o EQ/Caywood-Scholl High Yield Bond o EQ/Davis New York Venture o EQ/Equity 500 Index o EQ/Evergreen International Bond o EQ/Evergreen Omega o EQ/Franklin Income o EQ/Franklin Small Cap Value o EQ/Franklin Templeton Founding Strategy o EQ/GAMCO Mergers and Acquisitions o EQ/GAMCO Small Company Value o EQ/International Core PLUS(1) o EQ/International ETF o EQ/International Growth o EQ/JPMorgan Core Bond o EQ/JPMorgan Value Opportunities o EQ/Large Cap Core PLUS(2) o EQ/Large Cap Growth Index(7) o EQ/Large Cap Growth PLUS(3) o EQ/Large Cap Value Index(6) o EQ/Large Cap Value PLUS(5) o EQ/Long Term Bond o EQ/Lord Abbett Growth and Income o EQ/Lord Abbett Large Cap Core o EQ/Lord Abbett Mid Cap Value o EQ/Marsico Focus o EQ/Mid Cap Index(9) o EQ/Mid Cap Value PLUS(4) o EQ/Money Market o EQ/Montag & Caldwell Growth o EQ/Mutual Shares o EQ/Oppenheimer Global o EQ/Oppenheimer Main Street Opportunity o EQ/Oppenheimer Main Street Small Cap o EQ/PIMCO Real Return o EQ/Quality Bond PLUS(8) o EQ/Short Duration Bond o EQ/Small Company Index o EQ/T. Rowe Price Growth Stock o EQ/Templeton Growth o EQ/UBS Growth and Income o EQ/Van Kampen Comstock o EQ/Van Kampen Emerging Markets Equity o EQ/Van Kampen Mid Cap Growth o EQ/Van Kampen Real Estate o Multimanager Aggressive Equity o Multimanager Core Bond o Multimanager Health Care o Multimanager High Yield o Multimanager International Equity o Multimanager Large Cap Core Equity o Multimanager Large Cap Growth o Multimanager Large Cap Value o Multimanager Mid Cap Growth o Multimanager Mid Cap Value o Multimanager Small Cap Growth o Multimanager Small Cap Value o Multimanager Technology o Target 2015 Allocation o Target 2025 Allocation o Target 2035 Allocation o Target 2045 Allocation FSA-74 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 1. Organization (Concluded) (1) Formerly known as MarketPLUS International Core. (2) Formerly known as MarketPLUS Large Cap Core. (3) Formerly known as MarketPLUS Large Cap Growth. (4) Formerly known as MarketPLUS Mid Cap Value. (5) Formerly known as EQ/AllianceBernstein Value. (6) Formerly known as EQ/Legg Mason Value Equity. (7) Formerly known as EQ/AllianceBernstein Large Cap Growth. (8) Formerly known as EQ/AllianceBernstein Quality Bond. (9) Formerly known as EQ/FI Mid Cap. Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from AXA Equitable's other assets and liabilities. All Contracts are issued by AXA Equitable. The assets of the Account are the property of AXA Equitable. However, the portion of the Account's assets attributable to the Contracts will not be chargeable with liabilities arising out of any other business AXA Equitable may conduct. The Account is used to fund benefits for variable annuities issued by AXA Equitable including the Accumulator, Accumulator Plus, Accumulator Elite, Accumulator Select, Stylus, Accumulator Advisor, Accumulator Express and Retirement Income for Life, including all contracts issued currently. These annuities in the Accumulator series are offered with the same variable investment options for use as a nonqualified annuity (NQ) for after-tax contributions only, or when used as an investment vehicle for certain qualified plans (QP), an individual retirement annuity (IRA) or a tax-shelter annuity (TSA). The Accumulator series of annuities are offered under group and individual variable annuity forms. The amount retained by AXA Equitable in the Account arises principally from (1) contributions from AXA Equitable, (2) mortality and expense charges and asset-based administration charges and distribution charges accumulated in the Account, and (3) that portion, determined ratably, of the Account's investment results applicable to those assets in the Account in excess of the net assets attributable to accumulation units. Amounts retained by AXA Equitable are not subject to charges for mortality and expense risks, asset-based administration charges and distribution charges. Amounts retained by AXA Equitable in the Account may be transferred at any time by AXA Equitable to its General Account. Each of the variable investment options of the Account bears indirectly exposure to the market, credit, and liquidity risks of the Portfolio in which it invests. These financial statements and footnotes should be read in conjunction with the financial statements and footnotes of the Trusts, which were distributed by AXA Equitable to the contractowners. 2. Significant Accounting Policies The accompanying financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Effective January 1, 2008, and as further described in Note 3 of the financial statements, AXA Equitable adopted SFAS No. 157, "Fair Value Measurements." SFAS No. 157 establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements. It applies only to fair measurements that are already required or permitted by other accounting standards. Fair value is defined under SFAS No. 157 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset in an orderly transaction between market participants on the measurement date. The adoption of SFAS No. 157 had no impact on the net assets of the Account. Investments are made in shares of The Trusts and are valued at the net asset values per share of the respective Portfolios. The net asset value is determined by The Trusts using the market or fair value of the underlying assets of the Portfolio less liabilities. Investment transactions are recorded by the Account on the trade date. Dividends and distributions of capital gains from The Trusts are automatically reinvested on the ex-dividend date. Realized gains and losses include (1) gains and losses on redemptions of The Trusts' shares (determined on the identified cost basis) and (2) The Trusts' distributions representing the net realized gains on The Trusts' investment transactions. Receivable/payable for policy-related transactions represent amounts due to/from AXA Equitable's General Account predominantly related to premiums, surrenders and death benefits. FSA-75 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 2. Significant Accounting Policies (Concluded) Payments received from contractowners represent participant contributions under the Contracts (but exclude amounts allocated to the guaranteed interest account, reflected in the General Account) reduced by applicable deductions, charges and state premium taxes. Contractowners may allocate amounts in their individual accounts to Variable Investment Options of the Account and/or to the guaranteed interest account of AXA Equitable's General Account, and/or fixed maturity options of Separate Account No. 46. Transfers between funds including guaranteed interest account, net, are amounts that participants have directed to be moved among funds, including permitted transfers to and from the guaranteed interest account and the fixed maturity option of Separate Account No. 46. The net assets of any variable investment option may not be less than the aggregate value of the Contractowner accounts allocated to that variable investment option. AXA Equitable is required by state insurance laws to set aside additional assets in AXA Equitable's General Account to provide for other policy benefits. AXA Equitable's General Account is subject to creditor rights. Transfers for contract benefits and terminations are payments to participants and beneficiaries made under the terms of the Contracts and amounts that participants have requested to be withdrawn and paid to them. Withdrawal charges (which represent deferred contingent withdrawal charges) are included in transfers, benefits and terminations to the extent that such charges apply to the contracts. Administrative charges are included in Contract maintenance charges to the extent that such charges apply to the Contracts. The operations of the Account are included in the federal income tax return of AXA Equitable which is taxed as a life insurance company under the provisions of the Internal Revenue Code. No federal income tax based on net income or realized and unrealized capital gains is currently applicable to Contracts participating in the Account by reason of applicable provisions of the Internal Revenue Code and no federal income tax payable by AXA Equitable is expected to affect the unit value of Contracts participating in the Account. Accordingly, no provision for income taxes is required. However, AXA Equitable retains the right to charge for any federal income tax which is attributable to the Account if the law is changed. 3. Fair Value Disclosures SFAS No. 157 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. SFAS No. 157 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value: Level 1 Quotes prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are not directly observable or can be corroborated by observable market data. Level 3 Unobservable inputs supported by little or no market activity and often requiring significant judgment or estimation, such as an entity's own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability. All investment and receivable assets of each Variable Investment Option of the Account are classified as Level 1. As described in Note 1 to the financial statements, the Account invests in open-ended mutual funds, available to contractholders of variable insurance policies. Contractholders may, without restriction, transact at the daily Net Asset Value(s) ("NAV") of the mutual funds. The NAV represents the daily per share value of the portfolio of investments of the mutual funds, at which sufficient volumes of transactions occur. As all assets of the account are classified as Level 1, no reconciliation of Level 3 assets and change in unrealized gains (losses) for Level 3 assets still held as of December 31, 2008, are presented. 4. Purchases and Sales of Investments The cost of purchases and proceeds from sales of investments for the year ended December 31, 2008 were as follows:
Purchases Sales ----------------- --------------- AXA Aggressive Allocation...................................... $1,263,045,276 $353,094,813 AXA Conservative Allocation.................................... 1,310,118,376 301,408,639 AXA Conservative-Plus Allocation............................... 829,955,973 275,575,452 AXA Moderate Allocation........................................ 2,383,512,640 552,460,742 AXA Moderate-Plus Allocation................................... 3,421,329,485 801,139,485
FSA-76 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 4. Purchases and Sales of Investments (Continued)
Purchases Sales ---------------- -------------- EQ/AllianceBernstein Common Stock............... 104,479,126 189,436,332 EQ/AllianceBernstein Intermediate Government Securities.................................... 478,949,325 374,296,124 EQ/AllianceBernstein International.............. 208,551,028 204,414,629 EQ/AllianceBernstein Small Cap Growth........... 86,083,767 101,427,338 EQ/Ariel Appreciation II........................ $ 30,913,692 $ 17,462,009 EQ/AXA Rosenberg Value Long/Short Equity........ 95,733,245 74,203,437 EQ/BlackRock Basic Value Equity................. 141,158,632 132,720,146 EQ/BlackRock International Value................ 149,000,368 195,133,889 EQ/Boston Advisors Equity Income................ 73,380,716 44,377,452 EQ/Calvert Socially Responsible................. 18,359,491 14,672,203 EQ/Capital Guardian Growth...................... 64,486,097 61,938,657 EQ/Capital Guardian Research.................... 62,056,663 236,169,049 EQ/Caywood-Scholl High Yield Bond............... 99,772,239 70,946,152 EQ/Davis New York Venture....................... 165,667,514 58,467,841 EQ/Equity 500 Index............................. 179,775,468 257,266,185 EQ/Evergreen International Bond................. 452,009,704 179,561,944 EQ/Evergreen Omega.............................. 65,199,304 60,848,691 EQ/Franklin Income.............................. 192,893,085 136,743,976 EQ/Franklin Small Cap Value..................... 89,624,091 45,729,803 EQ/Franklin Templeton Founding Strategy......... 815,236,861 84,660,252 EQ/GAMCO Mergers and Acquisitions............... 48,877,586 46,013,401 EQ/GAMCO Small Company Value.................... 187,660,587 83,073,632 EQ/International Core PLUS...................... 180,504,101 173,499,404 EQ/International ETF............................ 152,805 500,000 EQ/International Growth......................... 144,704,447 94,343,379 EQ/JPMorgan Core Bond........................... 117,108,163 326,985,863 EQ/JPMorgan Value Opportunities................. 32,450,488 80,795,000 EQ/Large Cap Core PLUS.......................... 17,625,593 48,000,978 EQ/Large Cap Growth Index....................... 58,471,818 77,809,331 EQ/Large Cap Growth PLUS........................ 71,828,389 111,937,440 EQ/Large Cap Value Index........................ 39,970,932 40,095,995 EQ/Large Cap Value PLUS......................... 113,016,755 377,524,985 EQ/Long Term Bond............................... 93,938,898 72,283,438 EQ/Lord Abbett Growth and Income................ 29,422,807 30,954,579 EQ/Lord Abbett Large Cap Core................... 77,626,518 40,001,606 EQ/Lord Abbett Mid Cap Value.................... 71,292,651 51,807,394 EQ/Marsico Focus................................ 273,760,205 230,606,633 EQ/Mid Cap Index................................ 110,921,143 139,922,410 EQ/Mid Cap Value PLUS........................... 45,023,271 164,857,584 EQ/Money Market................................. 1,621,225,947 978,365,701 EQ/Montag & Caldwell Growth..................... 171,164,855 68,125,549 EQ/Mutual Shares................................ 80,073,434 104,677,282 EQ/Oppenheimer Global........................... 74,111,923 43,129,213 EQ/Oppenheimer Main Street Opportunity.......... 22,979,750 17,885,361 EQ/Oppenheimer Main Street Small Cap............ 36,856,865 21,098,184 EQ/PIMCO Real Return............................ 918,618,717 353,569,876 EQ/Quality Bond PLUS............................ 102,533,995 125,539,091 EQ/Short Duration Bond.......................... 135,083,720 62,383,933 EQ/Small Company Index.......................... 104,375,313 85,974,629 EQ/T. Rowe Price Growth Stock................... 49,500,841 50,786,575 EQ/Templeton Growth............................. 53,414,292 78,703,490 EQ/UBS Growth and Income........................ 22,622,177 25,559,835 EQ/Van Kampen Comstock.......................... 60,380,760 52,061,631 EQ/Van Kampen Emerging Markets Equity........... 417,395,605 366,788,751 EQ/Van Kampen Mid Cap Growth.................... 168,098,162 99,486,791 EQ/Van Kampen Real Estate....................... 127,994,984 94,906,436 Multimanager Aggressive Equity.................. 22,620,685 29,589,143 Multimanager Core Bond.......................... 291,388,148 175,212,154 Multimanager Health Care........................ 91,332,969 77,959,654 Multimanager High Yield......................... 121,177,195 229,801,705
FSA-77 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 4. Purchases and Sales of Investments (Concluded)
Purchases Sales -------------- -------------- Multimanager International Equity.... 154,499,776 135,671,721 Multimanager Large Cap Core Equity... 33,037,287 46,964,328 Multimanager Large Cap Growth........ 47,118,937 62,919,050 Multimanager Large Cap Value......... 120,161,593 123,058,728 Multimanager Mid Cap Growth.......... $ 48,119,981 $ 70,659,054 Multimanager Mid Cap Value........... 65,498,014 85,420,252 Multimanager Small Cap Growth........ 43,617,079 55,302,207 Multimanager Small Cap Value......... 31,516,988 141,345,671 Multimanager Technology.............. 107,497,596 113,617,955 Target 2015 Allocation............... -- 1,117,965 Target 2025 Allocation............... -- 1,119,147 Target 2035 Allocation............... 39,432 -- Target 2045 Allocation............... 41,967 --
5. Expenses and Related Party Transactions The assets of each variable investment option are invested in shares of a corresponding mutual fund portfolio of The Trusts. Shares are offered by The Trusts at net asset value and are subject to fees for investment management and advisory services and other Trust expenses. The class of shares offered by the Account ("Class B shares") invest in shares of the Portfolios of the Trusts that are subject to distribution fees imposed under a distribution plan (herein, the "Rule 12b-1 Plans") adopted by the applicable Trust. The Rule 12b-1 Plans provide that The Trusts, on behalf of each Variable Portfolio, may charge a maximum annual distribution and/or service (12b-1) fee of 0.50% of the average daily net assets of a Portfolio attributable to its Class B shares in respect of activities primarily intended to result in the sale of Class B shares. Under arrangements approved by each Trust's Board of Trustees, the 12b-1 fee currently is limited to 0.25% of the average daily net assets. These fees are reflected in the net asset value of the shares of the Trusts and the total returns of the investment options, but are not included in the expenses or expense ratios of the investment options. AXA Equitable serves as investment manager of Portfolios of EQAT and VIP. Each investment manager receives management fees for services performed in its capacity as investment manager of The Trusts. Investment managers either oversee the activities of the investment advisors with respect to The Trusts and are responsible for retaining and discontinuing the services of those advisors or directly manage the Portfolios. Fees generally vary depending on net asset levels of individual portfolios and range for EQAT and VIP from a low of 0.05% to high of 1.40% of the average daily net assets of the Portfolios of the Trusts. AXA Equitable as investment manager of EQAT and VIP pays expenses for providing investment advisory services to the Portfolios, including the fees of the advisors of each Portfolio. In addition, AXA Advisors, LLC ("AXA Advisors") and AXA Distributors, LLC ("Distributors"), affiliates of AXA Equitable, may also receive distribution fees under Rule 12 b-1 Plans as described above. AllianceBernstein L.P. (formerly Alliance Capital Management L.P. ("AllianceBernstein")) serves as an investment advisor for a number of Portfolios in EQAT and VIP, including the EQ/AllianceBernstein Portfolios; EQ/Large Cap Growth Index, EQ/Equity 500 Index, and EQ/Small Company Index; as well as a portion of EQ/Large Cap Value PLUS, EQ/Quality Bond PLUS, Multimanager Aggressive Equity, Multimanager International Equity, Multimanager Large Cap Core Equity, Multimanager Large Cap Value, Multimanager Mid Cap Growth. AllianceBernstein is a limited partnership which is indirectly majority-owned by AXA Equitable and AXA Financial, Inc. (parent to AXA Equitable). AXA Advisors and Distributors are distributors and principal underwriters of the Contracts and the Account. They are both registered with the SEC as broker-dealers and are members of the National Association of Securities Dealers, Inc. ("NASD"). The Contracts are sold by financial professionals who are registered representatives of AXA Advisors and licensed insurance agents of AXA Network LLC, or its subsidiaries ("AXA Network") (affiliates of AXA Equitable). AXA Network receives commissions under its General Sales Agreement with AXA Equitable and its Networking Agreement with AXA Advisors. AXA Advisors receives service-related payments under its Supervisory and Distribution Agreement with AXA Equitable. The financial professionals are compensated on a commission basis by AXA Network. The Contracts are also sold through licensed insurance agencies (both affiliated and unaffiliated with AXA Equitable) and their affiliated broker-dealers (who are registered with the SEC and members of the NASD) that have entered into selling agreements with Distributors. The licensed insurance agents who sell AXA Equitable policies for these companies are appointed as agents of AXA Equitable and are registered representatives of the broker-dealers under contract with Distributors. FSA-78 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 6. Substitutions/Reorganizations The following table sets forth the dates at which substitution and reorganization transactions took place in the Account. For accounting purposes, these transactions were considered tax-free exchanges. * Denotes Reorganization Transaction. + Denotes Substitution Transaction
----------------------------------------------------------------------------------------- August 17, 2007 Removed Portfolio Surviving Portfolio ----------------------------------------------------------------------------------------- EQ/AllianceBernstein Growth and Income* EQ/AllianceBernstein Value* ----------------------------------------------------------------------------------------- Shares -- Class B 44,933,985 162,692,850 Value -- Class B $ 19.21 $ 16.27 Net assets before merger $ 863,181,852 $1,783,830,817 Net assets after merger $ -- $2,647,012,669 ----------------------------------------------------------------------------------------- UIF U.S. Real Estate+ EQ/Van Kampen Real Estate+ ----------------------------------------------------------------------------------------- Shares -- Class A 21,299,976 56,627,684 Value -- Class A $ 23.88 $ 9.13 Net assets before merger $ 508,643,427 $ 8,367,328 Net assets after merger $ -- $ 517,010,755 ----------------------------------------------------------------------------------------- July 6, 2007 EQ/Capital Guardian EQ/Capital Guardian U.S. Equity* Research* ----------------------------------------------------------------------------------------- Shares -- Class B 83,827,127 116,269,762 Value -- Class B $ 12.05 $ 15.08 Net assets before merger $1,010,116,880 $ 743,231,131 Net assets after merger $ -- $1,753,348,011 ----------------------------------------------------------------------------------------- EQ/T. Rowe Price EQ/Janus Large Cap Growth* Growth Stock* ----------------------------------------------------------------------------------------- Shares -- Class B 30,565,607 12,460,629 Value -- Class B $ 7.62 $ 23.21 Net assets before merger $ 232,909,925 $ 56,301,274 Net assets after merger $ -- $ 289,211,199 ----------------------------------------------------------------------------------------- EQ/Wells Fargo Montgomery Multimanager Small Small Cap* Cap Growth* ----------------------------------------------------------------------------------------- Shares -- Class B 8,839,563 28,086,973 Value -- Class B $ 14.94 $ 10.65 Net assets before merger $ 132,063,071 $ 167,063,191 Net assets after merger $ -- $ 299,126,262 -----------------------------------------------------------------------------------------
7. Contractowner Charges Charges are made directly against the net assets of the Account and are reflected daily in the computation of the unit values of the Contracts. Under the Contracts, AXA Equitable charges the account for the following charges:
Asset-based Current Maximum Mortality and Administration Distribution Aggregate Aggregate Expense Risks Charge Charge Charge Charge --------------- ---------------- -------------- ----------- ---------- Accumulator and Rollover IRA issued before May 1, 1997....................................... 0.90% 0.30% -- 1.20% 1.20% Accumulator issued on or after May 1, 1997.......... 1.10% 0.25% -- 1.35% 1.35% Accumulator issued on or after March 1, 2000........ 1.10% 0.25% 0.20% 1.55% 1.55% Accumulator issued on or after April 1, 2002........ 0.75% 0.25% 0.20% 1.20% 1.20%
FSA-79 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 7. Contractowner Charges (Continued)
Asset-based Current Maximum Mortality and Administration Distribution Aggregate Aggregate Expense Risks Charge Charge Charge Charge --------------- ---------------- -------------- ----------- ---------- Accumulator issued on or after September 15, 2003................................ 0.75% 0.30% 0.20% 1.25% 1.25% Accumulator 06, 07, 8.0............................. 0.80% 0.30% 0.20% 1.30% 1.30% Accumulator Elite, Plus, Select..................... 1.10% 0.25% 0.25% 1.60% 1.60% Accumulator Select II............................... 1.10% 0.35% 0.45% 1.90% 1.90% Accumulator Select issued on or after April 1, 2002.......................................... 1.10% 0.25% 0.35% 1.70% 1.70% Accumulator Plus issued on or after April 1, 2002........ 0.90% 0.25% 0.25% 1.40% 1.40% Accumulator Plus issued on or after September 15, 2003..................................... 0.90% 0.35% 0.25% 1.50% 1.50% Accumulator Plus 06, 07, 8.0............................. 0.95% 0.35% 0.25% 1.55% 1.55% Accumulator Elite issued on or after September 15, 2003..................................... 1.10% 0.30% 0.25% 1.65% 1.65% Accumulator Elite II..................................... 1.10% 0.25% 0.45% 1.80% 1.80% Accumulator Elite 06, 07, 8.0............................ 1.10% 0.30% 0.25% 1.65% 1.65% Stylus................................................... 0.80% 0.30% 0.05% 1.15% 1.15% Retirement Income for Life............................... 0.75% 0.30% 0.20% 1.25% 1.25% Retirement Income for Life (NY).......................... 0.80% 0.30% 0.20% 1.30% 1.30% Accumulator Advisor...................................... 0.50% -- -- 0.50% 0.50% Accumulator Express...................................... 0.70% 0.25% -- 0.95% 0.95%
The charges may be retained in the Account by AXA Equitable and participate in the net investment results of the Portfolios. Accumulator Advisor's daily charge of 0.50% includes mortality and expense risks charges and administrative charges to compensate for certain administrative expenses under the contract. Included in the Contract maintenance charges line of the Statements of Changes in Net Assets are certain administrative charges which are deducted from the Contractowners account value (unit liquidation from account value). The table below lists all the fees charged by the Separate Account assessed as a redemption of units. The range presented represents the fees that are actually assessed. Actual amounts may vary or may be zero depending on the contract or a Contractowners account value.
When charge Charges is deducted Amount deducted How deducted ------------------------------- -------------------------- ----------------------------------------------- ---------------------- Charges for state premium and At time of transaction Varies by state Applied to an annuity other applicable taxes payout option Charge for Trust expenses Daily Varies by portfolio Unit value Annual Administrative charge Annually on each Depending on account value, in Years Unit liquidation from contract date anniversary. 1 to 2 lesser of $30 or 2% of account account value value, thereafter $30 Variable Immediate Annuity pay- At time of transaction $350 annuity administrative fee Unit liquidation from out option administrative fee account value Withdrawal charge At time of transaction Low - 0% in contract year 10 and thereafter. Unit liquidation from account value High - 8% in contract years 1 and 2. The charge is 7% in contract years 3 and 4, and declines 1% each contract year until it reaches 0% in contract year 10.
FSA-80 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 7. Contractowner Charges (Continued)
When charge Charges is deducted Amount deducted How deducted ----------------------------- -------------------------- ------------------------------------------------- ---------------------- *Note - Depending on the contract and/or certain elections made under the contract, the withdrawal charge may or may not apply. BaseBuilder benefit charge Annually on each 0.30% Unit liquidation from contract date account value anniversary. Protection Plus Annually on each Low - 0.20% Unit liquidation from contract date anniversary. account value High - 0.35%. Guaranteed minimum death benefit options: Annual ratchet to age 85 Annually on each Low - 0.20% of the Annual ratchet to age 85 Unit liquidation from contract date anniversary. benefit base account value High - 0.30% of the Annual ratchet to age 85 benefit base Greater of 5% rollup to Annually on each 0.50% of the greater of 5% roll-up to age 85 or Unit liquidation from age 85 or annual ratchet contract date anniversary. annual ratchet to age 85 benefit base account value to age 85 6% rollup to age 80 or 70 0.20% of 6% roll-up to age 80 (or 70) benefit base 6% rollup to age 85 Annually on each Low - 0.35% of the 6% roll-up to age 85 benefit Unit liquidation from contract date anniversary. base account value High - 0.45% of the 6% roll-up to age 85 benefit base Greater of 6.5%, 6% or 3% Annually on each Low - 0.45% of the 6% roll-up to age 85 benefit Unit liquidation from rollup to age 85 or annual contract date anniversary. base or the Annual ratchet to age 85 benefit account value ratchet to age 85 base, as applicable High - 0.80% of the 6.5%, 6% or 3% roll-up to age 85 benefit base or the Annual ratchet to age 85 benefit base, as applicable Guaranteed Withdrawal Benefit Annually on each 0.30% Unit liquidation from for Life Enhanced Death contract date anniversary account value Benefit Earnings Enhancement Benefit Annually on each 0.35% Unit liquidation from (additional death benefit) contract date anniversary account value Guaranteed Minimum Income Annually on each Low - 0.45% Unit liquidation from Benefit contract date anniversary. account value High - 0.80% (max to 1.10%) Guaranteed Principal Benefit Annually on first 10 Low - 100% Guaranteed Principal Benefit - Unit liquidation from contract date 0.50% account value anniversaries High - 125% Guaranteed Principal Benefit - 0.75% Guaranteed Withdrawal Benefit Annually on each Low - 5% Withdrawal Option is 0.30% Unit liquidation from contract date anniversary account value High - 7% Withdrawal Option is 0.50% Net Loan Interest charge Netted against loan 2.00% Unit liquidation from for Rollover repayment account value Retirement Income for Life Annually on contract date Low - 0.60% for Single life Unit liquidation from Benefit charge anniversary 0.80% for Joint life account value High - 0.75% for Single life 0.90% for Joint life Guaranteed Withdrawal Benefit Annually on each Low - 0.60% for Single life; Unit liquidation from for Life (GWBL) contract date anniversary 0.80% for Joint life account value High - 0.75% for Single life; 0.95% for Joint life
FSA-81 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 7. Contractowner Charges (Concluded)
When charge Charges is deducted Amount deducted How deducted ---------------------- -------------------------- --------------------------------------------------- -------------------- Death benefit under Annually on each The GMDB charge in effect prior to conversion Unit liquidation from converted GWBL contract anniversary date will be deducted. Note - Charge will vary account value depending on combination GMDB elections. Converted Guaranteed Upon initial conversion Single and Joint life - charge is equal to the Unit liquidation of withdrawal benefit and annually on each percentage of Guaranteed minimum income benefit account value for life charge contract date anniversary base charge deducted as the Guaranteed minimum thereafter income benefit charge on the conversion effective date. Annual ratchets may increase the charge to a percentage equal to the maximum charge for the Guaranteed minimum income benefit.
FSA-82 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- AXA Aggressive Allocation ------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (a) $ 8.62 Highest contract charge 1.90% Class B (a) $ 8.05 All contract charges -- 2007 Lowest contract charge 0.50% Class B (a) $ 14.25 Highest contract charge 1.90% Class B (a) $ 13.49 All contract charges -- 2006 Lowest contract charge 0.50% Class B (a) $ 13.49 Highest contract charge 1.90% Class B (a) $ 12.95 All contract charges -- 2005 Lowest contract charge 0.50% Class B (a) $ 11.50 Highest contract charge 1.90% Class B (a) $ 11.22 All contract charges -- 2004 Lowest contract charge 0.50% Class B (a) $ 10.70 Highest contract charge 1.90% Class B (a) $ 10.56 All contract charges -- AXA Conservative Allocation --------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (a) $ 10.43 Highest contract charge 1.90% Class B (a) $ 9.73 All contract charges -- 2007 Lowest contract charge 0.50% Class B (a) $ 11.78 Highest contract charge 1.90% Class B (a) $ 11.15 All contract charges -- 2006 Lowest contract charge 0.50% Class B (a) $ 11.19 Highest contract charge 1.90% Class B (a) $ 10.74 All contract charges -- 2005 Lowest contract charge 0.50% Class B (a) $ 10.57 Highest contract charge 1.90% Class B (a) $ 10.29 All contract charges -- 2004 Lowest contract charge 0.50% Class B (a) $ 10.37 Highest contract charge 1.90% Class B (a) $ 10.24 All contract charges -- AXA Conservative-Plus Allocation -------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (a) $ 9.80 Highest contract charge 1.90% Class B (a) $ 9.14 All contract charges -- 2007 Lowest contract charge 0.50% Class B (a) $ 12.22 Highest contract charge 1.90% Class B (a) $ 11.57 All contract charges -- 2006 Lowest contract charge 0.50% Class B (a) $ 11.64 Highest contract charge 1.90% Class B (a) $ 11.18 All contract charges -- 2005 Lowest contract charge 0.50% Class B (a) $ 10.76 Highest contract charge 1.90% Class B (a) $ 10.48 All contract charges -- 2004 Lowest contract charge 0.50% Class B (a) $ 10.47 Highest contract charge 1.90% Class B (a) $ 10.34 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- AXA Aggressive Allocation ------------------------- 2008 -- -- -- (39.51)% -- -- -- (40.33)% 249,764 $2,198,545 1.66% -- 2007 -- -- -- 5.63% -- -- -- 4.17% 189,188 $2,787,372 3.04% -- 2006 -- -- -- 17.31% -- -- -- 15.46% 103,270 $1,472,607 3.07% -- 2005 -- -- -- 7.52% -- -- -- 6.01% 46,362 $ 572,360 5.10% -- 2004 -- -- -- 7.00% -- -- -- 6.11% 19,656 $ 227,194 2.60% -- AXA Conservative Allocation --------------------------- 2008 -- -- -- (11.46)% -- -- -- (12.74)% 130,528 $1,340,728 6.68% -- 2007 -- -- -- 5.27% -- -- -- 3.82% 43,687 $ 512,686 4.38% -- 2006 -- -- -- 5.84% -- -- -- 4.35% 27,021 $ 304,681 4.30% -- 2005 -- -- -- 1.93% -- -- -- 0.50% 18,040 $ 194,239 4.02% -- 2004 -- -- -- 3.74% -- -- -- 2.46% 9,001 $ 95,767 5.04% -- AXA Conservative-Plus Allocation -------------------------------- 2008 -- -- -- (19.80)% -- -- -- (21.00)% 126,714 $1,241,651 3.99% -- 2007 -- -- -- 4.98% -- -- -- 3.49% 83,083 $1,028,164 3.70% -- 2006 -- -- -- 8.22% -- -- -- 6.70% 62,323 $ 744,035 3.65% -- 2005 -- -- -- 2.73% -- -- -- 1.29% 40,493 $ 451,307 4.68% -- 2004 -- -- -- 4.93% -- -- -- 3.63% 18,199 $ 198,701 4.62% --
FSA-83 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- AXA Moderate Allocation ----------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 47.34 Highest contract charge 1.90% Class B $ 34.20 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 63.00 Highest contract charge 1.90% Class B $ 46.16 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 59.58 Highest contract charge 1.90% Class B $ 44.28 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 54.27 Highest contract charge 1.90% Class B $ 40.92 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 52.05 Highest contract charge 1.90% Class B $ 39.80 All contract charges -- AXA Moderate-Plus Allocation ---------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (a) $ 9.31 Highest contract charge 1.90% Class B (a) $ 8.69 All contract charges -- 2007 Lowest contract charge 0.50% Class B (a) $ 13.72 Highest contract charge 1.90% Class B (a) $ 12.98 All contract charges -- 2006 Lowest contract charge 0.50% Class B (a) $ 12.96 Highest contract charge 1.90% Class B (a) $ 12.44 All contract charges -- 2005 Lowest contract charge 0.50% Class B (a) $ 11.37 Highest contract charge 1.90% Class B (a) $ 11.07 All contract charges -- 2004 Lowest contract charge 0.50% Class B (a) $ 10.71 Highest contract charge 1.90% Class B (a) $ 10.58 All contract charges -- EQ/AllianceBernstein Common Stock --------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 200.52 Highest contract charge 1.90% Class B $ 125.78 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 358.57 Highest contract charge 1.90% Class B $ 228.16 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 348.26 Highest contract charge 1.90% Class B $ 224.77 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 316.20 Highest contract charge 1.90% Class B $ 206.99 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 304.68 Highest contract charge 1.90% Class B $ 202.28 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- AXA Moderate Allocation ----------------------- 2008 -- -- -- (24.86)% -- -- -- (25.91)% 438,140 $5,361,993 4.05% -- 2007 -- -- -- 5.74% -- -- -- 4.25% 339,622 $5,580,780 3.49% -- 2006 -- -- -- 9.77% -- -- -- 8.23% 267,779 $4,210,726 3.03% -- 2005 -- -- -- 4.27% -- -- -- 2.81% 188,833 $2,886,531 2.93% -- 2004 -- -- -- 8.18% -- -- -- 6.66% 94,832 $1,705,138 3.65% -- AXA Moderate-Plus Allocation ---------------------------- 2008 -- -- -- (32.14)% -- -- -- (33.05)% 853,511 $8,197,686 2.40% -- 2007 -- -- -- 5.86% -- -- -- 4.34% 689,233 $9,864,221 3.23% -- 2006 -- -- -- 13.93% -- -- -- 12.33% 450,637 $6,186,804 3.16% -- 2005 -- -- -- 6.14% -- -- -- 4.65% 231,245 $2,819,241 5.28% -- 2004 -- -- -- 7.46% -- -- -- 6.13% 82,739 $ 955,400 4.09% -- EQ/AllianceBernstein Common Stock --------------------------------- 2008 -- -- -- (44.08)% -- -- -- (44.87)% 40,142 $ 617,520 1.63% -- 2007 -- -- -- 2.96% -- -- -- 1.51% 41,874 $1,221,553 0.97% -- 2006 -- -- -- 10.14% -- -- -- 8.59% 44,440 $1,355,393 1.20% -- 2005 -- -- -- 3.78% -- -- -- 2.33% 36,983 $1,277,968 0.84% -- 2004 -- -- -- 13.55% -- -- -- 11.95% 23,045 $1,197,777 1.05% --
FSA-84 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ----------------------------------------------------------------------------- Units Outstanding Net Assets Investment Total Units value (000s) (000s) Income ratio** Return*** ------------- ------------------- ------------ ---------------- ------------- EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 23.77 -- -- -- 3.08% Highest contract charge 1.90% Class B $ 18.48 -- -- -- 1.59% All contract charges -- 26,853 $ 401,655 3.71% -- 2007 Lowest contract charge 0.50% Class B $ 23.06 -- -- -- 6.32% Highest contract charge 1.90% Class B $ 18.19 -- -- -- 4.84% All contract charges -- 18,561 $ 296,887 4.29% -- 2006 Lowest contract charge 0.50% Class B $ 21.69 -- -- -- 2.61% Highest contract charge 1.90% Class B $ 17.35 -- -- -- 1.17% All contract charges -- 18,923 $ 295,751 3.88% -- 2005 Lowest contract charge 0.50% Class B $ 21.14 -- -- -- 0.73% Highest contract charge 1.90% Class B $ 17.15 -- -- -- (0.68)% All contract charges -- 20,170 $ 320,909 3.41% -- 2004 Lowest contract charge 0.50% Class B $ 20.98 -- -- -- 1.43% Highest contract charge 1.90% Class B $ 17.27 -- -- -- -- All contract charges -- 20,300 $ 340,096 3.02% -- EQ/AllianceBernstein International ---------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 11.11 -- -- -- (50.95)% Highest contract charge 1.90% Class B $ 9.14 -- -- -- (51.67)% All contract charges -- 62,852 $ 607,988 2.73% -- 2007 Lowest contract charge 0.50% Class B $ 22.65 -- -- -- 11.14% Highest contract charge 1.90% Class B $ 18.91 -- -- -- 9.62% All contract charges -- 64,446 $1,284,350 1.43% -- 2006 Lowest contract charge 0.50% Class B $ 20.38 -- -- -- 22.90% Highest contract charge 1.90% Class B $ 17.25 -- -- -- 21.18% All contract charges -- 50,659 $ 919,120 1.53% -- 2005 Lowest contract charge 0.50% Class B $ 16.58 -- -- -- 14.72% Highest contract charge 1.90% Class B $ 14.24 -- -- -- 13.11% All contract charges -- 39,214 $ 585,935 1.67% -- 2004 Lowest contract charge 0.50% Class B $ 14.45 -- -- -- 17.58% Highest contract charge 1.90% Class B $ 12.59 -- -- -- 15.93% All contract charges -- 28,144 $ 371,190 2.10% -- EQ/AllianceBernstein Small Cap Growth ------------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 12.62 -- -- -- (44.94)% Highest contract charge 1.90% Class B $ 10.70 -- -- -- (45.71)% All contract charges -- 27,869 $ 280,414 -- -- 2007 Lowest contract charge 0.50% Class B $ 22.92 -- -- -- 16.11% Highest contract charge 1.90% Class B $ 19.71 -- -- -- 14.46% All contract charges -- 28,246 $ 526,859 -- -- 2006 Lowest contract charge 0.50% Class B $ 19.74 -- -- -- 8.46% Highest contract charge 1.90% Class B $ 17.22 -- -- -- 6.94% All contract charges -- 29,035 $ 479,583 -- -- 2005 Lowest contract charge 0.50% Class B $ 18.20 -- -- -- 10.95% Highest contract charge 1.90% Class B $ 16.10 -- -- -- 9.40% All contract charges -- 28,133 $ 443,581 -- -- 2004 Lowest contract charge 0.50% Class B $ 16.41 -- -- -- 13.41% Highest contract charge 1.90% Class B $ 14.72 -- -- -- 11.82% All contract charges -- 27,198 $ 400,895 -- --
FSA-85 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Ariel Appreciation II ------------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (e) $ 6.91 Highest contract charge 1.90% Class B (e) $ 6.60 All contract charges -- 2007 Lowest contract charge 0.50% Class B (e) $ 11.29 Highest contract charge 1.90% Class B (e) $ 10.94 All contract charges -- 2006 Lowest contract charge 0.50% Class B (e) $ 11.48 Highest contract charge 1.90% Class B (e) $ 11.29 All contract charges -- 2005 Lowest contract charge 0.50% Class B (e) $ 10.38 Highest contract charge 1.90% Class B (e) $ 10.35 All contract charges -- EQ/AXA Rosenberg Value Long/Short Equity (g) -------------------------------------------- Unit Value 1.20% to 1.70%* 2008 Lowest contract charge 1.20% Class B (a) $ 10.28 Highest contract charge 1.70% Class B $ 10.26 All contract charges -- 2007 Lowest contract charge 1.20% Class B (a) $ 11.04 Highest contract charge 1.70% Class B $ 11.07 All contract charges -- 2006 Lowest contract charge 1.20% Class B (a) $ 10.82 Highest contract charge 1.70% Class B $ 10.91 All contract charges -- 2005 Lowest contract charge 1.20% Class B (a) $ 10.79 Highest contract charge 1.70% Class B $ 10.94 All contract charges -- 2004 Lowest contract charge 1.20% Class B (a) $ 10.16 Highest contract charge 1.70% Class B $ 10.35 All contract charges -- EQ/BlackRock Basic Value Equity ------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 16.70 Highest contract charge 1.90% Class B $ 14.15 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 26.45 Highest contract charge 1.90% Class B $ 22.74 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 26.27 Highest contract charge 1.90% Class B $ 22.91 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 21.84 Highest contract charge 1.90% Class B $ 19.32 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 21.32 Highest contract charge 1.90% Class B $ 19.12 All contract charges -- EQ/BlackRock International Value -------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 15.47 Highest contract charge 1.90% Class B $ 13.11 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 27.28 Highest contract charge 1.90% Class B $ 23.45 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Ariel Appreciation II ------------------------ 2008 -- -- -- (38.80)% -- -- -- (39.67)% 6,447 $ 43,128 0.89% -- 2007 -- -- -- (1.66)% -- -- -- (3.10)% 4,758 $ 52,563 0.47% -- 2006 -- -- -- 10.61% -- -- -- 9.06% 2,735 $ 31,030 1.21% -- 2005 -- -- -- 3.83% -- -- -- 3.49% 510 $ 5,276 1.00% -- EQ/AXA Rosenberg Value Long/Short Equity (g) -------------------------------------------- 2008 -- -- -- (6.88)% -- -- -- (7.32)% 14,132 $ 146,219 0.18% -- 2007 -- -- -- 2.03% -- -- -- 1.47% 12,069 $ 134,307 1.91% -- 2006 -- -- -- 0.23% -- -- -- (0.27)% 13,017 $ 142,226 2.84% -- 2005 -- -- -- 6.22% -- -- -- 5.69% 11,318 $ 123,394 -- -- 2004 -- -- -- 1.27% -- -- -- 1.87% 3,869 $ 39,780 -- -- EQ/BlackRock Basic Value Equity ------------------------------- 2008 -- -- -- (36.86)% -- -- -- (37.77)% 46,485 $ 522,247 1.73% -- 2007 -- -- -- 0.69% -- -- -- (0.74)% 45,201 $ 829,334 1.08% -- 2006 -- -- -- 20.31% -- -- -- 18.62% 44,747 $ 846,668 2.90% -- 2005 -- -- -- 2.44% -- -- -- 1.00% 43,949 $ 723,084 1.38% -- 2004 -- -- -- 10.02% -- -- -- 8.47% 40,543 $ 701,451 2.37% -- EQ/BlackRock International Value -------------------------------- 2008 -- -- -- (43.29)% -- -- -- (44.09)% 48,585 $ 592,816 2.19% -- 2007 -- -- -- 9.65% -- -- -- 8.06% 52,311 $1,144,877 1.85% --
FSA-86 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/BlackRock International Value (Continued) -------------------------------------------- 2006 Lowest contract charge 0.50% Class B $ 24.88 Highest contract charge 1.90% Class B $ 21.70 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 19.90 Highest contract charge 1.90% Class B $ 17.60 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 18.04 Highest contract charge 1.90% Class B $ 16.18 All contract charges -- EQ/Boston Advisors Equity Income -------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (c) $ 5.05 Highest contract charge 1.90% Class B (c) $ 4.38 All contract charges -- 2007 Lowest contract charge 0.50% Class B (c) $ 7.50 Highest contract charge 1.90% Class B (c) $ 6.59 All contract charges -- 2006 Lowest contract charge 0.50% Class B (c) $ 7.26 Highest contract charge 1.90% Class B (c) $ 6.48 All contract charges -- 2005 Lowest contract charge 0.50% Class B (c) $ 6.30 Highest contract charge 1.90% Class B (c) $ 5.69 All contract charges -- 2004 Lowest contract charge 0.50% Class B (c) $ 5.96 Highest contract charge 1.90% Class B (c) $ 5.47 All contract charges -- EQ/Calvert Socially Responsible ------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 5.86 Highest contract charge 1.90% Class B $ 5.13 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 10.74 Highest contract charge 1.90% Class B $ 9.54 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 9.63 Highest contract charge 1.90% Class B $ 8.68 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 9.20 Highest contract charge 1.90% Class B $ 8.40 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 8.50 Highest contract charge 1.90% Class B $ 7.88 All contract charges -- EQ/Capital Guardian Growth -------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 8.87 Highest contract charge 1.90% Class B $ 7.51 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 14.95 Highest contract charge 1.90% Class B $ 12.85 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 14.25 Highest contract charge 1.90% Class B $ 12.42 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/BlackRock International Value (Continued) -------------------------------------------- 2006 -- -- -- 25.06% -- -- -- 23.30% 51,776 $1,057,795 3.58% -- 2005 -- -- -- 10.28% -- -- -- 8.74% 44,488 $ 754,971 1.84% -- 2004 -- -- -- 21.04% -- -- -- 19.33% 34,210 $ 557,170 1.66% -- EQ/Boston Advisors Equity Income -------------------------------- 2008 -- -- -- (32.67)% -- -- -- (33.54)% 39,344 $ 157,390 2.44% -- 2007 -- -- -- 3.31% -- -- -- 1.70% 31,430 $ 202,051 1.82% -- 2006 -- -- -- 15.39% -- -- -- 13.77% 30,079 $ 198,213 2.39% -- 2005 -- -- -- 5.62% -- -- -- 4.14% 22,950 $ 135,055 2.19% -- 2004 -- -- -- 9.05% -- -- -- 8.76% 3,003 $ 16,894 3.71% -- EQ/Calvert Socially Responsible ------------------------------- 2008 -- -- -- (45.44)% -- -- -- (46.23)% 5,674 $ 36,090 0.30% -- 2007 -- -- -- 11.53% -- -- -- 9.91% 5,341 $ 62,358 0.23% -- 2006 -- -- -- 4.70% -- -- -- 3.24% 5,169 $ 54,129 -- -- 2005 -- -- -- 8.20% -- -- -- 6.68% 4,883 $ 47,467 -- -- 2004 -- -- -- 3.07% -- -- -- 1.62% 3,656 $ 31,705 -- -- EQ/Capital Guardian Growth -------------------------- 2008 -- -- -- (40.67)% -- -- -- (41.56)% 35,102 $ 263,886 0.18% -- 2007 -- -- -- 4.91% -- -- -- 3.46% 34,213 $ 439,864 -- -- 2006 -- -- -- 6.87% -- -- -- 5.37% 30,418 $ 380,312 0.18% --
FSA-87 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Capital Guardian Growth (Continued) -------------------------------------- 2005 Lowest contract charge 0.50% Class B $ 13.33 Highest contract charge 1.90% Class B $ 11.79 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 12.75 Highest contract charge 1.90% Class B $ 11.44 All contract charges -- EQ/Capital Guardian Research (h) -------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 8.48 Highest contract charge 1.90% Class B $ 7.39 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 14.12 Highest contract charge 1.90% Class B $ 12.49 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 13.96 Highest contract charge 1.90% Class B $ 12.53 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 12.52 Highest contract charge 1.90% Class B $ 11.40 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 11.87 Highest contract charge 1.90% Class B $ 10.95 All contract charges -- EQ/Caywood-Scholl High Yield Bond --------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 9.25 Highest contract charge 1.90% Class B (d) $ 8.78 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 11.49 Highest contract charge 1.90% Class B (d) $ 11.06 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 11.23 Highest contract charge 1.90% Class B (d) $ 10.97 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 10.46 Highest contract charge 1.90% Class B (d) $ 10.36 All contract charges -- EQ/Davis New York Venture ------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 6.79 Highest contract charge 1.90% Class B (f) $ 6.57 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 11.23 Highest contract charge 1.90% Class B (f) $ 11.02 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 10.88 Highest contract charge 1.90% Class B (f) $ 10.83 All contract charges -- EQ/Equity 500 Index ------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 21.79 Highest contract charge 1.90% Class B $ 17.66 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Capital Guardian Growth (Continued) -------------------------------------- 2005 -- -- -- 4.58% -- -- -- 3.12% 23,591 $ 283,809 0.21% -- 2004 -- -- -- 5.01% -- -- -- 3.53% 20,651 $ 244,375 0.51% -- EQ/Capital Guardian Research (h) -------------------------------- 2008 -- -- -- (39.94)% -- -- -- (40.83)% 96,287 $ 757,787 0.91% -- 2007 -- -- -- 1.15% -- -- -- (0.32)% 113,240 $1,497,202 1.28% -- 2006 -- -- -- 11.50% -- -- -- 9.93% 56,224 $ 739,096 0.56% -- 2005 -- -- -- 5.53% -- -- -- 4.05% 59,370 $ 704,554 0.56% -- 2004 -- -- -- 10.35% -- -- -- 8.80% 61,357 $ 694,282 0.67% -- EQ/Caywood-Scholl High Yield Bond --------------------------------- 2008 -- -- -- (19.50)% -- -- -- (20.61)% 18,445 $ 131,696 8.08% -- 2007 -- -- -- 2.32% -- -- -- 0.82% 15,706 $ 143,500 7.16% -- 2006 -- -- -- 7.42% -- -- -- 5.92% 10,025 $ 103,369 7.96% -- 2005 -- -- -- 4.56% -- -- -- 3.58% 3,193 $ 33,180 15.00% -- EQ/Davis New York Venture ------------------------- 2008 -- -- -- (39.54)% -- -- -- (40.38)% 36,597 $ 242,910 0.62% -- 2007 -- -- -- 3.22% -- -- -- 1.75% 24,733 $ 273,949 0.62% -- 2006 -- -- -- 8.76% -- -- -- 8.29% 5,631 $ 61,054 0.75% -- EQ/Equity 500 Index ------------------- 2008 -- -- -- (37.64)% -- -- -- (38.51)% 71,841 $ 912,729 1.72% --
FSA-88 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Equity 500 Index (Continued) ------------------------------- 2007 Lowest contract charge 0.50% Class B $ 34.94 Highest contract charge 1.90% Class B $ 28.72 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 33.46 Highest contract charge 1.90% Class B $ 27.90 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 29.22 Highest contract charge 1.90% Class B $ 24.71 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 28.13 Highest contract charge 1.90% Class B $ 24.12 All contract charges -- EQ/Evergreen International Bond ------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (e) $ 11.58 Highest contract charge 1.90% Class B (e) $ 11.06 All contract charges -- 2007 Lowest contract charge 0.50% Class B (e) $ 10.93 Highest contract charge 1.90% Class B (e) $ 10.59 All contract charges -- 2006 Lowest contract charge 0.50% Class B (e) $ 10.05 Highest contract charge 1.90% Class B (e) $ 9.88 All contract charges -- 2005 Lowest contract charge 0.50% Class B (e) $ 9.77 Highest contract charge 1.90% Class B (e) $ 9.74 All contract charges -- EQ/Evergreen Omega ------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 7.62 Highest contract charge 1.90% Class B $ 6.62 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 10.58 Highest contract charge 1.90% Class B $ 9.32 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 9.55 Highest contract charge 1.90% Class B $ 8.53 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 9.07 Highest contract charge 1.90% Class B $ 8.21 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 8.77 Highest contract charge 1.90% Class B $ 8.05 All contract charges -- EQ/Franklin Income ------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 7.20 Highest contract charge 1.90% Class B (f) $ 6.97 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 10.62 Highest contract charge 1.90% Class B (f) $ 10.42 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 10.46 Highest contract charge 1.90% Class B (f) $ 10.41 All contract charges -- Years Ended December 31, --------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- ------------- EQ/Equity 500 Index (Continued) ------------------------------- 2007 -- -- -- 4.42% -- -- -- 2.94% 74,013 $1,576,822 1.31% -- 2006 -- -- -- 14.52% -- -- -- 12.91% 76,302 $1,640,567 1.54% -- 2005 -- -- -- 3.88% -- -- -- 2.42% 76,052 $1,537,157 1.35% -- 2004 -- -- -- 9.68% -- -- -- 8.14% 67,829 $1,471,224 1.53% -- EQ/Evergreen International Bond ------------------------------- 2008 -- -- -- 5.95% -- -- -- 4.44% 36,828 $ 413,319 19.53% -- 2007 -- -- -- 8.76% -- -- -- 7.19% 18,195 $ 194,602 3.41% -- 2006 -- -- -- 2.90% -- -- -- 1.46% 8,137 $ 80,817 0.43% -- 2005 -- -- -- (2.31)% -- -- -- (2.63)% 659 $ 6,422 -- -- EQ/Evergreen Omega ------------------ 2008 -- -- -- (27.98)% -- -- -- (28.97)% 15,753 $ 128,962 0.60% -- 2007 -- -- -- 10.79% -- -- -- 9.26% 15,374 $ 176,492 -- -- 2006 -- -- -- 5.34% -- -- -- 3.86% 13,748 $ 141,667 2.13% -- 2005 -- -- -- 3.44% -- -- -- 1.99% 15,270 $ 147,725 0.04% -- 2004 -- -- -- 6.51% -- -- -- 5.01% 15,623 $ 142,569 0.35% -- EQ/Franklin Income ------------------ 2008 -- -- -- (32.20)% -- -- -- (33.11)% 60,463 $ 425,663 6.36% -- 2007 -- -- -- 1.53% -- -- -- 0.10% 57,439 $ 601,803 4.16% -- 2006 -- -- -- 4.56% -- -- -- 4.11% 12,757 $ 132,983 2.34% --
FSA-89 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Franklin Small Cap Value --------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 6.54 Highest contract charge 1.90% Class B (f) $ 6.33 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 9.86 Highest contract charge 1.90% Class B (f) $ 9.68 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 10.85 Highest contract charge 1.90% Class B (f) $ 10.80 All contract charges -- EQ/Franklin Templeton Founding Strategy --------------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (n) $ 6.01 Highest contract charge 1.90% Class B (n) $ 5.87 All contract charges -- 2007 Lowest contract charge 0.50% Class B (n) $ 9.57 Highest contract charge 1.90% Class B (n) $ 9.48 All contract charges -- EQ/GAMCO Mergers and Acquisitions --------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 10.41 Highest contract charge 1.90% Class B (d) $ 9.88 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 12.14 Highest contract charge 1.90% Class B (d) $ 11.69 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 11.79 Highest contract charge 1.90% Class B (d) $ 11.52 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 10.56 Highest contract charge 1.90% Class B (d) $ 10.46 All contract charges -- EQ/GAMCO Small Company Value ---------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (c) $ 24.17 Highest contract charge 1.90% Class B (c) $ 18.09 All contract charges -- 2007 Lowest contract charge 0.50% Class B (c) $ 35.02 Highest contract charge 1.90% Class B (c) $ 26.60 All contract charges -- 2006 Lowest contract charge 0.50% Class B (c) $ 32.21 Highest contract charge 1.90% Class B (c) $ 24.81 All contract charges -- 2005 Lowest contract charge 0.50% Class B (c) $ 27.24 Highest contract charge 1.90% Class B (c) $ 21.28 All contract charges -- 2004 Lowest contract charge 0.50% Class B (c) $ 26.24 Highest contract charge 1.90% Class B (c) $ 20.79 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Franklin Small Cap Value --------------------------- 2008 -- -- -- (33.67)% -- -- -- (34.61)% 11,658 $ 74,460 1.06% -- 2007 -- -- -- (9.12)% -- -- -- (10.37)% 5,985 $ 58,243 0.48% -- 2006 -- -- -- 8.50% -- -- -- 8.03% 1,481 $ 16,022 0.54% -- EQ/Franklin Templeton Founding Strategy --------------------------------------- 2008 -- -- -- (37.20)% -- -- -- (38.08)% 168,583 $996,068 5.08% -- 2007 -- -- -- (4.30)% -- -- -- (5.20)% 83,451 $793,251 2.63% -- EQ/GAMCO Mergers and Acquisitions --------------------------------- 2008 -- -- -- (14.25)% -- -- -- (15.48)% 11,081 $111,017 0.50% -- 2007 -- -- -- 2.97% -- -- -- 1.48% 11,173 $131,859 0.78% -- 2006 -- -- -- 11.65% -- -- -- 10.08% 7,462 $ 86,530 6.34% -- 2005 -- -- -- 5.64% -- -- -- 4.65% 2,307 $ 24,225 5.28% -- EQ/GAMCO Small Company Value ---------------------------- 2008 -- -- -- (30.98)% -- -- -- (31.99)% 18,794 $392,717 0.61% -- 2007 -- -- -- 8.72% -- -- -- 7.21% 15,674 $470,454 0.52% -- 2006 -- -- -- 18.24% -- -- -- 16.58% 8,969 $243,842 1.60% -- 2005 -- -- -- 3.80% -- -- -- 2.34% 5,611 $129,461 1.01% -- 2004 -- -- -- 13.51% -- -- -- 13.22% 797 $ 17,882 0.39% --
FSA-90 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/International Core PLUS -------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 9.76 Highest contract charge 1.90% Class B $ 8.51 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 17.78 Highest contract charge 1.90% Class B $ 15.73 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 15.51 Highest contract charge 1.90% Class B $ 13.91 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 13.07 Highest contract charge 1.90% Class B $ 11.89 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 11.22 Highest contract charge 1.90% Class B $ 10.35 All contract charges -- EQ/International Growth ----------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 9.93 Highest contract charge 1.90% Class B (d) $ 9.43 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 16.72 Highest contract charge 1.90% Class B (d) $ 16.10 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 14.46 Highest contract charge 1.90% Class B (d) $ 14.12 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 11.56 Highest contract charge 1.90% Class B (d) $ 11.46 All contract charges -- EQ/JPMorgan Core Bond --------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 14.39 Highest contract charge 1.90% Class B $ 12.31 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 15.88 Highest contract charge 1.90% Class B $ 13.78 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 15.48 Highest contract charge 1.90% Class B $ 13.63 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 14.95 Highest contract charge 1.90% Class B $ 13.35 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 14.70 Highest contract charge 1.90% Class B $ 13.31 All contract charges -- EQ/JPMorgan Value Opportunities ------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 10.28 Highest contract charge 1.90% Class B $ 8.72 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 17.16 Highest contract charge 1.90% Class B $ 14.75 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/International Core PLUS -------------------------- 2008 -- -- -- (45.11)% -- -- -- (45.90)% 57,050 $ 554,312 1.49% -- 2007 -- -- -- 14.64% -- -- -- 13.08% 57,566 $1,024,304 0.39% -- 2006 -- -- -- 18.65% -- -- -- 16.99% 62,676 $ 973,881 1.38% -- 2005 -- -- -- 16.51% -- -- -- 14.91% 56,000 $ 728,289 1.54% -- 2004 -- -- -- 13.04% -- -- -- 11.45% 49,365 $ 543,898 1.64% -- EQ/International Growth ----------------------- 2008 -- -- -- (40.61)% -- -- -- (41.43)% 20,631 $ 168,007 0.99% -- 2007 -- -- -- 15.63% -- -- -- 14.02% 16,401 $ 237,725 0.72% -- 2006 -- -- -- 25.01% -- -- -- 23.26% 6,096 $ 83,819 1.21% -- 2005 -- -- -- 15.64% -- -- -- 14.56% 1,394 $ 16,015 2.07% -- EQ/JPMorgan Core Bond --------------------- 2008 -- -- -- (9.38)% -- -- -- (10.67)% 80,413 $ 913,345 4.06% -- 2007 -- -- -- 2.58% -- -- -- 1.10% 99,922 $1,271,392 4.32% -- 2006 -- -- -- 3.54% -- -- -- 2.09% 99,116 $1,260,924 4.37% -- 2005 -- -- -- 1.71% -- -- -- 0.28% 93,448 $1,190,350 3.56% -- 2004 -- -- -- 3.58% -- -- -- 2.12% 80,724 $1,064,120 4.15% -- EQ/JPMorgan Value Opportunities ------------------------------- 2008 -- -- -- (40.09)% -- -- -- (40.88)% 23,322 $ 210,531 1.78% -- 2007 -- -- -- (1.72)% -- -- -- (3.09)% 27,538 $ 419,788 1.32% --
FSA-91 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Outstanding Net Assets Investment Total Units value (000s) (000s) Income ratio** Return*** ------------- ------------------- ------------ ---------------- -------------- EQ/JPMorgan Value Opportunities (Continued) ------------------------------------------- 2006 Lowest contract charge 0.50% Class B $ 17.46 -- -- -- 19.78% Highest contract charge 1.90% Class B $ 15.22 -- -- -- 18.10% All contract charges -- 31,332 $492,862 4.27% -- 2005 Lowest contract charge 0.50% Class B $ 14.58 -- -- -- 3.41% Highest contract charge 1.90% Class B $ 12.89 -- -- -- 1.95% All contract charges -- 35,102 $468,128 1.50% -- 2004 Lowest contract charge 0.50% Class B $ 14.10 -- -- -- 10.33% Highest contract charge 1.90% Class B $ 12.64 -- -- -- 8.78% All contract charges -- 38,178 $499,166 1.28% -- EQ/Large Cap Core PLUS ---------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 7.29 -- -- -- (37.75)% Highest contract charge 1.90% Class B $ 6.33 -- -- -- (38.60)% All contract charges -- 18,391 $129,337 0.34% -- 2007 Lowest contract charge 0.50% Class B $ 11.71 -- -- -- 3.35% Highest contract charge 1.90% Class B $ 10.31 -- -- -- 1.88% All contract charges -- 21,585 $243,826 1.14% -- 2006 Lowest contract charge 0.50% Class B $ 11.33 -- -- -- 12.38% Highest contract charge 1.90% Class B $ 10.12 -- -- -- 10.80% All contract charges -- 26,152 $286,441 0.84% -- 2005 Lowest contract charge 0.50% Class B $ 10.08 -- -- -- 6.66% Highest contract charge 1.90% Class B $ 9.13 -- -- -- 5.16% All contract charges -- 30,163 $294,159 0.49% -- 2004 Lowest contract charge 0.50% Class B $ 9.45 -- -- -- 10.84% Highest contract charge 1.90% Class B $ 8.68 -- -- -- 9.28% All contract charges -- 32,507 $295,494 0.58% -- EQ/Large Cap Growth Index ------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 5.37 -- -- -- (36.60)% Highest contract charge 1.90% Class B $ 4.68 -- -- -- (37.52)% All contract charges -- 41,922 $245,887 0.14% -- 2007 Lowest contract charge 0.50% Class B $ 8.47 -- -- -- 13.39% Highest contract charge 1.90% Class B $ 7.49 -- -- -- 11.79% All contract charges -- 45,255 $411,124 -- 2006 Lowest contract charge 0.50% Class B $ 7.47 -- -- -- (1.04) Highest contract charge 1.90% Class B $ 6.70 -- -- -- (2.43) All contract charges -- 49,049 $384,363 -- -- 2005 Lowest contract charge 0.50% Class B $ 7.55 -- -- -- 14.36% Highest contract charge 1.90% Class B $ 6.86 -- -- -- 12.75% All contract charges -- 53,599 $409,334 -- -- 2004 Lowest contract charge 0.50% Class B $ 6.60 -- -- -- 7.84% Highest contract charge 1.90% Class B $ 6.09 -- -- -- 6.32% All contract charges -- 54,060 $349,068 -- -- EQ/Large Cap Growth PLUS ------------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 11.59 -- -- -- (38.55)% Highest contract charge 1.90% Class B $ 9.82 -- -- -- (39.42)% All contract charges -- 19,719 $193,193 0.11% -- 2007 Lowest contract charge 0.50% Class B $ 18.86 -- -- -- 15.07% Highest contract charge 1.90% Class B $ 16.21 -- -- -- 13.36% All contract charges -- 22,503 $363,276 0.41% -- 2006 Lowest contract charge 0.50% Class B $ 16.39 -- -- -- 7.24% Highest contract charge 1.90% Class B $ 14.30 -- -- -- 5.74% All contract charges -- 18,659 $269,728 -- --
FSA-92 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Large Cap Growth PLUS (Continued) ------------------------------------ 2005 Lowest contract charge 0.50% Class B $ 15.29 Highest contract charge 1.90% Class B $ 13.52 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 14.09 Highest contract charge 1.90% Class B $ 12.64 All contract charges -- EQ/Large Cap Value Index ------------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (e) $ 4.57 Highest contract charge 1.90% Class B (e) $ 4.36 All contract charges -- 2007 Lowest contract charge 0.50% Class B (e) $ 10.61 Highest contract charge 1.90% Class B (e) $ 10.28 All contract charges -- 2006 Lowest contract charge 0.50% Class B (e) $ 11.33 Highest contract charge 1.90% Class B (e) $ 11.14 All contract charges -- 2005 Lowest contract charge 0.50% Class B (e) $ 10.66 Highest contract charge 1.90% Class B (e) $ 10.63 All contract charges -- EQ/Large Cap Value PLUS (l) --------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 10.38 Highest contract charge 1.90% Class B $ 8.88 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 18.41 Highest contract charge 1.90% Class B $ 15.98 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 19.39 Highest contract charge 1.90% Class B $ 17.07 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 16.05 Highest contract charge 1.90% Class B $ 14.33 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 15.30 Highest contract charge 1.90% Class B $ 13.86 All contract charges -- EQ/Long Term Bond ----------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 11.37 Highest contract charge 1.90% Class B (d) $ 10.80 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 10.89 Highest contract charge 1.90% Class B (d) $ 10.48 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 10.19 Highest contract charge 1.90% Class B (d) $ 9.95 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 10.06 Highest contract charge 1.90% Class B (d) $ 9.96 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Large Cap Growth PLUS (Continued) ------------------------------------ 2005 -- -- -- 8.48% -- -- -- 6.96% 19,808 $ 272,973 -- -- 2004 -- -- -- 12.06% -- -- -- 10.48% 20,997 $ 272,395 -- -- EQ/Large Cap Value Index ------------------------ 2008 -- -- -- (56.93)% -- -- -- (57.59)% 16,998 $ 75,141 1.37% -- 2007 -- -- -- (6.35)% -- -- -- (7.72)% 17,409 $ 180,500 -- -- 2006 -- -- -- 6.30% -- -- -- 4.81% 15,831 $ 177,206 0.05% -- 2005 -- -- -- 6.62% -- -- -- 6.26% 2,464 $ 26,219 0.13% -- EQ/Large Cap Value PLUS (l) --------------------------- 2008 -- -- -- (43.62)% -- -- -- (44.43)% 128,632 $1,114,977 2.84% -- 2007 -- -- -- (5.05)% -- -- -- (6.39)% 150,945 $2,349,958 1.61% -- 2006 -- -- -- 20.78% -- -- -- 19.09% 110,933 $1,850,638 1.64% -- 2005 -- -- -- 4.91% -- -- -- 3.44% 101,618 $1,439,640 1.18% -- 2004 -- -- -- 12.88% -- -- -- 11.29% 91,811 $1,278,595 1.46% -- EQ/Long Term Bond ----------------- 2008 -- -- -- 4.41% -- -- -- 3.05% 13,056 $ 136,537 6.19% -- 2007 -- -- -- 6.87% -- -- -- 5.33% 11,044 $ 114,596 4.52% -- 2006 -- -- -- 1.31% -- -- -- (0.11)% 8,360 $ 83,248 5.01% -- 2005 -- -- -- 0.56% -- -- -- (0.38)% 4,300 $ 42,957 5.08% --
FSA-93 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Lord Abbett Growth and Income -------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 8.08 Highest contract charge 1.90% Class B (d) $ 7.67 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 12.80 Highest contract charge 1.90% Class B (d) $ 12.32 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 12.43 Highest contract charge 1.90% Class B (d) $ 12.14 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 10.66 Highest contract charge 1.90% Class B (d) $ 10.56 All contract charges -- EQ/Lord Abbett Large Cap Core ----------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 9.01 Highest contract charge 1.90% Class B (d) $ 8.55 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 13.11 Highest contract charge 1.90% Class B (d) $ 12.63 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 11.91 Highest contract charge 1.90% Class B (d) $ 11.63 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 10.62 Highest contract charge 1.90% Class B (d) $ 10.52 All contract charges -- EQ/Lord Abbett Mid Cap Value ---------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 7.62 Highest contract charge 1.90% Class B (d) $ 7.24 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 12.55 Highest contract charge 1.90% Class B (d) $ 12.09 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 12.54 Highest contract charge 1.90% Class B (d) $ 12.25 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 11.21 Highest contract charge 1.90% Class B (d) $ 11.11 All contract charges -- EQ/Marsico Focus ---------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 11.60 Highest contract charge 1.90% Class B $ 10.45 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 19.52 Highest contract charge 1.90% Class B $ 17.85 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 17.20 Highest contract charge 1.90% Class B $ 15.95 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 15.82 Highest contract charge 1.90% Class B $ 14.88 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Lord Abbett Growth and Income -------------------------------- 2008 -- -- -- (36.88)% -- -- -- (37.74)% 12,007 $ 93,540 1.55% -- 2007 -- -- -- 2.98% -- -- -- 1.48% 11,815 $ 147,275 1.13% -- 2006 -- -- -- 16.63% -- -- -- 14.99% 11,071 $ 135,386 1.21% -- 2005 -- -- -- 6.59% -- -- -- 5.59% 3,072 $ 32,532 1.42% -- EQ/Lord Abbett Large Cap Core ----------------------------- 2008 -- -- -- (31.27)% -- -- -- (32.30)% 9,794 $ 85,138 1.16% -- 2007 -- -- -- 10.08% -- -- -- 8.60% 6,105 $ 78,014 0.80% -- 2006 -- -- -- 12.13% -- -- -- 10.56% 4,229 $ 49,544 1.21% -- 2005 -- -- -- 6.21% -- -- -- 5.22% 2,022 $ 21,339 0.84% -- EQ/Lord Abbett Mid Cap Value ---------------------------- 2008 -- -- -- (39.28)% -- -- -- (40.12)% 25,830 $ 190,155 1.52% -- 2007 -- -- -- 0.08 % -- -- -- (1.31)% 24,325 $ 297,470 0.54% -- 2006 -- -- -- 11.87% -- -- -- 10.30% 17,475 $ 215,636 1.22% -- 2005 -- -- -- 12.11% -- -- -- 11.07% 9,142 $ 101,817 1.70% -- EQ/Marsico Focus ---------------- 2008 -- -- -- (40.57)% -- -- -- (41.46)% 118,651 $1,143,520 0.95% -- 2007 -- -- -- 13.49% -- -- -- 11.91% 115,724 $1,909,092 0.18% -- 2006 -- -- -- 8.78% -- -- -- 7.25% 110,995 $1,644,626 0.73% -- 2005 -- -- -- 10.15% -- -- -- 8.61% 91,026 $1,281,504 -- --
FSA-94 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Outstanding Net Assets Investment Total Units value (000s) (000s) Income ratio** Return*** ------------- ------------------- ------------ ---------------- -------------- EQ/Marsico Focus (Continued) ---------------------------- 2004 Lowest contract charge 0.50% Class B $ 14.36 -- -- -- 9.96% Highest contract charge 1.90% Class B $ 13.70 -- -- -- 8.41% All contract charges -- 69,842 $ 931,060 -- -- EQ/Mid Cap Index ---------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 7.36 -- -- -- (49.55)% Highest contract charge 1.90% Class B $ 6.54 -- -- -- (50.27)% All contract charges -- 67,946 $ 500,886 0.89% -- 2007 Lowest contract charge 0.50% Class B $ 14.59 -- -- -- 7.44% Highest contract charge 1.90% Class B $ 13.15 -- -- -- 5.96% All contract charges -- 70,501 $1,035,525 -- -- 2006 Lowest contract charge 0.50% Class B $ 13.58 -- -- -- 10.97% Highest contract charge 1.90% Class B $ 12.41 -- -- -- 9.41% All contract charges -- 72,246 $ 989,519 3.28% -- 2005 Lowest contract charge 0.50% Class B $ 12.23 -- -- -- 5.84% Highest contract charge 1.90% Class B $ 11.35 -- -- -- 4.35% All contract charges -- 70,729 $ 867,602 7.65% -- 2004 Lowest contract charge 0.50% Class B $ 11.56 -- -- -- 15.45% Highest contract charge 1.90% Class B $ 10.87 -- -- -- 13.82% All contract charges -- 64,623 $ 740,923 2.53% -- EQ/Mid Cap Value PLUS --------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 11.23 -- -- -- (39.85)% Highest contract charge 1.90% Class B $ 9.52 -- -- -- (40.69)% All contract charges -- 41,940 $ 400,022 1.38% -- 2007 Lowest contract charge 0.50% Class B $ 18.67 -- -- -- (2.10)% Highest contract charge 1.90% Class B $ 16.05 -- -- -- (3.49)% All contract charges -- 50,595 $ 811,824 0.97% -- 2006 Lowest contract charge 0.50% Class B $ 19.07 -- -- -- 11.92% Highest contract charge 1.90% Class B $ 16.63 -- -- -- 10.35% All contract charges -- 57,023 $ 948,678 0.31% -- 2005 Lowest contract charge 0.50% Class B $ 17.04 -- -- -- 10.77% Highest contract charge 1.90% Class B $ 15.07 -- -- -- 9.21% All contract charges -- 54,946 $ 832,305 4.89% -- 2004 Lowest contract charge 0.50% Class B $ 15.38 -- -- -- 17.26% Highest contract charge 1.90% Class B $ 13.80 -- -- -- 15.61% All contract charges -- 46,228 $ 648,657 2.63% -- EQ/Money Market --------------- Unit Value 0.00% to 1.90%* 2008 Lowest contract charge 0.00% Class B $ 44.43 -- -- -- 2.11% Highest contract charge 1.90% Class B $ 26.24 -- -- -- 0.15% All contract charges -- 90,924 $1,493,712 1.93% -- 2007 Lowest contract charge 0.00% Class B $ 43.51 -- -- -- 4.72% Highest contract charge 1.90% Class B $ 26.20 -- -- -- 2.70% All contract charges -- 45,468 $ 851,459 4.59% -- 2006 Lowest contract charge 0.00% Class B $ 41.55 -- -- -- 4.48% Highest contract charge 1.90% Class B $ 25.51 -- -- -- 2.51% All contract charges -- 33,332 $ 612,694 4.41% -- 2005 Lowest contract charge 0.00% Class B $ 39.77 -- -- -- 2.62% Highest contract charge 1.90% Class B $ 24.88 -- -- -- 0.68% All contract charges -- 24,414 $ 483,274 2.57% -- 2004 Lowest contract charge 0.00% Class B $ 38.75 -- -- -- 0.78% Highest contract charge 1.90% Class B $ 24.71 -- -- -- (1.14)% All contract charges -- 22,453 $ 474,277 0.74% --
FSA-95 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Montag & Caldwell Growth --------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (c) $ 4.22 Highest contract charge 1.90% Class B (c) $ 3.66 All contract charges -- 2007 Lowest contract charge 0.50% Class B (c) $ 6.32 Highest contract charge 1.90% Class B (c) $ 5.56 All contract charges -- 2006 Lowest contract charge 0.50% Class B (c) $ 5.26 Highest contract charge 1.90% Class B (c) $ 4.69 All contract charges -- 2005 Lowest contract charge 0.50% Class B (c) $ 4.90 Highest contract charge 1.90% Class B (c) $ 4.43 All contract charges -- 2004 Lowest contract charge 0.50% Class B (c) $ 4.67 Highest contract charge 1.90% Class B (c) $ 4.28 All contract charges -- EQ/Mutual Shares ---------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 6.69 Highest contract charge 1.90% Class B (f) $ 6.47 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 10.86 Highest contract charge 1.90% Class B (f) $ 10.66 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 10.74 Highest contract charge 1.90% Class B (f) $ 10.69 All contract charges -- EQ/Oppenheimer Global --------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 6.90 Highest contract charge 1.90% Class B (f) $ 6.68 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 11.70 Highest contract charge 1.90% Class B (f) $ 11.48 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 11.12 Highest contract charge 1.90% Class B (f) $ 11.07 All contract charges -- EQ/Oppenheimer Main Street Opportunity -------------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 6.87 Highest contract charge 1.90% Class B (f) $ 6.64 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 11.28 Highest contract charge 1.90% Class B (f) $ 11.07 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 10.96 Highest contract charge 1.90% Class B (f) $ 10.91 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Montag & Caldwell Growth --------------------------- 2008 -- -- -- (33.23)% -- -- -- (34.17)% 43,561 $143,894 0.26% -- 2007 -- -- -- 20.15% -- -- -- 18.55% 18,657 $100,498 0.37% -- 2006 -- -- -- 7.41% -- -- -- 5.90% 6,440 $ 30,006 0.21% -- 2005 -- -- -- 4.88% -- -- -- 3.41% 4,693 $ 21,467 0.44% -- 2004 -- -- -- 7.93% -- -- -- 7.65% 451 $ 1,993 0.48% -- EQ/Mutual Shares ---------------- 2008 -- -- -- (38.40)% -- -- -- (39.31)% 31,398 $205,168 3.61% -- 2007 -- -- -- 1.12% -- -- -- (0.28)% 32,835 $351,879 -- -- 2006 -- -- -- 7.38% -- -- -- 6.92% 7,714 $ 82,586 0.39% -- EQ/Oppenheimer Global --------------------- 2008 -- -- -- (41.03)% -- -- -- (41.81)% 13,246 $ 89,280 1.29% -- 2007 -- -- -- 5.22% -- -- -- 3.70% 9,648 $111,407 0.39% -- 2006 -- -- -- 11.23% -- -- -- 10.75% 1,756 $ 19,483 0.07% -- EQ/Oppenheimer Main Street Opportunity -------------------------------------- 2008 -- -- -- (39.10)% -- -- -- (40.02)% 4,048 $ 27,160 0.65% -- 2007 -- -- -- 2.92% -- -- -- 1.47% 3,395 $ 37,791 0.59% -- 2006 -- -- -- 9.61% -- -- -- 9.13% 726 $ 7,942 2.04% --
FSA-96 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Oppenheimer Main Street Small Cap ------------------------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 6.68 Highest contract charge 1.90% Class B (f) $ 6.47 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 10.88 Highest contract charge 1.90% Class B (f) $ 10.68 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 11.13 Highest contract charge 1.90% Class B (f) $ 11.08 All contract charges -- EQ/PIMCO Real Return -------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 10.57 Highest contract charge 1.90% Class B (d) $ 10.03 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 11.07 Highest contract charge 1.90% Class B (d) $ 10.66 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 9.98 Highest contract charge 1.90% Class B (d) $ 9.75 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 9.99 Highest contract charge 1.90% Class B (d) $ 9.90 All contract charges -- EQ/Quality Bond PLUS -------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 17.75 Highest contract charge 1.90% Class B $ 14.30 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 19.09 Highest contract charge 1.90% Class B $ 15.60 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 18.35 Highest contract charge 1.90% Class B $ 15.21 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 17.77 Highest contract charge 1.90% Class B $ 14.94 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 17.51 Highest contract charge 1.90% Class B $ 14.93 All contract charges -- EQ/Short Duration Bond ---------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 10.61 Highest contract charge 1.90% Class B (d) $ 10.07 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 10.88 Highest contract charge 1.90% Class B (d) $ 10.48 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 10.38 Highest contract charge 1.90% Class B (d) $ 10.14 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 10.04 Highest contract charge 1.90% Class B (d) $ 9.94 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Oppenheimer Main Street Small Cap ------------------------------------ 2008 -- -- -- (38.60)% -- -- -- (39.42)% 7,550 $ 49,305 0.10% -- 2007 -- -- -- (2.25)% -- -- -- (3.61)% 5,614 $ 60,151 -- -- 2006 -- -- -- 11.28% -- -- -- 10.79% 868 $ 9,639 1.06% -- EQ/PIMCO Real Return -------------------- 2008 -- -- -- (4.52)% -- -- -- (5.91)% 91,323 $917,805 3.21% -- 2007 -- -- -- 10.92% -- -- -- 9.33% 45,578 $486,803 3.07% -- 2006 -- -- -- (0.11)% -- -- -- (1.51)% 31,108 $304,380 4.98% -- 2005 -- -- -- (0.09)% -- -- -- (1.02)% 15,284 $151,723 5.31% -- EQ/Quality Bond PLUS -------------------- 2008 -- -- -- (7.02)% -- -- -- (8.33)% 26,466 $326,277 5.04% -- 2007 -- -- -- 4.03% -- -- -- 2.56% 28,944 $393,130 4.95% -- 2006 -- -- -- 3.30% -- -- -- 1.85% 27,600 $371,451 4.04% -- 2005 -- -- -- 1.49% -- -- -- 0.07% 25,641 $349,668 3.92% -- 2004 -- -- -- 3.23% -- -- -- 1.78% 21,465 $310,126 4.04% -- EQ/Short Duration Bond ---------------------- 2008 -- -- -- (2.48)% -- -- -- (3.91)% 13,905 $141,793 7.47% -- 2007 -- -- -- 4.82% -- -- -- 3.35% 7,630 $ 80,793 4.54% -- 2006 -- -- -- 3.44% -- -- -- 1.99% 5,862 $ 59,826 4.22% -- 2005 -- -- -- 0.36% -- -- -- (0.58)% 1,852 $ 18,465 2.64% --
FSA-97 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Small Company Index ---------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 11.85 Highest contract charge 1.90% Class B $ 10.14 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 18.09 Highest contract charge 1.90% Class B $ 15.70 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 18.52 Highest contract charge 1.90% Class B $ 16.30 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 15.81 Highest contract charge 1.90% Class B $ 14.12 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 15.24 Highest contract charge 1.90% Class B $ 13.80 All contract charges -- EQ/T. Rowe Price Growth Stock (i) --------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (c) $ 11.86 Highest contract charge 1.90% Class B (c) $ 8.88 All contract charges -- 2007 Lowest contract charge 0.50% Class B (c) $ 20.63 Highest contract charge 1.90% Class B (c) $ 15.67 All contract charges -- 2006 Lowest contract charge 0.50% Class B (c) $ 19.34 Highest contract charge 1.90% Class B (c) $ 14.89 All contract charges -- 2005 Lowest contract charge 0.50% Class B (c) $ 20.25 Highest contract charge 1.90% Class B (c) $ 15.82 Unit Value 0.50% to 1.90%* -- 2004 Lowest contract charge 0.50% Class B (c) $ 19.57 Highest contract charge 1.90% Class B (c) $ 15.50 All contract charges -- EQ/Templeton Growth ------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 6.45 Highest contract charge 1.90% Class B (f) $ 6.24 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 10.96 Highest contract charge 1.90% Class B (f) $ 10.75 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 10.79 Highest contract charge 1.90% Class B (f) $ 10.74 All contract charges -- EQ/UBS Growth and Income ------------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (c) $ 4.02 Highest contract charge 1.90% Class B (c) $ 3.49 All contract charges -- 2007 Lowest contract charge 0.50% Class B (c) $ 6.74 Highest contract charge 1.90% Class B (c) $ 5.93 All contract charges -- 2006 Lowest contract charge 0.50% Class B (c) $ 6.70 Highest contract charge 1.90% Class B (c) $ 5.97 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Small Company Index ---------------------- 2008 -- -- -- (34.49)% -- -- -- (35.41)% 28,477 $282,432 0.85% -- 2007 -- -- -- (2.32)% -- -- -- (3.68)% 28,985 $444,440 1.31% -- 2006 -- -- -- 17.12% -- -- -- 15.48% 29,757 $475,296 1.32% -- 2005 -- -- -- 3.74% -- -- -- 2.28% 26,002 $364,087 1.15% -- 2004 -- -- -- 17.08% -- -- -- 15.44% 24,789 $343,808 2.47% -- EQ/T. Rowe Price Growth Stock (i) --------------------------------- 2008 -- -- -- (42.51)% -- -- -- (43.33)% 19,024 $167,244 -- -- 2007 -- -- -- 6.67% -- -- -- 5.24% 17,951 $291,072 0.13% -- 2006 -- -- -- (4.49)% -- -- -- (5.83)% 3,277 $ 51,291 -- -- 2005 -- -- -- 3.47% -- -- -- 2.02% 2,742 $ 47,015 -- -- 2004 -- -- -- 12.32% -- -- -- 12.03% 265 $ 4,449 -- -- EQ/Templeton Growth ------------------- 2008 -- -- -- (41.15)% -- -- -- (41.95)% 23,768 $149,788 1.56% -- 2007 -- -- -- 1.58% -- -- -- 0.09% 26,167 $282,910 0.63% -- 2006 -- -- -- 7.86% -- -- -- 7.39% 6,220 $ 66,882 0.46% -- EQ/UBS Growth and Income ------------------------ 2008 -- -- -- (40.36)% -- -- -- (41.15)% 14,961 $ 48,057 1.26% -- 2007 -- -- -- 0.60% -- -- -- (0.67)% 15,122 $ 84,474 0.85% -- 2006 -- -- -- 13.58% -- -- -- 11.99% 11,683 $ 70,569 0.90% --
FSA-98 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/UBS Growth and Income (Continued) ------------------------------------ 2005 Lowest contract charge 0.50% Class B (c) $ 5.90 Highest contract charge 1.90% Class B (c) $ 5.33 All contract charges -- 2004 Lowest contract charge 0.50% Class B (c) $ 5.44 Highest contract charge 1.90% Class B (c) $ 4.99 All contract charges -- EQ/Van Kampen Comstock ---------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 7.36 Highest contract charge 1.90% Class B (d) $ 6.99 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 11.73 Highest contract charge 1.90% Class B (d) $ 11.30 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 12.10 Highest contract charge 1.90% Class B (d) $ 11.81 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 10.49 Highest contract charge 1.90% Class B (d) $ 10.39 All contract charges -- EQ/Van Kampen Emerging Markets Equity ------------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 12.25 Highest contract charge 1.90% Class B $ 10.43 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 28.86 Highest contract charge 1.90% Class B $ 24.92 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 20.43 Highest contract charge 1.90% Class B $ 17.89 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 14.98 Highest contract charge 1.90% Class B $ 13.30 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 11.34 Highest contract charge 1.90% Class B $ 10.21 All contract charges -- EQ/Van Kampen Mid Cap Growth ---------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 8.64 Highest contract charge 1.90% Class B (d) $ 8.20 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 16.48 Highest contract charge 1.90% Class B (d) $ 15.87 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 13.53 Highest contract charge 1.90% Class B (d) $ 13.21 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 12.44 Highest contract charge 1.90% Class B (d) $ 12.33 Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/UBS Growth and Income (Continued) ------------------------------------ 2005 -- -- -- 8.46% -- -- -- 6.94% 6,468 $ 35,639 1.24% -- 2004 -- -- -- 11.67% -- -- -- 11.38% 449 $ 2,306 3.51% -- EQ/Van Kampen Comstock ---------------------- 2008 -- -- -- (37.25)% -- -- -- (38.14)% 26,088 $ 185,024 1.98% -- 2007 -- -- -- (3.06)% -- -- -- (4.32)% 25,019 $ 285,776 1.63% -- 2006 -- -- -- 15.33% -- -- -- 13.71% 21,516 $ 255,976 3.07% -- 2005 -- -- -- 4.88% -- -- -- 3.90% 9,231 $ 96,174 2.07% -- EQ/Van Kampen Emerging Markets Equity ------------------------------------- 2008 -- -- -- (57.55)% -- -- -- (58.15)% 53,574 $ 696,118 0.15% -- 2007 -- -- -- 41.26% -- -- -- 39.30% 53,185 $1,627,247 -- -- 2006 -- -- -- 36.37% -- -- -- 34.46% 47,631 $1,034,450 0.45% -- 2005 -- -- -- 32.12% -- -- -- 30.27% 38,941 $ 606,208 0.63% -- 2004 -- -- -- 23.06% -- -- -- 21.33% 26,330 $ 296,336 0.74% -- EQ/Van Kampen Mid Cap Growth ---------------------------- 2008 -- -- -- (47.57)% -- -- -- (48.33)% 25,257 $ 210,339 -- -- 2007 -- -- -- 21.80% -- -- -- 20.14% 19,555 $ 313,835 0.33% -- 2006 -- -- -- 8.71% -- -- -- 7.19% 8,738 $ 116,309 0.47% -- 2005 -- -- -- 24.44% -- -- -- 23.28%
FSA-99 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Van Kampen Real Estate (k) (m) --------------------------------- Unit Value 1.20% to 1.70%* 2008 Lowest contract charge 1.20% Class B (m) $ 5.01 Highest contract charge 1.70% Class B (m) $ 4.97 All contract charges -- 2007 Lowest contract charge 1.20% Class B (m) $ 8.29 Highest contract charge 1.70% Class B (m) $ 8.27 All contract charges -- Multimanager Aggressive Equity ------------------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 41.97 Highest contract charge 1.90% Class B $ 30.32 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 79.11 Highest contract charge 1.90% Class B $ 57.97 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 71.38 Highest contract charge 1.90% Class B $ 53.06 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 68.25 Highest contract charge 1.90% Class B $ 51.46 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 63.39 Highest contract charge 1.90% Class B $ 48.47 All contract charges -- Multimanager Core Bond ---------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 12.94 Highest contract charge 1.90% Class B $ 11.72 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 12.69 Highest contract charge 1.90% Class B $ 11.66 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 12.01 Highest contract charge 1.90% Class B $ 11.19 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 11.63 Highest contract charge 1.90% Class B $ 10.99 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 11.49 Highest contract charge 1.90% Class B $ 11.01 All contract charges -- Multimanager Health Care ------------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 9.96 Highest contract charge 1.90% Class B $ 9.02 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 13.68 Highest contract charge 1.90% Class B $ 12.56 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 12.61 Highest contract charge 1.90% Class B $ 11.75 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 12.06 Highest contract charge 1.90% Class B $ 11.39 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Van Kampen Real Estate (k) (m) --------------------------------- 2008 -- -- -- (39.57)% -- -- -- (39.90)% 58,364 $290,993 2.49% -- 2007 -- -- -- (17.10)% -- -- -- (17.30)% 54,475 $451,152 1.00% -- Multimanager Aggressive Equity ------------------------------ 2008 -- -- -- (46.95)% -- -- -- (47.70)% 5,087 $ 67,727 0.36% -- 2007 -- -- -- 10.83% -- -- -- 9.25% 4,950 $134,774 -- -- 2006 -- -- -- 4.59% -- -- -- 3.12% 5,287 $139,296 -- -- 2005 -- -- -- 7.66% -- -- -- 6.15% 3,925 $127,148 -- -- 2004 -- -- -- 11.54% -- -- -- 9.97% 3,203 $119,925 -- -- Multimanager Core Bond ---------------------- 2008 -- -- -- 1.97% -- -- -- 0.51% 62,629 $734,371 4.89% -- 2007 -- -- -- 5.66% -- -- -- 4.20% 55,947 $653,841 4.09% -- 2006 -- -- -- 3.25% -- -- -- 1.80% 58,160 $651,206 4.11% -- 2005 -- -- -- 1.20% -- -- -- (0.18)% 57,425 $631,231 3.47% -- 2004 -- -- -- 3.37% -- -- -- 1.91% 55,151 $609,072 3.24% -- Multimanager Health Care ------------------------ 2008 -- -- -- (27.19)% -- -- -- (28.18)% 25,001 $241,324 -- -- 2007 -- -- -- 8.49% -- -- -- 6.89% 23,993 $320,884 -- -- 2006 -- -- -- 4.61% -- -- -- 3.14% 23,416 $290,818 1.05% -- 2005 -- -- -- 6.43% -- -- -- 4.93% 20,668 $246,216 2.61% --
FSA-100 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Outstanding Net Assets Investment Total Units value (000s) (000s) Income ratio** Return*** ------------- ------------------- ------------ ---------------- -------------- Multimanager Health Care (Continued) ------------------------------------ 2004 Lowest contract charge 0.50% Class B $ 11.33 -- -- -- 11.57% Highest contract charge 1.90% Class B $ 10.86 -- -- -- 10.00% All contract charges -- 17,556 $196,381 4.12% -- Multimanager High Yield ----------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 30.12 -- -- -- (23.90)% Highest contract charge 1.90% Class B $ 22.06 -- -- -- (24.94)% All contract charges -- 36,664 $531,727 8.68% -- 2007 Lowest contract charge 0.50% Class B $ 39.58 -- -- -- 2.62% Highest contract charge 1.90% Class B $ 29.39 -- -- -- 1.17% All contract charges -- 45,225 $879,446 7.17% -- 2006 Lowest contract charge 0.50% Class B $ 38.57 -- -- -- 9.38% Highest contract charge 1.90% Class B $ 29.05 -- -- -- 7.85% All contract charges -- 46,730 $935,762 6.95% -- 2005 Lowest contract charge 0.50% Class B $ 35.26 -- -- -- 2.55% Highest contract charge 1.90% Class B $ 26.94 -- -- -- 1.11% All contract charges -- 43,908 $877,332 7.68% -- 2004 Lowest contract charge 0.50% Class B $ 34.38 -- -- -- 8.13% Highest contract charge 1.90% Class B $ 26.64 -- -- -- 6.61% All contract charges -- 37,966 $860,727 6.76% -- Multimanager International Equity --------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 10.39 -- -- -- (47.47)% Highest contract charge 1.90% Class B $ 9.41 -- -- -- (48.21)% All contract charges -- 34,884 $355,985 1.57% -- 2007 Lowest contract charge 0.50% Class B $ 19.78 -- -- -- 11.88% Highest contract charge 1.90% Class B $ 18.17 -- -- -- 10.25% All contract charges -- 34,725 $680,288 0.73% -- 2006 Lowest contract charge 0.50% Class B $ 17.68 -- -- -- 24.69% Highest contract charge 1.90% Class B $ 16.48 -- -- -- 22.94% All contract charges -- 32,231 $568,482 2.23% -- 2005 Lowest contract charge 0.50% Class B $ 14.18 -- -- -- 14.87% Highest contract charge 1.90% Class B $ 13.40 -- -- -- 13.25% All contract charges -- 23,219 $328,766 4.06% -- 2004 Lowest contract charge 0.50% Class B $ 12.35 -- -- -- 17.32% Highest contract charge 1.90% Class B $ 11.83 -- -- -- 15.67% All contract charges -- 19,713 $242,452 2.40% -- Multimanager Large Cap Core Equity ---------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 8.09 -- -- -- (39.85)% Highest contract charge 1.90% Class B $ 7.33 -- -- -- (40.65)% All contract charges -- 12,279 $ 96,551 0.52% -- 2007 Lowest contract charge 0.50% Class B $ 13.45 -- -- -- 4.51% Highest contract charge 1.90% Class B $ 12.35 -- -- -- 3.00% All contract charges -- 13,471 $177,274 0.41% -- 2006 Lowest contract charge 0.50% Class B $ 12.87 -- -- -- 13.01% Highest contract charge 1.90% Class B $ 11.99 -- -- -- 11.43% All contract charges -- 13,690 $173,297 0.60% -- 2005 Lowest contract charge 0.50% Class B $ 11.39 -- -- -- 6.20% Highest contract charge 1.90% Class B $ 10.76 -- -- -- 4.71% All contract charges -- 13,468 $151,342 0.79% -- 2004 Lowest contract charge 0.50% Class B $ 10.72 -- -- -- 9.13% Highest contract charge 1.90% Class B $ 10.28 -- -- -- 7.59% All contract charges -- 12,820 $135,571 2.46% --
FSA-101 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Outstanding Net Assets Investment Total Units value (000s) (000s) Income ratio** Return*** ------------- ------------------- ------------ ---------------- -------------- Multimanager Large Cap Growth ----------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 6.05 -- -- -- (45.64)% Highest contract charge 1.90% Class B $ 5.48 -- -- -- (46.43)% All contract charges -- 27,165 $166,651 -- -- 2007 Lowest contract charge 0.50% Class B $ 11.13 -- -- -- 10.64% Highest contract charge 1.90% Class B $ 10.23 -- -- -- 9.18% All contract charges -- 28,454 $322,415 -- -- 2006 Lowest contract charge 0.50% Class B $ 10.06 -- -- -- (0.39)% Highest contract charge 1.90% Class B $ 9.37 -- -- -- (1.79)% All contract charges -- 30,036 $306,984 -- -- 2005 Lowest contract charge 0.50% Class B $ 10.10 -- -- -- 6.95% Highest contract charge 1.90% Class B $ 9.54 -- -- -- 5.45% All contract charges -- 28,903 $295,667 -- -- 2004 Lowest contract charge 0.50% Class B $ 9.44 -- -- -- 6.13% Highest contract charge 1.90% Class B $ 9.05 -- -- -- 4.64% All contract charges -- 29,040 $275,157 -- -- Multimanager Large Cap Value ---------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 9.62 -- -- -- (37.73)% Highest contract charge 1.90% Class B $ 8.71 -- -- -- (38.62)% All contract charges -- 37,613 $353,373 1.40% -- 2007 Lowest contract charge 0.50% Class B $ 15.45 -- -- -- 3.07% Highest contract charge 1.90% Class B $ 14.19 -- -- -- 1.65% All contract charges -- 38,402 $583,473 1.08% -- 2006 Lowest contract charge 0.50% Class B $ 14.99 -- -- -- 18.73% Highest contract charge 1.90% Class B $ 13.96 -- -- -- 17.06% All contract charges -- 39,025 $577,966 2.82% -- 2005 Lowest contract charge 0.50% Class B $ 12.62 -- -- -- 6.56% Highest contract charge 1.90% Class B $ 11.93 -- -- -- 5.07% All contract charges -- 35,233 $440,121 3.02% -- 2004 Lowest contract charge 0.50% Class B $ 11.84 -- -- -- 13.85% Highest contract charge 1.90% Class B $ 11.35 -- -- -- 12.25% All contract charges -- 29,242 $342,105 6.81% -- Multimanager Mid Cap Growth --------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 7.13 -- -- -- (43.86)% Highest contract charge 1.90% Class B $ 6.46 -- -- -- (44.64)% All contract charges -- 29,642 $216,713 -- -- 2007 Lowest contract charge 0.50% Class B $ 12.70 -- -- -- 11.31% Highest contract charge 1.90% Class B $ 11.67 -- -- -- 9.78% All contract charges -- 31,721 $414,209 -- -- 2006 Lowest contract charge 0.50% Class B $ 11.41 -- -- -- 9.07% Highest contract charge 1.90% Class B $ 10.63 -- -- -- 7.54% All contract charges -- 35,038 $410,676 0.51% -- 2005 Lowest contract charge 0.50% Class B $ 10.46 -- -- -- 7.84% Highest contract charge 1.90% Class B $ 9.88 -- -- -- 6.33% All contract charges -- 35,078 $374,043 1.58% -- 2004 Lowest contract charge 0.50% Class B $ 9.70 -- -- -- 11.17% Highest contract charge 1.90% Class B $ 9.30 -- -- -- 9.61% All contract charges -- 35,482 $346,528 1.55% --
FSA-102 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- Multimanager Mid Cap Value -------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 9.22 Highest contract charge 1.90% Class B $ 8.35 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 14.47 Highest contract charge 1.90% Class B $ 13.29 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 14.53 Highest contract charge 1.90% Class B $ 13.54 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 12.73 Highest contract charge 1.90% Class B $ 12.03 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 11.92 Highest contract charge 1.90% Class B $ 11.42 All contract charges -- Multimanager Small Cap Growth (j) --------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (c) $ 5.60 Highest contract charge 1.90% Class B (c) $ 4.85 All contract charges -- 2007 Lowest contract charge 0.50% Class B (c) $ 9.72 Highest contract charge 1.90% Class B (c) $ 8.55 All contract charges -- 2006 Lowest contract charge 0.50% Class B (c) $ 9.42 Highest contract charge 1.90% Class B (c) $ 8.40 All contract charges -- 2005 Lowest contract charge 0.50% Class B (c) $ 8.59 Highest contract charge 1.90% Class B (c) $ 7.77 All contract charges -- 2004 Lowest contract charge 0.50% Class B (c) $ 8.04 Highest contract charge 1.90% Class B (c) $ 7.37 All contract charges -- Multimanager Small Cap Value ---------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 11.78 Highest contract charge 1.90% Class B $ 10.08 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 19.06 Highest contract charge 1.90% Class B $ 16.54 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 21.25 Highest contract charge 1.90% Class B $ 18.70 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 18.39 Highest contract charge 1.90% Class B $ 16.42 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 17.65 Highest contract charge 1.90% Class B $ 15.99 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- Multimanager Mid Cap Value -------------------------- 2008 -- -- -- (36.28)% -- -- -- (37.17)% 26,245 $234,379 0.46% -- 2007 -- -- -- (0.41)% -- -- -- (1.85)% 27,826 $392,988 -- -- 2006 -- -- -- 14.16% -- -- -- 12.56% 30,733 $438,437 1.72% -- 2005 -- -- -- 6.81% -- -- -- 5.31% 29,548 $370,654 6.98% -- 2004 -- -- -- 14.61% -- -- -- 13.00% 30,025 $353,096 4.10% -- Multimanager Small Cap Growth (j) --------------------------------- 2008 -- -- -- (42.39)% -- -- -- (43.27)% 28,780 $135,528 -- -- 2007 -- -- -- 3.18% -- -- -- 1.79% 28,681 $242,159 -- -- 2006 -- -- -- 9.66% -- -- -- 8.12% 17,157 $147,393 1.40% -- 2005 -- -- -- 6.95% -- -- -- 5.45% 9,010 $ 72,375 3.58% -- 2004 -- -- -- 14.09% -- -- -- 13.79% 388 $ 2,939 -- -- Multimanager Small Cap Value ---------------------------- 2008 -- -- -- (38.20)% -- -- -- (39.06)% 39,759 $368,923 0.24% -- 2007 -- -- -- (10.31)% -- -- -- (11.55)% 47,546 $723,958 0.29% -- 2006 -- -- -- 15.53% -- -- -- 13.91% 57,348 $992,117 5.49% -- 2005 -- -- -- 4.16% -- -- -- 2.70% 56,358 $874,837 4.46% -- 2004 -- -- -- 16.52% -- -- -- 14.88% 52,025 $811,982 6.15% --
FSA-103 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Concluded) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Outstanding Net Assets Investment Total Units value (000s) (000s) Income ratio** Return*** ------------- ------------------- ------------ ---------------- -------------- Multimanager Technology (b) --------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 6.85 -- -- -- (47.35)% Highest contract charge 1.90% Class B $ 6.20 -- -- -- (48.12)% All contract charges -- 27,756 $192,697 -- -- 2007 Lowest contract charge 0.50% Class B $ 13.01 -- -- -- 17.63% Highest contract charge 1.90% Class B $ 11.95 -- -- -- 15.91% All contract charges -- 28,291 $373,990 -- -- 2006 Lowest contract charge 0.50% Class B $ 11.06 -- -- -- 6.76% Highest contract charge 1.90% Class B $ 10.31 -- -- -- 5.26% All contract charges -- 24,173 $271,064 -- -- 2005 Lowest contract charge 0.50% Class B $ 10.36 -- -- -- 10.71% Highest contract charge 1.90% Class B $ 9.79 -- -- -- 9.16% All contract charges -- 24,317 $253,676 -- -- 2004 Lowest contract charge 0.50% Class B $ 9.36 -- -- -- 4.46% Highest contract charge 1.90% Class B $ 8.97 -- -- -- 2.99% All contract charges -- 24,512 $228,436 0.93% --
---------- (a) Units were made available for sale on February 13, 2004. (b) A substitution of Multimanager Technology for EQ/Technology occurred on May 14, 2004. (c) Units were made available for sale on October 25, 2004. (d) Units were made available for sale on May 9, 2005. (e) Units were made available for sale on October 17, 2005. (f) Units were made available for sale on September 18, 2006. (g) A substitution of EQ/AXA Rosenberg Long/Short Equity for Laudus Rosenberg VIT Long/Short Equity occurred on November 17, 2006. (h) A substitution of EQ/Capital Guardian Research was made for EQ/Capital Guardian U.S. Equity on July 6, 2007. (i) A substitution of EQ/T. Rowe Price Growth Stock was made for EQ/Janus Large Cap Growth on July 6, 2007. (j) A substitution of Multimanager Small Cap Growth was made for EQ/Wells Fargo Montgomery Small Cap on July 6, 2007. (k) A substitution of EQ/Van Kampen Real Estate was made for U.S. Real Estate on August 17, 2007. (l) A substitution of EQ/Large Cap Value PLUS was made for EQ/AllianceBernstein Growth and Income on August 17, 2007. (m) Units were made available for sale on August 17, 2007. (n) Units were made available for sale on May 29, 2007. * Expenses as a percentage of average net assets (0.00%, 0.50%, 1.20%, 1.70%, and 1.90% annualized) consisting primarily of mortality and expense charges, for each period indicated. The ratios included only those expenses that result in direct reduction to unit values. Charges made directly to contract owner account through the redemption of units and expenses of the underlying fund have been excluded. The summary may not reflect the minimum and maximum contract charges offered by the Company as contractowners may not have selected all available and applicable contract options. ** The investment income ratio represents the dividends, excluding distributions of capital gains, received by the Account from the underlying mutual fund, net of mutual fund fees and expenses, divided by the average net assets. These ratios exclude those expenses, such as asset-based charges, that result in direct reductions in the unit values. The recognition of investment income by the Account is affected by the timing of the declaration of dividends by the underlying fund in which the Account invests. *** These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for each period indicated from the effective date through the end of the reporting period. FSA-104 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AXA EQUITABLE LIFE INSURANCE COMPANY Report of Independent Registered Public Accounting Firm.................. F-1 Consolidated Financial Statements: Consolidated Balance Sheets, December 31, 2008 and 2007................ F-2 Consolidated Statements of Earnings, Years Ended December 31, 2008, 2007 and 2006........................................................ F-3 Consolidated Statements of Shareholder's Equity and Comprehensive Income, Years Ended December 31, 2008, 2007 and 2006................. F-4 Consolidated Statements of Cash Flows, Years Ended December 31, 2008, 2007 and 2006........................................................ F-5 Notes to Consolidated Financial Statements............................. F-7 FS-1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholder of AXA Equitable Life Insurance Company In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of earnings, of shareholder's equity and comprehensive income and of cash flows present fairly, in all material respects, the financial position of AXA Equitable Life Insurance Company and its subsidiaries ("AXA Equitable") at December 31, 2008 and 2007, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2008 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of AXA Equitable's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As discussed in Note 2 of the Notes to Consolidated Financial Statements, AXA Equitable adopted a framework for measuring fair value on January 1, 2008. Also, AXA Equitable changed its method of accounting for uncertainty in income taxes on January 1, 2007 and for defined benefit pension and other postretirement plans on December 31, 2006. /s/ PricewaterhouseCoopers LLP New York, New York March 13, 2009 F-1 AXA EQUITABLE LIFE INSURANCE COMPANY CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2008 AND 2007
2008 2007 ----------------- ----------------- (IN MILLIONS) ASSETS Investments: Fixed maturities available for sale, at estimated fair value............. $ 23,831.0 $ 27,159.5 Mortgage loans on real estate............................................ 3,673.9 3,730.6 Equity real estate, held for the production of income.................... 370.3 381.7 Policy loans............................................................. 3,700.3 3,938.8 Other equity investments................................................. 1,646.8 1,820.3 Trading securities...................................................... 322.7 573.3 Other invested assets.................................................... 1,501.4 1,000.9 ----------------- ----------------- Total investments...................................................... 35,046.4 38,605.1 Cash and cash equivalents................................................... 2,403.9 1,173.2 Cash and securities segregated, at estimated fair value..................... 2,572.6 2,370.0 Broker-dealer related receivables........................................... 1,020.4 1,623.5 Deferred policy acquisition costs........................................... 7,482.0 9,019.3 Goodwill and other intangible assets, net................................... 3,702.4 3,724.6 Amounts due from reinsurers................................................. 2,897.2 2,890.6 Loans to affiliates......................................................... 588.3 638.3 Other assets................................................................ 12,926.0 3,341.8 Separate Accounts' assets................................................... 67,627.0 96,539.6 ----------------- ----------------- TOTAL ASSETS................................................................ $ 136,266.2 $ 159,926.0 ================= ================= LIABILITIES Policyholders' account balances............................................. $ 24,742.5 $ 25,168.2 Future policy benefits and other policyholders liabilities.................. 17,733.1 14,304.7 Broker-dealer related payables.............................................. 485.5 595.1 Customers related payables.................................................. 2,753.1 2,722.2 Amounts due to reinsurers................................................... 64.2 1,119.5 Short-term and long-term debt............................................... 484.6 982.0 Loans from affiliates....................................................... 1,325.0 325.0 Income taxes payable........................................................ 3,813.2 3,398.9 Other liabilities........................................................... 2,842.5 1,963.2 Separate Accounts' liabilities.............................................. 67,627.0 96,539.6 Minority interest in equity of consolidated subsidiaries.................... 2,896.9 2,478.9 Minority interest subject to redemption rights.............................. 135.0 142.7 ----------------- ----------------- Total liabilities...................................................... 124,902.6 149,740.0 ----------------- ----------------- Commitments and contingent liabilities (Notes 2, 7, 10, 11, 12, 13, 18 and 19) SHAREHOLDER'S EQUITY Common stock, $1.25 par value, 2.0 million shares authorized, issued and outstanding................................................... 2.5 2.5 Capital in excess of par value.............................................. 5,184.1 5,265.4 Retained earnings........................................................... 8,412.6 5,186.0 Accumulated other comprehensive loss........................................ (2,235.6) (267.9) ----------------- ----------------- Total shareholder's equity............................................. 11,363.6 10,186.0 ----------------- ----------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY.................................. $ 136,266.2 $ 159,926.0 ================= =================
See Notes to Consolidated Financial Statements. F-2 AXA EQUITABLE LIFE INSURANCE COMPANY CONSOLIDATED STATEMENTS OF EARNINGS YEARS ENDED DECEMBER 31, 2008, 2007 AND 2006
2008 2007 2006 ----------------- ----------------- ----------------- (IN MILLIONS) REVENUES Universal life and investment-type product policy fee income........................................... $ 2,951.7 $ 2,741.7 $ 2,252.7 Premiums...................................................... 758.6 804.9 817.8 Net investment income......................................... 9,093.7 2,688.4 2,389.2 Investment (losses) gains, net................................ (338.5) (7.2) 46.9 Commissions, fees and other income............................ 6,115.8 5,180.6 4,373.0 ----------------- ----------------- ----------------- Total revenues.......................................... 18,581.3 11,408.4 9,879.6 ----------------- ----------------- ----------------- BENEFITS AND OTHER DEDUCTIONS Policyholders' benefits....................................... 4,702.6 1,998.5 1,960.5 Interest credited to policyholders' account balances.......... 1,065.3 1,065.2 1,082.5 Compensation and benefits..................................... 1,989.1 2,453.2 2,090.4 Commissions................................................... 1,437.1 1,744.2 1,394.4 Distribution plan payments.................................... 274.4 335.1 292.9 Amortization of deferred sales commissions.................... 79.1 95.5 100.4 Interest expense.............................................. 58.5 72.0 70.4 Amortization of deferred policy acquisition costs............. 3,484.7 1,099.2 689.3 Capitalization of deferred policy acquisition costs........... (1,394.1) (1,719.3) (1,363.4) Rent expense.................................................. 246.6 224.3 204.1 Amortization of other intangible assets....................... 23.7 23.2 23.6 Other operating costs and expenses............................ 1,196.0 1,317.9 1,254.2 ----------------- ----------------- ----------------- Total benefits and other deductions..................... 13,163.0 8,709.0 7,799.3 ----------------- ----------------- ----------------- Earnings from continuing operations before income taxes and minority interest.......................... 5,418.3 2,699.4 2,080.3 Income taxes.................................................. (1,701.9) (759.8) (424.5) Minority interest in net income of consolidated subsidiaries.. (470.0) (702.9) (608.3) ----------------- ----------------- ----------------- Earnings from continuing operations........................... 3,246.4 1,236.7 1,047.5 (Losses) earnings from discontinued operations, net of income taxes........................................ (26.1) (5.9) 31.2 Gains (losses) on disposal of discontinued operations, net of income taxes........................................ 6.3 2.8 (1.9) ----------------- ----------------- ----------------- NET EARNINGS.................................................. $ 3,226.6 $ 1,233.6 $ 1,076.8 ================= ================= =================
See Notes to Consolidated Financial Statements. F-3 AXA EQUITABLE LIFE INSURANCE COMPANY CONSOLIDATED STATEMENTS OF SHAREHOLDER'S EQUITY AND COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2008, 2007 AND 2006
2008 2007 2006 ----------------- ---------------- ---------------- (IN MILLIONS) SHAREHOLDER'S EQUITY Common stock, at par value, beginning and end of year............. $ 2.5 $ 2.5 $ 2.5 ----------------- ---------------- ---------------- Capital in excess of par value, beginning of year................. 5,265.4 5,139.6 4,976.3 Changes in capital in excess of par value......................... (81.3) 125.8 163.3 ----------------- ---------------- ---------------- Capital in excess of par value, end of year....................... 5,184.1 5,265.4 5,139.6 ----------------- ---------------- ---------------- Retained earnings, beginning of year.............................. 5,186.0 4,507.6 4,030.8 Cumulative effect adjustment to adopt FIN 48...................... - 44.8 - ----------------- ---------------- ---------------- Retained earnings, beginning of year as adjusted.................. 5,186.0 4,552.4 4,030.8 Net earnings...................................................... 3,226.6 1,233.6 1,076.8 Dividends on common stock......................................... - (600.0) (600.0) ----------------- ---------------- ---------------- Retained earnings, end of year.................................... 8,412.6 5,186.0 4,507.6 ----------------- ---------------- ---------------- Accumulated other comprehensive (loss) income, beginning of year.............................................. (267.9) (167.3) 432.3 Other comprehensive loss ......................................... (1,967.7) (100.6) (150.1) Adjustment to initially apply SFAS No.158, net of income taxes ... - - (449.5) ----------------- ---------------- ---------------- Accumulated other comprehensive loss, end of year................. (2,235.6) (267.9) (167.3) ----------------- ---------------- ---------------- TOTAL SHAREHOLDER'S EQUITY, END OF YEAR........................... $ 11,363.6 $ 10,186.0 $ 9,482.4 ================= ================ ================
2008 2007 2006 ----------------- ---------------- ---------------- (IN MILLIONS) COMPREHENSIVE INCOME Net earnings.................................................... $ 3,226.6 $ 1,233.6 $ 1,076.8 ----------------- ---------------- ---------------- Change in unrealized losses, net of reclassification adjustment.................................. (1,374.4) (178.6) (150.1) Defined benefit plans: Net (loss) gain arising during year.......................... (620.4) 38.8 - Prior service cost arising during year....................... - 1.7 - Less: reclassification adjustment for: Amortization of net losses included in net periodic cost... 30.8 41.2 - Amortization of net prior service credit included in net periodic cost............................ (3.7) (3.6) - Amortization of net transition asset....................... - (.1) - ----------------- ---------------- ---------------- Other comprehensive income - defined benefit plans......... (593.3) 78.0 - ----------------- ---------------- ---------------- Other comprehensive loss........................................ (1,967.7) (100.6) (150.1) ----------------- ---------------- ---------------- COMPREHENSIVE INCOME............................................ $ 1,258.9 $ 1,133.0 $ 926.7 ================= ================ ================
See Notes to Consolidated Financial Statements. F-4 AXA EQUITABLE LIFE INSURANCE COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2008, 2007 AND 2006
2008 2007 2006 ----------------- ----------------- ----------------- (IN MILLIONS) Net earnings.................................................. $ 3,226.6 $ 1,233.6 $ 1,076.8 Adjustments to reconcile net earnings to net cash provided by operating activities: Interest credited to policyholders' account balances........ 1,065.3 1,065.2 1,082.5 Universal life and investment-type product policy fee income........................................ (2,951.7) (2,741.7) (2,252.7) Net change in broker-dealer and customer related receivables/payables..................................... 618.9 98.5 117.2 Net investment income related to derivative instruments..... (7,302.1) (86.6) 302.4 Change in reinsurance recoverable with affiliate............ (6,351.5) - - Investment losses (gains), net.............................. 338.5 7.2 (46.9) Change in segregated cash and securities, net............... (202.6) (360.3) (245.0) Change in deferred policy acquisition costs................. 2,090.6 (620.1) (674.1) Change in future policy benefits............................ 2,398.0 95.4 52.7 Change in income taxes payable.............................. 1,135.0 532.9 425.9 Minority interest in net income of consolidated subsidiaries 470.0 686.3 599.9 Change in fair value of guaranteed minimum income benefit reinsurance contracts............................ (1,566.8) (6.9) 14.8 Amortization of deferred sales commissions.................. 79.1 95.5 100.4 Other depreciation and amortization......................... 140.4 133.8 144.9 Amortization of other intangible assets, net................ 23.7 23.2 23.6 (Gains) losses on disposal of discontinued operations....... (6.3) (2.8) 1.9 Change in accounts payable and accrued expenses............. (187.7) 102.6 85.5 Other, net.................................................. 75.3 81.6 61.1 ----------------- ----------------- ----------------- Net cash (used in) provided by operating activities........... (6,907.3) 337.4 870.9 ----------------- ----------------- ----------------- Cash flows from investing activities: Maturities and repayments of fixed maturities and mortgage loans....................................... 1,727.5 2,143.1 2,962.2 Sales of investments........................................ 796.2 2,356.5 1,536.9 Sale of AXA Equitable Life and Annuity...................... 60.8 - - Purchases of investments.................................... (2,106.8) (3,525.3) (4,262.3) Cash settlements related to derivative instruments.......... 5,337.0 (98.3) - Change in short-term investments............................ 29.3 107.0 65.6 Decrease in loans to affiliates............................. - 400.0 - Increase in loans to affiliates............................. - (650.0) - Change in capitalized software, leasehold improvements and EDP equipment ....................................... (163.1) (205.0) (146.1) Other, net.................................................. 155.9 (91.2) (390.4) ----------------- ----------------- ----------------- Net cash provided by (used in) investing activities........... 5,836.8 436.8 (234.1) ----------------- ----------------- -----------------
F-5 AXA EQUITABLE LIFE INSURANCE COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2008, 2007 AND 2006 CONTINUED
2008 2007 2006 ----------------- ----------------- ----------------- (IN MILLIONS) Cash flows from financing activities: Policyholders' account balances: Deposits.................................................. $ 4,384.5 $ 4,102.1 $ 3,865.2 Withdrawals from and transfers to Separate Accounts....... (2,602.8) (3,831.7) (3,569.1) Change in short-term financings............................. (497.8) 199.0 327.7 Repayments of long-term debt ............................... - - (400.0) Increase in collateralized pledged liabilities.............. 568.7 - - Proceeds from loans from affiliates......................... 1,000.0 - - Shareholder dividends paid.................................. - (600.0) (600.0) Other, net.................................................. (551.4) (592.6) (206.5) ----------------- ----------------- ----------------- Net cash provided by (used in) financing activities........... 2,301.2 (723.2) (582.7) ----------------- ----------------- ----------------- Change in cash and cash equivalents........................... 1,230.7 51.0 54.1 Cash and cash equivalents, beginning of year.................. 1,173.2 1,122.2 1,068.1 ----------------- ----------------- ----------------- Cash and Cash Equivalents, End of Year........................ $ 2,403.9 $ 1,173.2 $ 1,122.2 ================= ================= ================= Supplemental cash flow information: Interest Paid............................................... $ 34.4 $ 52.6 $ 59.9 ================= ================= ================= Income Taxes Paid (Refunded)................................ $ 257.3 $ 178.1 $ (40.8) ================= ================= =================
See Notes to Consolidated Financial Statements. F-6 AXA EQUITABLE LIFE INSURANCE COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1) ORGANIZATION AXA Equitable Life Insurance Company ("AXA Equitable," and collectively with its consolidated subsidiaries the "Company") is an indirect, wholly owned subsidiary of AXA Financial, Inc. ("AXA Financial," and collectively with its consolidated subsidiaries, "AXA Financial Group"). AXA Financial is a wholly owned subsidiary of AXA, a French holding company for an international group of insurance and related financial services companies. The Company conducts operations in two business segments: the Insurance and Investment Management segments. The Company's management evaluates the performance of each of these segments independently and allocates resources based on current and future requirements of each segment. Insurance --------- The Insurance segment offers a variety of traditional, variable and interest-sensitive life insurance products, variable and fixed-interest annuity products, mutual funds and other investment products and asset management principally to individuals and small and medium size businesses and professional and trade associations. This segment includes Separate Accounts for individual insurance and annuity products. The Company's insurance business is conducted principally by AXA Equitable and, until August 1, 2008, its wholly owned life insurance subsidiary, AXA Equitable Life and Annuity Company ("AXA Life"), formerly AXA Life and Annuity Company. On August 1, 2008 AXA Equitable sold AXA Life to AXA Equitable Financial Services, LLC, a wholly-owned subsidiary of AXA Financial, for $60.8 million in cash, which approximated AXA Equitable's investment in AXA Life. Investment Management --------------------- The Investment Management segment is principally comprised of the investment management business of AllianceBernstein L.P., a Delaware limited partnership (together with its consolidated subsidiaries "AllianceBernstein"). AllianceBernstein provides research, diversified investment management and related services globally to a broad range of clients. Its principal services include: (a) institutional investment services, servicing institutional clients including unaffiliated corporate and public employee pension funds, endowment funds, domestic and foreign institutions and governments, by means of separately managed accounts, sub-advisory relationships, structured products, collective investments trusts, mutual funds and other investment vehicles, (b) retail services, servicing individual clients, primarily by means of retail mutual funds sponsored by AllianceBernstein or an affiliated company, sub-advisory relationships in respect of mutual funds sponsored by third parties, separately managed account programs sponsored by financial intermediaries worldwide, and other investment vehicles, (c) private client services, including high-net-worth individuals, trusts and estates, charitable foundations, partnerships, private and family corporations and other entities, by means of separately managed accounts, hedge funds, mutual funds, and other investment vehicles, and (d) institutional research services by means of independent, fundamental research, portfolio strategy and brokerage-related services. Principal subsidiaries of AllianceBernstein include: SCB Inc., formerly known as Sanford C. Bernstein, Inc. ("Bernstein"), Sanford C. Bernstein & Co. LLC ("SCB LLC"), Sanford C. Bernstein Limited ("SCBL") and SCB Partners, Inc. ("SCB Partners"). This segment includes institutional Separate Accounts principally managed by AllianceBernstein that provide various investment options for large group pension clients, primarily defined benefit and contribution plans, through pooled or single group accounts. AllianceBernstein is a private partnership for Federal income tax purposes and, accordingly, is not subject to Federal and state corporate income taxes. However, AllianceBernstein is subject to a 4.0% New York City unincorporated business tax ("UBT"). Domestic corporate subsidiaries of AllianceBernstein are subject to Federal, state and local income taxes. Foreign corporate subsidiaries are generally subject to taxes in the foreign jurisdictions where they are located. The Company provides Federal and state income taxes on the undistributed earnings of non-U.S. corporate subsidiaries except to the extent that such earnings are permanently invested outside the United States. F-7 In October 2000, AllianceBernstein acquired substantially all of the assets and liabilities of SCB Inc (the "Bernstein Acquisition"). Following a two-year lockout period that ended October 2002, the former Bernstein shareholders were permitted to exercise the right to sell private units in AllianceBernstein L.P. (the "AllianceBernstein Units") that were acquired in the Bernstein Acquisition to AXA Financial or an affiliated company (the "AB Put"). In February 2007, AXA Financial purchased a tranche of 8.16 million AllianceBernstein Units pursuant to an exercise of the AB Put at a purchase price of approximately $745.7 million and recorded additional goodwill of $392.8 million and other intangible assets of $209.5 million. After this purchase, AXA Financial Group's beneficial ownership in AllianceBernstein increased by approximately 3.0% to 63.3%. Through December 31, 2008, the Company acquired 32.7 million AllianceBernstein Units pursuant to the AB Put at the aggregate market price of $1,631.1 million and recorded additional goodwill of $733.8 million and other intangible assets of $251.7 million. At December 31, 2008 and 2007, the Company's consolidated economic interest in AllianceBernstein was 37.4% and 45.5%, respectively. At December 31, 2008 and 2007, AXA Financial Group's beneficial ownership in AllianceBernstein was approximately 62.4% and 63.2%, respectively. Minority interest subject to redemption rights on the consolidated balance sheets represents the remaining private AllianceBernstein Units still held by former Bernstein shareholders. On January 6, 2009, AXA America Holdings Inc. ("AXA America"), an indirect wholly owned subsidiary of AXA, purchased the remaining 8.16 million AllianceBernstein Units from SCB Partners at a price of $18.349 per Unit pursuant to the final installment of the AB Put. 2) SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation ----------------------------------------------------- The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions (including normal, recurring accruals) that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. The accompanying consolidated financial statements reflect all adjustments necessary in the opinion of management to present fairly the consolidated financial position of the Company and its consolidated results of operations and cash flows for the periods presented. The accompanying consolidated financial statements include the accounts of AXA Equitable and its subsidiary engaged in insurance related businesses (collectively, the "Insurance Group"); other subsidiaries, principally AllianceBernstein; and those investment companies, partnerships and joint ventures in which AXA Equitable or its subsidiaries has control and a majority economic interest as well as those variable interest entities ("VIEs") that meet the requirements for consolidation. At December 31, 2008 and 2007, respectively, the Insurance Group's General Account held $1.8 million and $5.7 million of investment assets issued by VIEs and determined to be significant variable interests under Financial Accounting Standards Board ("FASB") Interpretation ("FIN") 46(R), "Consolidation of Variable Interest Entities - Revised". At December 31, 2008 and 2007, respectively, as reported in the consolidated balance sheet, these investments included $0.8 million and $4.7 million of fixed maturities (collateralized debt and loan obligations) and $1.0 million and $1.0 million of other equity investments (principally investment limited partnership interests) and are subject to ongoing review for impairment in value. These VIEs do not require consolidation because management has determined that the Insurance Group is not the primary beneficiary. These variable interests at December 31, 2008 represent the Insurance Group's maximum exposure to loss from its direct involvement with the VIEs. The Insurance Group has no further economic interest in these VIEs in the form of related guarantees, commitments, derivatives, credit enhancements or similar instruments and obligations. Management of AllianceBernstein reviews quarterly its investment management agreements and its investments in, and other financial arrangements with, certain entities that hold client assets under management ("AUM") to determine the entities that AllianceBernstein is required to consolidate under FIN 46(R). These include certain mutual fund products, hedge funds, structured products, group trusts, collective investment trusts and limited partnerships. F-8 AllianceBernstein earned investment management fees on client AUM of these entities but derived no other benefit from those assets and cannot utilize those assets in its operations. At December 31, 2008, AllianceBernstein had significant variable interests in certain other structured products and hedge funds with approximately $61.0 million in client assets under management. However, these VIEs do not require consolidation because management has determined that AllianceBernstein is not the primary beneficiary of the expected losses or expected residual returns of these entities. AllianceBernstein's maximum exposure to loss in these entities is limited to its investments of $0.1 million in and prospective investment management fees earned from these entities. All significant intercompany transactions and balances have been eliminated in consolidation. The years "2008," "2007" and "2006" refer to the years ended December 31, 2008, 2007 and 2006, respectively. Certain reclassifications have been made in the amounts presented for prior periods to conform those periods to the current presentation. Accounting Changes ------------------ On January 12, 2009, the FASB issued FASB Staff Position ("FSP") Emerging Issues Task Force ("EITF") 99-20-1, "Amendments to the Impairment Guidance of EITF Issue No. 99-20", amending EITF Issue No. 99-20, "Recognition of Interest Income and Impairment of Purchased Beneficial Interests and Beneficial Interests That Continue to be Held by a Transferor in Securitized Financial Assets". The FSP broadens the other-than-temporary impairment assessment for interests in securitized financial assets within the scope of EITF 99-20 to conform to the model applicable to all other debt securities by permitting reasonable management judgment of the probability to collect all projected cash flows. FSP EITF 99-20-1 is effective prospectively for interim and annual reporting periods ending after December 15, 2008 and application to prior periods is not permitted. At December 31, 2008, debt securities with amortized cost and fair values of approximately $1,616.8 million and $1,156.3 million comprised the population subject to this amendment. Adoption of the FSP did not have an impact on the Company's consolidated results of operations or financial position. Effective January 1, 2008, Statement of Financial Accounting Standards ("SFAS") No. 159, "The Fair Value Option for Financial Assets and Financial Liabilities including an amendment of FASB Statement No. 115," permits entities to choose to measure many financial instruments and certain other items at fair value. The objective is to improve financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. Management has elected not to adopt the fair value option as permitted by SFAS No. 159. Effective January 1, 2008, the Company adopted SFAS No. 157, "Fair Value Measurements". SFAS No. 157 establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements. It applies only to fair value measurements that are already required or permitted by other accounting standards, except for measurements of share-based payments and measurements that are similar to, but not intended to be, fair value. Fair value is defined under SFAS No. 157 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company's adoption of SFAS No. 157 at January 1, 2008 required only a remeasurement of the fair value of the Guaranteed Minimum Income Benefit ("GMIB") reinsurance asset, resulting in an increase in net income of $68.8 million, related to an increase in the fair value of the GMIB reinsurance asset of $210.6 million, offset by increased DAC amortization of $104.7 million and increased Federal income taxes of $37.1 million. The increase in the GMIB reinsurance asset's fair value under SFAS No. 157 was due primarily to updates to the capital markets assumptions and risk margins, reflective of market participant assumptions required by the exit value model of SFAS No. 157. On February 12, 2008, the FASB issued FSP SFAS No. 157-2, which deferred the effective date of SFAS No. 157 for one year for all non-financial assets and non-financial liabilities, including goodwill and other intangible assets, except for those items that are recognized or disclosed at fair value on a recurring basis (at least annually). This deferral delays until December 31, 2009 the application of SFAS No. 157 to the Company's annual impairment testing of goodwill and other intangible assets but would require adoption in an earlier interim period in 2009 if circumstances would be indicative of an impairment event. Management F-9 does not anticipate adoption of this FSP to have significant impact on the methodologies used to measure fair value for these impairment assessments. On October 10, 2008, the FASB issued FSP SFAS No. 157-3, "Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active," which clarifies the application of SFAS No. 157 in a market that is not active and provides an example to illustrate key considerations in determining the fair value of a financial asset when the market for that financial asset is not active. FSP SFAS No. 157-3 was effective upon issuance, including prior periods for which financial statements have not been issued. Significant liquidity constraints that emerged in fourth quarter 2008 in the market for commercial mortgage-backed securities ("CMBS") resulted in the Company's adoption of this clarification for purpose of measuring the fair value of its CMBS portfolio at December 31, 2008. As a result, management concluded that an adjusted discounted cash flow methodology that maximizes the use of relevant observable inputs would produce a more representative measure of the fair value of CMBS at December 31, 2008 as compared to matrix pricing and broker quotes used at prior measurement dates and that now would require significant adjustments. The determination of fair value also considered the very limited, yet observable, CMBS transactions that occurred in fourth quarter 2008. At December 31, 2008, the fair value of the Company's CMBS portfolio was $1,674.7 million. Effective January 1, 2008, the Company adopted SFAS No. 141(R), "Business Combinations (revised 2007)" to be applied prospectively for all future acquisitions. While retaining the requirement of SFAS No. 141, "Business Combinations," to use purchase accounting for all business combinations, SFAS No. 141(R)'s new rules include the following: o The acquirer will recognize 100% of the fair values of acquired assets and assumed liabilities (with few exceptions) upon initially obtaining control even if it has not acquired 100% of the target company, o Contingent considerations will be included in the purchase price consideration on a fair value basis while transaction costs will be expensed as incurred, and o The requirements in SFAS No. 146, "Accounting for Costs Associated with Exit or Disposal Activities," must be met at the acquisition date in order to accrue for a restructuring plan. In June 2007, the American Institute of Certified Public Accountants ("AICPA") issued Statement of Position ("SOP") 07-1, "Clarification of the Scope of the Audit and Accounting Guide Investment Companies and Accounting by Parent Companies and Equity Method Investors for Investments in Investment Companies". The SOP provides guidance for determining whether an entity is within the scope of the AICPA Audit and Accounting Guide for Investment Companies (the "Guide"). The SOP addresses whether the specialized industry accounting principles of the Guide should be retained by a parent company in consolidation or by an investor that has the ability to exercise significant influence over the investment company and applies the equity method of accounting to its investment in the entity. SOP 07-1 was to have been effective for fiscal years beginning after December 15, 2007. On February 12, 2008, the FASB issued FSP SOP 07-1-1 that indefinitely delays the effective date of SOP 07-1. The delay is intended to allow the FASB time to consider a number of significant issues relating to the implementation of SOP 07-1. Effective January 1, 2007, and as more fully described in Note 15 herein, the Company adopted FIN 48, "Accounting for Uncertainty in Income Taxes," an interpretation that clarifies the recognition criteria and measurement of the economic benefits associated with tax positions taken or expected to be taken in a tax return. Under FIN 48, a tax benefit is recognized only if it is "more likely than not" to be sustained based on the technical merits of the position, assuming examination by the taxing authority, and is required to be measured at the largest amount of tax benefit that is more than 50% likely of being realized upon ultimate settlement, taking into consideration the amounts and probabilities of potential settlement outcomes. FIN 48 also addresses subsequent derecognition of tax positions, changes in the measurement of recognized tax positions, accrual and classification of interest and penalties, and accounting in interim periods. In addition, annual disclosures with respect to income taxes have been expanded by FIN 48 and require inclusion of a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the reporting period. As a result of adopting FIN 48, the Company recognized a $44.8 million cumulative-effect adjustment that increased January 1, 2007 retained earnings reflecting a decrease in the amount of unrecognized tax benefits. On January 1, 2007, the Company adopted the AICPA's SOP 05-1, "Accounting by Insurance Enterprises for Deferred Acquisition Costs in Connection with Modifications or Exchanges of Insurance Contracts". The SOP requires identification of transactions that result in a substantial change in an insurance contract. F-10 Transactions subject to review include internal contract exchanges, contract modifications via amendment, rider or endorsement and elections of benefits, features or rights contained within the contract. If determined that a substantial change has occurred, the related deferred policy acquisition costs ("DAC") and other related balances must be written off. The adoption of SOP 05-1 did not have a material impact on the Company's consolidated results of operations or financial position. On December 31, 2006, the Company implemented SFAS No. 158, "Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans," requiring employers to recognize the over or underfunded status of such benefit plans as an asset or liability in the balance sheet for reporting periods ending after December 15, 2006 and to recognize subsequent changes in that funded status as a component of other comprehensive income. The funded status of a plan is measured as the difference between plan assets at fair value and the projected benefit obligation for pension plans or the benefit obligation for any other postretirement plan. SFAS No. 158 did not change the determination of net periodic benefit cost or its presentation in the statement of earnings. However, its requirements represent a significant change to previous accounting guidance that generally delayed recognition of certain changes in plan assets and benefit obligations in the balance sheet and only required disclosure of the complete funded status of the plans in the notes to the financial statements. As required by SFAS No. 158, the $449.5 million impact of initial adoption, net of income tax and minority interest, was reported as an adjustment to the December 31, 2006 balance of accumulated other comprehensive income in the accompanying consolidated financial statements. The consequent recognition of the funded status of its defined benefit pension and other postretirement plans at December 31, 2006 reduced total assets by approximately $684.2 million principally due to the $684.2 million reduction of prepaid pension cost, and decreased total liabilities by approximately $234.7 million. The change in liabilities resulted principally from the $242.7 million decrease in income taxes payable partially offset by an increase of $12.0 million in benefit plan liabilities. SFAS No. 158 imposes an additional requirement, effective for fiscal years ending after December 15, 2008, to measure plan assets and benefit obligations as of the date of the employer's year-end balance sheet, thereby eliminating the option to elect an earlier measurement date alternative of not more than three months prior to that date, if used consistently each year. This provision of SFAS No. 158 had no impact on the Company as it already uses a December 31 measurement date for all of its plan assets and benefits obligations. On January 1, 2006, the Company adopted SFAS No. 123(R), "Share-Based Payment," which requires the cost of all share-based payments to employees to be recognized in the financial statements based on their fair values, resulting in compensation expense for certain types of the Company's equity-classified award programs for which no cost previously would have been charged to net earnings in accordance with Accounting Principles Board Opinion ("APB") No. 25, "Accounting for Stock Issued to Employees," most notably for employee options to purchase AXA American Depository Receipts ("ADRs") and AXA ordinary shares and for employee stock purchase plans. As a result of adopting SFAS No. 123(R) on January 1, 2006, consolidated earnings from continuing operations before income taxes and minority interest for 2006 was $81.8 million lower and consolidated net earnings for 2006 was $52.5 million lower than if these plans had continued to be accounted for under APB No. 25. The Company used the "modified prospective method," applying the measurement, recognition, and attribution requirements of SFAS No. 123(R) to stock-based compensation awards granted, modified, repurchased or cancelled on or after January 1, 2006. Beginning in first quarter 2006, costs associated with unvested portions of outstanding employee stock option awards at January 1, 2006 were recognized in the consolidated statement of earnings over the awards' remaining future service-vesting periods. Liability-classified awards outstanding at January 1, 2006, such as performance units and stock appreciation rights, were remeasured to fair value. The remeasurement resulted in no adjustment to their intrinsic value basis, including the cumulative effect of differences between actual and expected forfeitures, primarily due to the de minimis time remaining to expected settlement of these awards. The Company also elected the "short-cut" transition alternative for approximating the historical pool of windfall tax benefits available in shareholder's equity at January 1, 2006 as provided by the FASB in FSP FAS No. 123(R)-3, "Transition Election Related to Accounting For the Tax Effects of Share-Based Payment Awards". This historical pool represents the cumulative tax benefits of tax deductions for employee share-based payments in excess of compensation costs recognized under U.S. GAAP. In the event that a shortfall F-11 of tax benefits occurs during a reporting period (i.e., tax deductions are less than the related cumulative compensation expense), the historical pool will be reduced by the amount of the shortfall. If the shortfall exceeds the amount of the historical pool, there will be a negative impact on the results of operations. In 2008, 2007 and 2006, additional windfall tax benefits resulted from employee exercises of stock option awards. New Accounting Pronouncements ----------------------------- On December 30, 2008, the FASB issued FSP FAS 132(R)-1, "Disclosures about Employers' Postretirement Benefit Plan Assets". The FSP amended FAS. 132(R), "Disclosure about Plan Assets," to require additional disclosures about assets held in an employer's defined benefit pension or other postretirement plans, including disclosures about fair value measures similar to those of SFAS No. 157. The FSP is effective prospectively for fiscal years ending after December 15, 2009. On March 19, 2008, the FASB issued SFAS No. 161, "Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB Statement No. 133," which requires enhanced disclosures of an entity's objectives and strategies for using derivatives, including tabular presentation of fair value amounts, gains and losses, and related hedged items, with appropriate cross-referencing to the financial statements. SFAS No. 161 is effective for interim and annual reporting periods beginning January 1, 2009. On December 4, 2007, the FASB issued SFAS No. 160, "Noncontrolling Interests in Consolidated Financial Statements, an amendment of ARB No. 51". SFAS No. 160 will: o Recharacterize minority interests, currently classified within liabilities, as noncontrolling interests to be reported as a component of consolidated equity on the balance sheet, o Include total income in net income, with separate disclosure on the face of the consolidated income statement of the attribution of income between controlling and noncontrolling interests, and o Account for increases and decreases in noncontrolling interests as equity transactions with any difference between proceeds of a purchase or issuance of noncontrolling interests being accounted for as a change to the controlling entity's equity instead of as current period gains/losses in the consolidated income statement. Only when the controlling entity loses control and deconsolidates a subsidiary will a gain or loss be recognized. SFAS No. 160 is effective prospectively for fiscal years beginning on or after December 15, 2008 except for its specific transition provisions for retroactive adoption of the balance sheet and income statement presentation and disclosure requirements for existing minority interests. Management currently is assessing the impacts of adoption, including adjustments that will be required in the consolidated financial statements to conform the presentations of minority interest in the equity and net income of AllianceBernstein and the recognition of changes in the Company's ownership interest. In 2009, the Emerging Issues Task Force will consider a topic entitled "Consideration of an Insurer's Accounting for Majority Owned Investments When the Ownership Is Through a Separate Account". This issue will consider the treatment of Separate Account arrangements that involve ownership by the Separate Account of more than 50% of its mutual fund shares. Closed Block ------------ As a result of demutualization, the Closed Block was established in 1992 for the benefit of certain individual participating policies that were in force on that date. Assets, liabilities and earnings of the Closed Block are specifically identified to support its participating policyholders. Assets allocated to the Closed Block inure solely to the benefit of the Closed Block policyholders and will not revert to the benefit of AXA Equitable. No reallocation, transfer, borrowing or lending of assets can be made between the Closed Block and other portions of AXA Equitable's General Account, any of its Separate Accounts or any affiliate of AXA Equitable without the approval of the New York Superintendent of Insurance (the "Superintendent"). Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the General Account. The excess of Closed Block liabilities over Closed Block assets (adjusted to exclude the impact of related amounts in accumulated other comprehensive income) represents the expected maximum future post-tax earnings from the Closed Block that would be recognized in income from continuing operations over the period the policies and contracts in the Closed Block remain in force. As of January 1, 2001, the Company has developed an actuarial calculation of the expected timing of the Closed Block earnings. F-12 If the actual cumulative earnings from the Closed Block are greater than the expected cumulative earnings, only the expected earnings will be recognized in net income. Actual cumulative earnings in excess of expected cumulative earnings at any point in time are recorded as a policyholder dividend obligation because they will ultimately be paid to Closed Block policyholders as an additional policyholder dividend unless offset by future performance that is less favorable than originally expected. If a policyholder dividend obligation has been previously established and the actual Closed Block earnings in a subsequent period are less than the expected earnings for that period, the policyholder dividend obligation would be reduced (but not below zero). If, over the period the policies and contracts in the Closed Block remain in force, the actual cumulative earnings of the Closed Block are less than the expected cumulative earnings, only actual earnings would be recognized in income from continuing operations. If the Closed Block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside the Closed Block. Many expenses related to Closed Block operations, including amortization of DAC, are charged to operations outside of the Closed Block; accordingly, net revenues of the Closed Block do not represent the actual profitability of the Closed Block operations. Operating costs and expenses outside of the Closed Block are, therefore, disproportionate to the business outside of the Closed Block. Investments ----------- The carrying values of fixed maturities identified as available for sale are reported at fair value. Changes in fair value are reported in comprehensive income. The amortized cost of fixed maturities is adjusted for impairments in value deemed to be other than temporary. The redeemable preferred stock investments reported in fixed maturities include real estate investment trusts ("REIT") perpetual preferred stock, other perpetual preferred stock and redeemable preferred stock. These securities may not have a stated maturity, may not be cumulative and do not provide for mandatory redemption by the issuer. Mortgage loans on real estate are stated at unpaid principal balances, net of unamortized discounts and valuation allowances. Valuation allowances are based on the present value of expected future cash flows discounted at the loan's original effective interest rate or on its collateral value if the loan is collateral dependent. However, if foreclosure is or becomes probable, the collateral value measurement method is used. Impaired mortgage loans without provision for losses are loans where the fair value of the collateral or the net present value of the expected future cash flows related to the loan equals or exceeds the recorded investment. Interest income earned on loans where the collateral value is used to measure impairment is recorded on a cash basis. Interest income on loans where the present value method is used to measure impairment is accrued on the net carrying value amount of the loan at the interest rate used to discount the cash flows. Changes in the present value attributable to changes in the amount or timing of expected cash flows are reported as investment gains or losses. Real estate held for the production of income, including real estate acquired in satisfaction of debt, is stated at depreciated cost less valuation allowances. At the date of foreclosure (including in-substance foreclosure), real estate acquired in satisfaction of debt is valued at estimated fair value. Impaired real estate is written down to fair value with the impairment loss being included in Investment (losses) gains, net. Depreciation of real estate held for production of income is computed using the straight-line method over the estimated useful lives of the properties, which generally range from 40 to 50 years. Valuation allowances are netted against the asset categories to which they apply. Policy loans are stated at unpaid principal balances. Partnerships, investment companies and joint venture interests in which the Company has control and a majority economic interest (that is, greater than 50% of the economic return generated by the entity) or those that meet the requirements for consolidation under FIN 46(R) are consolidated; those in which the Company does not have control and a majority economic interest and those that do not meet FIN 46(R) requirements for consolidation are reported on the equity basis of accounting and are included either with equity real estate or other equity investments, as appropriate. The Company records its interests in certain of these partnerships on a one quarter lag. F-13 Equity securities, which include common stock and non-redeemable preferred stock classified as available for sale securities, are carried at fair value and are included in other equity investments with unrealized gains and losses reported as a separate component of accumulated other comprehensive income (loss) in Shareholder's equity. Trading securities, which include equity securities and fixed maturities, are carried at fair value based on quoted market prices, with unrealized gains and losses reported in Net earnings. Corporate owned life insurance ("COLI") is purchased by the Company on the lives of certain key employees; certain subsidiaries of the Company are named as beneficiaries under these policies. COLI is carried at the cash surrender value of the policies. At December 31, 2008 and 2007, the carrying value of COLI was $687.3 million and $770.7 million, respectively, and is reported in Other invested assets in the consolidated balance sheets. Short-term investments are stated at amortized cost that approximates fair value, and are included with other invested assets. Cash and cash equivalents includes cash on hand, demand deposits, money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less. Due to the short-term nature of these investments, the recorded value has been determined to approximate fair value. All securities owned including United States government and agency securities, mortgage-backed securities and futures and forwards transactions are recorded in the consolidated financial statements on a trade date basis. Derivatives ----------- The Company primarily uses derivatives for asset/liability risk management, for hedging individual securities and certain equity exposures and to reduce its exposure to interest rate fluctuations on its long-term debt obligations. Various derivative instruments are used to achieve these objectives, including interest rate floors, interest rate swaps, futures contracts and options positions. None of the derivatives were designated as qualifying hedges under SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities". The Insurance Group issues certain variable annuity products with Guaranteed Minimum Death Benefit ("GMDB"), GMIB and Guaranteed Withdrawal Benefit for Life ("GWBL") features. The risk associated with the GMDB feature is that under-performance of the financial markets could result in GMDB benefits, in the event of death, being higher than what accumulated policyholder account balances would support. The risk associated with the GMIB feature is that under-performance of the financial markets could result in GMIB benefits, in the event of election, being higher than what accumulated policyholders account balances would support. The Company currently utilizes a combination of futures contracts and interest rate swap and floor contracts to hedge such risks. However, for both GMDB and GMIB, the Company retains basis and volatility risk and risk associated with actual versus expected assumptions for mortality, lapse, surrender, withdrawal and contractholder election rates, among other things. The futures contracts are managed to correlate with changes in the value of the GMDB and GMIB feature that result from financial markets movements. In addition, the Company has purchased reinsurance contracts to mitigate the risks associated with the impact of potential market fluctuations on future policyholder elections of GMIB features contained in certain annuity contracts issued by the Company. Reinsurance contracts covering GMIB exposure as well as the GWBL features are considered derivatives for accounting purposes, and, therefore, must be reported in the balance sheet at their fair value. GMIB reinsurance and GWBL features' fair values are reported in the consolidated balance sheets in Other assets and Future policy benefits and other policyholders liabilities, respectively. Changes in GMIB reinsurance fair values are reflected in Commissions, fees and other income in the consolidated statements of earnings, while changes related to the GWBL fair values are reported in Policyholder's benefits. There can be no assurance that ultimate actual experience will not differ from management's estimates. See Note 8 herein. F-14 Margins on individual insurance and annuity contracts are affected by interest rate fluctuations. If interest rates fall, credited interest rates and dividends could be adjusted prospectively subject to minimum rate guarantees. To hedge exposure to lower interest rates for these and other reasons, the Company may use interest rate floors. The Company is exposed to equity market fluctuations through investments in Separate Accounts. The Company may enter into derivative contracts to minimize such risk. The Company is exposed to credit-related losses in the event of nonperformance by counterparties to derivative financial instruments. Generally, such credit exposure is limited to the fair value of the derivative instruments at the reporting date. All derivatives outstanding at December 31, 2008 and 2007 are recognized on the balance sheet at their fair values. The Company controls and minimizes its counterparty exposure. Exposure to credit risk is controlled with respect to each counterparty through a credit appraisal and approval process. Each counterparty is currently rated A+ or better by Moody's and Standard and Poor's rating agencies. In addition, as further described in Note 3, the Company has executed various collateral arrangements with counterparties to over-the-counter derivative transactions that require both pledging and accepting collateral either in the form of cash or high-quality securities, such as Treasuries or those issued by government agencies. All outstanding equity-based and treasury futures contracts at December 31, 2008 and 2007 were exchange-traded and are marked to market and net settled daily. All gains and losses on derivative financial instruments other than the GMIB reinsurance contracts and the GWBL features liability are reported in Net investment income. Net Investment Income, Investment (Losses) Gains, Net and Unrealized Investment Gains (Losses) -------------------------------------------------------------------- Net investment income and realized investment gains (losses), net (together, "investment results") related to certain participating group annuity contracts which are passed through to the contractholders are offset by amounts reflected as interest credited to policyholders' account balances. Realized investment gains (losses) are determined by identification with the specific asset and are presented as a component of revenue. Changes in the valuation allowances are included in Investment (losses) gains, net. Realized and unrealized holding gains (losses) on trading securities are reflected in Net investment income. Unrealized investment gains and losses on fixed maturities and equity securities available for sale held by the Company are accounted for as a separate component of accumulated comprehensive income, net of related deferred income taxes, amounts attributable to certain pension operations principally consisting of group non-participating wind-up annuity products ("Wind-up Annuities"), Closed Block's policyholders dividend obligation and DAC related to universal life and investment-type products and participating traditional life contracts. Fair Value of Other Financial Instruments ----------------------------------------- SFAS No. 157 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. SFAS No. 157 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value: Level 1 Quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data. Level 3 Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity's own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability. F-15 Fair value measurements classified as Level 1 include exchange-traded prices of debt and equity securities and net asset values for transacting subscriptions and redemptions of mutual fund shares held by Separate Accounts. At December 31, 2008, investments classified as Level 2 comprised approximately 24.0% of invested assets measured at fair value on a recurring basis and primarily included U.S. government and agency securities and certain corporate debt securities. As market quotes generally are not readily available or accessible for these securities, their fair value measures most often are determined through the use of model pricing that effectively discounts prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security's duration, also taking into consideration issuer-specific credit quality and liquidity. These valuation methodologies have been studied and evaluated by the Company and the resulting prices determined to be representative of exit values for which the significant inputs are sourced either directly or indirectly from market observable data. At December 31, 2008, approximately $419.4 million amortized cost of CMBS securities were transferred from Level 2 to Level 3 classification. Through third quarter 2008, pricing of these securities was sourced from a third party service, whose process placed significant reliance on market trading activity. In fourth quarter 2008, the lack of sufficient observable CMBS trading data and significant volatility in the pricing of isolated trades, made it difficult, at best, to validate prices of CMBS securities below the senior AAA tranche for which limited trading continued. Consequently, the Company instead applied a risk-adjusted present value technique to the projected cash flows of these securities, as adjusted for origination year, default metrics, and level of subordination, with the objective of maximizing observable inputs. To provide for consideration of fourth quarter market transactions, the fair value measures of these CMBS securities at December 31, 2008 attributed a 10% weighting to the pricing sourced from the third party service. This weighting of multiple valuation techniques is permitted both by SFAS No. 157 and FSP FAS 157-3 and produces a more representative measure of the fair values of these CMBS securities in the circumstances. The fair value of these CMBS securities at December 31, 2008 was approximately $358.2 million. The Level 2 classification continues to include approximately $1,843.0 million AAA-rated mortgage- and asset-backed securities, including AAA senior CMBS, for which the observability of market inputs to their pricing models is supported by sufficient, albeit more recently volatile, market activity in these sectors. Determinations to classify fair value measures within Level 3 of the valuation hierarchy generally are based upon the significance of the unobservable factors to the overall fair value measurement. In addition to the CMBS securities described above, included in the Level 3 classification at December 31, 2008 were approximately $458.4 million of fixed maturities with indicative pricing obtained from brokers that otherwise could not be corroborated to market observable data. The Company applies various due-diligence procedures, as considered appropriate, to validate the pricing of investments classified as Level 3, including back-testing to historical prices, benchmarking to similar securities, and internal review by a valuation committee. Level 3 also includes the GMIB reinsurance asset and the GWBL features' liability, which are accounted for as derivatives in accordance with SFAS No. 133. The GMIB reinsurance asset reflects the present value of reinsurance premiums and recoveries and risk margins over a range of market consistent economic scenarios while the GWBL related liability reflects the present value of expected future payments (benefits) less the fees, adjusted for risk margins, attributable to the GWBL feature valued as an embedded derivative over a range of market-consistent economic scenarios. The valuation of both the asset and liability just described incorporates significant non-observable assumptions related to policyholder behavior, risk margins and projections of Separate Account funds. The Company defines fair value as the quoted market prices for those instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time the Company's entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair values cannot be substantiated by comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument. Certain financial instruments are excluded from fair value disclosures, particularly insurance liabilities other than financial guarantees and investment contracts. Fair market values of off-balance-sheet financial instruments of the Insurance Group were not material at December 31, 2008 and 2007. F-16 Fair values for mortgage loans on real estate are measured by discounting future contractual cash flows using interest rates at which loans with similar characteristics and credit quality would be made. Fair values for foreclosed mortgage loans and problem mortgage loans are limited to the fair value of the underlying collateral if lower. The fair values for the Company's association plan contracts, supplementary contracts not involving life contingencies ("SCNILC") and certain annuities, which are included in policyholders' account balances, and guaranteed interest contracts are estimated using projected cash flows discounted at rates reflecting expected current offering rates. The fair values for variable deferred annuities and single premium deferred annuities, included in policyholders' account balances, are estimated as the discounted value of projected account values. Current account values are projected to the time of the next crediting rate review at the current crediting rates and are projected beyond that date at the greater of current estimated market rates offered on new policies or the guaranteed minimum crediting rate. Expected cash flows and projected account values are discounted back to the present at the current estimated market rates. Fair values for long-term debt are determined using published market values, where available, or contractual cash flows discounted at market interest rates. The fair values for non-recourse mortgage debt are determined by discounting contractual cash flows at a rate that takes into account the level of current market interest rates and collateral risk. The fair values for recourse mortgage debt are determined by discounting contractual cash flows at a rate based upon current interest rates of other companies with credit ratings similar to the Company. The Company's carrying value of short-term borrowings approximates fair value. Recognition of Insurance Income and Related Expenses ---------------------------------------------------- Premiums from universal life and investment-type contracts are reported as deposits to policyholders' account balances. Revenues from these contracts consist of amounts assessed during the period against policyholders' account balances for mortality charges, policy administration charges and surrender charges. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policyholders' account balances. Premiums from participating and non-participating traditional life and annuity policies with life contingencies generally are recognized in income when due. Benefits and expenses are matched with such income so as to result in the recognition of profits over the life of the contracts. This match is accomplished by means of the provision for liabilities for future policy benefits and the deferral and subsequent amortization of policy acquisition costs. For contracts with a single premium or a limited number of premium payments due over a significantly shorter period than the total period over which benefits are provided, premiums are recorded as revenue when due with any excess profit deferred and recognized in income in a constant relationship to insurance in-force or, for annuities, the amount of expected future benefit payments. Premiums from individual health contracts are recognized as income over the period to which the premiums relate in proportion to the amount of insurance protection provided. DAC --- Acquisition costs that vary with and are primarily related to the acquisition of new and renewal insurance business, including commissions, underwriting, agency and policy issue expenses, are deferred. DAC is subject to recoverability testing at the time of policy issue and loss recognition testing at the end of each accounting period. For universal life products and investment-type products, DAC is amortized over the expected total life of the contract group as a constant percentage of estimated gross profits arising principally from investment results, Separate Account fees, mortality and expense margins and surrender charges based on historical and anticipated future experience, updated at the end of each accounting period. When estimated gross profits are expected to be negative for multiple years of a contract life, DAC is amortized using the present value of estimated assessments. The effect on the amortization of DAC of revisions to estimated gross profits or F-17 assessments is reflected in earnings in the period such estimated gross profits or assessments are revised. A decrease in expected gross profits or assessments would accelerate DAC amortization. Conversely, an increase in expected gross profits or assessments would slow DAC amortization. The effect on the DAC asset that would result from realization of unrealized gains (losses) is recognized with an offset to accumulated comprehensive income in consolidated shareholder's equity as of the balance sheet date. A significant assumption in the amortization of DAC on variable and interest-sensitive life insurance and variable annuities relates to projected future Separate Account performance. Management sets estimated future gross profit assumptions related to Separate Account performance using a long-term view of expected average market returns by applying a reversion to the mean approach. In applying this approach to develop estimates of future returns, it is assumed that the market will return to an average gross long-term return estimate, developed with reference to historical long-term equity market performance and subject to assessment of the reasonableness of resulting estimates of future return assumptions. For purposes of making this reasonableness assessment, management has set limitations as to maximum and minimum future rate of return assumptions, as well as a limitation on the duration of use of these maximum or minimum rates of return. At December 31, 2008, the average gross short-term and long-term annual return estimate is 9.0% (6.7% net of product weighted average Separate Account fees), and the gross maximum and minimum annual rate of return limitations are 15.0% (12.7% net of product weighted average Separate Account fees) and 0.0% ((2.3%) net of product weighted average Separate Account fees), respectively. The maximum duration over which these rate limitations may be applied is 5 years. This approach will continue to be applied in future periods. If actual market returns continue at levels that would result in assuming future market returns of 15.0% for more than 5 years in order to reach the average gross long-term return estimate, the application of the 5 year maximum duration limitation would result in an acceleration of DAC amortization. Conversely, actual market returns resulting in assumed future market returns of 0.0% for more than 5 years would result in a required deceleration of DAC amortization. As of December 31, 2008, current projections of future average gross market returns assume a 9% return for 2009 through 2013, which is within the maximum and minimum limitations. At the end of each accounting period, the present value of estimated gross profits or assessments is updated based on historical and anticipated future experience. Due primarily to the significant reduction in Separate Accounts balances in fourth quarter 2008 and a change in the estimate of average gross short-term annual return on Separate Account balances to 9.0%, estimated gross profits on a U.S. GAAP basis for certain issue years of the Accumulator(R) product line of variable annuities are expected to be negative due to the recognition of derivative gains in earnings, while the reserves do not fully reflect the immediate impact of equity and interest market fluctuations. Therefore, the amortization method was changed from a methodology that uses the present value of estimated gross profits to the present value of estimated assessments. In addition, projections of future mortality assumptions related to variable and interest-sensitive life products are based on a long-term average of actual experience. This assumption is updated quarterly to reflect recent experience as it emerges. Improvement of life mortality in future periods from that currently projected would result in future deceleration of DAC amortization. Conversely, deterioration of life mortality in future periods from that currently projected would result in future acceleration of DAC amortization. Generally, life mortality experience has been improving in recent years. Other significant assumptions underlying gross profit estimates relate to contract persistency and General Account investment spread. For participating traditional life policies (substantially all of which are in the Closed Block), DAC is amortized over the expected total life of the contract group as a constant percentage based on the present value of the estimated gross margin amounts expected to be realized over the life of the contracts using the expected investment yield. At December 31, 2008, the average rate of assumed investment yields, excluding policy loans, was 6.2% grading to 6.0% over 10 years. Estimated gross margin includes anticipated premiums and investment results less claims and administrative expenses, changes in the net level premium reserve and expected annual policyholder dividends. The effect on the accumulated amortization of DAC of revisions to estimated gross margins is reflected in earnings in the period such estimated gross margins are revised. The effect on the DAC asset that would result from realization of unrealized gains (losses) is recognized with an offset to accumulated comprehensive income in consolidated shareholder's equity as of the balance sheet date. F-18 For non-participating traditional life policies, DAC is amortized in proportion to anticipated premiums. Assumptions as to anticipated premiums are estimated at the date of policy issue and are consistently applied during the life of the contracts. Deviations from estimated experience are reflected in earnings in the period such deviations occur. For these contracts, the amortization periods generally are for the total life of the policy. Contractholder Bonus Interest Credits ------------------------------------- Contractholder bonus interest credits are offered on certain deferred annuity products in the form of either immediate bonus interest credited or enhanced interest crediting rates for a period of time. The interest crediting expense associated with these contractholder bonus interest credits is deferred and amortized over the lives of the underlying contracts in a manner consistent with the amortization of DAC. Unamortized balances are included in Other assets. Policyholders' Account Balances and Future Policy Benefits ---------------------------------------------------------- Policyholders' account balances for universal life and investment-type contracts are equal to the policy account values. The policy account values represent an accumulation of gross premium payments plus credited interest less expense and mortality charges and withdrawals. AXA Equitable issues certain variable annuity products with GMDB and GWBL features and guaranteed minimum accumulation benefits ("GMAB"). AXA Equitable also issues certain variable annuity products that contain a GMIB feature which, if elected by the policyholder after a stipulated waiting period from contract issuance, guarantees a minimum lifetime annuity based on predetermined annuity purchase rates that may be in excess of what the contract account value can purchase at then-current annuity purchase rates. This minimum lifetime annuity is based on predetermined annuity purchase rates applied to a guaranteed minimum income benefit base. Reserves for GMDB and GMIB obligations are calculated on the basis of actuarial assumptions related to projected benefits and related contract charges generally over the lives of the contracts using assumptions consistent with those used in estimating gross profits for purposes of amortizing DAC. The determination of this estimated liability is based on models that involve numerous estimates and subjective judgments, including those regarding expected market rates of return and volatility, contract surrender and withdrawal rates, mortality experience, and, for contracts with the GMIB feature, GMIB election rates. Assumptions regarding Separate Account performance used for purposes of this calculation are set using a long-term view of expected average market returns by applying a reversion to the mean approach, consistent with that used for DAC amortization. There can be no assurance that ultimate actual experience will not differ from management's estimates. For reinsurance contracts other than those covering GMIB exposure, reinsurance recoverable balances are calculated using methodologies and assumptions that are consistent with those used to calculate the direct liabilities. Deferred cost of reinsurance associated with the reinsurance of GMDB and GMIB riders is amortized over the life of the underlying annuity contracts based on assessments. For participating traditional life policies, future policy benefit liabilities are calculated using a net level premium method on the basis of actuarial assumptions equal to guaranteed mortality and dividend fund interest rates. The liability for annual dividends represents the accrual of annual dividends earned. Terminal dividends are accrued in proportion to gross margins over the life of the contract. For non-participating traditional life insurance policies, future policy benefit liabilities are estimated using a net level premium method on the basis of actuarial assumptions as to mortality, persistency and interest established at policy issue. Assumptions established at policy issue as to mortality and persistency are based on the Insurance Group's experience that, together with interest and expense assumptions, includes a margin for adverse deviation. When the liabilities for future policy benefits plus the present value of expected future gross premiums for a product are insufficient to provide for expected future policy benefits and expenses for that product, DAC is written off and thereafter, if required, a premium deficiency reserve is established by a charge to earnings. Benefit liabilities for traditional annuities during the accumulation period are equal to accumulated contractholders' fund balances and, after annuitization, are equal to the present value of expected future payments. Interest rates used in establishing such liabilities range from 4.0% to 10.9% for life insurance liabilities and from 2.35% to 8.7% for annuity liabilities. F-19 Individual health benefit liabilities for active lives are estimated using the net level premium method and assumptions as to future morbidity, withdrawals and interest. Benefit liabilities for disabled lives are estimated using the present value of benefits method and experience assumptions as to claim terminations, expenses and interest. While management believes its disability income ("DI") reserves have been calculated on a reasonable basis and are adequate, there can be no assurance reserves will be sufficient to provide for future liabilities. Policyholders' Dividends ------------------------ The amount of policyholders' dividends to be paid (including dividends on policies included in the Closed Block) is determined annually by AXA Equitable's board of directors. The aggregate amount of policyholders' dividends is related to actual interest, mortality, morbidity and expense experience for the year and judgment as to the appropriate level of statutory surplus to be retained by AXA Equitable. At December 31, 2008, participating policies, including those in the Closed Block, represent approximately 9.73% ($27,200.0 million) of directly written life insurance in-force, net of amounts ceded. Separate Accounts ----------------- Generally, Separate Accounts established under New York State Insurance Law are not chargeable with liabilities that arise from any other business of the Insurance Group. Separate Accounts assets are subject to General Account claims only to the extent Separate Accounts assets exceed Separate Accounts liabilities. Assets and liabilities of the Separate Accounts represent the net deposits and accumulated net investment earnings less fees, held primarily for the benefit of contractholders, and for which the Insurance Group does not bear the investment risk. Separate Accounts' assets and liabilities are shown on separate lines in the consolidated balance sheets. Assets held in the Separate Accounts are carried at quoted market values or, where quoted values are not readily available or accessible for these securities, their fair value measures most often are determined through the use of model pricing that effectively discounts prospective cash flows to present value using appropriate sector adjusted credit spreads commensurate with the security's duration, also taking into consideration issuer-specific credit quality and liquidity. The assets and liabilities of three Separate Accounts are presented and accounted for as General Account assets and liabilities due to the fact that not all of the investment performance in those Separate Accounts is passed through to policyholders. Investment assets in these Separate Accounts principally consist of fixed maturities that are classified as available for sale in the accompanying consolidated financial statements. The investment results of Separate Accounts, including unrealized (losses) gains, on which the Insurance Group does not bear the investment risk are reflected directly in Separate Accounts liabilities and are not reported in revenues in the consolidated statements of earnings. For 2008, 2007 and 2006, investment results of such Separate Accounts were (losses) gains of $(33,912.8) million, $5,347.4 million and $5,689.1 million, respectively. Deposits to Separate Accounts are reported as increases in Separate Accounts liabilities and are not reported in revenues. Mortality, policy administration and surrender charges on all policies including those funded by Separate Accounts are included in revenues. The Company reports the General Account's interests in Separate Accounts as Trading securities in the consolidated balance sheets. Recognition of Investment Management Revenues and Related Expenses ------------------------------------------------------------------ Commissions, fees and other income principally include the Investment Management segment's investment advisory and service fees, distribution revenues and institutional research services revenue. Investment advisory and service base fees, generally calculated as a percentage, referred to as basis points ("BPs"), of assets under management, are recorded as revenue as the related services are performed; they include brokerage transactions charges received by SCB LLC, for certain retail, private client and institutional investment client transactions. Certain investment advisory contracts, including those with hedge funds, provide for a performance-based fee, in addition to or in lieu of a base fee that is calculated as either a percentage of absolute investment results or a percentage of the investment results in excess of or shortfall compared to a stated benchmark over a specified period of time. Performance-based fees are recorded as F-20 revenue at the end of each contract's measurement period. Institutional research services revenue consists of brokerage transaction charges received by SCB LLC and SCBL, for independent research and brokerage-related services provided to institutional investors. Brokerage transaction charges earned and related expenses are recorded on a trade date basis. Distribution revenues and shareholder servicing fees are accrued as earned. Commissions paid to financial intermediaries in connection with the sale of shares of open-end AllianceBernstein sponsored mutual funds sold without a front-end sales charge ("back-end load shares") are capitalized as deferred sales commissions and amortized over periods not exceeding five and one-half years for U.S. fund shares and four years for non-U.S. fund shares, the periods of time during which the deferred sales commissions are generally recovered. These commissions are recovered from distribution services fees received from those funds and from contingent deferred sales commissions ("CDSC") received from shareholders of those funds upon the redemption of their shares. CDSC cash recoveries are recorded as reductions of unamortized deferred sales commissions when received. AllianceBernstein's management tests the deferred sales commission asset for recoverability quarterly. AllianceBernstein's management determines recoverability by estimating undiscounted future cash flows to be realized from this asset, as compared to its recorded amount, as well as the estimated remaining life of the deferred sales commission asset over which undiscounted future cash flows are expected to be received. Undiscounted future cash flows consist of ongoing distribution services fees and CDSC. Distribution services fees are calculated as a percentage of average assets under management related to back-end load shares. CDSC are based on the lower of cost or current value, at the time of redemption, of back-end load shares redeemed and the point at which redeemed during the applicable minimum holding period under the mutual fund distribution system. Significant assumptions utilized to estimate future average assets under management and undiscounted future cash flows from back-end load shares include expected future market levels and redemption rates. Market assumptions are selected using a long-term view of expected average market returns based on historical returns of broad market indices. Future redemption rate assumptions are determined by reference to actual redemption experience over the five-year, three-year and one-year periods and current quarterly periods ended December 31, 2008. These assumptions are updated periodically. Estimates of undiscounted future cash flows and the remaining life of the deferred sales commission asset are made from these assumptions and the aggregate undiscounted cash flows are compared to the recorded value of the deferred sales commission asset. If AllianceBernstein's management determines in the future that the deferred sales commission asset is not recoverable, an impairment condition would exist and a loss would be measured as the amount by which the recorded amount of the asset exceeds its estimated fair value. Estimated fair value is determined using AllianceBernstein's management's best estimate of future cash flows discounted to a present value amount. Goodwill and Other Intangible Assets ------------------------------------ Goodwill represents the excess of the purchase price over the fair value of identifiable assets of acquired companies, and relates principally to the Bernstein Acquisition and purchases of AllianceBernstein units. In accordance with SFAS No. 142, "Goodwill and Other Intangible Assets," goodwill is tested annually for impairment and at interim periods if events or circumstances indicate an impairment could have occurred. Based on the 2008 impairment testing performed as of December 31, 2008, management determined that goodwill was not impaired. Intangible assets related to the Bernstein Acquisition and purchases of AllianceBernstein units include values assigned to contracts of businesses acquired. These intangible assets continue to be amortized on a straight-line basis over estimated useful lives of twenty years. Other intangible assets are tested for impairment quarterly. Management believes that other intangible assets were not impaired at December 31, 2008. Other Accounting Policies ------------------------- Capitalized internal-use software is amortized on a straight-line basis over the estimated useful life of the software that ranges between one and nine years. F-21 AXA Financial and certain of its consolidated subsidiaries, including the Company, file a consolidated Federal income tax return. Current Federal income taxes are charged or credited to operations based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year. Deferred income tax assets and liabilities are recognized based on the difference between financial statement carrying amounts and income tax bases of assets and liabilities using enacted income tax rates and laws. Discontinued operations include real estate held-for-sale. Real estate investments meeting the following criteria are classified as real estate held-for-sale: o Management having the authority to approve the action commits the organization to a plan to sell the property. o The property is available for immediate sale in its present condition subject only to terms that are usual and customary for the sale of such assets. o An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated and are continuing. o The sale of the asset is probable and transfer of the asset is expected to qualify for recognition as a completed sale within one year. o The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. o Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Real estate held-for-sale is stated at depreciated cost less valuation allowances. Valuation allowances on real estate held-for-sale are computed using the lower of depreciated cost or current estimated fair value, net of disposition costs. Depreciation is discontinued on real estate held-for-sale. Real estate held-for-sale is included in the Other assets line in the consolidated balance sheets. The results of operations for real estate held-for-sale in each of the three years ended December 31, 2008 were not significant. F-22 3) INVESTMENTS Fixed Maturities and Equity Securities The following tables provide additional information relating to fixed maturities and equity securities:
GROSS GROSS AMORTIZED UNREALIZED UNREALIZED ESTIMATED COST GAINS LOSSES FAIR VALUE ----------------- ----------------- ----------------- ---------------- (IN MILLIONS) DECEMBER 31, 2008 ----------------- Fixed Maturities: Available for Sale: Corporate...................... $ 18,913.6 $ 223.6 $ 1,782.7 $ 17,354.5 Mortgage and Asset Backed...... 4,242.8 76.7 580.0 3,739.5 U.S. Treasury, government and agency securities........ 1,061.9 279.7 - 1,341.6 States and political subdivisions................. 164.7 12.0 7.7 169.0 Foreign governments............ 256.3 46.5 5.6 297.2 Redeemable preferred stock..... 1,571.7 .1 642.6 929.2 ----------------- ----------------- ----------------- ---------------- Total Available for Sale..... $ 26,211.0 $ 638.6 $ 3,018.6 $ 23,831.0 ================= ================= ================= ================ Equity Securities: Available for sale............... $ 31.7 $ - $ 4.9 $ 26.8 Trading securities............... 434.9 .2 188.6 246.5 ----------------- ----------------- ----------------- ---------------- Total Equity Securities............ $ 466.6 $ .2 $ 193.5 $ 273.3 ================= ================= ================= ================ December 31, 2007 ----------------- Fixed Maturities: Available for Sale: Corporate...................... $ 19,495.5 $ 586.5 $ 290.1 $ 19,791.9 Mortgage and Asset Backed...... 4,665.3 52.5 266.5 4,451.3 U.S. Treasury, government and agency securities........ 715.4 51.8 - 767.2 States and political subdivisions................. 169.8 16.7 .6 185.9 Foreign governments............ 237.0 41.9 - 278.9 Redeemable preferred stock..... 1,730.7 51.3 97.7 1,684.3 ----------------- ----------------- ----------------- ---------------- Total Available for Sale..... $ 27,013.7 $ 800.7 $ 654.9 $ 27,159.5 ================= ================= ================= ================ Equity Securities: Available for sale............... $ 25.1 $ .8 $ .1 $ 25.8 Trading securities............... 482.2 8.7 23.8 467.1 ----------------- ----------------- ----------------- ---------------- Total Equity Securities............ $ 507.3 $ 9.5 $ 23.9 $ 492.9 ================= ================= ================= ================
At December 31, 2008 and 2007, respectively, the Company had trading fixed maturities with an amortized cost of $79.6 million and $105.3 million and carrying values of $76.2 million and $106.2 million. Gross unrealized gains on trading fixed maturities were $0.1 million and $1.0 million and gross unrealized losses were $3.5 million and $0.1 million for 2008 and 2007, respectively. The Company determines the fair value of fixed maturities and equity securities based upon quoted prices in active markets, when available, or through the use of alternative approaches when market quotes are not readily accessible or available. These alternative approaches include matrix or model pricing and use of independent pricing services, each supported by reference to principal market trades or other observable market assumptions for similar securities. More specifically, the matrix pricing approach to fair value is a discounted cash flow methodology that incorporates market interest rates commensurate with the credit quality and duration of the investment. F-23 The contractual maturity of bonds at December 31, 2008 is shown below:
AVAILABLE FOR SALE ------------------------------------ AMORTIZED ESTIMATED COST FAIR VALUE ---------------- ----------------- (IN MILLIONS) Due in one year or less.......................... $ 668.0 $ 670.7 Due in years two through five.................... 8,254.4 7,845.7 Due in years six through ten..................... 7,777.2 7,077.9 Due after ten years.............................. 3,696.9 3,568.0 ---------------- ----------------- Subtotal..................................... 20,396.5 19,162.3 Mortgage and Asset Backed........................ 4,242.8 3,739.5 ---------------- ----------------- Total .......................................... $ 24,639.3 $ 22,901.8 ================ =================
Bonds not due at a single maturity date have been included in the above table in the year of final maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The Company's management, with the assistance of its investment advisors, monitors the investment performance of its portfolio. This review process includes a quarterly review of certain assets by the Insurance Group's Investments Under Surveillance Committee that evaluates whether any investments are other than temporarily impaired. Based on the analysis, a determination is made as to the ability of the issuer to service its debt obligations on an ongoing basis. If this ability is deemed to be other than temporarily impaired, then the appropriate provisions are taken. The following table discloses the 1,373 issues of fixed maturities that have been in a continuous unrealized loss position for less than a twelve month period and greater than a twelve month period as of December 31, 2008:
LESS THAN 12 MONTHS 12 MONTHS OR LONGER TOTAL ---------------------------- ------------------------------------------------------------- GROSS GROSS GROSS ESTIMATED UNREALIZED ESTIMATED UNREALIZED ESTIMATED UNREALIZED FAIR VALUE LOSSES FAIR VALUE LOSSES FAIR VALUE LOSSES ------------ ------------- ------------- ------------- ------------- -------------- (IN MILLIONS) Fixed Maturities: Corporate.............. $ 8,636.5 $ (1,051.8) $ 3,495.8 $ (730.9) $ 12,132.3 $ (1,782.7) Mortgage and Asset Backed........ 379.9 (26.1) 1,409.6 (553.9) 1,789.5 (580.0) U.S. Treasury, government and agency securities.... - - - - - - States and political subdivisions......... 36.9 (5.2) 17.7 (2.5) 54.6 (7.7) Foreign governments.... 70.0 (5.6) - - 70.0 (5.6) Redeemable preferred stock...... 364.2 (278.1) 515.6 (364.5) 879.8 (642.6) ------------ ------------- ------------- ------------- ------------- -------------- Total Temporarily Impaired Securities.... $ 9,487.5 $ (1,366.8) $ 5,438.7 $ (1,651.8) $ 14,926.2 $ (3,018.6) ============ ============= ============= ============= ============= ==============
The Insurance Group's fixed maturity investment portfolio includes corporate high yield securities consisting primarily of public high yield bonds. These corporate high yield securities are classified as other than investment grade by the various rating agencies, i.e., a rating below Baa3/BBB- or the National Association of Insurance Commissioners ("NAIC") designation of 3 (medium grade), 4 or 5 (below investment grade) or 6 (in or near default). At December 31, 2008, approximately $900.4 million or 3.5% of the $26,211.0 million F-24 aggregate amortized cost of fixed maturities held by the Company was considered to be other than investment grade. The Insurance Group does not originate, purchase or warehouse residential mortgages and is not in the mortgage servicing business. The Insurance Group's fixed maturity investment portfolio includes Residential Mortgage Backed Securities ("RMBS") backed by subprime and Alt-A residential mortgages. RMBS are securities whose cash flows are backed by the principal and interest payments from a set of residential mortgage loans. RMBS backed by subprime and Alt-A residential mortgages consist of loans made by banks or mortgage lenders to residential borrowers with lower credit ratings. The criteria used to categorize such subprime borrowers include Fair Isaac Credit Organization ("FICO") scores, interest rates charged, debt-to-income ratios and loan-to-value ratios. Alt-A residential mortgages are mortgage loans where the risk profile falls between prime and subprime; borrowers typically have clean credit histories but the mortgage loan has an increased risk profile due to higher loan-to-value and debt-to-income ratios and /or inadequate documentation of the borrowers' income. At December 31, 2008, the Insurance Group owned $49.1 million in RMBS backed by subprime residential mortgage loans, approximately 76% rated AAA, and $26.9 million in RMBS backed by Alt-A residential mortgage loans, approximately 82% of which were rated AAA. RMBS backed by subprime and Alt-A residential mortgages are fixed income investments supporting General Account liabilities. At December 31, 2008, the carrying value of fixed maturities that were non-income producing for the twelve months preceding that date was $21.2 million. Mortgage Loans -------------- The payment terms of mortgage loans on real estate may from time to time be restructured or modified. There were no restructured mortgage loans on real estate, based on amortized cost, at December 31, 2008 or 2007. Gross interest income on such loans included in net investment income aggregated zero, $3.9 million and $4.1 million in 2008, 2007 and 2006, respectively. Gross interest income on restructured mortgage loans on real estate that would have been recorded in accordance with the original terms of such loans amounted to zero, $3.3 million and $4.8 million in 2008, 2007 and 2006, respectively. There were no impaired mortgage loans at December 31, 2008. Impaired mortgage loans along with the related investment valuation allowances at December 31, 2007 follow:
December 31, 2007 -------------- (In Millions) Impaired mortgage loans with investment valuation allowances....... $ 11.4 Impaired mortgage loans without investment valuation allowances.... - -------------- Recorded investment in impaired mortgage loans..................... 11.4 Investment valuation allowances.................................... (1.4) -------------- Net Impaired Mortgage Loans........................................ $ 10.0 ==============
During 2008, 2007 and 2006, respectively, the Company's average recorded investment in impaired mortgage loans was $7.4 million, $49.1 million and $78.8 million. Interest income recognized on these impaired mortgage loans totaled $0.6 million, $4.5 million, and, $4.5 million for 2008, 2007 and 2006, respectively. Mortgage loans on real estate are placed on nonaccrual status once management believes the collection of accrued interest is doubtful. Once mortgage loans on real estate are classified as nonaccrual loans, interest income is recognized under the cash basis of accounting and the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan on real estate has been restructured to where the collection of interest is considered likely. At December 31, 2008 and 2007, respectively, the carrying value of mortgage loans on real estate that had been classified as nonaccrual loans were zero and $10.0 million. F-25 Equity Real Estate ------------------ The Insurance Group's investment in equity real estate is through direct ownership and through investments in real estate joint ventures. At December 31, 2008 and 2007, respectively, the Company owned zero and $113.0 million of real estate acquired in satisfaction of debt. During 2008, 2007 and 2006, no real estate was acquired in satisfaction of debt. Accumulated depreciation on real estate was $189.8 million and $179.7 million at December 31, 2008 and 2007, respectively. Depreciation expense on real estate totaled $12.8 million, $14.2 million and $18.3 million for 2008, 2007 and 2006, respectively. Valuation Allowances for Mortgage Loans and Equity Real Estate Investment valuation allowances for mortgage loans and equity real estate and changes thereto follow:
2008 2007 2006 --------------- -------------- -------------- (IN MILLIONS) Balances, beginning of year........................ $ 1.4 $ 21.0 $ 11.8 Additions charged to income........................ - 20.9 10.1 Deductions for writedowns and asset dispositions............................... (1.4) (40.5) (.9) --------------- -------------- -------------- Balances, End of Year.............................. $ - $ 1.4 $ 21.0 =============== ============== ============== Balances, end of year comprise: Mortgage loans on real estate.................... $ - $ 1.4 $ 11.3 Equity real estate............................... - - 9.7 --------------- -------------- -------------- Total.............................................. $ - $ 1.4 $ 21.0 =============== ============== ==============
Equity Method Investments ------------------------- Included in other equity investments, are interests in limited partnership interests and investment companies accounted for under the equity method with a total carrying value of $1,414.6 million and $1,607.9 million, respectively, at December 31, 2008 and 2007. Included in equity real estate are interests in real estate joint ventures accounted for under the equity method with a total carrying value of $48.3 million and $59.7 million, respectively, at December 31, 2008 and 2007. The Company's total equity in net (losses) earnings for these real estate joint ventures and limited partnership interests was $(58.1) million, $237.1 million and $169.6 million, respectively, for 2008, 2007 and 2006. F-26 Summarized below is the combined financial information only for those real estate joint ventures and for those limited partnership interests accounted for under the equity method in which the Company has an investment of $10.0 million or greater and an equity interest of 10% or greater (4 individual ventures at both December 31, 2008 and 2007) and the Company's carrying value and equity in net earnings for those real estate joint ventures and limited partnership interests:
DECEMBER 31, ------------------------------------ 2008 2007 ---------------- ----------------- (IN MILLIONS) BALANCE SHEETS Investments in real estate, at depreciated cost........................ $ 318.2 $ 391.3 Investments in securities, generally at estimated fair value........... 47.3 99.3 Cash and cash equivalents.............................................. 7.8 2.4 Other assets........................................................... 8.7 - ---------------- ----------------- Total Assets........................................................... $ 382.0 $ 493.0 ================ ================= Borrowed funds - third party........................................... $ 190.3 $ 273.1 Other liabilities...................................................... 3.1 4.8 ---------------- ----------------- Total liabilities...................................................... 193.4 277.9 ---------------- ----------------- Partners' capital...................................................... 188.6 215.1 ---------------- ----------------- Total Liabilities and Partners' Capital................................ $ 382.0 $ 493.0 ================ ================= The Company's Carrying Value in These Entities Included Above.......... $ 110.6 $ 79.5 ================ =================
2008 2007 2006 -------------- ------------- ------------- (IN MILLIONS) STATEMENTS OF EARNINGS Revenues of real estate joint ventures.............. $ 59.9 $ 77.5 $ 88.5 Net revenues of other limited partnership interests - 15.3 (1.3) Interest expense - third party...................... (14.1) (18.2) (18.5) Other expenses...................................... (37.3) (43.8) (53.7) -------------- ------------- ------------- Net Earnings........................................ $ 8.5 $ 30.8 $ 15.0 ============== ============= ============= The Company's Equity in Net Earnings of These Entities Included Above........................... $ 12.3 $ 24.6 $ 14.4 ============== ============= =============
Derivatives ----------- At December 31, 2008, the Company had open exchange-traded futures positions on the S&P 500, Russell 1000, NASDAQ 100 and Emerging Market indices, having initial margin requirements of $453.3 million. At December 31, 2008, the Company had open exchange-traded futures positions on the 10-year U.S. Treasury Note, having initial margin requirements of $101.2 million. At that same date, the Company had open exchange-trade future positions on the Euro Stoxx, FTSE 100, European, Australasia, Far East ("EAFE") and Topix indices as well as corresponding currency futures on the Euro/U.S. dollar, Yen/U.S. dollar and Pound/U.S. dollar, having initial margin requirements of $150.2 million. All exchange-traded futures contracts are net cash settled daily. F-27 At December 31, 2008, the Company had $1,750.0 million open exchange-traded options on the S&P index to mature on January 19, 2010, consisting of a long put and short call on the index with strike prices of 881.7 and 1,021.2, respectively, and a short put position at 613.5. These positions were established in fourth quarter 2008 to mitigate the adverse effects of equity market declines on AXA Equitable statutory reserves and protect downside equity exposure to 30% but limit the opportunity for upside to approximately 16%. The contracts have not been designated as qualifying hedges under SFAS No. 133, consequently, changes in their fair values are reflected immediately in earnings. Investment income recorded on these derivatives totaled $7.1 million. The outstanding notional amounts of derivative financial instruments purchased and sold at December 31, 2008 and 2007 were:
DECEMBER 31, -------------------------------- 2008 2007 -------------- -------------- (IN MILLIONS) Notional Amount by Derivative Type: Interest rate floors............................................... $ 21,000 $ 27,000 Exchange traded U.S. Treasuries, and equity index futures.......... 10,834 6,241 Interest rate swaps................................................ 1,100 125 S&P puts/calls..................................................... 1,750 - -------------- -------------- Total.............................................................. $ 34,684 $ 33,366 ============== ==============
At December 31, 2008 and 2007 and during the years then ended, no significant financial instruments contained implicit or explicit terms that met the definition of an embedded derivative component that needed to be separated from the host contract and accounted for as a derivative under the provisions of SFAS No. 133. In 2008, the Company executed various collateral arrangements with counterparties to over-the-counter derivative transactions, primarily used in its hedging programs for managing GMDB, GMIB and GWBL exposures, that require both the pledging and accepting of collateral (either in the form of cash or high-quality Treasury or government agency securities). At December 31, 2008, the Company held $568.7 million in cash collateral delivered by trade counterparties, representing the fair value of the related derivative agreements. This unrestricted cash collateral is reported in Cash and cash equivalents, and the obligation to return it is reported in Other liabilities in the consolidated balance sheets. In addition, the Company held approximately $40.0 million U.S. Treasury securities under these collateral agreements at December 31, 2008. 4) GOODWILL AND OTHER INTANGIBLE ASSETS The carrying value of goodwill related to AllianceBernstein totaled $3,413.8 million and $3,412.1 million at December 31, 2008 and 2007, respectively. The Company tests this goodwill for recoverability each annual reporting period at December 31 and at interim periods if facts or circumstances are indicative of potential impairment. In accordance with the requirements of SFAS No. 142, the Company determined that goodwill was not impaired at December 31, 2008 and 2007 as the fair value of its investment in AllianceBernstein, the reporting unit, exceeded its carrying value at each respective measurement date. However, significant declines in AllianceBernstein's assets under management and operating results in 2008 as a result of the global financial crisis decreased the amount of the excess as compared to 2007. In addition, although the market price of AllianceBernstein Holding Units exceeded their book value at December 31, 2008 and 2007, their market value significantly decreased year-over-year. The Company primarily uses a discounted cash flow valuation technique to measure the fair value of its AllianceBernstein reporting unit for purpose of goodwill impairment testing. The underlying cash flows used in the December 31, 2008 valuation were sourced from AllianceBernstein's current business plan, which factored in current market conditions and all material events that have impacted, or that management believed at the time could potentially impact, future discounted expected cash flows for the first four years and a 7.4% compounded annual growth rate thereafter. The Company discounted these cash flows at approximately 8.2%. The resulting amount, net of minority interest, was tax-effected to reflect taxes incurred at the Company. F-28 The gross carrying amount of AllianceBernstein related intangible assets were $553.8 million and $556.2 million at December 31, 2008 and 2007, respectively, and the accumulated amortization of these intangible assets were $265.3 million and $243.7 million, respectively. Amortization expense related to the AllianceBernstein intangible assets totaled $23.7 million, $23.5 million and $23.6 million for 2008, 2007 and 2006, respectively, and estimated amortization expense for each of the next five years is expected to be approximately $21.4 million. AllianceBernstein tests intangible assets for impairment quarterly by comparing their fair value, as determined by applying a present value technique to expected cash flows, to their carrying value. Each quarter, significant assumptions used to estimate the expected cash flows from these intangible assets, primarily investment management contracts, are updated to reflect management's consideration of current market conditions on expectations made with respect to customer account attrition and asset growth rates. As of December 31, 2008, AllianceBernstein determined that these intangible assets were not impaired. At December 31, 2008 and 2007, respectively, net deferred sales commissions totaled $113.5 million and $183.6 million are included within the Investment Management segment's Other assets. The estimated amortization expense of deferred sales commissions based on the December 31, 2008 net asset balance for each of the next five years is $51.1 million, $32.4 million, $18.9 million, $8.2 million and $2.7 million. AllianceBernstein tests the deferred sales commission asset for impairment quarterly by comparing undiscounted future cash flows to the recorded value, net of accumulated amortization. Each quarter, significant assumptions used to estimate the future cash flows are updated to reflect management's consideration of current market conditions on expectations made with respect to future market levels and redemption rates. As of December 31, 2008, AllianceBernstein determined that the deferred sales commission asset was not impaired. To the extent that securities valuations remain depressed for prolonged periods of time and market conditions stagnate or worsen as a result of the global financial crisis, AllianceBernstein's assets under management, revenues, profitability, and unit price likely would be adversely affected. As a result, more frequent impairment testing may be required and potentially could result in an impairment of the goodwill, intangible assets, and/or deferred sales commission asset attributable to AllianceBernstein. In addition, subsequent impairment testing may be based upon different assumptions and future cash flow projections than used at December 31, 2008 as management's current business plan could be negatively impacted by other risks to which AllianceBernstein's business is subject, including, but not limited to, retention of investment management contracts, selling and distribution agreements, and existing relationships with clients and various financial intermediaries. Any impairment would reduce the recorded goodwill, intangible assets, and/or deferred sales commission asset amounts with a corresponding charge to earnings. F-29 5) CLOSED BLOCK Summarized financial information for the Closed Block follows:
DECEMBER 31, -------------------------------------- 2008 2007 ------------------ ------------------ (IN MILLIONS) CLOSED BLOCK LIABILITIES: Future policy benefits, policyholders' account balances and other.... $ 8,544.8 $ 8,657.3 Other liabilities.................................................... 71.3 115.2 ------------------ ------------------ Total Closed Block liabilities....................................... 8,616.1 8,772.5 ------------------ ------------------ ASSETS DESIGNATED TO THE CLOSED BLOCK: Fixed maturities, available for sale, at estimated fair value (amortized cost of $5,517.6 and $5,816.6)......................... 5,041.5 5,825.6 Mortgage loans on real estate........................................ 1,107.1 1,099.3 Policy loans......................................................... 1,180.3 1,197.5 Cash and other invested assets....................................... 104.2 4.7 Other assets......................................................... 472.4 240.1 ------------------ ------------------ Total assets designated to the Closed Block.......................... 7,905.5 8,367.2 ------------------ ------------------ Excess of Closed Block liabilities over assets designated to the Closed Block.................................................. 710.6 405.3 Amounts included in accumulated other comprehensive income: Net unrealized investment (losses) gains, net of deferred income tax benefit (expense) of $166.4 and $(3.2)............... (309.2) 5.9 ------------------ ------------------ Maximum Future Earnings To Be Recognized From Closed Block Assets and Liabilities............................................ $ 401.4 $ 411.2 ================== ==================
Closed Block revenues and expenses as follow:
2008 2007 2006 ---------------- ----------------- ------------------ (IN MILLIONS) REVENUES: Premiums and other income............................ $ 392.6 $ 409.6 $ 428.1 Investment income (net of investment expenses of $1.1, $.2, and $.1)................... 496.0 501.8 520.2 Investment (losses) gains, net....................... (47.5) 7.9 1.7 ---------------- ----------------- ------------------ Total revenues....................................... 841.1 919.3 950.0 ---------------- ----------------- ------------------ BENEFITS AND OTHER DEDUCTIONS: Policyholders' benefits and dividends................ 818.7 828.2 852.2 Other operating costs and expenses................... 7.4 2.7 3.0 ---------------- ----------------- ------------------ Total benefits and other deductions.................. 826.1 830.9 855.2 ---------------- ----------------- ------------------ Net revenues before income taxes..................... 15.0 88.4 94.8 Income tax expense................................... (5.2) (31.0) (31.1) ---------------- ----------------- ------------------ Net Revenues......................................... $ 9.8 $ 57.4 $ 63.7 ================ ================= ==================
Reconciliation of the policyholder dividend obligation follows: F-30
DECEMBER 31, ----------------------------------- 2008 2007 ---------------- ---------------- (IN MILLIONS) Balance at beginning of year.......................................... $ - $ 3.2 Increase in unrealized investment losses.............................. - (3.2) ---------------- ---------------- Balance at End of Year ............................................... $ - $ - ================ ================
There were no impaired mortgage loans at December 31, 2008 and 2007. Impaired mortgage loans along with the related investment valuation allowances at December 31, 2006 follow:
December 31, 2006 ---------------- (In Millions) Impaired mortgage loans with investment valuation allowances............ $ 17.8 Impaired mortgage loans without investment valuation allowances......... .1 ---------------- Recorded investment in impaired mortgage loans.......................... 17.9 Investment valuation allowances......................................... (7.3) ---------------- Net Impaired Mortgage Loans............................................... $ 10.6 ================
During 2008, 2007 and 2006, respectively, the Closed Block's average recorded investments in impaired mortgage loans were $0.4 million, $36.3 million and $59.9 million, respectively. Interest income recognized on these impaired mortgage loans totaled zero, $3.9 million and $3.3 million for 2008, 2007 and 2006, respectively. Valuation allowances amounted to $7.3 million on mortgage loans on real estate at December 31, 2006; there were no valuation allowances on mortgage loans at December 31, 2008 and 2007. Writedowns of fixed maturities amounted to $45.8 million, $3.0 million and $1.4 million for 2008, 2007 and 2006, respectively. 6) CONTRACTHOLDER BONUS INTEREST CREDITS Changes in the deferred asset for contractholder bonus interest credits are as follows:
DECEMBER 31, ----------------------------------- 2008 2007 --------------- ---------------- (IN MILLIONS) Balance, beginning of year............................................. $ 754.2 $ 650.7 Contractholder bonus interest credits deferred ........................ 137.6 174.7 Amortization charged to income ........................................ (83.9) (71.2) --------------- ---------------- Balance, End of Year .................................................. $ 807.9 $ 754.2 =============== ================
7) FAIR VALUE DISCLOSURES Assets and liabilities measured at fair value on a recurring basis are summarized below: FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2008
LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ---------------- ---------------- ---------------- ------------------ (IN MILLIONS) ASSETS Investments: Fixed maturities available for sale $ 149.9 $ 21,256.7 $ 2,424.4 $ 23,831.0 Other equity investments......... 63.4 - 2.0 65.4 Trading securities............... 322.6 - .1 322.7
F-31 Other invested assets............ 31.1 419.0 547.0 997.1 Loans to affiliates.................. - 588.3 - 588.3 Cash equivalents..................... 1,832.3 - - 1,832.3 Segregated securities................ 2,572.6 - - 2,572.6 GMIB reinsurance contracts........... - - 4,821.7 4,821.7 Separate Accounts' assets............ 66,044.4 1,248.3 334.3 67,627.0 ---------------- ---------------- ---------------- ------------------ Total Assets................... $ 71,016.3 $ 23,512.3 $ 8,129.5 $ 102,658.1 ================ ================ ================ ================== LIABILITIES GWBL features' liability............. $ - $ - $ 272.6 $ 272.6 ---------------- ---------------- ---------------- ------------------ Total Liabilities.............. $ - $ - $ 272.6 $ 272.6 ================ ================ ================ ==================
The table below presents a reconciliation for all Level 3 assets and liabilities at December 31, 2008: LEVEL 3 INSTRUMENTS FAIR VALUE MEASUREMENTS (IN MILLIONS)
FIXED MATURITIES OTHER OTHER GMIB SEPARATE GWBL AVAILABLE EQUITY INVESTED REINSURANCE ACCOUNTS FEATURES FOR SALE INVESTMENTS(1) ASSETS ASSET ASSETS LIABILITY -------------- -------------- ----------- -------------- ------------- ------------- BALANCE, DEC. 31, 2007....... $ 2,503.4 $ 3.0 $ 160.9 $ 124.7 $ 40.8 $ - Impact of adopting SFAS No. 157, included in earnings................ - - - 210.6 - - -------------- -------------- ----------- -------------- ------------- ------------- BALANCE, JAN. 1, 2008........ 2,503.4 3.0 160.9 335.3 40.8 - -------------- -------------- ----------- -------------- ------------- ------------- Total gains (losses), realized and unrealized, included in: Earnings as: Net investment income... 3.3 - 359.3 - - - Investment (losses) gains, net............. (144.5) (1.1) - - (17.4) - Commissions, fees and other income........... - - - 3,571.2 - - Policyholders' benefits. - - - - - 265.2 -------------- -------------- ----------- -------------- ------------- ------------- Subtotal.......... (141.2) (1.1) 359.3 3,571.2 (17.4) 265.2 -------------- -------------- ----------- -------------- ------------- ------------- Other comprehensive income.................. (384.6) .6 - - - - Purchases/issuances and sales/settlements, net..... (85.6) (.4) 26.8 915.2 248.6 7.4 Transfers into/out of Level 3(2)................. 532.4 - - - 62.3 - -------------- -------------- ----------- -------------- ------------- ------------- BALANCE, DEC. 31, 2008....... $ 2,424.4 $ 2.1 $ 547.0 $ 4,821.7 $ 334.3 $ 272.6 ============== ============== =========== ============== ============= =============
(1) Includes Trading securities' Level 3 amount. (2) Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values. The table below details changes in unrealized gains (losses) for 2008 by category for Level 3 assets and liabilities still held at December 31, 2008: F-32
EARNINGS ----------------------------------------------------------------- INVESTMENT COMMISSIONS OTHER NET GAINS FEES AND POLICY- COMPRE- INVESTMENT (LOSSES), OTHER HOLDER HENSIVE INCOME NET INCOME BENEFITS INCOME ------------- -------------- -------------- -------------- -------------- (IN MILLIONS) STILL HELD AT DEC. 31, 2008: CHANGE IN UNREALIZED GAINS OR LOSSES Fixed maturities available for sale......... $ - $ - $ - $ - (394.1) Other equity investments..... - - - - .6 Other invested assets........ 386.1 - - - - Cash equivalents............. - - - - - Segregated securities........ - - - - - GMIB reinsurance contracts.......... - - 3,571.2 - - Separate Accounts' assets........... - (16.6) - - - GWBL features' liability............ - - - 265.2 - ------------- -------------- -------------- -------------- -------------- Total.................... $ 386.1 $ (16.6) $ 3,571.2 $ 265.2 (393.5) ============= ============== ============== ============== ==============
Fair value measurements are required on a non-recurring basis for certain assets, including goodwill, mortgage loans on real estate, equity real estate held for production of income, and equity real estate held for sale, only when an other-than-temporary impairment or other event occurs. When such fair value measurements are recorded, they must be classified and disclosed within the fair value hierarchy. At December 31, 2008, no assets were measured at fair value on a non-recurring basis. The carrying values and fair values for financial instruments not otherwise disclosed in Notes 3, 5, 10 and 16 of Notes to Consolidated Financial Statements are presented below: F-33
DECEMBER 31, -------------------------------------------------------------------- 2008 2007 --------------------------------- --------------------------------- CARRYING ESTIMATED Carrying Estimated VALUE FAIR VALUE Value Fair Value --------------- --------------- --------------- --------------- (IN MILLIONS) Consolidated: ------------- Mortgage loans on real estate.......... $ 3,673.9 $ 3,624.5 $ 3,730.6 $ 3,766.9 Other limited partnership interests.... 1,414.6 1,414.6 1,607.9 1,607.9 Policyholders liabilities: Investment contracts................. 3,072.9 3,162.5 3,651.5 3,712.6 Long-term debt......................... 199.9 190.8 199.8 224.6 Closed Block: ------------- Mortgage loans on real estate.......... $ 1,107.1 $ 1,102.6 $ 1,099.3 $ 1,111.4 Other equity investments............... 2.7 2.7 3.6 3.6 SCNILC liability....................... 8.6 8.6 9.2 9.2 Wind-up Annuities: ------------------ Mortgage loans on real estate.......... $ 1.2 $ 1.3 $ 2.2 $ 2.3 Other equity investments............... 1.3 1.3 1.6 1.6 Guaranteed interest contracts.......... 5.5 6.2 5.5 5.8
8) GMDB, GMIB AND NO LAPSE GUARANTEE FEATURES A) Variable Annuity Contracts - GMDB, GMIB and GWBL The Company has certain variable annuity contracts with GMDB, GMIB and/or GWBL features in-force that guarantee one of the following: o Return of Premium: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals); o Ratchet: the benefit is the greatest of current account value, premiums paid (adjusted for withdrawals), or the highest account value on any anniversary up to contractually specified ages (adjusted for withdrawals); o Roll-Up: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified interest rates up to specified ages; or o Combo: the benefit is the greater of the ratchet benefit or the roll-up benefit which may include a five year or annual reset; or o Withdrawal: the withdrawal is guaranteed up to a maximum amount per year for life. F-34 The following table summarizes the GMDB and GMIB liabilities, before reinsurance ceded, reflected in the General Account in future policy benefits and other policyholders liabilities:
GMDB GMIB TOTAL ------------- ------------- -------------- (IN MILLIONS) Balance at January 1, 2006....................... $ 115.2 $ 173.6 $ 288.8 Paid guarantee benefits........................ (31.6) (3.3) (34.9) Other changes in reserve....................... 80.1 58.0 138.1 ------------- ------------- -------------- Balance at December 31, 2006..................... 163.7 228.3 392.0 Paid guarantee benefits........................ (30.6) (2.7) (33.3) Other changes in reserve....................... 120.0 84.3 204.3 ------------- ------------- -------------- Balance at December 31, 2007..................... 253.1 309.9 563.0 Paid guarantee benefits........................ (72.8) (8.2) (81.0) Other changes in reserve....................... 800.6 1,678.2 2,478.8 ------------- ------------- -------------- Balance at December 31, 2008..................... $ 980.9 $ 1,979.9 $ 2,960.8 ============= ============= ==============
Related GMDB reinsurance ceded amounts were:
GMDB ------------- (IN MILLIONS) Balance at January 1, 2006....................... $ 22.7 Paid guarantee benefits........................ (9.1) Other changes in reserve....................... 10.0 ------------- Balance at December 31, 2006..................... 23.6 Paid guarantee benefits........................ (7.6) Other changes in reserve....................... 11.5 ------------- Balance at December 31, 2007..................... 27.5 Paid guarantee benefits........................ (7.1) Other changes in reserve....................... 306.9 ------------- Balance at December 31, 2008..................... $ 327.3 =============
F-35 The December 31, 2008 values for variable annuity contracts in-force on such date with GMDB and GMIB features are presented in the following table. For contracts with the GMDB feature, the net amount at risk in the event of death is the amount by which the GMDB benefits exceed related account values. For contracts with the GMIB feature, the net amount at risk in the event of annuitization is the amount by which the present value of the GMIB benefits exceeds related account values, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. Since variable annuity contracts with GMDB guarantees may also offer GMIB guarantees in the same contract, the GMDB and GMIB amounts listed are not mutually exclusive:
RETURN OF PREMIUM RATCHET ROLL-UP COMBO TOTAL -------------- -------------- -------------- ------------- --------------- (DOLLARS IN MILLIONS) GMDB: ----- Account values invested in: General Account.................. $ 10,966 $ 329 $ 301 $ 925 $ 12,521 Separate Accounts................ $ 19,435 $ 5,680 $ 4,304 $ 24,633 $ 54,052 Net amount at risk, gross........... $ 6,079 $ 2,921 $ 3,622 $ 13,273 $ 25,895 Net amount at risk, net of amounts reinsured................ $ 6,079 $ 1,846 $ 2,427 $ 5,769 $ 16,121 Average attained age of contractholders.................. 49.4 61.9 65.9 61.9 53.1 Percentage of contractholders over age 70....................... 7.4% 24.0% 39.5% 22.1% 12.5% Range of contractually specified interest rates.................. N/A N/A 3% - 6% 3% - 6.5% GMIB: ----- Account values invested in: General Account.................. N/A N/A $ 46 $ 1,258 $ 1,304 Separate Accounts................ N/A N/A $ 2,578 $ 32,938 $ 35,516 Net amount at risk, gross........... N/A N/A $ 1,363 $ 1,527 $ 2,890 Net amount at risk, net of amounts reinsured................ N/A N/A $ 396 $ 612 $ 1,008 Weighted average years remaining until earliest annuitization..... N/A N/A 1.5 7.7 7.1 Range of contractually specified interest rates.................. N/A N/A 3% - 6% 3% - 6.5%
The GWBL related liability, which reflects the present value of expected future payments (benefits) less the fees attributable to the GWBL feature valued as an embedded derivative over a range of market consistent economic scenarios, was $272.6 million at December 31, 2008. F-36 B) Separate Account Investments by Investment Category Underlying GMDB and GMIB Features ------------------------------------------------------------------- The total account values of variable annuity contracts with GMDB and GMIB features include amounts allocated to the guaranteed interest option which is part of the General Account and variable investment options that invest through Separate Accounts in variable insurance trusts. The following table presents the aggregate fair value of assets, by major investment category, held by Separate Accounts that support variable annuity contracts with GMDB and GMIB benefits and guarantees. The investment performance of the assets impacts the related account values and, consequently, the net amount of risk associated with the GMDB and GMIB benefits and guarantees. Since variable annuity contracts with GMDB benefits and guarantees may also offer GMIB benefits and guarantees in each contract, the GMDB and GMIB amounts listed are not mutually exclusive: INVESTMENT IN VARIABLE INSURANCE TRUST MUTUAL FUNDS
DECEMBER 31, ------------------------------------ 2008 2007 ---------------- ------------------ (IN MILLIONS) GMDB: ----- Equity.............................................................. $ 30,428 $ 48,587 Fixed income........................................................ 3,745 4,392 Balanced............................................................ 17,469 20,546 Other............................................................... 2,410 2,151 ---------------- ------------------ Total............................................................... $ 54,052 $ 75,676 ================ ================== GMIB: ----- Equity.............................................................. $ 19,138 $ 27,831 Fixed income........................................................ 2,219 2,687 Balanced............................................................ 12,887 14,816 Other............................................................... 1,272 1,018 ---------------- ------------------ Total............................................................... $ 35,516 $ 46,352 ================ ==================
C) Hedging Programs for GMDB, GMIB and GWBL Features ------------------------------------------------- Beginning in 2003, AXA Equitable established a program intended to hedge certain risks associated first with the GMDB feature and, beginning in 2004, with the GMIB feature of the Accumulator(R) series of variable annuity products. This program currently utilizes exchange-traded futures contracts, interest rate swap and floor contracts and other derivative instruments that are managed in an effort to reduce the economic impact of unfavorable changes in GMDB, GMIB and GWBL exposures attributable to movements in the equity and fixed income markets. At the present time, this program hedges such economic risks on products sold from 2001 forward, to the extent such risks are not reinsured. At December 31, 2008, the total account value and net amount at risk of the hedged Accumulator(R) series of variable annuity contracts were $27,668 million and $10,615 million, respectively, with the GMDB feature and $15,514 million and $623 million, respectively, with the GMIB feature. These programs do not qualify for hedge accounting treatment under SFAS No. 133. Therefore, SFAS No. 133 requires gains or losses on the derivatives contracts used in these programs, including current period changes in fair value, to be recognized in investment income in the period in which they occur, and may contribute to earnings volatility. D) Variable and Interest-Sensitive Life Insurance Policies - No Lapse Guarantee ------------------------------------------------------------------ The no lapse guarantee feature contained in variable and interest- sensitive life insurance policies keeps them in force in situations where the policy value is not sufficient to cover monthly charges then due. The no lapse guarantee remains in effect so long as the policy meets a contractually specified premium funding test and certain other requirements. F-37 The following table summarizes the no lapse guarantee liabilities reflected in the General Account in Future policy benefits and other policyholders liabilities, and the related reinsurance ceded:
DIRECT REINSURANCE LIABILITY CEDED NET -------------- --------------- ------------- (IN MILLIONS) Balance at January 1, 2006......................... $ 34.8 $ (20.4) $ 14.4 Other changes in reserve........................ 32.0 (27.5) 4.5 -------------- --------------- ------------- Balance at December 31, 2006....................... 66.8 (47.9) 18.9 Other changes in reserve........................ 68.2 (59.7) 8.5 -------------- --------------- ------------- Balance at December 31, 2007....................... 135.0 (107.6) 27.4 Other changes in reserve........................ 68.0 (45.0) 23.0 -------------- --------------- ------------- Balance at December 31, 2008....................... $ 203.0 $ (152.6) $ 50.4 ============== =============== =============
9) REINSURANCE AGREEMENTS The Insurance Group assumes and cedes reinsurance with other insurance companies. The Insurance Group evaluates the financial condition of its reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. Ceded reinsurance does not relieve the originating insurer of liability. The Insurance Group reinsures most of its new variable life, universal life and term life policies on an excess of retention basis. The Insurance Group maintains a maximum retention on each single life policy of $25 million and on each second-to-die policy of $30 million with the excess 100% reinsured. The Insurance Group also reinsures the entire risk on certain substandard underwriting risks and in certain other cases. Likewise, certain risks that would otherwise be reinsured on a proportional basis have been retained. At December 31, 2008, the Company had reinsured to non-affiliates and affiliates in the aggregate approximately 5.4% and 32.3%, respectively, of its current exposure to the GMDB obligation on annuity contracts in-force and, subject to certain maximum amounts or caps in any one period, approximately 65.1% of its current liability exposure resulting from the GMIB feature. See Note 8 herein. Based on management's estimates of future contract cash flows and experience, the estimated fair values of the GMIB reinsurance contracts, considered derivatives under SFAS No. 133, at December 31, 2008 and 2007 were $4,821.7 million and $124.7 million, respectively. The increases (decreases) in fair value were $1,566.8 million, $6.9 million and $(14.8) million for 2008, 2007 and 2006, respectively. At December 31, 2008 and 2007, respectively, third party reinsurance recoverables related to insurance contracts amounted to $2,897.2 million and $2,890.6 million. Reinsurance payables related to insurance contracts totaling $62.7 million and $58.7 million are included in other liabilities in the consolidated balance sheets at December 31, 2008 and 2007, respectively. The Insurance Group cedes substantially all of its group life and health business to a third party insurer. Insurance liabilities ceded totaled $236.8 million and $239.6 million at December 31, 2008 and 2007, respectively. The Insurance Group also cedes a portion of its extended term insurance and paid up life insurance and substantially all of its individual disability income business through various coinsurance agreements. The Insurance Group has also assumed accident, health, aviation and space risks by participating in or reinsuring various reinsurance pools and arrangements. In addition to the sale of insurance products, the Insurance Group currently acts as a professional retrocessionaire by assuming life and annuity reinsurance from professional reinsurers. Reinsurance assumed reserves at December 31, 2008 and 2007 were $719.8 million and $642.8 million, respectively. F-38 The following table summarizes the effect of reinsurance (excluding group life and health):
2008 2007 2006 -------------- ------------- ------------- (IN MILLIONS) Direct premiums.................................... $ 848.3 $ 855.1 $ 858.6 Reinsurance assumed................................ 193.8 193.0 188.4 Reinsurance ceded.................................. (283.5) (243.2) (229.2) -------------- ------------- ------------- Premiums $ 758.6 $ 804.9 $ 817.8 ============== ============= ============= Universal Life and Investment-type Product Policy Fee Income Ceded.......................... $ 169.1 $ 153.9 $ 99.0 ============== ============= ============= Policyholders' Benefits Ceded...................... $ 1,221.8 $ 510.7 $ 387.5 ============== ============= ============= Interest Credited to Policyholders' Account Balances Ceded................................... $ 33.2 $ 56.1 $ 53.8 ============== ============= =============
Individual Disability Income and Major Medical Claim reserves and associated liabilities net of reinsurance ceded for individual DI and major medical policies were $94.4 million and $94.3 million at December 31, 2008 and 2007, respectively. At December 31, 2008 and 2007, respectively, $1,680.8 million and $1,040.9 million of DI reserves and associated liabilities were ceded through indemnity reinsurance agreements with a singular reinsurance group. Incurred benefits (benefits paid plus changes in claim reserves) and benefits paid for individual DI and major medical policies are summarized below:
2008 2007 2006 -------------- ------------- ------------- (IN MILLIONS) Incurred benefits related to current year.......... $ 35.5 $ 32.9 $ 35.8 Incurred benefits related to prior years........... 4.2 13.2 9.9 -------------- ------------- ------------- Total Incurred Benefits............................ $ 39.7 $ 46.1 $ 45.7 ============== ============= ============= Benefits paid related to current year.............. $ 10.8 $ 11.9 $ 14.0 Benefits paid related to prior years............... 28.8 32.8 30.0 -------------- ------------- ------------- Total Benefits Paid................................ $ 39.6 $ 44.7 $ 44.0 ============== ============= =============
10) SHORT-TERM AND LONG-TERM DEBT Short-term and long-term debt consists of the following:
DECEMBER 31, ----------------------------- 2008 2007 ------------- ------------- (IN MILLIONS) Short-term debt: Promissory note (with an interest rate of 5.16%).................. $ - $ 248.3 AllianceBernstein commercial paper (with interest rates of 1.8% and 4.3%).......................... 284.8 533.9 ------------- ------------- Total short-term debt......................................... 284.8 782.2 ------------- ------------- Long-term debt: AXA Equitable: Surplus Notes, 7.70%, due 2015.................................. 199.8 199.8 ------------- ------------- Total long-term debt.......................................... 199.8 199.8 ------------- ------------- Total Short-term and Long-term Debt............................... $ 484.6 $ 982.0 ============= =============
F-39 Short-term Debt --------------- On September 23, 2008, AXA Equitable repaid its $350.0 million promissory note, $101.7 million of which was included in Wind-up Annuities discontinued operations. On July 17, 2008, AXA Equitable was accepted as a member of the Federal Home Loan Bank of New York ("FHLBNY") which provides AXA Equitable access to collateralized borrowings and other FHLBNY products. As membership requires the ownership of member stock, AXA Equitable purchased stock totaling $13.5 million. The credit facility provided by the FHLBNY will supplement existing liquidity sources and provide a diverse and reliable source of funds. Any borrowings from the FHLBNY require the purchase of FHLBNY activity based stock in an amount equal to 4.5% of the borrowings. AXA Equitable's borrowing capacity with FHLBNY is $1.00 billion. As a member of FHLBNY, AXA Equitable can receive advances for which it would be required to pledge qualified mortgage-backed assets and government securities as collateral. At December 31, 2008, there were no outstanding borrowings from FHLBNY. As of December 31, 2008, SCB LLC maintained five separate uncommitted credit facilities with various banks totaling $775 million. As of December 31, 2008 and 2007, no amounts were outstanding under these credit facilities. Each loan shall bear interest at the rate of interest agreed to by the lender and the borrower at the time such loan is made. In January 2008, SCB LLC entered into a $950.0 million three-year revolving credit facility with a group of commercial banks to fund its obligations resulting from engaging in certain securities trading and other customer activities. Under the revolving credit facility, the interest rate, at the option of SCB LLC, is a floating rate generally based upon a defined prime rate, a rate related to LIBOR or the Federal Funds rate. AllianceBernstein has a $1,000.0 million five-year revolving credit facility with a group of commercial banks and other lenders which expires in 2011. The revolving credit facility is intended to provide back-up liquidity for their $1,000.0 million commercial paper program although they borrow directly under the facility from time to time. Under the revolving credit facility, the interest rate, at the option of AllianceBernstein, is a floating rate generally based upon a defined prime rate, a rate related to the London Interbank Offered Rate ("LIBOR") or the Federal Funds rate. The revolving credit facility contains covenants which, among other things, require AllianceBernstein to meet certain financial ratios. AllianceBernstein was in compliance with the covenants as of December 31, 2008. Long-term Debt -------------- At December 31, 2008, the Company was not in breach of any debt covenants. 11) RELATED PARTY TRANSACTIONS The Company reimburses AXA Financial for expenses relating to the Excess Retirement Plan, Supplemental Executive Retirement Plan and certain other employee benefit plans that provide participants with medical, life insurance, and deferred compensation benefits. Such reimbursement was based on the cost to AXA Financial of the benefits provided which totaled $76.2 million, $63.1 million and $53.5 million, respectively, for 2008, 2007 and 2006. In 2008, 2007 and 2006, respectively, the Company paid AXA Distribution and its subsidiaries $754.2 million, $806.9 million and $767.2 million of commissions and fees for sales of insurance products. The Company charged AXA Distribution's subsidiaries $320.5 million, $340.2 million and $352.9 million, respectively, for their applicable share of operating expenses in 2008, 2007 and 2006, pursuant to the Agreements for Services. In September 2001, AXA Equitable loaned $400.0 million to AXA Insurance Holding Co. Ltd., a subsidiary of AXA. This investment both matured and was repaid on June 15, 2007 and had an interest rate of 5.89%. In 2005, AXA Equitable issued a note to AXA Financial in the amount of $325.0 million with an interest rate of 6.00% and a maturity date of December 1, 2035. Interest on this note is payable semi-annually. F-40 In September 2007, AXA issued $650.0 million in 5.40% senior unsecured notes to AXA Equitable. These notes pay interest semi-annually and mature on September 30, 2012. In November 2008, AXA Financial purchased a $500.0 million callable 7.1% surplus note from AXA Equitable. The note pays interest semi-annually and matures on December 1, 2018. In December 2008, AXA Financial purchased a $500.0 million callable 7.1% surplus note from AXA Equitable. The note pays interest semi-annually and matures on December 1, 2018. In fourth quarter 2008, AXA Equitable reinsured the GMDB and GMIB riders on the Accumulator(R) products sold on or after January 1, 2006 and in-force at September 30, 2008 with AXA Financial (Bermuda) Ltd. ("AXA Bermuda"), an affiliate that is an indirect wholly owned subsidiary of AXA Financial. AXA Equitable transferred cash and derivative instruments with a fair value of $6,892.5 million equal to the market value of the insurance liabilities assumed by AXA Bermuda on October 1, 2008 and income derived from the hedges related to these riders for the period from October through December 2008, to that entity. AXA Bermuda will manage the dynamic hedging program to mitigate risks related to the reinsured riders. In fourth quarter 2008, AXA Equitable recorded a GMDB reinsurance recoverable and a GMIB reinsurance asset totaling $3,385.7 resulting in a cost of reinsurance of $3,506.8 million. The cost of this arrangement has been deferred and will be amortized over the life of the underlying annuity contracts. Amortization of the cost in 2009 is expected to be approximately $290 million. Various AXA affiliates cede a portion of their life and health insurance business through reinsurance agreements to AXA Cessions, an AXA affiliated reinsurer. AXA Cessions, in turn, retroceded a quota share portion of these risks to AXA Equitable on a one-year term basis for 2007 and 2006. Premiums earned in 2007 and 2006 under this arrangement totaled approximately $1.8 million and $1.1 million, respectively. Both AXA Equitable and AllianceBernstein, along with other AXA affiliates, participate in certain intercompany cost sharing and service agreements including technology and professional development arrangements. AXA Equitable and AllianceBernstein incurred expenses under such agreements of approximately $157.8 million, $143.6 million and $127.5 million in 2008, 2007 and 2006, respectively. Expense reimbursements by AXA and AXA affiliates to AXA Equitable under such agreements totaled approximately $63.0 million, $58.4 million and $53.8 million in 2008, 2007 and 2006, respectively. The net receivable related to these contracts was approximately $3.4 million and $25.3 million at December 31, 2008 and 2007, respectively. Commissions, fees and other income included certain revenues for services provided to mutual funds managed by AllianceBernstein. These revenues are described below:
2008 2007 2006 -------------- -------------- --------------- (IN MILLIONS) Investment advisory and services fees.............. $ 870.5 $ 1,027.6 $ 841.0 Distribution revenues.............................. 378.4 473.4 421.0 Other revenues - shareholder servicing fees........ 99.0 103.6 97.2 Other revenues - other............................. 6.9 6.5 6.9 Institutional research services.................... 1.2 1.6 1.9
12) EMPLOYEE BENEFIT PLANS The Company (other than AllianceBernstein) sponsors qualified and non-qualified defined benefit plans covering substantially all employees (including certain qualified part-time employees), managers and certain agents. On December 31, 2007, the Company transferred the liability for a non-qualified defined benefit plan to AXA Financial in exchange for a non-cash capital contribution totaling $13.5 million. These pension plans are non-contributory and their benefits are based on a cash balance formula and/or, for certain participants, years of service and final average earnings over a specified period in the plans. AllianceBernstein maintains a qualified, non-contributory, defined benefit retirement plan covering current and former employees who were employed by AllianceBernstein in the United States prior to October 2, 2000. AllianceBernstein's benefits are based on years of credited service and average final base salary. The Company uses a December 31 measurement date for its pension and postretirement plans. F-41 The Company made cash contributions to its qualified pension plans of $35.6 million in 2008. Generally, the Company's funding policy (other than AllianceBernstein) is to make an annual aggregate contribution to its qualified pension plans of approximately $30.0 million unless the minimum contribution required by the Employee Retirement Income Security Act of 1974 ("ERISA") is greater; no significant cash contributions are expected to be required to satisfy the minimum funding requirements for 2009. AllianceBernstein's policy is to satisfy its funding obligation each year in an amount not less than the minimum required by ERISA and not greater than the maximum it can deduct for federal income tax purposes. AllianceBernstein currently estimates it will make a contribution to its qualified retirement plan of $22 million in 2009. Effective December 31, 2008, AllianceBernstein amended its qualified pension plan to eliminate all future accruals for future services and compensation increases. This amendment was considered a plan curtailment and resulted in a decrease in the Projected Benefit Obligation ("PBO") of approximately $13.1 million, which was offset against existing deferred losses in accumulated other comprehensive income (loss). In addition, as a result of all future service being eliminated, AllianceBernstein accelerated recognition of the existing prior service credit of $3.5 million in fourth quarter 2008. Components of net periodic pension expense for the Company's qualified and non-qualified plans were as follows:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Service cost....................................... $ 41.6 $ 39.0 $ 37.6 Interest cost on PBO............................... 134.1 128.8 122.1 Expected return on assets.......................... (194.4) (191.0) (184.8) Curtailment gain recognized........................ (3.5) - - Net amortization and deferrals..................... 42.6 57.5 81.0 ----------------- ---------------- ----------------- Net Periodic Pension Expense....................... $ 20.4 $ 34.3 $ 55.9 ================= ================ =================
The plans' PBO under the Company's qualified and non-qualified plans were comprised of:
DECEMBER 31, ------------------------------------ 2008 2007 ---------------- ----------------- (IN MILLIONS) Benefit obligations, beginning of year................................. $ 2,222.1 $ 2,294.3 Service cost........................................................... 33.6 31.0 Interest cost.......................................................... 134.1 128.8 Plan amendments........................................................ - 8.2 Actuarial gains........................................................ (27.6) (73.6) Plan curtailment....................................................... (13.1) - Benefits paid.......................................................... (168.0) (166.6) ---------------- ----------------- Benefit Obligations, End of Year....................................... $ 2,181.1 $ 2,222.1 ================ =================
F-42 At December 31, 2006, the Company adopted SFAS No. 158, requiring recognition, in the consolidated balance sheet, of the funded status of its defined benefit pension plans, measured as the difference between plan assets at fair value and the PBO. The following table discloses the change in plan assets and the funded status of the Company's qualified and non-qualified plans:
DECEMBER 31, ----------------------------------- 2008 2007 ---------------- ----------------- (IN MILLIONS) Plan assets at fair value, beginning of year.............................. $ 2,415.7 $ 2,396.0 Actual return on plan assets.............................................. (813.6) 191.2 Contributions............................................................. 35.6 4.8 Benefits paid and fees.................................................... (177.3) (176.3) ---------------- ----------------- Plan assets at fair value, end of year.................................... 1,460.4 2,415.7 PBO....................................................................... 2,181.1 2,222.1 ---------------- ----------------- (Underfunding) Overfunding of Plan Assets Over PBO........................ $ (720.7) $ 193.6 ================ =================
Amounts recognized in the accompanying consolidated balance sheets to reflect the funded status of these plans were accrued pension costs of $720.7 million at December 31, 2008 and prepaid and accrued pension costs of $213.5 million and $19.9 million, respectively, at December 31, 2007. The aggregate PBOs and fair value of plan assets for pension plans with PBOs in excess of plan assets were $2,181.1 million and $1,460.4 million, respectively at December 31, 2008 and $76.7 million and $56.8 million, respectively, at December 31, 2007. The aggregate accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets were $2,137.7 million and $1,460.4 million, respectively, at December 31, 2008 and $65.0 million and $56.8 million, respectively, at December 31, 2007. The accumulated benefit obligations for all defined benefit pension plans were $2,137.7 million and $2,154.0 million at December 31, 2008 and 2007, respectively. The following table discloses the amounts included in accumulated other comprehensive income at December 31, 2008 that have not yet been recognized as components of net periodic pension cost:
DECEMBER 31, ---------------------------------------- 2008 2007 ------------------- ------------------- (IN MILLIONS) Unrecognized net actuarial loss .................................... $ 1,497.0 $ 575.8 Unrecognized prior service cost (credit)............................ 3.2 (4.9) Unrecognized net transition asset................................... (.6) (.8) ------------------- ------------------- Total ......................................................... $ 1,499.6 $ 570.1 =================== ===================
The estimated net actuarial loss, prior service credit, and net transition asset expected to be reclassified from accumulated other comprehensive income and recognized as components of net periodic pension cost over the next year are $97.3 million, $(4.2) million, and $(.1) million, respectively. The following table discloses the estimated fair value of plan assets and the percentage of estimated fair value to total plan assets for the qualified plans of the Company at December 31, 2008 and 2007.
DECEMBER 31, ---------------------------------------------------------- 2008 2007 --------------------------- --------------------------- (IN MILLIONS) ESTIMATED Estimated FAIR VALUE % Fair Value % ---------------- ---------- ----------------- ---------- Corporate and government debt securities........ $ 406.4 27.9 $ 414.3 17.1 Equity securities............................... 790.6 54.1 1,723.7 71.4 Equity real estate.............................. 244.5 16.7 277.7 11.5 Short-term investments ......................... 18.9 1.3 - - ---------------- ---------- ----------------- ---------- Total Plan Assets............................... $ 1,460.4 100.0 $ 2,415.7 100.0 ================ ========== ================= ==========
F-43 Qualified pension plan assets declined approximately $955.3 million from December 31, 2007 to December 31, 2008, primarily due to the steep decline and volatility in equity markets, particularly during the latter part of 2008. During fourth quarter 2008, a short term hedge program was executed by the AXA Equitable qualified pension plans to minimize further downside equity risk. The primary investment objective of the plans of the Company is to maximize return on assets, giving consideration to prudent risk. The asset allocation was designed with a long-term investment horizon, based on target investment of 65% equities, 25% fixed income and 10% real estate. Emphasis was given to equity investments, given their higher expected rate of return. Fixed income investments are included to provide less volatile return. Real estate investments offer diversity to the total portfolio and long-term inflation protection. In January 2009, the asset allocation strategy of the qualified defined benefit pension plans was revised to target 30%-40% equities, 50%-60% high quality bonds, and 10%-15% real estate and other investments. In anticipation of continued turbulence in the equity markets, management concluded it would be prudent to continue a hedging program for a period of one year, at which time the need for its continuance would be re-evaluated. The assumed discount rates for measurement of the benefit obligations at December 31, 2008 and 2007 each reflect the rates at which pension benefits then could be effectively settled. Specifically at December 31, 2008, projected nominal cash outflows to fund expected annual benefits payments under the Company's qualified and non-qualified pension and postretirement benefit plans were discounted using a published high-quality bond yield curve. The discount rate of 6.50% disclosed below as having been used to measure the benefits obligation at December 31, 2008 represents the level equivalent discount rate that produces the same present value measure of the benefits obligation as the aforementioned discounted cash flow analysis. The following table discloses the weighted-average assumptions used to measure the Company's pension benefit obligations and net periodic pension cost at and for the years ended December 31, 2008 and 2007.
2008 2007 ------------- ------------- Discount rate: Benefit obligation............................................... 6.50% 6.25% Periodic cost.................................................... 6.25% (1) 5.75% Rate of compensation increase: Benefit obligation and periodic cost............................. 6.00% 6.00% Expected long-term rate of return on plan assets (periodic cost)... 8.50% 8.50%
(1) For plans remeasured in second quarter 2008, periodic cost was recalculated using a discount rate of 6.75% for the remainder of the year. In developing the expected long-term rate of return assumption on plan assets, management considered the historical returns and future expectations for returns for each asset category of the plan portfolio. As noted above, in January 2009, the target asset allocation of the qualified pension plans was changed from the preceding years. Consequently, the long term rate of return assumption to be used for purpose of computing the expected return on plan assets component of pension expense, will be approximately 6.75% to reflect lower expected returns on the reallocated plan asset portfolio. Prior to 1987, the pension plan funded participants' benefits through the purchase of non-participating annuity contracts from AXA Equitable. Benefit payments under these contracts were approximately $17.3 million, $18.9 million and $20.3 million for 2008, 2007 and 2006, respectively. The following table sets forth an estimate of future benefits expected to be paid in each of the next five years, beginning January 1, 2009, and in the aggregate for the five years thereafter. These estimates are based on the same assumptions used to measure the respective benefit obligations at December 31, 2008 and include benefits attributable to estimated future employee service. F-44 PENSION BENEFITS -------------------- (IN MILLIONS) 2009..................... $ 182.1 2010..................... 192.8 2011..................... 194.2 2012..................... 195.5 2013..................... 194.2 Years 2014-2018.......... 953.3 AllianceBernstein maintains several unfunded deferred compensation plans for the benefit of certain eligible employees and executives. The AllianceBernstein Capital Accumulation Plan was frozen on December 31, 1987 and no additional awards have been made. For the active plans, benefits vest over a period ranging from 3 to 8 years and are amortized as compensation and benefit expense. ACMC, Inc. ("ACMC"), a subsidiary of the Company, is obligated to make capital contributions to AllianceBernstein in amounts equal to benefits paid under the Capital Accumulation Plan and the contractual unfunded deferred compensation arrangements. In connection with the acquisition of Bernstein, AllianceBernstein adopted the SCB Deferred Compensation Award Plan ("SCB Plan") and agreed to invest $96.0 million per annum for three years to fund purchases of AllianceBernstein Holding L.P. ("AllianceBernstein Holding") units or an AllianceBernstein sponsored money market fund in each case for the benefit of certain individuals who were stockholders or principals of Bernstein or hired to replace them. The Company has recorded compensation and benefit expenses in connection with these deferred compensation plans totaling $133.1 million, $289.1 million and $243.8 million for 2008, 2007 and 2006, respectively. 13) SHARE-BASED COMPENSATION AXA and AXA Financial sponsor various share-based compensation plans for eligible employees and associates of AXA Financial and its subsidiaries, including the Company. AllianceBernstein also sponsors its own unit option plans for certain of its employees. Activity in these share-based plans in the discussions that follow relates to awards granted to eligible employees and associates of AXA Financial and its subsidiaries under each of these plans in the aggregate, except where otherwise noted. For 2008, 2007 and 2006, respectively, the Company recognized compensation costs for share-based payment arrangements of $33.8 million, $81.2 million and $64.3 million before income taxes and minority interest. Effective January 1, 2006, the Company adopted SFAS No. 123(R), "Share-Based Payment", that required compensation costs for these programs to be recognized in the consolidated financial statements on a fair value basis. The Company recognized compensation costs of $27.0 million, $38.8 million and $24.8 million for employee stock options for 2008, 2007 and 2006, respectively. On April 1, 2008, approximately 3.0 million options to purchase AXA ordinary shares were granted under the terms of the Stock Option Plan at an exercise price of 21.51 euros. Approximately 2.2 million of those options have a four-year graded vesting schedule, with one-third vesting on each of the second, third and fourth anniversaries of the grant date, and approximately 0.8 million have a four-year cliff vesting term. In addition, approximately 0.5 million of the total options awarded on April 1, 2008 are further subject to conditional vesting terms that require the AXA ordinary share price to outperform the Euro Stoxx Insurance Index measured between April 1, 2008 and April 1, 2012. All of the options granted on April 1, 2008 have a ten-year contractual term. Beginning at the grant date, the total fair value of this award, net of expected forfeitures of approximately $14.8 million, is being charged to expense over the shorter of the vesting term or the period up to the date at which the participant becomes retirement eligible. In 2008, the Company recognized compensation expense of approximately $3.2 million in respect of the April 1, 2008 grant of options. F-45 The number of AXA ADRs authorized to be issued pursuant to option grants and, as further described below, restricted stock grants under The AXA Financial, Inc. 1997 Stock Incentive Plan (the "Stock Incentive Plan") is approximately 124.5 million less the number of shares issued pursuant to option grants under The AXA Financial, Inc. 1991 Stock Incentive Plan (the predecessor plan to the Stock Incentive Plan). A summary of the activity in the AXA, AXA Financial and AllianceBernstein option plans during 2008 follows:
Options Outstanding -------------------------------------------------------------------------------------------------------- AXA Ordinary Shares AXA ADRs AllianceBernstein Holding Units --------------------------------- -------------------------------- ----------------------------------- Weighted Weighted Weighted Number Average Number Average Number Average Outstanding Exercise Outstanding Exercise Outstanding Exercise (In Millions) Price (In Millions) Price (In Millions) Price --------------- ---------------- ---------------- -------------- --------------- ---------------- Options outstanding at January 1, 2008........ 10.3 (euro) 27.77 19.0 $ 22.64 7.3 $ 64.20 Options granted.......... 3.1 (euro) 21.40 - $ 36.11 - (2) $ 64.24 Options exercised......... - (euro) 20.44 (4.6) $ 24.87 (.3) $ 41.98 Options forfeited, net... (.2) (euro) 27.26 (2.1) $ 31.20 (.1) $ 67.67 Options expired........... - - (.2) 26.31 --------------- ---------------- --------------- Options Outstanding at December 31, 2008...... 13.2 (euro) 26.34 12.3 $ 20.40 6.7 $ 66.11 =============== ================ ================ ============== =============== =============== Aggregate Intrinsic Value(1)............... (euro) - $ 47.1 $ - ================ ============== =============== Weighted Average Remaining Contractual Term (in years)............. 7.73 3.93 6.3 =============== ================ =============== Options Exercisable at December 31, 2008...... 3.1 23.07 12.1 $ 20.30 3.3 $ 46.69 =============== ================ ================ ============== =============== =============== Aggregate Intrinsic Value(1)............... - $ 47.1 $ - ================ ============== =============== Weighted Average Remaining Contractual Term (in years)............. 6.58 3.89 3.2 =============== ================ ===============
(1) Intrinsic value, presented in millions, is calculated as the excess of the closing market price on December 31, 2008 of the respective underlying shares over the strike prices of the option awards. (2) AllianceBernstein grants totaled 13,825 units in 2008. Cash proceeds received from employee exercises of options to purchase AXA ADRs in 2008 was $113.4 million. The intrinsic value related to employee exercises of options to purchase AXA ADRs during 2008, 2007 and 2006 were $43.5 million, $141.4 million and $132.1 million, respectively, resulting in amounts currently deductible for tax purposes of $14.6 million, $48.0 million and $44.9 million, respectively, for the periods then ended. In 2008, 2007 and 2006, windfall tax benefits of approximately $10.0 million, $34.3 million and $34.8 million, respectively, resulted from employee exercises of stock option awards. At December 31, 2008, AXA Financial held 2.3 million AXA ADRs in treasury at a weighted average cost of approximately $24.91 per ADR, of which approximately 2.1 million were designated to fund future exercises of outstanding employee stock options and the remainder of approximately 0.2 million units was available for general corporate purposes, including funding other stock-based compensation programs. These AXA ADRs were obtained primarily by exercise of call options that had been purchased by AXA Financial beginning in fourth quarter 2004 to mitigate the U.S. dollar price and foreign exchange risks associated with funding exercises of employee stock options. Remaining outstanding and unexercised at December 31, 2008 are call options to purchase 8.6 million AXA ADRs at strike prices ranging from $31.39 to $32.37, each having a cap equal to approximately 150% of its strike price, at which time the option automatically would be exercised. These call options expire on November 23, 2009. During 2008, AXA Financial utilized approximately 2.5 million AXA ADRs from treasury to fund exercises of employee stock options. Outstanding employee options to purchase AXA ordinary shares began to become exercisable on March 29, F-46 2007, coincident with the second anniversary of the first award made in 2005, and exercises of these awards are funded by newly issued AXA ordinary shares. For the purpose of estimating the fair value of employee stock option awards, the Company applies the Black-Scholes-Merton formula. A Monte-Carlo simulation approach was used to model the fair value of the conditional vesting feature of the April 1, 2008 and May 10, 2007 awards of options to purchase AXA ordinary shares. Shown below are the relevant input assumptions used to derive the fair values of options awarded in 2008, 2007 and 2006, respectively. For employee stock options with graded vesting terms and service conditions granted on or after January 1, 2006, the Company elected under SFAS No. 123(R) to retain its practice of valuing these as singular awards and to change to the graded-vesting method of attribution, whereby the cost is recognized separately over the requisite service period for each individual one-third of the options vesting on the second, third and fourth anniversaries of the grant date.
AXA Ordinary Shares AllianceBernstein Holding Units ------------------------------ ------------------------------- 2008 2007 2006 2008 2007 2006 -------- -------- -------- -------- -------- -------- Dividend yield.................... 7.12% 4.10% 3.48% 5.4% 5.6-5.7% 6% Expected volatility............... 34.7% 27.5% 28% 29.3% 27.7-30.8% 31% Risk-free interest rate........... 4.19% 4.40% 3.77% 3.2% 3.5-4.9% 4.9% Expected life in years............ 6.0 5.5 5.0 6.0 6.0-9.5 6.5 Weighted average fair value per option at grant date............ $5.70 $9.61 $7.45 $10.85 $15.96 $12.35
As of December 31, 2008, approximately $54.4 million of unrecognized compensation cost related to unvested employee stock option awards, net of estimated pre-vesting forfeitures, is expected to be recognized by the Company over a weighted average period of 5.57 years. Under the Stock Incentive Plan, AXA Financial grants restricted AXA ADRs to employees of its subsidiaries. Generally, all outstanding restricted AXA ADR awards have a 5-year cliff-vesting term. Under The Equity Plan for Directors (the "Equity Plan"), AXA Financial grants non-officer directors restricted AXA ADRs and unrestricted AXA ADRs annually. Similarly, AllianceBernstein awards restricted AllianceBernstein Holding units to independent directors of its General Partner. In addition, under its Century Club Plan, awards of restricted AllianceBernstein Holding units that vest ratably over three years are made to eligible AllianceBernstein employees whose primary responsibilities are to assist in the distribution of company-sponsored mutual funds. On December 19, 2008, in accordance with the terms of his employment agreement, AllianceBernstein awarded Mr. Kraus, Chairman and CEO of AllianceBernstein, approximately 2.7 million restricted AllianceBernstein Holding Units with a grant date fair value of $19.20 per Unit. These Units vest ratably over a 5-year period. For 2008, 2007 and 2006, respectively, the Company recognized compensation costs of $6.1 million, $8.6 million and $5.6 million for awards outstanding under these plans. The fair values of awards made under these plans are measured at the date of grant by reference to the closing price of the unrestricted shares and the result generally is attributed over the shorter of the requisite service period, the performance period, if any, or to the date at which retirement eligibility is achieved and subsequent service no longer is required for continued vesting of the award. F-47 At December 31, 2008, approximately 3.3 million restricted awards remain unvested, including restricted awards of AllianceBernstein Holding units. At December 31, 2008, approximately $56.3 million of unrecognized compensation cost related to these unvested awards, net of estimated pre-vesting forfeitures, is expected to be recognized over a weighted average period of 4.4 years. Restricted AXA ADRs vested in 2008, 2007 and 2006 had aggregate vesting date fair values of approximately $3.3 million, $7.0 million and $13.5 million, respectively. In 2007, 100,187 restricted AXA ADRs were granted, having an aggregate grant-date fair value of $4.5 million. The following table summarizes unvested restricted AXA ADR activity for 2008.
Weighted Shares of Average Restricted Grant Date Stock Fair Value ---------------- ----------------- Unvested as of January 1, 2008.......................................... 408,511 $ 29.67 Granted................................................................. 149,413 $ 37.68 Vested.................................................................. 96,822 $ 24.30 Forfeited............................................................... - ---------------- Unvested as of December 31, 2008........................................ 461,102 $ 31.92 ================
In January 2001, certain employees exchanged fully vested in-the-money AXA ADR options for tandem Stock Appreciation Rights/AXA ADR non-statutory options ("tandem SARs/NSOs") of then-equivalent intrinsic value. The Company recorded compensation expense for these fully-vested awards of $(5.5) million, zero and $6.1 million for 2008, 2007 and 2006, respectively, reflecting the impact in those periods of the change in the market price of the AXA ADR on the cash-settlement value of the SARs component of the outstanding tandem SARs/NSOs. The value of these tandem SARs/NSOs at December 31, 2008 and 2007 was $1.2 million and $17.7 million, respectively. At December 31, 2008, 0.4 million tandem SARs/NSOs were outstanding, having weighted average remaining contractual term of 0.6 years, and for which the SARs component had maximum value of $6.2 million. On February 17, 2009, approximately 0.2 million of these tandem SARs/NSOs expired out-of-the-money. During 2008, 2007 and 2006, respectively, approximately 0.7 million, 0.4 million and 2.8 million of these awards were exercised at an aggregate cash-settlement value of $9.2 million, $7.2 million and $41.2 million. On April 1, 2008, 66,372 Stock Appreciation Rights ("SARs") with a 4-year cliff-vesting schedule were granted to certain associates of AXA Financial subsidiaries. These SARs entitle the holder to a cash payment equal to any appreciation in the value of the AXA ordinary share over 21.51 Euros as of the date of exercise. At December 31, 2008, 0.3 million SARs were outstanding, having weighted average remaining contractual term of 7.56 years. The accrued value of SARs at December 31, 2008 and 2007 was $0.4 million and $3.5 million, respectively, and recorded as liabilities in the consolidated balance sheets. For 2008, 2007 and 2006, the Company recorded compensation expense for SARs of $(2.3) million, $1.1 million and $1.9 million, respectively, reflecting the impact in those periods of the changes in their fair values as determined by applying the Black Scholes-Merton formula and assumptions used to price employee stock option awards. On March 31, 2008, approximately 702,404 performance units earned under the AXA Performance Unit Plan 2006 were fully vested for total value of approximately $24.2 million, including incremental units earned from having exceeded targeted 2007 performance criteria by 0.68%. Distributions to participants were made on April 10, 2008, resulting in cash settlements of approximately 78% of these performance units for aggregate value of approximately $18.6 million and equity settlements of the remainder with approximately 153,494 restricted AXA ADRs for aggregate value of approximately $5.6 million. In 2008, the AXA Management Board awarded 995,031 unearned performance units to employees of AXA Financial subsidiaries. During each year that the performance unit awards are outstanding, a pro-rata portion of the units may be earned based on criteria measuring the performance of AXA and AXA Financial Group. The extent to which performance targets are met determines the number of performance units earned, which may vary between 0% and 130% of the number of performance units at stake. Performance units earned under the 2008 plan cliff-vest on the second anniversary of their date of award. When fully vested, the performance units earned will be settled in cash or, in some cases, a combination of cash (70%) and stock (30%), the latter equity portion having transfer restrictions for a two-year period. The price used to value the 2008 performance units at settlement will be the average opening price of the AXA ordinary share for the last F-48 20 trading days of the vesting period converted to U.S. dollars using the Euro to U.S. dollar exchange rate on March 31, 2010. For 2008, the Company recognized compensation expense of approximately $3.5 million in respect of the 2008 grants of performance units. For 2008, 2007 and 2006, the Company recognized compensation costs of $5.5 million, $11.6 million and $25.9 million, respectively, for performance units earned to date. The change in fair value of these awards is measured by the closing price of the underlying AXA ordinary shares or AXA ADRs with adjustment to reflect the impact of expected and actual pre-vesting forfeitures. The cost of performance unit awards are attributed over the shorter of the cliff-vesting period or to the date at which retirement eligibility is achieved. The value of performance units earned and reported in Other liabilities in the consolidated balance sheets at December 31, 2008 and 2007 was $17.3 million and $31.1 million, respectively. Approximately 720,872 outstanding performance units are at risk to achievement of 2008 performance criteria, including approximately 50% of the award granted on May 10, 2007. In 2008, eligible employees of AXA Financial's subsidiaries participated in AXA's global offering to purchase newly issued AXA stock, subject to plan limits, under the terms of AXA Shareplan 2008. Similar to the AXA Shareplan programs previously offered in 2001 through 2007, the plan offered two investment alternatives that, with limited exceptions, restrict the sale or transfer of the purchased shares for a period of five years. "Investment Option A" permitted participants to purchase AXA ADRs at a 20% formula discounted price. "Investment Option B" permitted participants to purchase AXA ordinary shares at a 14.25% formula discounted price on a leveraged basis with a guaranteed return of initial investment plus 75% of any appreciation in the value of the total shares purchased. The Company recognized compensation expense of $1.1 million in 2008, $27.7 million in 2007 and $22.1 million in 2006 in connection with each respective year's offering of AXA Shareplan, representing the aggregate discount provided to participants for their purchase of AXA stock under each of those plans, as adjusted for the post-vesting, five-year holding period. Participants in AXA Shareplans 2008, 2007 and 2006 primarily invested under Investment Option B for the purchase of approximately 6.5 million, 5.3 million and 5.0 million AXA ordinary shares, respectively. On July 1, 2007, under the terms of the AXA Miles Program 2007, the AXA Management Board granted 50 AXA Miles to every employee of AXA for purpose of enhancing long-term employee-shareholder engagement. Each AXA Mile represents the right to receive one unrestricted AXA ordinary share on July 1, 2011, conditional only upon continued employment with AXA at the close of the four-year cliff vesting period with exceptions for retirement, death, and disability. For AXA Financial participants, settlement of the right to receive each unrestricted AXA ordinary share will be made in the form of an AXA ADR. The grant date fair value of approximately 449,400 AXA Miles awarded to employees of AXA Financial's subsidiaries was approximately $19.4 million, measured as the market equivalent of a vested AXA ordinary share. Beginning on July 1, 2007, the total fair value of this award, net of expected forfeitures, is expensed over the shorter of the vesting term or to the date at which the participant becomes retirement eligible. For 2008 and 2007, respectively, the Company recognized compensation expense of approximately $1.9 million and $2.7 million in respect of this grant of AXA Miles. Provided certain performance targets are achieved, an additional allocation of 50 AXA Miles per employee will be considered for award in 2010 and 2011 under terms then-to-be-determined and approved by the AXA Management Board. In 1997, AllianceBernstein Holding established a long-term incentive compensation plan under which unit-based awards are made to key employees for terms established by AllianceBernstein Holding at the time of grant. These awards include options, restricted AllianceBernstein Holding units and phantom restricted AllianceBernstein Holding units, performance awards, and other AllianceBernstein Holding unit based awards. The aggregate number of AllianceBernstein Holding units subject to options granted or otherwise awarded under this plan, as amended in December 2006 to include awards made to select participants under the Special Option Program, may not exceed 41.0 million. At December 31, 2008, approximately 14.2 million options to purchase AllianceBernstein Holding units and 4.1 million other unit awards, net of forfeitures, were subject to the aggregate allowable maximum under this plan. F-49 14) NET INVESTMENT INCOME AND INVESTMENT GAINS (LOSSES), NET The sources of net investment income follow:
2008 2007 2006 ----------------- ---------------- --------------- (IN MILLIONS) Fixed maturities................................... $ 1,668.6 $ 1,728.5 $ 1,848.6 Mortgage loans on real estate...................... 251.7 233.5 245.9 Equity real estate................................. 95.3 93.6 88.2 Other equity investments........................... (110.9) 231.9 181.2 Policy loans....................................... 251.3 255.9 249.8 Short-term investments............................. 30.8 55.1 55.2 Derivative investments............................. 7,302.1 86.6 (302.4) Broker-dealer related receivables.................. 91.8 234.6 226.5 Trading securities................................. (343.5) 29.5 53.4 Other investment income............................ 1.6 56.1 43.9 ----------------- ---------------- --------------- Gross investment income.......................... 9,238.8 3,005.3 2,690.3 Investment expenses................................ (108.6) (122.5) (113.3) Interest expense................................... (36.5) (194.4) (187.8) ----------------- ---------------- --------------- Net Investment Income.............................. $ 9,093.7 $ 2,688.4 $ 2,389.2 ================= ================ ===============
For 2008, 2007 and 2006, respectively, net investment income included gains (losses) on derivatives of $7,302.1 million, $86.6 million and $(302.4) million of which $6,622.6 million, $16.4 million and $(249.5) million were realized gains (losses) on contracts closed during those years and $679.5 million, $70.2 million and $(52.9) million were unrealized gains (losses) on derivative positions at each respective year end. Investment (losses) gains, net including changes in the valuation allowances, follow:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Fixed maturities................................... $ (367.3) $ (55.6) $ (11.5) Mortgage loans on real estate...................... 2.3 7.8 .2 Equity real estate................................. (1.6) 7.3 8.8 Other equity investments........................... 11.5 16.9 20.1 Other(1)........................................... 16.6 16.4 29.3 ----------------- ---------------- ----------------- Investment (Losses) Gains, Net..................... $ (338.5) $ (7.2) $ 46.9 ================= ================ =================
(1) In 2008, 2007 and 2006, respectively, AllianceBernstein issued units to its employees under long-term incentive plans. As a result of these transactions, the Company recorded non-cash realized gains of $9.9 million, $15.5 million and $28.0 million for 2008, 2007 and 2006, respectively. Writedowns of fixed maturities amounted to $285.9 million, $79.0 million and $27.4 million for 2008, 2007 and 2006, respectively. There were no writedowns of mortgage loans on real estate for 2008, 2007 and 2006. There were no writedowns of equity real estate for 2008, 2007 and 2006. For 2008, 2007 and 2006, respectively, proceeds received on sales of fixed maturities classified as available for sale amounted to $324.4 million, $1,554.6 million and $1,281.9 million. Gross gains of $3.3 million, $12.6 million and $33.9 million and gross losses of $94.5 million, $20.3 million and $24.5 million, respectively, were realized on these sales. The change in unrealized investment losses related to fixed maturities classified as available for sale for 2008, 2007 and 2006 amounted to $2,525.8 million, $376.4 million and $416.7 million, respectively. F-50 For 2008, 2007 and 2006, respectively, investment results passed through to certain participating group annuity contracts as interest credited to policyholders' account balances amounted to $47.7 million, $52.7 million and $57.8 million. Changes in unrealized gains (losses) reflect changes in fair value of only those fixed maturities and equity securities classified as available for sale and do not reflect any changes in fair value of policyholders' account balances and future policy benefits. The net unrealized investment gains (losses) included in the consolidated balance sheets as a component of accumulated other comprehensive income and the changes for the corresponding years, including Wind-up Annuities on a line-by-line basis, follow:
2008 2007 2006 ---------------- --------------- ---------------- (IN MILLIONS) Balance, beginning of year......................... $ 103.6 $ 282.2 $ 432.3 Changes in unrealized investment losses on investments............................ (2,608.8) (380.5) (431.4) Changes in unrealized investment gains (losses) attributable to: Participating group annuity contracts, Closed Block policyholder dividend obligation and other........................ (93.8) 15.0 90.9 DAC............................................ 582.0 83.5 85.8 Deferred income taxes.......................... 746.2 103.4 104.6 ---------------- --------------- ---------------- Balance, End of Year............................... $ (1,270.8) $ 103.6 $ 282.2 ================ =============== ================ Balance, end of year comprises: Unrealized investment (losses) gains on: Fixed maturities............................... $ (2,450.4) $ 155.5 $ 535.4 Other equity investments....................... (2.1) .8 1.4 ---------------- --------------- ---------------- Subtotal..................................... (2,452.5) 156.3 536.8 Unrealized investment gains (losses) attributable to: Participating group annuity contracts, Closed Block policyholder dividend obligation and other....................... (77.4) 16.4 1.4 DAC.......................................... 555.1 (26.9) (110.4) Deferred income taxes........................ 704.0 (42.2) (145.6) ---------------- --------------- ---------------- Total.............................................. $ (1,270.8) $ 103.6 $ 282.2 ================ =============== ================
15) INCOME TAXES A summary of the income tax expense in the consolidated statements of earnings follows:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Income tax expense: Current (benefit) expense ....................... $ (319.7) $ 464.0 $ 438.6 Deferred expense (benefit)....................... 2,021.6 295.8 (14.1) ----------------- ---------------- ----------------- Total.............................................. $ 1,701.9 $ 759.8 $ 424.5 ================= ================ =================
F-51 The Federal income taxes attributable to consolidated operations are different from the amounts determined by multiplying the earnings before income taxes and minority interest by the expected Federal income tax rate of 35%. The sources of the difference and their tax effects follow:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Expected income tax expense........................ $ 1,896.5 $ 939.0 $ 728.1 Minority interest.................................. (132.3) (227.3) (227.0) Separate Account investment activity............... (66.5) (52.0) (45.4) Non-taxable investment income...................... 26.1 (21.7) (23.1) Adjustment of tax audit reserves................... 9.9 21.5 (86.2) State income taxes................................. 20.5 50.2 38.0 AllianceBernstein income and foreign taxes......... (53.3) 40.2 32.9 Other.............................................. 1.0 9.9 7.2 ----------------- ---------------- ----------------- Income Tax Expense................................. $ 1,701.9 $ 759.8 $ 424.5 ================= ================ =================
The Company recognized a net tax benefit in 2006 of $117.7 million related to the settlement of an Internal Revenue Service's ("IRS") audit of the 1997-2001 tax years, partially offset by additional tax reserves established for subsequent tax periods. Of the net tax benefit of $117.7 million, $111.9 million related to the continuing operations and $5.8 million to the discontinued Wind-up Annuities. On August 16, 2007, the IRS issued Revenue Ruling 2007-54 that purported to change accepted industry and IRS interpretations of the statutes governing the computation of the Separate Account dividends received deduction ("DRD"). This ruling was suspended on September 25, 2007 in Revenue Ruling 2007-61 and the U.S. Department of the Treasury (the "Treasury") indicated that it would address the computational issues in a regulation project. Any regulations that the Treasury ultimately proposes for issuance in this area will be subject to public notice and comment, at which time insurance companies and other members of the public will have the opportunity to raise legal and practical questions about the content, scope and application of such regulations. The ultimate timing and substance of any such regulations are unknown, but they could result in the elimination of some or all of the Separate Account DRD tax benefit that the Company receives. The components of the net deferred income taxes are as follows:
DECEMBER 31, 2008 December 31, 2007 --------------------------------- --------------------------------- ASSETS LIABILITIES Assets Liabilities --------------- ---------------- --------------- --------------- (IN MILLIONS) Compensation and related benefits...... $ 297.1 $ - $ - $ 35.4 Reserves and reinsurance............... - 1,465.8 1,312.2 - DAC.................................... - 2,209.5 - 2,735.5 Unrealized investment gains............ 683.6 - - 42.5 Investments............................ - 741.0 - 1,044.2 Other.................................. - 47.0 81.5 - --------------- ---------------- --------------- --------------- Total.................................. $ 980.7 $ 4,463.3 $ 1,393.7 $ 3,857.6 =============== ================ =============== ===============
As a result of the implementation of FIN 48 as of January 1, 2007, the Company recognized a $44.8 million decrease in the amount of unrecognized tax benefits, which was accounted for as an increase to the January 1, 2007 balance of retained earnings. The total amount of unrecognized tax benefits at January 1, 2007 was $371.3 million. Of that total, $276.9 million would affect the effective tax rate and $94.4 million are tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, other than interest and penalties, the change in timing of the deduction would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority. At December 31, 2008, the total amount of unrecognized tax benefits was $506.6 million of which $372.6 million would affect the effective rate and $134.0 million was temporary in nature. At December 31, 2007, the total amount of unrecognized tax benefits was $412.2 million of which $301.9 million would affect the effective rate and $110.3 million was temporary in nature. F-52 The Company recognizes accrued interest and penalties related to unrecognized tax benefits in tax expense. Interest and penalties included in the amounts of unrecognized tax benefits at December 31, 2008 and 2007 were $77.3 million and $68.6 million, respectively. Tax expense for 2008 and 2007, respectively, reflected $8.7 million and $22.5 million in interest related to unrecognized tax benefits. A reconciliation of unrecognized tax benefits (excluding interest and penalties) follows:
2008 2007 --------------- --------------- (IN MILLIONS) Balance, beginning of year................................................ $ 343.6 $ 325.2 Additions for tax positions of prior years................................ 81.3 19.2 Reductions for tax positions of prior years............................... (4.9) (1.5) Additions for tax positions of current years.............................. .9 3.4 Reductions for tax positions of current years............................. - (.3) Settlements with tax authorities.......................................... 7.7 (2.4) Reductions as a result of a lapse of the applicable statute of limitations - - --------------- --------------- Balance, End of Year...................................................... $ 428.6 $ 343.6 =============== ===============
The IRS completed its examination of the Company's 2002 and 2003 Federal corporate income tax returns and issued its Revenue Agent's Report in second quarter 2008. The Company has appealed an issue to the Appeals Office of the IRS. In addition, AllianceBernstein settled various examinations by the state and local tax authorities. The impact of these completed audits on the Company's financial statements was a net benefit of $14.6 million. IRS examinations for years subsequent to 2003 are expected to commence in 2009. It is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months due to the conclusion of the current IRS proceedings and the additions of new issues for open tax years. The possible change in the amount of unrecognized tax benefits cannot be estimated at this time. 16) DISCONTINUED OPERATIONS The Company's discontinued operations include Wind-up Annuities, equity real estate held-for-sale and disposal of businesses. The following tables reconcile the (Losses) earnings from discontinued operations, net of income taxes and Gains (losses) on disposal of discontinued operations, net of income taxes to the amounts reflected in the consolidated statements of earnings for the three years ended December 31, 2008:
2008 2007 2006 ------------- ------------ ------------- (IN MILLIONS) (LOSSES) EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES: Wind-up Annuities............................................. $ (27.5) $ (.1) $ 30.2 Real estate held-for-sale..................................... 1.4 (6.8) 1.1 Disposal of business - Enterprise............................. - 1.0 (.1) ------------- ------------ ------------- Total......................................................... $ (26.1) $ (5.9) $ 31.2 ============= ============ ============= GAINS (LOSSES) ON DISPOSAL OF DISCONTINUED OPERATIONS, NET OF INCOME TAXES: Real estate held for sale..................................... $ 6.3 $ 3.2 $ - Disposal of business - Enterprise............................. - (.4) (1.9) ------------- ------------ ------------- Total......................................................... $ 6.3 $ 2.8 $ (1.9) ============= ============ =============
Disposal of Businesses ---------------------- In accordance with their October 2006 agreement, during 2007, AXA Financial and its subsidiaries, AXA Equitable, Enterprise Capital Management, Inc. ("Enterprise") and Enterprise Fund Distributors, Inc., ("EFD") transferred to Goldman Sachs Asset Management L.P. ("GSAM") assets of the business of serving F-53 as sponsor of and investment manager to 27 of the 31 funds of AXA Enterprise Multimanager Funds Trust, AXA Enterprise Funds Trust and The Enterprise Group of Funds, Inc. (collectively, the "AXA Enterprise Funds") and completed the reorganization of such funds to corresponding mutual funds managed by GSAM. In 2008, AXA Financial completed the reorganization and/or liquidation of the remaining four mutual funds in AXA Enterprise Funds of the remaining funds which together had approximately $661.9 million in assets under management as of December 31, 2007. AXA Financial has since entered into agreements to transfer the remaining funds. As a result of management's disposition plan, AXA Enterprise Funds advisory contracts were reported as Discontinued Operations. In 2007 and 2006, respectively, $0.7 million pre-tax ($0.4 million post-tax) and $3.0 million pre-tax ($1.9 million post-tax) of transaction costs were recorded as a result of the disposition of the funds; no additional costs were reported for 2008. Proceeds received in 2007 on the disposition of the AXA Enterprise Funds totaled $26.3 million. In 2008 and 2007, respectively, impairments of zero and $0.7 million pre-tax ($0.4 million post-tax) were recorded on intangible assets associated with AXA Enterprise Funds investment management contracts based upon estimated fair value. At December 31, 2008 and 2007 there were no assets or liabilities related to these operations. Wind-up Annuities In 1991, management discontinued the business of Wind-up Annuities, the terms of which were fixed at issue, which were sold to corporate sponsors of terminated qualified defined benefit plans, and for which a premium deficiency reserve and an allowance for future losses based upon projected future cash flows had been established. The Company's quarterly process for evaluating the need for an allowance for future losses involves comparison of the current period's results of Wind-up Annuities to previous projections and re-estimation of future expected losses, if appropriate, to determine whether an adjustment is required. Investment and benefit cash flow projections are updated annually as part of the Company's annual planning process. The assumptions and estimates for 2006 resulted in a release of the allowance. If the Company's analysis in any given period indicates that an allowance for future losses is not necessary, any current period Wind-up Annuities' operating losses or earnings are recognized as (Losses) earnings from discontinued operations, net of income taxes in the consolidated statements of earnings. At December 31, 2008, no allowance for future losses was necessary based upon projections of reasonably assured future net investing and operating cash flows. The determination of projected future cash flows involves numerous estimates and subjective judgments regarding the expected performance of invested assets held by Wind-up Annuities and the expected run-off of Wind-up Annuities liabilities. There can be no assurance the projected future cash flows will not differ from the cash flows ultimately realized. To the extent actual results or future projections of Wind-up Annuities are lower than management's current estimates and assumptions and result in operating losses not being offset by reasonably assured future net investing and operating cash flows, an allowance for future losses may be necessary. In particular, to the extent income, sales proceeds and holding periods for equity real estate differ from management's previous assumptions, establishment of a loss allowance liability may result. F-54 Summarized financial information for Wind-up Annuities follows:
DECEMBER 31, -------------------------------------- 2008 2007 ----------------- ----------------- (IN MILLIONS) BALANCE SHEETS Fixed maturities, available for sale, at estimated fair value (amortized cost of $661.8 and $696.3).............................. $ 602.1 $ 705.0 Equity real estate................................................... 162.2 165.0 Other invested assets................................................ 2.5 4.0 ----------------- ----------------- Total investments.................................................. 766.8 874.0 Cash and cash equivalents............................................ - - Other assets......................................................... 77.1 27.3 ----------------- ----------------- Total Assets......................................................... $ 843.9 $ 901.3 ================= ================= Policyholders liabilities............................................ $ 723.4 $ 756.1 Other liabilities.................................................... 120.5 145.2 ----------------- ----------------- Total Liabilities.................................................... $ 843.9 $ 901.3 ================= =================
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) STATEMENTS OF EARNINGS Investment income (net of investment expenses of $19.3, $19.6 and $19.0).............. $ 64.0 $ 64.9 $ 71.3 Investment (losses) gains, net..................... (4.8) (.8) 6.0 Policy fees, premiums and other income............. .1 .2 - ----------------- ---------------- ----------------- Total revenues..................................... 59.3 64.3 77.3 ----------------- ---------------- ----------------- Benefits and other deductions...................... 101.7 80.0 84.7 Losses charged to the allowance for future losses................................ - (15.6) (7.4) ----------------- ---------------- ----------------- Pre-tax loss from operations....................... (42.4) (.1) - Pre-tax (loss from strengthening) earnings from releasing the allowance for future losses........ - - 37.1 Income tax benefit (expense)....................... 14.9 - (6.9) ----------------- ---------------- ----------------- (Losses) Earnings from Wind-up Annuities........... $ (27.5) $ (.1) $ 30.2 ================= ================ =================
Income tax expense for Wind-up Annuities in 2006 included a $5.8 million tax benefit in connection with the settlement of an IRS audit of the 1997-2001 tax years. Real Estate Held-For-Sale ------------------------- In 2007, two real estate properties with a total book value of $172.7 million that had been previously reported in equity real estate were reclassified as real estate held-for-sale. Prior periods were restated to reflect these properties as discontinued operations. In third quarter 2007, one of the held-for-sale properties was sold resulting in a gain of $4.9 million ($3.2 million post-tax). At December 31, 2008 and 2007, equity real estate held-for-sale was zero and $121.7 million, respectively, and was included in Other assets. F-55 17) ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive (loss) income represents cumulative gains and losses on items that are not reflected in earnings. The balances for the past three years follow:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Unrealized (losses) gains on investments........... $ (1,270.8) $ 103.6 $ 282.2 Defined benefit pensions plans..................... (964.8) (371.5) (449.5) ----------------- ---------------- ----------------- Total Accumulated Other Comprehensive Loss............................... $ (2,235.6) $ (267.9) $ (167.3) ================= ================ =================
The components of other comprehensive loss for the past three years follow:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Net unrealized losses on investments: Net unrealized losses arising during the year....................................... $ (2,533.5) $ (357.8) $ (416.6) Losses reclassified into net earnings during the year................................ (75.3) (22.7) (14.8) ----------------- ---------------- ----------------- Net unrealized losses on investments............... (2,608.8) (380.5) (431.4) Adjustments for policyholders liabilities, DAC and deferred income taxes.................. 1,234.4 201.9 281.3 ----------------- ---------------- ----------------- Change in unrealized losses, net of adjustments.... (1,374.4) (178.6) (150.1) Change in defined benefits pension plans........... (593.3) 78.0 - ----------------- ---------------- ----------------- Total Other Comprehensive Loss..................... $ (1,967.7) $ (100.6) $ (150.1) ================= ================ =================
18) COMMITMENTS AND CONTINGENT LIABILITIES Debt Maturities --------------- At December 31, 2008, aggregate maturities of the long-term debt, including any current portion of long-term debt, based on required principal payments at maturity were none for 2009-2013 and $200.0 million thereafter. Leases ------ The Company has entered into operating leases for office space and certain other assets, principally information technology equipment and office furniture and equipment. Future minimum payments under non-cancelable operating leases for 2009 and the four successive years are $203.7 million, $199.3 million, $194.7 million, $197.9 million, $205.2 million and $2,356.1 million thereafter. Minimum future sublease rental income on these non-cancelable operating leases for 2009 and the four successive years is $5.3 million, $5.4 million, $4.7 million, $3.3 million, $3.2 million and $10.6 million thereafter. At December 31, 2008, the minimum future rental income on non-cancelable operating leases for wholly owned investments in real estate for 2009 and the four successive years is $102.5 million, $102.7 million, $103.2 million, $105.4 million, $106.6 million and $631.9 million thereafter. The Company has entered into capital leases for certain information technology equipment. Future minimum payments under non-cancelable capital leases for 2009 and the four successive years is $0.9 million, $0.9 million, $0.5 million, $0.4 million, $0.2 million and $0.1 million thereafter. F-56 Guarantees and Other Commitments -------------------------------- The Company provides certain guarantees or commitments to affiliates, investors and others. At December 31, 2008, these arrangements include commitments by the Company to provide equity financing of $711.3 million to certain limited partnerships under certain conditions. Management believes the Company will not incur material losses as a result of these commitments. AXA Equitable is the obligor under certain structured settlement agreements it had entered into with unaffiliated insurance companies and beneficiaries. To satisfy its obligations under these agreements, AXA Equitable owns single premium annuities issued by previously wholly owned life insurance subsidiaries. AXA Equitable has directed payment under these annuities to be made directly to the beneficiaries under the structured settlement agreements. A contingent liability exists with respect to these agreements should the previously wholly owned subsidiaries be unable to meet their obligations. Management believes the need for AXA Equitable to satisfy those obligations is remote. The Company had $59.8 million of undrawn letters of credit related to reinsurance at December 31, 2008. AXA Equitable had $15.0 million in commitments under existing mortgage loan agreements at December 31, 2008. In February 2002, AllianceBernstein signed a $125.0 million agreement with a commercial bank under which it guaranteed certain obligations of SCBL incurred in the ordinary course of its business in the event SCBL is unable to meet these obligations. During 2008, AllianceBerstein was not required to perform under the agreement and at December 31, 2008 had no liability outstanding in connection with the agreement. 19) LITIGATION A putative class action entitled Stefanie Hirt, et al. v. The Equitable Retirement Plan for Employees, Managers and Agents, et al. was filed in the District Court for the Southern District of New York in August 2001 against The Equitable Retirement Plan for Employees, Managers and Agents (the "Retirement Plan") and The Officers Committee on Benefit Plans of Equitable Life, as Plan Administrator. The action was brought by five participants in the Retirement Plan and purports to be on behalf of "all Plan participants, whether active or retired, their beneficiaries and Estates, whose accrued benefits or pension benefits are based on the Plan's Cash Balance Formula". The complaint challenged the change, effective January 1, 1989, in the pension benefit formula from a final average pay formula to a cash balance formula. Plaintiffs alleged that the change to the cash balance formula violated ERISA by reducing the rate of accruals based on age, failed to comply with ERISA's notice requirements and improperly applied the formula to retroactively reduce accrued benefits. The relief sought includes a declaration that the cash balance plan violated ERISA, an order enjoining the enforcement of the cash balance formula, reformation and damages. In April 2002, plaintiffs filed a motion seeking to certify a class of "all Plan participants, whether active or retired, their beneficiaries and Estates, whose accrued benefits or pension benefits are based on the Plan's Cash Balance Formula". Also in April 2002, plaintiffs agreed to dismiss with prejudice their claim that the change to the cash balance formula violated ERISA by improperly applying the formula to retroactively reduce accrued benefits. That claim was dismissed. In March 2003, plaintiffs filed an amended complaint elaborating on the remaining claims in the original complaint and adding additional class and individual claims alleging that the adoption and announcement of the cash balance formula and the subsequent announcement of changes in the application of the cash balance formula failed to comply with ERISA. By order dated May 2003, the District Court, as requested by the parties, certified the case as a class action, including a sub-class of all current and former Plan participants, whether active, inactive or retired, their beneficiaries or estates, who were subject to a 1991 change in application of the cash balance formula. In September 2006, the district court granted summary judgment in favor of the defendants. The court ruled that (a) the cash balance provisions of the Equitable Plan do not violate the age discrimination provisions of ERISA, (b) while the notice of plan changes provided to participants in 1990 was not adequate, the notice of plan changes provided to participants in 1992 satisfied the ERISA notice requirements regarding delivery and content, and (c) the claims of the named plaintiffs are barred by statute of limitations. The Court found that other individual class members were not precluded from asserting claims for additional benefit accruals from January 1991 through January 1993 to the extent that such individuals could show that the statute of limitations did not bar their claims. In October 2006, plaintiffs filed a notice of appeal and defendants filed a cross appeal. In July 2008, the Court of Appeals affirmed the lower court's decision that the cash balance plan does not violate the age discrimination provisions of ERISA and that plaintiffs' claims also were barred by the statute of limitations. F-57 In September 2008, the Court of Appeals denied plaintiffs motion for rehearing. The time for plaintiffs to make an appeal to the United States Supreme Court has expired. In April 2004, a purported nationwide class action lawsuit was filed in the Circuit Court for Madison County, Illinois entitled Matthew Wiggenhorn v. Equitable Life Assurance Society of the United States. The lawsuit alleges that AXA Equitable uses stale prices for the foreign securities within the investment divisions of its variable insurance products. The complaint further alleges that AXA Equitable's use of stale pricing diluted the returns of the purported class. The complaint also alleges that AXA Equitable breached its fiduciary duty to the class by allowing market timing in general within AXA Equitable's variable insurance products, thereby diluting the returns of the class. In June 2005, this case was transferred by the Judicial Panel on Multidistrict Litigation to the U.S. District Court in Maryland, where other market-timing related litigation is pending. In June 2005, plaintiff filed an amended complaint. In July 2005, AXA Equitable filed a motion to dismiss the amended complaint. In June 2006, AXA Equitable's motion to dismiss the amended complaint was granted and, in June 2006, plaintiff appealed. As of April 2007, the appeal was fully briefed. In October 2008, oral arguments on the appeal were held. In January 2009, the Fourth Circuit Court of Appeals affirmed the District Court's decision to dismiss the amended complaint. A putative class action entitled Eagan et al. v. AXA Equitable Life Insurance Company was filed in the District Court for the Central District of California in December 2006 against AXA Equitable as plan sponsor and fiduciary for an ERISA retiree health plan. The action was brought by two plan participants on behalf of all past and present employees and agents who received retiree medical benefits from AXA Equitable at any time after January 1, 2004, or who will receive such benefits in 2006 or later, excluding certain retired agents. Plaintiffs allege that AXA Equitable's adoption of a revised version of its retiree health plan in 1993 (the "1993 Plan") was not authorized or effective. Plaintiffs contend that AXA Equitable has therefore breached the retiree health plan by imposing the terms of the 1993 Plan on plaintiffs and other retirees. Plaintiffs allege that, even if the 1993 Plan is controlling, AXA Equitable has violated the terms of the retiree health plan by imposing health care costs and coverages on plaintiffs and other retirees that are not authorized under the 1993 Plan. Plaintiffs also allege that AXA Equitable breached fiduciary duties owed to plaintiffs and retirees by allegedly misrepresenting and failing to disclose information to them. The plaintiffs seek compensatory damages, restitution and injunctive relief prohibiting AXA Equitable from violating the terms of the applicable plan, together with interest and attorneys' fees. In March 2007, AXA Equitable filed a motion to dismiss. In July 2007, the plaintiffs filed an amended complaint that (i) redefined the scope of the class to now include all retired employee and independent contractor agents formerly employed by AXA Equitable who received medical benefits after December 1, 2000 or who will receive such benefits in the future, excluding certain retired agents, and (ii) eliminated the claim based on a breach of fiduciary duty and certain claims related to health care costs. In September 2007, AXA Equitable filed its answer to the amended complaint. The original trial date of May 2009 has been stayed, and the Court has not set a new trial date. In January 2009, AXA Equitable filed a motion to dismiss the complaint for lack of subject matter jurisdiction. In February 2009, the Court denied AXA Equitable's motion to dismiss the complaint. AXA Equitable and/or AXA Advisors LLC is currently the subject of four putative class actions pending in Federal court alleging certain wage and hour violations with regard to certain sales personnel. The cases were filed between July 2006 and September 2007. Each of the cases seek substantially the same relief under essentially the same theories of recovery: violation of the Fair Labor Standards Act for failure to pay minimum wage and overtime and violation of similar provisions under state labor laws in the respective states. In September 2007, the parties agreed to consolidate all four pending cases in the Northern District of California. The cases include the following: Meola v. AXA Advisors and AXA Equitable; Lennon v. AXA Advisors, et al.; Bolea v. AXA Advisors, LLC and AXA Equitable, et. al.; and Dhruv v. AXA Advisors, LLC, et al. Plaintiffs seek compensatory damages, restitution of all wages improperly withheld or deducted, punitive damages, penalties, and attorneys' fees. In February 2009, the parties filed a proposed settlement agreement with the Court. In March 2009, the Court preliminarily denied without prejudice the parties' motion for preliminary approval of the settlement. The Court requested that the parties refile the motion revising certain portions of the proposed notices by the end of March 2009. F-58 ALLIANCEBERNSTEIN LITIGATION Market Timing-Related Matters In October 2003, a purported class action complaint entitled Hindo, et al. v. AllianceBernstein Growth & Income Fund, et al. ("Hindo Complaint") was filed against AllianceBernstein, AllianceBernstein Holding, AllianceBernstein Corporation, AXA Financial, certain investment company funds (the "U.S. Funds") distributed by AllianceBernstein Investments, Inc., a wholly-owned subsidiary of AllianceBernstein, the registrants and issuers of those funds, certain officers of AllianceBernstein (the "AllianceBernstein defendants"), and certain other unaffiliated defendants, as well as unnamed Doe defendants. The Hindo Complaint alleges that certain defendants failed to disclose that they improperly allowed certain hedge funds and other unidentified parties to engage in "late trading" and "market timing" of U.S. Fund securities, violating various securities laws. Following October 2003, additional lawsuits making factual allegations generally similar to those in the Hindo Complaint were filed in various Federal and state courts against AllianceBernstein and certain other defendants. In September 2004, plaintiffs filed consolidated amended complaints with respect to four claim types: mutual fund shareholder claims; mutual fund derivative claims; derivative claims brought on behalf of AllianceBernstein Holding; and claims brought under ERISA by participants in the Profit Sharing Plan for Employees of AllianceBernstein. In April 2006, AllianceBernstein and attorneys for the plaintiffs in the mutual fund shareholder claims, mutual fund derivative claims, and ERISA claims entered into a confidential memorandum of understanding containing their agreement to settle these claims. The agreement will be documented by a stipulation of settlement and will be submitted for court approval at a later date. The settlement amount ($30 million), which AllianceBernstein previously accrued and disclosed, has been disbursed. The derivative claims brought on behalf of AllianceBernstein Holding, in which plaintiffs seek an unspecified amount of damages, remain pending. ----------------------------------- Although the outcome of litigation generally cannot be predicted with certainty, management intends to vigorously defend against the allegations made by the plaintiffs in the actions described above and believes that the ultimate resolution of the litigations described above involving AXA Equitable and/or its subsidiaries should not have a material adverse effect on the consolidated financial position of the Company. Management cannot make an estimate of loss, if any, or predict whether or not any of the litigations described above will have a material adverse effect on the Company's consolidated results of operations in any particular period. In addition to the type of matters described above, a number of lawsuits have been filed against life and health insurers in the jurisdictions in which AXA Equitable and its respective insurance subsidiaries do business involving insurers' sales practices, alleged agent misconduct, alleged failure to properly supervise agents, contract administration and other matters. Some of the lawsuits have resulted in the award of substantial judgments against other insurers, including material amounts of punitive damages, or in substantial settlements. In some states, juries have substantial discretion in awarding punitive damages. AXA Equitable and AXA Life, like other life and health insurers, from time to time are involved in such litigations. Some of these actions and proceedings filed against AXA Equitable and its subsidiaries have been brought on behalf of various alleged classes of claimants and certain of these claimants seek damages of unspecified amounts. While the ultimate outcome of such matters cannot be predicted with certainty, in the opinion of management no such matter is likely to have a material adverse effect on the Company's consolidated financial position or results of operations. However, it should be noted that the frequency of large damage awards, including large punitive damage awards that bear little or no relation to actual economic damages incurred by plaintiffs in some jurisdictions, continues to create the potential for an unpredictable judgment in any given matter. F-59 20) INSURANCE GROUP STATUTORY FINANCIAL INFORMATION AXA Equitable is restricted as to the amounts it may pay as dividends to AXA Financial. Under the New York Insurance Law, a domestic life insurer may, without prior approval of the Superintendent, pay a dividend to its shareholders not exceeding an amount calculated based on a statutory formula. Payment of dividends in 2009 would require the insurer to file notice of its intent to declare such dividends with the Superintendent who then has 30 days to disapprove the distribution. This formula would not permit AXA Equitable to pay shareholder dividends during 2009. For 2008, 2007 and 2006, the Insurance Group statutory net (loss) income totaled $(1,074.8) million, $605.8 million and $532.3 million, respectively. Statutory surplus, capital stock and Asset Valuation Reserve ("AVR") totaled $3,588.1 million and $7,812.0 million at December 31, 2008 and 2007, respectively. In both 2007 and 2006, AXA Equitable paid shareholder dividends of $600.0 million; no dividends were paid in 2008. At December 31, 2008, AXA Equitable, in accordance with various government and state regulations, had $59.5 million of securities on deposit with such government or state agencies. In fourth quarter 2008, AXA Equitable issued two $500.0 million surplus notes to AXA Financial. The notes, both of which mature on December 1, 2018, have a fixed interest rate of 7.1%. The accrual and payment of interest expense and principal related to surplus notes require approval from the State of New York Insurance Department (the "NYID"). Interest expense in 2009 will approximate $71.0 million. At December 31, 2008 and for the year then ended, there were no differences in net income and capital and surplus resulting from practices prescribed and permitted by the NYID and those prescribed by NAIC Accounting Practices and Procedures effective at December 31, 2008. Accounting practices used to prepare statutory financial statements for regulatory filings of stock life insurance companies differ in certain instances from U.S. GAAP. The differences between statutory surplus and capital stock determined in accordance with Statutory Accounting Principles ("SAP") and total shareholder's equity under U.S. GAAP are primarily: (a) the inclusion in SAP of an AVR intended to stabilize surplus from fluctuations in the value of the investment portfolio; (b) future policy benefits and policyholders' account balances under SAP differ from U.S. GAAP due to differences between actuarial assumptions and reserving methodologies; (c) certain policy acquisition costs are expensed under SAP but deferred under U.S. GAAP and amortized over future periods to achieve a matching of revenues and expenses; (d) under SAP, income taxes are provided on the basis of amounts currently payable with limited recognition of deferred tax assets while under U.S. GAAP, deferred taxes are recorded for temporary differences between the financial statements and tax basis of assets and liabilities where the probability of realization is reasonably assured; (e) the valuation of assets under SAP and U.S. GAAP differ due to different investment valuation and depreciation methodologies, as well as the deferral of interest-related realized capital gains and losses on fixed income investments; (f) the valuation of the investment in AllianceBernstein and AllianceBernstein Holding under SAP reflects a portion of the market value appreciation rather than the equity in the underlying net assets as required under U.S. GAAP; (g) the provision for future losses of the discontinued Wind-Up Annuities business as only required under U.S. GAAP; (h) reporting the surplus notes as a component of surplus in SAP but as a liability in U.S. GAAP; (i) computer software development costs are capitalized under U.S. GAAP but expensed under SAP; and (j) certain assets, primarily pre-paid assets, are not admissible under SAP but are admissible under U.S. GAAP. The following reconciles the Insurance Group's statutory change in surplus and capital stock and statutory surplus and capital stock determined in accordance with accounting practices prescribed by the NYID with net earnings and shareholder's equity on a U.S. GAAP basis. F-60
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Net change in statutory surplus and capital stock.................................... $ (3,414.3) $ 71.7 $ 1,386.5 Change in AVR...................................... (808.4) (167.2) 279.3 ----------------- ---------------- ----------------- Net change in statutory surplus, capital stock and AVR.......................................... (4,222.7) (95.5) 1,665.8 Adjustments: Future policy benefits and policyholders' account balances............................... 3.2 415.1 (144.3) DAC.............................................. (2,089.9) 620.1 674.1 Deferred income taxes............................ (4,116.6) (677.8) 517.3 Valuation of investments......................... 3,695.4 2.8 2.6 Valuation of investment subsidiary............... 5,046.4 461.7 (2,122.7) Change in fair value of guaranteed minimum income benefit reinsurance contracts.......... 1,566.8 6.9 (14.8) Pension adjustment.............................. 1,389.7 - - Premiums and benefits ceded to AXA Bermuda...... 2,846.7 - - Issuance of surplus notes....................... (1,000.0) - - Shareholder dividends paid...................... - 600.0 600.0 Changes in non-admitted assets................... 136.9 19.4 (57.4) Other, net....................................... (12.6) (150.3) (72.6) U.S. GAAP adjustments for Wind-up Annuities ..... (16.7) 31.2 28.8 ----------------- ---------------- ----------------- Consolidated Net Earnings ......................... $ 3,226.6 $ 1,233.6 $ 1,076.8 ================= ================ ================= DECEMBER 31, --------------------------------------------------------- 2008 2007 2006 ----------------- ---------------- ------------------ (IN MILLIONS) Statutory surplus and capital stock................ $ 3,155.0 $ 6,569.3 $ 6,497.6 AVR................................................ 433.1 1,242.7 1,409.9 ----------------- ---------------- ------------------ Statutory surplus, capital stock and AVR........... 3,588.1 7,812.0 7,907.5 Adjustments: Future policy benefits and policyholders' account balances............................... (1,487.3) (2,270.2) (2,574.1) DAC.............................................. 7,482.0 9,019.3 8,316.5 Deferred income taxes............................ (4,585.1) (1,089.3) (627.1) Valuation of investments......................... (2,312.5) 457.1 867.9 Valuation of investment subsidiary............... 588.1 (4,458.3) (4,920.0) Fair value of GMIB reinsurance contracts......................... 4,821.7 124.7 117.8 Deferred cost of insurance ceded to AXA Bermuda................................ 3,495.8 - - Non-admitted assets.............................. 1,144.0 1,014.5 994.5 Issuance of surplus notes........................ (1,524.9) (524.8) (524.8) Adjustment to initially apply SFAS No.158, net of income taxes........................... - - (449.5) Other, net....................................... 141.3 76.0 433.6 U.S. GAAP adjustments for Wind-up Annuities...... 12.4 1.5 (59.9) ----------------- ---------------- ------------------ Consolidated Shareholder's Equity.................. $ 11,363.6 $ 10,162.5 $ 9,482.4 ================= ================ ==================
F-61 21) BUSINESS SEGMENT INFORMATION The following tables reconcile segment revenues and earnings from continuing operations before income taxes to total revenues and earnings as reported on the consolidated statements of earnings and segment assets to total assets on the consolidated balance sheets, respectively.
2008 2007 2006 ----------------- ---------------- ------------------ (IN MILLIONS) SEGMENT REVENUES: Insurance.......................................... $ 15,115.1 $ 6,938.0 $ 5,966.9 Investment Management (1).......................... 3,542.7 4,561.8 4,002.7 Consolidation/elimination.......................... (76.5) (91.4) (90.0) ----------------- ---------------- ------------------ Total Revenues..................................... $ 18,581.3 $ 11,408.4 $ 9,879.6 ================= ================ ==================
(1) Intersegment investment advisory and other fees of approximately $93.3 million, $128.9 million and $120.8 million for 2008, 2007 and 2006, respectively, are included in total revenues of the Investment Management segment.
SEGMENT EARNINGS FROM CONTINUING 2008 2007 2006 OPERATIONS BEFORE INCOME ----------------- ----------------- ----------------- TAXES AND MINORITY INTEREST: (IN MILLIONS) Insurance.......................................... $ 4,486.5 $ 1,298.9 $ 881.9 Investment Management.............................. 932.2 1,400.5 1,198.4 Consolidation/elimination.......................... (.4) - - ----------------- ----------------- ----------------- Total Earnings from Continuing Operations before Income Taxes and Minority Interest....... $ 5,418.3 $ 2,699.4 $ 2,080.3 ================= ================= =================
DECEMBER 31, ------------------------------------- 2008 2007 ----------------- ----------------- (IN MILLIONS) SEGMENT ASSETS: Insurance.......................................... $ 123,757.2 $ 144,962.2 Investment Management.............................. 12,520.2 14,962.7 Consolidation/elimination.......................... (11.2) 1.1 ----------------- ----------------- Total Assets....................................... $ 136,266.2 $ 159,926.0 ================= =================
In accordance with SEC regulations, securities with a fair value of $2,547.9 million and $2,333.2 million have been segregated in a special reserve bank custody account at December 31, 2008 and 2007, respectively for the exclusive benefit of securities broker-dealer or brokerage customers under Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). F-62 22) QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The quarterly results of operations for 2008 and 2007 are summarized below:
THREE MONTHS ENDED ---------------------------------------------------------------------------- MARCH 31 JUNE 30 SEPTEMBER 30 DECEMBER 31 ----------------- ----------------- ------------------ ---------------- (IN MILLIONS) 2008 ---- Total Revenues................ $ 3,792.6 $ 2,411.1 $ 3,387.4 $ 8,990.2 ================= ================= ================== ================ Earnings from Continuing Operations.................. $ 600.1 $ 510.2 $ 96.6 $ 2,039.5 ================= ================= ================== ================ Net Earnings.................. $ 607.4 $ 510.6 $ 96.6 $ 2,012.0 ================= ================= ================== ================ 2007 ---- Total Revenues................ $ 2,677.9 $ 2,608.2 $ 2,938.5 $ 3,183.8 ================= ================= ================== ================ Earnings from Continuing Operations....... $ 295.7 $ 232.0 $ 356.6 $ 352.4 ================= ================= ================== ================ Net Earnings.................. $ 299.6 $ 218.2 $ 362.4 $ 353.4 ================= ================= ================== ================
F-63 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green The Accumulator(R) Series A combination variable and fixed deferred annuity contract PROSPECTUS DATED MAY 1, 2009 Please read and keep this Prospectus for future reference. It contains important information that you should know before taking any action under your contract. This Prospectus supersedes all prior Prospectuses and supplements. You should read the prospectuses for each Trust, which contain important information about the portfolios. -------------------------------------------------------------------------------- WHAT IS THE ACCUMULATOR(R) SERIES? The Accumulator(R) Series are deferred annuity contracts issued by AXA Equitable Life Insurance Company. The contracts provide for the accumulation of retirement savings and for income. The contracts offer income and death benefit protection as well. They also offer 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 fixed maturity options ("investment options"). This Prospectus is not your contract. Your contract and any endorsements, riders and data pages as identified in your contract are the entire contract between you and AXA Equitable and governs with respect to all features, benefits, rights and obligations. The description of the contract's provisions in this Prospectus is current as of the date of this Prospectus; however, because certain provisions may be changed after the date of this Prospectus in accordance with the contract, the description of the contract's provisions in this Prospectus is qualified in its entirety by the terms of the actual contract. The contract should be read carefully. You have the right to cancel the contract within a certain number of days after receipt of the contract. You should read this Prospectus in conjunction with any applicable supplements. Withdrawal charges discussed in this Prospectus apply only under the Accumulator(R) contract, not the Accumulator(R) Select(SM) contract. All optional features and benefits described in this Prospectus may not have been available at the time you purchased the contract. We have the right to restrict availability of any optional feature or benefit. In addition, not all optional features and benefits may be available in combination with other optional features and benefits. We can refuse to accept any contribution from you at any time, including after you purchase the contract. The contracts are no longer available for new purchasers. This Prospectus is designed for current contract owners. This prospectus describes both Accumulator(R) and Accumulator(R) Select(SM) contracts. Except where there is a difference between the two contracts, we refer to both contracts as "the contract." -------------------------------------------------------------------------------- Variable investment options -------------------------------------------------------------------------------- o AXA Aggressive Allocation* o EQ/AXA Mutual Shares Core** o AXA Conservative Allocation* o EQ/AXA Templeton Growth Core** o AXA Conservative-Plus Allocation* o EQ/BlackRock Basic Value Equity o AXA Moderate Allocation* o EQ/BlackRock International Value o AXA Moderate-Plus Allocation* o EQ/Boston Advisors Equity Income o EQ/AllianceBernstein International o EQ/Calvert Socially Responsible o EQ/AllianceBernstein Small Cap o EQ/Capital Guardian Growth Growth o EQ/Capital Guardian Research o EQ/Ariel Appreciation II o EQ/Caywood-Scholl High Yield Bond o EQ/AXA Franklin Income Core** o EQ/Common Stock Index** o EQ/AXA Franklin Small Cap Value o EQ/Core Bond Index Core** o EQ/Davis New York Venture o EQ/AXA Franklin Templeton Founding o EQ/Equity 500 Index Strategy Core** -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Variable investment options -------------------------------------------------------------------------------- o EQ/Evergreen Omega o EQ/Oppenheimer Main Street o EQ/Focus PLUS** Opportunity o EQ/GAMCO Mergers and Acquisitions o EQ/Oppenheimer Main Street o EQ/GAMCO Small Company Value Small Cap o EQ/Global Bond PLUS** o EQ/PIMCO Ultra Short Bond** o EQ/Global Multi-Sector Equity** o EQ/Quality Bond PLUS o EQ/Intermediate Government Bond o EQ/Short Duration Bond Index o EQ/Small Company Index o EQ/International Core PLUS o EQ/T. Rowe Price Growth Stock o EQ/International Growth o EQ/UBS Growth and Income o EQ/JPMorgan Value Opportunities o EQ/Van Kampen Comstock o EQ/Large Cap Core PLUS o EQ/Van Kampen Mid Cap Growth o EQ/Large Cap Growth Index o Multimanager Aggressive Equity o EQ/Large Cap Growth PLUS o Multimanager Core Bond o EQ/Large Cap Value Index o Multimanager Health Care o EQ/Large Cap Value PLUS o Multimanager International Equity o EQ/Long Term Bond o Multimanager Large Cap Core Equity o EQ/Lord Abbett Growth and Income o Multimanager Large Cap Growth o EQ/Lord Abbett Large Cap Core o Multimanager Large Cap Value o EQ/Lord Abbett Mid Cap Value o Multimanager Mid Cap Growth o EQ/Mid Cap Index o Multimanager Mid Cap Value o EQ/Mid Cap Value PLUS o Multimanager Multi-Sector Bond** o EQ/Money Market o Multimanager Small Cap Growth o EQ/Montag & Caldwell Growth o Multimanager Small Cap Value o EQ/Oppenheimer Global o Multimanager Technology -------------------------------------------------------------------------------- * The "AXA Allocation" portfolios. ** This is the variable investment option's new name, effective on or about May 1, 2009, subject to regulatory approval. Please see "Portfolios of the Trusts" under "Contract features and benefits" later in this Prospectus for the variable investment option's former name. You may allocate amounts to any of the variable investment options. At any time, we have the right to limit or terminate your contributions. Each variable investment option is a subaccount of Separate Account No. 45 and Separate Account No. 49. Each variable investment option, in turn, invests in a corresponding securities portfolio ("Portfolio") of the AXA Premier VIP Trust or the EQ Advisors Trust (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 is 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. X02220 Oregon only To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green TYPES OF CONTRACTS. Contracts were offered 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. We also offered "Rollover IRA" and "Roth Conversion IRA." o An annuity that is an investment vehicle for a qualified defined contribution plan ("QP") (Rollover and direct transfer contributions only). o An Internal Revenue Code Section 403(b) Tax-Sheltered Annuity ("TSA") -- ("Rollover TSA") (Rollover and direct transfer contributions only; employer or plan approval required.) 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, 2009, 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 1547, Secaucus, NJ 07096-1547 or calling 1-800-789-7771. The SAI is incorporated by this 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. To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Contents of this Prospectus -------------------------------------------------------------------------------- THE ACCUMULATOR(R) SERIES -------------------------------------------------------------------------------- Index of key words and phrases 5 Who is AXA Equitable? 6 How to reach us 7 The Accumulator(R) Series at a glance -- key features 9 -------------------------------------------------------------------------------- FEE TABLE 12 -------------------------------------------------------------------------------- Examples 13 Condensed financial information 13 -------------------------------------------------------------------------------- 1. CONTRACT FEATURES AND BENEFITS 14 -------------------------------------------------------------------------------- How you can contribute to your contract 14 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 Your benefit base 27 Annuity purchase factors 27 Our baseBUILDER option 27 Guaranteed minimum death benefit 29 Your right to cancel within a certain number of days 30 -------------------------------------------------------------------------------- 2. DETERMINING YOUR CONTRACT'S VALUE 32 -------------------------------------------------------------------------------- Your account value and cash value 32 Your contract's value in the variable investment options 32 Your contract's value in the fixed maturity options 32 Insufficient account value 32 -------------------------------------------------------------------------------- 3. TRANSFERRING YOUR MONEY AMONG INVESTMENT OPTIONS 33 -------------------------------------------------------------------------------- Transferring your account value 33 Disruptive transfer activity 33 Rebalancing your account value 34 ---------------------- "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 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green -------------------------------------------------------------------------------- 4. ACCESSING YOUR MONEY 36 -------------------------------------------------------------------------------- Withdrawing your account value 36 How withdrawals are taken from your account value 37 How withdrawals affect your guaranteed minimum income benefit and guaranteed minimum death benefit 37 Loans under Rollover TSA contracts 38 Surrendering your contract to receive its cash value 38 When to expect payments 39 Your annuity payout options 39 -------------------------------------------------------------------------------- 5. CHARGES AND EXPENSES 42 -------------------------------------------------------------------------------- Charges that AXA Equitable deducts 42 Charges that the Trusts deduct 43 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 46 Beneficiary continuation option 46 -------------------------------------------------------------------------------- 7. TAX INFORMATION 48 -------------------------------------------------------------------------------- Overview 48 Buying a contract to fund a retirement arrangement 48 Suspension of required minimum distributions for 2009 48 Transfers among investment options 48 Taxation of nonqualified annuities 48 Individual retirement arrangements (IRAs) 50 Traditional individual retirement annuities (traditional IRAs) 51 Roth individual retirement annuities (Roth IRAs) 56 Tax-sheltered annuity contracts (TSAs) 59 Federal and state income tax withholding and information reporting 64 Special rules for contracts funding qualified plans 65 Impact of taxes to AXA Equitable 65 -------------------------------------------------------------------------------- 8. MORE INFORMATION 66 -------------------------------------------------------------------------------- About Separate Account No. 45 and Separate Account No. 49 66 About the Trusts 66 About our fixed maturity options 66 About the general account 67 About other methods of payment 68 Dates and prices at which contract events occur 68 About your voting rights 69 Statutory compliance 69 About legal proceedings 69 Financial statements 69 Transfers of ownership, collateral assignments, loans and borrowing 70 Distribution of the contracts 70 -------------------------------------------------------------------------------- 9. INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE 72 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- APPENDICES -------------------------------------------------------------------------------- I -- Condensed financial information A-1 II -- Purchase considerations for QP contracts B-1 III -- Market value adjustment example C-1 IV -- Guaranteed minimum death benefit example D-1 V -- Hypothetical illustrations E-1 VI -- Contract variations F-1 -------------------------------------------------------------------------------- STATEMENT OF ADDITIONAL INFORMATION TABLE OF CONTENTS -------------------------------------------------------------------------------- 4 Contents of this Prospectus To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Index of key words and phrases -------------------------------------------------------------------------------- This index should help you locate more information on the terms used in this Prospectus. Term Page in Prospectus 5% Roll-Up to age 80 30 12 month dollar cost averaging 26 account value 32 administrative charge 42 annual Ratchet to age 80 30 annuitant 14 annuitization 39 annuity maturity date 41 annuity payout options 39 annuity purchase factors 27 automatic investment program 68 baseBUILDER 27 baseBUILDER Benefit charge 43 beneficiary 45 Beneficiary Continuation Option ("BCO") 46 business day 68 cash value 32 charges for state premium and other applicable taxes 43 contract date 10 contract date anniversary 10 contract year 10 contributions to Roth IRAs 56 regular contributions 56 rollover and direct transfers 57 conversion contributions 57 contributions to traditional IRAs 51 regular contributions 51 rollovers and transfers 52 disability, terminal illness or confinement to nursing home 43 disruptive transfer activity 33 ERISA 44 fixed maturity options 25 free look 31 free withdrawal amount 43 general account 67 Guaranteed minimum death benefit 28 Guaranteed minimum income benefit 27 IRA cover IRS cover Term Page in Prospectus investment options cover lifetime required minimum distribution withdrawals 37 loan reserve account 38 loans under Rollover TSA contracts 38 market adjusted amount 25 market value adjustment 25 market timing 33 maturity dates 25 maturity value 25 Mortality and expense risks charge 42 NQ cover Online Account Access 7 partial withdrawals 36 Portfolio cover principal assurance allocation 26 processing office 7 Protection Plus(SM) 30 Protection Plus(SM) charge 43 QP cover rate to maturity 25 Rebalancing 34 Rollover IRA cover Rollover TSA cover Roth Conversion IRA cover Roth IRA cover SAI cover SEC cover self-directed allocation 26 Separate Account No. 45 and Separate Account No. 49 66 substantially equal withdrawals 36 successor owner and annuitant 46 systematic withdrawals 36 TOPS 7 TSA cover traditional IRA cover Trusts 66 unit 32 variable investment options 18 wire transmittals and electronic applications 68 withdrawal charge 42 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 or supplemental materials. Your financial professional can provide further explanation about your contract or supplemental materials. -------------------------------------------------------------------------------- Prospectus Contract or Supplemental Materials -------------------------------------------------------------------------------- fixed maturity options Guarantee Periods (Guaranteed Fixed Interest Accounts in supplemental materials) variable investment options Investment Funds account value Annuity Account Value rate to maturity Guaranteed Rates unit Accumulation Unit baseBUILDER Guaranteed Minimum Income Benefit -------------------------------------------------------------------------------- Index of key words and phrases 5 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 SA ("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 Equitable 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 $543.2 billion in assets as of December 31, 2008. 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? To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green HOW TO REACH US Please communicate with us at the mailing addresses listed below for the purposes described. Certain methods of contacting us, such as by telephone or electronically, may be unavailable or delayed. For example, our facsimile service may not be available at all times and/or we may be unavailable due to emergency closing. In addition, the level and type of service available may be restricted based on criteria established by us. In order to avoid delays in processing, please send your correspondence and check to the appropriate location, as follows: -------------------------------------------------------------------------------- FOR CORRESPONDENCE WITH CHECKS: -------------------------------------------------------------------------------- FOR CONTRIBUTIONS SENT BY REGULAR MAIL: The Accumulator(R) Series P.O. Box 1577 Secaucus, NJ 07096-1577 FOR CONTRIBUTIONS SENT BY EXPRESS DELIVERY: The Accumulator(R) Series 500 Plaza Drive, 6th Floor Secaucus, NJ 07094 -------------------------------------------------------------------------------- FOR CORRESPONDENCE WITHOUT CHECKS: -------------------------------------------------------------------------------- FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT BY REGULAR MAIL: The Accumulator(R) Series P.O. Box 1547 Secaucus, NJ 07096-1547 FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT BY EXPRESS DELIVERY: The Accumulator(R) Series 500 Plaza Drive, 6th Floor Secaucus, NJ 07094 Your correspondence will be picked up at the mailing address noted above and delivered to our processing office. Your correspondence, however, is not considered received by us until it is received at our processing office. Where this Prospectus refers to the day when we receive a contribution, request, election, notice, transfer or any other transaction request from you, we mean the day on which that item (or the last thing necessary for us to process that item) arrives in complete and proper form at our processing office or via the appropriate telephone or fax number if the item is a type we accept by those means. There are two main exceptions: if the item arrives (1) on a day that is not a business day or (2) after the close of a business day, then, in each case, we are deemed to have received that item on the next business day. Our processing office is: 500 Plaza Drive, 6th Floor, Secaucus, New Jersey 07094. -------------------------------------------------------------------------------- REPORTS WE PROVIDE: -------------------------------------------------------------------------------- o written confirmation of financial transactions; o statement of your contract values at the close of each calendar year and any calendar quarter in which there was a financial transaction; 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, if applicable. -------------------------------------------------------------------------------- TELEPHONE OPERATED PROGRAM SUPPORT ("TOPS") AND ONLINE ACCOUNT ACCESS SYSTEMS: -------------------------------------------------------------------------------- TOPS is designed to provide you with up-to-date information via touch-tone telephone. Online Account Access 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 (not available through Online Account Access); 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 investment options; o elect to receive certain contract statements electronically; o enroll in, modify or cancel a rebalancing program (through Online Account Access only); o change your address (not available through TOPS); o change your TOPS personal identification number ("PIN") (through TOPS only) and your Online Account Access password (through Online Account Access only); and o access Frequently Asked Questions and Service Forms (not available through TOPS). TOPS and Online Account Access are normally available seven days a week, 24 hours a day. You may use TOPS by calling toll free 1-888-909-7770. If you are a client with AXA Advisors you may use Online Account Access by visiting our website at www.axaonline.com and logging in to access your account. All other clients may access Online Account Access by visiting our website at www.axa-equitable.com. 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 will- Who is AXA Equitable? 7 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green ful 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 (1-800-789-7771) to speak with one of our customer service representatives. Our customer service representatives are available on any business day from 8:30 a.m. until 5:30 p.m., Eastern Time. WE REQUIRE THAT THE FOLLOWING TYPES OF COMMUNICATIONS BE ON SPECIFIC FORMS WE PROVIDE FOR THAT PURPOSE: (1) authorization for telephone transfers by your financial professional (available only for contracts distributed through AXA Distributors); (2) conversion of a traditional IRA to a Roth Conversion IRA contract; (3) election of the automatic investment program; (4) election of the rebalancing program; (5) requests for loans under Rollover TSA contracts (employer or plan approval required); (6) spousal consent for loans under Rollover TSA contracts; (7) requests for withdrawals or surrenders from Rollover TSA contracts; (8) tax withholding elections; (9) election of the beneficiary continuation option; (10) IRA contribution recharacterizations; (11) Section 1035 exchanges; (12) direct transfers and rollovers; (13) purchase by, or change of ownership to, a non natural owner; (14) exercise of the Guaranteed minimum income benefit; and (15) death claims. 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; (4) contract surrender and withdrawal requests; (5) general dollar cost averaging; and (6) 12 month dollar cost averaging. TO CANCEL OR CHANGE 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; (4) 12 month dollar cost averaging; (5) substantially equal withdrawals; (6) systematic withdrawals; and (7) 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? To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green The Accumulator(R) Series at a glance -- key features -------------------------------------------------------------------------------- Professional investment The Accumulator(R) Series' variable investment options invest in different Portfolios managed by management professional investment advisers. ------------------------------------------------------------------------------------------------------------------------------------ Fixed maturity options o 10 fixed maturity options ("FMOs") 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. -------------------------------------------------------------------------------------------------------- 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 a fixed maturity amount, 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. ------------------------------------------------------------------------------------------------------------------------------------ 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. -------------------------------------------------------------------------------------------------------- Annuity contracts that were purchased as an Individual Retirement Annuity (IRA), Tax Sheltered Annuity (TSA) or to fund an employer retirement plan (QP or Qualified Plan) do not provide tax deferral benefits beyond those already provided by the Internal Revenue Code for these types of arrangements. Before you purchased your contract, you should have considered its features and benefits beyond tax deferral, as well as its features, benefits and costs relative to any other investment that you may have chosen in connection with your retirement plan or arrangement, to determine whether it would meet your needs and goals. Depending on your personal situation, the contract's guaranteed benefits may have limited usefulness because of required minimum distributions ("RMDs"). ------------------------------------------------------------------------------------------------------------------------------------ baseBUILDER(R) protection baseBUILDER combines a guaranteed minimum income benefit with a guaranteed minimum death benefit provided under the contract. The guaranteed minimum income benefit provides income protection for you during the annuitant's life once you elect to annuitize the contract. The guaranteed minimum death benefit provides a death benefit for the beneficiary should the annuitant die. ------------------------------------------------------------------------------------------------------------------------------------ Contribution Amounts The chart below shows the minimum initial and additional contribution amounts under the contracts. Please note that the contracts are no longer available for new purchasers. Initial contribution amounts are provided for informational purposes only. Please see "How you can purchase and contribute to your contract" under "Contract features and benefits" for more information. Accumulator(R) Accumulator(R) Select(SM) -------------------------------------------------------------------------------------------------------- NQ $ 5,000 ($1,000)* $ 25,000 ($1,000)* -------------------------------------------------------------------------------------------------------- Rollover IRA $ 5,000 ($50) $ 25,000 ($50) -------------------------------------------------------------------------------------------------------- Roth Conversion IRA $ 5,000 ($50) $ 25,000 ($50) -------------------------------------------------------------------------------------------------------- QP $ 5,000 ($1,000) $ 25,000 ($1,000) -------------------------------------------------------------------------------------------------------- Rollover TSA $ 5,000 ($1,000) $ 25,000 ($1,000) -------------------------------------------------------------------------------------------------------- * $100 monthly and $300 quarterly under our automatic investment program. o Maximum contribution limitations apply to all contracts. -------------------------------------------------------------------------------------------------------- In general, contributions are limited to $1.5 million under all Accumulator(R) Series contracts with the same owner or annuitant. We generally limit aggregate contributions made after the first contract year to 150% of first-year contributions. Upon advance notice to you, we may exercise certain rights we have under the contract regarding contributions, including our rights to (i) change minimum and maximum contribution requirements and limitations, and (ii) discontinue acceptance of contributions. Further, we may at any time exercise our rights to limit or terminate your contributions. For more information, please see "How you can contribute to your contract" in "Contract features and benefits" later in this Prospectus. ------------------------------------------------------------------------------------------------------------------------------------
The Accumulator(R) Series at a glance -- key features 9 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green ------------------------------------------------------------------------------------------------------------------------------------ Access to your money o Partial withdrawals o Several withdrawal options on a periodic basis o Loans under Rollover TSA contracts (employer or plan approval required) o Contract surrender You may incur a withdrawal charge (not applicable to Accumulator(R) Select(SM) contracts) for certain withdrawals or if you surrender your contract. You may also incur income tax and a tax penalty. Certain withdrawals will diminish the value of optional benefits. ------------------------------------------------------------------------------------------------------------------------------------ Payout alternative 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 even if you do not elect baseBUILDER o Dollar cost averaging o Automatic investment program o Account value rebalancing (quarterly, semiannually and annually) o Free transfers o Waiver of withdrawal charge for disability, terminal illness or confinement to a nursing home (Accumulator(R) only) o Protection Plus(SM), an optional death benefit available under certain contracts (subject to state availability) ------------------------------------------------------------------------------------------------------------------------------------ Fees and charges o Daily charges on amounts invested in variable investment options for mortality and expense risks and administrative charges at a current annual rate of 1.35% for Accumulator(R) contracts. o Daily charges on amounts invested in variable investment options for mortality and expense risks, administrative charges and distribution charges at a current rate of 1.60% for Accumulator(R) Select(SM) contracts. o Annual 0.30% benefit base charge for the optional baseBUILDER benefit until you exercise your guaranteed minimum income benefit, elect another annuity payout option or the contract date anniversary after the annuitant reaches age 83, whichever occurs first. The annual benefit base charge is 0.15% if the 5% Roll-Up to age 70, was elected (Accumulator(R) only). The benefit base is described under "Your benefit base" in "Contract features and benefits" later in this Prospectus. If you do not elect baseBUILDER, you still receive a guaranteed minimum death benefit under your contract at no additional charge. o An annual charge of 0.20% of the account value for the Protection Plus(SM) optional death benefit. o No sales charge deducted at the time you make contributions. o For Accumulator(R) contracts, during the first seven contract years following a contribution, a charge will be deducted from amounts that you withdraw that exceed 15% of your account value. We use the account value at the beginning of each contract year to calculate the 15% amount available. The charge begins at 7% in the first contract year following a contribution. It declines by 1% each year to 1% in the seventh contract year. There is no withdrawal charge in the eighth and later contract years following a contribution. o For Accumulator(R) Select(SM) contracts, there is no withdrawal charge and no annual contract fee. ------------------------------------------------------------------------------------------------------ The "contract date" is the effective date of a contract. This usually is the business day we received the properly completed and signed application, along with any other required documents, and your initial contribution. Your contract date appears 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. This charge is generally deducted from the amount applied to an annuity payout option. o We currently deduct a $350 annuity administrative fee from amounts applied to purchase the variable immediate annuitization 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. ------------------------------------------------------------------------------------------------------------------------------------
10 The Accumulator(R) Series at a glance -- key features To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green ------------------------------------------------------------------------------------------------------------------------------------ Annuitant issue ages For Accumulator(R) contracts: ----------------------------- NQ: 0-83 Rollover IRA, Roth Conversion IRA, and Rollover TSA: 20-83 QP: 20-75 For Accumulator(R) Select(SM) contracts: ---------------------------------------- NQ: 0-85 Rollover IRA, Roth Conversion IRA and Rollover TSA: 20-85 QP: 20-75 ------------------------------------------------------------------------------------------------------------------------------------
The table above summarizes only certain current key features and benefits of the contract. The table also summarizes certain current limitations, restrictions and exceptions to those features and benefits that we have the right to impose under the contract and that are subject to change in the future. In some cases, other limitations, restrictions and exceptions may apply. All features and benefits may not be available in all contracts or from all selling broker-dealers. Please see Appendix VI later in this Prospectus for more information on 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. This Prospectus is not your contract. Your contract and any endorsements, riders and data pages are the entire contract between you and AXA Equitable and governs with respect to all features, benefits, rights and obligations. The contract should be read carefully before investing. Please feel free to speak with your financial professional, or call us, if you have any questions. 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 every 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. The Accumulator(R) Series at a glance -- key features 11 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Fee table -------------------------------------------------------------------------------- The following tables describe the fees and expenses that you pay when 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 or if you make certain withdrawals or apply your cash value to certain payout options or 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 we deduct from your account value at the time you request certain transactions ------------------------------------------------------------------------------------------------------------------------------------ Maximum withdrawal charge as a percentage of contributions withdrawn Accumulator(R) Accumulator(R) Select(SM) (Deducted if you surrender your contract, make certain withdrawals or apply 7.00% N/A your cash value to certain payout options.)(1) ---------------------------------------------------- Charge if you elect a variable payout option upon annuitization (which is $350 described in a separate prospectus for that option) ------------------------------------------------------------------------------------------------------------------------------------ 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 variable investment options expressed as an annual percentage of daily net assets ------------------------------------------------------------------------------------------------------------------------------------ SEPARATE ACCOUNT ANNUAL EXPENSES: Accumulator(R) Accumulator(R) Select(SM) Mortality and expense risks 1.10%(2) 1.10%(2) Administrative 0.25% 0.25% Distribution -- 0.25% --------- Total Separate account annual expenses 1.35% 1.60% ------------------------------------------------------------------------------------------------------------------------------------ Charges we deduct from your account value each year if you elect the optional benefit ------------------------------------------------------------------------------------------------------------------------------------ baseBUILDER benefit charge(3) (Calculated as a percentage of the applicable 0.30% benefit base. Deducted annually on each contract date anniversary for which the benefit is in effect.) ------------------------------------------------------------------------------------------------------------------------------------ Protection Plus(SM) benefit charge (Calculated as a percentage of the account 0.20% value. Deducted annually on each contract date anniversary for which the benefit is in effect.) ------------------------------------------------------------------------------------------------------------------------------------ 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 2008 (expenses that are deducted Lowest Highest from Portfolio assets including management fees, 12b-1 fees, service fees, and/or ------ ------- other expenses)(4) 0.64% 2.04% ------------------------------------------------------------------------------------------------------------------------------------
Notes: (1) Deducted upon a withdrawal of amounts in excess of the 15% free withdrawal amount, if applicable: 12 Fee table To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green The withdrawal charge percentage we use is determined by the contract year in which Contract you make the withdrawal or surrender your contract. For each contribution, we con- Year Accumulator(R) sider the contract year in which we receive that contribution to be "contract year 1") 1..............7.00% 2..............6.00% 3..............5.00% 4..............4.00% 5..............3.00% 6..............2.00% 7..............1.00% 8+.............0.00%
(2) These charges compensate us for certain risks we assume and expenses we incur under the contract. We expect to make a profit from these charges. (3) The baseBUILDER benefit charge is 0.15% if the 5% Roll-Up to age 70 was elected under an Accumulator(R) contract. (4) "Total Annual Portfolio Operating Expenses" are based, in part, on estimated amounts for options added during the fiscal year 2008 and for the underlying portfolios. 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 the underlying portfolio fees and expenses). The examples below show the expenses that a hypothetical contract owner, who has elected baseBUILDER and Protection Plus(SM) would pay in the situations illustrated. Since the Protection Plus(SM) feature only applies under certain contracts, expenses would be lower for contracts that do not have Protection Plus(SM). The fixed maturity options and the 12 month dollar cost averaging program are not covered by the example. However, the withdrawal charge (if applicable under your contract), the charge for any optional benefits and the charge if you elect a Variable Immediate Annuity payout option do apply to amounts in the fixed maturity options. 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 examples assume that you invest $10,000 in each contract for the time periods indicated and that your investment has a 5% return each year. The examples also assume maximum contract charges and total annual expenses of the Portfolios (before expense limitations) set forth in the previous charts. These examples 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 examples 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:
------------------------------------------------------------------------------------------------------------------------------------ Accumulator(R) ------------------------------------------------------------------------------------------------------------------------------------ If you surrender your contract at the If you annuitize at the end of the appli- end of the applicable time period cable time period 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ (a) assuming maximum fees and expenses of any of the Portfolios $ 961 $1,306 $1,680 $2,956 N/A $1,306 $1,680 $2,956 (b) assuming minimum fees and expenses of any of the Portfolios $1,108 $1,740 $2,393 $4,318 N/A $1,740 $2,393 $4,318 ------------------------------------------------------------------------------------------------------------------------------------ -------------------------------------------------------------------------------- Accumulator(R) If you do not surrender your contract at the end of the applicable time period 1 year 3 years 5 years 10 years -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- (a) assuming maximum fees and expenses of any of the Portfolios $261 $ 806 $1,380 $2,956 (b) assuming minimum fees and expenses of any of the Portfolios $408 $1,240 $2,093 $4,318 --------------------------------------------------------------------------------
For information on how your contract works under certain hypothetical circumstances, please see Appendix V at the end of this Prospectus.
------------------------------------------------------------------------------------------------------------------------------------ Accumulator(R) Select(SM) ------------------------------------------------------------------------------------------------------------------------------------ If you surrender or do not surrender your If you annuitize at the end contract of the applicable time period at the end of the applicable time period 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ (a) assuming maximum fees and expenses of any of the Portfolios N/A $1,234 $1,860 $3,564 $288 $ 884 $1,510 $3,214 (b) assuming minimum fees and expenses of any of the Portfolios N/A $1,667 $2,566 $4,891 $435 $1,317 $2,216 $4,541 ------------------------------------------------------------------------------------------------------------------------------------
For information on how your contract works under certain hypothetical circumstances, please see Appendix V at the end of this Prospectus. CONDENSED FINANCIAL INFORMATION Please see Appendix I 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, 2008. Fee table 13 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 1. Contract features and benefits -------------------------------------------------------------------------------- HOW YOU CAN CONTRIBUTE TO YOUR CONTRACT Please note that the contracts are no longer available for new purchasers. Because this Prospectus is designed for current contract owners, some information in this section is being presented for informational purposes only. The following table summarizes our current rules regarding contributions to your contract, which rules are subject to change. We can refuse to accept any contribution from you at any time, including after you purchase the contract. All ages in the table refer to the age of the annuitant named in the contract. Initial contribution amounts are provided for informational purposes only. Upon advance notice to you, we may exercise certain rights we have under the contract regarding contributions, including our rights to (i) change minimum and maximum contribution requirements and limitations, and (ii) discontinue acceptance of contributions. Further, we may at any time exercise our rights to limit or terminate your contributions. -------------------------------------------------------------------------------- We reserve the right to change our current limitations on your contributions and to discontinue acceptance of contributions. -------------------------------------------------------------------------------- We currently limit aggregate contributions on your contract made after the first contract year to 150% of first-year contributions (the "150% limit"). The 150% limit can be reduced or increased at any time upon advance notice to you. Even if the aggregate contributions on your contract do not exceed the 150% limit, we currently do not accept any contribution if: (i) the aggregate contributions under one or more Accumulator(R) series contracts with the same owner or annuitant would then total more than $1,500,000 ($500,000 for the same owner or annuitant who is age 81 and older at contract issue); or (ii) the aggregate contributions under all AXA Equitable annuity accumulation contracts with the same owner or annuitant would then total more than $2,500,000. We may waive these and other contribution limitations based on certain criteria that we determine, including elected benefits, issue age, aggregate contributions, variable investment option allocations and selling broker-dealer compensation. -------------------------------------------------------------------------------- The "annuitant" is the person who is the measuring life for determining contract benefits. The annuitant is not necessarily the contract owner. --------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ Annuitant Minimum Contract type issue ages contributions Source of contributions Limitations on contributions ------------------------------------------------------------------------------------------------------------------------------------ NQ Accumulator(R) o $1,000 (additional) o After-tax money. o No additional contributions 0 through 83 may be made after attain- o $100 monthly and $300 o Paid to us by check or ment of age 84 under Accumulator(R) Select(SM) quarterly under our auto- transfer of contract value Accumulator(R) contracts 0 through 85 matic investment program in a tax-deferred exchange (age 86 under Accumulator(R) (additional) under Section 1035 of the Select(SM) contracts) or, Internal Revenue Code. if later, the first contract date anniversary. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ Annuitant Minimum Contract type issue ages contributions Source of contributions Limitations on contributions ------------------------------------------------------------------------------------------------------------------------------------ Rollover IRA Accumulator(R) o $50 (additional) o Eligible rollover distribu- o No additional contributions 20 through 83 tions from 403(b) plans, may be made after attain- Accumulator(R) Select(SM) qualified plans, and govern- ment of age 84 under 20 through 85 mental employer 457(b) Accumulator(R) contracts (age plans. 86 under Accumulator(R) Select(SM) contracts) or, if o Rollovers from another later, the first contract date traditional individual anniversary. retirement arrangement. o Contributions after age 70-1/2 o Direct custodian-to- must be net of required custodian transfers from minimum distributions. another traditional indi- vidual retirement o Although we accept regular arrangement. IRA contributions (limited to $5,000) under Rollover IRA o Regular IRA contributions. contracts, we intend that this contract be used pri- o Additional catch-up marily for rollover and direct contributions. transfer contributions. o Additional catch-up contri- butions of up to $1,000 can be made 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. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ Annuitant Minimum Contract type issue ages contributions Source of contributions Limitations on contributions ------------------------------------------------------------------------------------------------------------------------------------ Roth Conversion Accumulator(R) o $50 (additional) o Rollovers from another o No additional contributions IRA 20 through 83 Roth IRA. may be made after attain- ment of age 84 under Accumulator(R) Select(SM) o Rollovers from a "desig- Accumulator(R) contracts (age 20 through 85 nated Roth contribution 86 under Accumulator(R) account" under a 401(k) Select(SM) contracts) or, if plan or 403(b) plan. later, the first contract date anniversary. o Conversion rollovers from a traditional IRA or other o Conversion rollovers after eligible retirement plan. age 70-1/2 must be net of required minimum distribu- o Direct transfers from tions for the traditional IRA another Roth IRA. or other eligible retirement plan which is the source of o Regular Roth IRA the conversion rollover.. contributions. o Before 2010, you cannot roll o Additional catch-up contri- over funds from a traditional butions. IRA or other eligible retire- ment plan if your adjusted gross income is $100,000 or more. o Although we accept regular Roth IRA contributions (lim- ited to $5,000) under Roth IRA contracts, we intend that this contract be used primarily for rollover and direct transfer contributions. o Additional catch-up contri- butions of up to $1,000 can be made where the owner is at least age 50 at any time during the calendar year for which the contribution is made. ------------------------------------------------------------------------------------------------------------------------------------ Rollover TSA* Accumulator(R) o $1,000 (additional) o With documentation of o No additional contributions 20 through 83 employer or plan approval, may be made after attain- and limited to pre-tax ment of age 84 under Accumulator(R) Select(SM) funds, direct plan-to-plan Accumulator(R) contracts (age 20 through 85 transfers from another 86 under Accumulator(R) 403(b) plan or contract Select(SM) contracts) or, if exchanges from another later, the first contract 403(b) contract under the date anniversary. same plan. o Rollover or direct transfer o With documentation of contributions after age 70-1/2 employer or plan approval, must be net of any required and limited to pre-tax minimum distributions. funds, eligible rollover dis- tributions from other 403(b) o We do not accept employer- plans, qualified plans, gov- remitted contributions. ernmental employer 457(b) plans or traditional IRAs. o We do not accept after-tax contributions, including des- ignated Roth contributions. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ Annuitant Minimum Contract type issue ages contributions Source of contributions Limitations on contributions ------------------------------------------------------------------------------------------------------------------------------------ QP Accumulator(R) o $1,000 (additional) o Only transfer contributions o A separate QP contract must 20 through 75 from other investments be established for each plan Accumulator(R) Select(SM) within an existing defined participant. 20 through 75 contribution qualified plan trust. o We do not accept regular ongoing payroll contribu- o The plan must be qualified tions or contributions under Section 401(a) of the directly from the employer. Internal Revenue Code. o Only one additional transfer o For 401(k) plans, trans- contribution may be made ferred contributions may during a contract year. not include any after-tax contributions, including o No additional transfer con- designated Roth contribu- tributions may be made after tions. attainment of age 76, or, if later, the first contract date anniversary. o Contributions after age 70-1/2 must be net of any required minimum distributions. See Appendix II at the end of this Prospectus for a discussion of purchase considerations of QP contracts. ------------------------------------------------------------------------------------------------------------------------------------
* May not be available from all Selling broker-dealers. Also, Rollover TSA is available only where the employer sponsoring the 403(b) plan currently contributes to one or more other 403(b) annuity contracts issued by AXA Equitable for active plan participants (the purchaser of the Accumulator(R) Series Rollover TSA may also be, but need not be, an owner of the other 403(b) annuity contract). See "Tax information" later in this Prospectus for a more detailed discussion of sources of contributions and certain contribution limitations. 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. Please review your contract for information on contribution limitations. Contract features and benefits 17 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green OWNER AND ANNUITANT REQUIREMENTS Under NQ contracts, the annuitant can be different from 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. Accumulator(R) Select(SM) contracts were not available for purchase by charitable remainder trusts. In general, we will not permit a contract to be owned by a minor unless it is pursuant to the Uniform Gifts to Minors Act or the Uniform Transfers to Minors Act in your state. Under all IRA and Rollover TSA contracts, the owner and annuitant must be the same person. In some cases, an IRA contract may be held in a custodial individual retirement account for the benefit of the individual annuitant. This option may not be available under your contract. Under QP contracts, the owner must be the trustee of the qualified plan and the annuitant must be the plan participant/employee. See Appendix II at the end of this Prospectus for more information on QP contracts. PURCHASE CONSIDERATIONS FOR A CHARITABLE REMAINDER TRUST (This section only applies to Accumulator(R) contracts.) If you purchased this Accumulator(R) contract to fund a charitable remainder trust, the Guaranteed minimum income benefit, generally, was not available to you. Subject to our rules, the baseBUILDER benefit may have been available. You should strongly consider "split-funding"; that is, the trust holds investments in addition to this Accumulator(R) contract. Charitable remainder trusts are required to take specific distributions. The charitable remainder trust annual withdrawal requirement may be equal to a percentage of the donated amount or a percentage of the current value of the donated amount. If your Accumulator(R) contract is the only source for such distributions, the payments you need to take may significantly reduce the value of your guaranteed benefits. See the discussion of these benefits later in this section. HOW YOU CAN MAKE YOUR CONTRIBUTIONS Except as noted below, contributions must be 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 an intended Section 1035 tax-free exchange or a direct transfer. We do not accept starter checks or travelers' checks. 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 your convenience, we will accept contributions by wire transmittal from certain broker-dealers who have agreements with us for this purpose, including circumstances under which such contributions are considered received by us when your order is taken by such broker-dealers. Additional contributions may also be made under our automatic investment program. 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 this information. These methods of payment are discussed in detail in "More information" later in this Prospectus. -------------------------------------------------------------------------------- Our "business day" is generally any day the New York Stock Exchange is open for regular trading and generally ends at 4:00 p.m. Eastern Time (or as of an earlier close of regular trading). A business day does not include a day on which we are not open due to emergency conditions determined by the Securities and Exchange Commission. We may also close early due to such emergency conditions. For more information about our business day and our pricing of transactions, please see "Dates and prices at which contract events occur." -------------------------------------------------------------------------------- WHAT ARE YOUR INVESTMENT OPTIONS UNDER THE CONTRACT? You can choose from among 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. We may at any time, exercise our rights to limit or terminate your contributions. 18 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green PORTFOLIOS OF THE TRUSTS The AXA Allocation Portfolios and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio 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 and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio 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 addition, due to the relative diversification of the underlying portfolios covering various asset classes and categories, the AXA Allocation Portfolios and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio 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" 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 sub-adviser(s) for each Portfolio, if any. The chart below also shows the currently available Portfolios and their investment objectives.
------------------------------------------------------------------------------------------------------------------------------------ AXA Premier VIP Trust -- Class B Shares* 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 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 o ClearBridge Advisors, LLC o Legg Mason Capital Management, Inc. o Marsico Capital Management, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER CORE BOND To seek a balance of high current income and capital o BlackRock Financial Management, Inc. appreciation, consistent with a prudent level of risk. o Pacific Investment Management Company LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER HEALTH CARE Long-term growth of capital. o Invesco Aim Capital Management, Inc. o RCM Capital Management LLC o SSgA Funds Management, Inc. o Wellington Management Company, LLP ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER INTERNATIONAL Long-term growth of capital. o AllianceBernstein L.P. EQUITY o JPMorgan Investment Management Inc. o Marsico Capital Management, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ AXA Premier VIP Trust -- Class B Shares* 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 o Janus Capital Management LLC o SSgA Funds Management, Inc. o Thornburg Investment Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER LARGE CAP Long-term growth of capital. o Goodman & Co. NY Ltd. GROWTH o SSgA Funds Management, Inc. o T. Rowe Price Associates, Inc. o Westfield Capital Management Company, L.P. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER LARGE CAP Long-term growth of capital. o AllianceBernstein L.P. VALUE o Institutional Capital LLC o MFS Investment Management o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER MID CAP Long-term growth of capital. o AllianceBernstein L.P. GROWTH o Franklin Advisers, Inc. o SSgA Funds Management, Inc. o Wellington Management Company, LLP ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER MID CAP VALUE Long-term growth of capital. o AXA Rosenberg Investment Management LLC o SSgA Funds Management, Inc. o Tradewinds Global Investors, LLC o Wellington Management Company, LLP ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER MULTI-SECTOR High total return through a combination of current o Pacific Investment Management Company BOND(1) income and capital appreciation. LLC o Post Advisory Group, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER SMALL CAP Long-term growth of capital. o Eagle Asset Management, Inc. GROWTH o SSgA Funds Management, Inc. o Wells Capital Management Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER SMALL CAP Long-term growth of capital. o Franklin Advisory Services, LLC VALUE o Pacific Global Investment Management Company o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER TECHNOLOGY Long-term growth of capital. o Firsthand Capital Management, Inc. o RCM Capital Management LLC o SSgA Funds Management, Inc. o Wellington Management Company, LLP ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ EQ Advisors Trust -- Class B Shares* 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. INTERNATIONAL ------------------------------------------------------------------------------------------------------------------------------------ EQ/ALLIANCEBERNSTEIN SMALL Seeks to achieve long-term growth of capital. o AllianceBernstein L.P. CAP GROWTH ------------------------------------------------------------------------------------------------------------------------------------ EQ/ARIEL APPRECIATION II Seeks to achieve long-term capital appreciation. o Ariel Capital Management, LLC ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA FRANKLIN INCOME Seeks to maximize income while maintaining prospects o BlackRock Investment Management, LLC CORE(2) for capital appreciation. o Franklin Advisers, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA FRANKLIN SMALL CAP Seeks to achieve long-term total return. o BlackRock Investment Management, LLC VALUE CORE(3) o Franklin Advisory Services, LLC ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA FRANKLIN TEMPLETON Primarily seeks capital appreciation and secondarily o AXA Equitable FOUNDING STRATEGY CORE(4) seeks income. ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA MUTUAL SHARES CORE(5) Seeks to achieve capital appreciation, which may occa- o BlackRock Investment Management, LLC sionally be short-term, and secondarily, income. o Franklin Mutual Advisers, LLC ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA TEMPLETON GROWTH Seeks to achieve long-term capital growth. o BlackRock Investment Management, LLC CORE(6) o Templeton Global Advisors Limited ------------------------------------------------------------------------------------------------------------------------------------ EQ/BLACKROCK BASIC VALUE Seeks to achieve capital appreciation and secondarily, o BlackRock Investment Management, LLC EQUITY income. ------------------------------------------------------------------------------------------------------------------------------------ EQ/BLACKROCK INTERNATIONAL Seeks to provide current income and long-term growth of o BlackRock Investment Management VALUE income, accompanied by growth of capital. International Limited ------------------------------------------------------------------------------------------------------------------------------------ EQ/BOSTON ADVISORS EQUITY Seeks to achieve a combination of growth and income to o Boston Advisors, LLC INCOME achieve an above-average and consistent total return. ------------------------------------------------------------------------------------------------------------------------------------ EQ/CALVERT SOCIALLY Seeks to achieve long-term capital appreciation. o Calvert Asset Management Company, Inc. RESPONSIBLE o Bridgeway Capital Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/CAPITAL GUARDIAN GROWTH Seeks to achieve long-term growth of capital. o Capital Guardian Trust Company ------------------------------------------------------------------------------------------------------------------------------------ EQ/CAPITAL GUARDIAN Seeks to achieve long-term growth of capital. o Capital Guardian Trust Company RESEARCH ------------------------------------------------------------------------------------------------------------------------------------ EQ/CAYWOOD-SCHOLL HIGH Seeks to maximize current income. o Caywood-Scholl Capital Management YIELD BOND ------------------------------------------------------------------------------------------------------------------------------------ EQ/COMMON STOCK INDEX(7) Seeks to achieve a total return before expenses that o AllianceBernstein L.P. approximates the total return performance of the Russell 3000 Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 3000 Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/CORE BOND INDEX Seeks to achieve a total return before expenses that o SSgA Funds Management, Inc. approximates the total return performance of the Barclays Capital U.S. Aggregate Bond Index, including reinvest- ment of dividends, at a risk level consistent with that of the Barclays Capital U.S. Aggregate Bond Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/DAVIS NEW YORK VENTURE Seeks to achieve long-term growth of capital. o Davis Selected Advisers, L.P. ------------------------------------------------------------------------------------------------------------------------------------ EQ/EQUITY 500 INDEX Seeks to achieve 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. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ EQ Advisors Trust -- Class B Shares* Investment Manager (or Sub-Adviser(s), as Portfolio Name Objective applicable) ------------------------------------------------------------------------------------------------------------------------------------ EQ/EVERGREEN OMEGA Seeks to achieve long-term capital growth. o Evergreen Investment Management Company, LLC ------------------------------------------------------------------------------------------------------------------------------------ EQ/FOCUS PLUS(8) Seeks to achieve long-term growth of capital. o AXA Equitable o Marsico Capital Management, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ 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/GLOBAL BOND PLUS(9) Seeks to achieve capital growth and current income. o BlackRock Investment Management, LLC o Evergreen Investment Management Company, LLC o First International Advisors, LLC (dba "Evergreen International") ------------------------------------------------------------------------------------------------------------------------------------ EQ/GLOBAL MULTI-SECTOR Seeks to achieve long-term capital appreciation. o BlackRock Investment Management, LLC EQUITY(10) o Morgan Stanley Investment Management Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/INTERMEDIATE GOVERNMENT Seeks to achieve a total return before expenses that o SSgA Funds Management, Inc. BOND INDEX approximates the total return performance of the Barclays Capital Intermediate Government Bond Index, including reinvestment of dividends, at a risk level consistent with that of the Barclays Capital Intermediate Government Bond Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/INTERNATIONAL CORE PLUS Seeks to achieve long-term growth of capital. o AXA Equitable o Hirayama Investments, LLC o SSgA Funds Management, Inc. o Wentworth Hauser and Violich, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/INTERNATIONAL GROWTH Seeks to achieve capital appreciation. o MFS Investment Management ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMORGAN VALUE Seeks to achieve long-term capital appreciation. o JPMorgan Investment Management Inc. OPPORTUNITIES ------------------------------------------------------------------------------------------------------------------------------------ EQ/LARGE CAP CORE PLUS Seeks to achieve long-term growth of capital with a sec- o AXA Equitable ondary objective to seek reasonable current income. For o Institutional Capital LLC purposes of this Portfolio, the words "reasonable current o SSgA Funds Management, Inc. income" mean moderate income. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LARGE CAP GROWTH INDEX Seeks to achieve a total return before expenses that o AllianceBernstein L.P. approximates the total return performance of the Russell 1000 Growth Index, including reinvestment of dividends at a risk level consistent with that of the Russell 1000 Growth Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LARGE CAP GROWTH PLUS Seeks to provide long-term capital growth. o AXA Equitable o Marsico Capital Management, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ EQ Advisors Trust -- Class B Shares* Investment Manager (or Sub-Adviser(s), as Portfolio Name Objective applicable) ------------------------------------------------------------------------------------------------------------------------------------ EQ/LARGE CAP VALUE INDEX Seeks to achieve a total return before expenses that o SSgA Funds Management, Inc. approximates the total return performance of the Russell 1000 Value Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 1000 Value Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LARGE CAP VALUE PLUS Seeks to achieve capital appreciation. o AllianceBernstein L.P. o AXA Equitable ------------------------------------------------------------------------------------------------------------------------------------ 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 Seeks to achieve capital appreciation and growth of o Lord, Abbett & Co. LLC INCOME income without excessive fluctuation in market value. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LORD ABBETT LARGE CAP Seeks to achieve capital appreciation and growth of o Lord, Abbett & Co. LLC CORE income with reasonable risk. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LORD ABBETT MID CAP VALUE Seeks to achieve capital appreciation. o Lord, Abbett & Co. LLC ------------------------------------------------------------------------------------------------------------------------------------ EQ/MID CAP INDEX Seeks to achieve a total return before expenses that o SSgA Funds Management, Inc. approximates the total return performance of the S&P Mid Cap 400 Index, including reinvestment of dividends, at a risk level consistent with that of the S&P Mid Cap 400 Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/MID CAP VALUE PLUS Seeks to achieve long-term capital appreciation. o AXA Equitable o SSgA Funds Management, Inc. o Wellington Management Company LLP ------------------------------------------------------------------------------------------------------------------------------------ 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/OPPENHEIMER GLOBAL Seeks to achieve capital appreciation. o OppenheimerFunds, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/OPPENHEIMER MAIN STREET Seeks to achieve long-term capital appreciation. o OppenheimerFunds, Inc. OPPORTUNITY ------------------------------------------------------------------------------------------------------------------------------------ EQ/OPPENHEIMER MAIN STREET Seeks to achieve capital appreciation. o OppenheimerFunds, Inc. SMALL CAP ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO ULTRA SHORT BOND(11) Seeks to generate a return in excess of traditional o Pacific Investment Management Company, money market products while maintaining an emphasis on LLC preservation of capital and liquidity. ------------------------------------------------------------------------------------------------------------------------------------ EQ/QUALITY BOND PLUS Seeks to achieve high current income consistent with o AllianceBernstein L.P. moderate risk to capital. o AXA Equitable o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/SHORT DURATION BOND Seeks to achieve current income with reduced volatility o BlackRock Financial Management, Inc. of principal. ------------------------------------------------------------------------------------------------------------------------------------ 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. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ EQ Advisors Trust -- Class B Shares* Investment Manager (or Sub-Adviser(s), as Portfolio Name Objective applicable) ------------------------------------------------------------------------------------------------------------------------------------ EQ/T. ROWE PRICE GROWTH Seeks to achieve long-term capital appreciation and o T. Rowe Price Associates, Inc. STOCK secondarily, income. ------------------------------------------------------------------------------------------------------------------------------------ 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 Seeks to achieve capital growth and income. o Morgan Stanley Investment Management Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/VAN KAMPEN MID CAP Seeks to achieve capital growth. o Morgan Stanley Investment Management Inc. GROWTH ------------------------------------------------------------------------------------------------------------------------------------
* The chart below reflects the portfolio's former name in effect until on or about May 1, 2009, subject to regulatory approval. The number in the "Footnote No." column corresponds with the number contained in the chart above. -------------------------------------------------------------------------------- Footnote No. Portfolio's Former Name -------------------------------------------------------------------------------- AXA Premier VIP Trust -------------------------------------------------------------------------------- (1) Multimanager High Yield -------------------------------------------------------------------------------- EQ Advisors Trust -------------------------------------------------------------------------------- (2) EQ/Franklin Income -------------------------------------------------------------------------------- (3) EQ/Franklin Small Cap Value -------------------------------------------------------------------------------- (4) EQ/Franklin Templeton Founding Strategy -------------------------------------------------------------------------------- (5) EQ/Mutual Shares -------------------------------------------------------------------------------- (6) EQ/Templeton Growth -------------------------------------------------------------------------------- (7) EQ/AllianceBernstein Common Stock -------------------------------------------------------------------------------- (8) EQ/Marsico Focus -------------------------------------------------------------------------------- (9) EQ/Evergreen International Bond -------------------------------------------------------------------------------- (10) EQ/Van Kampen Emerging Markets Equity -------------------------------------------------------------------------------- (11) EQ/PIMCO Real Return -------------------------------------------------------------------------------- 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 1-800-789-7771. 24 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green FIXED MATURITY OPTIONS We offer fixed maturity options with maturity dates 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: (i) the fixed maturity option's maturity date is within the current calendar year; or (ii) the rate to maturity is 3%. This means that, at any given time, we may not offer fixed maturity options with all ten possible maturity dates. You can allocate your contributions to one or more of these fixed maturity options. 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 all states. Check with your financial professional to see if fixed maturity options are available in your state. -------------------------------------------------------------------------------- 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, to the date of the calculation. This is the fixed maturity option's "maturity value." Before maturity, the current value we will report for your fixed maturity amounts 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 offer fixed maturity options with maturity dates ranging from one to ten years. Not all of these fixed maturity options will be available for annuitant ages 76 and older. 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. YOUR CHOICES AT THE MATURITY DATE. We will notify you on or before December 31st of the year 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 restrictive 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, (for Accumulator(R) contracts, 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 with the earliest maturity date. As of February 17, 2009, the next available maturity date is February 16, 2016. MARKET VALUE ADJUSTMENT. If you make any withdrawals (including transfers, surrender 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 adjustment 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. If fixed maturity options 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 fixed maturity options 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 three ways to allocate your contributions under your contract: self-directed, principal assurance (at contract issue only), or dollar cost averaging. We allocate subsequent contributions according to instructions on file unless you provide new instructions. 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. If your financial Contract features and benefits 25 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green professional is with AXA Advisors, he or she 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. SELF-DIRECTED ALLOCATION You may allocate your contributions to one or more, or all, of the variable investment options and fixed maturity options. Allocations must be in whole percentages and you may change your allocations at any time. The total of your allocations must equal 100%. If the annuitant is age 76 or older, you may allocate contributions to fixed maturity options if their maturities are five years or less. Also, you may not allocate amounts to fixed maturity options with maturity dates that are later than the February 15th immediately following the date annuity payments are to begin. PRINCIPAL ASSURANCE ALLOCATION Principal assurance allocation is only available at contract issue. If you chose this allocation program, you selected a fixed maturity option. We specified a portion of your initial contribution and allocated it 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 selected generally could not be later than 10 years, or earlier than 7 years from your contract date. If you were to make any withdrawals or transfers from the fixed maturity option before the option's maturity date, the amount in the fixed maturity option will be adjusted and may no longer grow to equal your initial contribution under the principal assurance allocation. Principal assurance was not available if none of those maturity dates were available at the time your contract was issued. You allocated the remainder of your initial contribution to the variable investment options however you chose. For example, if your initial contribution is $25,000, and on February 17, 2009 you chose the fixed maturity option with a maturity date of February 15, 2019 since the rate to maturity was 4.20% on February 17, 2009, we would have allocated $16,568 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 $25,000. The principal assurance allocation was only available for annuitant ages 75 or younger when the contract was issued. If you anticipated taking required minimum distributions, you should have considered whether your values in the variable investment options would be sufficient to meet your required minimum distributions. See "Tax information" later in this Prospectus. You could not have elected principal assurance if you participated in the 12 month dollar cost averaging program at application. DOLLAR COST AVERAGING We offer two dollar cost averaging programs. You may only participate in one program at a time. Each program allows you to gradually transfer amounts from the EQ/Money Market option to the other variable investment options by periodically transferring approximately the same dollar amount to the other variable investment options you select. This 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. -------------------------------------------------------------------------------- Units measure your value in each variable investment option. -------------------------------------------------------------------------------- 12 MONTH DOLLAR COST AVERAGING PROGRAM. You may dollar cost average from the EQ/Money Market option into any of the other variable investment options. You may elect to participate in the 12 month dollar cost averaging program at any time subject to the age limitation on contributions described in Section 1 of this Prospectus. Contributions into the account for 12 month dollar cost averaging may not be transfers from other investment options. You must have allocated your entire initial contribution into the EQ/Money Market option if you selected the 12 month dollar cost averaging program at application to purchase an Accumulator(R) Series contract; thereafter your initial allocation to any new 12 month dollar cost averaging program time period must be at least $2,000 and any subsequent contribution to that same time period must be at least $250. You may only have one time period in effect at any time. We will transfer your value in the EQ/Money Market option into the other variable investment options that you select over the next 12 months or such other period we may offer. Once the time period then in effect has run, you may then select to participate in the dollar cost averaging program for an additional time period. At that time, you may also select a different allocation for transfers to the variable investment options, or, if you wish, we will continue to use the selection that you have previously made. Currently, the transfer date will be the same day of the month as the contract date, but not later than the 28th. For a 12 month dollar cost averaging program selected after application, the first transfer date and each subsequent transfer date for the time period selected will be one month from the date the first contribution is made into the 12 month dollar cost averaging program, but not later than the 28th of the month. All amounts will be transferred out by the end of the time period then in effect. Under this program we will not deduct the mortality and expense risks, administrative and distribution charges from assets in the EQ/Money Market option. You may not transfer amounts to the EQ/Money Market option established for this program that are not part of the 12 month dollar cost averaging program. The only amounts that should be transferred from the EQ/Money Market option are your regularly scheduled transfers to the other variable investment options. If you request to transfer or withdraw any other amounts from the EQ/Money Market option, we will transfer all of the value that you have remaining in the account for 12 month dollar cost averaging to the investment options according to the allocation percentages we have on file for you. You may ask us to cancel your participation at any time. GENERAL DOLLAR COST AVERAGING PROGRAM. If your value in the EQ/Money Market option is at least $5,000, you may choose, at any 26 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green time, to have a specified dollar amount or percentage of your value transferred from that option to the other variable investment options. You can select to have transfers made on a monthly, quarterly, or annual basis. The transfer date will be the same calendar day of the month as the contract date, but not later than the 28th day of the month. 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 $250. 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. ---------------------------------- You may not elect general dollar cost averaging or 12 month dollar cost averaging if you are participating in the rebalancing program. You may only participate in one dollar cost averaging program at a time. See "Transferring your money among investment options" later in this Prospectus. You could not elect the 12 month dollar cost averaging program if you elected the principal assurance program at application. Also, for information on how the dollar cost averaging program you select may affect certain guaranteed benefits, see "Your benefit base" below. YOUR BENEFIT BASE The benefit base is used to calculate both the guaranteed minimum income benefit and the 5% Roll-Up to age 80 guaranteed minimum death benefit. Your benefit base is not an account value or a cash value. See "Our baseBUILDER option" and "Guaranteed minimum death benefit" below. The benefit base is equal to: o your initial contribution and any additional contributions to the contract; plus o daily roll-up; less o a deduction that reflects any withdrawals you make. The amount of this 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; less o a deduction for any withdrawal charge remaining when you exercise your guaranteed minimum income benefit. The amount of any withdrawal charge is described under "Withdrawal charge" in "Charges and expenses" later in the Prospectus, and is not applicable to Accumulator(R) Select(SM) contracts. The effective annual roll-up rate credited to the benefit base is: o 5% for the benefit base with respect to the variable investment options (other than the Multimanager Core Bond, EQ/Intermediate Government Bond Index, EQ/Money Market, EQ/Quality Bond PLUS and EQ/Short Duration Bond options) and the 12 month dollar cost averaging program; and o 3% for the benefit base with respect to the Multimanager Core Bond, EQ/Intermediate Government Bond Index, EQ/Money Market, EQ/Quality Bond PLUS and EQ/Short Duration Bond options, the fixed maturity options and the loan reserve account under Rollover TSA (if applicable). The benefit base stops rolling up after the contract date anniversary following the annuitant's 80th birthday. Depending on your contract issue date, other roll-up rates may have been available. See Appendix VI for more information. 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 under "Our baseBUILDER option" and annuity payout options are discussed under "Your annuity payout options" in "Accessing your money" later in this Prospectus. The guaranteed annuity purchase factors are those factors specified in your contract. The current annuity purchase factors are any more favorable factors that may be in effect at any given time. Annuity purchase factors are based on interest rates, mortality tables, frequency of payments, the form of annuity benefit and the annuitant's (and any joint annuitant's) age and sex in certain instances. OUR BASEBUILDER OPTION The following section provides information about the baseBUILDER option, which was only available at the time you purchased your contract, if the annuitant was age 20 through 75. The baseBUILDER option combines a guaranteed minimum income benefit with the guaranteed minimum death benefit that was provided under your contract. For Rollover IRA and Rollover TSA Accumulator(R) contracts where the annuitant was between ages 20 and 60 at contract issue, we offered an additional guaranteed minimum death benefit of a 5% Roll-Up to age 70. If you elected the baseBUILDER option at purchase, you pay an additional charge that is described under "baseBUILDER benefit charge" in "Charges and expenses" later in this Prospectus. If you purchased your Accumulator(R) contract to fund a Charitable Remainder Trust, the guaranteed minimum income benefit was, generally, not available to you. Subject to our rules, the baseBUILDER benefit might have been available under your Accumulator(R) contract for certain split-funded Charitable Remainder Trusts. The guaranteed minimum income benefit component of the baseBUILDER option is described below. Whether you elected the baseBUILDER option or not, the guaranteed minimum death benefit was provided under the contract. The guaranteed minimum death benefit is described under "Guaranteed minimum death benefit" below in this section. The guaranteed minimum income benefit guarantees you a minimum amount of lifetime income under our Income Manager(R) contract. Only a life with a period certain Income Manager(R) payout annuity contract Contract features and benefits 27 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green is available. You choose whether you want the option to be paid on a single or joint life basis at the time you exercise the option. The maximum period certain available under the Income Manager(R) payout option is 10 years. This period may be shorter, depending on the annuitant's age, as follows: -------------------------------------------------------------------------------- Level Payments -------------------------------------------------------------------------------- Period certain years -------------------------------------------------------------------------------- Annuitant's Age at exercise IRAs NQ -------------------------------------------------------------------------------- 60 to 75 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 -------------------------------------------------------------------------------- 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, which is also known as a living benefit, should be regarded as a safety net only. It provides income protection if you elect an income payout while the annuitant is alive. -------------------------------------------------------------------------------- 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 benefit base, less any applicable withdrawal charge remaining (if applicable under your Accumulator(R) Series contract), at guaranteed annuity purchase factors or (ii) the income provided by applying your account value at our then current annuity purchase factors. For Rollover TSA only, we will subtract from the 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. If you elect monthly or quarterly payments, the aggregate payments you receive in a contract year will be less than what you would have received if you had elected an annual payment, as monthly and quarterly payments reflect the time value of money with regard to both interest and mortality. The benefit base is applied only to the baseBUILDER guaranteed annuity purchase factors 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 (including its death benefit and any account or cash values) 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. The guaranteed minimum income benefit provides a form of insurance and is based on conservative actuarial factors. The guaranteed annuity purchase factors we use to determine your Income Manager(R) benefit under baseBUILDER are more conservative than the guaranteed annuity purchase factors we use for the Income Manager(R) payout annuity option. 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 baseBUILDER Income Manager(R) will be smaller than each periodic payment under the Income Manager(R) payout annuity option. 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. ILLUSTRATIONS OF GUARANTEED MINIMUM INCOME BENEFIT. The tables below illustrate the guaranteed minimum income benefit amounts under the Accumulator(R) Series contracts per $100,000 of initial contribution, for a male annuitant age 60 (at issue) on the contract date anniversaries indicated, using the guaranteed annuity purchase factors as of the date of this Prospectus, assuming no additional contributions, withdrawals or loans under Rollover TSA contracts, and assuming there were no allocations to the Multimanager Core Bond, EQ/Intermediate Government Bond Index, EQ/Money Market, EQ/Quality Bond PLUS or EQ/Short Duration Bond options, or the fixed maturity options. -------------------------------------------------------------------------------- Accumulator(R) -------------------------------------------------------------------------------- Guaranteed minimum income benefit -- annual Contract date income payable for life with anniversary at exercise 10 year period certain -------------------------------------------------------------------------------- 7 $ 8,315 10 $10,342 15 $14,925 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Accumulator(R) Select(SM) -------------------------------------------------------------------------------- Guaranteed minimum income Contract date benefit -- annual income anniversary at exercise payable for life -------------------------------------------------------------------------------- 10 $10,816 15 $16,132 -------------------------------------------------------------------------------- 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 any required information within 30 days following your contract date anniversary, in order to exercise this benefit. 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. Payments are always made on the 15th of the month and generally begin one payment mode from issue. 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 28 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. You will be eligible to exercise the guaranteed minimum income benefit during your life and the annuitant's life, as follows: o If the annuitant was at least age 20 and no older than age 44 when the contract was issued, you are eligible to exercise the guaranteed minimum income benefit within 30 days following each contract date anniversary beginning with the 15th contract date anniversary. o If the annuitant was at least age 45 and no older than age 53 when the contract was issued, you are eligible to exercise the guaranteed minimum income benefit within 30 days following each contract date anniversary after the annuitant is age 60. o If the annuitant was at least age 54 and no older than age 75 when the contract was issued, you are eligible to exercise the guaranteed minimum income benefit within 30 days following each contract date anniversary beginning with the 7th contract date anniversary. Please note: (i) (i)the latest date you may exercise the guaranteed minimum income benefit is the contract date anniversary following the annuitant's 83rd birthday; (ii) if the annuitant was age 75 when the Accumulator(R) Select(SM) contract was issued, the only time you may exercise the guaranteed minimum income benefit is within 30 days following the first and second contract date anniversary that it becomes available; (iii) if the annuitant was older than age 63 at the time an IRA, QP or Rollover TSA contract was issued, the baseBUILDER option 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; (iv) for Accumulator(R) Series QP contracts, the Plan participant can exercise the baseBUILDER option only if he or she elects to take a distribution from the Plan and, in connection with this distribution, the Plan's trustee changes the ownership of the contract to the participant. This effects a rollover of the Accumulator(R) Series QP contract into an Accumulator(R) Series Rollover IRA. This process must be completed within the 30-day timeframe following the contract date anniversary in order for the Plan participant to be eligible to exercise; (v) for Accumulator(R) Series Rollover TSA contracts, you may exercise the baseBUILDER option only if you effect a rollover of the TSA contract to an Accumulator(R) Series Rollover IRA. This may only occur when you are eligible for a distribution from the TSA. This process must be completed within the 30-day timeframe following the contract date anniversary in order for you to be eligible to exercise; (vi) for a successor owner/annuitant the earliest exercise date will be based on the original contract date and the age of the successor owner/annuitant as of the Processing Date successor owner/ annuitant takes effect; and (vii) if you are the owner but not the annuitant and you die prior to exercise, then the following applies: o A successor owner who is not the annuitant may not be able to exercise the baseBUILDER option without causing a tax problem. You should consider naming the annuitant as successor owner, or if you do not name a successor owner, as the sole primary beneficiary. You should carefully review your successor owner and/or beneficiary designations at least one year prior to the first contract date anniversary on which you could exercise the benefit. o If the successor owner is the annuitant, the baseBUILDER option continues only if the benefit could be exercised under the rules described above on a contract date anniversary that is within one year following the owner's death. This would be the only opportunity for the successor owner to exercise. If the baseBUILDER option cannot be exercised within this timeframe, the benefit will terminate and the charge for it will no longer apply as of the date we receive proof of your death and any required information. o If you designate your surviving spouse as successor owner, the baseBUILDER option continues and your surviving spouse may exercise the benefit according to the rules described above even if your spouse is not the annuitant and even if the benefit is exercised more than one year after your death. If your surviving spouse dies prior to exercise, the rule described in the previous bullet applies. o A successor owner or beneficiary that is a trust or other non- natural person may not exercise the benefit; in this case, the benefit will terminate and the charge for it will no longer apply as of the date we receive proof of your death and any required information. See "When an NQ contract owner dies before the annuitant" under "Payment of death benefit" later in this Prospectus for more information. Please see both "Insufficient account value" in "Determining your contract's value" and "How withdrawals affect your guaranteed minimum income benefit and guaranteed minimum death benefit" in "Accessing you money" later in this Prospectus for more information on these guaranteed benefits. GUARANTEED MINIMUM DEATH BENEFIT A guaranteed minimum death benefit was provided as part of the baseBUILDER benefit. A guaranteed minimum death benefit was also provided under your contract even if you did not elect baseBUILDER. In this case, the baseBUILDER benefit charge does not apply. Contract features and benefits 29 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green GUARANTEED MINIMUM DEATH BENEFIT APPLICABLE FOR ANNUITANTS WHO WERE AGES 0 THROUGH 79 AT ISSUE OF NQ CONTRACTS; 20 THROUGH 79 AT ISSUE OF ROLLOVER IRA, ROTH CONVERSION IRA AND ROLLOVER TSA CONTRACTS; AND 20 THROUGH 75 AT ISSUE OF QP CONTRACTS. You must have elected either: the "5% Roll-Up to age 80" or the "annual ratchet to age 80" guaranteed minimum death benefit when you applied for a contract. Once you made your election, you cannot change it. 5% ROLL-UP TO AGE 80. This guaranteed minimum death benefit is equal to the benefit base described earlier in "Your benefit base." Depending on your contract issue date, other roll-up rates may have been available. See Appendix VI for more information. ANNUAL RATCHET TO AGE 80. On the contract date, your guaranteed minimum death benefit equaled your initial contribution. Then, on each contract date anniversary, we determine your guaranteed minimum death benefit by comparing your current guaranteed minimum death benefit to your account value on that contract date anniversary. If your account value is higher than your guaranteed minimum death benefit, we will increase your guaranteed minimum death benefit to equal your account value. On the other hand, if your account value on the contract date anniversary is less than your guaranteed minimum death benefit, we will not adjust your guaranteed minimum death benefit either up or down. If you make additional contributions, we will increase your current guaranteed minimum 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 reduce your guaranteed minimum death benefit on the date you take the withdrawal. GUARANTEED MINIMUM DEATH BENEFIT APPLICABLE FOR ANNUITANTS WHO WERE AGES 80 THROUGH 83 AT ISSUE OF NQ, ROLLOVER IRA, ROTH CONVERSION IRA AND ROLLOVER TSA ACCUMULATOR(R) CONTRACTS (AGES 80 THROUGH 85 AT ISSUE OF NQ, ROLLOVER IRA, ROTH CONVERSION IRA AND ROLLOVER TSA ACCUMULATOR(R) SELECT(SM) CONTRACTS). On the contract date, your guaranteed minimum death benefit equaled your initial contribution. Thereafter, it is increased by the dollar amount of any additional contributions. We will reduce your guaranteed minimum death benefit if you take any withdrawals. ---------------------------------- Please see both "Insufficient account value" in "Determining your contract's 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. See Appendix IV at the end of this Prospectus for an example of how we calculate the guaranteed minimum death benefit. PROTECTION PLUS(SM) The following section provides information about the Protection Plus(SM) option, which was only available at the time you purchased your contract. If Protection Plus(SM) was not elected when the contract was first issued, neither the owner nor the successor owner/annuitant can add it subsequently. Protection Plus(SM) is an additional death benefit as described below. See the appropriate part of "Tax information" later in this Prospectus for the potential tax consequences of having purchased the Protection Plus(SM) feature in an NQ or IRA contract. If the annuitant was 69 or younger when we issued your contract (or if the successor owner/annuitant is 69 or younger when he or she becomes the successor owner/annuitant), the death benefit will be: the greater of: o the account value or o any applicable guaranteed minimum death benefit Increased by: 40% of the lesser of: o the total net contributions or o the death benefit less total net contributions For purposes of calculating your Protection Plus(SM) benefit, the following applies: (i) "Net contributions" are the total contributions made (or, if applicable, the total amount that would otherwise have been paid as a death benefit had the successor owner/annuitant election not been made plus any subsequent contributions) reduced on a pro rata basis to reflect withdrawals (including surrender charges (under Accumulator(R) contracts) and loans). Reduction on a pro rata basis means that we calculate the percentage of the current account value that is being withdrawn and we reduce net contributions by that percentage. For example, if the account value is $30,000 and you withdraw $12,000, you have withdrawn 40% of your account value. If the contributions aggregated $40,000 before the withdrawal, it would be reduced by $16,000 ($40,000 x .40) and net contributions after the withdrawal would be $24,000 ($40,000-$16,000); (ii) "Death benefit" is equal to the greater of the account value as of the date we receive satisfactory proof of death or any applicable guaranteed minimum death benefit as of the date of death. If the annuitant was age 70 through 75 when we issued your contract (or if the successor owner/annuitant is between the ages of 70 and 75 when he or she becomes the successor owner/annuitant under a contract where Protection Plus(SM) had been elected at issue), the death benefit will be: the greater of: o the account value or o any applicable guaranteed minimum death benefit Increased by: 25% of the lesser of: o the total net contributions (as described above) or o the death benefit (as described above) less total net contributions YOUR RIGHT TO CANCEL WITHIN A CERTAIN NUMBER OF DAYS This is provided for informational purposes only. Since this contract is no longer available to new purchasers, this cancellation provision is no longer applicable. If for any reason you are not satisfied with your contract, you may return it to us for a refund of the full amount of your contribution. To 30 Contract features and benefits To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. 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 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 convert an existing traditional IRA contract to a Roth Conversion IRA contract, you may cancel your Roth Conversion IRA contract and return to a Rollover IRA contract. Our processing office, or your financial professional, can provide you with the cancellation instructions. Contract features and benefits 31 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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) market adjusted amounts in the fixed maturity options; and (iii) the loan reserve account (applies for Rollover 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) any applicable withdrawal charges (not applicable to Accumulator(R) Select(SM) contracts) and (ii) the amount of any outstanding loan plus accrued interest (applicable to Rollover 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 risks; (ii) administrative expenses; and (iii) distribution charges (applicable only for Accumulator(R) Select(SM) contracts). 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 additional contributions; (ii) decreased to reflect a withdrawal (plus applicable withdrawal charges if applicable under your Accumulator(R) contract); (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 Rollover TSA contract. In addition, when we deduct the baseBUILDER benefit charge and/or the Protection Plus(SM) benefit charge, 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 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. 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 of your rights under your contract and any applicable guaranteed benefits. 32 Determining your contract's value To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 may not transfer to a fixed maturity option that matures in the current calendar year or that has a rate to maturity of 3% or less. o You may not transfer any amount to the 12 month dollar cost averaging program. o If the annuitant is 76 or older, you must limit your transfers to fixed maturity options to those with maturities of five years or less. 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 February 15th immediately following 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 may cause a market value adjustment. 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. You may request a transfer in writing, by telephone using TOPS or through Online Account Access. 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. 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 (together, the "trusts"). The trusts have adopted policies and procedures regarding disruptive transfer activity. They discourage frequent purchases and redemptions of portfolio shares and will not make special arrangements to accommodate such transactions. They aggregate inflows and outflows for each portfolio on a daily basis. On any day when a portfolio's net inflows or outflows exceed an established monitoring threshold, the trust obtains from us contract owner trading activity. The trusts currently consider transfers into and out of (or vice versa) the same variable investment option within a five business day period as potentially disruptive transfer activity. Each trust reserves the right to reject a transfer that it believes, in its sole discretion, is disruptive (or poten- Transferring your money among investment options 33 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green tially disruptive) to the management of one of its portfolios. Please see the prospectuses for the trusts for more information. When a contract is identified in connection with potentially disruptive transfer activity 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, the trusts had not implemented such a fee. If a redemption fee is implemented by a trust, that fee, like any other trust fee, will be borne by the 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. 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, neither trust 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. 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. To enroll in our rebalancing program, you must notify us in writing or through Online Account Access and 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 on a contract year basis). Rebalancing will occur on the same day of the month as the contract date. If a contract is established after the 28th, rebalancing will occur on the first business day of the month following the contract issue date. You may elect or terminate the rebalancing program at any time. You may also change your allocations under the program at any time. Once enrolled in the rebalancing program, it will remain in effect until you instruct us in writing to terminate the program. Requesting an investment option transfer while enrolled in our rebalancing program will not automatically change your allocation instructions for rebalancing your account value. This means that upon the next scheduled rebalancing, we will transfer amounts among your investment options pursuant to the allocation instructions previously on file for your program. Changes to your allocation instructions for the rebalancing program (or termination of your enrollment in the program) must be in writing and sent to our Processing Office. Termination requests can be made online through Online Account Access. See "How to reach us" in "Who is AXA Equitable?" earlier in this Prospectus. There is no charge for the rebalancing feature. -------------------------------------------------------------------------------- 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. -------------------------------------------------------------------------------- While your rebalancing program is in effect, we will transfer amounts among the variable investment options 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. 34 Transferring your money among investment options To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green You may not elect the rebalancing program if you are participating in the general dollar cost averaging or 12 month dollar cost averaging program. Rebalancing is not available for amounts you have allocated in the fixed maturity options. Transferring your money among investment options 35 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. If you 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. See "Surrendering your contract to receive its cash value" below. For the tax consequences of withdrawals, see "Tax information" later in this Prospectus. Please see "Insufficient account value" in "Determining your contract's value" earlier in this Prospectus and "How withdrawals affect your guaranteed minimum income benefit and guaranteed minimum death benefit" below for more information on how withdrawals affect your guaranteed benefits and could potentially cause your contract to terminate. -------------------------------------------------------------------------------- Method of withdrawal -------------------------------------------------------------------------------- Pre-Age 59-1/2 Lifetime substan- required tially minimum Contract Partial Systematic equal distribution -------------------------------------------------------------------------------- NQ Yes Yes No No -------------------------------------------------------------------------------- Rollover IRA Yes Yes Yes Yes -------------------------------------------------------------------------------- Roth Conversion IRA Yes Yes Yes No -------------------------------------------------------------------------------- QP* Yes No No Yes -------------------------------------------------------------------------------- Rollover TSA** Yes Yes No Yes -------------------------------------------------------------------------------- * All payments are made to the trust, as the owner of the contract. See "Appendix II: Purchase considerations for QP contracts" later in this Prospectus. ** Employer or plan approval required for all transactions. Your ability to take with drawals, or loans from, or surrender your TSA contract may be limited. You must provide withdrawal restriction information when you apply for a contract. See "Tax Sheltered Annuity contracts (TSAs)" in "Tax information" later in this Prospectus. PARTIAL WITHDRAWALS (All contracts) You may take partial withdrawals from your account value at any time. (Rollover TSA contracts may have restrictions and employer or plan approval is required.) The minimum amount you may withdraw is $300. Partial withdrawals from Accumulator(R) contracts will be subject to a withdrawal charge if they exceed the 15% free withdrawal amount. For more information, see "15% free withdrawal amount" in "Charges and expenses" later in this Prospectus. Under Rollover TSA contracts, if a loan is outstanding, you may only take partial withdrawals as long as the cash value remaining after any withdrawal equals at least 10% of the outstanding loan plus accrued interest. SYSTEMATIC WITHDRAWALS (All contracts except QP contracts) You may take systematic withdrawals of a particular dollar amount or a particular percentage of your account value. (Rollover TSA contracts may have restrictions and employer or plan approval is required.) You may take systematic withdrawals on a monthly, quarterly or annual basis as long as the withdrawals do not exceed the following percentages of your account value: 1.2% monthly, 3.6% quarterly and 15.0% annually. The minimum amount you may take in each systematic withdrawal is $250. If the amount withdrawn would be less than $250 on the date a withdrawal is to be taken, we will not make a payment and we will terminate your systematic withdrawal election. If the withdrawal charges on your contract have expired, you may elect a systematic withdrawal option in excess of the percentages described in the preceding paragraph, up to 100% of your account value. However, if you elect a systematic withdrawal option in excess of these limits, and make a subsequent contribution to your contract, the systematic withdrawal option will be terminated. You may then elect a new systematic withdrawal option within the limits described in the preceding paragraph. Please note that withdrawal charges do not apply to Accumulator(R) Select(SM) contract owners. Also, systematic withdrawals in excess of the percentages described in the preceding paragraph are not permitted under Accumulator(R) Select(SM) contracts. 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, we will make the withdrawals on the same calendar day of the month as the contract date. You must wait at least 28 days after your contract is issued before your systematic withdrawals can begin. 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. You may change the payment frequency, the amount or the percentage of your systematic withdrawals, once each contract year. However, you may not change the amount or percentage in any contract year in which you have already taken a partial withdrawal. You can cancel the systematic withdrawal option at any time. Systematic withdrawals from Accumulator(R) contracts are not subject to a withdrawal charge, except to the extent that, when added to a partial withdrawal previously taken in the same contract year, the systematic withdrawal exceeds the 15% free withdrawal amount. SUBSTANTIALLY EQUAL WITHDRAWALS (All IRA contracts) We offer our "substantially equal withdrawals option" to allow you to receive distributions from your account value without triggering the 10% additional federal income tax penalty, which normally applies to distributions made before age 59-1/2. See "Tax information" later in this 36 Accessing your money To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Prospectus. We use one of the IRS-approved methods for doing this; this is not the exclusive method of meeting this exception. After consultation with your tax adviser, you may decide to use another method which would require you to compute amounts yourself and request partial withdrawals. In such a case, a withdrawal charge may apply (if applicable under your Accumulator(R) contract). Once you begin to take substantially equal withdrawals, you should not (i) stop them; (ii) change the pattern of your withdrawals for example, by taking an additional partial withdrawal; or (iii) contribute any more to the contract until after the later of age 59-1/2 or five full years after the first withdrawal. If you alter the pattern of withdrawals, you may be liable for the 10% federal tax penalty that would have otherwise been due on prior withdrawals made under this option and for any interest on the delayed payment of the penalty. In accordance with IRS guidance, an individual who has elected to receive substantially equal withdrawals may make a one time change, without penalty, from one of the IRS-approved methods of calculating fixed payments to another IRS-approved method (similar to the required minimum distribution rules) of calculating payments which vary each year. You may elect to take substantially equal withdrawals at any time before age 59-1/2. 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. We will calculate the amount of your substantially equal withdrawals using the IRS-approved method we offer. The payments will be made monthly, quarterly or annually as you select. These payments will continue until (i) we receive written notice from you to cancel this option; (ii) you take an additional partial withdrawal; or (iii) you contribute any more to the contract. You may elect to start receiving substantially equal withdrawals again, but the payments may not restart in the same calendar year in which you took a partial withdrawal or added amounts to the contract. We will calculate the new withdrawal amount. Substantially equal withdrawals are not subject to a withdrawal charge under your Accumulator(R) contract, except to the extent that, when added to a partial withdrawal previously taken in the same contract year, the substantially equal withdrawal exceeds the free withdrawal amount (see "10% free withdrawal amount" in "Charges and expenses" later in this Prospectus). LIFETIME REQUIRED MINIMUM DISTRIBUTION WITHDRAWALS (Rollover IRA, QP and Rollover TSA contracts only -- See "Tax information" later in this Prospectus.) There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for 2009" later in this Prospectus. We will make distributions for calendar year 2009 unless we receive, before we make the payment, a written request to suspend the 2009 distribution. We offer our "automatic required minimum distribution (RMD) service" 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 applicable under your Accumulator(R) contract). 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 or the baseBUILDER option, amounts withdrawn from the contract to meet RMDs 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 service in the year in which you reach age 70-1/2 or in any later year. The minimum amount we will pay out is $250. 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. Currently, we do not impose a withdrawal charge on minimum distribution withdrawals under your Accumulator(R) contract if you are enrolled in our "automatic required minimum distribution (RMD) service" except if when added to a partial withdrawal previously taken in the same contract year, the minimum distribution withdrawal exceeds the 15% free withdrawal amount. Under Rollover TSA contracts, you may not elect minimum distribution withdrawals if a loan is outstanding. -------------------------------------------------------------------------------- For Rollover IRA and Rollover 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). -------------------------------------------------------------------------------- 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. If there is insufficient value or no value in the variable investment options, any additional amount of the withdrawal required or the total amount of the withdrawal will be withdrawn from the fixed maturity options in order of the earliest maturity date(s) first. A market value adjustment may apply to withdrawals from the fixed maturity options. If those amounts are insufficient, we will deduct all or a portion of the charge from amounts in the 12 month dollar cost averaging program. HOW WITHDRAWALS AFFECT YOUR GUARANTEED MINIMUM INCOME BENEFIT AND GUARANTEED MINIMUM DEATH BENEFIT Withdrawals will reduce your guaranteed benefits on either a dollar-for-dollar basis or on a pro rata basis as explained below: INCOME BENEFIT AND DEATH BENEFIT 5% ROLL-UP TO AGE 80 -- If you elected the 5% Roll-Up to age 80 guaranteed minimum death benefit, your benefit base will be reduced on a dollar-for-dollar basis as long as the sum of your withdrawals in a contract year is 5% or less of the benefit base on the most recent con- Accessing your money 37 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green tract date anniversary. Once you take a withdrawal that causes the sum of your withdrawals in a contract year to exceed 5% of the benefit base on the most recent contract date anniversary, that withdrawal and any subsequent withdrawals in that same contract year will reduce your benefit base on a pro rata basis. 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. The timing of your withdrawals and whether they exceed the 5% threshold described above can have a significant impact on your guaranteed minimum income benefit or guaranteed minimum death benefit. ANNUAL RATCHET TO AGE 80 -- If you elected the annual ratchet to age 80 guaranteed minimum death benefit, each withdrawal will reduce both your income and death benefit on a pro rata basis. ANNUITANT ISSUE AGES 80 THROUGH 83 (OR 85) -- If your Accumulator(R) contract was issued when the annuitant was between ages 80 and 83 (or your Accumulator(R) Select(SM) contract was issued when the annuitant was between ages 80 and 85), each withdrawal will always reduce your current guaranteed minimum death benefit on a pro rata basis. ---------------------------------- Reduction on a dollar-for-dollar basis means that your current benefit will be reduced by the dollar amount of the withdrawal. 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 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 guaranteed minimum death benefit was $40,000 before the withdrawal, it would be reduced by $16,000 ($40,000 x.40) and your new guaranteed minimum death benefit after the withdrawal would be $24,000 ($40,000 - $16,000). For purposes of calculating the adjustment to your guaranteed benefits, the amount of the withdrawal will include the amount of any applicable withdrawal charge. Using the example above, the $12,000 withdrawal would include the withdrawal amount paid to you and the amount of any applicable withdrawal charge deducted from your account value. For more information on the calculation of the charge, see "Withdrawal charge" later in this Prospectus. Please note that withdrawal charges do not apply to Accumulator(R) Select(SM) contract owners. LOANS UNDER ROLLOVER TSA CONTRACTS Loans under a Rollover TSA contract are not permitted without employer or plan approval. We will not permit you to take a loan or have a loan outstanding while you are enrolled in our "automatic required minimum distribution (RMD) service." Loans are subject to federal income tax limits and are also subject to the limits of the plan. The loan rules under ERISA may apply to plans not sponsored by a governmental employer. Federal income tax rules apply to all plans, even if the plan is not subject to ERISA. A loan will not be treated as a taxable distribution unless: o It exceeds limits of federal income tax rules; o Interest and principal are not paid when due; or o In some instances, service with the employer terminates. Taking a loan in excess of the Internal Revenue Code limits may result in adverse tax consequences. Before we make a loan, you must properly complete and sign a loan request form. Loan processing may not be completed until we receive all information and approvals required to process the loan at our processing office. We will permit you to have only one loan outstanding at a time. The minimum loan amount is $1,000. The maximum amount is $50,000 or, if less, 50% of your account value, subject to any limits under the federal income tax rules. The term of a loan is five years. However, if you use the loan to acquire your primary residence, the term is 10 years. The term may not extend beyond the earliest of: (1) the date annuity payments begin, (2) the date the contract terminates, and (3) the date a death benefit is paid (the outstanding loan, including any accrued or unpaid loan interest, will be deducted from the death benefit amount). A loan request under your Rollover 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. Interest will accrue daily on your outstanding loan at a rate we set. The loan interest rate will be equal to the Moody's Corporate Bond Yield Averages for Baa bonds for the calendar month ending two months before the first day of the calendar quarter in which the rate is determined. See "Tax information" later in this Prospectus for general rules applicable to loans. Tax consequences for 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. LOAN RESERVE ACCOUNT. On the date your loan is processed, we will transfer the amount of your loan to the loan reserve account. Unless you specify otherwise, we will subtract your loan on a pro rata basis from your value in the variable investment options. If there is insufficient value or no value in the variable investment options, any additional amount of the loan will be subtracted from the fixed maturity options in order of the earliest maturity date(s) first. A market value adjustment may apply. For the period of time your loan is outstanding, the loan reserve account rate we will credit will equal the loan interest rate minus a maximum rate of 2%. When you make a loan repayment, unless you specify otherwise, we will transfer the dollar amount of the loan repaid and the amount of interest earned from the loan reserve account to the investment options according to the allocation percentages we have on our records. SURRENDERING 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. (Rollover TSA contracts may have restrictions and employer 38 Accessing your money To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green or plan approval is required.) 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. 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 (less any withdrawal charge, if applicable) 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) the SEC determines that an emergency exists as a result of which sales of securities or determination of the fair value of a variable investment option's assets is not reasonably practicable, or (3) the SEC, by order, permits us to defer payment to protect people remaining in the variable investment options. We can defer payment of any portion of your value in 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 10 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 service at your expense. YOUR ANNUITY PAYOUT OPTIONS Deferred annuity contracts such as those in the Accumulator(R) Series provide for conversion to payout status at or before the contract's "maturity date." This is called annuitization. When your contract is annuitized, your Accumulator(R) Series contract and 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 Accumulator(R) Series 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. We have the right to require you to provide any information we deem necessary to provide an annuity payout option. If an annuity payout is later found to be based on incorrect information, it will be adjusted on the basis of the correct information. Your Accumulator(R) Series contract guarantees that upon annuitization, your annuity account value will be applied to a guaranteed annuity purchase factor for a life annuity payout option. We reserve the right, with advance notice to you, to change your annuity purchase factor any time after your fifth contract date anniversary and at not less than five year intervals after the first change. (Please see your contract and SAI for more information.) 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. 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 when the contract was issued. In addition, if you are exercising your guaranteed minimum income benefit under baseBUILDER, your choice of payout options are those that are available under baseBUILDER (see "Our baseBUILDER option" in "Contract features and benefits" earlier in this Prospectus). -------------------------------------------------------------------------------- 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 Life annuity with period certain -------------------------------------------------------------------------------- Income Manager((R)) payout options Life annuity with period certain (available for annuitants age 83 Period certain annuity or less at contract issue) -------------------------------------------------------------------------------- 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 contract 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 Accessing your money 39 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 you with 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(R) PAYOUT OPTIONS The Income Manager(R) 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(R) payout annuity contract. You may request an illustration of the Income Manager(R) payout annuity contract from your financial professional. Income Manager(R) payout options are described in a separate prospectus that is available from your financial professional. Before you select an Income Manager(R) payout option, you should read the prospectus which contains important information that you should know. Income Manager(R) NQ and IRA payout options provide guaranteed level payments. The Income Manager(R) (life annuity with period certain) also provides guaranteed increasing payments (NQ contracts only). You may not elect an Income Manager(R) payout option without life contingencies unless withdrawal charges are no longer in effect under your Accumulator(R) contract. Please note that withdrawal charges do not apply to Accumulator(R) Select(SM) contract owners. For QP and Rollover TSA contracts, if you want to elect an Income Manager(R) payout option, we will first roll over amounts in such contract to a Rollover IRA contract with the plan participant as owner. You must be eligible for a distribution under the QP or Rollover TSA contract. You may choose to apply your account value of your Accumulator(R) or Accumulator(R) Select(SM) contract to an Income Manager(R) payout annuity. In this case, we will consider any amounts applied as a withdrawal from your Accumulator(R) contract and we will deduct any applicable withdrawal charge. For the tax consequences of withdrawals, see "Tax information" later in this Prospectus. The Income Manager(R) payout options are not available in all states. THE AMOUNT APPLIED TO PURCHASE AN ANNUITY PAYOUT OPTION (For purposes of this section, please note that withdrawal charges do not apply to Accumulator(R) Select(SM) contracts.) 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 withdrawal charges or 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. For the fixed annuity payout options and Variable Immediate Annuity payout options, no withdrawal charge is imposed under your Accumulator(R) contract if you select a life annuity, life annuity with period certain or life annuity with refund certain. The withdrawal charge applicable under your Accumulator(R) contract is imposed if you select a non-life contingent period certain payout annuity. If the period certain is more than 5 years, then the withdrawal charge deducted will not exceed 5% of the account value. For the Income Manager(R) life contingent payout options, no withdrawal charge is imposed under your Accumulator(R) contract. If the withdrawal charge that otherwise would have been applied to your account value under your Accumulator(R) contract is greater than 2% of the contributions that remain in your contract at the time you purchase your payout option, the withdrawal charges under the Income Manager(R) will apply. The year in which your account value is applied to the payout option will be "contract year 1." 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 your Accumulator(R) Series contract date. Except with respect to the Income Manager(R) 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. 40 Accessing your money To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 be less with a greater frequency of payments, or with a longer duration of a non-life contingent annuity or a longer certain period of a life contingent annuity. Once elected, the frequency with which you receive payments cannot be changed. 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. 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(R) annuity payout option is chosen. ANNUITY MATURITY DATE Your contract has a maturity date by which you must either take a lump sum payment or select an annuity payout option. The maturity date is generally the contract date anniversary that follows the annuitant's 90th birthday. We will send a notice with the contract statement one year prior to the maturity date. Accessing your money 41 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 An administrative charge o A distribution charge (not applicable to Accumulator(R) contracts) 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 At the time you make certain withdrawals or surrender your contract -- a withdrawal charge (not applicable to Accumulator(R) Select(SM) contracts). o A charge for baseBUILDER, if you elect this optional benefit. o A charge for Protection Plus(SM), if you elect this optional 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. 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" later in this section. 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. SEPARATE ACCOUNT ANNUAL EXPENSES 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 guaranteed minimum death benefit. The daily charge is equivalent to an annual rate of 1.10% 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. The charge, together with the annual administrative charge described below, is to compensate us for administrative expenses under the contracts. The daily charge is equivalent to an annual rate of 0.25% 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 0.25% of the net assets in each variable investment option. This charge applies only to Accumulator(R) Select(SM) contracts, not Accumulator(R) contracts. WITHDRAWAL CHARGE (For Accumulator(R) contracts only) A withdrawal charge applies in two circumstances: (1) if you make one or more withdrawals during a contract year that, in total, exceed the 15% free withdrawal amount, described below, or (2) if you surrender your contract to receive its cash value or apply your cash value to a non-life contingency payout option. For more information about the withdrawal charge if you select an annuity payout option, see "Your annuity payout options -- The amount applied to purchase an annuity payout option" in "Accessing your money" earlier in the Prospectus. 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 your contract as withdrawn first. See "Tax information" later in this Prospectus. In order to give you the exact dollar amount of the withdrawal you request, we deduct the amount of the withdrawal and 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 charge in proportion to the amount of the withdrawal subtracted from each investment option. The withdrawal charge helps cover our sales expenses. For purposes of calculating reductions in your guaranteed benefits and associated benefit bases, the withdrawal amount includes both the withdrawal amount paid to you and the amount of the withdrawal 42 Charges and expenses To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green charge deducted from your account value. For more information, see "Your benefit base" and "How withdrawals affect your Guaranteed minimum income benefit and Guaranteed minimum death benefit" earlier in this Prospectus. 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 beginning of each contract year, or in the case of the first contract year, your initial contribution, minus any other withdrawals made during the contract year. Additional contributions during the contract year do not increase your 15% free withdrawal amount. The 15% free withdrawal amount does not apply if you surrender your contract except where required by law. For NQ contracts issued to a charitable remainder trust, the free withdrawal amount will equal the greater of: (1) the current account value less contributions that have not been withdrawn (earnings in the contract) and (2) the 15% free withdrawal amount defined above. DISABILITY, TERMINAL ILLNESS OR CONFINEMENT TO NURSING HOME. The withdrawal charge 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, or U.S. Virgin Islands) 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, if the conditions described in (i), (ii) and (iii) above existed at the time a contribution was remitted or if the condition began within 12 months of the 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. BASEBUILDER BENEFIT CHARGE If you elected the baseBUILDER, 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 annuitant reaches age 83, whichever occurs first. The charge is equal to 0.30% of the benefit base in effect on the contract date anniversary for the 5% Roll-Up to age 80. The annual benefit base charge is 0.15% if the 5% Roll-Up to age 70 was elected under your Accumulator(R) contract. We will deduct this charge from your value in the variable investment options on a pro rata basis. If there is not enough value in the variable investment options, we will deduct all or a portion of the charge first, from the fixed maturity options, in order of the earliest maturity date(s) first. A market value adjustment may apply. If your account value is insufficient to pay this charge, your contract will terminate without value and you will lose any applicable guaranteed benefits. Please see "Insufficient account value" in "Determining your contract's value" earlier in this Prospectus. PROTECTION PLUS(SM) CHARGE If you elected Protection Plus(SM), 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 0.20% of the account value on each contract date anniversary. We will deduct this charge from your value in the variable investment options on a pro rata basis. If there is not enough value in the variable investment options, 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. A market value adjustment may apply. If your account value is insufficient to pay this charge, your contract will terminate without value and you will lose any applicable guaranteed benefits. Please see "Insufficient account value" in "Determining your contract's value" earlier in this Prospectus. 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 currently 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. Charges and expenses 43 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green o 12b-1 fees. 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 withdrawal charge (if applicable under your Accumulator(R) contract) or the mortality and expense risks charge, or change the minimum initial contribution requirements. We also may change the guaranteed minimum income benefit and the guaranteed minimum death benefit or offer variable investment options that invest in shares of either 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 Rollover IRA and Roth Conversion 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 ("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 result 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. 44 Charges and expenses To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 6. Payment of death benefit -------------------------------------------------------------------------------- YOUR BENEFICIARY AND PAYMENT OF BENEFIT You designated your beneficiary when you applied for your contract. You may change your beneficiary at any time. The change will be effective as of the date the written request is executed, whether or not you are living on the date 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. You may be limited as to the beneficiary you can designate in a Rollover TSA contract. In a QP contract, the beneficiary must be the trustee. Where an NQ contract is owned for the benefit of a minor pursuant to the Uniform Gift to Minors Act or the Uniform Transfers to Minors Act, the beneficiary must be the estate of the minor. Where an IRA contract is owned in a custodial individual retirement account, the custodian must be the beneficiary. The death benefit is equal to your account value (without adjustment for any otherwise applicable negative market value adjustment) or, if greater, the guaranteed minimum death benefit. The guaranteed minimum death benefit is part of your contract, whether you select the baseBUILDER benefit or not. We determine the amount of the death benefit (other than the guaranteed minimum death benefit) and any amount applicable under the Protection Plus(SM) feature, as of the date we receive satisfactory proof of the annuitant's 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 guaranteed minimum death benefit will be the guaranteed minimum death benefit as of the date of the annuitant's death adjusted for any subsequent withdrawals (and any associated withdrawal charges under your Accumulator(R) contract). For Rollover 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. Payment of the death benefit terminates the contract. Your beneficiary designation may specify the form of death benefit payout (such as a life annuity), provided the payout you elect is one that we offer both at the time of designation and when the death benefit is payable. In general, the beneficiary will have no right to change the election. You should be aware that (i) in accordance with current federal income tax rules, we apply a predetermined death benefit annuity payout election only if payment of the death benefit amount begins within one year following the date of death, which payment may not occur if the beneficiary has failed to provide all required information before the end of that period, (ii) we will not apply the predetermined death benefit payout election if doing so would violate any federal income tax rules or any other applicable law, and (iii) a beneficiary or a successor owner who continues the contract under one of the continuation options described below will have the right to change your annuity payout election. 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, a surviving spouse of the deceased owner/annuitant can choose to be treated as the successor owner/annuitant and continue the contract. Only a spouse who is the sole primary beneficiary can be a successor owner/annuitant. The successor owner/annuitant feature is only available under NQ and individually owned IRA contracts. For individually owned IRA contracts, a beneficiary may be able to have limited ownership as discussed under "Beneficiary continuation option" below. 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, the beneficiary named to receive the death benefit upon the annuitant's death will become the successor owner. If you do not want this beneficiary to be the successor owner, you should name a specific successor owner. You may name a successor owner at any time during your life 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. The surviving owner automatically takes the place of any other beneficiary designation. You should carefully consider the following if you have elected the guaranteed minimum income benefit and you are the owner, but not the annuitant. Because the payments under the guaranteed minimum income benefit are based on the life of the annuitant, and the federal tax law required distributions described below are based on the life of the successor owner, a successor owner who is not also the annuitant may not be able to exercise the guaranteed minimum income benefit, if you die before annuity payments begin. Therefore, one year before you become eligible to exercise the guaranteed minimum income benefit, you should consider the effect of your beneficiary designations on potential payments after your death. For more information, see "Exercise of guaranteed minimum income benefit" under "Our baseBUILDER option" in "Contract features and benefits" earlier in this Prospectus. 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). Payment of death benefit 45 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 successor 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). o A successor owner should name a new beneficiary. If the surviving spouse is the successor owner or joint owner, the spouse may elect to continue the contract and no distributions are required as long as the surviving spouse and annuitant are living. 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. SUCCESSOR OWNER AND ANNUITANT If you are both the contract owner and the annuitant, and your spouse is the sole primary beneficiary or the joint owner, then your spouse may elect to receive the death benefit or continue the contract as successor owner/annuitant. The determination of spousal status is made under applicable state law. However, in the event of a conflict between federal and state rules, we will follow federal rules. If your surviving spouse decides to continue the contract, then as of the date we receive satisfactory proof of your death, any required instructions, information and forms necessary to effect the successor owner/annuitant feature, we will increase the account value to equal your guaranteed minimum death benefit as of the date of your death if such death benefit is greater than such account value, plus any amount applicable under the Protection Plus(SM) feature 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. 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 considered to be withdrawn only after all other amounts have been withdrawn. Please note that withdrawal charges do not apply to Accumulator(R) Select(SM) contract owners. In determining whether the guaranteed minimum death benefit will continue to grow, we will use your surviving spouse's age (as of the date we receive satisfactory proof of your death, any required instructions and the information and forms necessary to effect the successor owner/annuitant feature). Where an IRA contract is owned in a custodial individual retirement account, and your spouse is the sole beneficiary of the account, the custodian may request that the spouse be substituted as annuitant after your death. BENEFICIARY CONTINUATION OPTION This feature permits a designated individual, upon the contract owner's death, to maintain the contract with the deceased contract owner's name on it and receive distributions under the contract instead of receiving the death benefit in a single sum. Where an IRA contract is owned in a custodial individual retirement account, the custodian may reinvest the death benefit in an individual retirement annuity contract, using the account beneficiary as the annuitant. Please speak with your financial professional for further information. 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 plus any amount applicable under the Protection Plus(SM) feature and 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 contracts only, 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 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. There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for 2009" later in this Prospectus. We will make distributions for calendar year 2009 unless we receive, before we make the payment, a written request to suspend the 2009 distribution. Under the beneficiary continuation option for IRA and Roth IRA contracts: 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. 46 Payment of death benefit To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green o The beneficiary automatically replaces the existing annuitant. o The contract continues with your name on it 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 beneficiary's own life expectancy, if payments over life expectancy are chosen. o The minimum amount that is required in order to elect the ben eficiary 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 If you had elected the guaranteed minimum income benefit or Protection Plus(SM) feature 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 The beneficiary may choose at any time to withdraw all or a por tion of the account value and no withdrawal charges under your Accumulator(R) contract, if any, will apply. Please note that withdrawal charges do not apply to Accumulator(R) Select(SM) contract owners. 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. Payment of death benefit 47 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 7. Tax information -------------------------------------------------------------------------------- OVERVIEW In this part of the Prospectus, we discuss the current federal income tax rules that generally apply to your Accumulator(R) Series contracts owned by United States individual taxpayers. The tax rules can differ, depending on the type of contract, whether NQ, traditional IRA, Roth IRA, QP 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, 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 individual retirement annuity contract such as the ones offered in this Prospectus, or a custodial or trusteed individual retirement account. Similarly, a 403(b) plan can be funded through a 403(b) annuity contract or a 403(b)(7) custodial account. Annuity contracts can also be purchased in connection with retirement plans qualified under Section 401(a) of the Code ("QP contracts"). How these arrangements work, including special rules applicable to each, are described in the specific sections for each type of arrangement, below. You should be aware that the funding vehicle for a tax-qualified arrangement does not provide any tax deferral benefit beyond that already provided by the Code for all permissible funding vehicles. Therefore, you should consider the annuity's features and benefits, such as your contract's choice of death benefits, baseBUILDER guaranteed minimum income benefit, 12 month dollar cost averaging, selection of variable investment options and fixed maturity options and choices of pay-out options, as well as the features and benefits of other permissible funding vehicles and the relative costs of annuities and other arrangements. You should be aware that cost may vary depending on the features and benefits made available and the charges and expenses of the investment options or funds that you elect. Certain provisions of the Treasury Regulations on required minimum distributions concerning the actuarial present value of additional contract benefits could increase the amount required to be distributed from annuity contracts funding qualified plans, 403(b) plans and IRAs. For this purpose additional annuity contract benefits may include, but are not limited to, the guaranteed minimum income benefit and enhanced death benefits. You should consider the potential implication of these Regulations before you make additional contributions or decide how to take required minimum distribution payments. See also Appendix II at the end of this Prospectus for a discussion of QP contracts. SUSPENSION OF REQUIRED MINIMUM DISTRIBUTIONS FOR 2009 Congress has enacted a limited suspension of account-based required minimum distribution withdrawals only for calendar year 2009. The suspension does not apply to annuity payments. The suspension does not affect the determination of the Required Beginning Date. Neither lifetime nor post-death required minimum distributions need to be made during 2009. Please note that if you have previously elected to have amounts automatically withdrawn from a contract to meet required minimum distribution rules (for example, our "automatic required minimum distribution (RMD) service" or our "beneficiary continuation option" under a deceased individual's IRA contract each discussed earlier in this Prospectus) we will make distributions for calendar year 2009 unless you request in writing before we make the distribution that you want no required minimum distribution for calendar year 2009. If you receive a distribution which would have been a lifetime required minimum distribution (but for the 2009 suspension), you may preserve the tax deferral on the distribution by rolling it over within 60 days after you receive it to an IRA or other eligible retirement plan. Please note that any distribution to a nonspousal beneficiary which would have been a post-death required minimum distribution (but for the 2009 suspension) is not eligible for the 60-day rollover. 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. 48 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. Federal tax law requires that all nonqualified deferred annuity contracts that AXA Equitable and its affiliates issue to you during the same calendar year be linked together and treated as one contract for calculating the taxable amount of any distribution from any of those contracts. ANNUITY PAYMENTS Annuitization payments that are based on life or life expectancy are considered annuity payments for income 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 "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. In order to get annuity payment tax treatment, all amounts under the contract must be applied to the annuity payout option; we do not "partially annuitize" nonqualified deferred annuity contracts. 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. PROTECTION PLUS(SM) FEATURE In order to enhance the amount of the death benefit to be paid at the annuitant's death, you may have purchased a Protection Plus(SM) rider for your NQ contract. Although we regard this benefit as an investment protection feature which is part of the contract and which should have no adverse tax effect, it is possible that the IRS could take a contrary position or assert that the Protection Plus(SM) rider is not part of the contract. In such a case the charges for the Protection Plus(SM) rider could be treated for federal income tax purposes as a partial withdrawal from the contract. If this were so, such a deemed withdrawal could be taxable and, for contract owners under age 59-1/2, also subject to a tax penalty. Were the IRS to take this position, AXA Equitable would take all reasonable steps to attempt to avoid this result, which would include amending the contract (with appropriate notice to you). CONTRACTS PURCHASED THROUGH EXCHANGES The following information applies if you purchased your NQ contract through an exchange of another contract. Normally, exchanges of contracts are taxable events. The exchange was not taxable under Section 1035 of the Internal Revenue Code if: o the contract that was the source of the funds you used to purchase the NQ contract was another nonqualified deferred annuity contract or life insurance or endowment contract. o the owner and the annuitant were the same under the source contract and the Accumulator(R) Series NQ contract. If you used a life insurance or endowment contract, the owner and the insured must have been the same on both sides of the exchange transaction. Section 1035 exchanges are generally not available after the death of the owner (or the annuitant in a non-natural owner contract). The tax basis, also referred to as your investment in the contract, of the source contract carried over to the Accumulator(R) Series 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. 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 Tax information 49 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 No. 45 and Separate Account No. 49. If you were treated as the owner, you would be taxable 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 No. 45 and Separate Account No. 49. 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 No. 45 and Separate Account No. 49, 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 No. 45 and Separate Account No. 49. 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/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; 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 have purchased the contract as either a traditional IRA or Roth IRA. We offered traditional IRAs in the Rollover IRA contracts. We offered Roth IRAs in the Roth Conversion IRA contracts. We currently do not offer traditional IRA contracts for use as employer-funded SEP-IRA or SIMPLE IRA plans, although we may do so in the future. The first part of this section covers some of the special tax rules that apply to traditional IRAs. The next part of this section covers Roth IRAs. The disclosure generally assumes direct ownership of the individual retirement annuity contract. For contracts owned in a custodial individual retirement account, the disclosure will apply only if you terminate your account or transfer ownership of the contract to yourself. We have received an opinion letter from the IRS approving the respective forms of the Accumulator(R) Series 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 Accumulator(R) Series traditional and Roth IRA contracts. Your right to cancel within a certain number of days This is provided for informational purposes only. Since this contract is no longer available to new purchasers, this cancellation provision is no longer applicable. You can cancel either type of the Accumulator(R) Series 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 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. 50 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green TRADITIONAL INDIVIDUAL RETIREMENT ANNUITIES (TRADITIONAL IRAS) Contributions to traditional IRAs. 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"). 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, $5,000 is the maximum amount that you may contribute to all IRAs (including Roth IRAs). 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 tax year in which you reach age 70-1/2 or any tax year after that. If you are at least age 50 at any time during the taxable year for which you are making a regular contribution to your IRA, you may be eligible to make additional "catch-up contributions" of up to $1,000 to your traditional IRA. 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 $5,000, married individuals filing jointly can contribute up to $10,000 per year to any combination of traditional IRAs and Roth IRAs. 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 $5,000 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 $5,000 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 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 earlier in this section under "Limits on contributions". That is, your fully deductible contribution can be up to $5,000, or if less, your earned income. The dollar limit is $6,000 for people eligible to make age 50-70-1/2 catch-up contributions. 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 adjustments apply to the income limits to deductible contributions. 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 2009, AGI between $55,000 and $65,000 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 2009, AGI between $89,000 and $109,000 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 between $150,000 and $160,000 (for 2009, AGI between $166,000 and $176,000 after adjustment). To determine the deductible amount of the contribution for 2009, for example, you determine AGI and subtract $55,000 if you are single, or $89,000 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 -------------------- x regular = deductible divided by $10,000 contribution for contribution the year 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 Tax information 51 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 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 someone else's tax return and your adjusted gross income cannot exceed $50,000 ($55,000 after cost of living indexing adjustment for 2009). 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, including extensions. Saver's credit-eligible contributions may be made to a 401(k) plan, 403(b) plan, 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 $5,000 maximum per person limit for the applicable taxable year. The dollar limit is $6,000, for people eligible to make age 50-70-1/2 "catch-up" contributions. See "Excess contributions to traditional IRAs" later in this section for more information. 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" later in this section for more information. 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 taxable 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; o 403(b) plans; 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. During calendar year 2009 only, due to the temporary suspension of account-based required minimum distribution withdrawals, you may be able to roll over to a traditional IRA a distribution that normally would not be eligible to be rolled over. Please note that distributions from inherited IRAs made to beneficiaries may not be rolled over once distributed. There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for 2009" earlier in this Prospectus. 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. A non-spousal death beneficiary may also be able to make a direct rollover to an inherited IRA under certain circumstances. The Accumulator(R) Series IRA contract is not available for purchase by a non-spousal death beneficiary direct rollover. 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 403(b) plan, qualified plan or governmental employer 457(b) plan are eligible rollover distributions, unless the distributions are: o (for every year except 2009) "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 52 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 death benefit payments to a beneficiary who is not your surviving spouse; or o qualified domestic relations order distributions to a beneficiary who is not your current spouse 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 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 403(b) plan (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 section 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, 403(b) plan 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 spouse beneficiary of a deceased individual can roll over funds from, or directly transfer funds from, an inherited IRA to one or more other traditional IRAs. A non-spousal death beneficiary may also be able to make a direct rollover to an inherited IRA plan under certain circumstances. The Accumulator(R) Series IRA contract is not available for purchase by a non-spousal death beneficiary direct rollover. 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 to traditional IRAs 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 contri bution 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 (for every year except 2009). 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 later in this section 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. Tax information 53 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, as described under "Excess contributions to traditional IRAs" earlier in this section; 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" earlier in this section for more information.) The following are eligible to receive rollovers of distributions from a traditional IRA: a qualified plan, a 403(b) plan 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 2009 directly transferred to charitable organizations may be tax-free to IRA owners age 70-1/2 or older. Required minimum distributions Background on Regulations--Required Minimum Distributions. Distributions must be made from traditional IRAs according to the rules contained in the Code and Treasury Regulations. 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 the contracts if you take annual withdrawals instead of annuitizing. Please consult your tax adviser concerning applicability of these complex rules to your situation. There are special rules governing required minimum distributions in 2009. Please see "Suspension of required minimum distributions for 2009" earlier in this Prospectus. 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 1st-April 1st). 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 54 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 "automatic required minimum distribution (RMD) service." 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 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 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. Tax information 55 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. The required minimum distribution rules are applied as if your surviving spouse is the contract owner. 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: 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. To meet the substantially equal periodic payment exception, you could elect to apply your contract value to an Income Manager(R) (life annuity with a period certain) payout annuity contract (level payments version). You could also elect the substantially equal withdrawals option. We will calculate the substantially equal annual payments, using your choice of IRS-approved methods we offer. Although substantially equal withdrawals and Income Manager(R) payments are not subject to the 10% penalty tax, they are taxable as discussed in "Withdrawals, payments and transfers of funds out of traditional IRAs" earlier in this section. Once substantially equal withdrawals or Income Manager(R) annuity payments begin, the distributions should not be stopped or changed until after the later of your reaching age 59-1/2 or five years after the date of the first distribution, or the penalty tax, including an interest charge for the prior penalty avoidance, may apply to all prior distributions under either option. Also, it is possible that the IRS could view any additional withdrawal or payment you take from, or any additional contributions or transfers you make to, your contract as changing your pattern of substantially equal withdrawals or Income Manager(R) payments for purposes of determining whether the penalty applies. 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 individual retirement annuities (traditional IRAs)." The Accumulator(R) Series 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 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 rollover" contributions); or o tax-free rollover contributions from other Roth individual retire ment arrangements or designated Roth accounts under defined contribution plans; or o tax-free direct custodian-to-custodian transfers from other Roth IRAs ("direct transfers"). Regular after-tax, direct transfer and rollover contributions may be made to a Roth Conversion IRA or a Flexible Premium Roth IRA contract. See "Rollovers and direct transfer contributions to Roth IRAs" later in this section for more information. 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. 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, $5,000 is the maximum amount that you may contribute to all IRAs (including Roth IRAs). 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 $5,000, 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 56 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green IRAs and traditional IRAs. See the discussion "Special rules for spouses" earlier in this section 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, you may be eligible to make additional catch-up contributions of up to $1,000. 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): o your federal income tax filing status is "married filing jointly" and your modified adjusted gross income is over $160,000 (for 2009, $176,000 after adjustment); or o your federal income tax filing status is "single" and your modified adjusted gross income is over $110,000 (for 2009, $120,000 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 2009, AGI between $166,000 and $176,000 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 2009, between $105,000 and $120,000 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 regular Roth IRA contributions. When you can make contributions. Same as traditional IRAs. Deductibility of contributions. Roth IRA contributions are not tax deductible. Rollovers and direct transfer contributions to Roth IRAs 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 make a rollover 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; o a 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 rollover"); o a "designated Roth contribution account" under a 401(k) plan or a 403(b) plan (direct or 60-day); or o from non-Roth accounts under another eligible retirement plan, subject to limits specified below under "Conversion rollover contributions to Roth IRAs." 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 rollover 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. Amounts can also be rolled over from non-Roth accounts under another eligible retirement plan, including a Code Section 401(a) qualified plan, a 403(b) plan, and a governmental employer Section 457(b) plan. Until 2010, you must meet AGI limits specified below. Unlike a rollover from a traditional IRA to another traditional IRA, a conversion rollover transaction from a traditional IRA or other eligible retirement plan to a Roth IRA is not tax-free. Instead, the distribution from the traditional IRA or other eligible retirement plan is generally fully taxable. In the case of a traditional IRA conversion rollover for example, we are required to withhold 10% federal income tax from the amount treated as converted unless you properly elect out of such withholding. If you are converting all or part of a traditional IRA, and you have ever made nondeductible regular 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. Even if you are under age 59-1/2, the early distribution penalty tax does not apply to conversion rollover contributions to a Roth IRA. Tax information 57 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green The following rules apply until 2010: You cannot make conversion rollover 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 computed without the gross income stemming from the conversion rollover. Modified adjusted gross income for this purpose excludes any lifetime required minimum distribution from a traditional IRA or other eligible retirement plan.) 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 or other eligible retirement plan are subject to the lifetime annual required minimum distribution rules. 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 issued 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 a 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. Roth IRA conversion contributions from a SEP-IRA or SIMPLE IRA can be recharacterized to a SEP-IRA or SIMPLE IRA (including the original SEP-IRA or SIMPLE IRA). You cannot recharacterize back to the original plan a contribution directly rolled over from an eligible retirement plan which is not a 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 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 58 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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, then 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 (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 2009 and the conversion contribution is made in 2010, the conversion contribution is treated as contributed prior to other conversion contributions made in 2010. 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?" assuming death before the Required Beginning Date. The suspension of account-based required minimum distribution withdrawals for calendar year 2009 applies to post-death required minimum distribution withdrawals from Roth IRAs. 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 to Roth IRAs 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, until 2010, 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. TAX-SHELTERED ANNUITY CONTRACTS (TSAS) General This section of the Prospectus reflects our current understanding of some of the special federal income tax rules applicable to annuity contracts used to fund employer plans under Section 403(b) of the Internal Revenue Code. We refer to these contracts as "403(b) annuity contracts" or "Tax Sheltered Annuity contracts (TSAs)." If the rules are the same as those that apply to another kind of contract, for example, Tax information 59 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green traditional IRA contracts, we will refer you to the same topic under "Traditional individual retirement annuities (traditional IRAs)." -------------------------------------------------------------------------------- The disclosure generally assumes that the TSA has 403(b) contract status or qualifies as a 403(b) contract. Due to the Internal Revenue Service and Treasury regulatory changes in 2007 which became fully effective on January 1, 2009, contracts issued prior to September 25, 2007 which qualified as 403(b) contracts under the rules at the time of issue may lose their status as 403(b) contracts or have the availability of transactions under the contract restricted as of January 1, 2009 unless the individual's employer or the individual take certain actions. Please consult your tax adviser regarding the effect of these rules (which may vary depending on the owner's employment status, plan participation status, and when and how the contract was acquired) on your personal situation. -------------------------------------------------------------------------------- FINAL REGULATIONS UNDER SECTION 403(B) In 2007, the IRS and the Treasury Department published final Treasury Regulations under Section 403(b) of the Code ("2007 Regulations"). As a result, there are significant revisions to the establishment and operation of plans and arrangements under Section 403(b) of the Code, and the contracts issued to fund such plans. These rules became fully effective on January 1, 2009, but various transition rules applied beginning in 2007. The 2007 Regulations raise a number of questions as to the effect of the 2007 Regulations on TSAs issued prior to the effective date of the 2007 Regulations. The IRS has issued guidance intended to clarify some of these questions, and may issue further guidance in future years. PERMISSIBLE INVESTMENTS. The 2007 Regulations retain the rule that there are generally two types of investments available to fund 403(b) plans -- 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) funding vehicles qualify for tax deferral. EMPLOYER PLAN REQUIREMENT. The thrust of the 2007 Regulations is to eliminate informal Section 403(b) arrangements with minimal or diffuse employer oversight and to require employers purchasing annuity contracts for their employees under Section 403(b) of the Code to conform to other tax-favored, employer-based retirement plans with salary reduction contributions, such as Section 401(k) plans and governmental employer Section 457(b) plans. The 2007 Regulations require employers sponsoring 403(b) plans as of January 1, 2009, to have a written plan designating administrative responsibilities for various functions under the plan, and the plan in operation must conform to the plan terms. The IRS has announced relief measures for failure to have a written plan finalized by the beginning of 2009, as long as the written plan is adopted by December 31, 2009, and the plan operates in accordance with the 2007 Regulations beginning by January 1, 2009. LIMITATIONS ON INDIVIDUAL INITIATED DIRECT TRANSFERS. The 2007 Regulations revoke Revenue Ruling 90-24 (Rev. Rul. 90-24), effective January 1, 2009. Prior to the 2007 Regulations, Rev. Rul. 90-24 had permitted individual-initiated, tax-free direct transfers of funds from one 403(b) annuity contract to another, without reportable taxable income to the individual. Under the 2007 Regulations and other IRS published guidance, direct transfers made after September 24, 2007 may still be permitted with plan or employer approval as described below. EFFECT OF THE 2007 REGULATIONS ON CONTRIBUTIONS TO THE ACCUMULATOR(R) SERIES TSA CONTRACT Because the Accumulator(R) Series TSA contract (i) was designed to be purchased through either an individual-initiated, Rev. Rul. 90-24 tax-free direct transfer of funds from one 403(b) arrangement to another, or a rollover from another 403(b) arrangement and (ii) does not accept employer-remitted contributions, contributions and exchanges to an Accumulator(R) Series TSA contract are extremely limited as described below. Accumulator(R) Series TSA contracts issued pursuant to a Rev. Rul. 90-24 direct transfer where applications and all transfer paperwork were received by our processing office in good order prior to September 25, 2007 are "grandfathered" as to 403(b) status. However, future transactions such as loans and distributions under such "grandfathered" 403(b) annuity contracts may result in adverse tax consequences to the owner unless the contracts are or become part of the employer's 403(b) plan, or the employer enters into an information sharing agreement with us. Contributions to an Accumulator(R) Series TSA contract may only be made where AXA Equitable is an "approved vendor" under an employer's 403(b) plan. That is, some or all of the participants in the employer 403(b) plan are currently contributing to a non-Accumulator AXA Equitable 403(b) annuity contract. AXA Equitable and the employer must agree to share information with respect to the Accumulator(R) Series(SM) TSA contract and other funding vehicles under the plan. AXA Equitable does not accept contributions of after-tax funds, including designated Roth contributions to the Accumulator(R) Series TSA contracts. We will accept contributions of pre-tax funds only with documentation satisfactory to us of employer or its designee or plan approval of the transaction. CONTRIBUTIONS TO 403(B) ANNUITY CONTRACTS Because the Accumulator(R) Series Rollover TSA contracts have been purchased through direct transfers, the characterization of funds in the contract can remain the same as under the prior contract. We provide the following discussion as part of our description of restrictions on the distribution of funds directly transferred, which include employer-remitted contributions to other 403(b) annuity contracts. EMPLOYER-REMITTED CONTRIBUTIONS. Employer-remitted contributions to TSA contracts made through the employer's payroll are subject to annual limits. (Tax-free plan-to-plan direct transfer contributions from another 403(b) plan, contract exchanges under the same plan, and 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 contract are made under a salary reduction agreement between the employee and the employer. These contributions are called "salary reduction" or "elective deferral" contributions. However, a TSA contract can also be wholly or partially funded through non-elective employer contributions or after-tax employee contributions. Amounts attributable to salary reduction contributions 60 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green to TSA contracts are generally subject to withdrawal restrictions. Also, all amounts attributable to investments in a 403(b)(7) custodial account are subject to withdrawal restrictions discussed below. ROLLOVER AND DIRECT TRANSFER CONTRIBUTIONS. It is unlikely that rollover or direct transfer contributions can be made for an individual no longer actively participating in a 403(b) plan; however, there may be circumstances where an individual must take a required minimum distribution from a distributing plan or contract before rolling over or transferring the distribution to the Accumulator(R) Series contract. The amount of any rollover or direct transfer contributions made to a 403(b) annuity contract must be net of the required minimum distribution for the tax year in which the 403(b) annuity contract is issued if the owner is at least age 70-1/2 in the calendar year the contribution is made, and has retired from service with the employer who sponsored the plan or provided the funds to purchase the 403(b) annuity contract which is the source of the contribution. For calendar year 2009 only, account-based requirement minimum distribution withdrawals are suspended, so certain rollovers which would be impermissible in other years may be made. ROLLOVER CONTRIBUTIONS. After a TSA contract has been established with 403(b) plan source funds, federal tax law permits rollover contributions to be made to a TSA contract from these sources: qualified plans, governmental employer 457(b) plans and traditional IRAs, as well as other 403(b) plan funding vehicles. The recipient 403(b) plan must allow such contributions to be made. Generally, funds may be rolled over when a plan participant has a distributable event from an eligible retirement plan as a result of: o termination of employment with the employer who provided the funds for the plan; or o reaching age 59-1/2 even if still employed; or o disability (special federal income tax definition). If the source of the rollover contribution is pre-tax funds from a traditional IRA, no specific event is required. 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 penalty if you roll the funds to a different type of eligible retirement plan and subsequently take a premature distribution. Further, in light of the restrictions on the ability to take distributions or loans from a 403(b) contract without plan or employer approval under the 2007 Regulations, a plan participant should consider carefully whether to roll an eligible rollover distribution (which is no longer subject to distribution restrictions) to a 403(b) plan funding vehicle, or to a traditional IRA instead. 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. Because AXA Equitable does not separately account for rollover contributions from other eligible retirement plans in the Accumulator(R) Series TSA contract, amounts that would be free of distribution restrictions in a traditional IRA, for example, are subject to distribution restrictions in the Accumulator(R) Series TSA contract. DIRECT TRANSFER CONTRIBUTIONS. A tax-free direct transfer occurs when changing the 403(b) plan funding vehicle, even if there is no distributable event. Under a direct transfer, a plan participant does not receive a distribution. The 2007 Regulations provide for two types of direct transfers between 403(b) funding vehicles: "plan-to-plan transfers" and "contract exchanges within the same 403(b) plan." 403(b) plans do not have to offer these options. A "plan-to-plan transfer" must meet the following conditions: (i) both the source 403(b) plan and the recipient 403(b) plan permit plan-to-plan transfers; (ii) the transfer from one 403(b) plan to another 403(b) plan is made for a participant (or beneficiary of a deceased participant) who is an employee or former employee of the employer sponsoring the recipient 403(b) plan; (iii) immediately after the transfer the accumulated benefit of the participant (or beneficiary) whose assets are being transferred is at least equal to the participant's (or beneficiary's) accumulated benefit immediately before the transfer; (iv) the recipient 403(b) plan imposes distribution restrictions on transferred amounts at least as stringent as those imposed under the source 403(b) plan; and (v) if the plan-to-plan transfer is not a complete transfer of the participant's (or beneficiary's) interest in the source 403(b) plan, the recipient 403(b) plan treats the amount transferred as a continuation of a pro rata portion of the participant's (or beneficiary's) interest in the source 403(b) plan (for example, with respect to the participant's interest in any after-tax employee contributions). A "contract exchange within the same 403(b) plan" must meet the following conditions: (i) the 403(b) plan under which the contract is issued must permit contract exchanges; (ii) immediately after the exchange the accumulated benefit of the participant (or beneficiary of a deceased participant) is at least equal to the participant's (or beneficiary's) accumulated benefit immediately before the exchange (taking into account the accumulated benefit of that participant (or beneficiary) under both section 403(b) annuity contracts immediately before the exchange); (iii) the contract issued in the exchange is subject to distribution restrictions with respect to the participant that are not less stringent than those imposed on the contract being exchanged; and (iv) the employer sponsoring the 403(b) plan and the issuer of the contract issued in the exchange agree to provide each other with specified information from time to time in the future ("an information sharing agreement"). The shared information is designed to preserve the requirements of Section 403(b), primarily to comply with loan requirements, hardship withdrawal rules, and distribution restrictions. Tax information 61 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green DISTRIBUTIONS FROM TSAS GENERAL. Generally, after the 2007 Regulations, employer or plan administrator consent is required for loan, withdrawal or distribution transactions under a 403(b) annuity contract. Processing of a requested transaction will not be completed until the information required to process the transaction is received from the employer or its designee. This information will be transmitted as a result of an information sharing agreement between AXA Equitable and the employer sponsoring the plan. WITHDRAWAL RESTRICTIONS. AXA Equitable treats all amounts under an Accumulator(R) Series Rollover TSA contract as not eligible for withdrawal until: o the owner is severed from employment with the employer who provided the funds used to purchase the TSA contract; o the owner dies; or o the plan under which the Accumulator(R) Series TSA contract is purchased is terminated. If any portion of the funds directly transferred to your TSA contract (in a Rev. Rul. 90-24 exchange or other permitted transfer or exchange) 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 contract you made and any earnings on them. These restrictions do not apply to the amount directly transferred to your TSA contract that represents your December 31, 1988, account balance attributable to salary reduction contributions to a TSA contract and earnings. 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 transferred to your TSA contract. TAX TREATMENT OF DISTRIBUTIONS. Amounts held under TSA contracts 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 TSA contracts are includible in gross income as ordinary income. Distributions from TSA contracts 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 contract 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 AXA Equitable does not accept after-tax funds to an Accumulator(R) Series Rollover TSA contract, we do not track your investment in the TSA contract, if any. We will report all distributions from this Rollover TSA contract as fully taxable. You will have to determine how much of the distribution is taxable. 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 contract 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. 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 contract generally receive the same tax treatment as distributions during your lifetime. In some instances, distributions from a TSA contract made to your surviving spouse may be rolled over to a traditional IRA or other eligible retirement plan. A surviving spouse might also be eligible to directly roll over a TSA contract death benefit to a Roth IRA in a taxable conversion rollover, beginning in 2008. A non-spousal death beneficiary may be able to directly roll over death benefits to a new inherited IRA under certain circumstances. EFFECT OF 2007 REGULATIONS ON LOANS FROM TSAS As a result of the 2007 Regulations, loans are not available without employer or plan administrator approval. If loans are available, loan processing may be delayed pending receipt of information required to process the loan under an information sharing agreement. The processing of a loan request will not be completed until the information required to process the transaction is received from the employer or its designee. This information will be transmitted as a result of an information sharing agreement between AXA Equitable and the employer sponsoring the plan. If loans are available: 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 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 under TSA contracts are subject to the following conditions: 62 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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; and (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. o In general, the term of the loan cannot exceed five years unless the loan is used to acquire the participant's primary residence. Accumulator(R) Series Rollover 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 and not repaid may be treated as a distribution if: o the loan does not qualify under the conditions above; o the participant fails to repay the interest or principal when due; or o in some instances, the participant separates from service with the employer who provided the funds or the plan is terminated. 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. For purposes of calculating any subsequent loans which may be made under any plan of the same employer, a defaulted loan which has not been fully repaid is treated as still outstanding, even after the default is reported to the IRS on Form 1099-R. The amount treated as still outstanding (which limits subsequent loans) includes interest accruing on the unpaid balance. TAX-DEFERRED ROLLOVERS AND FUNDING VEHICLE TRANSFERS. You may roll over an "eligible rollover distribution" from a 403(b) annuity contract 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 403(b) annuity contract to any of the following: another 403(b) plan funding vehicle, 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. A non-spousal death beneficiary may be able to directly roll over death benefits to a new inherited IRA under certain circumstances. An Accumulator(R) Series IRA contract is not available for purchase by a non-spousal death beneficiary direct rollover. Distributions from a 403(b) annuity contract can be rolled over to a Roth IRA. Such conversion rollover transactions are taxable. Any taxable portion of the amount rolled over will be taxed at the time of the rollover. Rollovers are subject to the Roth IRA conversion rules, which, prior to 2010, restrict conversions of traditional IRAs to Roth IRAs to taxpayers with adjusted gross income of no more than $100,000, whether single or married filing jointly. 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. Suspension of account-based required minimum distribution withdrawals for calendar year 2009 temporarily permits distributions which would be ineligible lifetime required minimum distributions in any other year to be rolled over to another eligible retirement plan in calendar year 2009. Direct transfers from one 403(b) annuity contract to another (whether under a plan-to-plan transfer, contract exchange under the same 403(b) plan, or under Rev. Rul. 90-24 prior to the 2007 Regulations), are not distributions. REQUIRED MINIMUM DISTRIBUTIONS Please note the temporary suspension of account-based required minimum distribution withdrawals, both lifetime and post-death, in calendar year 2009. Generally the same as traditional IRA with these differences: WHEN YOU HAVE TO TAKE THE FIRST REQUIRED MINIMUM DISTRIBUTION. The minimum distribution rules force 403(b) plan participants to start calculating and taking annual distributions from their 403(b) annuity contracts 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 403(b) plan participants who have not retired from service with the employer maintaining the 403(b) plan 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. o 403(b) plan participants may also delay the start of required minimum distributions to age 75 for the portion of their account value attributable to their December 31, 1986 TSA contract account balance, even if retired at age 70-1/2. We will know whether or not you qualify for this exception because it only applies to individuals who established their Accumulator(R) Series Rollover TSA contract by direct Revenue Ruling 90-24 transfer prior to September 25, 2007, or by a contract exchange or a plan-to-plan exchange approved under the employer's plan after that date. If you do not give us the amount of your December 31, 1986, account balance that is being transferred to the Accumulator(R) Series Rollover TSA contract on the form used to establish the TSA contract, you do not qualify. SPOUSAL CONSENT RULES Your employer will tell us on the form used to establish the TSA contract whether or not you need to get spousal consent for loans, withdrawals or other distributions. If you do, you will need such con- Tax information 63 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green sent if you are married when you request a withdrawal 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 TSA contract and the plan of the employer who provided the funds for the TSA contract. EARLY DISTRIBUTION PENALTY TAX A penalty tax of 10% of the taxable portion of a distribution applies to distributions from a TSA contract 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). 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 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. Generally, an election out of federal withholding will also be considered an election out of state withholding. In some states, you may elect out of state withholding, even if federal withholding applies. 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 Federal tax rules require payers to withhold differently on "periodic" and "non-periodic" payments. Payers are to withhold from periodic annuity payments as if the payments were wages. The annuity contract owner is to specify marital status and the number of withholding exemptions claimed on an IRS Form W-4P or similar substitute election form. If the owner does not claim a different number of withholding exemptions or marital status, the payer is to withhold assuming that the owner is married and claiming three withholding exemptions. Based on the assumption that an annuity contract owner is married and claiming three withholding exemptions, periodic annuity payments totaling less than $19,200 in 2009 will generally be exempt from federal income tax withholding. If the owner does not provide the owner's correct Taxpayer Identification Number a payer is to withhold from periodic annuity payments as if the owner were single with no exemptions. A contract owner's withholding election remains effective unless and until the owner revokes it. The contract owner may revoke or change a withholding election at any time. 64 Tax information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green FEDERAL INCOME TAX WITHHOLDING ON NON-PERIODIC ANNUITY PAYMENTS (WITHDRAWALS) Non-periodic distributions include partial withdrawals, total surrenders and death benefits. Payers generally withhold federal income tax at a flat 10% rate from (i) the taxable amount in the case of nonqualified contracts, and (ii) 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. As described below, there is no election out of federal income tax withholding if the payment is an eligible rollover distribution from a qualified plan or TSA contract. If a non-periodic distribution from a qualified plan or TSA contract is not an eligible rollover distribution then election out is permitted. If there is no election out, the 10% withholding rate applies. MANDATORY WITHHOLDING FROM TSA AND QUALIFIED PLAN DISTRIBUTIONS Unless the distribution is directly rolled over to another eligible retirement plan, eligible rollover distributions from qualified plans and TSA contracts are subject to mandatory 20% withholding. The plan administrator is responsible for withholding from qualified plan distributions. All distributions from a TSA contract 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 from service with the employer; or o substantially equal periodic payments made at least annually for the life (or life expectancy) or the joint lives (or joint life expectancies) of the plan participant (and 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 the plan participant's surviving spouse; or o a qualified domestic relations order distribution to a beneficiary who is not the plan participant's current spouse or former spouse. A death benefit payment to the plan participant's surviving spouse, or a qualified domestic relations order distribution to the plan participant's current or former spouse may be a distribution subject to mandatory 20% withholding. SPECIAL RULES FOR CONTRACTS FUNDING QUALIFIED PLANS The trustee is responsible for making all required notifications on tax matters to plan participants and to the IRS. See Appendix II at the end of this Prospectus. IMPACT OF TAXES TO AXA EQUITABLE The contracts provide that we may charge Separate Account No. 45 and Separate Account No. 49 for taxes. We do not now, but may in the future set up reserves for such taxes. Tax information 65 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 8. More information -------------------------------------------------------------------------------- ABOUT SEPARATE ACCOUNT NO. 45 AND SEPARATE ACCOUNT NO. 49 Each variable investment option is a subaccount of Separate Account No. 45 and Separate Account No. 49. We established Separate Account No. 45 in 1994 and Separate Account No. 49 in 1996 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 No. 45 and in Separate Account No. 49 and may withdraw any amounts that exceed our reserves and other liabilities with respect to variable investment options under our contracts. For example, we may withdraw amounts from Separate Account No. 45 and Separate Account No. 49 that represent our investments in Separate Account No. 45 and Separate Account No. 49 or that represent fees and charges under the contracts that we have earned, respectively. Also, we may, at our sole discretion, invest Separate Account No. 45 and Separate Account No. 49 assets in any investment permitted by applicable law. The results of Separate Account No 45's and Separate Account No. 49'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 No. 45 and Separate Account No. 49. However, the obligations themselves are obligations of AXA Equitable. Separate Account No. 45 and Separate Account No. 49 are registered under the Investment Company Act of 1940 and are registered and classified under that act as "unit investment trusts." The SEC, however, does not manage or supervise AXA Equitable or Separate Account No. 45 or Separate Account No. 49. Although Separate Account No. 45 and Separate Account No. 49 are registered, the SEC does not monitor the activity of Separate Account No. 45 or Separate Account No. 49 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 No. 45 and Separate Account No. 49 invests solely in Class IB/B shares issued by the corresponding Portfolio of either 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 No. 45 and Separate Account No. 49, 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 No. 45 and Separate Account No. 49 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 No. 45 and Separate Account No. 49 or a variable investment option directly); (5) to deregister Separate Account No. 45 and Separate Account No. 49 under the Investment Company Act of 1940; (6) to restrict or eliminate any voting rights as to Separate Account No. 45 and Separate Account No. 49; and (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. If the exercise of these rights results in a material change in the underlying investment of Separate Account No. 45 and Separate Account No. 49, you will be notified of such exercise, as required by law. ABOUT THE TRUSTS AXA Premier VIP Trust and EQ Advisors Trust 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. AXA Equitable serves as the investment manager of the Trusts. As such, AXA Equitable oversees the activities of the investment advisers with respect to the Trusts and is responsible for retaining or discontinuing the services of those advisers. The Trusts do not impose sales charges or "loads" for buying and selling their shares. All dividends and other distributions on the Trusts' shares are reinvested in full. The Board of Trustees of each Trust may establish additional Portfolios or eliminate existing Portfolios at any time. More detailed information about each Trust, its Portfolio investment objectives, policies, restrictions, risks, expenses, its Rule 12b-1 Plan and other aspects of its operations, appear in the prospectuses for each Trust, which are generally attached at the end of 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. Fixed maturity option rates are determined daily. The rates in the table are illustrative only and will most likely differ from the rates applicable at time of purchase. Current fixed maturity option rates can be obtained from your financial professional. The rates to maturity for new allocations as of February 17, 2009, and the related price per $100 of maturity value were as shown below: 66 More information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green -------------------------------------------------------------------------------- Fixed Maturity Options with February 17th Rate to Maturity Price Maturity Date of as of Per $100 of Maturity Year February 17, 2009 Maturity Value -------------------------------------------------------------------------------- 2010 3.00%* $ 97.10 2011 3.00%* $ 94.27 2012 3.00%* $ 91.53 2013 3.00%* $ 88.86 2014 3.00%* $ 86.27 2015 3.06 % $ 83.46 2016 3.58 % $ 78.18 2017 3.87 % $ 73.80 2018 4.06 % $ 69.89 2019 4.20 % $ 66.27 -------------------------------------------------------------------------------- * Since these rates to maturity are 3%, no amounts could have been allocated to these options. HOW WE DETERMINE THE MARKET VALUE ADJUSTMENT We use the following procedure to calculate the market value adjustment (positive or negative) 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. Please note that withdrawal charges do not apply to Accumulator(R) Select(SM) contract owners. 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 0.25% 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 obligations and any guaranteed benefits under the contract are supported by AXA Equitable's general account and are subject to AXA Equitable's claims paying ability. For more information about AXA Equitable's financial strength, you may review its financial statements and/or check its current rating with one or more of the independent sources that rate insurance companies for their financial strength and stability. Such ratings are subject to change and have no bearing on the performance of the variable investment options. You may also speak with your financial representative. More information 67 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. ABOUT OTHER METHODS OF PAYMENT WIRE TRANSMITTALS AND ELECTRONIC APPLICATIONS We accept subsequent contributions sent by wire to our processing office by agreement with certain broker-dealers. Such transmittals must be accompanied by information we require to allocate your contribution. Wire orders not accompanied by complete information may be retained as described under "How you can make your contributions" in "Contract features and benefits" earlier in this Prospectus. Even if we accepted the wire order and essential information, a contract generally was not issued until we received and accepted a properly completed application. In certain cases, we may have issued a contract based on information provided through certain broker-dealers with whom we have established electronic facilities. In any such case, you must have signed our Acknowledgement of Receipt form. Where we required a signed application, the above procedures did not apply and no financial transactions were permitted until we received the signed application and issued the contract. Where we issued a contract based on information provided though electronic facilities, we required an Acknowledgement of Receipt form. Financial transactions were only permitted if you requested them in writing, signed the request and had it signature guaranteed, until we received the signed Acknowledgement of Receipt form. After a contract is issued, additional contributions are allowed by wire. In general, the transaction date for electronic transmissions is the date on which we receive at our regular processing office all required information and the funds due for your contribution. We may also establish same-day electronic processing facilities with a broker-dealer that has undertaken to pay contribution amounts on behalf of its customers. In such cases, the transaction date for properly processed orders is the business day on which the broker-dealer inputs all required information into its electronic processing system. You can contact us to find out more about such arrangements. AUTOMATIC INVESTMENT PROGRAM -- FOR NQ CONTRACTS ONLY You may use our automatic investment program, or "AIP," to have a specified amount automatically deducted from a checking account, money market account or credit union checking account and contributed as an additional contribution into an NQ contract on a monthly or quarterly basis. AIP is not available for Rollover IRA, Roth Conversion IRA, QP or Rollover TSA contracts. For NQ contracts, the minimum amounts we will deduct are $100 monthly and $300 quarterly. AIP additional contributions may be allocated to any of the variable investment options and available fixed maturity options. 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. 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 the New York Stock Exchange ("NYSE") is open for regular trading and generally ends at 4:00 p.m. Eastern Time (or as of an earlier close of regular trading). A business day does not include a day on which we are not open due to emergency conditions determined by the Securities and Exchange Commission. We may also close early due to such emergency conditions. 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 any of the following, we will use the next business day: - on a non-business day; - after 4:00 p.m. Eastern Time on a business day; or - after an early close of regular trading on the NYSE on a business day. o A loan request under your Rollover 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. o If we have entered into an agreement with your broker-dealer for automated processing of contributions upon receipt of customer 68 More information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green order, your contribution will be considered received at the time your broker-dealer receives your contribution and all information needed to process your application, along with any required documents. Your broker-dealer will then transmit your order to us in accordance with our processing procedures. However, in such cases, your broker-dealer is considered a processing office for the purpose of receiving the contribution. Such arrangements may apply to initial contributions, subsequent contributions, or both, and may be commenced or terminated at any time without prior notice. If required by law, the "closing time" for such orders will be earlier than 4 p.m., Eastern Time. 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 a fixed maturity option will receive the rate to maturity in effect for that fixed maturity option on that 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 be based on the rate to maturity in effect for that fixed maturity option on the business day of the transfer. ABOUT YOUR VOTING RIGHTS As the owner of the shares of the Trusts, we have the right to vote on certain matters involving the Portfolios, such as: o the election of trustees; or o the formal approval of independent public accounting firm 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. VOTING RIGHTS OF OTHERS Currently, we control the Trusts. Their shares are sold to our separate accounts and an affiliated qualified plan trust. In addition, shares of the Trusts are held by separate accounts of insurance companies both affiliated and unaffiliated with us. Shares held by these separate accounts will probably be voted according to the instructions of the owners of insurance policies and contracts issued by those insurance companies. While this will dilute the effect of the voting instructions of the contract owners, we currently do not foresee any disadvantages because of this. The Board of Trustees of each Trust intends to monitor events in order 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 response to any of those events insufficiently protects our contract owners, we will see to it that appropriate action is taken. SEPARATE ACCOUNT NO. 45 AND SEPARATE ACCOUNT NO. 49 VOTING RIGHTS If actions relating to the Separate Accounts 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. STATUTORY COMPLIANCE We have the right to change your contract without the consent of any other person in order to comply with any laws and regulations that apply, 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 your contract must be in writing and made by an authorized officer of AXA Equitable. We will provide notice of any contract change. The benefits under your contract will not be less than the minimum benefits required by any state law that applies. 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 Accounts Nos. 45 and 49, respectively, nor would any of these proceedings be likely to have a material adverse effect upon either Separate Account, our ability to meet our obligations under the contracts, or the distribution of the contracts. FINANCIAL STATEMENTS The financial statements of Separate Account No. 45 and Separate Account No. 49, as well as the consolidated financial statements of AXA Equitable, are in the applicable SAI. The financial statements of More information 69 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green AXA Equitable have relevance to the contracts only to the extent that they bear upon the ability of AXA Equitable to meet its obligations under the contracts. The SAI is available free of charge. You may request one by writing to our processing office or calling 1-800-789-7771. 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. You cannot assign or transfer ownership of an IRA, QP or Rollover TSA contract except by surrender to us. If your individual retirement annuity contract is held in your custodial individual retirement account, you may only assign or transfer ownership of such an IRA contract to yourself. Loans are not available and you cannot assign IRA and QP contracts as security for a loan or other obligation. Loans are available under a Rollover TSA contract only if permitted under the sponsoring employer's plan. 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, QP or Rollover TSA contract to another similar arrangement under federal income tax rules. In the case of such a transfer, which involves a surrender of your Accumulator(R) contract, we will impose a withdrawal charge, if one applies. DISTRIBUTION OF THE CONTRACTS The Accumulator(R) Series contracts are distributed by both AXA Advisors, LLC ("AXA Advisors") and AXA Distributors, LLC ("AXA Distributors") (together, the "Distributors"). AXA Advisors serves as the principal underwriter of Separate Account No. 45, and AXA Distributors serves as the principal underwriter of Separate Account No. 49. 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 Financial Industry Regulatory Authority, Inc. ("FINRA"). 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 8.50% 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 1.00% 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 7.50% 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 1.25% 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 the Accumulator(R) Series 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 70 More information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green broker-dealer or 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 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." 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. AXA Advisors may provide other forms of compensation to its financial professionals, including health and retirement benefits. 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 FINRA, 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 FINRA rules and other laws and regulations. More information 71 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 9. Incorporation of certain documents by reference -------------------------------------------------------------------------------- AXA Equitable's Annual Report on Form 10-K for the period ended December 31, 2008 (the "Annual Report") is considered to be part of this Prospectus because it is incorporated by reference. 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 fixed maturity option (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. After the date of this Prospectus and before we terminate the offering of the securities under the Registration Statement, all documents or reports we file with the SEC under the Securities Exchange Act of 1934 ("Exchange Act"), will be considered to become part of this Prospectus because they are incorporated by reference. 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 the Registration Statement and 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. In accordance with SEC rules, we will provide copies of any exhibits specifically incorporated by reference into the text of the Exchange Act reports (but not any other exhibits). 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). You can access our website at www.axa-equitable.com. 72 Incorporation of certain documents by reference To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix I: Condensed financial information -------------------------------------------------------------------------------- The unit values and number of units outstanding shown below are for contracts offered under Separate Account No. 45 and Separate Account No. 49 with the daily asset charge of 1.35%, such as your Accumulator(R) contract.
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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, --------------------------------------------------------------------- 2008 2007 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ AXA Aggressive Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.27 $ 13.79 $ 13.16 $ 11.32 $ 10.62 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 844 603 595 286 51 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,566 1,649 1,595 1,278 688 ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.00 $ 11.39 $ 10.92 $ 10.40 $ 10.29 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 780 434 343 285 131 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,542 1,016 438 492 237 ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.40 $ 11.82 $ 11.36 $ 10.59 $ 10.39 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 798 636 456 367 150 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,565 974 946 948 426 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 38.88 $ 52.19 $ 49.78 $ 45.74 $ 44.24 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,952 2,239 2,505 2,919 3,361 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,346 1,500 1,399 1,314 1,132 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.93 $ 13.27 $ 12.64 $ 11.19 $ 10.63 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3,168 2,958 1,913 711 256 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,241 6,731 6,975 4,170 1,617 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 151.18 $ 272.69 $ 267.14 $ 244.64 $ 237.75 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 430 529 687 900 1,044 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 555 670 876 1,138 1,384 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 20.41 $ 19.97 $ 18.95 $ 18.62 $ 18.65 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 860 1,014 1,287 1,772 2,322 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 571 579 773 1,100 1,348 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.87 $ 20.30 $ 18.42 $ 15.12 $ 13.29 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2,218 2,628 3,112 3,477 3,816 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,498 1,872 2,019 2,553 2,475 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.42 $ 20.92 $ 18.17 $ 16.90 $ 15.36 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 781 916 1,201 1,468 1,733 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,048 2,476 3,532 4,499 5,465 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Ariel Appreciation II ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.81 $ 11.22 $ 11.50 $ 10.49 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 42 34 28 12 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 57 51 19 2 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock Basic Value Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.11 $ 24.14 $ 24.18 $ 20.27 $ 19.96 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,458 1,752 2,213 2,721 3,230 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,799 2,291 2,960 3,782 4,699 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, --------------------------------------------------------------------- 2003 2002 2001 2000 1999 ------------------------------------------------------------------------------------------------------------------------------------ AXA Aggressive Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 41.25 $ 35.10 $ 40.77 -- - ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3,674 3,926 2,511 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 732 407 289 -- -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 211.19 $ 143.14 $ 217.65 $ 247.21 $ 292.20 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,145 1,240 1,555 1,775 1,434 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,588 1,770 2,160 2,453 2,344 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 18.54 $ 18.40 $ 17.18 $ 16.14 $ 15.03 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2,993 4,099 3,288 2,333 2,057 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,651 1,739 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.40 $ 8.55 $ 9.64 $ 12.74 $ 16.81 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 4,111 3,907 737 839 591 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,639 208 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.66 $ 9.83 $ 14.28 $ 16.68 $ 14.88 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2,001 2,020 2,115 2,156 1,264 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 6,324 6,943 8,170 9,189 6,912 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Ariel Appreciation II ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock Basic Value Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 18.30 $ 14.14 $ 17.20 $ 16.52 $ 14.98 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3,348 3,538 3,681 3,305 2,567 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,955 5,160 5,603 5,888 5,766 ------------------------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information A-1 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, --------------------------------------------------------------------- 2008 2007 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock International Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.00 $ 24.89 $ 22.90 $ 18.47 $ 16.89 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 848 1,077 1,280 1,346 1,244 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,114 4,966 6,421 7,759 9,124 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Boston Advisors Equity Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.63 $ 6.93 $ 6.78 $ 5.92 $ 5.66 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 533 588 886 767 87 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 413 535 720 983 345 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.40 $ 10.00 $ 9.04 $ 8.71 $ 8.12 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 30 44 46 54 55 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 132 126 157 557 258 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.02 $ 13.64 $ 13.11 $ 12.38 $ 11.94 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 90 85 74 45 19 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,337 5,042 6,381 8,004 9,529 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.80 $ 13.11 $ 13.08 $ 11.83 $ 11.30 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,644 2,094 1,987 2,382 2,835 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 8,941 10,718 10,352 13,004 15,697 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Caywood-Scholl High Yield Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.96 $ 11.23 $ 11.07 $ 10.40 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 146 164 165 56 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 84 76 112 18 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Davis New York Venture ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.66 $ 11.10 $ 10.85 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 211 168 49 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 374 369 94 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 19.19 $ 31.03 $ 29.97 $ 26.40 $ 25.63 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,388 1,714 2,138 2,703 3,163 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,764 4,648 6,213 8,100 9,685 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen International Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.34 $ 10.80 $ 10.02 $ 9.82 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 417 225 104 8 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 499 227 125 16 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.00 $ 9.80 $ 8.92 $ 8.54 $ 8.33 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 199 239 292 365 431 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 309 351 275 431 573 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.06 $ 10.50 $ 10.43 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 578 609 222 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 474 444 141 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.41 $ 9.75 $ 10.82 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 86 33 8 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 170 47 14 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Templeton Founding Strategy ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.92 $ 9.52 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 282 245 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 619 308 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Mergers and Acquisitions ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.08 $ 11.86 $ 11.63 $ 10.50 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 137 178 114 54 -- ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, --------------------------------------------------------------------- 2003 2002 2001 2000 1999 ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock International Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.08 $ 11.14 $ 13.55 $ 17.50 $ 20.23 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,181 1,196 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 10,329 12,054 14,032 15,833 13,783 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Boston Advisors Equity Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.94 $ 6.29 $ 8.67 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 39 29 10 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 189 89 6 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.46 $ 9.38 $ 12.90 $ 17.32 $ 21.35 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 20 13 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 11,360 13,307 16,512 19,069 17,154 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.33 $ 7.97 $ 10.72 $ 11.09 $ 10.61 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3,037 3,265 231 174 72 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 17,536 18,971 2,208 2,064 982 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Caywood-Scholl High Yield Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Davis New York Venture ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 23.57 $ 18.69 $ 24.41 $ 28.18 $ 31.67 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3,443 3,683 4,413 4,923 16 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 10,779 11,356 12,941 14,537 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen International Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.89 $ 5.79 $ 7.72 $ 9.43 $ 10.82 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 286 184 161 164 139 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 552 243 140 136 91 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Templeton Founding Strategy ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Mergers and Acquisitions ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
A-2 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ---------------------------------------------------------------------- 2008 2007 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 66 77 74 17 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Small Company Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 20.28 $ 29.65 $ 27.50 $ 23.46 $ 22.79 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 264 267 191 183 31 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 295 311 141 170 72 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.98 $ 16.51 $ 14.52 $ 12.35 $ 10.68 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 429 388 502 525 425 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,946 2,344 3,119 3,695 4,078 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.63 $ 16.34 $ 14.25 $ 11.50 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 179 138 82 31 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 191 264 78 28 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.09 $ 14.57 $ 14.33 $ 13.96 $ 13.84 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 758 1,111 1,273 1,222 1,021 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,114 5,253 6,838 8,972 10,774 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Value Opportunities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.30 $ 15.66 $ 16.07 $ 13.53 $ 13.20 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 624 769 978 1,142 1,375 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 6,572 8,143 10,415 13,350 16,352 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.69 $ 10.84 $ 10.58 $ 9.49 $ 8.98 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 255 332 411 551 635 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,960 2,567 3,675 4,802 5,835 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.94 $ 7.86 $ 6.99 $ 7.13 $ 6.28 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2,797 3,381 4,248 5,346 6,276 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,108 4,849 6,383 8,379 9,271 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Plus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.49 $ 17.21 $ 15.09 $ 14.19 $ 13.19 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,885 2,262 2,809 3,663 4,453 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,436 4,084 5,280 6,697 8,228 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.51 $ 10.56 $ 11.38 $ 10.80 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 156 159 136 28 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 147 156 182 41 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.45 $ 16.90 $ 17.95 $ 14.99 $ 14.41 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 5,687 7,503 2,657 3,058 3,317 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,274 5,583 6,430 8,002 9,491 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Long Term Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.02 $ 10.64 $ 10.04 $ 10.00 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 122 149 121 93 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 203 246 287 55 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.83 $ 12.51 $ 12.25 $ 10.60 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 75 87 119 26 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 211 356 490 93 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.73 $ 12.82 $ 11.74 $ 10.56 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 75 48 49 25 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 202 86 80 74 -- ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ---------------------------------------------------------------------- 2003 2002 2001 2000 1999 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Small Company Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.53 $ 7.29 $ 8.69 $ 11.14 $ 13.96 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 279 133 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,761 3,093 3,210 3,230 1,477 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.48 $ 13.22 $ 12.23 $ 11.48 $ 10.44 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 985 903 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 12,484 14,961 14,916 13,606 12,838 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Value Opportunities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.07 $ 9.64 $ 12.08 $ 13.14 $ 12.47 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,530 1,663 1,936 2,045 2,057 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 18,895 21,846 25,574 28,008 29,522 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.17 $ 6.79 $ 8.71 $ 10.51 $ 10.72 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 715 776 948 1,014 550 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 6,684 6,910 8,228 8,940 6,033 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.88 $ 4.84 $ 7.12 $ 9.49 $ 11.79 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 7,382 8,409 10,884 12,132 6,304 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 10,777 12,339 15,780 17,298 8,614 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Plus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.88 $ 9.31 $ 14.37 $ 22.09 $ 27.59 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 5,082 5,638 7,229 8,254 6,114 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 9,491 10,806 13,726 16,073 13,671 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.88 $ 10.14 $ 11.90 $ 11.70 $ 12.10 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3,362 3,350 2,847 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 10,036 10,473 10,569 10,105 9,428 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Long Term Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information A-3 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ---------------------------------------------------------------------- 2008 2007 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.39 $ 12.27 $ 12.36 $ 11.15 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 152 211 193 240 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 197 259 214 210 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.89 $ 18.49 $ 16.44 $ 15.24 $ 13.95 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,203 1,298 1,541 1,644 1,467 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,313 1,429 1,821 2,123 2,102 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.86 $ 13.70 $ 12.86 $ 11.69 $ 11.14 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 935 1,100 1,330 1,652 1,605 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,046 1,295 1,862 2,752 2,883 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.16 $ 17.04 $ 17.55 $ 15.82 $ 14.40 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,128 1,472 1,921 2,356 2,500 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 780 1,031 1,465 2,388 2,481 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 30.60 $ 30.37 $ 29.41 $ 28.53 $ 28.18 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,288 949 1,040 1,076 1,221 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,696 2,271 2,410 2,619 2,938 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Montag & Caldwell Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 3.87 $ 5.85 $ 4.91 $ 4.61 $ 4.43 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 637 270 136 143 3 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 617 441 28 47 20 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mutual Shares ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.56 $ 10.74 $ 10.71 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 210 225 50 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 193 210 92 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Global ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.76 $ 11.57 $ 11.09 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 70 80 8 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 102 146 34 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Opportunity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.73 $ 11.15 $ 10.93 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 36 36 17 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 43 67 10 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Small Cap ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.55 $ 10.75 $ 11.10 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 30 26 12 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 42 51 9 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO Real Return ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.24 $ 10.82 $ 9.84 $ 9.93 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 991 393 330 253 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,173 444 431 308 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Quality Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.57 $ 16.89 $ 16.38 $ 15.99 $ 15.89 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 223 293 353 490 460 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 324 436 459 574 603 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.28 $ 10.63 $ 10.23 $ 9.98 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 128 125 174 76 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 304 189 185 57 -- ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, -------------------------------------------------------------------- 2003 2002 2001 2000 1999 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.80 $ 9.89 $ 11.34 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,522 767 14 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,058 1,041 155 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.73 $ 6.87 $ 8.54 $ 10.00 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,435 951 493 82 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,874 2,717 2,307 638 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.39 $ 9.42 $ 11.20 $ 10.92 $ 10.53 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2,709 2,863 2,091 1,080 972 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,639 3,169 2,256 223 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 28.34 $ 28.57 $ 28.61 $ 28.00 $ 26.78 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,537 2,299 2,501 1,860 2,900 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,834 5,633 6,273 5,065 7,278 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Montag & Caldwell Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mutual Shares ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Global ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Opportunity ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Small Cap ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO Real Return ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Quality Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.53 $ 15.20 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 434 430 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 631 552 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
A-4 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------------------------------------------------------- 2008 2007 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.79 $ 16.60 $ 17.14 $ 14.76 $ 14.35 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 558 662 793 914 1,073 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 995 1,203 1,660 2,139 2,622 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T.Rowe Price Growth Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.96 $ 17.46 $ 16.51 $ 17.43 $ 16.99 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 128 173 45 46 10 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 369 415 145 160 17 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Templeton Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.32 $ 10.83 $ 10.76 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 113 136 61 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 189 228 98 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 3.69 $ 6.24 $ 6.25 $ 5.55 $ 5.16 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 152 214 193 114 14 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 108 129 177 169 41 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Comstock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.13 $ 11.47 $ 11.92 $ 10.43 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 159 159 251 156 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 244 298 350 250 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Emerging Markets Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.11 $ 26.41 $ 18.85 $ 13.94 $ 10.64 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,341 1,728 1,993 2,131 1,948 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,671 2,238 2,967 3,667 3,845 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.37 $ 16.10 $ 13.34 $ 12.37 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 208 175 74 68 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 294 336 109 49 -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 34.47 $ 65.53 $ 59.65 $ 57.52 $ 53.88 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 139 170 220 284 334 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 305 364 467 585 710 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.19 $ 12.06 $ 11.50 $ 11.24 $ 11.19 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 699 685 797 1,030 1,247 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 705 622 738 919 1,011 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.38 $ 12.99 $ 12.08 $ 11.65 $ 11.04 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 296 261 346 460 484 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 275 273 360 464 567 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 24.94 $ 33.05 $ 32.49 $ 29.95 $ 29.46 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 540 727 911 1,125 1,318 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,227 1,569 2,099 2,710 3,408 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.78 $ 18.79 $ 16.94 $ 13.70 $ 12.03 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 400 453 524 462 456 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 528 652 762 657 704 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.62 $ 12.77 $ 12.33 $ 11.00 $ 10.45 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 118 154 160 181 201 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 192 233 294 268 253 ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, --------------------------------------------------------------------- 2003 2002 2001 2000 1999 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.36 $ 8.59 $ 11.01 $ 10.94 $ 11.48 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,030 859 899 989 756 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,320 2,817 3,131 3,340 2,922 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T.Rowe Price Growth Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Templeton Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Comstock ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Emerging Markets Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.72 $ 5.67 $ 6.11 $ 6.53 $ 11.04 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,871 1,807 1,765 2,063 1,267 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,287 3,992 4,501 4,990 3,859 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 48.73 $ 35.92 $ 51.19 $ 69.35 $ 81.12 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 375 404 513 595 553 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 812 899 1,101 1,253 1,163 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.92 $ 10.67 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,242 1,119 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,187 1,217 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.98 $ 7.90 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 378 205 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 383 235 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 27.48 $ 22.73 $ 23.74 $ 23.90 $ 26.59 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,384 1,316 1,516 1,616 1,539 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,959 3,827 4,307 4,697 5,048 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.34 $ 7.81 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 377 183 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 494 118 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.66 $ 7.64 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 230 166 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 248 169 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information A-5 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
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, 2008. ---------------------------------------------------------------------------------------------------------------------- For the years ending December 31, ------------------------------------------------------------ 2008 2007 2006 2005 2004 -------------------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Growth -------------------------------------------------------------------------------------------------------------------------- Unit value $ 5.70 $ 10.58 $ 9.64 $ 9.76 $ 9.20 -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 228 253 336 424 449 -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 415 486 568 759 801 -------------------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Value -------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.06 $ 14.68 $ 14.36 $ 12.20 $ 11.54 -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 404 440 512 544 503 -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 478 700 1,027 1,404 1,102 -------------------------------------------------------------------------------------------------------------------------- Multimanager Mid Cap Growth -------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.72 $ 12.07 $ 10.93 $ 10.11 $ 9.45 -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 314 387 519 629 806 -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 426 492 721 863 1,078 -------------------------------------------------------------------------------------------------------------------------- Multimanager Mid Cap Value -------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.68 $ 13.75 $ 13.92 $ 12.30 $ 11.62 -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 333 339 535 605 904 -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 410 587 779 911 1,203 -------------------------------------------------------------------------------------------------------------------------- Multimanager Small Cap Growth -------------------------------------------------------------------------------------------------------------------------- Unit value $ 5.14 $ 8.99 $ 8.79 $ 8.09 $ 7.63 -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 293 412 286 189 68 -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 306 347 259 287 29 -------------------------------------------------------------------------------------------------------------------------- Multimanager Small Cap Value -------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.72 $ 17.49 $ 19.67 $ 17.17 $ 16.63 -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 392 554 761 919 986 -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,179 2,770 3,861 5,204 6,654 -------------------------------------------------------------------------------------------------------------------------- Multimanager Technology -------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.45 $ 12.36 $ 10.60 $ 10.01 $ 9.12 -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 444 513 609 854 1,028 -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 537 647 737 1,024 1,493 -------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------- For the years ending December 31, ------------------------------------------------------------ 2003 2002 2001 2000 1999 -------------------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Growth -------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.74 $ 6.79 -- -- -- -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 410 275 -- -- -- -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 802 305 -- -- -- -------------------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Value -------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.23 $ 7.91 -- -- -- -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 429 344 -- -- -- -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 698 384 -- -- -- -------------------------------------------------------------------------------------------------------------------------- Multimanager Mid Cap Growth -------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.58 $ 6.20 -- -- -- -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 761 429 -- -- -- -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,104 369 -- -- -- -------------------------------------------------------------------------------------------------------------------------- Multimanager Mid Cap Value -------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.22 $ 7.37 -- -- -- -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 765 486 -- -- -- -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 820 388 -- -- -- -------------------------------------------------------------------------------------------------------------------------- Multimanager Small Cap Growth -------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -------------------------------------------------------------------------------------------------------------------------- Multimanager Small Cap Value -------------------------------------------------------------------------------------------------------------------------- Unit value $ 14.39 $ 10.62 $ 12.50 $ 10.76 $ 9.20 -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 840 665 -- -- -- -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 7,289 7,825 7,755 7,215 6,774 -------------------------------------------------------------------------------------------------------------------------- Multimanager Technology -------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.81 $ 5.66 -- -- -- -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 278 44 -- -- -- -------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 571 264 -- -- -- --------------------------------------------------------------------------------------------------------------------------
A-6 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green The unit values and number of units outstanding shown below are for contracts offered under Separate Account No. 45 and Separate Account No. 49 with the same daily asset charges of 1.60%, such as your Accumulator(R) Select(SM) contract.
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, 2008. --------------------------------------------------------------------------------------------------------------------------- For the years ending December 31, ------------------------------------------------------------- 2008 2007 2006 2005 2004 --------------------------------------------------------------------------------------------------------------------------- AXA Aggressive Allocation --------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.17 $ 13.65 $ 13.07 $ 11.26 $ 10.59 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 121 152 189 92 24 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,922 3,517 3,308 1,298 726 --------------------------------------------------------------------------------------------------------------------------- AXA Conservative Allocation --------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.88 $ 11.28 $ 10.84 $ 10.35 $ 10.27 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 440 256 190 168 63 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 3,454 1,731 1,508 1,073 686 --------------------------------------------------------------------------------------------------------------------------- AXA Conservative-Plus Allocation --------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.28 $ 11.71 $ 11.28 $ 10.54 $ 10.37 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 681 594 462 397 279 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,852 1,825 1,741 1,299 787 --------------------------------------------------------------------------------------------------------------------------- AXA Moderate Allocation --------------------------------------------------------------------------------------------------------------------------- Unit value $ 36.68 $ 49.36 $ 47.21 $ 43.48 $ 42.17 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 963 1,073 1,195 1,301 1,400 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,966 3,439 3,955 4,167 3,907 --------------------------------------------------------------------------------------------------------------------------- AXA Moderate-Plus Allocation --------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.82 $ 13.14 $ 12.55 $ 11.14 $ 10.61 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 1,558 1,599 1,043 408 180 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 8,765 10,293 11,247 7,926 3,664 --------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Common Stock --------------------------------------------------------------------------------------------------------------------------- Unit value $ 139.08 $ 251.49 $ 247.00 $ 226.77 $ 220.94 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 127 159 200 244 275 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 308 377 490 586 683 --------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Intermediate Government Securities --------------------------------------------------------------------------------------------------------------------------- Unit value $ 19.51 $ 19.14 $ 18.20 $ 17.94 $ 18.01 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 1,090 1,229 1,493 1,833 2,200 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,664 1,956 2,358 2,881 3,326 --------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein International --------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.53 $ 19.66 $ 17.88 $ 14.71 $ 12.97 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 1,144 1,393 1,534 1,664 1,745 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,496 3,456 4,168 4,498 4,337 --------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Small Cap Growth --------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.09 $ 20.36 $ 17.73 $ 16.53 $ 15.07 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 604 718 908 1,100 1,230 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,882 2,356 3,069 3,839 4,346 --------------------------------------------------------------------------------------------------------------------------- EQ/Ariel Appreciation II --------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.67 $ 11.02 $ 11.33 $ 10.36 -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 12 19 17 5 -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 85 89 99 53 -- --------------------------------------------------------------------------------------------------------------------------- EQ/BlackRock Basic Value Equity --------------------------------------------------------------------------------------------------------------------------- Unit value $ 14.66 $ 23.49 $ 23.60 $ 19.83 $ 19.58 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 627 774 917 1,046 1,213 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,175 2,711 3,644 4,227 4,909 --------------------------------------------------------------------------------------------------------------------------- EQ/BlackRock International Value --------------------------------------------------------------------------------------------------------------------------- Unit value $ 13.59 $ 24.23 $ 22.35 $ 18.07 $ 16.57 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 313 437 514 514 468 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,472 3,272 4,311 4,992 5,077 --------------------------------------------------------------------------------------------------------------------------- EQ/Boston Advisors Equity Income --------------------------------------------------------------------------------------------------------------------------- Unit value $ 4.51 $ 6.78 $ 6.64 $ 5.82 $ 5.57 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 319 306 421 387 56 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 613 684 907 1,277 370 --------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------- For the years ending December 31, ------------------------------------------------------------- 2003 2002 2001 2000 1999 --------------------------------------------------------------------------------------------------------------------------- AXA Aggressive Allocation --------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- AXA Conservative Allocation --------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- AXA Conservative-Plus Allocation --------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- AXA Moderate Allocation --------------------------------------------------------------------------------------------------------------------------- Unit value $ 39.41 $ 33.62 $ 39.15 -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 1,489 1,564 1,005 -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,733 598 97 -- -- --------------------------------------------------------------------------------------------------------------------------- AXA Moderate-Plus Allocation --------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Common Stock --------------------------------------------------------------------------------------------------------------------------- Unit value $ 196.75 $ 133.70 $ 203.81 $ 232.08 $ 275.01 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 301 314 380 310 66 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 689 581 661 618 255 --------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Intermediate Government Securities --------------------------------------------------------------------------------------------------------------------------- Unit value $ 17.95 $ 17.86 $ 16.72 $ 15.75 $ 14.70 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 2,818 3,868 2,545 486 59 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 3,448 2,501 -- -- -- --------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein International --------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.15 $ 8.38 $ 9.48 $ 12.56 $ 16.61 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 1,928 1,910 404 302 38 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 4,026 604 -- -- -- --------------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Small Cap Growth --------------------------------------------------------------------------------------------------------------------------- Unit value $ 13.43 $ 9.69 $ 14.11 $ 16.53 $ 14.78 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 1,362 1,384 1,276 718 30 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 4,534 3,377 3,423 3,189 818 --------------------------------------------------------------------------------------------------------------------------- EQ/Ariel Appreciation II --------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- EQ/BlackRock Basic Value Equity --------------------------------------------------------------------------------------------------------------------------- Unit value $ 17.99 $ 13.94 $ 17.00 $ 16.37 $ 14.88 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 1,296 1,419 1,305 431 163 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 4,335 2,235 1,559 1,079 173 --------------------------------------------------------------------------------------------------------------------------- EQ/BlackRock International Value --------------------------------------------------------------------------------------------------------------------------- Unit value $ 13.84 $ 10.98 $ 13.39 $ 17.34 $ 20.10 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 487 498 -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 5,316 3,555 3,126 2,033 771 --------------------------------------------------------------------------------------------------------------------------- EQ/Boston Advisors Equity Income --------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ---------------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information A-7 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
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, 2008. --------------------------------------------------------------------------------------------------------------------------- For the years ending December 31, -------------------------------------------------------------- 2008 2007 2006 2005 2004 --------------------------------------------------------------------------------------------------------------------------- EQ/Calvert Socially Responsible --------------------------------------------------------------------------------------------------------------------------- Unit value $ 5.28 $ 9.79 $ 8.87 $ 8.57 $ 8.01 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 9 8 10 10 11 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 206 250 367 468 498 --------------------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Growth --------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.79 $ 13.28 $ 12.80 $ 12.11 $ 11.71 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 109 145 134 45 29 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,689 2,030 2,547 2,581 2,715 --------------------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Research --------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.61 $ 12.83 $ 12.82 $ 11.63 $ 11.14 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 659 910 654 775 867 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 13,273 16,294 9,568 11,228 12,694 --------------------------------------------------------------------------------------------------------------------------- EQ/Caywood-Scholl High Yield Bond --------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.88 $ 11.15 $ 11.03 $ 10.38 -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 90 139 108 40 -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 240 246 247 113 -- --------------------------------------------------------------------------------------------------------------------------- EQ/Davis New York Venture --------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.62 $ 11.06 $ 10.84 -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 75 99 33 -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 780 634 332 -- -- --------------------------------------------------------------------------------------------------------------------------- EQ/Equity 500 Index --------------------------------------------------------------------------------------------------------------------------- Unit value $ 18.48 $ 29.96 $ 29.01 $ 25.62 $ 24.94 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 453 582 723 864 968 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 5,011 6,391 8,474 10,127 11,584 --------------------------------------------------------------------------------------------------------------------------- EQ/Evergreen International Bond --------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.17 $ 10.66 $ 9.92 $ 9.74 -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 316 113 61 4 -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,062 777 471 36 -- --------------------------------------------------------------------------------------------------------------------------- EQ/Evergreen Omega --------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.82 $ 9.58 $ 8.74 $ 8.39 $ 8.20 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 147 174 157 190 242 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,192 1,455 1,731 2,184 2,500 --------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Income --------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.02 $ 10.46 $ 10.42 -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 388 447 120 -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,489 2,051 730 -- -- --------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Small Cap Value --------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.37 $ 9.72 $ 10.81 -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 73 29 7 -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 250 73 51 -- -- --------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Templeton Founding Strategy --------------------------------------------------------------------------------------------------------------------------- Unit value $ 5.90 $ 9.50 -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 122 61 -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,164 1,153 -- -- -- --------------------------------------------------------------------------------------------------------------------------- EQ/GAMCO Mergers and Acquisitions --------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.99 $ 11.78 $ 11.58 $ 10.49 -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 67 64 44 19 -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 171 230 268 107 -- --------------------------------------------------------------------------------------------------------------------------- EQ/GAMCO Small Company Value --------------------------------------------------------------------------------------------------------------------------- Unit value $ 19.26 $ 28.22 $ 26.24 $ 22.44 $ 21.86 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 150 151 102 89 21 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 302 300 291 339 74 --------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------- For the years ending December 31, ------------------------------------------------------------- 2003 2002 2001 2000 1999 --------------------------------------------------------------------------------------------------------------------------- EQ/Calvert Socially Responsible --------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.86 $ 6.24 $ 8.62 -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 25 38 6 -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 478 128 13 -- -- --------------------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Growth --------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.27 $ 9.24 $ 12.75 $ 17.16 $ 21.20 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 39 16 -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,971 2,171 2,221 1,658 576 --------------------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Research --------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.21 $ 7.89 $ 10.65 $ 11.04 $ 10.60 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 896 961 166 112 13 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 12,682 9,408 3,151 2,953 987 --------------------------------------------------------------------------------------------------------------------------- EQ/Caywood-Scholl High Yield Bond --------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- EQ/Davis New York Venture --------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- EQ/Equity 500 Index --------------------------------------------------------------------------------------------------------------------------- Unit value $ 22.99 $ 18.28 $ 23.93 $ 27.69 -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 1,030 1,042 1,038 734 -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 11,512 7,152 6,601 6,057 -- --------------------------------------------------------------------------------------------------------------------------- EQ/Evergreen International Bond --------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- EQ/Evergreen Omega --------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.79 $ 5.73 $ 7.66 $ 9.38 $ 10.80 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 184 143 90 17 8 --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,016 424 141 78 6 --------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Income --------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Small Cap Value --------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- EQ/Franklin Templeton Founding Strategy --------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- EQ/GAMCO Mergers and Acquisitions --------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- EQ/GAMCO Small Company Value --------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- --------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ---------------------------------------------------------------------------------------------------------------------------
A-8 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
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, 2008. ---------------------------------------------------------------------------------------------------------------------------------- For the years ending December 31, ---------------------------------------------------------------------------------------------------------------------------------- 2008 2007 2006 2005 ---------------------------------------------------------------------------------------------------------------------------------- EQ/International Core PLUS ---------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.76 $ 16.15 $ 14.24 $ 12.14 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 228 212 235 191 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 5,817 7,394 9,957 11,032 ---------------------------------------------------------------------------------------------------------------------------------- EQ/International Growth ---------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.54 $ 16.23 $ 14.19 $ 11.48 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 110 94 24 3 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 378 409 273 98 ---------------------------------------------------------------------------------------------------------------------------------- EQ/JPMorgan Core Bond ---------------------------------------------------------------------------------------------------------------------------------- Unit value $ 12.73 $ 14.21 $ 14.01 $ 13.68 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 577 869 924 943 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 7,829 10,140 12,428 14,021 ---------------------------------------------------------------------------------------------------------------------------------- EQ/JPMorgan Value Opportunities ---------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.03 $ 15.24 $ 15.68 $ 13.24 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 184 229 281 306 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,578 3,182 4,115 4,803 ---------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Core PLUS ---------------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.53 $ 10.60 $ 10.37 $ 9.33 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 276 230 298 328 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 4,012 5,022 6,684 7,849 ---------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Growth Index ---------------------------------------------------------------------------------------------------------------------------------- Unit value $ 4.82 $ 7.69 $ 6.86 $ 7.01 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 1,522 1,913 2,322 2,818 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 7,705 9,407 11,991 14,352 ---------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Growth PLUS ---------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.18 $ 16.75 $ 14.72 $ 13.88 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 537 676 791 957 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,095 2,691 3,075 3,566 ---------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Value Index ---------------------------------------------------------------------------------------------------------------------------------- Unit value $ 4.41 $ 10.35 $ 11.18 $ 10.63 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 52 73 63 6 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 306 503 784 195 ---------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Value PLUS ---------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.19 $ 16.48 $ 17.54 $ 14.69 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 2,907 3,862 1,465 1,617 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 10,639 13,726 13,777 15,585 ---------------------------------------------------------------------------------------------------------------------------------- EQ/Long Term Bond ---------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.92 $ 10.57 $ 10.00 $ 9.98 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 89 99 64 55 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 276 315 390 431 ---------------------------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Growth and Income ---------------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.76 $ 12.42 $ 12.20 $ 10.58 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 73 116 83 13 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 323 368 502 135 ---------------------------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Large Cap Core ---------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.65 $ 12.73 $ 11.69 $ 10.54 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 48 29 22 21 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 207 161 166 132 ---------------------------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Mid Cap Value ---------------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.32 $ 12.18 $ 12.31 $ 11.13 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 106 128 115 102 ---------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 354 480 519 490 ---------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- For the years ending December 31, ---------------------------------------------------------------------------- 2004 2003 2002 2001 2000 1999 ----------------------------------------------------------------------------------------------------------------------------------- EQ/International Core PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.53 $ 9.42 $ 7.22 $ 8.64 $ 11.09 $ 13.93 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 193 146 59 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 11,933 10,611 5,973 5,697 5,514 1,286 ----------------------------------------------------------------------------------------------------------------------------------- EQ/International Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/JPMorgan Core Bond ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 13.60 $ 13.28 $ 13.05 $ 12.10 $ 11.40 $ 10.39 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 748 804 702 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 15,208 16,175 13,419 10,537 5,112 2,026 ----------------------------------------------------------------------------------------------------------------------------------- EQ/JPMorgan Value Opportunities ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 12.94 $ 11.86 $ 9.51 $ 11.94 $ 13.02 $ 12.39 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 338 377 359 287 124 12 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 5,325 5,701 4,777 4,156 1,755 978 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Core PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 8.84 $ 8.07 $ 6.72 $ 8.64 $ 10.45 $ 10.70 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 421 474 474 543 359 103 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 8,941 9,707 8,237 8,655 7,052 2,906 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Growth Index ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 6.19 $ 5.81 $ 4.79 $ 7.07 $ 9.45 $ 11.77 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 3,283 3,962 4,522 5,608 4,909 1,112 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 15,822 17,115 16,550 18,765 17,412 5,630 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Growth PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 12.94 $ 11.68 $ 9.18 $ 14.20 $ 21.88 $ 27.40 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 1,142 1,345 1,556 1,966 1,834 383 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 4,258 4,710 4,661 5,707 5,759 1,680 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Value Index ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Value PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 14.16 $ 12.68 $ 10.01 $ 11.78 $ 11.61 $ 12.04 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 1,814 1,839 1,712 1,138 -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 17,155 15,959 8,615 6,000 3,700 1,532 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Long Term Bond ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Growth and Income ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Large Cap Core ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Lord Abbett Mid Cap Value ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- -----------------------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information A-9 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
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, 2008. -------------------------------------------------------------------------------------------------------------- For the years ending December 31, --------------------------------------------- 2008 2007 2006 2005 -------------------------------------------------------------------------------------------------------------- EQ/Marsico Focus -------------------------------------------------------------------------------------------------------------- Unit value $ 10.69 $ 18.20 $ 16.22 $ 15.07 -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 569 676 745 712 -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 5,954 7,491 10,192 11,276 -------------------------------------------------------------------------------------------------------------- EQ/Mid Cap Index -------------------------------------------------------------------------------------------------------------- Unit value $ 6.71 $ 13.45 $ 12.66 $ 11.53 -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 823 1,036 1,207 1,413 -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 5,117 6,276 8,561 10,309 -------------------------------------------------------------------------------------------------------------- EQ/Mid Cap Value PLUS -------------------------------------------------------------------------------------------------------------- Unit value $ 9.86 $ 16.58 $ 17.13 $ 15.47 -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 873 1,135 1,391 1,673 -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 3,335 4,320 6,178 7,278 -------------------------------------------------------------------------------------------------------------- EQ/Money Market -------------------------------------------------------------------------------------------------------------- Unit value $ 28.54 $ 28.40 $ 27.57 $ 26.81 -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 1,382 1,201 1,177 1,247 -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 4,635 3,889 3,996 4,058 -------------------------------------------------------------------------------------------------------------- EQ/Montag & Caldwell Growth -------------------------------------------------------------------------------------------------------------- Unit value $ 3.77 $ 5.72 $ 4.81 $ 4.53 -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 224 79 29 44 -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,065 656 206 172 -------------------------------------------------------------------------------------------------------------- EQ/Mutual Shares -------------------------------------------------------------------------------------------------------------- Unit value $ 6.52 $ 10.70 $ 10.70 -- -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 89 121 23 -- -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 499 748 372 -- -------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Global -------------------------------------------------------------------------------------------------------------- Unit value $ 6.72 $ 11.53 $ 11.09 -- -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 44 68 12 -- -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 230 230 61 -- -------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Main Street Opportunity -------------------------------------------------------------------------------------------------------------- Unit value $ 6.69 $ 11.11 $ 10.92 -- -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 8 5 -- -- -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 63 66 21 -- -------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Main Street Small Cap -------------------------------------------------------------------------------------------------------------- Unit value $ 6.51 $ 10.72 $ 11.09 -- -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 15 32 14 -- -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 148 123 30 -- -------------------------------------------------------------------------------------------------------------- EQ/PIMCO Real Return -------------------------------------------------------------------------------------------------------------- Unit value $ 10.15 $ 10.75 $ 9.80 $ 9.92 -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 742 316 206 120 -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,800 1,098 1,411 848 -------------------------------------------------------------------------------------------------------------- EQ/Quality Bond PLUS -------------------------------------------------------------------------------------------------------------- Unit value $ 14.98 $ 16.29 $ 15.84 $ 15.50 -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 196 219 243 296 -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,459 1,861 2,329 2,753 -------------------------------------------------------------------------------------------------------------- EQ/Short Duration Bond -------------------------------------------------------------------------------------------------------------- Unit value $ 10.18 $ 10.56 $ 10.19 $ 9.96 -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 145 84 104 26 -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000-s) 628 588 593 132 -------------------------------------------------------------------------------------------------------------- EQ/Small Company Index -------------------------------------------------------------------------------------------------------------- Unit value $ 10.49 $ 16.18 $ 16.75 $ 14.46 -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 227 281 323 325 -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,675 2,100 2,912 3,372 -------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- For the years ending December 31, ----------------------------------------------------------------------- 2004 2003 2002 2001 2000 1999 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Marsico Focus ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 13.84 $ 12.72 $ 9.86 $ 11.33 -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 676 685 427 24 -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 11,463 10,296 2,423 78 -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Mid Cap Index ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.02 $ 9.65 $ 6.83 $ 8.51 $ 9.99 -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 1,558 1,665 1,471 932 126 -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 11,422 10,509 4,322 2,644 617 -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Mid Cap Value PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 14.13 $ 12.18 $ 9.29 $ 11.07 $ 10.82 $ 10.45 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 1,805 2,005 2,145 1,487 87 18 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 7,736 7,229 3,714 2,090 251 -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Money Market ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 26.55 $ 26.78 $ 27.06 $ 27.16 $ 26.65 $ 25.55 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 1,478 1,911 2,863 3,954 1,882 549 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 4,693 6,370 9,288 13,759 -- 9,875 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Montag & Caldwell Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 4.36 -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 3 -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 19 -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Mutual Shares ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Global ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Main Street Opportunity ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Main Street Small Cap ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/PIMCO Real Return ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Quality Bond PLUS ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 15.45 $ 15.13 $ 14.85 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 279 282 347 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,951 3,122 1,064 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Short Duration Bond ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000-s) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Small Company Index ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 14.10 $ 12.18 $ 8.48 $ 10.90 $ 10.86 $ 11.42 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 378 358 240 239 113 23 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 3.996 4,084 1,913 1,535 1,382 522 -----------------------------------------------------------------------------------------------------------------------------------
A-10 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
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, 2008. -------------------------------------------------------------------------------------------------------------- For the years ending December 31, ----------------------------------------------- 2008 2007 2006 2005 -------------------------------------------------------------------------------------------------------------- EQ/T.Rowe Price Growth Stock -------------------------------------------------------------------------------------------------------------- Unit value $ 9.45 $ 16.62 $ 15.76 $ 16.68 -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 268 293 12 13 -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,328 1,641 104 146 -------------------------------------------------------------------------------------------------------------- EQ/Templeton Growth -------------------------------------------------------------------------------------------------------------- Unit value $ 6.29 $ 10.80 10.75 -- -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 65 109 28 -- -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 411 572 298 -- -------------------------------------------------------------------------------------------------------------- EQ/UBS Growth and Income -------------------------------------------------------------------------------------------------------------- Unit value $ 3.60 $ 6.10 $ 6.12 $ 5.45 -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 48 65 69 33 -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 145 300 397 286 -------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Comstock -------------------------------------------------------------------------------------------------------------- Unit value $ 7.07 $ 11.39 $ 11.87 $ 10.41 -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 107 116 129 40 -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 491 424 647 410 -------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Emerging Markets Equity -------------------------------------------------------------------------------------------------------------- Unit value $ 10.79 $ 25.72 $ 18.41 $ 13.65 -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 687 810 929 929 -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,396 3,354 4,518 5,043 -------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Mid Cap Growth -------------------------------------------------------------------------------------------------------------- Unit value $ 8.29 $ 16.00 $ 13.28 $ 12.35 -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 127 73 30 33 -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 412 507 322 172 -------------------------------------------------------------------------------------------------------------- Multimanager Aggressive Equity -------------------------------------------------------------------------------------------------------------- Unit value $ 32.52 $ 61.99 $ 56.56 $ 54.68 -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 32 39 53 62 -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 186 233 292 331 -------------------------------------------------------------------------------------------------------------- Multimanager Core Bond -------------------------------------------------------------------------------------------------------------- Unit value $ 11.97 $ 11.87 $ 11.36 $ 11.12 -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 707 822 915 1,033 -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 4,240 5,230 6,686 7,527 -------------------------------------------------------------------------------------------------------------- Multimanager Health Care -------------------------------------------------------------------------------------------------------------- Unit value $ 9.21 $ 12.79 $ 11.93 $ 11.53 -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 180 179 223 269 -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,104 1,241 1,865 2,078 -------------------------------------------------------------------------------------------------------------- Multimanager High Yield -------------------------------------------------------------------------------------------------------------- Unit value $ 23.59 $ 31.34 $ 30.88 $ 28.55 -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 300 409 475 558 -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,063 2,743 3,798 4,585 -------------------------------------------------------------------------------------------------------------- Multimanager International Equity -------------------------------------------------------------------------------------------------------------- Unit value $ 9.61 $ 18.51 $ 16.73 $ 13.57 -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 279 343 377 423 -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,547 1,972 2,676 2,300 -------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Core Equity -------------------------------------------------------------------------------------------------------------- Unit value $ 7.48 $ 12.58 $ 12.18 $ 10.89 -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 96 154 175 208 -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 1,012 1,291 1,745 1,956 -------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Growth -------------------------------------------------------------------------------------------------------------- Unit value $ 5.60 $ 10.42 $ 9.52 $ 9.66 -------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 210 290 355 356 -------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,508 3,015 4,202 4,551 -------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- For the years ending December 31, ------------------------------------------------------------------------- 2004 2003 2002 2001 2000 1999 ----------------------------------------------------------------------------------------------------------------------------------- EQ/T.Rowe Price Growth Stock ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 16.30 -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 2 -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 19 -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Templeton Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/UBS Growth and Income ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 5.08 -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 4 -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 69 -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Comstock ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Emerging Markets Equity ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.45 $ 8.58 $ 5.59 $ 6.04 $ 6.47 $ 10.97 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 860 837 857 821 715 126 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 4,587 4,232 2,823 3,043 2,958 962 ----------------------------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Mid Cap Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Multimanager Aggressive Equity ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 51.36 $ 46.56 $ 34.41 $ 49.16 $ 66.77 $ 78.30 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 74 79 66 73 65 16 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 388 429 338 402 420 141 ----------------------------------------------------------------------------------------------------------------------------------- Multimanager Core Bond ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.11 $ 10.87 $ 10.64 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 1,124 1,240 1,234 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 8,293 8,217 3,282 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Multimanager Health Care ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.96 $ 9.93 $ 7.88 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 301 265 189 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,231 1,758 398 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Multimanager High Yield ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 28.15 $ 26.32 $ 21.83 $ 22.86 $ 23.07 $ 25.73 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 647 634 511 500 219 35 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 5,526 5,467 2,248 1,835 1,211 574 ----------------------------------------------------------------------------------------------------------------------------------- Multimanager International Equity ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.94 $ 10.29 $ 7.79 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 460 371 286 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,160 1,684 553 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Core Equity ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 10.37 $ 9.61 $ 7.62 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 255 249 213 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,038 1,850 635 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.13 $ 8.70 $ 6.77 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 384 385 283 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 4,852 4,258 1,299 -- -- -- -----------------------------------------------------------------------------------------------------------------------------------
Appendix I: Condensed financial information A-11 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
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, 2008. ------------------------------------------------------------------------------------------------------------- For the years ending December 31, --------------------------------------------- 2008 2007 2006 2005 ------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Value ------------------------------------------------------------------------------------------------------------- Unit value $ 8.90 $ 14.46 $ 14.18 $ 12.07 ------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 229 309 326 300 ------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,480 3,218 4,325 4,766 ------------------------------------------------------------------------------------------------------------- Multimanager Mid Cap Growth ------------------------------------------------------------------------------------------------------------- Unit value $ 6.60 $ 11.88 $ 10.79 $ 10.01 ------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 242 327 402 460 ------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,611 3,156 4,520 5,281 ------------------------------------------------------------------------------------------------------------- Multimanager Mid Cap Value ------------------------------------------------------------------------------------------------------------- Unit value $ 8.53 $ 13.54 $ 13.75 $ 12.18 ------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 235 288 386 425 ------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,077 2,710 3,885 4,432 ------------------------------------------------------------------------------------------------------------- Multimanager Small Cap Growth ------------------------------------------------------------------------------------------------------------- Unit value $ 5.01 $ 8.79 $ 8.61 $ 7.94 ------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 136 193 125 61 ------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 350 436 605 410 ------------------------------------------------------------------------------------------------------------- Multimanager Small Cap Value ------------------------------------------------------------------------------------------------------------- Unit value $ 10.43 $ 17.05 $ 19.22 $ 16.83 ------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 174 272 395 502 ------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 3,075 3,968 5,693 6,888 ------------------------------------------------------------------------------------------------------------- Multimanager Technology ------------------------------------------------------------------------------------------------------------- Unit value $ 6.34 $ 12.17 $ 10.46 $ 9.91 ------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 553 701 889 1,089 ------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 2,147 2,564 3,343 4,090 ------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------------------- For the years ending December 31, ---------------------------------------------------------------------------- 2004 2003 2002 2001 2000 1999 ----------------------------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Value ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.46 $ 10.17 $ 7.89 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 304 297 292 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 4,712 3,848 1,272 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Multimanager Mid Cap Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.38 $ 8.53 $ 6.18 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 503 538 344 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 6,078 5,628 1,488 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Multimanager Mid Cap Value ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 11.53 $ 10.17 $ 7.35 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 575 467 381 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 5,059 3,927 1,262 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Multimanager Small Cap Growth ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 7.51 -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 11 -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 22 -- -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Multimanager Small Cap Value ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 16.33 $ 14.17 $ 10.49 $ 12.37 $ 10.68 $ 9.15 ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 499 370 275 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 7,850 7,354 5,021 3,274 2,109 98 ----------------------------------------------------------------------------------------------------------------------------------- Multimanager Technology ----------------------------------------------------------------------------------------------------------------------------------- Unit value $ 9.05 $ 8.76 $ 5.65 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 45 number of units outstanding (000's) 1,346 281 96 -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Separate Account No. 49 number of units outstanding (000's) 4,725 1,117 205 -- -- -- -----------------------------------------------------------------------------------------------------------------------------------
A-12 Appendix I: Condensed financial information To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix II: Purchase considerations for QP contracts -------------------------------------------------------------------------------- Trustees who purchased an Accumulator(R) Series QP contract should discuss with their tax advisers whether this is an appropriate investment vehicle for the employer's plan. Trustees should consider whether the plan provisions permit the investment of plan assets in the QP contract, the distribution of such an annuity, the purchase of the Guaranteed minimum income benefit under baseBUILDER and other guaranteed benefits and the payment of death benefits in accordance with the requirements of the federal income tax rules. The QP contract and this prospectus should be reviewed in full, and the following factors, among others, should be noted. Assuming continued plan qualification and operation, earnings on qualified plan assets will accumulate value on a tax-deferred basis even if the plan is not funded by the Accumulator(R) Series QP contract or another annuity contract. Therefore, you should purchase an Accumulator(R) Series QP contract to fund a plan for the contract's features and benefits other than tax deferral, after considering the relative costs and benefits of annuity contracts and other types of arrangements and funding vehicles. We will not accept defined benefit plans. This QP contract accepts only transfer contributions from other investments within an existing qualified plan trust. We will not accept ongoing payroll contributions or other contributions from the employer. For 401(k) plans no employee after-tax contributions are accepted. A "designated Roth contribution account" is not available in the QP contract. Checks written on accounts held in the name of the employer instead of the plan or the trustee will not be accepted. Only one additional transfer contribution may be made per contract year. If amounts attributable to an excess or mistaken contribution must be withdrawn, a withdrawal charge and/or market value adjustment may apply. AXA Equitable will not perform or provide any plan recordkeeping services with respect to the QP contracts. The plan's administrator will be solely responsible for performing or providing for all such services. There is no loan feature offered under the QP contracts, so if the plan provides for loans and a participant takes a loan from the plan, other plan assets must be used as the source of the loan and any loan repayments must be credited to other investment vehicles and/or accounts available under the plan. Given that required minimum distributions must generally commence from the plan for participants after age 70-1/2, trustees should consider that: o the QP contract may not be an appropriate purchase for participants approaching or over age 70-1/2; o provisions in the Treasury Regulations on required minimum distributions require that the actuarial present value of additional annuity contract benefits be added to the dollar amount credited for purposes of calculating required minimum distributions. This could increase the amounts required to be distributed; o Contributions after age 70-1/2 must be net of any required minimum distributions; and o the guaranteed minimum income benefit under baseBUILDER may not be an appropriate feature for participants who are older than age 60-1/2 when the contract is issued. Finally, because the method of purchasing the QP contract, including the large initial contribution, and the features of the QP contract may appeal more to plan participants who are older and tend to be highly paid, and because certain features of the QP contract are available only to plan participants who meet certain minimum and/or maximum age requirements, plan trustees should discuss with their advisors whether the purchase of the QP contract would cause the plan to engage in prohibited discrimination in contributions, benefits or otherwise. Appendix II: Purchase considerations for QP contracts B-1 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 February 17, 2009 to a fixed maturity option with a maturity date of February 15, 2017 (eight years later) at a hypothetical rate to maturity of 7.00% ("h" in the calculations below), resulting in a maturity value of $171,882 on the maturity date. We further assume that a withdrawal of $50,000, including any applicable withdrawal charge, is made four years later on February 15, 2013(a). Please note that withdrawal charges do not apply to Accumulator(R) Select(SM) contract owners.
------------------------------------------------------------------------------------------------------- Hypothetical assumed rate to maturity("j" in the calculations below) February 15, 2013 ----------------------------- 5.00% 9.00% As of February 15, 2013 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 February 15, 2013 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% (D/365) (1,461/365) (1+j) (1+j) (c) Fixed maturity amount is based on the following calculation: Maturity value $171,882 ________________ = ________________ (D/365) (1,461/365) (1+h) (1+0.07) (d) Maturity value is based on the following calculation: (D/365) (1,461/365) Fixed maturity amount x (1+h) = ($84,741 or $77,257) x (1+0.07)
C-1 Appendix III: Market value adjustment example To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix IV: Guaranteed minimum death benefit example -------------------------------------------------------------------------------- The death benefit under the contracts is equal to the account value or, if greater, the guaranteed minimum death benefit. The following illustrates the guaranteed minimum death benefit calculation. Assuming $100,000 is allocated to the variable investment options (with no allocation to the Multimanager Core Bond, EQ/Intermediate Government Bond Index, EQ/Money Market, EQ/Quality Bond PLUS or EQ/Short Duration Bond options or the fixed maturity options), no additional contributions, no transfers, no withdrawals and no loans under a Rollover TSA contract, the guaranteed minimum death benefit for an annuitant age 45 would be calculated as follows:
------------------------------------------------------------------------------------------ End of 5% Roll-Up to age 80 Annual ratchet to age 80 contract guaranteed minimum guaranteed minimum year Account value death benefit(1) death benefit ------------------------------------------------------------------------------------------ 1 $105,000 $ 105,000(1) $ 105,000(3) ------------------------------------------------------------------------------------------ 2 $115,500 $ 110,250(2) $ 115,500(3) ------------------------------------------------------------------------------------------ 3 $129,360 $ 115,763 (2) $ 129,360(3) ------------------------------------------------------------------------------------------ 4 $103,488 $ 121,551(1) $ 129,360(4) ------------------------------------------------------------------------------------------ 5 $113,837 $ 127,628 (1) $ 129,360(4) ------------------------------------------------------------------------------------------ 6 $127,497 $ 134,010(1) $ 129,360(4) ------------------------------------------------------------------------------------------ 7 $127,497 $ 140,710 (1) $ 129,360(4) ------------------------------------------------------------------------------------------
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. 5% ROLL-UP TO AGE 80 (1) At the end of contract year 1, and again at the end of contract years 4 through 7, the death benefit will be the guaranteed minimum death benefit. (2) At the end of contract years 2 and 3, the death benefit will be the current account value since it is higher than the current guaranteed minimum death benefit. ANNUAL RATCHET TO AGE 80 (3) At the end of contract years 1 through 3, the guaranteed minimum death benefit is the current account value. (4) At the end of contract years 4 through 7, the guaranteed minimum death benefit is the guaranteed minimum death benefit at the end of the prior year since it is equal to or higher than the current account value. ---------- Appendix IV: Guaranteed minimum death benefit example D-1 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix V: 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 "the 5% Roll-Up to age 80" Guaranteed minimum death benefit, the Protection Plus(SM) benefit and the Guaranteed minimum income benefit under certain hypothetical circumstances for Accumulator(R) and Accumulator(R) Select(SM) contracts. The tables illustrate 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 (2.48)% and 3.52% for the Accumulator(R) contract, and (2.73)% and 3.27% for the Accumulator(R) Select(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 5% Roll-Up to age 80 guaranteed minimum death benefit, Protection Plus(SM) benefit, and the Guaranteed minimum income benefit features, as well as the annual administrative charge. If the net annual rates of return did reflect these charges, the net annual rates of return shown would be lower; however, the values shown in the following tables reflect the following contract charges: "the 5% Roll-Up to age 80" Guaranteed minimum death benefit charge, the Protection Plus(SM) benefit charge, the Guaranteed minimum income benefit charge and any applicable administrative charge and, in the case of the Accumulator(R) contract, withdrawal 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 date 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 and, consequently, the guaranteed benefit has no value. 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 0.59%, and (2) an assumed average asset charge for all other expenses of the underlying portfolios equivalent to an effective annual rate of 0.29% 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 account value 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. E-1 Appendix V: Hypothetical illustrations To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Variable deferred annuity Accumulator(R) $100,000 Single contribution and no withdrawals Male, issue age 60 Benefits: 5% Roll-Up to age 80 Guaranteed minimum death benefit Protection Plus Guaranteed minimum income benefit
5% Roll-Up to age 80 Lifetime Annual Guaranteed Total Death Benefit Guaranteed Minimum Death with Protection Minimum Account Value Cash Value Benefit Plus(SM) Income Benefit Contract ------------------- ------------------ ------------------- ------------------- ---------------- Year 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% Age --------- --------- --------- -------- --------- --------- --------- --------- --------- -------- ------- 60 1 100,000 100,000 93,000 93,000 100,000 100,000 100,000 100,000 N/A N/A 61 2 97,011 102,999 91,011 96,999 105,000 105,000 107,000 107,000 N/A N/A 62 3 94,085 106,081 89,085 101,081 110,250 110,250 114,350 114,350 N/A N/A 63 4 91,222 109,249 87,222 105,249 115,763 115,763 122,068 122,068 N/A N/A 64 5 88,417 112,504 85,417 109,504 121,551 121,551 130,171 130,171 N/A N/A 65 6 85,670 115,849 83,670 113,849 127,628 127,628 138,679 138,679 N/A N/A 66 7 82,977 119,286 81,977 118,286 134,010 134,010 147,613 147,613 N/A N/A 67 8 80,335 122,816 80,335 122,816 140,710 140,710 156,994 156,994 N/A N/A 68 9 77,744 126,442 77,744 126,442 147,746 147,746 166,844 166,844 N/A N/A 69 10 75,199 130,167 75,199 130,167 155,133 155,133 177,186 177,186 N/A N/A 74 15 63,101 150,334 63,101 150,334 197,993 197,993 237,190 237,190 13,860 13,860 79 20 51,827 173,277 51,827 173,277 252,695 252,695 313,773 313,773 21,201 21,201 84 25 41,485 199,699 41,485 199,699 265,330 265,330 331,462 331,462 26,560 26,560 89 30 35,512 234,144 35,512 234,144 265,330 265,330 331,462 331,462 N/A N/A 94 35 31,011 275,594 31,011 275,594 265,330 265,330 331,462 331,462 N/A N/A 95 36 30,181 284,726 30,181 284,726 265,330 265,330 331,462 331,462 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 policy 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 policy 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 V: Hypothetical illustrations E-2 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Variable deferred annuity Accumulator(R) Select(SM) $100,000 Single contribution and no withdrawals Male, issue age 60 Benefits: 5% Roll-Up to age 80 Guaranteed minimum death benefit Protection Plus Guaranteed minimum income benefit
5% Roll-Up to age 80 Lifetime Annual Guaranteed Total Death Benefit Guaranteed Minimum Death with Protection Minimum Account Value Cash Value Benefit Plus Income Benefit Contract ------------------- ------------------- ------------------- ------------------- ---------------- Year 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% Age --------- --------- --------- --------- --------- --------- --------- --------- --------- -------- ------- 60 1 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 N/A N/A 61 2 96,761 102,749 96,761 102,749 105,000 105,000 107,000 107,000 N/A N/A 62 3 93,601 105,567 93,601 105,567 110,250 110,250 114,350 114,350 N/A N/A 63 4 90,517 108,454 90,517 108,454 115,763 115,763 122,068 122,068 N/A N/A 64 5 87,506 111,412 87,506 111,412 121,551 121,551 130,171 130,171 N/A N/A 65 6 84,564 114,443 84,564 114,443 127,628 127,628 138,679 138,679 N/A N/A 66 7 81,690 117,548 81,690 117,548 134,010 134,010 147,613 147,613 N/A N/A 67 8 78,879 120,727 78,879 120,727 140,710 140,710 156,994 156,994 N/A N/A 68 9 76,129 123,983 76,129 123,983 147,746 147,746 166,844 166,844 N/A N/A 69 10 73,438 127,317 73,438 127,317 155,133 155,133 177,186 177,186 N/A N/A 74 15 60,757 145,192 60,757 145,192 197,993 197,993 237,190 237,190 13,860 13,860 79 20 49,119 165,189 49,119 165,189 252,695 252,695 313,773 313,773 21,201 21,201 84 25 38,592 187,864 38,592 187,864 265,330 265,330 331,462 331,462 26,560 26,560 89 30 32,564 217,566 32,564 217,566 265,330 265,330 331,462 331,462 N/A N/A 94 35 28,073 253,004 28,073 253,004 265,330 265,330 331,462 331,462 N/A N/A 95 36 27,252 260,756 27,252 260,756 265,330 265,330 331,462 331,462 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 policy 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 policy 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. E-3 Appendix V: Hypothetical illustrations To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Statement of additional information -------------------------------------------------------------------------------- TABLE OF CONTENTS Page Who is AXA Equitable? 2 Custodian and Independent Registered Public Accounting Firm 2 Distribution of the Contracts 2 Calculating Unit Values 2 Calculation of Annuity Payments 2 Financial Statements 3 How to Obtain an Accumulator(R) Series Statement of Additional Information for Separate Account No. 45 and Separate Account No. 49 Send this request form to: Accumulator(R) P.O. Box 1547 Secaucus, NJ 07096-1547 ----------------------------------------------------------------------------- Please send me an Accumulator(R) Series SAI for Separate Account No. 45 and Separate Account No. 49 dated May 1, 2009. -------------------------------------------------------------------------------- Name -------------------------------------------------------------------------------- Address -------------------------------------------------------------------------------- City State Zip x02413 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green AXA EQUITABLE LIFE INSURANCE COMPANY SUPPLEMENT DATED MAY 1, 2009 TO PROSPECTUSES FOR: o Income Manager(R) Accumulator(R) o Accumulator(R) Plus(SM) o Income Manager(R) Rollover IRA o Accumulator(R) Elite(SM) o Accumulator(R) (IRA, NQ, QP) o Accumulator(R) Select(SM) o Accumulator(R) -------------------------------------------------------------------------------- This Supplement updates certain information in the most recent prospectus and statement of additional information you received for any of the products listed above, and in any Supplements to that prospectus and statement of additional information. The Appendix sets forth the dates of such prior prospectuses, statements of additional information and supplements, which, in addition to this Supplement, should be kept for future reference. The most recent prospectus and statement of additional information you received are not your contract. Your contract and any endorsements, riders and data pages as identified in your contract are the entire contract between you and AXA Equitable and governs with respect to all features, benefits, rights and obligations. The description of the contract's provisions in that Prospectus and statement of additional information and any Supplements to that prospectus and statement of additional information is current as of their respective dates; however, because certain provisions may be changed after the date of this Supplement in accordance with the contract, the description of the contract's provisions in that Prospectus and statement of additional information and any Supplements to that prospectus and statement of additional information is qualified in its entirety by the terms of the actual contract. We have filed with the Securities and Exchange Commission (SEC) our Statement of Additional Information (SAI) dated May 1, 2009. If you do not presently have a copy of the prospectus and prior Supplements, you may obtain additional copies, as well as a copy of the SAI, from us, free of charge, by writing to AXA Equitable, P.O. Box 1547, Secaucus, NJ 07096-1547, or calling (800) 789-7771. If you only need a copy of the SAI, you may mail in the SAI request form located at the end of this Supplement. The SAI has been incorporated by reference into this Supplement. This Supplement and the SAI can also be obtained from the SEC's website at www.sec.gov. In this Supplement, we provide information on the following: (1) how to reach us; (2) investment options; (3) the Trusts' annual expenses and expense example; (4) important information about your guaranteed benefits; (5) tax information; (6) updated information on AXA Equitable; (7) how you can contribute to your contract; (8) managing your allocations; (9) disruptive transfer activity; (10) wire transmittals and electronic applications information; (11) certain information about our business day; (12) your contract date and contract date anniversary; (13) legal proceedings; (14) distribution of the contracts; (15) your annuity payout options; (16) incorporation of certain documents by reference; (17) financial statements; (18) condensed financial information; and (19) hypothetical illustrations. (1) HOW TO REACH US Please communicate with us at the mailing addresses listed below for the purposes described. Certain methods of contacting us, such as by telephone or electronically, may be unavailable or delayed. For example, our facsimile service may not be available at all times and/or we may be unavailable due to emergency closing. In addition, the level and type of service available may be restricted based on criteria established by us. In order to avoid delays in processing, please send your correspondence and check to the appropriate location, as follows: -------------------------------------------------------------------------------- FOR CORRESPONDENCE WITH CHECKS: -------------------------------------------------------------------------------- FOR CONTRIBUTIONS SENT BY REGULAR MAIL: Accumulator(R) P.O. Box 1577 Secaucus, NJ 07096-1577 FOR CONTRIBUTIONS SENT BY EXPRESS DELIVERY: Accumulator(R) 500 Plaza Drive, 6th Floor Secaucus, NJ 07094 -------------------------------------------------------------------------------- FOR CORRESPONDENCE WITHOUT CHECKS: -------------------------------------------------------------------------------- FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT BY REGULAR MAIL: Accumulator(R) P.O. Box 1547 Secaucus, NJ 07096-1547 FOR ALL OTHER COMMUNICATIONS (E.G., REQUESTS FOR TRANSFERS, WITHDRAWALS, OR REQUIRED NOTICES) SENT BY EXPRESS DELIVERY: Accumulator(R) 500 Plaza Drive, 6th Floor Secaucus, NJ 07094 Your correspondence will be picked up at the mailing address noted above and delivered to our processing office. Your correspondence, however, is not considered received by us until it is received at our processing office. Where this Prospectus refers to the day when we receive a contribution, request, election, notice, transfer or any other transaction request from you, we mean the day on which that item (or the last thing necessary for us to process that item) arrives in complete and proper form at our processing office or via the appropriate telephone or fax number if the item is a type we accept by those means. There are two main exceptions: if the item arrives (1) on a day that is not a business day or (2) after the close of a business day, then, in each case, we are deemed to have received that item on the next business day. Our processing office is: 500 Plaza Drive, 6th Floor, Secaucus, New Jersey 07094. X02403 - Global To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green -------------------------------------------------------------------------------- REPORTS WE PROVIDE: -------------------------------------------------------------------------------- o written confirmation of financial transactions; o statement of your contract values at the close of each calendar year and any calendar quarter in which there was a financial transaction; 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, if applicable. -------------------------------------------------------------------------------- TELEPHONE OPERATED PROGRAM SUPPORT ("TOPS") AND ONLINE ACCOUNT ACCESS SYSTEMS: -------------------------------------------------------------------------------- TOPS is designed to provide you with up-to-date information via touch-tone telephone. Online Account Access 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 investment options; o elect to receive certain contract statements electronically; o enroll in, modify or cancel a rebalancing program (through Online Account Access only); o change your address (not available through TOPS); o change your TOPS personal identification number ("PIN") (through TOPS only) and your Online Account Access password (through EQAccess only); and o access Frequently Asked Questions and Service Forms (not available through TOPS). TOPS and Online Account Access are normally available seven days a week, 24 hours a day. You may use TOPS by calling toll free 1-888-909-7770. If you are a client with AXA Advisors you may use Online Account Access by visiting our website at www.axaonline.com and logging in to access your account. All other clients may access Online Account Access by visiting our website at www.axa-equitable.com. 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 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" in your Prospectus). -------------------------------------------------------------------------------- CUSTOMER SERVICE REPRESENTATIVE: -------------------------------------------------------------------------------- You may also use our toll-free number (1-800-789-7771) to speak with one of our customer service representatives. Our customer service representatives are available on any business day from 8:30 a.m. until 5:30 p.m., Eastern Time. To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green (2) INVESTMENT OPTIONS PORTFOLIOS OF THE TRUSTS The AXA Allocation Portfolios and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio 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 and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio 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 and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio than certain other Portfolios available to you under your contract. In addition, the AXA Allocation Portfolios and the EQ/AXA Franklin Templeton Founding Strategy Core Portfolio may enable AXA Equitable to more efficiently manage AXA Equitable's financial risks associated with certain guaranteed features. Please see "Managing your allocations" 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 sub-adviser(s) for each Portfolio, if any. The chart below also shows the currently available Portfolios and their investment objectives.
------------------------------------------------------------------------------------------------------------------------------------ AXA Premier VIP Trust -- Class B Shares* 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 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+ o ClearBridge Advisors, LLC o Legg Mason Capital Management, Inc. o Marsico Capital Management, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER CORE BOND To seek a balance of high current income and capital o BlackRock Financial Management, Inc. appreciation, consistent with a prudent level of risk. o Pacific Investment Management Company LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER HEALTH CARE Long-term growth of capital. o Invesco Aim Capital Management, Inc. o RCM Capital Management LLC o SSgA Funds Management, Inc. o Wellington Management Company, LLP ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER INTERNATIONAL Long-term growth of capital. o AllianceBernstein L.P. EQUITY o JPMorgan Investment Management Inc. o Marsico Capital Management, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ AXA Premier VIP Trust -- Class B Shares* 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 o Janus Capital Management LLC o SSgA Funds Management, Inc. o Thornburg Investment Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER LARGE CAP Long-term growth of capital. o Goodman & Co. NY Ltd. GROWTH o SSgA Funds Management, Inc. o T. Rowe Price Associates, Inc. o Westfield Capital Management Company, L.P. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER LARGE CAP Long-term growth of capital. o AllianceBernstein L.P. VALUE o Institutional Capital LLC o MFS Investment Management o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER MID CAP Long-term growth of capital. o AllianceBernstein L.P. GROWTH o Franklin Advisers, Inc. o SSgA Funds Management, Inc. o Wellington Management Company, LLP ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER MID CAP VALUE Long-term growth of capital. o AXA Rosenberg Investment Management LLC o SSgA Funds Management, Inc. o Tradewinds Global Investors, LLC o Wellington Management Company, LLP ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER MULTI-SECTOR High total return through a combination of current o Pacific Investment Management Company LLC BOND(1)+ income and capital appreciation. o Post Advisory Group, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER SMALL CAP Long-term growth of capital. o Eagle Asset Management, Inc. GROWTH o SSgA Funds Management, Inc. o Wells Capital Management Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER SMALL CAP Long-term growth of capital. o Franklin Advisory Services, LLC VALUE o Pacific Global Investment Management Company o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ MULTIMANAGER TECHNOLOGY Long-term growth of capital. o Firsthand Capital Management, Inc. o RCM Capital Management LLC o SSgA Funds Management, Inc. o Wellington Management Company, LLP ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ EQ Advisors Trust -- Class IB Shares* 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. INTERNATIONAL+ ------------------------------------------------------------------------------------------------------------------------------------ EQ/ALLIANCEBERNSTEIN SMALL Seeks to achieve long-term growth of capital. o AllianceBernstein L.P. CAP GROWTH+ ------------------------------------------------------------------------------------------------------------------------------------ EQ/ARIEL APPRECIATION II Seeks to achieve long-term capital appreciation. o Ariel Capital Management, LLC ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA FRANKLIN INCOME Seeks to maximize income while maintaining o BlackRock Investment Management, LLC CORE(2) prospects for capital appreciation. o Franklin Advisers, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA FRANKLIN SMALL CAP Seeks to achieve long-term total return. o BlackRock Investment Management, LLC VALUE CORE(3) o Franklin Advisers, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA FRANKLIN TEMPLETON Primarily seeks capital appreciation and o AXA Equitable FOUNDING STRATEGY CORE(4) secondarily seeks income. ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA MUTUAL SHARES CORE(5) Seeks to achieve capital appreciation, which o BlackRock Investment Management, LLC may occasionally be short-term, and secondarily, o Franklin Mutual Advisers, LLC income. ------------------------------------------------------------------------------------------------------------------------------------ EQ/AXA TEMPLETON GROWTH Seeks to achieve long-term capital growth. o BlackRock Investment Management, LLC CORE(6) o Templeton Global Advisors Limited ------------------------------------------------------------------------------------------------------------------------------------ EQ/BLACKROCK BASIC VALUE Seeks to achieve capital appreciation and o BlackRock Investment Management, LLC EQUITY secondarily, income. ------------------------------------------------------------------------------------------------------------------------------------ EQ/BLACKROCK INTERNATIONAL Seeks to provide current income and long-term o BlackRock Investment Management International VALUE growth of income, accompanied by growth of Limited capital. ------------------------------------------------------------------------------------------------------------------------------------ EQ/BOSTON ADVISORS EQUITY Seeks to achieve a combination of growth and o Boston Advisors, LLC INCOME income to achieve an above-average and consistent total return. ------------------------------------------------------------------------------------------------------------------------------------ EQ/CALVERT SOCIALLY Seeks to achieve long-term capital appreciation. o Calvert Asset Management Company, Inc. RESPONSIBLE o Bridgeway Capital Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/CAPITAL GUARDIAN GROWTH Seeks to achieve long-term growth of capital. o Capital Guardian Trust Company ------------------------------------------------------------------------------------------------------------------------------------ EQ/CAPITAL GUARDIAN Seeks to achieve long-term growth of capital. o Capital Guardian Trust Company RESEARCH ------------------------------------------------------------------------------------------------------------------------------------ EQ/CAYWOOD-SCHOLL HIGH Seeks to maximize current income. o Caywood-Scholl Capital Management YIELD BOND ------------------------------------------------------------------------------------------------------------------------------------ EQ/COMMON STOCK INDEX(7)+ Seeks to achieve a total return before expenses o AllianceBernstein L.P. that approximates the total return performance of the Russell 3000 Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 3000 Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/CORE BOND INDEX Seeks to achieve a total return before expenses o SSgA Funds Management, Inc. that approximates the total return performance of the Barclays Capital U.S. Aggregate Bond Index, including reinvestment of dividends, at a risk level consistent with that of the Barclays Capital U.S. Aggregate Bond Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/DAVIS NEW YORK VENTURE Seeks to achieve long-term growth of capital. o Davis Selected Advisers, L.P. ------------------------------------------------------------------------------------------------------------------------------------ EQ/EQUITY 500 INDEX Seeks to achieve a total return before o AllianceBernstein L.P. expenses that approximates the total return performance of the S&P 500 Index, including reinvestment of dividends, at a risk level consistent with that of the S&P 500 Index. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ EQ Advisors Trust -- Class IB Shares* Investment Manager (or Sub-Adviser(s) as Portfolio Name Objective applicable ------------------------------------------------------------------------------------------------------------------------------------ EQ/EVERGREEN OMEGA Seeks to achieve long-term capital growth. o Evergreen Investment Management Company, LLC ------------------------------------------------------------------------------------------------------------------------------------ EQ/FOCUS PLUS(8) Seeks to achieve long-term growth of capital. o AXA Equitable o Marsico Capital Management, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ 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/GLOBAL BOND PLUS(9) Seeks to achieve capital growth and current income. o BlackRock Investment Management, LLC o Evergreen Investment Management Company, LLC o First International Advisors, LLC (dba "Evergreen International") ------------------------------------------------------------------------------------------------------------------------------------ EQ/GLOBAL MULTI-SECTOR Seeks to achieve long-term capital appreciation. o BlackRock Investment Management, LLC EQUITY(10) o Morgan Stanley Investment Management Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/INTERMEDIATE GOVERNMENT Seeks to achieve a total return before expenses o SSgA Funds Management, Inc. BOND INDEX+ that approximates the total return performance of the Barclays Capital Intermediate Government Bond Index, including reinvestment of dividends, at a risk level consistent with that of the Barclays Capital Intermediate Government Bond Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/INTERNATIONAL CORE PLUS Seeks to achieve long-term growth of capital. o AXA Equitable o Hirayama Investments, LLC o SSgA Funds Management, Inc. o Wentworth Hauser and Violich, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/INTERNATIONAL GROWTH Seeks to achieve capital appreciation. o MFS Investment Management ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMORGAN VALUE Seeks to achieve long-term capital appreciation. o JPMorgan Investment Management Inc. OPPORTUNITIES ------------------------------------------------------------------------------------------------------------------------------------ EQ/LARGE CAP CORE PLUS Seeks to achieve long-term growth of capital with o AXA Equitable a secondary objective to seek reasonable current o Institutional Capital LLC income. For purposes of this Portfolio, the words o SSgA Funds Management, Inc. "reasonable current income" mean moderate income. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LARGE CAP GROWTH INDEX Seeks to achieve a total return before expenses o AllianceBernstein L.P. that approximates the total return performance of the Russell 1000 Growth Index, including reinvestment of dividends at a risk level consistent with that of the Russell 1000 Growth Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LARGE CAP GROWTH PLUS Seeks to provide long-term capital growth. o AXA Equitable o Marsico Capital Management, LLC o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ EQ Advisors Trust -- Class IB Shares* Investment Manager (or Sub-Adviser(s), as Portfolio Name Objective applicable) ------------------------------------------------------------------------------------------------------------------------------------ EQ/LARGE CAP VALUE INDEX Seeks to achieve a total return before expenses o SSgA Funds Management, Inc. that approximates the total return performance of the Russell 1000 Value Index, including reinvestment of dividends, at a risk level consistent with that of the Russell 1000 Value Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LARGE CAP VALUE PLUS+ Seeks to achieve capital appreciation. o AllianceBernstein L.P. o AXA Equitable ------------------------------------------------------------------------------------------------------------------------------------ EQ/LONG TERM BOND Seeks to maximize income and capital o BlackRock Financial Management, Inc. appreciation through investment in long- maturity debt obligations. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LORD ABBETT GROWTH AND Seeks to achieve capital appreciation and o Lord, Abbett & Co. LLC INCOME growth of income without excessive fluctuation in market value. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LORD ABBETT LARGE CAP Seeks to achieve capital appreciation and o Lord, Abbett & Co. LLC CORE growth of income with reasonable risk. ------------------------------------------------------------------------------------------------------------------------------------ EQ/LORD ABBETT MID CAP VALUE Seeks to achieve capital appreciation. o Lord, Abbett & Co. LLC ------------------------------------------------------------------------------------------------------------------------------------ EQ/MID CAP INDEX Seeks to achieve a total return before expenses o SSgA Funds Management, Inc. that approximates the total return performance of the S&P Mid Cap 400 Index, including reinvestment of dividends, at a risk level consistent with that of the S&P Mid Cap 400 Index. ------------------------------------------------------------------------------------------------------------------------------------ EQ/MID CAP VALUE PLUS Seeks to achieve long-term capital o AXA Equitable appreciation. o SSgA Funds Management, Inc. o Wellington Management Company LLP ------------------------------------------------------------------------------------------------------------------------------------ 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 Seeks to achieve capital appreciation. o Montag & Caldwell, Inc. GROWTH ------------------------------------------------------------------------------------------------------------------------------------ EQ/OPPENHEIMER GLOBAL Seeks to achieve capital appreciation. o OppenheimerFunds, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/OPPENHEIMER MAIN STREET Seeks to achieve long-term capital o OppenheimerFunds, Inc. OPPORTUNITY appreciation. ------------------------------------------------------------------------------------------------------------------------------------ EQ/OPPENHEIMER MAIN STREET Seeks to achieve capital appreciation. o OppenheimerFunds, Inc. SMALL CAP ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO ULTRA SHORT BOND(11) Seeks to generate a return in excess of o Pacific Investment Management Company, LLC traditional money market products while maintaining an emphasis on preservation of capital and liquidity. ------------------------------------------------------------------------------------------------------------------------------------ EQ/QUALITY BOND PLUS Seeks to achieve high current income consistent o AllianceBernstein L.P. with moderate risk to capital. o AXA Equitable o SSgA Funds Management, Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/SHORT DURATION BOND Seeks to achieve current income with reduced o BlackRock Financial Management, Inc. volatility of principal. ------------------------------------------------------------------------------------------------------------------------------------ EQ/SMALL COMPANY INDEX Seeks to replicate as closely as possible o AllianceBernstein L.P. (before the deduction of Portfolio expenses) the total return of the Russell 2000 Index. ------------------------------------------------------------------------------------------------------------------------------------
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------------------------------------------------------------------------------------------------------------------------------------ EQ Advisors Trust -- Class IB Shares* Investment Manager (or Sub-Adviser(s), as Portfolio Name Objective applicable) ------------------------------------------------------------------------------------------------------------------------------------ EQ/T. ROWE PRICE GROWTH Seeks to achieve long-term capital appreciation and o T. Rowe Price Associates, Inc. STOCK secondarily, income. ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS GROWTH AND INCOME Seeks to achieve total return through capital o UBS Global Asset Management appreciation with income as a secondary (Americas) Inc. consideration. ------------------------------------------------------------------------------------------------------------------------------------ EQ/VAN KAMPEN COMSTOCK Seeks to achieve capital growth and income. o Morgan Stanley Investment Management Inc. ------------------------------------------------------------------------------------------------------------------------------------ EQ/VAN KAMPEN MID CAP Seeks to achieve capital growth. o Morgan Stanley Investment Management Inc. GROWTH ------------------------------------------------------------------------------------------------------------------------------------
* The chart below reflects the portfolio's former name in effect until on or about May 1, 2009, subject to regulatory approval. The number in the "Footnote No." column corresponds with the number contained in the chart above. ----------------------------------------------------------- Footnote No. Portfolio's Former Name ----------------------------------------------------------- AXA Premier VIP Trust ----------------------------------------------------------- (1) Multimanager High Yield ----------------------------------------------------------- EQ Advisors Trust ----------------------------------------------------------- (2) EQ/Franklin Income ----------------------------------------------------------- (3) EQ/Franklin Small Cap Value ----------------------------------------------------------- (4) EQ/Franklin Templeton Founding Strategy ----------------------------------------------------------- (5) EQ/Mutual Shares ----------------------------------------------------------- (6) EQ/Templeton Growth ----------------------------------------------------------- (7) EQ/AllianceBernstein Common Stock ----------------------------------------------------------- (8) EQ/Marsico Focus ----------------------------------------------------------- (9) EQ/Evergreen International Bond ----------------------------------------------------------- (10) EQ/Van Kampen Emerging Markets Equity ----------------------------------------------------------- (11) EQ/PIMCO Real Return ----------------------------------------------------------- + If you own Income Manager(R) Accumulator(R) or Income Manager(R) Rollover IRA, your product includes Class A shares of this Portfolio in the AXA Premier VIP Trust, or Class IA shares of this Portfolio in the EQ Advisors Trust. 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 Supplement, you may call one of our customer service representatives at 1-800-789-7771. (3) THE TRUSTS' ANNUAL EXPENSES AND EXPENSE EXAMPLE The following 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. 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 2008 (expenses that are Lowest Highest deducted from Portfolio assets including management fees, 12b-1 fees, service ------ ------- fees, and/or other expenses) -- based, in part, on estimated amounts for options added during the fiscal year 2008 and for the underlying portfolios. 0.64% 2.04%
8 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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 of 1.55% (actual expenses under your contract may be less), and underlying trust fees and expenses. The example below shows the expenses that a hypothetical contract owner (who has elected the Guaranteed Minimum Income Benefit with either the 6% Roll-Up to age 80 or the Annual Ratchet to age 80 Guaranteed minimum death benefit and Protection Plus(SM) would pay in the situations illustrated. The example uses an average annual administrative charge based on the charges paid in 2008, which results in an estimated administrative charge of 0.0% of contract value. Some of these features may not be available or may be different under your contract. Some of these charges may not be applicable under your contract. The fixed maturity options and the account for special dollar cost averaging are not covered by the fee table and example. However, the annual administrative charge, the charge if you elect a Variable Immediate Annuity payout option, the charge for any optional benefits and the withdrawal charge do apply to the fixed maturity options and the account for special dollar cost averaging. 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. Some of these investment options and charges may not be applicable under your contract. 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. Other than the administrative charge (which is described immediately above), 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 surrender your contract at the end of the applicable time period ------------------------------------ 3 5 10 1 year years years years ------------------------------------------------------------------------------------------- (a) assuming maximum fees and expenses of any of the Portfolios $ 982 $1,369 $1,784 $3,163 (b) assuming minimum fees and expenses of any of the Portfolios $1,129 $1,802 $2,492 $4,497 -------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ If you do not surrender your If you annuitize at the end of the contract at the end of the applicable time period applicable time period ---------------------------------------------------------------------------- 3 5 10 3 5 10 1 year years years years 1 year years years years ------------------------------------------------------------------------------------------------------------------------------------ (a) assuming maximum fees and expenses of any of the Portfolios N/A $1,369 $1,784 $3,163 $282 $ 869 $1,484 $3,163 (b) assuming minimum fees and expenses of any of the Portfolios N/A $1,802 $2,492 $4,497 $429 $1,302 $2,192 $4,497 ------------------------------------------------------------------------------------------------------------------------------------
For information on how your contract works under certain hypothetical circumstances, please see item (19) at the end of this Supplement. (4) IMPORTANT INFORMATION ABOUT YOUR GUARANTEED BENEFITS For purposes of calculating any applicable guaranteed minimum death benefit or guaranteed minimum income benefit (if elected) that rolls-up at a specified rate, the EQ/Short Duration Bond, EQ/Money Market, EQ/Intermediate Government Bond Index, and the Fixed Maturity Options are investment options for which the benefit base rolls up at 3%. In some early Accumulator(R) Series, this group of funds rolls up at 4% and certain additional variable investment options roll up at 3%. All other investment options continue to roll up at 5% or 6%, as provided by your Accumulator(R) Series contract. For more information about these benefits, please see "Contract features and benefits" in your Prospectus or your contract, or consult with your financial professional. (5) TAX INFORMATION HOW YOU CAN MAKE CONTRIBUTIONS o Regular contributions to traditional IRAs and Roth IRAs are limited to $5,000 for the calendar year 2009. o Regular contributions to traditional IRAs cannot be made during or after the calendar year the owner reaches age 70-1/2. o Additional catch-up contributions of up to $1,000 can be made where the owner is at least age 50 at any time during the calendar year for which the contribution is made. o Rollovers can be made to a Roth IRA from a "designated Roth contribution account" under a 401(k) or 403(b) plan which permits designated Roth elective deferral contributions to be made. Conversion rollovers may also be made from an eligible retirement plan to a Roth IRA in certain circumstances. Certain distributions from IRAs in 2009 directly transferred to charitable organizations may be tax-free to IRA owners age 70-1/2 or older. 9 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green REQUIRED MINIMUM DISTRIBUTIONS Congress has enacted a limited suspension of account-based required minimum distribution withdrawals only for calendar year 2009. The suspension does not apply to annuity payments. The suspension does not affect the determination of the Required Beginning Date. Neither lifetime nor post-death required minimum distributions need to be made during 2009. Please note that if you have previously elected to have amounts automatically withdrawn from a contract to meet required minimum distribution rules (for example, our "automatic required minimum distribution (RMD) service" or our "beneficiary continuation option" under a deceased individual's IRA contract each discussed earlier in this Prospectus) we will make distributions for calendar year 2009 unless you request in writing before we make the distribution that you want no required minimum distribution for calendar year 2009. If you receive a distribution which would have been a lifetime required minimum distribution (but for the 2009 suspension), you may preserve the tax deferral on the distribution by rolling it over within 60 days after you receive it to an IRA or other eligible retirement plan. Please note that any distribution to a nonspousal beneficiary which would have been a post-death required minimum distribution (but for the 2009 suspension) is not eligible for the 60-day rollover. TAX-SHELTERED ANNUITY CONTRACTS (TSAS) Due to the Internal Revenue Service and Treasury regulatory changes in 2007 which became fully effective on January 1, 2009, contracts issued prior to September 25, 2007 which qualified as 403(b) contracts under the rules at the time of issue may lose their status as 403(b) contracts or have the availability of transactions under the contract restricted as of January 1, 2009 unless the individual's employer or the individual take certain actions. Please consult your tax adviser regarding the effect of these rules (which may vary depending on the owner's employment status, plan participation status, and when and how the contract was acquired) on your personal situation. (6) UPDATED INFORMATION ON 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 SA ("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 Equitable 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 $543.2 billion in assets as of December 31, 2008. 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. (7) HOW YOU CAN CONTRIBUTE TO YOUR CONTRACT You may purchase a contract by making payments to us that we call "contributions." We can refuse to accept any contribution from you at any time, including after you purchase the contract. Upon advance notice to you, we may exercise certain rights we have under the contract regarding contributions, including our rights to (i) change minimum and maximum contribution requirements and limitations, and (ii) discontinue acceptance of contributions. Further, we may at any time exercise our rights to limit or terminate your contributions. -------------------------------------------------------------------------------- We reserve the right to change our current limitations on your contributions and to discontinue acceptance of contributions. -------------------------------------------------------------------------------- We currently limit aggregate contributions on your contract made after the first contract year to 150% of first-year contributions (the "150% limit"). The 150% limit can be reduced or increased at any time upon advance notice to you. Even if the aggregate contributions on your contract do not exceed the 150% limit, we currently do not accept any contribution if: (i) the aggregate contributions under one or more Accumulator(R) series contracts with the same owner or annuitant would then total more than $1,500,000 ($500,000 for the same owner or annuitant who is age 81 and older at contract issue); or (ii) the aggregate contributions under all AXA Equitable annuity accumulation contracts with the same owner or annuitant would then total more than $2,500,000. We may waive these and other contribution limitations based on certain criteria that we determine, including elected benefits, issue age, aggregate contributions, variable investment option allocations and selling broker-dealer compensation. Please review your contract for information on contribution limitations. (8) MANAGING YOUR ALLOCATIONS 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 10 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green of the contract, have the sole authority to make investment allocations and other decisions under the contract. If your financial professional is with AXA Advisors, he or she 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. (9) 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 (together, the "trusts"). The trusts have adopted policies and procedures regarding disruptive transfer activity. They discourage frequent purchases and redemptions of portfolio shares and will not make special arrangements to accommodate such transactions. They aggregate inflows and outflows for each portfolio on a daily basis. On any day when a portfolio's net inflows or outflows exceed an established monitoring threshold, the trust obtains from us contract owner trading activity. The trusts currently consider transfers into and out of (or vice versa) the same variable investment option within a five business day period as potentially disruptive transfer activity. Each trust reserves the right to reject a transfer that it believes, in its sole discretion, is disruptive (or potentially disruptive) to the management of one of its portfolios. Please see the prospectuses for the trusts for more information. When a contract is identified in connection with potentially disruptive transfer activity 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, the trusts had not implemented such a fee. If a redemption fee is implemented by a trust, that fee, like any other trust fee, will be borne by the 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 11 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green 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. (10) WIRE TRANSMITTALS AND ELECTRONIC APPLICATIONS We accept initial and subsequent contributions sent by wire to our processing office by agreement with certain broker-dealers. Such transmittals must be accompanied by information we require to allocate your contribution. Wire orders not accompanied by complete information may be retained as described under "How you can make your contributions" under "Contract features and benefits" earlier in this Prospectus. Even if we accept the wire order and essential information, a contract generally will not be issued until we receive and accept a properly completed application. In certain cases we may issue a contract based on information provided through certain broker-dealers with which we have established electronic facilities. In any such cases, you must sign our Acknowledgment of Receipt form. Where we require a signed application, the above procedures do not apply and no financial transactions will be permitted until we receive the signed application and have issued the contract. Where we issue a contract based on information provided through electronic facilities, we require an Acknowledgment of Receipt form, and financial transactions are only permitted if you request them in writing, sign the request and have it signature guaranteed, until we receive the signed Acknowledgment of Receipt form. After your contract has been issued, additional contributions may be transmitted by wire. In general, the transaction date for electronic transmissions is the date on which we receive at our regular processing office all required information and the funds due for your contribution. We may also establish same-day electronic processing facilities with a broker-dealer that has undertaken to pay contribution amounts on behalf of our customers. In such cases, the transaction date for properly processed orders is the business day on which the broker-dealer inputs all required information into its electronic processing system. You can contact us to find out more about such arrangements. After your contract has been issued, additional contributions may be transmitted by wire. (11) CERTAIN INFORMATION ABOUT OUR BUSINESS DAY Our "business day" is generally any day the New York Stock Exchange ("NYSE") is open for regular trading and generally ends at 4:00 p.m. Eastern Time (or as of an earlier close of regular trading). A business day does not include a day on which we are not open due to emergency conditions determined by the Securities and Exchange Commission. We may also close early due to such emergency conditions. 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 any of the following, we will use the next business day: - on a non-business day; - after 4:00 p.m. Eastern Time on a business day; or - after an early close of regular trading on the NYSE on a business day. If we have entered into an agreement with your broker-dealer for automated processing of contributions upon receipt of customer order, your contribution will be considered received at the time your broker-dealer receives your contribution and all information needed to process your application, along with any required documents, and transmits your order to us in accordance with our processing procedures. Such arrangements may apply to initial contributions, subsequent contributions, or both, and may be commenced or terminated at any time without prior notice. If required by law, the "closing time" for such orders will be earlier than 4:00 p.m., Eastern Time. For more information, including additional instances when a different date may apply to your contributions, please see "More Information" in your prospectus. (12) YOUR CONTRACT DATE AND CONTRACT DATE ANNIVERSARY 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. (13) 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 Nos. 45 and 49, respectively, nor would any of these proceedings be likely to have a material adverse effect upon either Separate Account, our ability to meet our obligations under the contracts, or the distribution of the contracts. 12 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green (14) DISTRIBUTION OF THE CONTRACTS The contracts are distributed by both AXA Advisors, LLC ("AXA Advisors") and AXA Distributors, LLC ("AXA Distributors") (together, the "Distributors"), which serve as principal underwriters of Separate Account No. 45 and Separate Account No. 49, respectively. 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 Financial Industry Regulatory Authority, Inc. ("FINRA"). 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 8.50% 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 1.20% 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 7.50% 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 1.25% 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 Accumulator(R) 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 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 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." 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 13 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green bonuses) if those they manage sell more affiliated variable products. AXA Advisors may provide other forms of compensation to its financial professionals, including health and retirement benefits. 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 FINRA, 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 FINRA rules and other laws and regulations. (15) YOUR ANNUITY PAYOUT OPTIONS We reserve the right, with advance notice to you, to change your annuity purchase factor any time after your fifth contract date anniversary and at five year intervals after the first change. (Please see your contract and SAI for more information.) (16) INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE This section only applies if your contract offers fixed maturity options. AXA Equitable's Annual Report on Form 10-K for the period ended December 31, 2008 (the "Annual Report") is considered to be part of this Prospectus because it is incorporated by reference. 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 fixed maturity option (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. After the date of this Prospectus and before we terminate the offering of the securities under the Registration Statement, all documents or reports we file with the SEC under the Securities Exchange Act of 1934 ("Exchange Act"), will be considered to become part of this Prospectus because they are incorporated by reference. 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 the Registration Statement and 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. In accordance with SEC rules, we will provide copies of any exhibits specifically incorporated by reference into the text of the Exchange Act reports (but not any other exhibits). 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). You can access our website at www.axa-equitable.com. (17) FINANCIAL STATEMENTS The financial statements of the separate account(s), as well as the consolidated financial statements of AXA Equitable, are in the Statement of Additional Information ("SAI"). The financial statements of AXA Equitable have relevance to the contracts only to the extent that they bear upon the ability of AXA Equitable to meet its obligations under the contracts. The SAI is available free of charge. You may request one by writing to our processing office or calling 1-800-789-7771. 14 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Our general obligations and any guaranteed benefits under the contract are supported by AXA Equitable's general account and are subject to AXA Equitable's claims paying ability. For more information about AXA Equitable's financial strength, you may review its financial statements and/or check its current rating with one or more of the independent sources that rate insurance companies for their financial strength and stability. Such ratings are subject to change and have no bearing on the performance of the variable investment options. You may also speak with your financial representative. (18) CONDENSED FINANCIAL INFORMATION The following tables set forth the unit values and number of units outstanding at the year end for each variable investment option, except those options offered for the first time after December 31, 2008. The tables show unit values based on the specified separate account charges that would apply to any contract or investment option to which this supplement relates. The tables also show the total number of units outstanding for all contracts to which this supplement relates. The unit values and number of units outstanding shown below are for contracts offered under Separate Account No. 45 with the same daily asset charges of 1.15%.
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, 2008. --------------------------------------------------------------------------------------------------------------- For the years ending December 31, --------------------- 2008 2007 --------------------------------------------------------------------------------------------------------------- AXA Aggressive Allocation -- Class B --------------------------------------------------------------------------------------------------------------- Unit value $ 8.35 $ 13.90 --------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 488 448 --------------------------------------------------------------------------------------------------------------- AXA Conservative Allocation -- Class B --------------------------------------------------------------------------------------------------------------- Unit value $ 10.10 $ 11.48 --------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 894 387 --------------------------------------------------------------------------------------------------------------- AXA Conservative-Plus Allocation -- Class B --------------------------------------------------------------------------------------------------------------- Unit value $ 9.49 $ 11.91 --------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 643 441 --------------------------------------------------------------------------------------------------------------- AXA Moderate Allocation -- Class A --------------------------------------------------------------------------------------------------------------- Unit value $ 43.14 $ 57.64 --------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 542 570 --------------------------------------------------------------------------------------------------------------- AXA Moderate Allocation -- Class B --------------------------------------------------------------------------------------------------------------- Unit value $ 40.73 $ 54.56 --------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 726 789 --------------------------------------------------------------------------------------------------------------- AXA Moderate-Plus Allocation -- Class B --------------------------------------------------------------------------------------------------------------- Unit value $ 9.02 $ 13.37 --------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 1,974 1,837 --------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Common Stock -- Class A --------------------------------------------------------------------------------------------------------------- Unit value $ 166.65 $ 299.23 --------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 164 203 --------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Common Stock -- Class B --------------------------------------------------------------------------------------------------------------- Unit value $ 161.61 $ 290.90 --------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 259 311 --------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Intermediate Government Securities -- Class A --------------------------------------------------------------------------------------------------------------- Unit value $ 21.79 $ 21.22 --------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 204 205 --------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Intermediate Government Securities -- Class B --------------------------------------------------------------------------------------------------------------- Unit value $ 21.16 $ 20.66 --------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 337 361 --------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein International -- Class A --------------------------------------------------------------------------------------------------------------- Unit value $ 10.46 $ 21.42 --------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 815 978 --------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein International -- Class B --------------------------------------------------------------------------------------------------------------- Unit value $ 10.15 $ 20.84 --------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 909 1,020 --------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Small Cap Growth -- Class A --------------------------------------------------------------------------------------------------------------- Unit value $ 12.02 $ 21.93 --------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 134 155 ---------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------------------------- 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ AXA Aggressive Allocation -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.24 $ 11.36 $ 10.64 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 263 109 64 ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative Allocation -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.98 $ 10.44 $ 10.31 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 251 226 98 ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative-Plus Allocation -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.43 $ 10.63 $ 10.41 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 206 114 54 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation -- Class A ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 54.74 $ 50.07 $ 48.21 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 843 703 778 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 51.94 $ 47.62 $ 45.97 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 613 971 1,106 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate-Plus Allocation -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.71 $ 11.23 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 1,295 728 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock -- Class A ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 291.81 $ 266.03 $ 257.37 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 380 322 407 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 284.40 $ 259.92 $ 252.09 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 266 458 552 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities -- Class A ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 20.04 $ 19.61 $ 19.55 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 469 293 354 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 19.56 $ 19.19 $ 19.17 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 238 563 766 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International -- Class A ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 19.35 $ 15.81 $ 13.84 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 1,145 1,271 1,509 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 18.87 $ 15.45 $ 13.56 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 1,130 1,246 1,359 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth -- Class A ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 18.96 $ 17.56 $ 15.89 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 974 365 358 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------------------------- 2003 2002 2001 ------------------------------------------------------------------------------------------------------------------------------------ AXA Aggressive Allocation -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative Allocation -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative-Plus Allocation -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation -- Class A ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 44.75 $ 37.91 $ 43.83 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 909 1,013 387 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 42.78 $ 36.32 $ 42.10 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 1,263 1,386 736 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate-Plus Allocation -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock -- Class A ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 227.59 $ 153.56 $ 232.44 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 498 560 748 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 223.47 $ 151.16 $ 229.38 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 639 698 875 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities -- Class A ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 19.35 $ 19.12 $ 17.76 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 460 1,043 641 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 19.03 $ 18.85 $ 17.56 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 998 1,296 1,054 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International -- Class A ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.82 $ 8.83 $ 9.91 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 1,843 1,978 816 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.61 $ 8.69 $ 9.77 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 1,568 1,624 390 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth -- Class A ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.06 $ 10.07 $ 14.57 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 402 428 497 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------ For the years ending December 31, --------------------- 2000 1999 ------------------------------------------------------------------------------------------------------------------ AXA Aggressive Allocation -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------ AXA Conservative Allocation -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------ AXA Conservative-Plus Allocation -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation -- Class A ------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------ AXA Moderate-Plus Allocation -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock -- Class A ------------------------------------------------------------------------------------------------------------------ Unit value $ 262.80 $ 309.23 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 893 993 ------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value $ 260.00 $ 306.70 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 988 1,066 ------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities -- Class A ------------------------------------------------------------------------------------------------------------------ Unit value $ 16.62 $ 15.40 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 360 451 ------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value $ 16.46 $ 15.30 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 735 871 ------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International -- Class A ------------------------------------------------------------------------------------------------------------------ Unit value $ 13.00 $ 17.08 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 941 855 ------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value $ 12.89 $ 16.97 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 438 414 ------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth -- Class A ------------------------------------------------------------------------------------------------------------------ Unit value $ 16.95 $ 15.04 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 487 192 ------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------- 2008 2007 ------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value $ 11.69 $ 21.37 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 717 810 ------------------------------------------------------------------------------------------------------------------ EQ/Ariel Appreciation II -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value $ 6.77 $ 11.13 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 12 18 ------------------------------------------------------------------------------------------------------------------ EQ/BlackRock Basic Value Equity -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value $ 15.47 $ 24.66 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 826 1,030 ------------------------------------------------------------------------------------------------------------------ EQ/Black Rock International Value -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value $ 14.33 $ 25.44 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 555 736 ------------------------------------------------------------------------------------------------------------------ EQ/Boston Advisors Equity Income -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value $ 4.73 $ 7.06 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 364 346 ------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value $ 5.51 $ 10.17 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 11 12 ------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Growth -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value $ 8.21 $ 13.94 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 41 58 ------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value $ 7.96 $ 13.34 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 860 1,117 ------------------------------------------------------------------------------------------------------------------ EQ/Caywood-Scholl High Yield Bond -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value $ 9.03 $ 11.29 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 128 78 ------------------------------------------------------------------------------------------------------------------ EQ/Davis New York Venture -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value $ 6.69 $ 11.13 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 130 105 ------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index -- Class A ------------------------------------------------------------------------------------------------------------------ Unit value $ 20.36 $ 32.78 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) - -- ------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value $ 19.77 $ 31.91 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 454 521 ------------------------------------------------------------------------------------------------------------------ EQ/Evergreen International Bond -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value $ 11.34 $ 10.77 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 280 98 ------------------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value $ 7.14 $ 9.98 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 91 113 ------------------------------------------------------------------------------------------------------------------ EQ/Franklin Income -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value $ 7.10 $ 10.53 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 374 357 ------------------------------------------------------------------------------------------------------------------ EQ/Franklin Small Cap Value -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value $ 6.44 $ 9.78 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 103 39 ------------------------------------------------------------------------------------------------------------------ EQ/Franklin Templeton Founding Strategy -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value $ 5.94 $ 9.53 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 98 62 ------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Mergers and Acquisitions -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value $ 10.16 $ 11.93 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 66 70 ------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------------------------- 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 18.53 $ 17.20 $ 15.60 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 304 1,163 1,361 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Ariel Appreciation II -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.39 $ 10.37 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 8 2 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock Basic Value Equity -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 24.66 $ 20.63 $ 20.27 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 1,201 1,488 1,843 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Black Rock International Value -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 23.35 $ 18.80 $ 17.16 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 795 814 779 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Boston Advisors Equity Income -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.89 $ 6.01 $ 5.73 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 380 367 50 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.18 $ 8.82 $ 8.21 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 6 12 19 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Growth -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.37 $ 12.60 $ 12.12 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 38 28 15 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.28 $ 11.99 $ 11.44 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 1,048 1,232 1,468 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Caywood-Scholl High Yield Bond -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.11 $ 10.41 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 57 25 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Davis New York Venture -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value 10.85 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 19 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index -- Class A ------------------------------------------------------------------------------------------------------------------------------------ Unit value 31.52 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 30.76 $ 27.04 $ 26.20 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 624 717 858 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen International Bond -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.97 $ 9.75 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 55 5 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.07 $ 8.66 $ 8.43 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 121 149 225 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Income -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.44 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 78 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Small Cap Value -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.83 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 6 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Templeton Founding Strategy -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Mergers and Acquisitions -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.67 $ 10.52 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 198 132 -- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ---------------------------------------- 2003 2002 2001 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.85 $ 9.94 $ 14.41 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 1,510 1,604 1,800 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Ariel Appreciation II -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock Basic Value Equity -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 18.55 $ 14.30 $ 17.36 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 2,009 2,129 2,223 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Black Rock International Value -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.27 $ 11.27 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 839 956 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Boston Advisors Equity Income -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.01 $ 6.34 $ 8.72 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 10 3 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Growth -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.62 $ 9.48 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 14 11 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.43 $ 8.02 $ 10.78 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 1,625 1,727 80 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Caywood-Scholl High Yield Bond -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Davis New York Venture -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index -- Class A ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 24.04 $ 19.03 $ 24.80 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 994 1,017 1,094 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen International Bond -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.97 $ 5.83 $ 7.76 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 198 84 52 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Income -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Small Cap Value -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Templeton Founding Strategy -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Mergers and Acquisitions -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------- For the years ending December 31, -------------------- 2000 1999 ---------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Small Cap Growth -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value $ 16.81 $ 14.96 ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 1,985 1,762 ---------------------------------------------------------------------------------------------------------------- EQ/Ariel Appreciation II -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/BlackRock Basic Value Equity -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value $ 16.64 $ 15.06 ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 1,946 2,162 ---------------------------------------------------------------------------------------------------------------- EQ/Black Rock International Value -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/Boston Advisors Equity Income -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/Calvert Socially Responsible -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Growth -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Research -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value $ 11.13 $ 10.63 ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 57 20 ---------------------------------------------------------------------------------------------------------------- EQ/Caywood-Scholl High Yield Bond -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/Davis New York Venture -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/Equity 500 Index -- Class A ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/Equity 500 Index -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value $ 28.57 $ 32.04 ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 1,206 11 ---------------------------------------------------------------------------------------------------------------- EQ/Evergreen International Bond -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/Evergreen Omega -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value $ 9.47 $ 10.84 ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 59 44 ---------------------------------------------------------------------------------------------------------------- EQ/Franklin Income -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/Franklin Small Cap Value -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/Franklin Templeton Founding Strategy -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) -- -- ---------------------------------------------------------------------------------------------------------------- EQ/GAMCO Mergers and Acquisitions -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value -- -- ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ---------------------------------------- 2008 2007 2006 ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Small Company Value - Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 21.14 $ 30.84 $ 28.54 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 142 151 94 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Core PLUS -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.16 $ 16.80 $ 14.75 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 210 209 238 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Growth -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.70 $ 16.43 $ 14.30 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 119 133 42 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Core Bond - Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.39 $ 14.87 $ 14.59 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 439 623 630 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Value Opportunities Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.53 $ 16.00 $ 16.39 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 463 557 654 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Core PLUS -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.83 $ 11.04 $ 10.75 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 62 50 85 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Index -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.85 $ 8.00 $ 7.10 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 558 674 995 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth PLUS -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.74 $ 17.59 $ 15.39 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 824 954 1,056 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value Index -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.47 $ 10.45 $ 11.24 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 65 70 54 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS -- Class A ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.10 $ 9.06 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 3,136 4,100 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.66 $ 9.05 $ 18.28 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 5,660 7,094 1,987 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Long Term Bond -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.10 $ 10.70 $ 10.08 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 58 64 47 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Growth and Income -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.89 $ 12.58 $ 12.30 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 36 41 56 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.79 $ 12.89 $ 11.78 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 72 26 10 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.44 $ 12.33 $ 12.41 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 181 200 167 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.05 $ 18.73 $ 16.61 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 630 710 770 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.97 $ 13.91 $ 13.03 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 466 520 620 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.40 $ 17.41 $ 17.90 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 1,051 1,257 1,559 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market -- Class A ------------------------------------------------------------------------------------------------------------------------------------
CAPTION> ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------ 2005 2004 2003 ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Small Company Value - Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 24.30 $ 23.56 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 71 20 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Core PLUS -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.51 $ 10.81 $ 9.62 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 233 209 144 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Growth -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.51 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 12 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Core Bond - Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.19 $ 14.04 $ 13.64 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 688 621 618 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Value Opportunities Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.77 $ 13.40 $ 12.23 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 747 946 1,120 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Core PLUS -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.63 $ 9.09 $ 8.25 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 103 98 107 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Index -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.22 $ 6.36 $ 5.93 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 1,173 1,269 1,663 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth PLUS -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.44 $ 13.40 $ 12.04 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 1,226 1,570 1,952 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value Index -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.65 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 7 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS -- Class A ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.23 $ 14.61 $ 13.03 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 2,290 2,543 2,775 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Long Term Bond -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.01 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 69 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Growth and Income -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.61 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 18 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.58 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 8 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.16 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 199 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.37 $ 14.05 $ 12.86 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 736 693 778 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.81 $ 11.24 $ 9.80 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 750 697 677 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 16.10 $ 14.63 $ 12.56 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 1,833 2,058 2,302 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market -- Class A ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------------------------- 2002 2001 2000 1999 ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Small Company Value - Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Core PLUS -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.34 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 56 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Growth -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Core Bond - Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.35 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 623 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Value Opportunities Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.76 $ 12.19 $ 13.24 $ 12.54 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 1,280 1,543 1,692 2,198 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Core PLUS -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.84 $ 8.76 $ 10.55 $ 10.75 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 99 84 75 73 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Index -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.87 $ 7.16 $ 9.53 $ 11.81 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 1,968 2,839 3,046 1,792 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth PLUS -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.42 $ 14.51 $ 22.25 $ 27.74 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 2,239 3,104 3,748 3,430 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value Index -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS -- Class A ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.24 $ 12.00 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 2,810 2,882 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Long Term Bond -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Growth and Income -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.92 $ 11.35 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 439 29 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.90 $ 8.56 $ 10.00 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 427 292 43 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.53 $ 11.31 $ 11.00 $ 10.58 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 2,470 2,317 1,758 2,259 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market -- Class A ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ---------------------------------------------------------------------------------------------------------------- For the years ending December 31, ---------------------- 2008 2007 ---------------------------------------------------------------------------------------------------------------- Unit value $ 33.25 $ 32.86 ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 335 259 ---------------------------------------------------------------------------------------------------------------- EQ/Money Market -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value $ 32.35 $ 32.05 ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 627 361 ---------------------------------------------------------------------------------------------------------------- EQ/Montag & Caldwell Growth -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value $ 3.95 $ 5.96 ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 305 81 ---------------------------------------------------------------------------------------------------------------- EQ/Mutual Shares -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value $ 6.59 $ 10.77 ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 107 138 ---------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Global -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value $ 6.79 $ 11.60 ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 43 30 ---------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Main Street Opportunity -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value $ 6.76 $ 11.18 ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 19 13 ---------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Main Street Small Cap -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value $ 6.58 $ 10.78 ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 9 11 ---------------------------------------------------------------------------------------------------------------- EQ/PIMCO Real Return -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value $ 10.32 $ 10.88 ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 566 272 ---------------------------------------------------------------------------------------------------------------- EQ/Quality Bond PLUS-- Class B ---------------------------------------------------------------------------------------------------------------- Unit value $ 16.06 $ 17.39 ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 157 170 ---------------------------------------------------------------------------------------------------------------- EQ/Short Duration Bond -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value $ 10.36 $ 10.69 ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 69 65 ---------------------------------------------------------------------------------------------------------------- EQ/Small Company Index -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value $ 11.03 $ 16.94 ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 241 265 ---------------------------------------------------------------------------------------------------------------- EQ/T. Rowe Price Growth Stock -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value $ 10.38 $ 18.16 ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 83 99 ---------------------------------------------------------------------------------------------------------------- EQ/Templeton Growth -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value $ 6.35 $ 10.86 ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 91 94 ---------------------------------------------------------------------------------------------------------------- EQ/UBS Growth and Income -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value $ 3.77 $ 6.35 ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 66 86 ---------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Comstock -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value $ 7.19 $ 11.53 ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 84 93 ---------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Emerging Markets Equity -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value $ 11.37 $ 26.97 ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 864 960 ---------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Mid Cap Growth -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value $ 8.43 $ 16.19 ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 162 135 ---------------------------------------------------------------------------------------------------------------- Multimanager Aggressive Equity -- Class A ---------------------------------------------------------------------------------------------------------------- Unit value $ 37.00 $ 70.46 ---------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 154 186 ---------------------------------------------------------------------------------------------------------------- Multimanager Aggressive Equity -- Class B ---------------------------------------------------------------------------------------------------------------- Unit value $ 35.89 $ 68.51 ----------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------------------------- 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 31.67 $ 30.59 $ 30.08 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 433 238 344 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 30.96 $ 29.98 $ 29.55 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 262 400 566 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Montag & Caldwell Growth -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.99 $ 4.68 $ 4.49 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 50 54 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mutual Shares -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.72 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 21 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Global -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.10 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 9 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Opportunity -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.94 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 6 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Small Cap -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.11 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 1 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO Real Return -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.87 $ 9.95 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 195 161 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Quality Bond PLUS-- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 16.83 $ 16.40 $ 16.26 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 227 287 275 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.27 $ 9.99 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 83 47 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 17.46 $ 15.00 $ 14.56 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 341 383 499 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T. Rowe Price Growth Stock -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 17.14 $ 18.06 $ 17.57 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 14 12 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Templeton Growth -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.76 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 20 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS Growth and Income -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.35 $ 5.63 $ 5.23 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 146 117 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Comstock -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.96 $ 10.44 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 157 129 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Emerging Markets Equity -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 19.21 $ 14.18 $ 10.80 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 1,021 1,010 876 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.38 $ 12.39 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 48 30 -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity -- Class A ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 63.84 $ 61.29 $ 57.16 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 197 270 320 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 62.23 $ 59.89 $ 55.99 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------------------------- 2003 2002 2001 ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 30.12 $ 30.22 $ 30.12 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 444 863 954 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 29.66 $ 29.84 $ 29.82 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 711 1,022 965 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Montag & Caldwell Growth -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mutual Shares -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Global -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Opportunity -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Small Cap -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO Real Return -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Quality Bond PLUS-- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.86 $ 15.49 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 292 240 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.51 $ 8.68 $ 11.10 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 427 297 320 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T. Rowe Price Growth Stock -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Templeton Growth -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS Growth and Income -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Comstock -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Emerging Markets Equity -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.84 $ 5.73 $ 6.16 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 859 894 812 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity -- Class A ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 51.45 $ 37.75 $ 53.56 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 387 453 576 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 50.53 $ 37.17 $ 52.87 ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------- For the years ending December 31, ---------------------- 2000 1999 ----------------------------------------------------------------------------------------------------------------- Unit value $ 29.34 $ 27.94 ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 817 1,201 ----------------------------------------------------------------------------------------------------------------- EQ/Money Market -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value $ 29.13 $ 27.80 ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 851 1,548 ----------------------------------------------------------------------------------------------------------------- EQ/Montag & Caldwell Growth -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------- EQ/Mutual Shares -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Global -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Main Street Opportunity -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------- EQ/Oppenheimer Main Street Small Cap -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------- EQ/PIMCO Real Return -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------- EQ/Quality Bond PLUS-- Class B ----------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------- EQ/Short Duration Bond -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------- EQ/Small Company Index -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value $ 11.01 $ 11.52 ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 303 334 ----------------------------------------------------------------------------------------------------------------- EQ/T. Rowe Price Growth Stock -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------- EQ/Templeton Growth -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------- EQ/UBS Growth and Income -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Comstock -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Emerging Markets Equity -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value $ 6.57 $ 11.09 ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 908 795 ----------------------------------------------------------------------------------------------------------------- EQ/Van Kampen Mid Cap Growth -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value -- -- ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) -- -- ----------------------------------------------------------------------------------------------------------------- Multimanager Aggressive Equity -- Class A ----------------------------------------------------------------------------------------------------------------- Unit value $ 72.23 $ 84.11 ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 705 854 ----------------------------------------------------------------------------------------------------------------- Multimanager Aggressive Equity -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value $ 71.48 $ 83.44 -----------------------------------------------------------------------------------------------------------------
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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, 2008. ----------------------------------------------------------------------------------------------------------------- For the years ending December 31, ---------------------- 2008 2007 ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 133 159 ----------------------------------------------------------------------------------------------------------------- Multimanager Core Bond -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value $ 12.36 $ 12.20 ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 354 379 ----------------------------------------------------------------------------------------------------------------- Multimanager Health Care -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value $ 9.51 $ 13.15 ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 219 153 ----------------------------------------------------------------------------------------------------------------- Multimanager High Yield -- Class A ----------------------------------------------------------------------------------------------------------------- Unit value $ 26.89 $ 35.48 ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 59 76 ----------------------------------------------------------------------------------------------------------------- Multimanager High Yield -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value $ 26.08 $ 34.49 ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 262 326 ----------------------------------------------------------------------------------------------------------------- Multimanager International Equity -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value $ 9.92 $ 19.02 ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 236 260 ----------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Core Equity -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value $ 7.73 $ 12.93 ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 56 65 ----------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Growth -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value $ 5.78 $ 10.70 ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 170 183 ----------------------------------------------------------------------------------------------------------------- Multimanager Large Cap Value -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value $ 9.19 $ 14.86 ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 247 319 ----------------------------------------------------------------------------------------------------------------- Multimanager Mid Cap Growth -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value $ 6.81 $ 12.21 ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 256 302 ----------------------------------------------------------------------------------------------------------------- Multimanager Mid Cap Value -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value $ 8.81 $ 13.91 ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 200 208 ----------------------------------------------------------------------------------------------------------------- Multimanager Small Company Growth -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value $ 5.24 $ 9.16 ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 142 196 ----------------------------------------------------------------------------------------------------------------- Multimanager Small Cap Value -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value $ 10.96 $ 17.85 ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 208 279 ----------------------------------------------------------------------------------------------------------------- Multimanager Technology -- Class B ----------------------------------------------------------------------------------------------------------------- Unit value $ 6.54 $ 12.51 ----------------------------------------------------------------------------------------------------------------- Separate Account 45 number of units outstanding (000's) 237 274 -----------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------------------------- 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 227 234 272 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.62 $ 11.33 $ 11.26 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 416 490 551 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.21 $ 11.75 $ 11.11 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 206 216 231 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield -- Class A ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 34.71 $ 31.86 $ 31.20 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 378 110 132 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 33.83 $ 31.13 $ 30.56 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 93 449 548 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 17.11 $ 13.81 $ 12.11 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 315 260 243 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.46 $ 11.09 $ 10.52 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 82 131 131 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Growth -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.73 $ 9.84 $ 9.26 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 252 270 281 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Value -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.50 $ 12.30 $ 11.61 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 302 296 259 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Growth -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.04 $ 10.19 $ 9.51 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 284 324 333 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Value -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.06 $ 12.40 $ 11.69 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 325 332 447 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Company Growth -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.94 $ 8.20 $ 7.72 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 101 70 13 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Value -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 20.03 $ 17.45 $ 16.86 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 399 485 526 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Technology -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.71 $ 10.09 $ 9.18 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 316 382 537 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------------------------- 2003 2002 2001 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 297 327 399 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.97 $ 10.69 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 570 493 -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.02 $ 7.91 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 234 160 -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield -- Class A ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 28.97 $ 23.85 $ 24.80 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 131 93 104 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 28.44 $ 23.48 $ 24.47 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 583 592 707 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.39 $ 7.82 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 212 129 -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.70 $ 7.66 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 133 88 -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Growth -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.78 $ 6.80 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 251 164 -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Value -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.27 $ 7.92 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 232 205 -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Growth -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.61 $ 6.21 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 384 214 -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Value -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.26 $ 7.38 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 402 250 -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Company Growth -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Value -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.57 $ 10.73 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 495 384 -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Technology -- Class B ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.84 $ 5.67 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 207 44 -- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------- 2000 1999 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 478 561 ------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------ Multimanager Health Care -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------ Multimanager High Yield -- Class A ------------------------------------------------------------------------------------------------------------------ Unit value $ 24.85 $ 27.52 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 71 99 ------------------------------------------------------------------------------------------------------------------ Multimanager High Yield -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value $ 24.59 $ 27.30 ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) 796 1,064 ------------------------------------------------------------------------------------------------------------------ Multimanager International Equity -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Growth -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Value -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Growth -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Value -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------ Multimanager Small Company Growth -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Value -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------ Multimanager Technology -- Class B ------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------ Separate Account 45 number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------
19 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green The unit values and number of units outstanding shown below are for contracts offered under Separate Account No. 49 with the same daily asset charges 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, 2008. ------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------- 2008 2007 ------------------------------------------------------------------------------------------------------------------ AXA Aggressive Allocation ------------------------------------------------------------------------------------------------------------------ Unit value $ 8.33 $ 13.87 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,515 3,160 ------------------------------------------------------------------------------------------------------------------ AXA Conservative Allocation ------------------------------------------------------------------------------------------------------------------ Unit value $ 10.08 $ 11.46 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,014 1,472 ------------------------------------------------------------------------------------------------------------------ AXA Conservative-Plus Allocation ------------------------------------------------------------------------------------------------------------------ Unit value $ 9.47 $ 11.89 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,920 2,173 ------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation ------------------------------------------------------------------------------------------------------------------ Unit value $ 40.26 $ 53.95 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,257 4,308 ------------------------------------------------------------------------------------------------------------------ AXA Moderate-Plus Allocation ------------------------------------------------------------------------------------------------------------------ Unit value $ 8.99 $ 13.34 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 11,250 10,734 ------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock ------------------------------------------------------------------------------------------------------------------ Unit value $ 158.94 $ 286.24 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 330 392 ------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------------------------------------------------------------------ Unit value $ 20.97 $ 20.49 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,492 2,914 ------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International ------------------------------------------------------------------------------------------------------------------ Unit value $ 10.08 $ 20.70 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,586 5,414 ------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth ------------------------------------------------------------------------------------------------------------------ Unit value $ 11.62 $ 21.26 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,429 2,805 ------------------------------------------------------------------------------------------------------------------ EQ/Ariel Appreciation II ------------------------------------------------------------------------------------------------------------------ Unit value $ 6.76 $ 11.12 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 162 159 ------------------------------------------------------------------------------------------------------------------ EQ/BlackRock Basic Value Equity ------------------------------------------------------------------------------------------------------------------ Unit value $ 15.38 $ 24.53 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,698 4,290 ------------------------------------------------------------------------------------------------------------------ EQ/BlackRock International Value ------------------------------------------------------------------------------------------------------------------ Unit value $ 14.25 $ 25.30 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,321 4,143 ------------------------------------------------------------------------------------------------------------------ EQ/Boston Advisors Equity Income ------------------------------------------------------------------------------------------------------------------ Unit value $ 4.70 $ 7.03 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,732 1,373 ------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible ------------------------------------------------------------------------------------------------------------------ Unit value $ 5.48 $ 10.13 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 470 554 ------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Growth ------------------------------------------------------------------------------------------------------------------ Unit value $ 8.16 $ 13.87 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,900 1,946 ------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research ------------------------------------------------------------------------------------------------------------------ Unit value $ 7.92 $ 13.28 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 12,691 15,162 ------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------------------------- 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ AXA Aggressive Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.22 $ 11.35 $ 10.63 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,827 1,271 728 ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.96 $ 10.43 $ 10.31 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,143 397 373 ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.41 $ 10.62 $ 10.41 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,249 849 695 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 51.39 $ 47.15 $ 45.53 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,475 4,798 5,029 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.70 $ 11.22 $ 10.65 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 8,825 5,795 3,138 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 279.98 $ 256.01 $ 248.43 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 463 545 613 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 19.41 $ 19.05 $ 19.04 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,131 3,491 4,043 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 18.75 $ 15.37 $ 13.49 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 5,626 5,792 5,816 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 18.44 $ 17.12 $ 15.54 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,494 3,815 4,124 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Ariel Appreciation II ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.39 $ 10.37 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 79 9 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock Basic Value Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 24.54 $ 20.54 $ 20.19 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,984 5,635 6,364 ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock International Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 23.24 $ 18.71 $ 17.09 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,607 4,933 4,781 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Boston Advisors Equity Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.86 $ 5.99 $ 5.71 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,698 1,681 216 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.14 $ 8.79 $ 8.18 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 625 723 782 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.31 $ 12.54 $ 12.08 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,982 2,062 2,149 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.23 $ 11.95 $ 11.40 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 6,465 7,166 8,080 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------------------------- 2003 2002 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 $ 42.39 $ 36.01 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,208 1,221 -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 220.33 $ 149.11 $ 226.39 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 548 222 154 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 18.91 $ 18.73 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,619 1,850 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.55 $ 8.65 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 5,125 1,285 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.80 $ 9.91 $ 14.38 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,091 1,279 105 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Ariel Appreciation II ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock Basic Value Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 18.49 $ 14.26 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 5,670 1,591 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock International Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.22 $ 11.24 $ 13.65 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,396 1,445 154 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Boston Advisors Equity Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.00 $ 6.33 $ 8.70 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 744 182 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.58 $ 9.46 $ 13.00 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,153 710 193 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.41 $ 8.01 $ 10.76 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 7,741 2,252 17 ------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------- For the years ending December 31, ------------------------- 2000 1999 -------------------------------------------------------------------------------------------------------------------- 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) -- -- -------------------------------------------------------------------------------------------------------------------- EQ/AllianceBernstein Common Stock -------------------------------------------------------------------------------------------------------------------- Unit value $ 256.74 $ 303.01 -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 188 205 -------------------------------------------------------------------------------------------------------------------- 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 Small Cap Growth -------------------------------------------------------------------------------------------------------------------- Unit value $ 16.78 $ 14.94 -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 191 50 -------------------------------------------------------------------------------------------------------------------- EQ/Ariel Appreciation II -------------------------------------------------------------------------------------------------------------------- Unit value -- -- -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) -- -- -------------------------------------------------------------------------------------------------------------------- EQ/BlackRock Basic Value Equity -------------------------------------------------------------------------------------------------------------------- Unit value -- -- -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) -- -- -------------------------------------------------------------------------------------------------------------------- EQ/BlackRock International Value -------------------------------------------------------------------------------------------------------------------- Unit value $ 17.60 $ 20.32 -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 182 199 -------------------------------------------------------------------------------------------------------------------- EQ/Boston Advisors Equity Income -------------------------------------------------------------------------------------------------------------------- Unit value -- -- -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) -- -- -------------------------------------------------------------------------------------------------------------------- EQ/Calvert Socially Responsible -------------------------------------------------------------------------------------------------------------------- Unit value -- -- -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) -- -- -------------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Growth -------------------------------------------------------------------------------------------------------------------- Unit value $ 17.41 $ 21.43 -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 235 245 -------------------------------------------------------------------------------------------------------------------- EQ/Capital Guardian Research -------------------------------------------------------------------------------------------------------------------- Unit value $ 11.12 $ 10.62 -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 10 3 --------------------------------------------------------------------------------------------------------------------
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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, 2008. -------------------------------------------------------------------------------------------------------------------- For the years ending December 31, ------------------------- 2008 2007 -------------------------------------------------------------------------------------------------------------------- EQ/Caywood-Scholl High Yield Bond -------------------------------------------------------------------------------------------------------------------- Unit value $ 9.01 $ 11.28 -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 404 415 -------------------------------------------------------------------------------------------------------------------- EQ/Davis New York Venture -------------------------------------------------------------------------------------------------------------------- Unit value $ 6.68 $ 11.12 -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 1,290 963 -------------------------------------------------------------------------------------------------------------------- EQ/Equity 500 Index -------------------------------------------------------------------------------------------------------------------- Unit value $ 19.62 $ 31.69 -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 5,596 6,323 -------------------------------------------------------------------------------------------------------------------- EQ/Evergreen International Bond -------------------------------------------------------------------------------------------------------------------- Unit value $ 11.32 $ 10.76 -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 1,734 1,003 -------------------------------------------------------------------------------------------------------------------- EQ/Evergreen Omega -------------------------------------------------------------------------------------------------------------------- Unit value $ 7.10 $ 9.93 -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 1,933 1,978 -------------------------------------------------------------------------------------------------------------------- EQ/Franklin Income -------------------------------------------------------------------------------------------------------------------- Unit value $ 7.09 $ 10.52 -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 2,264 2,628 -------------------------------------------------------------------------------------------------------------------- EQ/Franklin Small Cap Value -------------------------------------------------------------------------------------------------------------------- Unit value $ 6.43 $ 9.77 -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 431 171 -------------------------------------------------------------------------------------------------------------------- EQ/Franklin Templeton Founding Strategy -------------------------------------------------------------------------------------------------------------------- Unit value $ 5.94 $ 9.52 -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 757 863 -------------------------------------------------------------------------------------------------------------------- EQ/GAMCO Mergers and Acquisitions -------------------------------------------------------------------------------------------------------------------- Unit value $ 10.14 $ 11.91 -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 307 362 -------------------------------------------------------------------------------------------------------------------- EQ/GAMCO Small Company Value -------------------------------------------------------------------------------------------------------------------- Unit value $ 20.92 $ 30.54 -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 932 909 -------------------------------------------------------------------------------------------------------------------- EQ/International Core PLUS -------------------------------------------------------------------------------------------------------------------- Unit value $ 9.11 $ 16.73 -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 5,199 5,905 -------------------------------------------------------------------------------------------------------------------- EQ/International Growth -------------------------------------------------------------------------------------------------------------------- Unit value $ 9.68 $ 16.40 -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 688 594 -------------------------------------------------------------------------------------------------------------------- EQ/JPMorgan Core Bond -------------------------------------------------------------------------------------------------------------------- Unit value $ 13.31 $ 14.80 -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 7,625 10,033 -------------------------------------------------------------------------------------------------------------------- EQ/JPMorgan Value Opportunities -------------------------------------------------------------------------------------------------------------------- Unit value $ 9.47 $ 15.91 -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 2,221 2,625 -------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Core PLUS -------------------------------------------------------------------------------------------------------------------- Unit value $ 6.80 $ 10.99 -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 2,449 2,815 -------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Growth Index -------------------------------------------------------------------------------------------------------------------- Unit value $ 5.02 $ 7.96 -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 3,977 4,750 -------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Growth PLUS -------------------------------------------------------------------------------------------------------------------- Unit value $ 10.67 $ 17.49 -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 1,206 1,461 -------------------------------------------------------------------------------------------------------------------- EQ/Large Cap Value Index -------------------------------------------------------------------------------------------------------------------- Unit value $ 4.47 $ 10.44 -------------------------------------------------------------------------------------------------------------------- Number of units outstanding (000's) 320 528 --------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------------------------- 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Caywood-Scholl High Yield Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.10 $ 10.41 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 436 161 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Davis New York Venture ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.85 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 302 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 30.56 $ 26.88 $ 26.06 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 7,331 8,383 9,053 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen International Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.97 $ 9.75 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 493 38 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.03 $ 8.63 $ 8.40 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,218 2,770 3,237 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.43 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 664 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.83 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 78 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Templeton Founding Strategy ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Mergers and Acquisitions ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.66 $ 10.51 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 321 81 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Small Company Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 28.28 $ 24.09 $ 23.37 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 341 297 62 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.69 $ 12.47 $ 10.78 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 6,892 7,621 8,017 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.29 $ 11.51 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 240 40 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.53 $ 14.13 $ 13.99 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 10,809 11,494 11,977 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Value Opportunities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 16.31 $ 13.71 $ 13.35 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,079 3,795 3,942 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.71 $ 9.60 $ 9.06 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,293 3,821 4,211 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.07 $ 7.20 $ 6.34 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 5,507 5,789 6,068 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.31 $ 14.38 $ 13.35 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,300 1,516 1,558 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.24 $ 10.64 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 605 93 -- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------------------------- 2003 2002 2001 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Caywood-Scholl High Yield Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Davis New York Venture ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 23.92 $ 18.94 $ 24.71 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 8,439 2,393 71 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen International Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.95 $ 5.82 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,600 551 -- ------------------------------------------------------------------------------------------------------------------------------------ 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/Franklin Templeton Founding Strategy ------------------------------------------------------------------------------------------------------------------------------------ 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 Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.60 $ 7.33 $ 8.73 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 6,516 1,628 26 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.60 $ 13.32 $ 12.30 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 11,974 3,674 280 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Value Opportunities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.19 $ 9.73 $ 12.16 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,680 1,342 324 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.23 $ 6.83 $ 8.75 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,026 993 77 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.92 $ 4.86 $ 7.15 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 5,986 2,292 89 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.00 $ 9.39 $ 14.47 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,506 496 147 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------------------------- 2000 1999 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Caywood-Scholl High Yield Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Davis New York Venture ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 28.47 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 78 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen International Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ 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/Franklin Templeton Founding Strategy ------------------------------------------------------------------------------------------------------------------------------------ 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 Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.17 $ 13.97 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 23 15 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.04 $ 10.47 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 14 139 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Value Opportunities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.21 $ 12.52 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 341 423 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.54 $ 10.74 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 42 31 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.52 $ 11.80 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 114 79 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 22.21 $ 27.70 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 214 227 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------- 2008 2007 ------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS ------------------------------------------------------------------------------------------------------------------ Unit value $ 9.61 $ 17.16 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 14,916 18,463 ------------------------------------------------------------------------------------------------------------------ EQ/Long Term Bond ------------------------------------------------------------------------------------------------------------------ Unit value $ 11.08 $ 10.68 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 900 549 ------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Growth and Income ------------------------------------------------------------------------------------------------------------------ Unit value $ 7.87 $ 12.56 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 322 319 ------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core ------------------------------------------------------------------------------------------------------------------ Unit value $ 8.78 $ 12.87 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 357 140 ------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value ------------------------------------------------------------------------------------------------------------------ Unit value $ 7.43 $ 12.32 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 649 722 ------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus ------------------------------------------------------------------------------------------------------------------ Unit value $ 11.01 $ 18.67 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 9,776 11,637 ------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index ------------------------------------------------------------------------------------------------------------------ Unit value $ 6.94 $ 13.86 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 8,228 9,544 ------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS ------------------------------------------------------------------------------------------------------------------ Unit value $ 10.34 $ 17.32 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 5,211 6,623 ------------------------------------------------------------------------------------------------------------------ EQ/Money Market ------------------------------------------------------------------------------------------------------------------ Unit value $ 31.90 $ 31.62 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,708 1,791 ------------------------------------------------------------------------------------------------------------------ EQ/Montag & Caldwell Growth ------------------------------------------------------------------------------------------------------------------ Unit value $ 3.93 $ 5.93 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,807 871 ------------------------------------------------------------------------------------------------------------------ EQ/Mutual Shares ------------------------------------------------------------------------------------------------------------------ Unit value $ 6.58 $ 10.76 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 922 999 ------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Global ------------------------------------------------------------------------------------------------------------------ Unit value $ 6.79 $ 11.59 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 328 315 ------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Opportunity ------------------------------------------------------------------------------------------------------------------ Unit value $ 6.75 $ 11.17 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 171 142 ------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Small Cap ------------------------------------------------------------------------------------------------------------------ Unit value $ 6.57 $ 10.78 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 179 115 ------------------------------------------------------------------------------------------------------------------ EQ/PIMCO Real Return ------------------------------------------------------------------------------------------------------------------ Unit value $ 10.30 $ 10.86 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,734 1,641 ------------------------------------------------------------------------------------------------------------------ EQ/Quality Bond PLUS ------------------------------------------------------------------------------------------------------------------ Unit value $ 15.94 $ 17.26 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,700 3,276 ------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond ------------------------------------------------------------------------------------------------------------------ Unit value $ 10.34 $ 10.68 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 478 339 ------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index ------------------------------------------------------------------------------------------------------------------ Unit value $ 10.97 $ 16.85 ------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,545 2,937 ------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------ 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 18.20 $ 15.17 $ 14.56 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 13,475 14,461 15,533 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Long Term Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.07 $ 10.01 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 370 139 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.29 $ 10.61 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 438 94 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.77 $ 10.57 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 117 54 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.40 $ 11.16 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 597 444 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 16.57 $ 15.34 $ 14.02 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 13,414 14,341 14,238 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.98 $ 11.78 $ 11.21 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 11,305 12,783 13,609 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 17.81 $ 16.03 $ 14.57 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 8,423 8,724 9,029 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 30.57 $ 29.61 $ 29.20 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,365 1,411 1,417 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Montag & Caldwell Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.97 $ 4.66 $ 4.47 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 143 137 13 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mutual Shares ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.71 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 372 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Global ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.10 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 135 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Opportunity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.94 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 12 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Small Cap ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.10 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 20 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO Real Return ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.86 $ 9.94 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,522 1,269 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Quality Bond PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 16.71 $ 16.29 $ 16.17 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,669 4,057 4,383 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.26 $ 9.99 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 356 189 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 17.38 $ 14.94 $ 14.50 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,525 3,854 4,174 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------------------------- 2003 2002 2001 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.99 $ 10.22 $ 11.97 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 14,531 4,578 114 ------------------------------------------------------------------------------------------------------------------------------------ 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 $ 12.84 $ 9.91 $ 11.35 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 13,403 2,875 2 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.78 $ 6.89 $ 8.56 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 12,491 2,799 19 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.51 $ 9.51 $ 11.28 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 8,508 3,161 37 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 29.33 $ 29.52 $ 29.51 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,972 1,554 256 ------------------------------------------------------------------------------------------------------------------------------------ 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 Opportunity ------------------------------------------------------------------------------------------------------------------------------------ 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/Quality Bond PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.77 $ 15.42 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,326 1,432 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.48 $ 8.66 $ 11.07 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,847 1,053 23 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------------------------- 2000 1999 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.75 $ 12.13 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 54 46 ------------------------------------------------------------------------------------------------------------------------------------ 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/Mid Cap Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.00 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 7 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.98 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 9 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 28.84 $ 27.54 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 266 360 ------------------------------------------------------------------------------------------------------------------------------------ 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 Opportunity ------------------------------------------------------------------------------------------------------------------------------------ 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/Quality Bond PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.99 $ 11.51 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 18 18 ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------------------------- 2008 2007 2006 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T.Rowe Price Growth Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.27 $ 17.99 $ 16.98 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,438 1,687 96 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Templeton Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.35 $ 10.86 $ 10.76 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 561 775 237 ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 3.75 $ 6.32 $ 6.33 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 283 498 473 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Comstock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.17 $ 11.51 $ 11.95 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 493 559 811 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Emerging Markets Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.30 $ 26.83 $ 19.12 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,004 3,820 4,088 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.42 $ 16.17 $ 13.37 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 971 936 320 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 35.69 $ 67.76 $ 61.57 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 162 185 238 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.32 $ 12.17 $ 11.59 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 8,401 9,376 10,117 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.48 $ 13.11 $ 12.18 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,706 2,899 3,342 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 25.79 $ 34.12 $ 33.49 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,545 3,358 3,901 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.89 $ 18.96 $ 17.07 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,888 3,283 3,610 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.70 $ 12.89 $ 12.42 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,747 2,196 2,469 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.76 $ 10.67 $ 9.71 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,514 3,987 4,513 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.15 $ 14.81 $ 14.47 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,173 4,869 5,608 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.79 $ 12.18 $ 11.01 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,628 5,331 6,249 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.78 $ 13.87 $ 14.03 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,405 4,059 4,691 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------------------------- 2005 2004 2003 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T.Rowe Price Growth Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 17.90 $ 17.42 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 88 19 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Templeton Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.61 $ 5.21 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 215 12 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Comstock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.44 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 393 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Emerging Markets Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.12 $ 10.76 $ 8.81 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,095 3,531 27,090 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.39 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 133 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 59.29 $ 55.46 $ 50.07 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 264 269 265 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.30 $ 11.24 $ 10.96 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 11,139 12,384 12,153 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.72 $ 11.09 $ 10.01 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,665 3,994 3,394 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 30.83 $ 30.28 $ 28.20 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,366 4,900 4,511 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.79 $ 12.09 $ 10.38 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 3,367 3,660 3,008 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.07 $ 10.50 $ 9.69 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,709 2,980 2,952 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.82 $ 9.24 $ 8.77 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 5,006 6,362 5,953 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.27 $ 11.60 $ 10.26 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 6,137 6,199 5,210 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.17 $ 9.50 $ 8.60 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 7,050 8,108 7,657 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.38 $ 11.67 $ 10.25 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 5,098 5,827 5,443 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------------------------- 2002 2001 2000 1999 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T.Rowe Price Growth Stock ------------------------------------------------------------------------------------------------------------------------------------ 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 $ 5.72 $ 6.15 $ 6.56 $ 11.08 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 737 43 55 52 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 36.85 $ 52.44 $ 70.94 $ 82.86 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 161 153 185 213 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.69 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,285 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.91 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 929 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 23.29 $ 24.29 $ 24.42 $ 27.13 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 903 221 260 329 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.82 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 923 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.65 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,004 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.80 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,130 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.92 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,722 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.21 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,602 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.38 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 1,889 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------------------------- 2008 2007 2006 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Company Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.21 $ 9.12 $ 8.90 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 728 884 680 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.90 $ 17.76 $ 19.94 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 4,558 5,608 6,898 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Technology ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.52 $ 12.47 $ 10.68 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,156 2,575 2,567 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------------------------- 2005 2004 2003 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Company Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.17 $ 7.70 -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 554 19 -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 17.38 $ 16.80 $ 14.55 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 7,963 8,796 8,124 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Technology ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.07 $ 9.16 $ 8.83 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,975 3,498 1,530 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ----------------------------------------- 2002 2001 2000 1999 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Company Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.70 $ 12.57 $ 10.81 $ 9.23 ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 2,322 111 41 20 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Technology ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.67 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Number of units outstanding (000's) 306 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
24 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green The unit values and number of units outstanding shown below are for contracts offered under Separate Account No. 45 and Separate Account No. 49 with the same daily asset charges of 1.35%.
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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ---------------------------------------------------------------------- 2008 2007 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ AXA Aggressive Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.27 $ 13.79 $ 13.16 $ 11.32 $ 10.62 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 844 603 595 286 51 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,566 1,649 1,595 1,278 688 ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.00 $ 11.39 $ 10.92 $ 10.40 $ 10.29 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 780 434 343 285 131 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,542 1,016 438 492 237 ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.40 $ 11.82 $ 11.36 $ 10.59 $ 10.39 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 798 636 456 367 150 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,565 974 946 948 426 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 38.88 $ 52.19 $ 49.78 $ 45.74 $ 44.24 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,952 2,239 2,505 2,919 3,361 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,346 1,500 1,399 1,314 1,132 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.93 $ 13.27 $ 12.64 $ 11.19 $ 10.63 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3,168 2,958 1,913 711 256 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,241 6,731 6,975 4,170 1,617 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 151.18 $ 272.69 $ 267.14 $ 244.64 $ 237.75 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 430 529 687 900 1,044 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 555 670 876 1,138 1,384 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 20.41 $ 19.97 $ 18.95 $ 18.62 $ 18.65 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 860 1,014 1,287 1,772 2,322 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 571 579 773 1,100 1,348 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.87 $ 20.30 $ 18.42 $ 15.12 $ 13.29 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2,218 2,628 3,112 3,477 3,816 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,498 1,872 2,019 2,553 2,475 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.42 $ 20.92 $ 18.17 $ 16.90 $ 15.36 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 781 916 1,201 1,468 1,733 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,048 2,476 3,532 4,499 5,465 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Ariel Appreciation II ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.81 $ 11.22 $ 11.50 $ 10.49 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 42 34 28 12 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 57 51 19 2 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock Basic Value Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.11 $ 24.14 $ 24.18 $ 20.27 $ 19.96 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,458 1,752 2,213 2,721 3,230 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,799 2,291 2,960 3,782 4,699 ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock International Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.00 $ 24.89 $ 22.90 $ 18.47 $ 16.89 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 848 1,077 1,280 1,346 1,244 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,114 4,966 6,421 7,759 9,124 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Boston Advisors Equity Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.63 $ 6.93 $ 6.78 $ 5.92 $ 5.66 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 533 588 886 767 87 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 413 535 720 983 345 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, --------------------------------------------------------------------- 2003 2002 2001 2000 1999 ------------------------------------------------------------------------------------------------------------------------------------ AXA Aggressive Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 41.25 $ 35.10 $ 40.77 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3,674 3,926 2,511 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 732 407 289 -- -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 211.19 $ 143.14 $ 217.65 $ 247.21 $ 292.20 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,145 1,240 1,555 1,775 1,434 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,588 1,770 2,160 2,453 2,344 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 18.54 $ 18.40 $ 17.18 $ 16.14 $ 15.03 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2,993 4,099 3,288 2,333 2,057 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,651 1,739 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.40 $ 8.55 $ 9.64 $ 12.74 $ 16.81 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 4,111 3,907 737 839 591 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,639 208 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.66 $ 9.83 $ 14.28 $ 16.68 $ 14.88 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2,001 2,020 2,115 2,156 1,264 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 6,324 6,943 8,170 9,189 6,912 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Ariel Appreciation II ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock Basic Value Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 18.30 $ 14.14 $ 17.20 $ 16.52 $ 14.98 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3,348 3,538 3,681 3,305 2,567 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,955 5,160 5,603 5,888 5,766 ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock International Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.08 $ 11.14 $ 13.55 $ 17.50 $ 20.23 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,181 1,196 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 10,329 12,054 14,032 15,833 13,783 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Boston Advisors Equity Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, -------------------------------------------------------------------- 2008 2007 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.40 $ 10.00 $ 9.04 $ 8.71 $ 8.12 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 30 44 46 54 55 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 132 126 157 557 258 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.02 $ 13.64 $ 13.11 $ 12.38 $ 11.94 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 90 85 74 45 19 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,337 5,042 6,381 8,004 9,529 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.80 $ 13.11 $ 13.08 $ 11.83 $ 11.30 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,644 2,094 1,987 2,382 2,835 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 8,941 10,718 10,352 13,004 15,697 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Caywood-Scholl High Yield Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.96 $ 11.23 $ 11.07 $ 10.40 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 146 164 165 56 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 84 76 112 18 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Davis New York Venture ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.66 $ 11.10 $ 10.85 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 211 168 49 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 374 369 94 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 19.19 $ 31.03 $ 29.97 $ 26.40 $ 25.63 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,388 1,714 2,138 2,703 3,163 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,764 4,648 6,213 8,100 9,685 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen International Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.34 $ 10.80 $ 10.02 $ 9.82 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 417 225 104 8 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 499 227 125 16 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.00 $ 9.80 $ 8.92 $ 8.54 $ 8.33 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 199 239 292 365 431 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 309 351 275 431 573 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.06 $ 10.50 $ 10.43 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 578 609 222 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 474 444 141 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.41 $ 9.75 $ 10.82 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 86 33 8 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 170 47 14 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Templeton Founding Strategy ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.92 $ 9.52 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 282 245 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 619 308 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Mergers and Acquisitions ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.08 $ 11.86 $ 11.63 $ 10.50 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 137 178 114 54 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 66 77 74 17 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Small Company Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 20.28 $ 29.65 $ 27.50 $ 23.46 $ 22.79 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 264 267 191 183 31 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 295 311 141 170 72 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, -------------------------------------------------------------------- 2003 2002 2001 2000 1999 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.94 $ 6.29 $ 8.67 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 39 29 10 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 189 89 6 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.46 $ 9.38 $ 12.90 $ 17.32 $ 21.35 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 20 13 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 11,360 13,307 16,512 19,069 17,154 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.33 $ 7.97 $ 10.72 $ 11.09 $ 10.61 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3,037 3,265 231 174 72 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 17,536 18,971 2,208 2,064 982 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Caywood-Scholl High Yield Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Davis New York Venture ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 23.57 $ 18.69 $ 24.41 $ 28.18 $ 31.67 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3,443 3,683 4,413 4,923 16 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 10,779 11,356 12,941 14,537 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen International Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.89 $ 5.79 $ 7.72 $ 9.43 $ 10.82 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 286 184 161 164 139 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 552 243 140 136 91 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Templeton Founding Strategy ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Mergers and Acquisitions ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Small Company Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------- 2008 2007 2006 2005 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.98 $ 16.51 $ 14.52 $ 12.35 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 429 388 502 525 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,946 2,344 3,119 3,695 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.63 $ 16.34 $ 14.25 $ 11.50 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 179 138 82 31 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 191 264 78 28 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.09 $ 14.57 $ 14.33 $ 13.96 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 758 1,111 1,273 1,222 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,114 5,253 6,838 8,972 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Value Opportunities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.30 $ 15.66 $ 16.07 $ 13.53 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 624 769 978 1,142 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 6,572 8,143 10,415 13,350 ------------------------------------------------------------------------------------------------------------------------------------ EQ Large Cap Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.69 $ 10.84 $ 10.58 $ 9.49 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 255 332 411 551 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,960 2,567 3,675 4,802 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.94 $ 7.86 $ 6.99 $ 7.13 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2,797 3,381 4,248 5,346 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,108 4,849 6,383 8,379 ------------------------------------------------------------------------------------------------------------------------------------ EQ Large Cap Growth Plus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.49 $ 17.21 $ 15.09 $ 14.19 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,885 2,262 2,809 3,663 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,436 4,084 5,280 6,697 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.51 $ 10.56 $ 11.38 $ 10.80 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 156 159 136 28 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 147 156 182 41 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.45 $ 16.90 $ 17.95 $ 14.99 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 5,687 7,503 2,657 3,058 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,274 5,583 6,430 8,002 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Long Term Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.02 $ 10.64 $ 10.04 $ 10.00 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 122 149 121 93 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 203 246 287 55 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.83 $ 12.51 $ 12.25 $ 10.60 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 75 87 119 26 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 211 356 490 93 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.73 $ 12.82 $ 11.74 $ 10.56 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 75 48 49 25 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 202 86 80 74 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.39 $ 12.27 $ 12.36 $ 11.15 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 152 211 193 240 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 197 259 214 210 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, -------------------------------------------------------------------- 2004 2003 2002 2001 2000 1999 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.68 $ 9.53 $ 7.29 $ 8.69 $ 11.14 $ 13.96 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 425 279 133 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,078 3,761 3,093 3,210 3,230 1,477 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.84 $ 13.48 $ 13.22 $ 12.23 $ 11.48 $ 10.44 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,021 985 903 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 10,774 12,484 14,961 14,916 13,606 12,838 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Value Opportunities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.20 $ 12.07 $ 9.64 $ 12.08 $ 13.14 $ 12.47 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,375 1,530 1,663 1,936 2,045 2,057 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 16,352 18,895 21,846 25,574 28,008 29,522 ------------------------------------------------------------------------------------------------------------------------------------ EQ Large Cap Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.98 $ 8.17 $ 6.79 $ 8.71 $ 10.51 $ 10.72 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 635 715 776 948 1,014 550 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,835 6,684 6,910 8,228 8,940 6,033 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.28 $ 5.88 $ 4.84 $ 7.12 $ 9.49 $ 11.79 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 6,276 7,382 8,409 10,884 12,132 6,304 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 9,271 10,777 12,339 15,780 17,298 8,614 ------------------------------------------------------------------------------------------------------------------------------------ EQ Large Cap Growth Plus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.19 $ 11.88 $ 9.31 $ 14.37 $ 22.09 $ 27.59 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 4,453 5,082 5,638 7,229 8,254 6,114 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 8,228 9,491 10,806 13,726 16,073 13,671 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.41 $ 12.88 $ 10.14 $ 11.90 $ 11.70 $ 12.10 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3,317 3,362 3,350 2,847 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 9,491 10,036 10,473 10,569 10,105 9,428 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Long Term Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------- 2008 2007 2006 2005 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.89 $ 18.49 $ 16.44 $ 15.24 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,203 1,298 1,541 1,644 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,313 1,429 1,821 2,123 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.86 $ 13.70 $ 12.86 $ 11.69 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 935 1,100 1,330 1,652 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,046 1,295 1,862 2,752 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.16 $ 17.04 $ 17.55 $ 15.82 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,128 1,472 1,921 2,356 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 780 1,031 1,465 2,388 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 30.60 $ 30.37 $ 29.41 $ 28.53 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,288 949 1,040 1,076 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,696 2,271 2,410 2,619 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Montag & Caldwell Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 3.87 $ 5.85 $ 4.91 $ 4.61 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 637 270 136 143 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 617 441 28 47 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mutual Shares ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.56 $ 10.74 $ 10.71 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 210 225 50 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 193 210 92 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Global ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.76 $ 11.57 $ 11.09 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 70 80 8 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 102 146 34 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Opportunity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.73 $ 11.15 $ 10.93 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 36 36 17 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 43 67 10 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Small Cap ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.55 $ 10.75 $ 11.10 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 30 26 12 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 42 51 9 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO Real Return ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.24 $ 10.82 $ 9.84 $ 9.93 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 991 393 330 253 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,173 444 431 308 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Quality Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.57 $ 16.89 $ 16.38 $ 15.99 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 223 293 353 490 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 324 436 459 574 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.28 $ 10.63 $ 10.23 $ 9.98 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 128 125 174 76 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 304 189 185 57 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.79 $ 16.60 $ 17.14 $ 14.76 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 558 662 793 914 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 995 1,203 1,660 2,139 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------- 2004 2003 2002 2001 2000 1999 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.95 $ 12.80 $ 9.89 $ 11.34 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,467 1,522 767 14 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,102 2,058 1,041 155 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.14 $ 9.73 $ 6.87 $ 8.54 $ 10.00 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,605 1,435 951 493 82 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,883 2,874 2,717 2,307 638 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.40 $ 12.39 $ 9.42 $ 11.20 $ 10.92 $ 10.53 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2,500 2,709 2,863 2,091 1,080 972 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,481 2,639 3,169 2,256 223 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 28.18 $ 28.34 $ 28.57 $ 28.61 $ 28.00 $ 26.78 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,221 1,537 2,299 2,501 1,860 2,900 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,938 3,834 5,633 6,273 5,065 7,278 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Montag & Caldwell Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.43 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 20 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mutual Shares ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Global ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Opportunity ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Small Cap ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO Real Return ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Quality Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.89 $ 15.53 $ 15.20 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 460 434 430 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 603 631 552 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.35 $ 12.36 $ 8.59 $ 11.01 $ 10.94 $ 11.48 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,073 1,030 859 899 989 756 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,622 3,320 2,817 3,131 3,340 2,922 ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, -------------------------------------------------------------------- 2008 2007 2006 2005 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T.Rowe Price Growth Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.96 $ 17.46 $ 16.51 $ 17.43 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 128 173 45 46 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 369 415 145 160 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Templeton Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.32 $ 10.83 $ 10.76 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 113 136 61 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 189 228 98 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 3.69 $ 6.24 $ 6.25 $ 5.55 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 152 214 193 114 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 108 129 177 169 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Comstock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.13 $ 11.47 $ 11.92 $ 10.43 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 159 159 251 156 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 244 298 350 250 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Emerging Markets Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.11 $ 26.41 $ 18.85 $ 13.94 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,341 1,728 1,993 2,131 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,671 2,238 2,967 3,667 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.37 $ 16.10 $ 13.34 $ 12.37 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 208 175 74 68 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 294 336 109 49 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 34.47 $ 65.53 $ 59.65 $ 57.52 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 139 170 220 284 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 305 364 467 585 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.19 $ 12.06 $ 11.50 $ 11.24 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 699 685 797 1,030 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 705 622 738 919 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.38 $ 12.99 $ 12.08 $ 11.65 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 296 261 346 460 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 275 273 360 464 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 24.94 $ 33.05 $ 32.49 $ 29.95 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 540 727 911 1,125 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,227 1,569 2,099 2,710 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.78 $ 18.79 $ 16.94 $ 13.70 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 400 453 524 462 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 528 652 762 657 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.62 $ 12.77 $ 12.33 $ 11.00 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 118 154 160 181 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 192 233 294 268 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.70 $ 10.58 $ 9.64 $ 9.76 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 228 253 336 424 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 415 486 568 759 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------- 2004 2003 2002 2001 2000 1999 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T.Rowe Price Growth Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 16.99 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 10 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 17 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Templeton Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.16 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 14 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 41 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Comstock ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Emerging Markets Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.64 $ 8.72 $ 5.67 $ 6.11 $ 6.53 $ 11.04 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,948 1,871 1,807 1,765 2,063 1,267 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,845 4,287 3,992 4,501 4,990 3,859 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 53.88 $ 48.73 $ 35.92 $ 51.19 $ 69.35 $ 81.12 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 334 375 404 513 595 553 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 710 812 899 1,101 1,253 1,163 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.19 $ 10.92 $ 10.67 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,247 1,242 1,119 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,011 1,187 1,217 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.04 $ 9.98 $ 7.90 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 484 378 205 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 567 383 235 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 29.46 $ 27.48 $ 22.73 $ 23.74 $ 23.90 $ 26.59 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,318 1,384 1,316 1,516 1,616 1,539 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,408 3,959 3,827 4,307 4,697 5,048 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.03 $ 10.34 $ 7.81 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 456 377 183 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 704 494 118 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.45 $ 9.66 $ 7.64 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 201 230 166 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 253 248 169 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.20 $ 8.74 $ 6.79 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 449 410 275 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 801 802 305 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, -------------------------------------------------------------------- 2008 2007 2006 2005 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.06 $ 14.68 $ 14.36 $ 12.20 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 404 440 512 544 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 478 700 1,027 1,404 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.72 $ 12.07 $ 10.93 $ 10.11 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 314 387 519 629 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 426 492 721 863 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.68 $ 13.75 $ 13.92 $ 12.30 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 333 339 535 605 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 410 587 779 911 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.14 $ 8.99 $ 8.79 $ 8.09 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 293 412 286 189 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 306 347 259 287 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.72 $ 17.49 $ 19.67 $ 17.17 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 392 554 761 919 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,179 2,770 3,861 5,204 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Technology ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.45 $ 12.36 $ 10.60 $ 10.01 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 444 513 609 854 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 537 647 737 1,024 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, --------------------------------------------------------------------- 2004 2003 2002 2001 2000 1999 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.54 $ 10.23 $ 7.91 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 503 429 344 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,102 698 384 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.45 $ 8.58 $ 6.20 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 806 761 429 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,078 1,104 369 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.62 $ 10.22 $ 7.37 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 904 765 486 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,203 820 388 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.63 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 68 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 29 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 16.63 $ 14.39 $ 10.62 $ 12.50 $ 10.76 $ 9.20 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 986 840 665 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 6,654 7,289 7,825 7,755 7,215 6,774 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Technology ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.12 $ 8.81 $ 5.66 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,028 278 44 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,493 571 264 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
30 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green The unit values and number of units outstanding shown below are for contracts offered under Separate Account No. 45 and Separate Account No. 49 with the same daily asset charges of 1.55%.
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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, -------------------------------------------------------------------- 2008 2007 2006 2005 ------------------------------------------------------------------------------------------------------------------------------------ AXA Aggressive Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.19 $ 13.68 $ 13.09 $ 11.28 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 667 566 265 106 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 44,143 31,080 6,793 342 ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.90 $ 11.30 $ 10.85 $ 10.36 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 992 549 334 254 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 18,171 4,087 1,202 501 ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.30 $ 11.73 $ 11.29 $ 10.55 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 779 627 429 360 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 16,064 7,023 2,537 671 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 37.11 $ 49.91 $ 47.71 $ 43.93 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,572 1,879 2045 2,273 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 18,036 9,394 3,387 762 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.84 $ 13.16 $ 12.57 $ 11.15 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3,625 3,240 2127 788 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 130,940 85,777 22,340 2,035 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 141.42 $ 255.59 $ 250.91 $ 230.23 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 232 289 361 422 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 423 392 361 370 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 19.69 $ 19.30 $ 18.35 $ 18.07 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,536 1,984 2414 2,944 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,058 813 747 873 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.60 $ 19.79 $ 17.99 $ 14.79 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2,398 2,956 3446 3,745 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 6,749 5,611 1,983 1,000 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.15 $ 20.47 $ 17.82 $ 16.60 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,540 1,874 2275 2,668 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,766 2,301 1,922 1,979 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Ariel Appreciation II ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.68 $ 11.03 $ 11.34 $ 10.36 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 30 27 15 4 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 709 507 100 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock Basic Value Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.75 $ 23.62 $ 23.71 $ 19.92 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,279 1,597 1927 2,336 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,421 2,381 1,301 1,147 ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock International Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.67 $ 24.36 $ 22.46 $ 18.15 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 781 1,017 1158 1,158 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,347 4,881 3,580 3,145 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------ 2004 2003 2002 2001 2000 ------------------------------------------------------------------------------------------------------------------------------------ AXA Aggressive Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.60 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 40 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 120 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.27 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 140 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 286 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.38 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 137 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 279 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 42.57 $ 39.77 $ 33.91 $ 39.47 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2,498 2,668 2,816 1,417 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 659 461 279 110 -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 224.21 $ 199.56 $ 135.53 $ 206.51 $ 235.03 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 469 489 510 468 217 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 430 484 521 499 204 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 18.13 $ 18.07 $ 17.97 $ 16.81 $ 15.83 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3,603 4,546 5,993 2,919 269 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,061 1,357 1,226 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.03 $ 11.20 $ 8.42 $ 9.51 $ 12.60 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3,983 4,195 3,915 702 389 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,008 1,052 135 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.12 $ 13.48 $ 9.71 $ 14.14 $ 16.56 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3,054 3,346 3,468 2,681 825 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,313 2,809 3,037 2,971 1,248 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Ariel Appreciation II ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock Basic Value Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 19.65 $ 18.05 $ 13.98 $ 17.04 $ 16.40 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2,719 2,785 2,900 1,793 275 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,430 1,339 1,334 1,071 299 ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock International Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 16.63 $ 13.89 $ 11.02 $ 13.42 $ 17.37 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,121 1,114 1,121 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,356 3,673 4,227 4,268 2,110 ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, --------------------------------------------------------------------- 2008 2007 2006 2005 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Boston Advisors Equity Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.54 $ 6.81 $ 6.67 $ 5.84 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 433 479 620 632 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,897 2,391 1,207 536 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.30 $ 9.83 $ 8.91 $ 8.60 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 43 46 52 53 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 636 349 147 65 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.83 $ 13.35 $ 12.86 $ 12.16 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 120 120 86 60 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,107 3,136 2,540 2,470 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.65 $ 12.88 $ 12.87 $ 11.67 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,315 1,850 1219 1,450 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 6,117 7,563 4,914 5,540 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Caywood-Scholl High Yield Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.90 $ 11.17 $ 11.04 $ 10.38 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 178 180 178 53 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,019 1,451 382 65 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Davis New York Venture ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.63 $ 11.07 $ 10.84 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 263 156 35 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,304 3,797 665 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 18.62 $ 30.17 $ 29.20 $ 15.77 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 812 979 1200 1,369 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,288 4,204 3,534 3,726 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen International Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.19 $ 10.68 $ 9.92 $ 9.74 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 454 169 85 4 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,387 1,997 457 9 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.86 $ 9.62 $ 8.78 $ 8.42 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 348 402 432 488 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,482 1,089 319 349 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.03 $ 10.47 $ 10.42 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 619 694 200 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 8,326 6,851 1,076 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.38 $ 9.73 $ 10.82 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 69 37 12 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,829 936 153 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Templeton Founding Strategy ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.90 $ 9.50 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 157 104 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 27,745 13,483 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Mergers and Acquisitions ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.01 $ 11.80 $ 11.59 $ 10.49 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 138 180 116 33 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,577 1,416 425 11 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ---------------------------------------------------------------------- 2004 2003 2002 2001 2000 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Boston Advisors Equity Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.59 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 71 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 306 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.03 $ 7.87 $ 6.25 $ 8.63 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 30 38 35 3 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 88 101 79 19 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.75 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 25 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,815 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.18 $ 10.23 $ 7.91 $ 10.66 $ 11.05 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,594 1,685 1,728 283 110 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 6,418 6,957 7,543 2,052 628 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Caywood-Scholl High Yield Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Davis New York Venture ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 25.07 $ 23.10 $ 18.36 $ 24.03 $ 27.79 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,508 1,538 1,539 1,082 421 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,345 4,750 5,020 4,534 1,524 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen International Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.23 $ 7,80 $ 5.74 $ 7.67 $ 9.39 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 647 514 419 233 39 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 400 500 378 182 47 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Templeton Founding Strategy ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Mergers and Acquisitions ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------- 2008 2007 2006 2005 ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Small Company Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 19.46 $ 28.50 $ 26.49 $ 22.64 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 243 223 148 129 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,270 2,211 519 111 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.81 $ 16.22 $ 14.30 $ 12.18 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 371 338 355 366 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,686 3,598 2,904 2,599 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.55 $ 16.25 $ 14.20 $ 11.48 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 147 113 39 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,704 1,865 310 5 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.80 $ 14.28 $ 14.07 $ 13.73 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 782 1,284 1,359 1,399 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 6,813 8,678 7,950 8,015 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Value Opportunities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.09 $ 15.32 $ 15.76 $ 13.30 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 279 361 415 466 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,921 3,721 4,048 4,589 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.56 $ 10.64 $ 10.41 $ 9.36 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 276 327 412 507 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,845 3,557 4,130 4,965 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.85 $ 7.72 $ 6.88 $ 7.03 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2,657 3,164 4038 4,648 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 7,722 7,920 7,569 9,117 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.24 $ 16.84 $ 14.80 $ 13.94 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 909 1,065 1228 1,421 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,719 2,698 2,090 2,422 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.42 $ 10.36 $ 11.19 $ 10.64 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 64 68 63 20 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,742 1,312 738 113 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.24 $ 16.56 $ 17.62 $ 14.75 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 5,899 7,968 3035 3,256 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 8,454 9,126 5,695 5,091 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Long Term Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.94 $ 10.58 $ 10.01 $ 9.99 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 170 151 145 108 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,241 1,048 567 30 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.77 $ 12.44 $ 12.21 $ 10.58 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 57 88 124 16 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,303 1,062 501 58 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.66 $ 12.75 $ 11.70 $ 10.55 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 81 35 30 5 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,080 497 138 45 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ---------------------------------------------------------------------- 2004 2003 2002 2001 2000 ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Small Company Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 22.05 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 30 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 63 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.56 $ 9.44 $ 7.23 $ 8.65 $ 11.10 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 328 238 100 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,863 2,832 2,786 2,530 1,050 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.65 $ 13.32 $ 13.09 $ 12.13 $ 11.41 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,172 1,191 1,232 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 8,979 10,672 12,695 8,943 1,427 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Value Opportunities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.99 $ 11.90 $ 9.53 $ 11.97 $ 13.04 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 509 568 620 398 80 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,234 6,009 6,939 6,123 1,419 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.87 $ 8.08 $ 6.73 $ 8.66 $ 10.47 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 599 642 706 584 298 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,788 6,613 7,231 7,160 2,262 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.21 $ 5.82 $ 4.80 $ 7.08 $ 9.46 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 5,347 6,234 6,946 6,887 3,355 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 10,421 11,828 13,521 14,217 6,200 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.99 $ 11.72 $ 9.20 $ 14.23 $ 21.92 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,652 1,886 2,080 2,260 1,301 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,867 3,344 3,796 4,345 2,112 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.21 $ 12.72 $ 10.04 $ 11.80 $ 11.63 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3,414 3,447 3,347 1,416 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,823 6,106 6,520 4,851 1,119 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Long Term Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, --------------------------------------------------------------------- 2008 2007 2006 2005 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.33 $ 12.20 $ 12.32 $ 11.13 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 139 142 117 140 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,698 2,108 531 120 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.73 $ 18.25 $ 16.26 $ 15.11 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,092 1,275 1408 1,386 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 9,050 5,863 2,666 1,390 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.74 $ 13.50 $ 12.70 $ 11.56 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,671 2,075 2486 2,857 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 7,091 6,060 4,317 4,297 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.92 $ 16.67 $ 17.21 $ 15.54 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2,080 2,791 3415 3,954 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,049 3,624 3,215 3,279 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 28.93 $ 28.78 $ 27.92 $ 27.14 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,454 1,294 1184 1,196 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,634 3,506 2,933 1,954 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Montag & Caldwell Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 3.79 $ 5.74 $ 4.83 $ 4.54 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 607 124 62 58 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,847 1,806 155 14 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mutual Shares ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.53 $ 10.71 $ 10.70 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 170 194 47 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,890 3,519 623 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Global ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.73 $ 11.54 $ 11.09 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 59 58 17 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,347 1,565 227 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Opportunity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.70 $ 11.12 $ 10.92 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 15 14 6 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 968 683 158 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Small Cap ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.52 $ 10.73 $ 11.09 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 32 29 9 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,367 1,020 186 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO Real Return ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.17 $ 10.76 $ 9.81 $ 9.92 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,103 493 337 248 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 11,794 3,625 1,202 300 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Quality Bond PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.10 $ 16.41 $ 15.95 $ 15.60 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 279 352 389 490 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,534 1,355 630 455 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.20 $ 10.57 $ 10.20 $ 9.97 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 144 191 140 80 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,549 603 205 25 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------- 2004 2003 2002 2001 2000 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.86 $ 12.74 $ 9.87 $ 11.33 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,261 1,331 616 32 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,251 1,338 701 89 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.04 $ 9.67 $ 6.84 $ 8.52 $ 9.99 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3,046 3,156 2,863 1,550 58 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,997 5,343 5,392 4,418 609 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.18 $ 12.22 $ 9.32 $ 11.09 $ 10.84 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 4,357 4,738 5,068 2,457 70 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,574 3,783 4,067 3,015 198 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 26.87 $ 27.08 $ 27.35 $ 27.44 $ 26.91 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,317 1,572 2,248 2,060 571 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,306 3,186 4,967 4,110 826 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Montag & Caldwell Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.38 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 6 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mutual Shares ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Global ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Opportunity ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Small Cap ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO Real Return ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Quality Bond PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.54 $ 15.21 $ 14.92 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 489 495 429 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 480 519 474 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------- 2008 2007 2006 2005 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.55 $ 16.27 $ 16.83 $ 14.52 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 461 571 681 710 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,777 2,196 1,231 854 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T.Rowe Price Growth Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.55 $ 16.79 $ 15.90 16.83 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 410 471 27 41 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,310 2,146 71 15 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Templeton Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.29 $ 10.80 $ 10.75 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 87 124 39 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,287 2,998 531 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 3.62 $ 6.12 $ 6.15 $ 5.47 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 116 141 158 107 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,130 1,796 424 102 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Comstock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.08 $ 11.41 $ 11.88 $ 10.41 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 107 123 142 85 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,035 1,990 900 131 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Emerging Markets Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.86 $ 25.86 $ 18.50 $ 13.71 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,328 1,520 1689 1,667 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 8,369 5,992 2,602 1,632 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.31 $ 16.02 $ 13.29 $ 12.36 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 213 145 44 35 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,782 2,291 361 40 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 32.90 $ 62.68 $ 57.17 $ 55.24 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 39 49 62 76 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 210 180 171 172 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.02 $ 11.91 $ 11.39 $ 11.14 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 966 1,145 1341 1,555 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,422 2,253 1,474 1,199 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.25 $ 12.83 $ 11.96 $ 11.56 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 295 344 427 462 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,361 1,640 696 453 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 23.85 $ 31.67 $ 31.19 $ 28.82 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 536 755 896 1,045 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,874 2,103 1,654 1,626 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.64 $ 18.56 $ 16.77 $ 13.59 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 417 488 569 462 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,649 2,753 1,168 480 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.51 $ 12.62 $ 12.21 $ 10.92 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 192 251 302 332 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 981 750 346 269 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.62 $ 10.45 $ 9.54 $ 9.68 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 314 368 512 600 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------- 2004 2003 2002 2001 2000 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.15 $ 12.21 $ 8.50 $ 10.92 $ 10.87 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 783 789 660 361 106 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,001 1,152 974 825 270 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T.Rowe Price Growth Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 16.44 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 9 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Templeton Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.10 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 6 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Comstock ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Emerging Markets Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.48 $ 8.61 $ 5.61 $ 6.06 $ 6.49 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,556 1,439 1,441 1,014 541 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,515 1,462 1,464 1,482 881 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 51.85 $ 46.99 $ 34.70 $ 49.56 $ 67.28 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 88 99 102 118 36 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 181 211 241 249 106 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.13 $ 10.88 $ 10.65 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,721 1,778 1,483 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,470 1,625 1,594 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.98 $ 9.94 $ 7.88 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 473 420 347 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 565 375 264 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 28.41 $ 26.55 $ 22.00 $ 23.03 $ 23.23 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,146 1,144 1,013 696 145 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,924 2,218 1,906 1,632 432 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.96 $ 10.30 $ 7.79 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 473 456 346 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 411 323 108 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.39 $ 9.62 $ 7.63 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 382 403 338 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 397 296 201 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.15 $ 8.71 $ 6.77 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 712 701 571 -- -- ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, -------------------------------------------------------------------- 2008 2007 2006 2005 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,942 1,621 999 613 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.93 $ 14.50 $ 14.21 $ 12.10 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 462 510 606 636 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,416 2,431 1,285 919 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.62 $ 11.92 $ 10.82 $ 10.03 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 535 685 807 975 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,770 1,398 884 663 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.56 $ 13.58 $ 13.78 $ 12.20 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 451 510 656 774 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,982 1,394 838 550 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.03 $ 8.83 $ 8.65 $ 7.97 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 240 362 218 117 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,484 2,924 627 195 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.48 $ 17.14 $ 19.31 $ 16.89 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 326 512 683 796 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,879 2,209 2,465 2,629 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Technology ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.36 $ 12.21 $ 10.49 $ 9.93 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,152 1,391 1590 1,869 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,243 3,629 2,459 2,792 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------- 2004 2003 2002 2001 2000 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 930 759 424 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.47 $ 10.18 $ 7.89 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 613 560 565 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 809 635 503 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.40 $ 8.54 $ 6.19 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,099 1,103 768 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 773 720 427 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.54 $ 10.18 $ 7.35 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 995 827 678 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 720 545 364 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.53 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 30 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 11 -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 16.39 $ 14.22 $ 10.51 $ 12.39 $ 10.69 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 837 707 482 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,013 3,182 3,460 2,447 588 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Technology ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.07 $ 8.77 $ 5.65 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2,185 284 150 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,478 278 386 -- -- ------------------------------------------------------------------------------------------------------------------------------------
36 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green The unit values and number of units outstanding shown below are for contracts offered under Separate Account No. 45 and Separate Account No. 49 with the same daily asset charges of 1.60%.
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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ---------------------------------------------------------------------- 2008 2007 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ AXA Aggressive Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.17 $ 13.65 $ 13.07 $ 11.26 $ 10.59 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 121 152 189 92 24 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,922 3,517 3,308 1,298 726 ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.88 $ 11.28 $ 10.84 $ 10.35 $ 10.27 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 440 256 190 168 63 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,454 1,731 1,508 1,073 686 ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.28 $ 11.71 $ 11.28 $ 10.54 $ 10.37 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 681 594 462 397 279 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,852 1,825 1,741 1,299 787 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 36.68 $ 49.36 $ 47.21 $ 43.48 $ 42.17 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 963 1,073 1,195 1,301 1,400 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,966 3,439 3,955 4,167 3,907 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.82 $ 13.14 $ 12.55 $ 11.14 $ 10.61 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,558 1,599 1043 408 180 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 8,765 10,293 11,247 7,926 3,664 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 139.08 $ 251.49 $ 247.00 $ 226.77 $ 220.94 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 127 159 200 244 275 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 308 377 490 586 683 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 19.51 $ 19.14 $ 18.20 $ 17.94 $ 18.01 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,090 1,229 1,493 1,833 2,200 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,664 1,956 2,358 2,881 3,326 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.53 $ 19.66 $ 17.88 $ 14.71 $ 12.97 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,144 1,393 1,534 1,664 1,745 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,496 3,456 4,168 4,498 4,337 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.09 $ 20.36 $ 17.73 $ 16.53 $ 15.07 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 604 718 908 1,100 1,230 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,882 2,356 3,069 3,839 4,346 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Ariel Appreciation II ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.67 $ 11.02 $ 11.33 $ 10.36 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 12 19 17 5 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 85 89 99 53 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock Basic Value Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.66 $ 23.49 $ 23.60 $ 19.83 $ 19.58 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 627 774 917 1,046 1,213 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,175 2,711 3,644 4,227 4,909 ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock International Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.59 $ 24.23 $ 22.35 $ 18.07 $ 16.57 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 313 437 514 514 468 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,472 3,272 4,311 4,992 5,077 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ---------------------------------------------------------------------- 2003 2002 2001 2000 1999 ------------------------------------------------------------------------------------------------------------------------------------ AXA Aggressive Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 39.41 $ 33.62 $ 39.15 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,489 1,564 1,005 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,733 598 97 -- -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 196.75 $ 133.70 $ 203.81 $ 232.08 $ 275.01 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 301 314 380 310 66 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 689 581 661 618 255 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 17.95 $ 17.86 $ 16.72 $ 15.75 $ 14.70 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2,818 3,868 2,545 486 59 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,448 2,501 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.15 $ 8.38 $ 9.48 $ 12.56 $ 16.61 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,928 1,910 404 302 38 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,026 604 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.43 $ 9.69 $ 14.11 $ 16.53 $ 14.78 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,362 1,384 1,276 718 30 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,534 3,377 3,423 3,189 818 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Ariel Appreciation II ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock Basic Value Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 17.99 $ 13.94 $ 17.00 $ 16.37 $ 14.88 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,296 1,419 1,305 431 163 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,335 2,235 1,559 1,079 173 ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock International Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.84 $ 10.98 $ 13.39 $ 17.34 $ 20.10 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 487 498 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,316 3,555 3,126 2,033 771 ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------- 2008 2007 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Boston Advisors Equity Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.51 $ 6.78 $ 6.64 $ 5.82 $ 5.57 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 319 306 421 387 56 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 613 684 907 1,277 370 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.28 $ 9.79 $ 8.87 $ 8.57 $ 8.01 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 9 8 10 10 11 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 206 250 367 468 498 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.79 $ 13.28 $ 12.80 $ 12.11 $ 11.71 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 109 145 134 45 29 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,689 2,030 2,547 2,581 2,715 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.61 $ 12.83 $ 12.82 $ 11.63 $ 11.14 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 659 910 654 775 867 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 13,273 16,294 9,568 11,228 12,694 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Caywood-Scholl High Yield Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.88 $ 11.15 $ 11.03 $ 10.38 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 90 139 108 40 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 240 246 247 113 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Davis New York Venture ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.62 $ 11.06 $ 10.84 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 75 99 33 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 780 634 332 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 18.48 $ 29.96 $ 29.01 $ 25.62 $ 24.94 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 453 582 723 864 968 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,011 6,391 8,474 10,127 11,584 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen International Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.17 $ 10.66 $ 9.92 $ 9.74 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 316 113 61 4 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,062 777 471 36 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.82 $ 9.58 $ 8.74 $ 8.39 $ 8.20 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 147 174 157 190 242 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,192 1,455 1,731 2,184 2,500 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.02 $ 10.46 $ 10.42 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 388 447 120 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,489 2,051 730 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.37 $ 9.72 $ 10.81 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 73 29 7 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 250 73 51 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Templeton Founding Strategy ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.90 $ 9.50 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 122 61 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,164 1,153 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Mergers and Acquisitions ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.99 $ 11.78 $ 11.58 $ 10.49 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 67 64 44 19 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 171 230 268 107 -- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, -------------------------------------------------------------------- 2003 2002 2001 2000 1999 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Boston Advisors Equity Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.86 $ 6.24 $ 8.62 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 25 38 6 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 478 128 13 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.27 $ 9.24 $ 12.75 $ 17.16 $ 21.20 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 39 16 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,971 2,171 2,221 1,658 576 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.21 $ 7.89 $ 10.65 $ 11.04 $ 10.60 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 896 961 166 112 13 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 12,682 9,408 3,151 2,953 987 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Caywood-Scholl High Yield Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Davis New York Venture ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 22.99 $ 18.28 $ 23.93 $ 27.69 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,030 1,042 1,038 734 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 11,512 7,152 6,601 6,057 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen International Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.79 $ 5.73 $ 7.66 $ 9.38 $ 10.80 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 184 143 90 17 8 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,016 424 141 78 6 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Templeton Founding Strategy ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Mergers and Acquisitions ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, -------------------------------------------------------------------- 2008 2007 2006 2005 ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Small Company Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 19.26 $ 28.22 $ 26.24 $ 22.44 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 150 151 102 89 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 302 300 291 339 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.76 $ 16.15 $ 14.24 $ 12.14 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 228 212 235 191 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,817 7,394 9,957 11,032 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.54 $ 16.23 $ 14.19 $ 11.48 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 110 94 24 3 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 378 409 273 98 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.73 $ 14.21 $ 14.01 $ 13.68 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 577 869 924 943 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 7,829 10,140 12,428 14,021 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Value Opportunities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.03 $ 15.24 $ 15.68 $ 13.24 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 184 229 281 306 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,578 3,182 4,115 4,803 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.53 $ 10.60 $ 10.37 $ 9.33 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 183 230 298 328 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,012 5,022 6,684 7,849 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.82 $ 7.69 $ 6.86 $ 7.01 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,522 1,913 2,322 2,818 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 7,705 9,407 11,991 14,352 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.18 $ 16.75 $ 14.72 $ 13.88 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 537 676 791 957 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,095 2,691 3,075 3,566 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.41 $ 10.35 $ 11.18 $ 10.63 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 52 73 63 6 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 306 503 784 195 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.19 $ 16.48 $ 17.54 $ 14.69 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2,907 3,862 1,465 1,617 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 10,639 13,726 13,777 15,585 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Long Term Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.92 $ 10.57 $ 10.00 $ 9.98 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 89 99 64 55 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 276 315 390 431 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.76 $ 12.42 $ 12.20 $ 10.58 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 73 116 83 13 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 323 368 502 135 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.65 $ 12.73 $ 11.69 $ 10.54 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 48 29 22 21 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 207 161 166 132 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------- 2004 2003 2002 2001 2000 1999 ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Small Company Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 21.86 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 21 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 74 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.53 $ 9.42 $ 7.22 $ 8.64 $ 11.09 $ 13.93 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 193 146 59 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 11,933 10,611 5,973 5,697 5,514 1,286 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.60 $ 13.28 $ 13.05 $ 12.10 $ 11.40 $ 10.39 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 748 804 702 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 15,208 16,175 13,419 10,537 5,112 2,026 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Value Opportunities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.94 $ 11.86 $ 9.51 $ 11.94 $ 13.02 $ 12.39 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 338 377 359 287 124 12 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,325 5,701 4,777 4,156 1,755 978 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.84 $ 8.07 $ 6.72 $ 8.64 $ 10.45 $ 10.70 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 421 474 474 543 359 103 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 8,941 9,707 8,237 8,655 7,052 2,906 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.19 $ 5.81 $ 4.79 $ 7.07 $ 9.45 $ 11.77 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3,283 3,962 4,522 5,608 4,909 1,112 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 15,822 17,115 16,550 18,765 17,412 5,630 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.94 $ 11.68 $ 9.18 $ 14.20 $ 21.88 $ 27.40 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,142 1,345 1,556 1,966 1,834 383 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,258 4,710 4,661 5,707 5,759 1,680 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.16 $ 12.68 $ 10.01 $ 11.78 $ 11.61 $ 12.04 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,814 1,839 1,712 1,138 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 17,155 15,959 8,615 6,000 3,700 1,532 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Long Term Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, -------------------------------------------------------------------- 2008 2007 2006 2005 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.32 $ 12.18 $ 12.31 $ 11.13 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 106 128 115 102 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 354 480 519 490 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.69 $ 18.20 $ 16.22 $ 15.07 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 569 676 745 712 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,954 7,491 10,192 11,276 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.71 $ 13.45 $ 12.66 $ 11.53 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 823 1,036 1,207 1,413 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,117 6,276 8,561 10,309 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.86 $ 16.58 $ 17.13 $ 15.47 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 873 1,135 1,391 1,673 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,335 4,320 6,178 7,278 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 28.54 $ 28.40 $ 27.57 $ 26.81 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,382 1,201 1,177 1,247 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,635 3,889 3,996 4,058 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Montag & Caldwell Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 3.77 $ 5.72 $ 4.81 $ 4.53 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 224 79 29 44 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,065 656 206 172 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mutual Shares ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.52 $ 10.70 $ 10.70 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 89 121 23 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 499 748 372 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Global ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.72 $ 11.53 $ 11.09 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 44 68 12 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 230 230 61 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Opportunity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.69 $ 11.11 $ 10.92 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 8 5 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 63 66 21 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Small Cap ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.51 $ 10.72 $ 11.09 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 15 32 14 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 148 123 30 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO Real Return ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.15 $ 10.75 $ 9.80 $ 9.92 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 742 316 206 120 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,800 1,098 1,411 848 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Quality Bond PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.98 $ 16.29 $ 15.84 $ 15.50 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 196 219 243 296 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,459 1,861 2,329 2,753 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.18 $ 10.56 $ 10.19 $ 9.96 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 145 84 104 26 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 628 588 593 132 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, -------------------------------------------------------------------- 2004 2003 2002 2001 2000 1999 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.84 $ 12.72 $ 9.86 $ 11.33 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 676 685 427 24 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 11,463 10,296 2,423 78 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.02 $ 9.65 $ 6.83 $ 8.51 $ 9.99 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,558 1,665 1,471 932 126 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 11,422 10,509 4,322 2,644 617 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.13 $ 12.18 $ 9.29 $ 11.07 $ 10.82 $ 10.45 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,805 2,005 2,145 1,487 87 18 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 7,736 7,229 3,714 2,090 251 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 26.55 $ 26.78 $ 27.06 $ 27.16 $ 26.65 $ 25.55 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,478 1,911 2,863 3,954 1,882 549 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,693 6,370 9,288 13,759 -- 9,875 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Montag & Caldwell Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.36 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 19 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mutual Shares ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Global ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Opportunity ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Small Cap ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO Real Return ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Quality Bond PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.45 $ 15.13 $ 14.85 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 279 282 347 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,951 3,122 1,064 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------- 2008 2007 2006 2005 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.49 $ 16.18 $ 16.75 $ 14.46 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 227 281 323 325 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,675 2,100 2,912 3,372 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T.Rowe Price Growth Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.45 $ 16.62 $ 15.76 $ 16.68 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 268 293 12 13 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,328 1,641 104 146 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Templeton Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.29 $ 10.80 $ 10.75 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 65 109 28 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 411 572 298 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 3.60 $ 6.10 $ 6.12 $ 5.45 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 48 65 69 33 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 145 300 397 286 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Comstock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.07 $ 11.39 $ 11.87 $ 10.41 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 107 116 129 40 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 491 424 647 410 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Emerging Markets Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.79 $ 25.72 $ 18.41 $ 13.65 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 687 810 929 929 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,396 3,354 4,518 5,043 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.29 $ 16.00 $ 13.28 $ 12.35 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 127 73 30 33 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 412 507 322 172 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 32.52 $ 61.99 $ 56.56 $ 54.68 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 32 39 53 62 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 186 233 292 331 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.97 $ 11.87 $ 11.36 $ 11.12 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 707 822 915 1,033 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,240 5,230 6,686 7,527 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.21 $ 12.79 $ 11.93 $ 11.53 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 180 179 223 269 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,104 1,241 1,865 2,078 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 23.59 $ 31.34 $ 30.88 $ 28.55 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 300 409 475 558 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,063 2,743 3,798 4,585 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.61 $ 18.51 $ 16.73 $ 13.57 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 279 343 377 423 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,547 1,972 2,676 2,300 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.48 $ 12.58 $ 12.18 $ 10.89 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 96 154 175 208 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,012 1,291 1,745 1,956 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, -------------------------------------------------------------------- 2004 2003 2002 2001 2000 1999 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.10 $ 12.18 $ 8.48 $ 10.90 $ 10.86 $ 11.42 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 378 358 240 239 113 23 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,996 4,084 1,913 1,535 1,382 522 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T.Rowe Price Growth Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 16.30 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 19 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Templeton Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.08 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 4 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 69 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Comstock ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Emerging Markets Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.45 $ 8.58 $ 5.59 $ 6.04 $ 6.47 $ 10.97 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 860 837 857 821 715 126 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,587 4,232 2,823 3,043 2,958 962 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 51.36 $ 46.56 $ 34.41 $ 49.16 $ 66.77 $ 78.30 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 74 79 66 73 65 16 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 388 429 338 402 420 141 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.11 $ 10.87 $ 10.64 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1,124 1,240 1,234 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 8,293 8,217 3,282 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.96 $ 9.93 $ 7.88 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 301 265 189 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,231 1,758 398 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 28.15 $ 26.32 $ 21.83 $ 22.86 $ 23.07 $ 25.73 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 647 634 511 500 219 35 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,526 5,467 2,248 1,835 1,211 574 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.94 $ 10.29 $ 7.79 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 460 371 286 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,160 1,684 553 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.37 $ 9.61 $ 7.62 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 255 249 213 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,038 1,850 635 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, -------------------------------------------------------------------- 2008 2007 2006 2005 2004 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.60 $ 10.42 $ 9.52 $ 9.66 $ 9.13 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 210 290 355 356 384 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,508 3,015 4,202 4,551 4,852 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.90 $ 14.46 $ 14.18 $ 12.07 $ 11.46 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 229 309 326 300 304 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,480 3,218 4,325 4,766 4,712 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.60 $ 11.88 $ 10.79 $ 10.01 $ 9.38 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 242 327 402 460 503 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,611 3,156 4,520 5,281 6,078 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.53 $ 13.54 $ 13.75 $ 12.18 $ 11.53 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 235 288 386 425 575 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,077 2,710 3,885 4,432 5,059 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.01 $ 8.79 $ 8.61 $ 7.94 $ 7.51 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 136 193 125 61 11 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 350 436 605 410 22 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.43 $ 17.05 $ 19.22 $ 16.83 $ 16.33 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 174 272 395 502 499 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,075 3,968 5,693 6,888 7,850 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Technology ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.34 $ 12.17 $ 10.46 $ 9.91 $ 9.05 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 553 701 889 1,089 1,346 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,147 2,564 3,343 4,090 4,725 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, -------------------------------------------------------------------- 2003 2002 2001 2000 1999 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.70 $ 6.77 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 385 283 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,258 1,299 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.17 $ 7.89 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 297 292 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,848 1,272 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.53 $ 6.18 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 538 344 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,628 1,488 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.17 $ 7.35 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 467 381 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,927 1,262 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.17 $ 10.49 $ 12.37 $ 10.68 $ 9.15 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 370 275 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 7,354 5,021 3,274 2,109 98 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Technology ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.76 $ 5.65 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 281 96 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,117 205 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
42 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green The unit values and number of units outstanding shown below are for contracts offered under Separate Account No. 45 and Separate Account No. 49 with the same daily asset charges of 1.70%.
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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, -------------------------------------------------------------------- 2008 2007 2006 ------------------------------------------------------------------------------------------------------------------------------------ AXA Aggressive Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.00 $ 15.05 $ 14.43 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 4 7 8 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 8,484 6,377 3,084 ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.29 $ 11.76 $ 11.31 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2 5 5 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,824 2,454 1,800 ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.82 $ 12.40 $ 11.96 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 8 12 13 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,505 2,753 3,022 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 35.84 $ 48.27 $ 46.21 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 4 6 32 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 4,019 3,098 2,325 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.69 $ 14.45 $ 13.82 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1 7 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 27,177 23,506 14,705 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $134.51 $ 243.48 $ 239.38 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1 2 3 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 63 65 73 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 19.16 $ 18.82 $ 17.92 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 22 26 29 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 948 404 376 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.40 $ 19.41 $ 17.67 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 6 7 9 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,924 2,236 1,508 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.96 $ 20.14 $ 17.56 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 8 13 18 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 421 443 462 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Ariel Appreciation II ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.65 $ 10.99 $ 11.31 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2 2 2 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 339 227 123 ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock Basic Value Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.49 $ 23.24 $ 23.37 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 13 10 14 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 834 842 856 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, -------------------------------------------------------------------- 2005 2004 2003 2002 ------------------------------------------------------------------------------------------------------------------------------------ AXA Aggressive Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.45 $ 11.72 $ 10.66 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 10 13 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,519 656 32 -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.82 $ 10.74 $ 10.30 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 6 5 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,000 281 1 -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Conservative-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.19 $ 11.02 $ 10.41 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,176 414 84 -- ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 42.61 $ 41.36 $ 38.70 $ 33.05 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 33 8 9 13 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,725 893 383 86 ------------------------------------------------------------------------------------------------------------------------------------ AXA Moderate-Plus Allocation ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.28 $ 11.71 $ 10.66 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 4 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 6,917 2,788 46 -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Common Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 219.99 $ 214.55 $ 191.26 $ 130.09 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3 3 4 6 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 73 64 29 9 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 17.67 $ 17.76 $ 17.72 $ 17.65 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 39 67 84 146 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 481 416 458 259 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein International ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.55 $ 12.84 $ 11.05 $ 8.32 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 10 13 20 20 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,037 649 530 142 ------------------------------------------------------------------------------------------------------------------------------------ EQ/AllianceBernstein Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 16.39 $ 14.95 $ 13.34 $ 9.63 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 18 20 25 28 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 372 312 478 121 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Ariel Appreciation II ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.35 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 40 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock Basic Value Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 19.66 $ 19.43 $ 17.87 $ 13.86 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 19 21 25 32 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 849 802 502 184 ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, --------------------------------------------------------------------- 2008 2007 2006 ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock International Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.43 $ 23.97 $ 22.13 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1 1 3 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,000 1,136 1052 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Boston Advisors Equity Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.47 $ 6.71 $ 6.59 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2 -- 1 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 730 571 504 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.23 $ 9.71 $ 8.81 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- 2 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 286 373 353 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.70 $ 13.14 $ 12.67 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,426 1,289 1484 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.54 $ 12.71 $ 12.72 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1 1 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,528 3,063 1,393 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Caywood-Scholl High Yield Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.85 $ 11.12 $ 11.01 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,204 180 225 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Davis New York Venture ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.60 $ 11.05 $ 10.84 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 5 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,517 1,189 216 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 18.20 $ 29.54 $ 28.64 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 4 5 9 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,308 1,547 64 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen International Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.14 $ 10.64 $ 9.90 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3 1 1 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,063 476 185 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.75 $ 9.49 $ 8.67 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 353 249 215 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.01 $ 10.45 $ 10.42 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,649 1,574 368 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.36 $ 9.71 $ 10.81 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 377 421 38 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Templeton Founding Strategy ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.89 $ 9.49 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 5,195 2,805 -- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------- 2005 2004 2003 2002 ------------------------------------------------------------------------------------------------------------------------------------ EQ/BlackRock International Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 17.91 $ 16.44 $ 13.75 $ 10.92 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3 3 6 4 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 782 522 441 161 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Boston Advisors Equity Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.78 $ 5.54 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 326 15 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Calvert Socially Responsible ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.51 $ 7.96 $ 7.82 $ 6.22 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2 1 1 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 314 204 249 42 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.00 $ 11.62 $ 11.20 $ 9.19 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 351 160 164 40 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Capital Guardian Research ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.55 $ 11.08 $ 10.16 $ 7.86 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- 1 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,585 1,200 776 200 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Caywood-Scholl High Yield Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.37 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 81 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Davis New York Venture ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Equity 500 Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 25.31 $ 24.66 $ 22.76 $ 18.11 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 12 13 16 10 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,604 1,386 1,074 399 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen International Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.74 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 8 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Evergreen Omega ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.33 $ 8.15 $ 7.75 $ 5.70 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- 1 2 4 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 280 377 218 32 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Franklin Templeton Founding Strategy ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------- 2008 2007 2006 ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Mergers and Acquisitions ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.95 $ 11.75 $ 11.56 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2 3 3 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 305 337 193 ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Small Company Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $18.86 $ 27.67 $ 25.76 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1 -- 1 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 610 618 233 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.68 $ 16.01 $ 14.13 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,341 2,289 3,208 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.50 $ 16.18 $ 14.17 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 796 665 269 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $12.59 $ 14.07 $ 13.88 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 4 13 8 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,216 1,473 1,477 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Value Opportunities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.93 $ 15.08 $ 15.53 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 13 2 2 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 280 288 351 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.46 $ 10.50 $ 10.28 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 389 458 510 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.78 $ 7.62 $ 6.80 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 15 9 14 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,004 1,050 1,042 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $10.06 $ 16.57 $ 14.58 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1 1 1 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 298 492 192 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.39 $ 10.32 $ 11.17 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 4 3 4 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 847 809 532 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.09 $ 16.31 $ 17.38 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 55 62 21 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,668 3,123 2,507 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Long Term Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $10.88 $ 10.54 $ 9.98 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1 1 2 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 237 248 135 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.73 $ 12.39 $ 12.18 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 351 369 308 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------- 2005 2004 2003 2002 ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Mergers and Acquisitions ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.48 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 77 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/GAMCO Small Company Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 22.05 $ 21.50 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 79 9 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.06 $ 10.47 $ 9.38 $ 7.19 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,337 1,926 1,026 282 ------------------------------------------------------------------------------------------------------------------------------------ EQ/International Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.47 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 56 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.57 $ 13.50 $ 13.20 $ 12.99 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 12 8 7 9 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,527 1,343 1,175 441 ------------------------------------------------------------------------------------------------------------------------------------ EQ/JPMorgan Value Opportunities ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.12 $ 12.84 $ 11.78 $ 9.45 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 11 11 16 13 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 347 370 307 128 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Core PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.26 $ 8.79 $ 8.03 $ 6.69 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 603 610 598 229 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.96 $ 6.16 $ 5.78 $ 4.77 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 17 17 24 22 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,055 981 856 341 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Growth PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.76 $ 12.84 $ 11.60 $ 9.12 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1 2 5 7 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 184 149 93 38 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.63 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 144 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Large Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.57 $ 14.06 $ 12.60 $ 9.96 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 35 49 54 60 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,363 2,169 1,481 530 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Long Term Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.98 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 173 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.57 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 83 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------- 2008 2007 2006 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.62 $ 12.70 $ 11.67 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 425 442 196 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.29 $ 12.15 $ 12.29 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 922 888 591 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $10.61 $ 18.08 $ 16.13 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3 5 11 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,228 3,346 2,714 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.66 $ 13.35 $ 12.57 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 12 26 31 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,863 2,166 1,890 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.74 $ 16.40 $ 16.96 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 6 8 16 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 902 1,069 1,156 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market ------------------------------------------------------------------------------------------------------------------------------------ Unit value $27.75 $ 27.65 $ 26.86 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 79 21 22 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,943 1,051 1102 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Montag & Caldwell Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 3.74 $ 5.66 $ 4.77 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,560 657 83 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mutual Shares ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.50 $ 10.69 $ 10.70 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,644 1,727 258 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Global ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.71 $ 11.51 $ 11.08 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 786 674 83 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Opportunity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.68 $ 11.10 $ 10.92 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 130 154 20 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Small Cap ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.50 $ 10.70 $ 11.09 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 340 277 19 ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO Real Return ------------------------------------------------------------------------------------------------------------------------------------ Unit value $10.11 $ 10.72 $ 9.78 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 6 13 3 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,525 1,235 730 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Quality Bond PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $14.75 $ 16.06 $ 15.63 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 5 10 11 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 502 626 590 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------- 2005 2004 2003 2002 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Large Cap Core ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.54 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 84 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Lord Abbett Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.12 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 290 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Marsico Focus ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.01 $ 13.79 $ 12.69 $ 9.85 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 8 11 16 8 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 2,354 1,938 1,510 386 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.47 $ 10.97 $ 9.62 $ 6.81 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 35 38 41 39 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,556 1,391 883 285 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mid Cap Value PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.34 $ 14.02 $ 12.10 $ 9.24 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 19 26 31 36 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,107 1,007 636 237 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Money Market ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 26.15 $ 25.92 $ 26.17 $ 26.47 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 8 15 37 57 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 845 349 434 630 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Montag & Caldwell Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.49 $ 4.34 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 72 22 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Mutual Shares ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Global ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Opportunity ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Oppenheimer Main Street Small Cap ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/PIMCO Real Return ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.91 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 286 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Quality Bond PLUS ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 15.31 $ 15.27 $ 14.97 $ 14.71 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 14 17 14 17 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 573 555 512 198 ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, --------------------------------------------------------------------- 2008 2007 2006 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.15 $ 10.53 $ 10.17 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 5 3 2 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 475 262 202 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.37 $ 16.02 $ 16.60 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2 1 3 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 720 713 744 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T. Rowe Price Growth Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.26 $ 16.30 $ 15.46 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1 1 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 421 401 47 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Templeton Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.27 $ 10.78 $ 10.75 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 848 853 178 ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 3.56 $ 6.04 $ 6.07 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 153 89 104 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Comstock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.04 $ 11.36 $ 11.85 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 545 539 602 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Emerging Markets Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.67 $ 25.45 $ 18.23 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1 1 1 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,528 1,726 1239 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.26 $ 15.95 $ 13.26 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- 2 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 695 782 297 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 31.77 $ 60.62 $ 55.37 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- 2 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 53 56 47 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.89 $ 11.80 $ 11.30 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2 2 6 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 3,511 1,494 2,030 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.15 $ 12.72 $ 11.87 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2 10 10 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 429 390 400 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 23.07 $ 30.68 $ 30.26 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2 10 11 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 523 526 758 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, -------------------------------------------------------------------- 2005 2004 2003 2002 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Short Duration Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.96 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 60 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Small Company Index ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 14.35 $ 14.00 $ 12.10 $ 8.44 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 5 11 10 8 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 596 575 449 122 ------------------------------------------------------------------------------------------------------------------------------------ EQ/T. Rowe Price Growth Stock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 16.39 $ 16.03 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 41 6 -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Templeton Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/UBS Growth and Income ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.41 $ 5.05 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 69 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Comstock ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.40 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 296 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Emerging Markets Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.53 $ 10.37 $ 8.53 $ 5.56 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1 -- 6 6 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 755 609 457 69 ------------------------------------------------------------------------------------------------------------------------------------ EQ/Van Kampen Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.34 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 179 -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Aggressive Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 53.59 $ 50.38 $ 45.72 $ 33.82 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2 2 2 2 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 25 28 10 4 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Core Bond ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.08 $ 11.07 $ 10.84 $ 10.63 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 8 11 19 23 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,611 1,424 1,202 628 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Health Care ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 11.49 $ 10.93 $ 9.91 $ 7.87 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 11 10 11 7 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 338 284 143 57 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager High Yield ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 28.00 $ 27.64 $ 25.87 $ 21.48 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 13 14 20 21 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 755 771 557 125 ------------------------------------------------------------------------------------------------------------------------------------
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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, 2008. ------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------- 2008 2007 2006 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.54 $ 18.39 $ 16.64 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1 1 1 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 951 1,047 1,030 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.43 $ 12.50 $ 12.11 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1 1 1 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 447 473 453 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 5.56 $ 10.35 $ 9.47 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- 23 23 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 840 881 1,014 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.83 $ 14.37 $ 14.10 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- 41 41 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 921 1,210 1,363 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.55 $ 11.81 $ 10.74 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 3 3 3 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 813 934 1,035 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 8.47 $ 13.46 $ 13.68 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 5 27 27 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 727 805 1,010 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 4.95 $ 8.71 $ 8.54 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 687 788 475 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $10.31 $ 16.88 $ 19.05 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 2 5 6 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 666 748 1,201 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Technology ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 6.29 $ 12.10 $ 10.41 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1 15 15 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 462 597 350 ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------ For the years ending December 31, ------------------------------------------------------------------- 2005 2004 2003 2002 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager International Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 13.51 $ 11.90 $ 10.27 $ 7.78 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1 1 1 -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 783 806 360 135 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Core Equity ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 10.85 $ 10.34 $ 9.59 $ 7.61 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 1 3 3 3 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 353 272 238 104 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.62 $ 9.10 $ 8.68 $ 6.76 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 26 27 27 21 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 980 876 792 408 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Large Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.02 $ 11.42 $ 10.15 $ 7.88 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 44 45 45 36 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,238 1,242 726 316 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.96 $ 9.35 $ 8.52 $ 6.18 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 4 6 8 8 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 1,075 1,055 731 292 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Mid Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 12.13 $ 11.49 $ 10.15 $ 7.34 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 27 29 30 23 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 876 1,011 560 206 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Growth ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 7.89 $ 7.46 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 242 59 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Small Cap Value ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 16.69 $ 16.22 $ 14.09 $ 10.43 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 5 5 7 8 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 991 884 641 270 ------------------------------------------------------------------------------------------------------------------------------------ Multimanager Technology ------------------------------------------------------------------------------------------------------------------------------------ Unit value $ 9.87 $ 9.02 $ 8.74 $ 5.64 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 45 number of units outstanding (000's) 15 15 14 10 ------------------------------------------------------------------------------------------------------------------------------------ Separate Account No. 49 number of units outstanding (000's) 311 306 98 14 ------------------------------------------------------------------------------------------------------------------------------------
48 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green (19) 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 "5% Roll-Up to age 80" guaranteed minimum death benefit, the Protection Plus(SM) benefit and the Guaranteed minimum income benefit under certain hypothetical circumstances for an Accumulator(R), Accumulator(R) Plus(SM), Accumulator(R) Elite and Accumulator(R) Select(SM) contracts, respectively. The table illustrates the operation of a contract based on a male, issue age 60, who makes a single $100,000 contribution, takes no withdrawals, and has a current account value of $105,000 in contract year 3. For Accumulator(R) Plus(SM) we assume a current account value of $110,000 in contract year 3. 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 (2.68)% and 3.32% for the Accumulator(R) contracts; (2.73)% and 3.27% for Accumulator(R) Plus(SM) contracts; (2.93)% and 3.07% for Accumulator(R) Elite(SM) contracts; and (3.03)% and 2.97% for Accumulator(R) Select(SM) contracts, respectively 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 5% Roll up to age 80 Guaranteed minimum death benefit, Protection Plus(SM) benefit, and the Guaranteed minimum income benefit features, as well as the annual administrative charge. If the net annual rates of return did reflect these charges, the net annual rates of return shown would be lower; however, the values shown in the following tables reflect all contract charges. 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 and, consequently, the guaranteed benefit has no value. 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 0.59%, and (2) an assumed average asset charge for all other expenses of the underlying portfolios equivalent to an effective annual rate of 0.29% 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 account value 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. 49 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Variable deferred annuity Accumulator(R) $100,000 Single contribution and no withdrawals $105,000 year 3 account value Male, issue age 60 Benefits: 5% Roll-Up to age 80 Guaranteed minimum death benefit Protection Plus Guaranteed minimum income benefit
5% Roll-Up to age 80 Lifetime Annual Guaranteed Total Death Benefit Guaranteed Minimum Death with Protection Minimum Income Account Value Cash Value Benefit Plus Benefit Contract ------------------- ------------------- ------------------- ------------------- ---------------- Year 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% Age --------- --------- --------- --------- --------- --------- --------- --------- --------- -------- ------- 62 3 105,000 105,000 100,000 100,000 110,250 110,250 114,350 114,350 N/A N/A 63 4 101,635 107,922 97,635 103,922 115,763 115,763 122,068 122,068 N/A N/A 64 5 98,349 110,918 95,349 107,918 121,551 121,551 130,171 130,171 N/A N/A 65 6 95,140 113,989 93,140 111,989 127,628 127,628 138,679 138,679 N/A N/A 66 7 92,003 117,137 91,003 116,137 134,010 134,010 147,613 147,613 N/A N/A 67 8 88,937 120,363 88,937 120,363 140,710 140,710 156,994 156,994 N/A N/A 68 9 85,938 123,667 85,938 123,667 147,746 147,746 166,844 166,844 N/A N/A 69 10 83,002 127,053 83,002 127,053 155,133 155,133 177,186 177,186 N/A N/A 74 15 69,184 145,241 69,184 145,241 197,993 197,993 237,190 237,190 12,493 12,493 79 20 56,535 165,651 56,535 165,651 252,695 252,695 313,773 313,773 17,032 17,032 84 25 45,107 188,863 45,107 188,863 265,330 265,330 331,462 331,462 22,818 22,818 89 30 38,279 219,259 38,279 219,259 265,330 265,330 331,462 331,462 N/A N/A 94 35 33,085 255,590 33,085 255,590 265,330 265,330 331,462 331,462 N/A N/A 95 36 32,134 263,549 32,134 263,549 265,330 265,330 331,462 331,462 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. 50 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Variable deferred annuity Accumulator(R) Plus(SM) $100,000 Single contribution and no withdrawals $110,000 year 3 account value Male, issue age 60 Benefits: 5% Roll-Up to age 80 Guaranteed minimum death benefit Protection Plus
5% Roll-Up to age 80 Guaranteed Total Death Benefit Account Value Cash Value Minimum Death Benefit with Protection Plus Contract --------------------- --------------------- ---------------------- -------------------- Year 0% 6% 0% 6% 0% 6% 0% 6% Age --------- --------- --------- --------- --------- ---------- --------- --------- -------- 62 3 110,000 110,000 103,000 103,000 114,660 114,660 120,524 120,524 63 4 106,784 113,370 100,784 107,370 120,393 120,393 128,550 128,550 64 5 103,661 116,844 98,661 111,844 126,413 126,413 136,978 136,978 65 6 100,630 120,424 96,630 116,424 132,733 132,733 145,827 145,827 66 7 97,688 124,114 94,688 121,114 139,370 139,370 155,118 155,118 67 8 94,832 127,917 92,832 125,917 146,338 146,338 164,874 164,874 68 9 92,059 131,837 92,059 131,837 153,655 153,655 175,118 175,118 69 10 89,367 135,876 89,367 135,876 161,338 161,338 185,873 185,873 74 15 77,044 158,008 77,044 158,008 205,913 205,913 248,278 248,278 79 20 66,420 183,745 66,420 183,745 262,803 262,803 327,924 327,924 84 25 57,261 213,674 57,261 213,674 275,943 275,943 346,320 346,320 89 30 49,365 248,479 49,365 248,479 275,943 275,943 346,320 346,320 94 35 42,558 288,952 42,558 288,952 275,943 275,943 346,320 346,320 95 36 41,314 297,805 41,314 297,805 275,943 275,943 346,320 346,320
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. 51 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Variable deferred annuity Accumulator(R) Elite(SM) $100,000 Single contribution and no withdrawals $105,000 year 3 account value Male, issue age 60 Benefits: 5% Roll-Up to age 80 Guaranteed minimum death benefit Protection Plus Guaranteed minimum income benefit
5% Roll-Up to age 80 Lifetime Annual Guaranteed Total Death Benefit Guaranteed Minimum Death with Protection Minimum Income Account Value Cash Value Benefit Plus Benefit Contract ------------------- ------------------- ------------------- ------------------- ---------------- Year 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% Age --------- --------- --------- --------- --------- --------- --------- --------- --------- -------- ------- 62 3 105,000 105,000 97,000 97,000 110,250 110,250 114,350 114,350 N/A N/A 63 4 101,373 107,660 101,373 107,660 115,763 115,763 122,068 122,068 N/A N/A 64 5 97,842 110,380 97,842 110,380 121,551 121,551 130,171 130,171 N/A N/A 65 6 94,403 113,159 94,403 113,159 127,628 127,628 138,679 138,679 N/A N/A 66 7 91,052 115,998 91,052 115,998 134,010 134,010 147,613 147,613 N/A N/A 67 8 87,786 118,898 87,786 118,898 140,710 140,710 156,994 156,994 N/A N/A 68 9 84,601 121,861 84,601 121,861 147,746 147,746 166,844 166,844 N/A N/A 69 10 81,493 124,886 81,493 124,886 155,133 155,133 177,186 177,186 N/A N/A 74 15 66,992 140,976 66,992 140,976 197,993 197,993 237,190 237,190 12,493 12,493 79 20 53,915 158,718 53,915 158,718 252,695 252,695 313,773 313,773 17,032 17,032 84 25 42,266 178,576 42,266 178,576 265,330 265,330 331,462 331,462 22,818 22,818 89 30 35,363 204,768 35,363 204,768 265,330 265,330 331,462 331,462 N/A N/A 94 35 30,175 235,825 30,175 235,825 265,330 265,330 331,462 331,462 N/A N/A 95 36 29,232 242,580 29,232 242,580 265,330 265,330 331,462 331,462 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. 52 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Variable deferred annuity Accumulator(R) Select(SM) $100,000 Single contribution and no withdrawals $105,000 year 3 account value Male, issue age 60 Benefits: 5% Roll-Up to age 80 Guaranteed minimum death benefit Protection Plus Guaranteed minimum income benefit
5% Roll-Up to age 80 Lifetime Annual Guaranteed Total Death Benefit Guaranteed Minimum Death with Protection Minimum Income Account Value Cash Value Benefit Plus Benefit Contract ------------------- ------------------- ------------------- ------------------- ---------------- Year 0% 6% 0% 6% 0% 6% 0% 6% 0% 6% Age --------- --------- --------- --------- --------- --------- --------- --------- --------- -------- ------- 62 3 105,000 105,000 105,000 105,000 110,250 110,250 114,350 114,350 N/A N/A 63 4 101,268 107,556 101,268 107,556 115,763 115,763 122,068 122,068 N/A N/A 64 5 97,639 110,165 97,639 110,165 121,551 121,551 130,171 130,171 N/A N/A 65 6 94,109 112,827 94,109 112,827 127,628 127,628 138,679 138,679 N/A N/A 66 7 90,674 115,545 90,674 115,545 134,010 134,010 147,613 147,613 N/A N/A 67 8 87,329 118,317 87,329 118,317 140,710 140,710 156,994 156,994 N/A N/A 68 9 84,071 121,145 84,071 121,145 147,746 147,746 166,844 166,844 N/A N/A 69 10 80,895 124,029 80,895 124,029 155,133 155,133 177,186 177,186 N/A N/A 74 15 66,132 139,302 66,132 139,302 197,993 197,993 237,190 237,190 12,493 12,493 79 20 52,898 156,020 52,898 156,020 252,695 252,695 313,773 313,773 17,032 17,032 84 25 41,173 174,607 41,173 174,607 265,330 265,330 331,462 331,462 22,818 22,818 89 30 34,253 199,228 34,253 199,228 265,330 265,330 331,462 331,462 N/A N/A 94 35 29,077 228,333 29,077 228,333 265,330 265,330 331,462 331,462 N/A N/A 95 36 28,140 234,646 28,140 234,646 265,330 265,330 331,462 331,462 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. 53 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Appendix I -------------------------------------------------------------------------------- Dates of previous Prospectuses and Supplements
------------------------------------------------------------------------------------------------------------------------------------ Product Distributor -------------------------------------------------------------------------------------------------------- AXA Advisors AXA Distributors ------------------------------------------------------- ------------------------------------------------ Prospectus and Prospectus and Product Name SAI Dates Supplement Dates SAI Dates Supplement Dates --------------------------- ----------------- ------------------------------------- ---------------- ------------------------------- Income Manager(SM) 4/7/95 7/1/95; 9/28/95 4/7/95 7/1/95; 9/28/95 Accumulator(R) 11/1/95 11/1/95 Income Manager(SM) 5/1/96 10/16/96 2/10/97 Rollover IRA 10/17/96 2/10/97 5/1/97 5/1/97 5/1/97 5/1/97; 12/31/97; 5/1/98; 8/1/97 1/4/99; 5/1/99; 5/1/00; 6/23/00; 12/31/97 12/31/97; 5/1/98; 9/1/00; 2/9/01; 9/1/01; 1/14/02; 1/4/99; 5/1/99; 5/1/00; 9/1/00; 2/22/02; 7/15/02; 8/20/02; 1/6/03; 2/9/01; 9/1/01; 1/14/02; 2/20/03; 5/15/03; 8/15/03; 11/24/03; 2/22/02; 7/15/02; 8/20/02; 2/1/04; 8/4/04; 8/10/04; 12/13/04; 1/6/03; 2/20/03; 5/15/03; 12/31/04 ; 5/9/05; 6/10/05; 6/17/05; 8/15/03; 11/24/03; 2/1/04; 7/25/05; 8/31/05; 12/2/05; 2/8/06; 8/4/04; 8/10/04; 12/13/04; 8/25/06; 12/11/06; 5/1/07; 8/24/07; 12/31/04; 5/9/05; 6/10/05; 9/19/07; 10/19/07; 2/15/08; 6/20/08; 6/17/05; 7/25/05; 8/31/05; 7/21/08; 8/15/08; 11/13/08; 12/1/08; 12/2/05; 2/8/06; 8/25/06; 1/15/09 12/11/06; 5/1/07; 8/24/07; ----------------- ------------------------------------- 9/19/07; 10/19/07; 2/15/08; 12/31/97 12/31/97; 5/1/98; 1/4/99; 5/1/99; 6/20/08; 7/21/08; 8/15/08; 11/13/08; 12/1/08; 1/15/09 5/1/00; 6/23/00; 9/1/00; 2/9/01; 9/1/01; 1/14/02; 2/22/02; 7/15/02; 8/20/02; 1/6/03; 2/20/03; 5/15/03; 8/15/03; 11/24/03; 2/1/04; 8/4/04; 8/10/04; 12/13/04; 12/31/04 ; 5/9/05; 6/10/05; 6/17/05; 7/25/05; 8/31/05; 12/2/05; 2/8/06; 8/25/06; 12/11/06; 5/1/07; 8/24/07; 9/19/07; 10/19/07; 6/20/08; 7/21/08; 8/15/08; 11/13/08; 12/1/08; 1/15/09 --------------------------- ----------------- ------------------------------------- ---------------- ------------------------------- Accumulator(R) 5/1/98 5/1/98; 6/18/98; 11/30/98 10/1/97(2) (IRA, NQ and QP) (Accumulator 5/1/99; 5/1/00; 9/1/00; 2/9/01; 12/31/97(2) Accumulator(R) only) 9/1/01; 1/14/02; 2/22/02; 7/15/02; 5/1/98 5/1/98; 6/18/98; 11/30/98; Select(SM) (IRA, NQ, QP) 5/1/99 8/20/02; 1/6/03; 2/20/03; 5/15/03; 5/1/99; 5/1/00; 9/1/00; 2/9/01; 8/15/03; 11/24/03; 2/1/04; 8/4/04; 9/1/01; 1/14/02; 2/22/02; 8/10/04; 12/13/04; 12/31/04; 5/9/05; 7/15/02; 8/20/02; 1/6/03; 6/10/05; 6/17/05; 7/25/05; 8/31/05; 2/20/03; 5/15/03; 8/15/03; 12/2/05; 2/8/06; 8/25/06; 12/11/06; 11/24/03; 2/1/04; 8/4/04; 5/1/07; 8/24/07; 9/19/07; 10/19/07; 8/10/04; 12/13/04; 12/31/04; 2/15/08; 6/20/08; 7/21/08; 8/15/08; 5/9/05; 6/10/05; 6/17/05; 11/13/08; 12/1/08; 1/15/09 7/25/05; 8/31/05; 12/2/05; 2/8/06; 8/25/06; 12/11/06; 5/1/07; 8/24/07;9/19/07; 10/19/07; 2/15/08; 6/20/08; 7/21/08; 8/15/08; 11/13/08; 12/1/08;1/15/09 ------------------------------------------------------------------------------------------------------------------------------------
1 Appendix I To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------------------------------------------------ Product Distributor -------------------------------------------------------------------------------------------------------- AXA Advisors AXA Distributors ------------------------------------------------------- ------------------------------------------------ Prospectus and Prospectus and Product Name SAI Dates Supplement Dates SAI Dates Supplement Dates --------------------------- ----------------- ------------------------------------- ---------------- ------------------------------- Accumulator(R) Select(SM) 10/18/99(3) 3/20/00; 5/1/00; 6/23/00; 9/1/00; 5/1/99 Accumulator(R) 10/13/00; 2/9/01; 9/1/01; 1/14/02; 10/18/99 3/20/00; 5/1/00; 9/1/00; 2/22/02; 7/15/02; 8/20/02; 1/6/03; 10/13/00; 2/9/01; 9/1/01; 2/20/03; 5/15/03; 8/15/03; 11/24/03; 1/14/02; 2/22/02; 7/15/02; 2/1/04; 8/4/04; 8/10/04; 12/13/04; 8/20/02; 1/6/03; 2/20/03; 12/31/04; 5/9/05; 6/10/05; 6/17/05; 5/15/03; 8/15/03; 11/24/03; 7/25/05; 8/31/05; 12/2/05; 2/8/06; 2/1/04; 8/4/04; 8/10/04; 8/25/06; 12/11/06; 5/1/07; 8/24/07; 12/13/04; 12/31/04; 5/9/05; 9/19/07; 10/19/07; 2/15/08; 6/20/08; 6/10/05; 6/17/05; 7/25/05; 7/21/08; 8/15/08; 11/13/08; 12/1/08; 8/31/05; 12/2/05; 2/8/06; 1/15/09 8/25/06; 12/11/06; 5/1/07; 8/24/07; 9/19/07; 10/19/07; 2/15/08; 6/20/08; 7/21/08; 8/15/08; 11/13/08; 12/1/08; 1/15/09 ----------------- ------------------------------------- ---------------- ------------------------------- 5/1/00(3) 3/20/00; 6/23/00; 9/1/00; 9/6/00; 5/1/00 3/20/00; 9/1/00; 9/6/00; 10/13/00; 2/9/01; 9/1/01; 1/14/02; 10/13/00; 2/9/01; 9/1/01; 2/22/02; 7/15/02; 8/20/02; 1/6/03; 1/14/02; 2/22/02; 7/15/02; 2/20/03; 5/15/03; 8/15/03; 11/24/03; 8/20/02; 1/6/03; 2/20/03; 2/1/04; 8/4/04; 8/10/04; 12/13/04; 5/15/03; 8/15/03; 11/24/03; 12/31/04; 5/9/05; 6/10/05; 6/17/05; 2/1/04; 8/4/04; 8/10/04; 7/25/05; 8/31/05; 12/2/05; 2/8/06; 12/13/04; 12/31/04; 5/9/05; 8/25/06; 12/11/06; 5/1/07; 8/24/07; 6/10/05; 6/17/05; 7/25/05; 9/19/07; 10/19/07; 2/15/08; 6/20/08; 8/31/05; 12/2/05; 2/8/06; 7/21/08; 8/15/08; 11/13/08; 12/1/08; 8/25/06; 12/11/06; 5/1/07; 1/15/09 8/24/07;9/19/07; 10/19/07; 2/15/08; 6/20/08; 7/21/08; 8/15/08; 11/13/08; 12/1/08; 1/15/09 ----------------- ------------------------------------- ---------------- ------------------------------- 5/1/01(3) 5/1/01(1); 7/30/01(4); 9/1/01; 5/1/01 5/1/01(1); 7/30/01(4); 10/1/01(5); 12/14/01; 1/14/02; 9/1/01; 10/1/01(5); 12/14/01; 2/22/02; 7/15/02; 8/20/02; 1/6/03; 1/14/02; 2/22/02; 7/15/02; 2/20/03; 5/15/03; 8/15/03; 11/24/03; 8/20/02; 1/6/03; 2/20/03; 2/1/04; 8/4/04; 8/10/04; 12/13/04; 5/15/03; 8/15/03; 11/24/03; 12/31/04; 5/9/05; 6/10/05; 6/17/05; 2/1/04; 8/4/04; 8/10/04; 7/25/05; 8/31/05; 12/2/05; 2/8/06; 12/13/04; 12/31/04; 5/9/05; 8/25/06; 12/11/06; 5/1/07; 8/24/07; 6/10/05; 6/17/05; 7/25/05; 9/19/07; 10/19/07; 2/15/08; 6/20/08; 8/31/05; 12/2/05; 2/8/06; 7/21/08; 8/15/08; 11/13/08; 12/1/08; 8/25/06; 12/11/06; 5/1/07; 1/15/09 8/24/07; 9/19/07; 10/19/07; 2/15/08; 6/20/08; 7/21/08; 8/15/08; 11/13/08; 12/1/08; 1/15/09 ----------------- ------------------------------------- ---------------- ------------------------------- 8/13/01(2) 9/1/01; 10/1/01(5); 12/14/01; N/A N/A 1/14/02; 2/22/02; 7/15/02; 8/20/02; 1/6/03; 2/20/03; 5/15/03; 8/15/03; 11/24/03; 2/1/04; 8/4/04; 8/10/04; 12/13/04; 12/31/04; 5/9/05; 6/10/05; 6/17/05; 7/25/05; 8/31/05; 12/2/05; 2/8/06; 8/25/06; 12/11/06; 5/1/07; 8/24/07; 9/19/07; 10/19/07; 2/15/08; 6/20/08; 7/21/08; 8/15/08; 11/13/08; 12/1/08; 1/15/09 ------------------------------------------------------------------------------------------------------------------------------------
Appendix I 2 To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green
------------------------------------------------------------------------------------------------------------------------------------ Product Distributor -------------------------------------------------------------------------------------------------------- AXA Advisors AXA Distributors ------------------------------------------------------- ------------------------------------------------ Prospectus and Prospectus and Product Name SAI Dates Supplement Dates SAI Dates Supplement Dates --------------------------- ----------------- ------------------------------------- ---------------- ------------------------------- Accumulator(R) Plus(SM) 9/2/99(3) 6/23/00; 9/1/00; 9/6/00; 10/13/00; 8/2/99(3) 9/1/00; 9/6/00; 10/13/00; 10/18/99(3) 2/9/01; 3/19/01; 7/30/01; 9/1/01; 10/18/99(3) 2/9/01; 3/19/01; 7/30/01; 5/1/00(3) 1/14/02; 2/22/02; 7/15/02; 8/20/02; 5/1/00(3) 9/1/01; 1/14/02; 2/22/02; 1/6/03; 2/20/03; 5/15/03; 8/15/03; 7/15/02; 8/20/02; 1/6/03; 11/24/03; 2/1/04; 8/4/04; 8/10/04; 2/20/03; 5/15/03; 8/15/03; 12/13/04; 12/31/04; 5/9/05; 6/10/05; 11/24/03; 2/1/04; 8/4/04; 6/17/05; 7/25/05; 8/31/05; 12/2/05; 8/10/04; 12/13/04; 12/31/04; 2/8/06; 8/25/06; 12/11/06; 5/1/07; 5/9/05; 6/10/05; 6/17/05; 8/24/07; 9/19/07; 10/19/07; 2/15/08; 7/25/05; 8/31/05; 12/2/05; 6/20/08; 7/21/08; 8/15/08; 11/13/08; 2/8/06; 8/25/06; 12/11/06; 12/1/08; 1/15/09 5/1/07; 8/24/07; 9/19/07; 10/19/07; 2/15/08; 6/20/08; 7/21/08; 8/15/08; 11/13/08; 12/1/08; 1/15/09 ----------------- ------------------------------------- ---------------- ------------------------------- 5/1/01(3) 7/30/01(4); 9/1/01; 12/14/01; 5/1/01(3) 5/1/01; 7/30/01(4); 9/1/01; 1/14/02; 2/22/02; 7/15/02; 8/20/02; 12/14/01; 1/14/02; 2/22/02; 1/6/03; 2/20/03; 5/15/03; 8/15/03; 7/15/02; 8/20/02; 1/6/03; 11/24/03; 2/1/04; 8/4/04;8/10/04; 2/20/03; 5/15/03; 8/15/03; 12/13/04; 12/31/04; 5/9/05; 6/10/05; 11/24/03; 2/1/04; 8/4/04; 6/17/05; 7/25/05; 8/31/05; 12/2/05; 8/10/04; 12/13/04; 12/31/04; 2/8/06; 8/25/06; 12/11/06; 5/1/07; 5/9/05; 6/10/05; 6/17/05; 8/24/07; 9/19/07; 10/19/07; 2/15/08; 7/25/05; 8/31/05; 12/2/05; 6/20/08; 7/21/08; 8/15/08; 11/13/08; 2/8/06; 8/25/06; 12/11/06; 12/1/08; 1/15/09 5/1/07; 8/24/07; 9/19/07; 10/19/07; 2/15/08; 6/20/08; 7/21/08; 8/15/08; 11/13/08; 12/1/08; 1/15/09 --------------------------- ----------------- ------------------------------------- ---------------- ------------------------------- Accumulator(R) Elite(SM) 8/13/01(3) 9/1/01; 10/1/01(6); 12/14/01; 8/13/01(3) 9/1/01; 10/1/01(6); 12/14/01; 1/14/02; 2/22/02; 7/15/02; 8/20/02; 1/14/02; 2/22/02; 7/15/02; 11/11/02; 1/6/03; 2/20/03; 5/15/03; 8/20/02; 11/11/02; 1/6/03; 8/15/03; 11/24/03; 2/1/04; 8/4/04; 2/20/03; 5/15/03; 8/15/03; 8/10/04; 12/13/04; 12/31/04; 5/9/05; 11/24/03; 2/1/04; 8/4/04; 6/10/05; 6/17/05; 7/25/05; 8/31/05; 8/10/04; 12/13/04; 12/31/04; 12/2/05; 2/8/06; 8/25/06; 12/11/06; 5/9/05; 6/10/05; 6/17/05; 5/1/07; 8/24/07; 9/19/07; 10/19/07; 7/25/05; 8/31/05; 12/2/05; 6/20/08; 7/21/08; 8/15/08; 11/13/08; 2/8/06; 8/25/06; 12/11/06; 12/1/08; 1/15/09 5/1/07; 8/24/07; 9/19/07; 10/19/07; 2/15/08; 6/20/08; 7/21/08; 8/15/08; 11/13/08; 12/1/08; 1/15/09 ------------------------------------------------------------------------------------------------------------------------------------
(1) applies to Accumulator(R) contracts issued in Oregon only. (2) applies to Accumulator(R) Select(SM) only. (3) applies to non-2002 Series only. (4) applies to contracts issued in Washington only. (5) applies to Accumulator(R) Select(SM) and Select(SM) II contracts issued in New York only. (6) applies to contracts issued in New York only. 3 Appendix I To receive this document electronically, sign up for e-delivery today at www.axa-equitable.com/green Statement of additional information -------------------------------------------------------------------------------- TABLE OF CONTENTS Page Who is AXA Equitable? 2 Custodian and Independent Registered Public Accounting Firm 2 Distribution of the Contracts 2 Calculating Unit Values 2 Calculation of Annuity Payments 2 Financial Statements 3 How to obtain an Accumulator(R) Statement of Additional Information Send this request form to: Accumulator(R) P.O. Box 1547 Secaucus, NJ 07096-1547 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Please send me a combined Accumulator(R) series SAI dated May 1, 2009 -------------------------------------------------------------------------------- Name -------------------------------------------------------------------------------- Address -------------------------------------------------------------------------------- City State Zip SAI 13A x02413 AXA Equitable Life Insurance Company STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 2009 FOR o Income Manager(SM) Accumulator(R) o Income Manager(SM) Rollover IRA o Accumulator(R) (IRA, NQ, QP) o Accumulator(R) o Accumulator(R) Plus(SM) o Accumulator(R) Elite(SM) o Accumulator(R) Select(SM) o The Accumulator(R) Series AXA Equitable Life Insurance Company 1290 Avenue of the Americas New York, New York 10104 -------------------------------------------------------------------------------- This Statement of Additional Information ("SAI") is not a Prospectus. It should be read in conjunction with the related Accumulator(R) Prospectuses and/or supplements, dated May 1, 2009. These Prospectuses provide detailed information concerning the contracts and the variable investment options, as well as the fixed maturity options that fund the contracts. Each variable investment option is a subaccount of AXA Equitable's Separate Account No. 45 and Separate Account No. 49. Definitions of special terms used in the SAI are found in the Prospectus. On September 7, 2004, our name was changed from "The Equitable Life Assurance Society of the United States" to "AXA Equitable Life Insurance Company." A copy of each Prospectus and supplement is available free of charge by writing the processing office (Post Office Box 1547, Secaucus, NJ 07096-1547), by calling 1-800-789-7771 toll free, or by contacting your financial professional. TABLE OF CONTENTS Who is AXA Equitable? 2 Custodian and Independent Registered Public Accounting Firm 2 Distribution of the Contracts 2 Calculating Unit Values 2 Calculation of Annuity Payments 2 Financial Statements 3 Copyright 2009 AXA Equitable Life Insurance Company. All rights reserved. Accumulator(R) is a registered service mark of AXA Equitable Life Insurance Company. SAI 13A x02413 WHO IS AXA EQUITABLE? AXA Equitable is a wholly owned subsidiary of AXA Equitable Financial Services, LLC, a holding company, which is itself a wholly owned subsidiary of AXA Financial, Inc. ("AXA Financial"). Interests in AXA Financial are held by the immediate holding company, AXA America Holdings, Inc., and the following affiliated companies: AXA Corporate Solutions Reinsurance Company ("AXA Corporate Solutions") and AXA Belgium SA. AXA holds its interest in AXA America Holdings, Inc. and AXA Corporate Solutions, directly and indirectly through its wholly owned subsidiary holding company, Ouidinot Participations. AXA holds its interest in AXA Belgium SA, through its wholly owned subsidiary holding company, AXA Holdings Belgium SA. CUSTODIAN AND INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The financial statements of each Separate Account at December 31, 2008 and for each of the two years in the period ended December 31, 2008, and the consolidated financial statements of AXA Equitable at December 31, 2008 and 2007 and for each of the three years in the period ended December 31, 2008 are included in this SAI in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. PricewaterhouseCoopers LLP provides independent audit services and certain other non-audit services to AXA Equitable as permitted by the applicable SEC independence rules, and as disclosed in AXA Equitable's Form 10-K. PricewaterhouseCoopers LLP's address is 300 Madison Avenue, New York, New York 10017. DISTRIBUTION OF CONTRACTS Pursuant to a Distribution and Servicing Agreement between AXA Advisors, AXA Equitable and certain of AXA Equitable's separate accounts, including Separate Account Nos. 45 and 49, AXA Equitable paid AXA Advisors a fee of $325,380 for each of the years 2008, 2007 and 2006. AXA Equitable paid AXA Advisors as the distributors of certain contracts, including these contracts, and as the principal underwriter of several AXA Equitable separate accounts, including Separate Account No. 45 and Separate Account No. 49, $677,871,467 in 2008, $731,920,627 in 2007 and $672,531,658 in 2006. Of these amounts, AXA Advisors retained $356,304,358, $386,036,299 and $339,484,801, respectively. Under a distribution agreement between AXA Distributors, LLC, AXA Equitable and certain of AXA Equitable's separate accounts, including Separate Account No. 49, AXA Equitable paid AXA Distributors, LLC distribution fees of $750,235,874 in 2008, $1,007,208,067 in 2007 and $694,578,570 in 2006, as the distributor of certain contracts, including these contracts, and as the principal underwriter of several AXA Equitable separate accounts, including Separate Account No. 49. Of these amounts, for each of these three years, AXA Distributors, LLC retained $81,519,894, $95,562,846 and $88,941,713, respectively. CALCULATING UNIT VALUES Unit values are determined at the end of each valuation period for each of the variable investment options. Unit values vary based on the amount of charges we deduct from the variable investment options. The unit value for a variable investment option for any valuation period is equal to: (i) the unit value for the preceding valuation period multiplied by (ii) the net investment factor for that option for that valuation period. A valuation period is each business day together with any preceding non-business days. The net investment factor is: a (-) - c b where: (a) is the value of the variable investment option's shares of the cor responding portfolio at the end of the valuation period. Any amounts allocated to or withdrawn from the option for the valuation period are not taken into account. For this purpose, we use the share value reported to us by AXA Premier VIP Trust and EQ Advisors Trust, (the "Trusts") as applicable. (b) is the value of the variable investment option's shares of the cor responding portfolio at the end of the preceding valuation period. (Any amounts allocated or withdrawn for that valuation period are taken into account.) (c) is the daily mortality and expense risks charge, administrative charge and any applicable distribution charge relating to the contracts, times the number of calendar days in the valuation period. Illustration of changes in annuity unit values To show how we determine variable annuity payments from month to month, assume that the account value on the date annuity payments are to begin is enough to fund an annuity with a monthly payment of $363. Also assume that the annuity unit value for the valuation period that includes the due date of the first annuity payment is $1.05. The number of annuity units credited under the contract would be 345.71 (363 divided by 1.05 = 345.71). If the fourth monthly payment is due in March, and the average annuity unit value for January was $1.10, the annuity payment for March would be the number of units (345.71) times the average annuity unit value ($1.10), or $380.28. If the average annuity unit value was $1 in February, the annuity payment for April would be 345.71 times $1, or $345.71. CALCULATION OF ANNUITY PAYMENTS The calculation of monthly annuity payments under a contract takes into account the number of annuity units of each variable investment option credited under a contract, their respective annuity unit values, and a net investment factor. The annuity unit values used for annuity contracts may vary, although the method of calculating annuity unit values set forth below applies to all contracts. Annuity unit values will also vary by variable investment option. 2 For each valuation period, the adjusted net investment factor is equal to the net investment factor for the variable investment option reduced for each day in the valuation period by: o .00013366 of the net investment factor for a contract with an assumed base rate of net investment return of 5% a year; or o .00009425 of the net investment factor for a contract with an assumed base rate of net investment return of 31/2%. Because of this adjustment, the annuity unit value rises and falls depending on whether the actual rate of net investment return (after charges) is higher or lower than the assumed base rate. The assumed base rate will be 5%, except in states where that rate is not permitted. Annuity payments based upon an assumed base rate of 31/2% will at first be smaller than those based upon a 5% assumed base rate. Payments based upon a 31/2% rate, however, will rise more rapidly when unit values are rising, and payments will fall more slowly when unit values are falling than those based upon a 5% rate. The amounts of variable annuity payments are determined as follows: Payments normally start on the business day specified on your election form or on such other future date as specified therein. The first three monthly payments are the same. The initial payment will be calculated using the basis guaranteed in the applicable annuity contract or our current basis, whichever would provide the higher initial benefit. The first three payments depend on the assumed base rate of net investment return and the form of annuity chosen (and any fixed period). If the annuity involves a life contingency, the risk class and the age of the annuitants will affect payments. Payments after the first three will vary according to the investment performance of the variable investment option(s) selected to fund the variable payments. After that, each monthly payment will be calculated by multiplying the number of annuity units credited by the average annuity unit value for the selected fund for the second calendar month immediately preceding the due date of the payment. The number of units is calculated by dividing the first monthly payment by the annuity unit value for the valuation period which includes the due date of the first monthly payment. The average annuity unit value is the average of the annuity unit values for the valuation periods ending in that month. Illustration of calculation of annuity payments To show how we determine variable annuity payments, assume that the account value for an annuity contract on a retirement date is enough to fund an annuity with a monthly payment of $100 and that the annuity unit value of the selected variable investment option for the valuation period that includes the due date of the first annuity payment is $3.74. The number of annuity units credited under the contract would be 26.74 (100 divided by 3.74 = 26.74). Based on a hypothetical average annuity unit value of $3.56 in October 2009, the annuity payment due in December 2009 would be $95.19 (the number of units (26.74) times $3.56). FINANCIAL STATEMENTS The consolidated financial statements of AXA Equitable included herein should be considered only as bearing upon the ability of AXA Equitable to meet its obligations under the contracts. 3 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 INDEX TO FINANCIAL STATEMENTS Report of Independent Registered Public Accounting Firm................. FSA-2 Financial Statements: Statements of Assets and Liabilities, December 31, 2008.............. FSA-3 Statements of Operations for the Year Ended December 31, 2008........ FSA-24 Statements of Changes in Net Assets for the Years Ended December 31, 2008 and 2007........................................ FSA-36 Notes to Financial Statements........................................ FSA-54 AXA EQUITABLE LIFE INSURANCE COMPANY INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Report of Independent Registered Public Accounting Firm................. F-1 Consolidated Financial Statements: Consolidated Balance Sheets, December 31, 2008 and 2007.............. F-2 Consolidated Statements of Earnings, Years Ended December 31, 2008, 2007 and 2006............................................... F-3 Consolidated Statements of Shareholder's Equity and Comprehensive Income, Years Ended December 31, 2008, 2007 and 2006.............. F-4 Consolidated Statements of Cash Flows, Years Ended December 31, 2008, 2007 and 2006............................................... F-5 Notes to Consolidated Financial Statements........................... F-7 FSA-1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors of AXA Equitable Life Insurance Company and Contractowners of Separate Account No. 45 of AXA Equitable Life Insurance Company: In our opinion, the accompanying statements of assets and liabilities and the related statements of operations and of changes in net assets present fairly, in all material respects, the financial position of each of the separate Variable Investment Options, as listed in Note 1 to such financial statements, of AXA Equitable Life Insurance Company ("AXA Equitable") Separate Account No. 45 at December 31, 2008, the results of each of their operations and the changes in each of their net assets for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of AXA Equitable's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of investments at December 31, 2008 by correspondence with the underlying funds' transfer agents, provide a reasonable basis for our opinion. PricewaterhouseCoopers LLP New York, New York April 9, 2009 FSA-2 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 2008
AXA Aggressive AXA Conservative Allocation Allocation --------------- ------------------ Assets: Investment in shares of The Trusts, at fair value........... $17,554,760 $31,028,826 Receivable for The Trusts shares sold....................... -- -- Receivable for policy-related transactions.................. 27,400 15,025 ----------- ----------- Total assets.............................................. 17,582,160 31,043,851 ----------- ----------- Liabilities: Payable for The Trusts shares purchased..................... 27,400 15,025 Payable for policy-related transactions..................... -- -- ----------- ----------- Total liabilities......................................... 27,400 15,025 ----------- ----------- Net Assets.................................................. $17,554,760 $31,028,826 =========== =========== Net Assets: Accumulation Units.......................................... 17,544,993 31,021,639 Retained by AXA Equitable in Separate Account No. 45........ 9,767 7,187 ----------- ----------- Total net assets............................................ $17,554,760 $31,028,826 =========== =========== Investments in shares of The Trusts, at cost................ $28,731,801 $35,173,390 The Trusts shares held...................................... Class A.................................................... -- -- Class B.................................................... 2,153,342 3,397,493 AXA Conservative-Plus AXA Moderate Allocation Allocation --------------------- ------------ Assets: Investment in shares of The Trusts, at fair value........... $27,253,154 $223,245,375 Receivable for The Trusts shares sold....................... -- 123,352 Receivable for policy-related transactions.................. 635 -- ----------- ------------ Total assets.............................................. 27,253,789 223,368,727 ----------- ------------ Liabilities: Payable for The Trusts shares purchased..................... 635 -- Payable for policy-related transactions..................... -- 123,352 ----------- ------------ Total liabilities......................................... 635 123,352 ----------- ------------ Net Assets.................................................. $27,253,154 $223,245,375 =========== ============ Net Assets: Accumulation Units.......................................... 27,247,610 222,703,032 Retained by AXA Equitable in Separate Account No. 45........ 5,544 542,343 ----------- ------------ Total net assets............................................ $27,253,154 $223,245,375 =========== ============ Investments in shares of The Trusts, at cost................ $33,964,991 $281,168,890 The Trusts shares held...................................... Class A.................................................... -- 2,010,240 Class B.................................................... 3,120,281 16,969,708 AXA Moderate-Plus EQ/AllianceBernstein Allocation Common Stock ----------------- -------------------- Assets: Investment in shares of The Trusts, at fair value........... $ 91,879,903 $185,612,977 Receivable for The Trusts shares sold....................... -- 84,724 Receivable for policy-related transactions.................. 17,663 -- ------------ ------------ Total assets.............................................. 91,897,566 185,697,701 ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... 17,663 -- Payable for policy-related transactions..................... -- 84,724 ------------ ------------ Total liabilities......................................... 17,663 84,724 ------------ ------------ Net Assets.................................................. $ 91,879,903 $185,612,977 ============ ============ Net Assets: Accumulation Units.......................................... 91,875,320 185,594,686 Retained by AXA Equitable in Separate Account No. 45........ 4,583 18,291 ------------ ------------ Total net assets............................................ $ 91,879,903 $185,612,977 ============ ============ Investments in shares of The Trusts, at cost................ $139,066,658 $331,245,582 The Trusts shares held...................................... Class A.................................................... -- 2,453,342 Class B.................................................... 10,484,760 14,328,527
------- The accompanying notes are an integral part of these financial statements. FSA-3 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/AllianceBernstein Intermediate EQ/AllianceBernstein Government Securities International ---------------------- --------------------- Assets: Investment in shares of The Trusts, at fair value........... $81,096,008 $ 73,656,317 Receivable for The Trusts shares sold....................... 226,138 29,463 Receivable for policy-related transactions.................. -- -- ----------- ------------ Total assets.............................................. 81,322,146 73,685,780 ----------- ------------ Liabilities: Payable for The Trusts shares purchased..................... -- -- Payable for policy-related transactions..................... 226,138 29,463 ----------- ------------ Total liabilities......................................... 226,138 29,463 ----------- ------------ Net Assets.................................................. $81,096,008 $ 73,656,317 =========== ============ Net Assets: Accumulation Units.......................................... 81,079,020 73,631,116 Retained by AXA Equitable in Separate Account No. 45........ 16,988 25,201 ----------- ------------ Total net assets............................................ $81,096,008 $ 73,656,317 =========== ============ Investments in shares of The Trusts, at cost................ $81,579,894 $105,785,985 The Trusts shares held...................................... Class A.................................................... 448,836 1,268,434 Class B.................................................... 7,770,202 9,845,155 EQ/AllianceBernstein EQ/Ariel Small Cap Growth Appreciation ll -------------------- --------------- Assets: Investment in shares of The Trusts, at fair value........... $42,906,724 $ 659,382 Receivable for The Trusts shares sold....................... 27,575 25 Receivable for policy-related transactions.................. -- -- ----------- ---------- Total assets.............................................. 42,934,299 659,407 ----------- ---------- Liabilities: Payable for The Trusts shares purchased..................... -- -- Payable for policy-related transactions..................... 27,575 25 ----------- ---------- Total liabilities......................................... 27,575 25 ----------- ---------- Net Assets.................................................. $42,906,724 $ 659,382 =========== ========== Net Assets: Accumulation Units.......................................... 42,879,090 658,992 Retained by AXA Equitable in Separate Account No. 45........ 27,634 390 ----------- ---------- Total net assets............................................ $42,906,724 $ 659,382 =========== ========== Investments in shares of The Trusts, at cost................ $68,061,873 $1,065,603 The Trusts shares held...................................... Class A.................................................... 177,372 -- Class B.................................................... 4,714,216 99,280 EQ/BlackRock EQ/BlackRock Basic Value Equity International Value -------------------- -------------------- Assets: Investment in shares of The Trusts, at fair value........... $63,088,904 $34,791,415 Receivable for The Trusts shares sold....................... 254,154 -- Receivable for policy-related transactions.................. -- 13,269 ----------- ----------- Total assets.............................................. 63,343,058 34,804,684 ----------- ----------- Liabilities: Payable for The Trusts shares purchased..................... -- 13,269 Payable for policy-related transactions..................... 254,154 -- ----------- ----------- Total liabilities......................................... 254,154 13,269 ----------- ----------- Net Assets.................................................. $63,088,904 $34,791,415 =========== =========== Net Assets: Accumulation Units.......................................... 63,086,888 34,787,605 Retained by AXA Equitable in Separate Account No. 45........ 2,016 3,810 ----------- ----------- Total net assets............................................ $63,088,904 $34,791,415 =========== =========== Investments in shares of The Trusts, at cost................ $92,413,260 $58,701,963 The Trusts shares held...................................... Class A.................................................... -- -- Class B.................................................... 6,510,890 4,001,989
------- The accompanying notes are an integral part of these financial statements. FSA-4 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Boston Advisors EQ/Calvert Socially Equity Income Responsible ------------------- --------------------- Assets: Investment in shares of The Trusts, at fair value........... $ 7,632,204 $503,860 Receivable for The Trusts shares sold....................... 290 20 Receivable for policy-related transactions.................. -- -- ----------- -------- Total assets.............................................. 7,632,494 503,880 ----------- -------- Liabilities: Payable for The Trusts shares purchased..................... -- -- Payable for policy-related transactions..................... 290 20 ----------- -------- Total liabilities......................................... 290 20 ----------- -------- Net Assets.................................................. $ 7,632,204 $503,860 =========== ======== Net Assets: Accumulation Units.......................................... 7,626,059 496,553 Retained by AXA Equitable in Separate Account No. 45........ 6,145 7,307 ----------- -------- Total net assets............................................ $ 7,632,204 $503,860 =========== ======== Investments in shares of The Trusts, at cost................ $11,270,818 $872,094 The Trusts shares held...................................... Class A.................................................... -- -- Class B.................................................... 1,785,327 102,884 EQ/Capital EQ/Capital Guardian Growth Guardian Research --------------- ----------------- Assets: Investment in shares of The Trusts, at fair value........... $4,111,195 $34,804,852 Receivable for The Trusts shares sold....................... 130 72,523 Receivable for policy-related transactions.................. -- -- ---------- ----------- Total assets.............................................. 4,111,325 34,877,375 ---------- ----------- Liabilities: Payable for The Trusts shares purchased..................... -- -- Payable for policy-related transactions..................... 130 72,523 ---------- ----------- Total liabilities......................................... 130 72,523 ---------- ----------- Net Assets.................................................. $4,111,195 $34,804,852 ========== =========== Net Assets: Accumulation Units.......................................... 4,102,116 34,775,148 Retained by AXA Equitable in Separate Account No. 45........ 9,079 29,704 ---------- ----------- Total net assets............................................ $4,111,195 $34,804,852 ========== =========== Investments in shares of The Trusts, at cost................ $6,736,461 $52,532,580 The Trusts shares held...................................... Class A.................................................... -- -- Class B.................................................... 467,978 4,283,231 EQ/Caywood-Scholl EQ/Davis New High Yield Bond York Venture ----------------- ------------ Assets: Investment in shares of The Trusts, at fair value........... $4,845,040 $4,548,418 Receivable for The Trusts shares sold....................... -- 101 Receivable for policy-related transactions.................. 256,016 -- ---------- ---------- Total assets.............................................. 5,101,056 4,548,519 ---------- ---------- Liabilities: Payable for The Trusts shares purchased..................... 256,016 -- Payable for policy-related transactions..................... -- 101 ---------- ---------- Total liabilities......................................... 256,016 101 ---------- ---------- Net Assets.................................................. $4,845,040 $4,548,418 ========== ========== Net Assets: Accumulation Units.......................................... 4,843,213 4,547,970 Retained by AXA Equitable in Separate Account No. 45........ 1,827 448 ---------- ---------- Total net assets............................................ $4,845,040 $4,548,418 ========== ========== Investments in shares of The Trusts, at cost................ $6,244,426 $6,961,670 The Trusts shares held...................................... Class A.................................................... -- -- Class B.................................................... 1,496,854 677,361
------- The accompanying notes are an integral part of these financial statements. FSA-5 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Equity EQ/Evergreen 500 Index International Bond ------------ ------------------ Assets: Investment in shares of The Trusts, at fair value........... $59,218,139 $16,556,579 Receivable for The Trusts shares sold....................... 80,623 8,207 Receivable for policy-related transactions.................. -- -- ----------- ----------- Total assets.............................................. 59,298,762 16,564,786 ----------- ----------- Liabilities: Payable for The Trusts shares purchased..................... -- -- Payable for policy-related transactions..................... 80,623 8,207 ----------- ----------- Total liabilities......................................... 80,623 8,207 ----------- ----------- Net Assets.................................................. $59,218,139 $16,556,579 =========== =========== Net Assets: Accumulation Units.......................................... 59,173,785 16,556,095 Retained by AXA Equitable in Separate Account No. 45........ 44,354 484 ----------- ----------- Total net assets $59,218,139 $16,556,579 =========== =========== Investments in shares of The Trusts, at cost................ $88,456,672 $18,964,648 The Trusts shares held...................................... Class A.................................................... -- -- Class B.................................................... 3,776,388 1,732,169 EQ/Franklin EQ/Evergreen EQ/Franklin EQ/Franklin Templeton Omega Income Small Cap Value Founding Strategy -------------- ------------- ----------------- ------------------ Assets: Investment in shares of The Trusts, at fair value........... $5,447,558 $13,811,006 $2,132,697 $3,902,024 Receivable for The Trusts shares sold....................... -- -- -- 40,346 Receivable for policy-related transactions.................. 308 26,798 53,223 -- ---------- ----------- ---------- ---------- Total assets.............................................. 5,447,866 13,837,804 2,185,920 3,942,370 ---------- ----------- ---------- ---------- Liabilities: Payable for The Trusts shares purchased..................... 308 26,798 53,223 -- Payable for policy-related transactions..................... -- -- -- 40,346 ---------- ----------- ---------- ---------- Total liabilities......................................... 308 26,798 53,223 40,346 ---------- ----------- ---------- ---------- Net Assets.................................................. $5,447,558 $13,811,006 $2,132,697 $3,902,024 ========== =========== ========== ========== Net Assets: Accumulation Units.......................................... 5,444,607 13,810,823 2,132,642 3,901,623 Retained by AXA Equitable in Separate Account No. 45........ 2,951 183 55 401 ---------- ----------- ---------- ---------- Total net assets $5,447,558 $13,811,006 $2,132,697 $3,902,024 ========== =========== ========== ========== Investments in shares of The Trusts, at cost................ $7,473,356 $21,430,454 $2,902,071 $5,927,363 The Trusts shares held...................................... Class A.................................................... -- -- -- -- Class B.................................................... 848,172 2,157,445 328,874 682,030
------- The accompanying notes are an integral part of these financial statements. FSA-6 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/GAMCO Mergers and EQ/GAMCO Acquisitions Small Company Value -------------- --------------------- Assets: Investment in shares of The Trusts, at fair value........... $4,506,637 $17,006,957 Receivable for The Trusts shares sold....................... -- 2,961 Receivable for policy-related transactions.................. 1,012 -- ---------- ----------- Total assets.............................................. 4,507,649 17,009,918 ---------- ----------- Liabilities: Payable for The Trusts shares purchased..................... 1,012 -- Payable for policy-related transactions..................... -- 2,961 ---------- ----------- Total liabilities......................................... 1,012 2,961 ---------- ----------- Net Assets.................................................. $4,506,637 $17,006,957 ========== =========== Net Assets: Accumulation Units.......................................... 4,503,537 16,988,412 Retained by AXA Equitable in Separate Account No. 45........ 3,100 18,545 ---------- ----------- Total net assets $4,506,637 $17,006,957 ========== =========== Investments in shares of The Trusts, at cost................ $5,514,791 $24,116,722 The Trusts shares held...................................... Class A.................................................... -- -- Class B.................................................... 448,290 810,885 EQ/JPMorgan EQ/International EQ/International EQ/JPMorgan Value Core PLUS Growth Core Bond Opportunities ------------------ ------------------ ------------- -------------- Assets: Investment in shares of The Trusts, at fair value........... $12,160,222 $5,340,349 $33,224,385 $14,538,192 Receivable for The Trusts shares sold....................... -- -- 3,252 28,853 Receivable for policy-related transactions.................. 14,494 48,500 -- -- ----------- ---------- ----------- ----------- Total assets.............................................. 12,174,716 5,388,849 33,227,637 14,567,045 ----------- ---------- ----------- ----------- Liabilities: Payable for The Trusts shares purchased..................... 14,494 48,500 -- -- Payable for policy-related transactions..................... -- -- 3,252 28,853 ----------- ---------- ----------- ----------- Total liabilities......................................... 14,494 48,500 3,252 28,853 ----------- ---------- ----------- ----------- Net Assets.................................................. $12,160,222 $5,340,349 $33,224,385 $14,538,192 =========== ========== =========== =========== Net Assets: Accumulation Units.......................................... 12,152,717 5,339,007 33,221,962 14,523,748 Retained by AXA Equitable in Separate Account No. 45........ 7,505 1,342 2,423 14,444 ----------- ---------- ----------- ----------- Total net assets $12,160,222 $5,340,349 $33,224,385 $14,538,192 =========== ========== =========== =========== Investments in shares of The Trusts, at cost................ $21,579,336 $8,481,321 $38,757,792 $25,250,260 The Trusts shares held...................................... Class A.................................................... -- -- -- -- Class B.................................................... 1,788,538 1,272,903 3,545,002 2,150,742
------- The accompanying notes are an integral part of these financial statements. FSA-7 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Large Cap EQ/Large Cap Core PLUS Growth Index ------------- -------------- Assets: Investment in shares of The Trusts, at fair value........... $5,156,831 $36,934,280 Receivable for The Trusts shares sold....................... 204 13,961 Receivable for policy-related transactions.................. -- -- ---------- ----------- Total assets.............................................. 5,157,035 36,948,241 ---------- ----------- Liabilities: Payable for The Trusts shares purchased..................... -- -- Payable for policy-related transactions..................... 204 13,961 ---------- ----------- Total liabilities......................................... 204 13,961 ---------- ----------- Net Assets.................................................. $5,156,831 $36,934,280 ========== =========== Net Assets: Accumulation Units.......................................... 5,152,344 36,926,589 Retained by AXA Equitable in Separate Account No. 45........ 4,487 7,691 ---------- ----------- Total net assets $5,156,831 $36,934,280 ========== =========== Investments in shares of The Trusts, at cost................ $8,034,114 $52,361,594 The Trusts shares held...................................... Class A.................................................... -- -- Class B.................................................... 910,574 6,630,930 EQ/Large Cap EQ/Large Cap EQ/Large Cap EQ/Long Growth PLUS Value Index Value PLUS Term Bond -------------- -------------- -------------- ------------- Assets: Investment in shares of The Trusts, at fair value........... $43,409,290 $1,524,193 $180,210,908 $4,834,559 Receivable for The Trusts shares sold....................... 6,612 57 158,448 -- Receivable for policy-related transactions.................. -- -- -- 9,805 ----------- ---------- ------------ ---------- Total assets.............................................. 43,415,902 1,524,250 180,369,356 4,844,364 ----------- ---------- ------------ ---------- Liabilities: Payable for The Trusts shares purchased..................... -- -- -- 9,805 Payable for policy-related transactions..................... 6,612 57 158,448 -- ----------- ---------- ------------ ---------- Total liabilities......................................... 6,612 57 158,448 9,805 ----------- ---------- ------------ ---------- Net Assets.................................................. $43,409,290 $1,524,193 $180,210,908 $4,834,559 =========== ========== ============ ========== Net Assets: Accumulation Units.......................................... 43,404,004 1,523,395 180,157,789 4,831,546 Retained by AXA Equitable in Separate Account No. 45........ 5,286 798 53,119 3,013 ----------- ---------- ------------ ---------- Total net assets $43,409,290 $1,524,193 $180,210,908 $4,834,559 =========== ========== ============ ========== Investments in shares of The Trusts, at cost................ $72,674,336 $3,326,436 $324,597,443 $4,775,363 The Trusts shares held...................................... Class A.................................................... -- -- 2,063,336 -- Class B.................................................... 3,966,317 360,052 21,252,195 356,197
------- The accompanying notes are an integral part of these financial statements. FSA-8 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Lord Abbett EQ/Lord Abbett Growth and Income Large Cap Core ------------------- ---------------- Assets: Investment in shares of The Trusts, at fair value........... $1,877,352 $2,408,599 Receivable for The Trusts shares sold....................... 73 92 Receivable for policy-related transactions.................. -- -- ---------- ---------- Total assets.............................................. 1,877,425 2,408,691 ---------- ---------- Liabilities: Payable for The Trusts shares purchased..................... -- -- Payable for policy-related transactions..................... 73 92 ---------- ---------- Total liabilities......................................... 73 92 ---------- ---------- Net Assets.................................................. $1,877,352 $2,408,599 ========== ========== Net Assets: Accumulation Units.......................................... 1,876,027 2,407,779 Retained by AXA Equitable in Separate Account No. 45........ 1,325 820 ---------- ---------- Total net assets............................................ $1,877,352 $2,408,599 ========== ========== Investments in shares of The Trusts, at cost................ $2,959,594 $3,065,016 The Trusts shares held...................................... Class A.................................................... -- -- Class B.................................................... 249,042 282,122 EQ/Lord Abbett EQ/Marsico EQ/Mid Cap EQ/Mid Cap Mid Cap Value Focus Index Value PLUS ---------------- -------------- -------------- -------------- Assets: Investment in shares of The Trusts, at fair value........... $4,265,475 $37,948,244 $26,546,176 $ 51,726,498 Receivable for The Trusts shares sold....................... -- 5,240 -- 54,131 Receivable for policy-related transactions.................. 9,289 -- 1,096 -- ---------- ----------- ----------- ------------ Total assets.............................................. 4,274,764 37,953,484 26,547,272 51,780,629 ---------- ----------- ----------- ------------ Liabilities: Payable for The Trusts shares purchased..................... 9,289 -- 1,096 -- Payable for policy-related transactions..................... -- 5,240 -- 54,131 ---------- ----------- ----------- ------------ Total liabilities......................................... 9,289 5,240 1,096 54,131 ---------- ----------- ----------- ------------ Net Assets.................................................. $4,265,475 $37,948,244 $26,546,176 $ 51,726,498 ========== =========== =========== ============ Net Assets: Accumulation Units.......................................... 4,261,039 37,939,376 26,539,621 51,711,917 Retained by AXA Equitable in Separate Account No. 45........ 4,436 8,868 6,555 14,581 ---------- ----------- ----------- ------------ Total net assets............................................ $4,265,475 $37,948,244 $26,546,176 $ 51,726,498 ========== =========== =========== ============ Investments in shares of The Trusts, at cost................ $7,576,795 $57,624,703 $54,436,808 $101,532,541 The Trusts shares held...................................... Class A.................................................... -- -- -- -- Class B.................................................... 630,269 3,701,362 5,387,044 8,480,214
------- The accompanying notes are an integral part of these financial statements. FSA-9 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Montag & Caldwell EQ/Money Market Growth EQ/Mutual Shares ----------------- ------------ ------------------ Assets: Investment in shares of The Trusts, at fair value........... $155,656,399 $6,831,571 $3,774,829 Receivable for The Trusts shares sold....................... -- -- 145 Receivable for policy-related transactions.................. 4,172,500 255,421 -- ------------ ---------- ---------- Total assets.............................................. 159,828,899 7,086,992 3,774,974 ------------ ---------- ---------- Liabilities: -- Payable for The Trusts shares purchased..................... 4,172,500 255,421 -- Payable for policy-related transactions..................... -- -- 145 ------------ ---------- ---------- Total liabilities......................................... 4,172,500 255,421 145 ------------ ---------- ---------- Net Assets.................................................. $155,656,399 $6,831,571 $3,774,829 ============ ========== ========== Net Assets: Accumulation Units.......................................... 155,301,948 6,830,002 3,774,693 Retained by AXA Equitable in Separate Account No. 45........ 354,451 1,569 136 ------------ ---------- ---------- Total net assets............................................ $155,656,399 $6,831,571 $3,774,829 ============ ========== ========== Investments in shares of The Trusts, at cost................ $155,668,235 $8,966,353 $6,284,729 The Trusts shares held...................................... Class A.................................................... 11,136,435 -- -- Class B.................................................... 144,507,075 1,552,713 588,586 EQ/Oppenheimer EQ/Oppenheimer EQ/Oppenheimer Main Street Main Street Global Opportunity Small Cap ---------------- ---------------- ---------------- Assets: Investment in shares of The Trusts, at fair value........... $1,458,568 $526,831 $559,378 Receivable for The Trusts shares sold....................... 21,579 -- -- Receivable for policy-related transactions.................. -- 9,006 9,003 ---------- -------- -------- Total assets.............................................. 1,480,147 535,837 568,381 ---------- -------- -------- Liabilities: Payable for The Trusts shares purchased..................... -- 9,006 9,003 Payable for policy-related transactions..................... 21,579 -- -- ---------- -------- -------- Total liabilities......................................... 21,579 9,006 9,003 ---------- -------- -------- Net Assets.................................................. $1,458,568 $526,831 $559,378 ========== ======== ======== Net Assets: Accumulation Units.......................................... 1,458,547 526,775 559,320 Retained by AXA Equitable in Separate Account No. 45........ 21 56 58 ---------- -------- -------- Total net assets............................................ $1,458,568 $526,831 $559,378 ========== ======== ======== Investments in shares of The Trusts, at cost................ $2,330,754 $811,005 $805,753 The Trusts shares held...................................... Class A.................................................... -- -- -- Class B.................................................... 218,309 81,747 86,326
------- The accompanying notes are an integral part of these financial statements. FSA-10 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/PIMCO EQ/Quality EQ/Short Real Return Bond PLUS Duration Bond ------------- -------------- --------------- Assets: Investment in shares of The Trusts, at fair value........... $34,789,720 $13,229,939 $5,029,726 Receivable for The Trusts shares sold....................... 1,385 5,516 202 Receivable for policy-related transactions.................. -- -- -- ----------- ----------- ---------- Total assets.............................................. 34,791,105 13,235,455 5,029,928 ----------- ----------- ---------- Liabilities: Payable for The Trusts shares purchased..................... -- -- -- Payable for policy-related transactions..................... 1,385 5,516 202 ----------- ----------- ---------- Total liabilities......................................... 1,385 5,516 202 ----------- ----------- ---------- Net Assets.................................................. $34,789,720 $13,229,939 $5,029,726 =========== =========== ========== Net Assets: Accumulation Units.......................................... 34,789,354 13,225,040 5,028,248 Retained by AXA Equitable in Separate Account No. 45........ 366 4,899 1,478 ----------- ----------- ---------- Total net assets............................................ $34,789,720 $13,229,939 $5,029,726 =========== =========== ========== Investments in shares of The Trusts, at cost................ $39,616,455 $15,042,695 $5,424,807 The Trusts shares held...................................... Class A.................................................... -- -- -- Class B.................................................... 3,747,032 1,518,988 540,233 EQ/Small Company EQ/T. Rowe Price EQ/Templeton Index Growth Stock Growth -------------- ------------------ ------------- Assets: Investment in shares of The Trusts, at fair value........... $15,954,223 $ 8,617,445 $2,249,697 Receivable for The Trusts shares sold....................... 39,224 331 1 Receivable for policy-related transactions.................. -- -- -- ----------- ----------- ---------- Total assets.............................................. 15,993,447 8,617,776 2,249,698 ----------- ----------- ---------- Liabilities: Payable for The Trusts shares purchased..................... -- -- -- Payable for policy-related transactions..................... 39,224 331 1 ----------- ----------- ---------- Total liabilities......................................... 39,224 331 1 ----------- ----------- ---------- Net Assets.................................................. $15,954,223 $ 8,617,445 $2,249,697 =========== =========== ========== Net Assets: Accumulation Units.......................................... 15,941,173 8,605,741 2,249,678 Retained by AXA Equitable in Separate Account No. 45........ 13,050 11,704 19 ----------- ----------- ---------- Total net assets............................................ $15,954,223 $ 8,617,445 $2,249,697 =========== =========== ========== Investments in shares of The Trusts, at cost................ $26,540,884 $12,961,474 $3,830,853 The Trusts shares held...................................... Class A.................................................... -- -- -- Class B.................................................... 2,357,262 695,469 355,853
------- The accompanying notes are an integral part of these financial statements. FSA-11 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Van Kampen EQ/UBS Growth EQ/Van Kampen Emerging and Income Comstock Markets Equity --------------- --------------- ---------------- Assets: Investment in shares of The Trusts, at fair value........... $1,405,608 $4,514,876 $46,586,672 Receivable for The Trusts shares sold....................... 53 122 -- Receivable for policy-related transactions.................. -- -- 122,808 ---------- ---------- ----------- Total assets.............................................. 1,405,661 4,514,998 46,709,480 ---------- ---------- ----------- Liabilities: Payable for The Trusts shares purchased..................... -- -- 122,808 Payable for policy-related transactions..................... 53 122 -- ---------- ---------- ----------- Total liabilities......................................... 53 122 122,808 ---------- ---------- ----------- Net Assets.................................................. $1,405,608 $4,514,876 $46,586,672 ========== ========== =========== Net Assets: Accumulation Units.......................................... 1,403,083 4,510,604 46,561,786 Retained by AXA Equitable in Separate Account No. 45........ 2,525 4,272 24,886 ---------- ---------- ----------- Total net assets............................................ $1,405,608 $4,514,876 $46,586,672 ========== ========== =========== Investments in shares of The Trusts, at cost................ $2,331,025 $6,529,152 $93,750,560 The Trusts shares held...................................... Class A.................................................... -- -- -- Class B.................................................... 348,637 682,081 6,114,017 EQ/Van Kampen Multimanager Multimanager Mid Cap Growth Aggressive Equity Core Bond ---------------- ------------------- ------------- Assets: Investment in shares of The Trusts, at fair value........... $ 6,888,061 $17,659,503 $34,158,302 Receivable for The Trusts shares sold....................... 77 599 130,759 Receivable for policy-related transactions.................. -- -- -- ----------- ----------- ----------- Total assets.............................................. 6,888,138 17,660,102 34,289,061 ----------- ----------- ----------- Liabilities: Payable for The Trusts shares purchased..................... -- -- -- Payable for policy-related transactions..................... 77 599 130,759 ----------- ----------- ----------- Total liabilities......................................... 77 599 130,759 ----------- ----------- ----------- Net Assets.................................................. $ 6,888,061 $17,659,503 $34,158,302 =========== =========== =========== Net Assets: Accumulation Units.......................................... 6,886,147 17,650,014 34,156,860 Retained by AXA Equitable in Separate Account No. 45........ 1,914 9,489 1,442 ----------- ----------- ----------- Total net assets............................................ $ 6,888,061 $17,659,503 $34,158,302 =========== =========== =========== Investments in shares of The Trusts, at cost................ $10,955,523 $32,923,455 $35,323,083 The Trusts shares held...................................... Class A.................................................... -- 337,716 -- Class B.................................................... 832,821 711,362 3,458,496
------- The accompanying notes are an integral part of these financial statements. FSA-12 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Multimanager Multimanager Multimanager International Health Care High Yield Equity -------------- -------------- --------------- Assets: Investment in shares of The Trusts, at fair value........... $ 9,266,568 $41,825,449 $12,987,876 Receivable for The Trusts shares sold....................... 238 68,299 496 Receivable for policy-related transactions.................. -- -- -- ----------- ----------- ----------- Total assets.............................................. 9,266,806 41,893,748 12,988,372 ----------- ----------- ----------- Liabilities: Payable for The Trusts shares purchased..................... -- -- -- Payable for policy-related transactions..................... 238 68,299 496 ----------- ----------- ----------- Total liabilities......................................... 238 68,299 496 ----------- ----------- ----------- Net Assets.................................................. $ 9,266,568 $41,825,449 $12,987,876 =========== =========== =========== Net Assets: Accumulation Units.......................................... 9,260,812 41,805,044 12,978,612 Retained by AXA Equitable in Separate Account No. 45........ 5,756 20,405 9,264 ----------- ----------- ----------- Total net assets............................................ $ 9,266,568 $41,825,449 $12,987,876 =========== =========== =========== Investments in shares of The Trusts, at cost................ $12,185,063 $66,642,438 $22,947,861 The Trusts shares held...................................... Class A.................................................... -- 447,408 -- Class B.................................................... 1,169,575 11,336,599 1,568,346 Multimanager Large Cap Multimanager Multimanager Core Equity Large Cap Growth Large Cap Value -------------- ------------------ ---------------- Assets: Investment in shares of The Trusts, at fair value........... $3,537,946 $5,238,563 $12,093,743 Receivable for The Trusts shares sold....................... 107 204 7,508 Receivable for policy-related transactions.................. -- -- -- ---------- ---------- ----------- Total assets.............................................. 3,538,053 5,238,767 12,101,251 ---------- ---------- ----------- Liabilities: Payable for The Trusts shares purchased..................... -- -- -- Payable for policy-related transactions..................... 107 204 7,508 ---------- ---------- ----------- Total liabilities......................................... 107 204 7,508 ---------- ---------- ----------- Net Assets.................................................. $3,537,946 $5,238,563 $12,093,743 ========== ========== =========== Net Assets: Accumulation Units.......................................... 3,499,125 5,222,501 12,087,076 Retained by AXA Equitable in Separate Account No. 45........ 38,821 16,062 6,667 ---------- ---------- ----------- Total net assets............................................ $3,537,946 $5,238,563 $12,093,743 ========== ========== =========== Investments in shares of The Trusts, at cost................ $5,613,422 $9,418,367 $19,901,411 The Trusts shares held...................................... Class A.................................................... -- -- -- Class B.................................................... 506,458 992,112 1,675,914
------- The accompanying notes are an integral part of these financial statements. FSA-13 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Multimanager Multimanager Mid Cap Growth Mid Cap Value ---------------- --------------- Assets: Investment in shares of The Trusts, at fair value........... $ 9,023,627 $10,563,875 Receivable for The Trusts shares sold....................... -- 79,585 Receivable for policy-related transactions.................. 101,983 -- ----------- ----------- Total assets.............................................. 9,125,610 10,643,460 ----------- ----------- Liabilities: Payable for The Trusts shares purchased..................... 101,983 -- Payable for policy-related transactions..................... -- 79,585 ----------- ----------- Total liabilities......................................... 101,983 79,585 ----------- ----------- Net Assets.................................................. $ 9,023,627 $10,563,875 =========== =========== Net Assets: Accumulation Units.......................................... 9,013,317 10,558,820 Retained by AXA Equitable in Separate Account No. 45........ 10,310 5,055 ----------- ----------- Total net assets............................................ $ 9,023,627 $10,563,875 =========== =========== Investments in shares of The Trusts, at cost................ $16,064,328 $17,106,091 The Trusts shares held...................................... Class A.................................................... -- -- Class B.................................................... 1,805,901 1,865,758 Multimanager Multimanager Multimanager Small Cap Growth Small Cap Value Technology ------------------ ----------------- -------------- Assets: Investment in shares of The Trusts, at fair value........... $4,185,278 $11,758,724 $15,299,671 Receivable for The Trusts shares sold....................... -- 29,544 -- Receivable for policy-related transactions.................. 37,825 -- 6,597 ---------- ----------- ----------- Total assets.............................................. 4,223,103 11,788,268 15,306,268 ---------- ----------- ----------- Liabilities: Payable for The Trusts shares purchased..................... 37,825 -- 6,597 Payable for policy-related transactions..................... -- 29,544 -- ---------- ----------- ----------- Total liabilities......................................... 37,825 29,544 6,597 ---------- ----------- ----------- Net Assets.................................................. $4,185,278 $11,758,724 $15,299,671 ========== =========== =========== Net Assets: Accumulation Units.......................................... 4,168,248 11,746,305 15,262,811 Retained by AXA Equitable in Separate Account No. 45........ 17,030 12,419 36,860 ---------- ----------- ----------- Total net assets............................................ $4,185,278 $11,758,724 $15,299,671 ========== =========== =========== Investments in shares of The Trusts, at cost................ $7,488,722 $22,026,877 $22,780,483 The Trusts shares held...................................... Class A.................................................... -- -- -- Class B.................................................... 814,227 1,696,610 2,227,583
------- The accompanying notes are an integral part of these financial statements. FSA-14 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- AXA Aggressive Allocation.................................. Class B 0.50% $ 8.62 - AXA Aggressive Allocation.................................. Class B 1.15% $ 8.35 488 AXA Aggressive Allocation.................................. Class B 1.35% $ 8.27 844 AXA Aggressive Allocation.................................. Class B 1.55% $ 8.19 667 AXA Aggressive Allocation.................................. Class B 1.60% $ 8.17 121 AXA Aggressive Allocation.................................. Class B 1.70% $ 9.00 4 AXA Conservative Allocation................................ Class B 0.50% $ 10.43 - AXA Conservative Allocation................................ Class B 1.15% $ 10.10 894 AXA Conservative Allocation................................ Class B 1.35% $ 10.00 780 AXA Conservative Allocation................................ Class B 1.55% $ 9.90 992 AXA Conservative Allocation................................ Class B 1.60% $ 9.88 440 AXA Conservative Allocation................................ Class B 1.70% $ 10.29 2 AXA Conservative-Plus Allocation........................... Class B 0.50% $ 9.80 - AXA Conservative-Plus Allocation........................... Class B 1.15% $ 9.49 643 AXA Conservative-Plus Allocation........................... Class B 1.35% $ 9.40 798 AXA Conservative-Plus Allocation........................... Class B 1.55% $ 9.30 779 AXA Conservative-Plus Allocation........................... Class B 1.60% $ 9.28 681 AXA Conservative-Plus Allocation........................... Class B 1.70% $ 9.82 8 AXA Moderate Allocation.................................... Class A 1.15% $ 43.14 542 AXA Moderate Allocation.................................... Class B 0.50% $ 47.34 1 AXA Moderate Allocation.................................... Class B 1.15% $ 40.73 726 AXA Moderate Allocation.................................... Class B 1.35% $ 38.88 1,952 AXA Moderate Allocation.................................... Class B 1.55% $ 37.11 1,572 AXA Moderate Allocation.................................... Class B 1.60% $ 36.68 963 AXA Moderate Allocation.................................... Class B 1.70% $ 35.84 4 AXA Moderate-Plus Allocation............................... Class B 0.50% $ 9.31 - AXA Moderate-Plus Allocation............................... Class B 1.15% $ 9.02 1,974 AXA Moderate-Plus Allocation............................... Class B 1.35% $ 8.93 3,168 AXA Moderate-Plus Allocation............................... Class B 1.55% $ 8.84 3,625 AXA Moderate-Plus Allocation............................... Class B 1.60% $ 8.82 1,558 AXA Moderate-Plus Allocation............................... Class B 1.70% $ 9.69 1 EQ/AllianceBernstein Common Stock.......................... Class A 1.15% $ 166.65 164 EQ/AllianceBernstein Common Stock.......................... Class B 0.50% $ 200.52 4 EQ/AllianceBernstein Common Stock.......................... Class B 1.15% $ 161.61 259 EQ/AllianceBernstein Common Stock.......................... Class B 1.35% $ 151.18 430 EQ/AllianceBernstein Common Stock.......................... Class B 1.55% $ 141.42 232 EQ/AllianceBernstein Common Stock.......................... Class B 1.60% $ 139.08 127 EQ/AllianceBernstein Common Stock.......................... Class B 1.70% $ 134.51 1 EQ/AllianceBernstein Intermediate Government Securities.... Class A 1.15% $ 21.79 204 EQ/AllianceBernstein Intermediate Government Securities.... Class B 0.50% $ 23.77 - EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.15% $ 21.16 337 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.35% $ 20.41 860 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.55% $ 19.69 1,536 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.60% $ 19.51 1,090 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.70% $ 19.16 22 EQ/AllianceBernstein International......................... Class A 1.15% $ 10.46 815 EQ/AllianceBernstein International......................... Class B 0.50% $ 11.11 1 EQ/AllianceBernstein International......................... Class B 1.15% $ 10.15 909 EQ/AllianceBernstein International......................... Class B 1.35% $ 9.87 2,218 EQ/AllianceBernstein International......................... Class B 1.55% $ 9.60 2,398 EQ/AllianceBernstein International......................... Class B 1.60% $ 9.53 1,144 EQ/AllianceBernstein International......................... Class B 1.70% $ 9.40 6 EQ/AllianceBernstein Small Cap Growth...................... Class A 1.15% $ 12.02 134 EQ/AllianceBernstein Small Cap Growth...................... Class B 0.50% $ 12.62 1 EQ/AllianceBernstein Small Cap Growth...................... Class B 1.15% $ 11.69 717
FSA-15 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/AllianceBernstein Small Cap Growth........ Class B 1.35% $ 11.42 781 EQ/AllianceBernstein Small Cap Growth........ Class B 1.55% $ 11.15 1,540 EQ/AllianceBernstein Small Cap Growth........ Class B 1.60% $ 11.09 604 EQ/AllianceBernstein Small Cap Growth........ Class B 1.70% $ 10.96 8 EQ/Ariel Appreciation II..................... Class B 0.50% $ 6.91 -- EQ/Ariel Appreciation II..................... Class B 1.15% $ 6.77 12 EQ/Ariel Appreciation II..................... Class B 1.35% $ 6.81 42 EQ/Ariel Appreciation II..................... Class B 1.55% $ 6.68 30 EQ/Ariel Appreciation II..................... Class B 1.60% $ 6.67 12 EQ/Ariel Appreciation II..................... Class B 1.70% $ 6.65 2 EQ/BlackRock Basic Value Equity.............. Class B 0.50% $ 16.70 1 EQ/BlackRock Basic Value Equity.............. Class B 1.15% $ 15.47 826 EQ/BlackRock Basic Value Equity.............. Class B 1.35% $ 15.11 1,458 EQ/BlackRock Basic Value Equity.............. Class B 1.55% $ 14.75 1,279 EQ/BlackRock Basic Value Equity.............. Class B 1.60% $ 14.66 627 EQ/BlackRock Basic Value Equity.............. Class B 1.70% $ 14.49 13 EQ/BlackRock International Value............. Class B 0.50% $ 15.47 -- EQ/BlackRock International Value............. Class B 1.15% $ 14.33 555 EQ/BlackRock International Value............. Class B 1.35% $ 14.00 848 EQ/BlackRock International Value............. Class B 1.55% $ 13.67 781 EQ/BlackRock International Value............. Class B 1.60% $ 13.59 313 EQ/BlackRock International Value............. Class B 1.70% $ 13.43 1 EQ/Boston Advisors Equity Income............. Class B 0.50% $ 5.05 -- EQ/Boston Advisors Equity Income............. Class B 1.15% $ 4.73 364 EQ/Boston Advisors Equity Income............. Class B 1.35% $ 4.63 533 EQ/Boston Advisors Equity Income............. Class B 1.55% $ 4.54 433 EQ/Boston Advisors Equity Income............. Class B 1.60% $ 4.51 319 EQ/Boston Advisors Equity Income............. Class B 1.70% $ 4.47 2 EQ/Calvert Socially Responsible.............. Class B 0.50% $ 5.86 -- EQ/Calvert Socially Responsible.............. Class B 1.15% $ 5.51 11 EQ/Calvert Socially Responsible.............. Class B 1.35% $ 5.40 30 EQ/Calvert Socially Responsible.............. Class B 1.55% $ 5.30 43 EQ/Calvert Socially Responsible.............. Class B 1.60% $ 5.28 9 EQ/Calvert Socially Responsible.............. Class B 1.70% $ 5.23 -- EQ/Capital Guardian Growth................... Class B 0.50% $ 8.87 142 EQ/Capital Guardian Growth................... Class B 1.15% $ 8.21 41 EQ/Capital Guardian Growth................... Class B 1.35% $ 8.02 90 EQ/Capital Guardian Growth................... Class B 1.55% $ 7.83 120 EQ/Capital Guardian Growth................... Class B 1.60% $ 7.79 109 EQ/Capital Guardian Growth................... Class B 1.70% $ 7.70 -- EQ/Capital Guardian Research................. Class B 0.50% $ 8.48 1 EQ/Capital Guardian Research................. Class B 1.15% $ 7.96 860 EQ/Capital Guardian Research................. Class B 1.35% $ 7.80 1,644 EQ/Capital Guardian Research................. Class B 1.55% $ 7.65 1,315 EQ/Capital Guardian Research................. Class B 1.60% $ 7.61 659 EQ/Capital Guardian Research................. Class B 1.70% $ 7.54 1 EQ/Caywood-Scholl High Yield Bond............ Class B 0.50% $ 9.25 -- EQ/Caywood-Scholl High Yield Bond............ Class B 1.15% $ 9.03 128 EQ/Caywood-Scholl High Yield Bond............ Class B 1.35% $ 8.96 146 EQ/Caywood-Scholl High Yield Bond............ Class B 1.55% $ 8.90 178 EQ/Caywood-Scholl High Yield Bond............ Class B 1.60% $ 8.88 90 EQ/Caywood-Scholl High Yield Bond............ Class B 1.70% $ 8.85 --
FSA-16 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Davis New York Venture...................... Class B 0.50% $ 6.79 -- EQ/Davis New York Venture...................... Class B 1.15% $ 6.69 130 EQ/Davis New York Venture...................... Class B 1.35% $ 6.66 211 EQ/Davis New York Venture...................... Class B 1.55% $ 6.63 263 EQ/Davis New York Venture...................... Class B 1.60% $ 6.62 75 EQ/Davis New York Venture...................... Class B 1.70% $ 6.60 5 EQ/Equity 500 Index............................ Class A 1.15% $ 20.36 -- EQ/Equity 500 Index............................ Class B 0.50% $ 21.79 -- EQ/Equity 500 Index............................ Class B 1.15% $ 19.77 454 EQ/Equity 500 Index............................ Class B 1.35% $ 19.19 1,388 EQ/Equity 500 Index............................ Class B 1.55% $ 18.62 812 EQ/Equity 500 Index............................ Class B 1.60% $ 18.48 453 EQ/Equity 500 Index............................ Class B 1.70% $ 18.20 4 EQ/Evergreen International Bond................ Class B 0.50% $ 11.58 -- EQ/Evergreen International Bond................ Class B 1.15% $ 11.34 280 EQ/Evergreen International Bond................ Class B 1.35% $ 11.34 417 EQ/Evergreen International Bond................ Class B 1.55% $ 11.19 454 EQ/Evergreen International Bond................ Class B 1.60% $ 11.17 316 EQ/Evergreen International Bond................ Class B 1.70% $ 11.14 3 EQ/Evergreen Omega............................. Class B 0.50% $ 7.62 2 EQ/Evergreen Omega............................. Class B 1.15% $ 7.14 91 EQ/Evergreen Omega............................. Class B 1.35% $ 7.00 199 EQ/Evergreen Omega............................. Class B 1.55% $ 6.86 348 EQ/Evergreen Omega............................. Class B 1.60% $ 6.82 147 EQ/Evergreen Omega............................. Class B 1.70% $ 6.75 -- EQ/Franklin Income............................. Class B 0.50% $ 7.20 -- EQ/Franklin Income............................. Class B 1.15% $ 7.10 374 EQ/Franklin Income............................. Class B 1.35% $ 7.06 578 EQ/Franklin Income............................. Class B 1.55% $ 7.03 619 EQ/Franklin Income............................. Class B 1.60% $ 7.02 388 EQ/Franklin Income............................. Class B 1.70% $ 7.01 -- EQ/Franklin Small Cap Value.................... Class B 0.50% $ 6.54 -- EQ/Franklin Small Cap Value.................... Class B 1.15% $ 6.44 103 EQ/Franklin Small Cap Value.................... Class B 1.35% $ 6.41 86 EQ/Franklin Small Cap Value.................... Class B 1.55% $ 6.38 69 EQ/Franklin Small Cap Value.................... Class B 1.60% $ 6.37 73 EQ/Franklin Small Cap Value.................... Class B 1.70% $ 6.36 2 EQ/Franklin Templeton Founding Strategy........ Class B 0.50% $ 6.01 -- EQ/Franklin Templeton Founding Strategy........ Class B 1.15% $ 5.94 98 EQ/Franklin Templeton Founding Strategy........ Class B 1.35% $ 5.92 282 EQ/Franklin Templeton Founding Strategy........ Class B 1.55% $ 5.90 157 EQ/Franklin Templeton Founding Strategy........ Class B 1.60% $ 5.90 122 EQ/Franklin Templeton Founding Strategy........ Class B 1.70% $ 5.89 -- EQ/GAMCO Mergers and Acquisitions.............. Class B 0.50% $ 10.41 37 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.15% $ 10.16 66 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.35% $ 10.08 137 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.55% $ 10.01 138 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.60% $ 9.99 67 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.70% $ 9.95 2 EQ/GAMCO Small Company Value................... Class B 0.50% $ 24.17 40 EQ/GAMCO Small Company Value................... Class B 1.15% $ 21.14 142 EQ/GAMCO Small Company Value................... Class B 1.35% $ 20.28 264 EQ/GAMCO Small Company Value................... Class B 1.55% $ 19.46 243
FSA-17 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/GAMCO Small Company Value........... Class B 1.60% $ 19.26 150 EQ/GAMCO Small Company Value........... Class B 1.70% $ 18.86 1 EQ/International Core PLUS............. Class B 0.50% $ 9.76 112 EQ/International Core PLUS............. Class B 1.15% $ 9.16 210 EQ/International Core PLUS............. Class B 1.35% $ 8.98 429 EQ/International Core PLUS............. Class B 1.55% $ 8.81 371 EQ/International Core PLUS............. Class B 1.60% $ 8.76 228 EQ/International Core PLUS............. Class B 1.70% $ 8.68 -- EQ/International Growth................ Class B 0.50% $ 9.93 -- EQ/International Growth................ Class B 1.15% $ 9.70 119 EQ/International Growth................ Class B 1.35% $ 9.63 179 EQ/International Growth................ Class B 1.55% $ 9.55 147 EQ/International Growth................ Class B 1.60% $ 9.54 110 EQ/International Growth................ Class B 1.70% $ 9.50 1 EQ/JPMorgan Core Bond.................. Class B 0.50% $ 14.39 1 EQ/JPMorgan Core Bond.................. Class B 1.15% $ 13.39 439 EQ/JPMorgan Core Bond.................. Class B 1.35% $ 13.09 758 EQ/JPMorgan Core Bond.................. Class B 1.55% $ 12.80 782 EQ/JPMorgan Core Bond.................. Class B 1.60% $ 12.73 577 EQ/JPMorgan Core Bond.................. Class B 1.70% $ 12.59 4 EQ/JPMorgan Value Opportunities........ Class B 0.50% $ 10.28 -- EQ/JPMorgan Value Opportunities........ Class B 1.15% $ 9.53 463 EQ/JPMorgan Value Opportunities........ Class B 1.35% $ 9.30 624 EQ/JPMorgan Value Opportunities........ Class B 1.55% $ 9.09 279 EQ/JPMorgan Value Opportunities........ Class B 1.60% $ 9.03 184 EQ/JPMorgan Value Opportunities........ Class B 1.70% $ 8.93 13 EQ/Large Cap Core PLUS................. Class B 0.50% $ 7.29 2 EQ/Large Cap Core PLUS................. Class B 1.15% $ 6.83 62 EQ/Large Cap Core PLUS................. Class B 1.35% $ 6.69 255 EQ/Large Cap Core PLUS................. Class B 1.55% $ 6.56 276 EQ/Large Cap Core PLUS................. Class B 1.60% $ 6.53 183 EQ/Large Cap Core PLUS................. Class B 1.70% $ 6.46 -- EQ/Large Cap Growth Index.............. Class B 0.50% $ 5.37 1 EQ/Large Cap Growth Index.............. Class B 1.15% $ 5.04 558 EQ/Large Cap Growth Index.............. Class B 1.35% $ 4.94 2,797 EQ/Large Cap Growth Index.............. Class B 1.55% $ 4.85 2,657 EQ/Large Cap Growth Index.............. Class B 1.60% $ 4.82 1,522 EQ/Large Cap Growth Index.............. Class B 1.70% $ 4.78 15 EQ/Large Cap Growth PLUS............... Class B 0.50% $ 11.59 -- EQ/Large Cap Growth PLUS............... Class B 1.15% $ 10.74 824 EQ/Large Cap Growth PLUS............... Class B 1.35% $ 10.49 1,885 EQ/Large Cap Growth PLUS............... Class B 1.55% $ 10.24 909 EQ/Large Cap Growth PLUS............... Class B 1.60% $ 10.18 537 EQ/Large Cap Growth PLUS............... Class B 1.70% $ 10.06 1 EQ/Large Cap Value Index............... Class B 0.50% $ 4.57 -- EQ/Large Cap Value Index............... Class B 1.15% $ 4.47 65 EQ/Large Cap Value Index............... Class B 1.35% $ 4.51 156 EQ/Large Cap Value Index............... Class B 1.55% $ 4.42 64 EQ/Large Cap Value Index............... Class B 1.60% $ 4.41 52 EQ/Large Cap Value Index............... Class B 1.70% $ 4.39 4 EQ/Large Cap Value PLUS................ Class A 1.15% $ 5.10 3,136 EQ/Large Cap Value PLUS................ Class B 0.50% $ 10.38 4 EQ/Large Cap Value PLUS................ Class B 1.15% $ 9.66 5,660
FSA-18 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Large Cap Value PLUS................. Class B 1.35% $ 9.45 5,687 EQ/Large Cap Value PLUS................. Class B 1.55% $ 9.24 5,899 EQ/Large Cap Value PLUS................. Class B 1.60% $ 9.19 2,907 EQ/Large Cap Value PLUS................. Class B 1.70% $ 9.09 55 EQ/Long Term Bond....................... Class B 0.50% $ 11.37 -- EQ/Long Term Bond....................... Class B 1.15% $ 11.10 58 EQ/Long Term Bond....................... Class B 1.35% $ 11.02 122 EQ/Long Term Bond....................... Class B 1.55% $ 10.94 170 EQ/Long Term Bond....................... Class B 1.60% $ 10.92 89 EQ/Long Term Bond....................... Class B 1.70% $ 10.88 1 EQ/Lord Abbett Growth and Income........ Class B 0.50% $ 8.08 -- EQ/Lord Abbett Growth and Income........ Class B 1.15% $ 7.89 36 EQ/Lord Abbett Growth and Income........ Class B 1.35% $ 7.83 75 EQ/Lord Abbett Growth and Income........ Class B 1.55% $ 7.77 57 EQ/Lord Abbett Growth and Income........ Class B 1.60% $ 7.76 73 EQ/Lord Abbett Growth and Income........ Class B 1.70% $ 7.73 -- EQ/Lord Abbett Large Cap Core........... Class B 0.50% $ 9.01 -- EQ/Lord Abbett Large Cap Core........... Class B 1.15% $ 8.79 72 EQ/Lord Abbett Large Cap Core........... Class B 1.35% $ 8.73 75 EQ/Lord Abbett Large Cap Core........... Class B 1.55% $ 8.66 81 EQ/Lord Abbett Large Cap Core........... Class B 1.60% $ 8.65 48 EQ/Lord Abbett Large Cap Core........... Class B 1.70% $ 8.62 -- EQ/Lord Abbett Mid Cap Value............ Class B 0.50% $ 7.62 -- EQ/Lord Abbett Mid Cap Value............ Class B 1.15% $ 7.44 181 EQ/Lord Abbett Mid Cap Value............ Class B 1.35% $ 7.39 152 EQ/Lord Abbett Mid Cap Value............ Class B 1.55% $ 7.33 139 EQ/Lord Abbett Mid Cap Value............ Class B 1.60% $ 7.32 106 EQ/Lord Abbett Mid Cap Value............ Class B 1.70% $ 7.29 -- EQ/Marsico Focus........................ Class B 0.50% $ 11.60 -- EQ/Marsico Focus........................ Class B 1.15% $ 11.05 630 EQ/Marsico Focus........................ Class B 1.35% $ 10.89 1,203 EQ/Marsico Focus........................ Class B 1.55% $ 10.73 1,092 EQ/Marsico Focus........................ Class B 1.60% $ 10.69 569 EQ/Marsico Focus........................ Class B 1.70% $ 10.61 3 EQ/Mid Cap Index........................ Class B 0.50% $ 7.36 2 EQ/Mid Cap Index........................ Class B 1.15% $ 6.97 466 EQ/Mid Cap Index........................ Class B 1.35% $ 6.86 935 EQ/Mid Cap Index........................ Class B 1.55% $ 6.74 1,671 EQ/Mid Cap Index........................ Class B 1.60% $ 6.71 823 EQ/Mid Cap Index........................ Class B 1.70% $ 6.66 12 EQ/Mid Cap Value PLUS................... Class B 0.50% $ 11.23 2 EQ/Mid Cap Value PLUS................... Class B 1.15% $ 10.40 1,051 EQ/Mid Cap Value PLUS................... Class B 1.35% $ 10.16 1,128 EQ/Mid Cap Value PLUS................... Class B 1.55% $ 9.92 2,080 EQ/Mid Cap Value PLUS................... Class B 1.60% $ 9.86 873 EQ/Mid Cap Value PLUS................... Class B 1.70% $ 9.74 6 EQ/Money Market......................... Class A 1.15% $ 33.25 335 EQ/Money Market......................... Class B 0.00% $ 44.43 25 EQ/Money Market......................... Class B 0.50% $ 38.72 -- EQ/Money Market......................... Class B 1.15% $ 32.35 627 EQ/Money Market......................... Class B 1.35% $ 30.60 1,288 EQ/Money Market......................... Class B 1.55% $ 28.93 1,454 EQ/Money Market......................... Class B 1.60% $ 28.54 1,382 EQ/Money Market......................... Class B 1.70% $ 27.75 79
FSA-19 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Montag & Caldwell Growth................... Class B 0.50% $ 4.22 -- EQ/Montag & Caldwell Growth................... Class B 1.15% $ 3.95 305 EQ/Montag & Caldwell Growth................... Class B 1.35% $ 3.87 637 EQ/Montag & Caldwell Growth................... Class B 1.55% $ 3.79 607 EQ/Montag & Caldwell Growth................... Class B 1.60% $ 3.77 224 EQ/Montag & Caldwell Growth................... Class B 1.70% $ 3.74 2 EQ/Mutual Shares.............................. Class B 0.50% $ 6.69 -- EQ/Mutual Shares.............................. Class B 1.15% $ 6.59 107 EQ/Mutual Shares.............................. Class B 1.35% $ 6.56 210 EQ/Mutual Shares.............................. Class B 1.55% $ 6.53 170 EQ/Mutual Shares.............................. Class B 1.60% $ 6.52 89 EQ/Mutual Shares.............................. Class B 1.70% $ 6.50 -- EQ/Oppenheimer Global......................... Class B 0.50% $ 6.90 -- EQ/Oppenheimer Global......................... Class B 1.15% $ 6.79 43 EQ/Oppenheimer Global......................... Class B 1.35% $ 6.76 70 EQ/Oppenheimer Global......................... Class B 1.55% $ 6.73 59 EQ/Oppenheimer Global......................... Class B 1.60% $ 6.72 44 EQ/Oppenheimer Global......................... Class B 1.70% $ 6.71 -- EQ/Oppenheimer Main Street Opportunity........ Class B 0.50% $ 6.87 -- EQ/Oppenheimer Main Street Opportunity........ Class B 1.15% $ 6.76 19 EQ/Oppenheimer Main Street Opportunity........ Class B 1.35% $ 6.73 36 EQ/Oppenheimer Main Street Opportunity........ Class B 1.55% $ 6.70 15 EQ/Oppenheimer Main Street Opportunity........ Class B 1.60% $ 6.69 8 EQ/Oppenheimer Main Street Opportunity........ Class B 1.70% $ 6.68 -- EQ/Oppenheimer Main Street Small Cap.......... Class B 0.50% $ 6.68 -- EQ/Oppenheimer Main Street Small Cap.......... Class B 1.15% $ 6.58 9 EQ/Oppenheimer Main Street Small Cap.......... Class B 1.35% $ 6.55 30 EQ/Oppenheimer Main Street Small Cap.......... Class B 1.55% $ 6.52 32 EQ/Oppenheimer Main Street Small Cap.......... Class B 1.60% $ 6.51 15 EQ/Oppenheimer Main Street Small Cap.......... Class B 1.70% $ 6.50 -- EQ/PIMCO Real Return.......................... Class B 0.50% $ 10.57 -- EQ/PIMCO Real Return.......................... Class B 1.15% $ 10.32 566 EQ/PIMCO Real Return.......................... Class B 1.35% $ 10.24 991 EQ/PIMCO Real Return.......................... Class B 1.55% $ 10.17 1,103 EQ/PIMCO Real Return.......................... Class B 1.60% $ 10.15 742 EQ/PIMCO Real Return.......................... Class B 1.70% $ 10.11 6 EQ/Quality Bond PLUS.......................... Class B 0.50% $ 17.75 -- EQ/Quality Bond PLUS.......................... Class B 1.15% $ 16.06 157 EQ/Quality Bond PLUS.......................... Class B 1.35% $ 15.57 223 EQ/Quality Bond PLUS.......................... Class B 1.55% $ 15.10 279 EQ/Quality Bond PLUS.......................... Class B 1.60% $ 14.98 196 EQ/Quality Bond PLUS.......................... Class B 1.70% $ 14.75 5 EQ/Short Duration Bond........................ Class B 0.50% $ 10.61 -- EQ/Short Duration Bond........................ Class B 1.15% $ 10.36 69 EQ/Short Duration Bond........................ Class B 1.35% $ 10.28 128 EQ/Short Duration Bond........................ Class B 1.55% $ 10.20 144 EQ/Short Duration Bond........................ Class B 1.60% $ 10.18 145 EQ/Short Duration Bond........................ Class B 1.70% $ 10.15 5 EQ/Small Company Index........................ Class B 0.50% $ 11.85 -- EQ/Small Company Index........................ Class B 1.15% $ 11.03 241 EQ/Small Company Index........................ Class B 1.35% $ 10.79 558 EQ/Small Company Index........................ Class B 1.55% $ 10.55 461
FSA-20 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Small Company Index....................... Class B 1.60% $ 10.49 227 EQ/Small Company Index....................... Class B 1.70% $ 10.37 2 EQ/T. Rowe Price Growth Stock................ Class B 0.50% $ 11.86 1 EQ/T. Rowe Price Growth Stock................ Class B 1.15% $ 10.38 83 EQ/T. Rowe Price Growth Stock................ Class B 1.35% $ 9.96 128 EQ/T. Rowe Price Growth Stock................ Class B 1.55% $ 9.55 410 EQ/T. Rowe Price Growth Stock................ Class B 1.60% $ 9.45 268 EQ/T. Rowe Price Growth Stock................ Class B 1.70% $ 9.26 1 EQ/Templeton Growth.......................... Class B 0.50% $ 6.45 -- EQ/Templeton Growth.......................... Class B 1.15% $ 6.35 91 EQ/Templeton Growth.......................... Class B 1.35% $ 6.32 113 EQ/Templeton Growth.......................... Class B 1.55% $ 6.29 87 EQ/Templeton Growth.......................... Class B 1.60% $ 6.29 65 EQ/Templeton Growth.......................... Class B 1.70% $ 6.27 -- EQ/UBS Growth and Income..................... Class B 0.50% $ 4.02 -- EQ/UBS Growth and Income..................... Class B 1.15% $ 3.77 66 EQ/UBS Growth and Income..................... Class B 1.35% $ 3.69 152 EQ/UBS Growth and Income..................... Class B 1.55% $ 3.62 116 EQ/UBS Growth and Income..................... Class B 1.60% $ 3.60 48 EQ/UBS Growth and Income..................... Class B 1.70% $ 3.56 -- EQ/Van Kampen Comstock....................... Class B 0.50% $ 7.36 171 EQ/Van Kampen Comstock....................... Class B 1.15% $ 7.19 84 EQ/Van Kampen Comstock....................... Class B 1.35% $ 7.13 159 EQ/Van Kampen Comstock....................... Class B 1.55% $ 7.08 107 EQ/Van Kampen Comstock....................... Class B 1.60% $ 7.07 107 EQ/Van Kampen Comstock....................... Class B 1.70% $ 7.04 -- EQ/Van Kampen Emerging Markets Equity........ Class B 0.50% $ 12.25 -- EQ/Van Kampen Emerging Markets Equity........ Class B 1.15% $ 11.37 864 EQ/Van Kampen Emerging Markets Equity........ Class B 1.35% $ 11.11 1,341 EQ/Van Kampen Emerging Markets Equity........ Class B 1.55% $ 10.86 1,328 EQ/Van Kampen Emerging Markets Equity........ Class B 1.60% $ 10.79 687 EQ/Van Kampen Emerging Markets Equity........ Class B 1.70% $ 10.67 1 EQ/Van Kampen Mid Cap Growth................. Class B 0.50% $ 8.64 111 EQ/Van Kampen Mid Cap Growth................. Class B 1.15% $ 8.43 162 EQ/Van Kampen Mid Cap Growth................. Class B 1.35% $ 8.37 208 EQ/Van Kampen Mid Cap Growth................. Class B 1.55% $ 8.31 213 EQ/Van Kampen Mid Cap Growth................. Class B 1.60% $ 8.29 127 EQ/Van Kampen Mid Cap Growth................. Class B 1.70% $ 8.26 -- Multimanager Aggressive Equity............... Class A 1.15% $ 37.23 154 Multimanager Aggressive Equity............... Class B 0.50% $ 41.97 -- Multimanager Aggressive Equity............... Class B 1.15% $ 36.11 132 Multimanager Aggressive Equity............... Class B 1.35% $ 34.47 139 Multimanager Aggressive Equity............... Class B 1.55% $ 32.90 39 Multimanager Aggressive Equity............... Class B 1.60% $ 32.52 32 Multimanager Aggressive Equity............... Class B 1.70% $ 31.77 -- Multimanager Core Bond....................... Class B 0.50% $ 12.94 88 Multimanager Core Bond....................... Class B 1.15% $ 12.36 354 Multimanager Core Bond....................... Class B 1.35% $ 12.19 699 Multimanager Core Bond....................... Class B 1.55% $ 12.02 966 Multimanager Core Bond....................... Class B 1.60% $ 11.97 707 Multimanager Core Bond....................... Class B 1.70% $ 11.89 2 Multimanager Health Care..................... Class B 0.50% $ 9.96 -- Multimanager Health Care..................... Class B 1.15% $ 9.51 219
FSA-21 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- Multimanager Health Care.................. Class B 1.35% $ 9.38 296 Multimanager Health Care.................. Class B 1.55% $ 9.25 295 Multimanager Health Care.................. Class B 1.60% $ 9.21 180 Multimanager Health Care.................. Class B 1.70% $ 9.15 2 Multimanager High Yield................... Class A 1.15% $ 26.89 59 Multimanager High Yield................... Class B 0.50% $ 30.12 -- Multimanager High Yield................... Class B 1.15% $ 26.08 262 Multimanager High Yield................... Class B 1.35% $ 24.94 540 Multimanager High Yield................... Class B 1.55% $ 23.85 536 Multimanager High Yield................... Class B 1.60% $ 23.59 300 Multimanager High Yield................... Class B 1.70% $ 23.07 2 Multimanager International Equity......... Class B 0.50% $ 10.39 1 Multimanager International Equity......... Class B 1.15% $ 9.92 236 Multimanager International Equity......... Class B 1.35% $ 9.78 400 Multimanager International Equity......... Class B 1.55% $ 9.64 417 Multimanager International Equity......... Class B 1.60% $ 9.61 279 Multimanager International Equity......... Class B 1.70% $ 9.54 1 Multimanager Large Cap Core Equity........ Class B 0.50% $ 8.09 -- Multimanager Large Cap Core Equity........ Class B 1.15% $ 7.73 56 Multimanager Large Cap Core Equity........ Class B 1.35% $ 7.62 118 Multimanager Large Cap Core Equity........ Class B 1.55% $ 7.51 192 Multimanager Large Cap Core Equity........ Class B 1.60% $ 7.48 96 Multimanager Large Cap Core Equity........ Class B 1.70% $ 7.43 1 Multimanager Large Cap Growth............. Class B 0.50% $ 6.05 -- Multimanager Large Cap Growth............. Class B 1.15% $ 5.78 170 Multimanager Large Cap Growth............. Class B 1.35% $ 5.70 228 Multimanager Large Cap Growth............. Class B 1.55% $ 5.62 314 Multimanager Large Cap Growth............. Class B 1.60% $ 5.60 210 Multimanager Large Cap Growth............. Class B 1.70% $ 5.56 -- Multimanager Large Cap Value.............. Class B 0.50% $ 9.62 -- Multimanager Large Cap Value.............. Class B 1.15% $ 9.19 247 Multimanager Large Cap Value.............. Class B 1.35% $ 9.06 404 Multimanager Large Cap Value.............. Class B 1.55% $ 8.93 462 Multimanager Large Cap Value.............. Class B 1.60% $ 8.90 229 Multimanager Large Cap Value.............. Class B 1.70% $ 8.83 -- Multimanager Mid Cap Growth............... Class B 0.50% $ 7.13 -- Multimanager Mid Cap Growth............... Class B 1.15% $ 6.81 256 Multimanager Mid Cap Growth............... Class B 1.35% $ 6.72 314 Multimanager Mid Cap Growth............... Class B 1.55% $ 6.62 535 Multimanager Mid Cap Growth............... Class B 1.60% $ 6.60 242 Multimanager Mid Cap Growth............... Class B 1.70% $ 6.55 3 Multimanager Mid Cap Value................ Class B 0.50% $ 9.22 -- Multimanager Mid Cap Value................ Class B 1.15% $ 8.81 200 Multimanager Mid Cap Value................ Class B 1.35% $ 8.68 333 Multimanager Mid Cap Value................ Class B 1.55% $ 8.56 451 Multimanager Mid Cap Value................ Class B 1.60% $ 8.53 235 Multimanager Mid Cap Value................ Class B 1.70% $ 8.47 5 Multimanager Small Cap Growth............. Class B 0.50% $ 5.60 -- Multimanager Small Cap Growth............. Class B 1.15% $ 5.24 142 Multimanager Small Cap Growth............. Class B 1.35% $ 5.14 293 Multimanager Small Cap Growth............. Class B 1.55% $ 5.03 240 Multimanager Small Cap Growth............. Class B 1.60% $ 5.01 136 Multimanager Small Cap Growth............. Class B 1.70% $ 4.95 --
FSA-22 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF ASSETS AND LIABILITIES (Concluded) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- Multimanager Small Cap Value........ Class B 0.50% $ 11.78 1 Multimanager Small Cap Value........ Class B 1.15% $ 10.96 208 Multimanager Small Cap Value........ Class B 1.35% $ 10.72 392 Multimanager Small Cap Value........ Class B 1.55% $ 10.48 326 Multimanager Small Cap Value........ Class B 1.60% $ 10.43 174 Multimanager Small Cap Value........ Class B 1.70% $ 10.31 2 Multimanager Technology............. Class B 0.50% $ 6.85 1 Multimanager Technology............. Class B 1.15% $ 6.54 237 Multimanager Technology............. Class B 1.35% $ 6.45 444 Multimanager Technology............. Class B 1.55% $ 6.36 1,152 Multimanager Technology............. Class B 1.60% $ 6.34 553 Multimanager Technology............. Class B 1.70% $ 6.29 1
---------- The accompanying notes are an integral part of these financial statements. FSA-23 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2008
AXA Aggressive AXA Conservative Allocation Allocation ----------------- ------------------ Income and Expenses: Investment Income: Dividends from The Trusts...................... $ 349,189 $ 1,403,635 Expenses: Asset-based charges............................ 303,044 366,147 ------------- ------------ Net Investment Income (Loss)....................... 46,145 1,037,488 ------------- ------------ Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............ (1,398,562) (976,004) Realized gain distribution from The Trusts..... 1,475,637 369,867 ------------- ------------ Net realized gain (loss)......................... 77,075 (606,137) ------------- ------------ Change in unrealized appreciation (depreciation) of investments.................. (10,925,209) (3,810,785) ------------- ------------ Net Realized and Unrealized Gain (Loss) on Investments...................................... (10,848,134) (4,416,922) ------------- ------------ Net Increase (Decrease) in Net Assets Resulting from Operations........................ $ (10,801,989) $ (3,379,434) ============= ============ AXA Conservative-Plus AXA Moderate Allocation Allocation ----------------------- ----------------- Income and Expenses: Investment Income: Dividends from The Trusts...................... $ 1,035,991 $ 9,676,486 Expenses: Asset-based charges............................ 403,046 3,778,623 ------------ -------------- Net Investment Income (Loss)....................... 632,945 5,897,863 ------------ -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............ (1,575,949) 7,676,343 Realized gain distribution from The Trusts..... 769,500 11,669,753 ------------ -------------- Net realized gain (loss)......................... (806,449) 19,346,096 ------------ -------------- Change in unrealized appreciation (depreciation) of investments.................. (6,475,354) (108,258,241) ------------ -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (7,281,803) (88,912,145) ------------ -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (6,648,858) $ (83,014,282) ============ ============== AXA Moderate-Plus EQ/AllianceBernstein Allocation Common Stock ------------------- ---------------------- Income and Expenses: Investment Income: Dividends from The Trusts..................... $ 2,555,503 $ 4,628,099 Expenses: Asset-based charges........................... 1,647,868 3,995,227 ------------- -------------- Net Investment Income (Loss)...................... 907,635 632,872 ------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments........... (3,429,690) (16,962,615) Realized gain distribution from The Trusts.... 5,971,824 -- ------------- -------------- Net realized gain (loss)........................ 2,542,134 (16,962,615) ------------- -------------- Change in unrealized appreciation (depreciation) of investments................. (48,476,768) (147,411,408) ------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments..................................... (45,934,634) (164,374,023) ------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations....................... $ (45,026,999) $ (163,741,151) ============= ==============
------- The accompanying notes are an integral part of these financial statements. FSA-24 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/AllianceBernstein Intermediate Government EQ/AllianceBernstein Securities International --------------------- ---------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $2,625,838 $ 3,344,463 Expenses: Asset-based charges............................. 1,301,767 1,846,632 ---------- ------------- Net Investment Income (Loss)........................ 1,324,071 1,497,831 ---------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (423,421) 6,213,145 Realized gain distribution from The Trusts...... -- 2,140,851 ---------- ------------- Net realized gain (loss).......................... (423,421) 8,353,996 ---------- ------------- Change in unrealized appreciation (depreciation) of investments................... 796,576 (94,361,026) ---------- ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... 373,155 (86,007,030) ---------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $1,697,226 $ (84,509,199) ========== ============= EQ/AllianceBernstein Small Cap EQ/Ariel Growth Appreciation ll ---------------------- ----------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 215 $ 7,015 Expenses: Asset-based charges............................. 982,530 13,718 ------------- ---------- Net Investment Income (Loss)........................ (982,315) (6,703) ------------- ---------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (1,095,671) (87,715) Realized gain distribution from The Trusts...... 94,172 3,364 ------------- ---------- Net realized gain (loss).......................... (1,001,499) (84,351) ------------- ---------- Change in unrealized appreciation (depreciation) of investments................... (36,738,084) (341,475) ------------- ---------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (37,739,583) (425,826) ------------- ---------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (38,721,898) $ (432,529) ============= ========== EQ/BlackRock Basic Value EQ/BlackRock Equity International Value ---------------- -------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 1,445,918 $ 1,129,148 Expenses: Asset-based charges............................. 1,333,656 792,543 ------------- ------------- Net Investment Income (Loss)........................ 112,262 336,605 ------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (685,704) 3,835,422 Realized gain distribution from The Trusts...... 436,866 1,365,327 ------------- ------------- Net realized gain (loss).......................... (248,838) 5,200,749 ------------- ------------- Change in unrealized appreciation (depreciation) of investments................... (41,345,683) (36,278,703) ------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (41,594,521) (31,077,954) ------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (41,482,259) $ (30,741,349) ============= =============
------- The accompanying notes are an integral part of these financial statements. FSA-25 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Calvert EQ/Boston Advisors Socially EQ/Capital Equity Income Responsible Guardian Growth -------------------- ------------- ----------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 216,255 $ 2,247 $ 10,479 Expenses: Asset-based charges............................. 134,306 12,689 76,359 ------------ ---------- ------------ Net Investment Income (Loss)........................ 81,949 (10,442) (65,880) ------------ ---------- ------------ Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (485,417) (57,076) (412,854) Realized gain distribution from The Trusts...... 107,990 11,409 -- ------------ ---------- ------------ Net realized gain (loss).......................... (377,427) (45,667) (412,854) ------------ ---------- ------------ Change in unrealized appreciation (depreciation) of investments................... (3,375,238) (422,966) (2,544,929) ------------ ---------- ------------ Net Realized and Unrealized Gain (Loss) on Investments....................................... (3,752,665) (468,633) (2,957,783) ------------ ---------- ------------ Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (3,670,716) $ (479,075) $ (3,023,663) ============ ========== ============ EQ/Capital EQ/Caywood-Scholl EQ/Davis New Guardian Research High Yield Bond York Venture ------------------- ------------------- --------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 483,395 $ 400,579 $ 33,414 Expenses: Asset-based charges............................. 798,133 79,962 87,165 ------------- ------------ ------------ Net Investment Income (Loss)........................ (314,738) 320,617 (53,751) ------------- ------------ ------------ Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. 4,525,473 (511,134) (676,421) Realized gain distribution from The Trusts...... 917,466 -- -- ------------- ------------ ------------ Net realized gain (loss).......................... 5,442,939 (511,134) (676,421) ------------- ------------ ------------ Change in unrealized appreciation (depreciation) of investments................... (31,820,981) (1,020,427) (2,403,103) ------------- ------------ ------------ Net Realized and Unrealized Gain (Loss) on Investments....................................... (26,378,042) (1,531,561) (3,079,524) ------------- ------------ ------------ Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (26,692,780) $ (1,210,944) $ (3,133,275) ============= ============ ============
------- The accompanying notes are an integral part of these financial statements. FSA-26 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Equity EQ/Evergreen 500 Index International Bond ----------------- -------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 1,411,808 $ 2,869,496 Expenses: Asset-based charges............................. 1,258,019 228,721 ------------- ------------- Net Investment Income (Loss)........................ 153,789 2,640,775 ------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (2,424,954) (44,141) Realized gain distribution from The Trusts...... 832,526 -- ------------- ------------- Net realized gain (loss).......................... (1,592,428) (44,141) ------------- ------------- Change in unrealized appreciation (depreciation) of investments................... (38,589,963) (2,678,687) ------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (40,182,391) (2,722,828) ------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (40,028,602) $ (82,053) ============= ============= EQ/Franklin EQ/Evergreen EQ/Franklin EQ/Franklin Templeton Omega Income Small Cap Value Founding Strategy ---------------- --------------- ----------------- ------------------ Income and Expenses: Investment Income: Dividends from The Trusts......................... $ 37,457 $ 1,117,163 $ 21,656 $ 202,884 Expenses: Asset-based charges............................... 102,638 269,294 27,162 69,856 ------------ ------------ ---------- ------------ Net Investment Income (Loss)........................ (65,181) 847,869 (5,506) 133,028 ------------ ------------ ---------- ------------ Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (195,030) (1,180,804) (302,036) (535,180) Realized gain distribution from The Trusts........ 111,201 -- -- 9 ------------ ------------ ---------- ------------ Net realized gain (loss)........................... (83,829) (1,180,804) (302,036) (535,171) ------------ ------------ ---------- ------------ Change in unrealized appreciation (depreciation) of investments..................... (2,133,841) (6,703,627) (610,370) (1,869,014) ------------ ------------ ---------- ------------ Net Realized and Unrealized Gain (Loss) on Investments........................................ (2,217,670) (7,884,431) (912,406) (2,404,185) ------------ ------------ ---------- ------------ Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (2,282,851) $ (7,036,562) $ (917,912) $ (2,271,157) ============ ============ ========== ============
------- The accompanying notes are an integral part of these financial statements. FSA-27 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/GAMCO EQ/GAMCO Mergers and Small Company EQ/International Acquisitions Value Core PLUS -------------- --------------- ------------------ Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 25,835 $ 119,689 $ 284,034 Expenses: Asset-based charges............................. 74,728 291,544 251,367 ---------- ------------ ------------- Net Investment Income (Loss)........................ (48,893) (171,855) 32,667 ---------- ------------ ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (227,347) (329,145) (1,805,796) Realized gain distribution from The Trusts...... 209,645 708,047 319,190 ---------- ------------ ------------- Net realized gain (loss).......................... (17,702) 378,902 (1,486,606) ---------- ------------ ------------- Change in unrealized appreciation (depreciation) of investments................... (807,202) (7,569,043) (9,833,163) ---------- ------------ ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (824,904) (7,190,141) (11,319,769) ---------- ------------ ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (873,797) $ (7,361,996) $ (11,287,102) ========== ============ ============= EQ/International EQ/JPMorgan EQ/JPMorgan Growth Core Bond Value Opportunities ------------------ --------------- -------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 72,056 $ 1,614,925 $ 385,745 Expenses: Asset-based charges............................. 106,107 633,103 316,256 ------------ ------------ ------------- Net Investment Income (Loss)........................ (34,051) 981,822 69,489 ------------ ------------ ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (564,558) (2,040,351) (728,359) Realized gain distribution from The Trusts...... 146,219 -- 228,226 ------------ ------------ ------------- Net realized gain (loss).......................... (418,339) (2,040,351) (500,133) ------------ ------------ ------------- Change in unrealized appreciation (depreciation) of investments................... (3,382,626) (3,731,083) (10,402,733) ------------ ------------ ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (3,800,965) (5,771,434) (10,902,866) ------------ ------------ ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (3,835,016) $ (4,789,612) $ (10,833,377) ============ ============ =============
------- The accompanying notes are an integral part of these financial statements. FSA-28 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Large Cap EQ/Large Cap Core PLUS Growth Index --------------- ---------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 25,054 $ 71,724 Expenses: Asset-based charges............................. 114,474 783,014 ------------ ------------- Net Investment Income (Loss)........................ (89,420) (711,290) ------------ ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (260,797) (3,849,167) Realized gain distribution from The Trusts...... -- -- ------------ ------------- Net realized gain (loss).......................... (260,797) (3,849,167) ------------ ------------- Change in unrealized appreciation (depreciation) of investments................... (3,142,694) (19,976,248) ------------ ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (3,403,491) (23,825,415) ------------ ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (3,492,911) $ (24,536,705) ============ ============= EQ/Large Cap EQ/Large Cap EQ/Large Cap EQ/Long Growth PLUS Value Index Value PLUS Term Bond ---------------- ---------------- ------------------ ------------ Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 68,035 $ 35,739 $ 7,970,559 $ 230,216 Expenses: Asset-based charges............................. 911,660 48,979 4,189,799 70,094 ------------- ------------ -------------- --------- Net Investment Income (Loss)........................ (843,625) (13,240) 3,780,760 160,122 ------------- ------------ -------------- --------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (7,424,309) (2,930,372) (20,911,819) (5,676) Realized gain distribution from The Trusts...... -- 153,979 -- 26,101 ------------- ------------ -------------- --------- Net realized gain (loss).......................... (7,424,309) (2,776,393) (20,911,819) 20,425 ------------- ------------ -------------- --------- Change in unrealized appreciation (depreciation) of investments................... (22,058,863) (1,093,512) (144,266,299) (69,315) ------------- ------------ -------------- --------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (29,483,172) (3,869,905) (165,178,118) (48,890) ------------- ------------ -------------- --------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (30,326,797) $ (3,883,145) $ (161,397,358) $ 111,232 ============= ============ ============== =========
------- The accompanying notes are an integral part of these financial statements. FSA-29 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Lord Abbett Growth and EQ/Lord Abbett EQ/Lord Abbett Income Large Cap Core Mid Cap Value --------------- ---------------- ---------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 38,513 $ 28,439 $ 84,895 Expenses: Asset-based charges............................. 44,752 31,268 86,034 ------------ ---------- ------------ Net Investment Income (Loss)........................ (6,239) (2,829) (1,139) ------------ ---------- ------------ Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (303,793) (193,861) (545,929) Realized gain distribution from The Trusts...... 7,588 15,378 176,542 ------------ ---------- ------------ Net realized gain (loss).......................... (296,205) (178,483) (369,387) ------------ ---------- ------------ Change in unrealized appreciation (depreciation) of investments................... (1,053,164) (687,631) (2,644,830) ------------ ---------- ------------ Net Realized and Unrealized Gain (Loss) on Investments....................................... (1,349,369) (866,114) (3,014,217) ------------ ---------- ------------ Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (1,355,608) $ (868,943) $ (3,015,356) ============ ========== ============ EQ/Marsico EQ/Mid Cap EQ/Mid Cap Focus Index Value PLUS ---------------- ----------------- ----------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 500,591 $ 368,287 $ 1,098,876 Expenses: Asset-based charges............................. 813,536 682,836 1,204,952 ------------- ------------- ------------- Net Investment Income (Loss)........................ (312,945) (314,549) (106,076) ------------- ------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. 1,326,363 (2,268,550) (9,562,382) Realized gain distribution from The Trusts...... 582,461 508,005 -- ------------- ------------- ------------- Net realized gain (loss).......................... 1,908,824 (1,760,545) (9,562,382) ------------- ------------- ------------- Change in unrealized appreciation (depreciation) of investments................... (30,196,733) (27,527,530) (30,330,187) ------------- ------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (28,287,909) (29,288,075) (39,892,569) ------------- ------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (28,600,854) $ (29,602,624) $ (39,998,645) ============= ============= =============
------- The accompanying notes are an integral part of these financial statements. FSA-30 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Montag EQ/Money & Caldwell EQ/Mutual Market Growth Shares ------------- --------------- --------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $2,851,198 $ 16,754 $ 190,271 Expenses: Asset-based charges............................. 2,002,495 88,923 80,777 ---------- ------------ ------------ Net Investment Income (Loss)........................ 848,703 (72,169) 109,494 ---------- ------------ ------------ Realized and Unrealized Gain (Loss) on Investments: -- Realized gain (loss) on investments............. (3,402) (107,703) (488,765) Realized gain distribution from The Trusts...... -- -- -- ---------- ------------ ------------ Net realized gain (loss).......................... (3,402) (107,703) (488,765) ---------- ------------ ------------ Change in unrealized appreciation (depreciation) of investments................... (9,390) (2,480,481) (2,287,364) ---------- ------------ ------------ Net Realized and Unrealized Gain (Loss) on Investments....................................... (12,792) (2,588,184) (2,776,129) ---------- ------------ ------------ Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ 835,911 $ (2,660,353) $ (2,666,635) ========== ============ ============ EQ/Oppenheimer EQ/Oppenheimer EQ/Oppenheimer Main Street Main Street Global Opportunity Small Cap ---------------- ---------------- ---------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 24,778 $ 4,138 $ 582 Expenses: Asset-based charges............................. 32,716 8,840 13,853 ------------ ---------- ---------- Net Investment Income (Loss)........................ (7,938) (4,702) (13,271) ------------ ---------- ---------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (396,458) (73,027) (249,225) Realized gain distribution from The Trusts...... 3,717 -- 2,303 ------------ ---------- ---------- Net realized gain (loss).......................... (392,741) (73,027) (246,922) ------------ ---------- ---------- Change in unrealized appreciation (depreciation) of investments................... (826,691) (237,359) (162,289) ------------ ---------- ---------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (1,219,432) (310,386) (409,211) ------------ ---------- ---------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (1,227,370) $ (315,088) $ (422,482) ============ ========== ==========
------- The accompanying notes are an integral part of these financial statements. FSA-31 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/PIMCO EQ/Quality EQ/Short Real Return Bond PLUS Duration Bond --------------- --------------- --------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 997,037 $ 770,939 $ 319,897 Expenses: Asset-based charges............................. 447,241 222,695 72,446 ------------ ------------ ---------- Net Investment Income (Loss)........................ 549,796 548,244 247,451 ------------ ------------ ---------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (146,319) (371,008) (59,417) Realized gain distribution from The Trusts...... 1,920,998 -- -- ------------ ------------ ---------- Net realized gain (loss).......................... 1,774,679 (371,008) (59,417) ------------ ------------ ---------- Change in unrealized appreciation (depreciation) of investments................... (5,251,210) (1,378,485) (360,057) ------------ ------------ ---------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (3,476,531) (1,749,493) (419,474) ------------ ------------ ---------- Net Increase (Decrease) in Net Assets Resulting from Operations.......................... $ (2,926,735) $ (1,201,249) $ (172,023) ============ ============ ========== EQ/Small EQ/T. Rowe Price EQ/Templeton Company Index Growth Stock Growth --------------- ------------------ ---------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 179,653 $ 449 $ 52,741 Expenses: Asset-based charges............................. 324,416 204,392 50,893 ------------- ------------ ------------ Net Investment Income (Loss)........................ (144,763) (203,943) 1,848 ------------- ------------ ------------ Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (508,496) (278,959) (368,490) Realized gain distribution from The Trusts...... 1,759,774 2,769 -- ------------- ------------ ------------ Net realized gain (loss).......................... 1,251,278 (276,190) (368,490) ------------- ------------ ------------ Change in unrealized appreciation (depreciation) of investments................... (10,213,852) (6,594,160) (1,482,078) ------------- ------------ ------------ Net Realized and Unrealized Gain (Loss) on Investments....................................... (8,962,574) (6,870,350) (1,850,568) ------------- ------------ ------------ Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (9,107,337) $ (7,074,293) $ (1,848,720) ============= ============ ============
------- The accompanying notes are an integral part of these financial statements. FSA-32 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/UBS EQ/Van Kampen Growth and EQ/Van Kampen Emerging Markets Income Comstock Equity --------------- --------------- ------------------ Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 24,546 $ 117,432 $ 119,228 Expenses: Asset-based charges............................. 30,548 68,994 1,268,958 ------------ ------------ ------------- Net Investment Income (Loss)........................ (6,002) 48,438 (1,149,730) ------------ ------------ ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (38,928) (543,798) 1,481,192 Realized gain distribution from The Trusts...... -- 42,825 4,538,873 ------------ ------------ ------------- Net realized gain (loss).......................... (38,928) (500,973) 6,020,065 ------------ ------------ ------------- Change in unrealized appreciation (depreciation) of investments................... (994,669) (1,603,924) (73,893,183) ------------ ------------ ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (1,033,597) (2,104,897) (67,873,118) ------------ ------------ ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (1,039,599) $ (2,056,459) $ (69,022,848) ============ ============ ============= EQ/Van Kampen Mid Cap Multimanager Multimanager Growth Aggressive Equity Core Bond --------------- ------------------- --------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ -- $ 110,134 $ 1,694,730 Expenses: Asset-based charges............................. 119,798 373,047 512,530 ------------ ------------- ------------- Net Investment Income (Loss)........................ (119,798) (262,913) 1,182,200 ------------ ------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (830,862) (1,506,934) (287,365) Realized gain distribution from The Trusts...... -- -- 900,241 ------------ ------------- ------------- Net realized gain (loss).......................... (830,862) (1,506,934) 612,876 ------------ ------------- ------------- Change in unrealized appreciation (depreciation) of investments................... (4,190,499) (15,491,622) (1,437,654) ------------ ------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (5,021,361) (16,998,556) (824,778) ------------ ------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (5,141,159) $ (17,261,469) $ 357,422 ============ ============= =============
------- The accompanying notes are an integral part of these financial statements. FSA-33 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
Multimanager Multimanager Health Care High Yield ---------------- ---------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ -- $ 5,056,792 Expenses: Asset-based charges............................. 157,742 854,053 ------------ ------------- Net Investment Income (Loss)........................ (157,742) 4,202,739 ------------ ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (349,086) (4,364,828) Realized gain distribution from The Trusts...... 123,588 -- ------------ ------------- Net realized gain (loss).......................... (225,498) (4,364,828) ------------ ------------- Change in unrealized appreciation (depreciation) of investments................... (3,149,852) (14,923,652) ------------ ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (3,375,350) (19,288,480) ------------ ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (3,533,092) $ (15,085,741) ============ ============= Multimanager Multimanager Multimanager Multimanager International Large Cap Large Cap Large Cap Equity Core Equity Growth Value ----------------- ---------------- ---------------- ---------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 313,563 $ 26,745 $ -- $ 233,953 Expenses: Asset-based charges............................. 308,684 66,776 126,731 268,553 ------------- ------------ ------------ ------------ Net Investment Income (Loss)........................ 4,879 (40,031) (126,731) (34,600) ------------- ------------ ------------ ------------ Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. 98,968 (136,198) (447,651) (1,395,627) Realized gain distribution from The Trusts...... 407,702 13,100 1,404 45,494 ------------- ------------ ------------ ------------ Net realized gain (loss).......................... 506,670 (123,098) (446,247) (1,350,133) ------------- ------------ ------------ ------------ Change in unrealized appreciation (depreciation) of investments................... (13,469,510) (2,723,122) (4,328,092) (7,297,175) ------------- ------------ ------------ ------------ Net Realized and Unrealized Gain (Loss) on Investments....................................... (12,962,840) (2,846,220) (4,774,339) (8,647,308) ------------- ------------ ------------ ------------ Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (12,957,961) $ (2,886,251) $ (4,901,070) $ (8,681,908) ============= ============ ============ ============
------- The accompanying notes are an integral part of these financial statements. FSA-34 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF OPERATIONS (Concluded) FOR THE YEAR ENDED DECEMBER 31, 2008
Multimanager Multimanager Mid Cap Mid Cap Growth Value --------------- ---------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ -- $ 66,246 Expenses: Asset-based charges............................. 210,120 209,043 ------------ ------------ Net Investment Income (Loss)........................ (210,120) (142,797) ------------ ------------ Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (961,730) (1,949,943) Realized gain distribution from The Trusts...... 151,997 177,956 ------------ ------------ Net realized gain (loss).......................... (809,733) (1,771,987) ------------ ------------ Change in unrealized appreciation (depreciation) of investments................... (6,844,714) (4,317,006) ------------ ------------ Net Realized and Unrealized Gain (Loss) on Investments....................................... (7,654,447) (6,088,993) ------------ ------------ Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (7,864,567) $ (6,231,790) ============ ============ Multimanager Multimanager Small Cap Small Cap Multimanager Growth Value Technology ---------------- ---------------- ---------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ -- $ 42,334 $ -- Expenses: Asset-based charges............................. 94,648 279,679 388,320 ------------ ------------ ------------- Net Investment Income (Loss)........................ (94,648) (237,345) (388,320) ------------ ------------ ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (993,211) (4,143,376) 996,274 Realized gain distribution from The Trusts...... 24,995 79,479 -- ------------ ------------ ------------- Net realized gain (loss).......................... (968,216) (4,063,897) 996,274 ------------ ------------ ------------- Change in unrealized appreciation (depreciation) of investments................... (2,572,629) (4,374,747) (16,310,308) ------------ ------------ ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (3,540,845) (8,438,644) (15,314,034) ------------ ------------ ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (3,635,493) $ (8,675,989) $ (15,702,354) ============ ============ =============
------- The accompanying notes are an integral part of these financial statements. FSA-35 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF CHANGES IN NET ASSETS FOR THE YEARS ENDED DECEMBER 31,
AXA Aggressive AXA Conservative Allocation Allocation -------------------------------- ------------------------------- 2008 2007 2008 2007 ---------------- --------------- --------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................. $ 46,145 $ 252,511 $ 1,037,488 $ 436,817 Net realized gain (loss) on investments....... 77,075 2,078,690 (606,137) 672,134 Change in unrealized appreciation (depreciation) of investments................ (10,925,209) (1,520,870) (3,810,785) (382,382) -------------- ------------ ------------ ------------ Net Increase (decrease) in net assets from operations................................... (10,801,989) 810,331 (3,379,434) 726,569 -------------- ------------ ------------ ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 145,112 381,248 324,759 286,364 Transfers between funds including guaranteed interest account, net........... 5,398,802 9,763,502 19,774,695 9,166,320 Transfers for contract benefits and terminations............................... (1,575,895) (3,802,147) (4,167,724) (3,834,202) Contract maintenance charges................. (91,753) (63,543) (70,370) (38,183) -------------- ------------ ------------ ------------ Net increase (decrease) in net assets from contractowners transactions.................... 3,876,266 6,279,060 15,861,360 5,580,299 -------------- ------------ ------------ ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45....... -- -- -- -- -------------- ------------ ------------ ------------ Increase (Decrease) in Net Assets................ (6,925,723) 7,089,391 12,481,926 6,306,868 Net Assets - Beginning of Period................. 24,480,483 17,391,092 18,546,900 12,240,032 -------------- ------------ ------------ ------------ Net Assets - End of Period....................... $ 17,554,760 $ 24,480,483 $ 31,028,826 $ 18,546,900 ============== ============ ============ ============ Changes in Units (000's): Unit Activity 1.15% Class A Issued......................................... -- -- -- -- Redeemed....................................... -- -- -- -- -------------- ------------ ------------ ------------ Net Increase (Decrease)........................ -- -- -- -- -------------- ------------ ------------ ------------ Unit Activity 0.50% to 1.70% Class B Issued......................................... 838 1,205 2,557 1,388 Redeemed....................................... (490) (749) (1,080) (880) -------------- ------------ ------------ ------------ Net Increase (Decrease)........................ 348 456 1,477 508 -------------- ------------ ------------ ------------ AXA Conservative-Plus AXA Moderate Allocation Allocation ------------------------------- ---------------------------------- 2008 2007 2008 2007 --------------- --------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 632,945 $ 535,650 $ 5,897,863 $ 6,167,800 Net realized gain (loss) on investments........ (806,449) 954,535 19,346,096 23,687,374 Change in unrealized appreciation (depreciation) of investments................ (6,475,354) (664,944) (108,258,241) (12,592,262) ------------ ------------ --------------- ------------- Net Increase (decrease) in net assets from operations................................... (6,648,858) 825,241 (83,014,282) 17,262,912 ------------ ------------ --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 370,809 401,329 2,405,491 3,554,030 Transfers between funds including guaranteed interest account, net........... 10,159,491 11,589,753 3,735,495 11,560,892 Transfers for contract benefits and terminations............................... (3,982,861) (3,277,237) (39,216,453) (48,454,592) Contract maintenance charges................. (71,688) (40,712) (948,681) (921,932) ------------ ------------ --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................... 6,475,751 8,673,133 (34,024,148) (34,261,602) ------------ ------------ --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45....... -- -- (4,515,000) -- ------------ ------------ --------------- ------------- Increase (Decrease) in Net Assets................ (173,107) 9,498,374 (121,553,430) (16,998,690) Net Assets - Beginning of Period................. 27,426,261 17,927,887 344,798,805 361,797,495 ------------ ------------ --------------- ------------- Net Assets - End of Period....................... $ 27,253,154 $ 27,426,261 $ 223,245,375 $ 344,798,805 ============ ============ =============== ============= Changes in Units (000's): Unit Activity 1.15% Class A Issued......................................... -- -- 98 72 Redeemed....................................... -- -- (126) (115) ------------ ------------ --------------- ------------- Net Increase (Decrease)........................ -- -- (28) (43) ------------ ------------ --------------- ------------- Unit Activity 0.50% to 1.70% Class B Issued......................................... 1,705 1,378 519 473 Redeemed....................................... (1,121) (634) (1,288) (1,107) ------------ ------------ --------------- ------------- Net Increase (Decrease)........................ 584 744 (769) (634) ------------ ------------ --------------- -------------
------- The accompanying notes are an integral part of these financial statements. FSA-36 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
AXA Moderate-Plus Allocation EQ/AllianceBernstein Common Stock --------------------------------- ----------------------------------- 2008 2007 2008 2007 ---------------- ---------------- ----------------- ----------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................. $ 907,635 $ 1,815,537 $ 632,872 $ (1,830,618) Net realized gain (loss) on investments....... 2,542,134 6,765,018 (16,962,615) (1,763,765) Change in unrealized appreciation (depreciation) of investments................ (48,476,768) (3,928,324) (147,411,408) 15,446,391 -------------- ------------- --------------- --------------- Net Increase (decrease) in net assets from operations................................... (45,026,999) 4,652,231 (163,741,151) 11,852,008 -------------- ------------- --------------- --------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 727,685 2,654,637 2,371,830 2,512,081 Transfers between funds including guaranteed interest account, net........... 17,506,485 50,568,239 (29,545,122) (51,051,864) Transfers for contract benefits and terminations............................... (8,516,171) (11,054,225) (34,558,772) (63,484,902) Contract maintenance charges................. (378,692) (317,869) (1,255,722) (1,518,413) -------------- ------------- --------------- --------------- Net increase (decrease) in net assets from contractowners transactions.................... 9,339,307 41,850,782 (62,987,786) (113,543,098) -------------- ------------- --------------- --------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45....... -- -- (287,000) -- -------------- ------------- --------------- --------------- Increase (Decrease) in Net Assets................ (35,687,692) 46,503,013 (227,015,937) (101,691,090) Net Assets - Beginning of Period................. 127,567,595 81,064,582 412,628,914 514,320,004 -------------- ------------- --------------- --------------- Net Assets - End of Period....................... $ 91,879,903 $ 127,567,595 $ 185,612,977 $ 412,628,914 ============== ============= =============== =============== Changes in Units (000's): Unit Activity 1.15% Class A Issued......................................... -- -- 9 3 Redeemed....................................... -- -- (48) (66) -------------- ------------- --------------- --------------- Net Increase (Decrease)........................ -- -- (39) (63) -------------- ------------- --------------- --------------- Unit Activity 0.50% to 1.70% Class B Issued......................................... 2,881 4,863 17 9 Redeemed....................................... (2,196) (1,646) (261) (355) -------------- ------------- --------------- --------------- Net Increase (Decrease)........................ 685 3,217 (244) (346) -------------- ------------- --------------- --------------- EQ/AllianceBernstein Intermediate Government Securities EQ/AllianceBernstein International ----------------------------------- ---------------------------------- 2008 2007 2008 2007 ------------------ ---------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 1,324,071 $ 2,557,590 $ 1,497,831 $ (352,585) Net realized gain (loss) on investments........ (423,421) (596,245) 8,353,996 31,478,502 Change in unrealized appreciation (depreciation) of investments................ 796,576 3,117,884 (94,361,026) (12,662,902) ------------- -------------- --------------- ------------- Net Increase (decrease) in net assets from operations................................... 1,697,226 5,079,229 (84,509,199) 18,463,015 ------------- -------------- --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 411,083 555,059 669,553 900,894 Transfers between funds including guaranteed interest account, net........... (2,120,465) (6,240,913) (10,042,392) (4,858,792) Transfers for contract benefits and terminations............................... (13,067,578) (15,249,455) (13,649,409) (22,785,317) Contract maintenance charges................. (205,254) (196,818) (441,352) (511,666) ------------- -------------- --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................... (14,982,214) (21,132,127) (23,463,600) (27,254,881) ------------- -------------- --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45....... -- -- (269,000) 1,145 ------------- -------------- --------------- ------------- Increase (Decrease) in Net Assets................ (13,284,988) (16,052,898) (108,241,799) (8,790,721) Net Assets - Beginning of Period................. 94,380,996 110,433,894 181,898,116 190,688,837 ------------- -------------- --------------- ------------- Net Assets - End of Period....................... $ 81,096,008 $ 94,380,996 $ 73,656,317 $ 181,898,116 ============= ============== =============== ============= Changes in Units (000's): Unit Activity 1.15% Class A Issued......................................... 92 40 14 64 Redeemed....................................... (93) (73) (177) (216) ------------- -------------- --------------- ------------- Net Increase (Decrease)........................ (1) (33) (163) 152 ------------- -------------- --------------- ------------- Unit Activity 0.50% to 1.70% Class B Issued......................................... 597 236 339 400 Redeemed....................................... (1,367) (1,318) (1,668) (1,641) ------------- -------------- --------------- ------------- Net Increase (Decrease)........................ (770) (1,082) (1,329) (1,241) ------------- -------------- --------------- -------------
------- The accompanying notes are an integral part of these financial statements. FSA-37 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/AllianceBernstein Small Cap Growth EQ/Ariel Appreciation ll --------------------------------- ------------------------------ 2008 2007 2008 2007 ---------------- ---------------- --------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................. $ (982,315) $ (1,425,849) $ (6,703) $ (10,612) Net realized gain (loss) on investments....... (1,001,499) 20,005,792 (84,351) 76,165 Change in unrealized appreciation (depreciation) of investments................ (36,738,084) (4,619,449) (341,475) (123,806) -------------- ------------- ---------- ---------- Net Increase (decrease) in net assets from operations................................... (38,721,898) 13,960,494 (432,529) (58,253) -------------- ------------- ---------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 386,651 537,778 266 7,431 Transfers between funds including guaranteed interest account, net........... (4,317,721) (12,446,614) 86,841 433,749 Transfers for contract benefits and terminations............................... (7,382,378) (11,297,746) (100,670) (74,125) Contract maintenance charges................. (240,082) (272,834) (3,613) (2,681) -------------- ------------- ---------- ---------- Net increase (decrease) in net assets from contractowners transactions.................... (11,553,530) (23,479,416) (17,176) 364,374 -------------- ------------- ---------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45....... (23,000) (1,734) -- -- -------------- ------------- ---------- ---------- Increase (Decrease) in Net Assets................ (50,298,428) (9,520,656) (449,705) 306,121 Net Assets - Beginning of Period................. 93,205,152 102,725,808 1,109,087 802,966 -------------- ------------- ---------- ---------- Net Assets - End of Period....................... $ 42,906,724 $ 93,205,152 $ 659,382 $1,109,087 ============== ============= ========== ========== Changes in Units (000's): Unit Activity 1.15% Class A Issued......................................... 20 15 -- -- Redeemed....................................... (41) (164) -- -- -------------- ------------- ---------- ---------- Net Increase (Decrease)........................ (21) (149) -- -- -------------- ------------- ---------- ---------- Unit Activity 0.50% to 1.70% Class B Issued......................................... 145 144 36 84 Redeemed....................................... (826) (1,191) (38) (54) -------------- ------------- ---------- ---------- Net Increase (Decrease)........................ (681) (1,047) (2) 30 -------------- ------------- ---------- ---------- EQ/BlackRock EQ/BlackRock Basic Value Equity International Value --------------------------------- --------------------------------- 2008 2007 2008 2007 ---------------- ---------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................. $ 112,262 $ (621,770) $ 336,605 $ 287,550 Net realized gain (loss) on investments....... (248,838) 17,272,238 5,200,749 17,325,410 Change in unrealized appreciation (depreciation) of investments............... (41,345,683) (16,021,564) (36,278,703) (10,420,378) -------------- ------------- -------------- -------------- Net Increase (decrease) in net assets from operations.................................. (41,482,259) 628,904 (30,741,349) 7,192,582 -------------- ------------- -------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners....... 331,435 558,212 238,871 451,734 Transfers between funds including guaranteed interest account, net.......... (7,773,695) (11,090,916) (8,662,764) (1,360,437) Transfers for contract benefits and terminations.............................. (11,572,057) (16,838,153) (6,775,449) (10,654,140) Contract maintenance charges................ (318,944) (377,791) (192,766) (235,175) -------------- ------------- -------------- -------------- Net increase (decrease) in net assets from contractowners transactions................... (19,333,261) (27,748,648) (15,392,108) (11,798,018) -------------- ------------- -------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45...... (160,000) -- (50,000) -- -------------- ------------- -------------- -------------- Increase (Decrease) in Net Assets............... (60,975,520) (27,119,744) (46,183,457) (4,605,436) Net Assets - Beginning of Period................ 124,064,424 151,184,168 80,974,872 85,580,308 -------------- ------------- -------------- -------------- Net Assets - End of Period...................... $ 63,088,904 $ 124,064,424 $ 34,791,415 $ 80,974,872 ============== ============= ============== ============== Changes in Units (000's): Unit Activity 1.15% Class A Issued........................................ -- -- -- -- Redeemed...................................... -- -- -- -- -------------- ------------- -------------- -------------- Net Increase (Decrease)....................... -- -- -- -- -------------- ------------- -------------- -------------- Unit Activity 0.50% to 1.70% Class B Issued........................................ 234 169 179 392 Redeemed...................................... (1,194) (1,284) (949) (877) -------------- ------------- -------------- -------------- Net Increase (Decrease)....................... (960) (1,115) (770) (485) -------------- ------------- -------------- --------------
------- The accompanying notes are an integral part of these financial statements. FSA-38 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Boston Advisors EQ/Calvert Socially Equity Income Responsible ------------------------------- ------------------------------ 2008 2007 2008 2007 --------------- --------------- ------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ 81,949 $ 24,831 $ (10,442) $ (13,211) Net realized gain (loss) on investments......... (377,427) 1,786,893 (45,667) 94,185 Change in unrealized appreciation (depreciation) of investments.................. (3,375,238) (1,377,535) (422,966) 19,986 ------------- ------------ ---------- --------- Net Increase (decrease) in net assets from operations..................................... (3,670,716) 434,189 (479,075) 100,960 ------------- ------------ ---------- --------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 8,562 37,399 4,909 30,792 Transfers between funds including guaranteed interest account, net.............. 607,929 (2,327,254) 29,576 40,738 Transfers for contract benefits and terminations.................................. (1,165,126) (1,831,995) (159,630) (113,871) Contract maintenance charges................... (30,443) (31,969) (2,810) (2,761) ------------- ------------ ---------- --------- Net increase (decrease) in net assets from contractowners transactions..................... (579,078) (4,153,819) (127,955) (45,102) ------------- ------------ ---------- --------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ 22,000 -- -- -- ------------- ------------ ---------- --------- Increase (Decrease) in Net Assets................ (4,227,794) (3,719,630) (607,030) 55,858 Net Assets - Beginning of Period................. 11,859,998 15,579,628 1,110,890 1,055,032 ------------- ------------ ---------- --------- Net Assets - End of Period....................... $ 7,632,204 $ 11,859,998 $ 503,860 $1,110,890 ============= ============ ========== ========== Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- ------------- ------------ ---------- ---------- Net Increase (Decrease)......................... -- -- -- -- ------------- ------------ ---------- ---------- Unit Activity 0.50% to 1.70% Class B Issued.......................................... 524 309 40 31 Redeemed........................................ (592) (900) (57) (37) ------------- ------------ ---------- ---------- Net Increase (Decrease)......................... (68) (591) (17) (6) ------------- ------------ ---------- ---------- EQ/Capital EQ/Capital Guardian Growth Guardian Research (a) ------------------------------ --------------------------------- 2008 2007 2008 2007 --------------- -------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ (65,880) $ (80,787) $ (314,738) $ (265,686) Net realized gain (loss) on investments......... (412,854) 264,835 5,442,939 9,779,929 Change in unrealized appreciation (depreciation) of investments.................. (2,544,929) (399,894) (31,820,981) (11,042,267) ------------- ---------- -------------- -------------- Net Increase (decrease) in net assets from operations..................................... (3,023,663) (215,846) (26,692,780) (1,528,024) ------------- ---------- -------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 27,473 18,443 266,271 357,647 Transfers between funds including guaranteed interest account, net.............. 276,389 5,456,113 (9,607,267) 24,989,019 Transfers for contract benefits and terminations.................................. (2,283,431) (435,115) (6,934,164) (9,705,756) Contract maintenance charges................... (23,691) (9,096) (195,866) (207,197) ------------- ---------- -------------- -------------- Net increase (decrease) in net assets from contractowners transactions..................... (2,003,260) 5,030,345 (16,471,026) 15,433,713 ------------- ---------- -------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ -- -- (395,000) 67,822 ------------- ---------- -------------- -------------- Increase (Decrease) in Net Assets................ (5,026,923) 4,814,499 (43,558,806) 13,973,511 Net Assets - Beginning of Period................. 9,138,118 4,323,619 78,363,658 64,390,147 ------------- ---------- -------------- -------------- Net Assets - End of Period....................... $ 4,111,195 $9,138,118 $ 34,804,852 $ 78,363,658 ============= ========== ============== ============== Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- ------------- ---------- -------------- -------------- Net Increase (Decrease)......................... -- -- -- -- ------------- ---------- -------------- -------------- Unit Activity 0.50% to 1.70% Class B Issued.......................................... 118 416 121 2,641 Redeemed........................................ (267) (98) (1,614) (1,577) ------------- ---------- -------------- -------------- Net Increase (Decrease)......................... (149) 318 (1,493) 1,064 ------------- ---------- -------------- --------------
------- The accompanying notes are an integral part of these financial statements. FSA-39 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Caywood-Scholl EQ/Davis New High Yield Bond York Venture ------------------------------ ------------------------------ 2008 2007 2008 2007 --------------- -------------- --------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ 320,617 $ 344,177 $ (53,751) $ (35,928) Net realized gain (loss) on investments......... (511,134) 59,913 (676,421) 94,610 Change in unrealized appreciation (depreciation) of investments.................. (1,020,427) (344,510) (2,403,103) (59,199) ------------- ---------- ------------- ---------- Net Increase (decrease) in net assets from operations..................................... (1,210,944) 59,580 (3,133,275) (517) ------------- ---------- ------------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 48,788 28,081 10,950 28,907 Transfers between funds including guaranteed interest account, net.............. 708,453 1,200,473 2,235,596 4,707,127 Transfers for contract benefits and terminations.................................. (968,743) (603,593) (396,467) (349,780) Contract maintenance charges................... (15,158) (13,485) (22,330) (10,747) ------------- ---------- ------------- ---------- Net increase (decrease) in net assets from contractowners transactions..................... (226,660) 611,476 1,827,749 4,375,507 ------------- ---------- ------------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ -- -- 384 113 ------------- ---------- ------------- ---------- Increase (Decrease) in Net Assets................ (1,437,604) 671,056 (1,305,142) 4,375,103 Net Assets - Beginning of Period................. 6,282,644 5,611,588 5,853,560 1,478,457 ------------- ---------- ------------- ---------- Net Assets - End of Period....................... $ 4,845,040 $6,282,644 $ 4,548,418 $5,853,560 ============= ========== ============= ========== Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- ------------- ---------- ------------- ---------- Net Increase (Decrease)......................... -- -- -- -- ------------- ---------- ------------- ---------- Unit Activity 0.50% to 1.70% Class B Issued.......................................... 294 392 433 473 Redeemed........................................ (313) (338) (277) (81) ------------- ---------- ------------- ---------- Net Increase (Decrease)......................... (19) 54 156 392 ------------- ---------- ------------- ---------- EQ/Evergreen EQ/Equity 500 Index International Bond --------------------------------- ------------------------------- 2008 2007 2008 2007 ---------------- ---------------- --------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ 153,789 $ (240,708) $ 2,640,775 $ 168,081 Net realized gain (loss) on investments......... (1,592,428) 6,137,430 (44,141) 75,598 Change in unrealized appreciation (depreciation) of investments.................. (38,589,963) (1,042,447) (2,678,687) 204,973 -------------- ------------- ------------ ----------- Net Increase (decrease) in net assets from operations..................................... (40,028,602) 4,854,275 (82,053) 448,652 -------------- ------------- ------------ ----------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 491,667 970,147 105,147 42,658 Transfers between funds including guaranteed interest account, net.............. (8,343,591) (7,661,457) 10,012,598 7,743,610 Transfers for contract benefits and terminations.................................. (9,632,215) (20,479,063) (4,054,836) (634,159) Contract maintenance charges................... (320,687) (364,698) (59,954) (9,792) -------------- ------------- ------------ ----------- Net increase (decrease) in net assets from contractowners transactions..................... (17,804,826) (27,535,071) 6,002,955 7,142,317 -------------- ------------- ------------ ----------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ (385,000) (2,777) -- -- -------------- ------------- ------------ ----------- Increase (Decrease) in Net Assets................ (58,218,428) (22,683,573) 5,920,902 7,590,969 Net Assets - Beginning of Period................. 117,436,567 140,120,140 10,635,677 3,044,708 -------------- ------------- ------------ ----------- Net Assets - End of Period....................... $ 59,218,139 $ 117,436,567 $ 16,556,579 $10,635,677 ============== ============= ============ =========== Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- -------------- ------------- ------------ ----------- Net Increase (Decrease)......................... -- -- -- -- -------------- ------------- ------------ ----------- Unit Activity 0.50% to 1.70% Class B Issued.......................................... 247 226 2,275 798 Redeemed........................................ (937) (1,122) (1,788) (120) -------------- ------------- ------------ ----------- Net Increase (Decrease)......................... (690) (896) 487 678 -------------- ------------- ------------ -----------
------- The accompanying notes are an integral part of these financial statements. FSA-40 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Evergreen Omega EQ/Franklin Income ------------------------------- ------------------------------- 2008 2007 2008 2007 --------------- --------------- --------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ (65,181) $ (127,992) $ 847,869 $ 409,157 Net realized gain (loss) on investments......... (83,829) 786,998 (1,180,804) 274,634 Change in unrealized appreciation (depreciation) of investments.................. (2,133,841) 79,171 (6,703,627) (1,009,429) ------------- ------------- ------------ ------------ Net Increase (decrease) in net assets from operations..................................... (2,282,851) 738,177 (7,036,562) (325,638) ------------- ------------- ------------ ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 27,298 57,727 97,987 329,622 Transfers between funds including guaranteed interest account, net.............. (644,776) 723,641 878,650 17,737,303 Transfers for contract benefits and terminations.................................. (663,252) (1,349,891) (2,178,160) (2,055,211) Contract maintenance charges................... (21,620) (22,356) (56,466) (38,458) ------------- ------------- ------------ ------------ Net increase (decrease) in net assets from contractowners transactions..................... (1,302,350) (590,879) (1,257,989) 15,973,256 ------------- ------------- ------------ ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ (34,000) -- (98) 590 ------------- ------------- ------------ ------------ Increase (Decrease) in Net Assets................ (3,619,201) 147,298 (8,294,649) 15,648,208 Net Assets - Beginning of Period................. 9,066,759 8,919,461 22,105,655 6,457,447 ------------- ------------- ------------ ------------ Net Assets - End of Period....................... $ 5,447,558 $ 9,066,759 $ 13,811,006 $ 22,105,655 ============= ============= ============ ============ Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- ------------- ------------- ------------ ------------ Net Increase (Decrease)......................... -- -- -- -- ------------- ------------- ------------ ------------ Unit Activity 0.50% to 1.70% Class B Issued.......................................... 139 272 579 1,893 Redeemed........................................ (282) (346) (727) (405) ------------- ------------- ------------ ------------ Net Increase (Decrease)......................... (143) (74) (148) 1,488 ------------- ------------- ------------ ------------ EQ/Franklin EQ/Franklin Templeton Small Cap Value Founding Strategy (e) ----------------------------- ------------------------------ 2008 2007 2008 2007 -------------- -------------- --------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ (5,506) $ (10,220) $ 133,028 $ 37,175 Net realized gain (loss) on investments......... (302,036) (6,765) (535,171) (33,537) Change in unrealized appreciation (depreciation) of investments.................. (610,370) (164,998) (1,869,014) (156,324) ---------- ---------- ------------- ---------- Net Increase (decrease) in net assets from operations..................................... (917,912) (181,983) (2,271,157) (152,686) ---------- ---------- ------------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 3,308 17,849 1,658,751 1,634,986 Transfers between funds including guaranteed interest account, net.............. 1,859,084 1,248,291 430,049 3,749,803 Transfers for contract benefits and terminations.................................. (147,615) (102,545) (375,036) (736,227) Contract maintenance charges................... (7,088) (2,775) (30,142) (6,819) ---------- ---------- ------------- ---------- Net increase (decrease) in net assets from contractowners transactions..................... 1,707,689 1,160,820 1,683,622 4,641,743 ---------- ---------- ------------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ 70 31 328 174 ---------- ---------- ------------- ---------- Increase (Decrease) in Net Assets................ 789,847 978,868 (587,207) 4,489,231 Net Assets - Beginning of Period................. 1,342,850 363,982 4,489,231 -- ---------- ---------- ------------- ---------- Net Assets - End of Period....................... $2,132,697 $1,342,850 $ 3,902,024 $4,489,231 ========== ========== ============= ========== Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- ---------- ---------- ------------- ---------- Net Increase (Decrease)......................... -- -- -- -- ---------- ---------- ------------- ---------- Unit Activity 0.50% to 1.70% Class B Issued.......................................... 333 199 430 633 Redeemed........................................ (138) (95) (243) (161) ---------- ---------- ------------- ---------- Net Increase (Decrease)......................... 195 104 187 472 ---------- ---------- ------------- ----------
------- The accompanying notes are an integral part of these financial statements. FSA-41 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/GAMCO Mergers EQ/GAMCO Small and Acquisitions Company Value ------------------------------- ------------------------------- 2008 2007 2008 2007 --------------- --------------- --------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ (48,893) $ (63,247) $ (171,855) $ (200,480) Net realized gain (loss) on investments......... (17,702) 932,685 378,902 1,706,178 Change in unrealized appreciation (depreciation) of investments.................. (807,202) (548,858) (7,569,043) (306,816) ------------- ------------- ------------ ------------ Net Increase (decrease) in net assets from operations..................................... (873,797) 320,580 (7,361,996) 1,198,882 ------------- ------------- ------------ ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 387,884 16,565 63,714 217,062 Transfers between funds including guaranteed interest account, net.............. (780,853) (1,874,827) 3,268,783 9,459,472 Transfers for contract benefits and terminations.................................. (1,360,916) (401,189) (2,172,141) (2,150,843) Contract maintenance charges................... (20,043) (32,017) (66,029) (49,192) ------------- ------------- ------------ ------------ Net increase (decrease) in net assets from contractowners transactions..................... (1,773,928) (2,291,468) 1,094,327 7,476,499 ------------- ------------- ------------ ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ -- -- 40,000 -- ------------- ------------- ------------ ------------ Increase (Decrease) in Net Assets................ (2,647,725) (1,970,888) (6,227,669) 8,675,381 Net Assets - Beginning of Period................. 7,154,362 9,125,250 23,234,626 14,559,245 ------------- ------------- ------------ ------------ Net Assets - End of Period....................... $ 4,506,637 $ 7,154,362 $ 17,006,957 $ 23,234,626 ============= ============= ============ ============ Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- ------------- ------------- ------------ ------------ Net Increase (Decrease)......................... -- -- -- -- ------------- ------------- ------------ ------------ Unit Activity 0.50% to 1.70% Class B Issued.......................................... 168 304 277 434 Redeemed........................................ (322) (483) (229) (178) ------------- ------------- ------------ ------------ Net Increase (Decrease)......................... (154) (179) 48 256 ------------- ------------- ------------ ------------ EQ/International Core PLUS EQ/International Growth -------------------------------- ----------------------------- 2008 2007 2008 2007 ---------------- --------------- --------------- ------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ 32,667 $ (207,569) $ (34,051) $ (41,359) Net realized gain (loss) on investments......... (1,486,606) 7,090,889 (418,339) 743,582 Change in unrealized appreciation (depreciation) of investments.................. (9,833,163) (3,566,296) (3,382,626) (29,895) -------------- ------------ ------------- ---------- Net Increase (decrease) in net assets from operations..................................... (11,287,102) 3,317,024 (3,835,016) 672,328 -------------- ------------ ------------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 627,655 41,859 33,298 108,437 Transfers between funds including guaranteed interest account, net.............. 2,780,029 885,642 2,101,002 4,859,874 Transfers for contract benefits and terminations.................................. (5,363,324) (2,899,270) (740,867) (471,820) Contract maintenance charges................... (72,930) (65,055) (24,333) (14,640) -------------- ------------ ------------- ---------- Net increase (decrease) in net assets from contractowners transactions..................... (2,028,570) (2,036,824) 1,369,100 4,481,851 -------------- ------------ ------------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ (40,000) -- -- -- -------------- ------------ ------------- ---------- Increase (Decrease) in Net Assets................ (13,355,672) 1,280,200 (2,465,916) 5,154,179 Net Assets - Beginning of Period................. 25,515,894 24,235,694 7,806,265 2,652,086 -------------- ------------ ------------- ---------- Net Assets - End of Period....................... $ 12,160,222 $ 25,515,894 $ 5,340,349 $7,806,265 ============== ============ ============= ========== Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- -------------- ------------ ------------- ---------- Net Increase (Decrease)......................... -- -- -- -- -------------- ------------ ------------- ---------- Unit Activity 0.50% to 1.70% Class B Issued.......................................... 553 298 354 472 Redeemed........................................ (721) (428) (276) (180) -------------- ------------ ------------- ---------- Net Increase (Decrease)......................... (168) (130) 78 292 -------------- ------------ ------------- ----------
------- The accompanying notes are an integral part of these financial statements. FSA-42 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/JPMorgan EQ/JPMorgan Core Bond Value Opportunities -------------------------------- -------------------------------- 2008 2007 2008 2007 ---------------- --------------- ---------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ 981,822 $ 1,611,043 $ 69,489 $ (56,586) Net realized gain (loss) on investments......... (2,040,351) (374,349) (500,133) 7,025,676 Change in unrealized appreciation (depreciation) of investments.................. (3,731,083) (288,884) (10,402,733) (7,560,512) -------------- ------------ -------------- ------------ Net Increase (decrease) in net assets from operations..................................... (4,789,612) 947,810 (10,833,377) (591,422) -------------- ------------ -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 122,737 249,638 61,242 158,514 Transfers between funds including guaranteed interest account, net.............. (12,511,848) 2,947,050 (2,148,314) (2,409,905) Transfers for contract benefits and terminations.................................. (5,798,955) (7,431,466) (2,455,176) (4,501,182) Contract maintenance charges................... (130,871) (139,544) (86,926) (105,998) -------------- ------------ -------------- ------------ Net increase (decrease) in net assets from contractowners transactions..................... (18,318,937) (4,374,322) (4,629,174) (6,858,571) -------------- ------------ -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ -- -- (1,648) 3,424 -------------- ------------ -------------- ------------ Increase (Decrease) in Net Assets................ (23,108,549) (3,426,512) (15,464,199) (7,446,569) Net Assets - Beginning of Period................. 56,332,934 59,759,446 30,002,391 37,448,960 -------------- ------------ -------------- ------------ Net Assets - End of Period....................... $ 33,224,385 $ 56,332,934 $ 14,538,192 $ 30,002,391 ============== ============ ============== ============ Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- -------------- ------------ -------------- ------------ Net Increase (Decrease)......................... -- -- -- -- -------------- ------------ -------------- ------------ Unit Activity 0.50% to 1.70% Class B Issued.......................................... 221 659 69 137 Redeemed........................................ (1,561) (961) (424) (550) -------------- ------------ -------------- ------------ Net Increase (Decrease)......................... (1,340) (302) (355) (413) -------------- ------------ -------------- ------------ EQ/Large Cap EQ/Large Cap Core PLUS Growth Index ------------------------------- --------------------------------- 2008 2007 2008 2007 --------------- --------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ (89,420) $ (43,310) $ (711,290) $ (1,101,933) Net realized gain (loss) on investments......... (260,797) 2,931,302 (3,849,167) (3,298,112) Change in unrealized appreciation (depreciation) of investments.................. (3,142,694) (2,540,625) (19,976,248) 13,109,594 ------------- ------------ -------------- ------------- Net Increase (decrease) in net assets from operations..................................... (3,492,911) 347,367 (24,536,705) 8,709,549 ------------- ------------ -------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 31,548 64,803 393,131 576,166 Transfers between funds including guaranteed interest account, net.............. (497,599) (1,051,690) (4,034,851) (9,277,363) Transfers for contract benefits and terminations.................................. (962,845) (1,896,621) (5,908,279) (9,211,396) Contract maintenance charges................... (21,757) (26,245) (175,637) (195,219) ------------- ------------ -------------- ------------- Net increase (decrease) in net assets from contractowners transactions..................... (1,450,653) (2,909,753) (9,725,636) (18,107,812) ------------- ------------ -------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ (26,000) -- (12,000) (3,455) ------------- ------------ -------------- ------------- Increase (Decrease) in Net Assets................ (4,969,564) (2,562,386) (34,274,341) (9,401,718) Net Assets - Beginning of Period................. 10,126,395 12,688,781 71,208,621 80,610,339 ------------- ------------ -------------- ------------- Net Assets - End of Period....................... $ 5,156,831 $ 10,126,395 $ 36,934,280 $ 71,208,621 ============= ============ ============== ============= Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- ------------- ------------ -------------- ------------- Net Increase (Decrease)......................... -- -- -- -- ------------- ------------ -------------- ------------- Unit Activity 0.50% to 1.70% Class B Issued.......................................... 71 62 318 324 Redeemed........................................ (234) (328) (1,910) (2,801) ------------- ------------ -------------- ------------- Net Increase (Decrease)......................... (163) (266) (1,592) (2,477) ------------- ------------ -------------- -------------
------- The accompanying notes are an integral part of these financial statements. FSA-43 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Large Cap EQ/Large Cap Growth PLUS Value Index --------------------------------- ------------------------------ 2008 2007 2008 2007 ---------------- ---------------- --------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ (843,625) $ (914,408) $ (13,240) $ (60,503) Net realized gain (loss) on investments......... (7,424,309) (8,098,352) (2,776,393) 233,782 Change in unrealized appreciation (depreciation) of investments.................. (22,058,863) 20,263,265 (1,093,512) (945,376) -------------- -------------- ------------- ---------- Net Increase (decrease) in net assets from operations..................................... (30,326,797) 11,250,505 (3,883,145) (772,097) -------------- -------------- ------------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 481,669 676,364 26,934 21,750 Transfers between funds including guaranteed interest account, net.............. (5,308,486) (3,453,046) (280,585) 4,805,336 Transfers for contract benefits and terminations.................................. (6,203,812) (11,666,587) (1,744,230) (230,226) Contract maintenance charges................... (256,610) (264,393) (19,953) (9,820) -------------- -------------- ------------- ---------- Net increase (decrease) in net assets from contractowners transactions..................... (11,287,239) (14,707,662) (2,017,834) 4,587,040 -------------- -------------- ------------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ (16,219) (7,407) 172 (174) -------------- -------------- ------------- ---------- Increase (Decrease) in Net Assets................ (41,630,255) (3,464,564) (5,900,807) 3,814,769 Net Assets - Beginning of Period................. 85,039,545 88,504,108 7,425,000 3,610,231 -------------- -------------- ------------- ---------- Net Assets - End of Period....................... $ 43,409,290 $ 85,039,545 $ 1,524,193 $7,425,000 ============== ============== ============= ========== Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- -------------- -------------- ------------- ---------- Net Increase (Decrease)......................... -- -- -- -- -------------- -------------- ------------- ---------- Unit Activity 0.50% to 1.70% Class B Issued.......................................... 169 348 226 485 Redeemed........................................ (971) (1,274) (591) (99) -------------- -------------- ------------- ---------- Net Increase (Decrease)......................... (802) (926) (365) 386 -------------- -------------- ------------- ---------- EQ/Large Cap Value PLUS (d) EQ/Long Term Bond ---------------------------------- ---------------------------- 2008 2007 2008 2007 ----------------- ---------------- -------------- ------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ 3,780,760 $ 2,335,436 $ 160,122 $ 125,723 Net realized gain (loss) on investments......... (20,911,819) 49,668,863 20,425 674 Change in unrealized appreciation (depreciation) of investments.................. (144,266,299) (77,578,095) (69,315) 186,906 --------------- ------------- ---------- ---------- Net Increase (decrease) in net assets from operations..................................... (161,397,358) (25,573,796) 111,232 313,303 --------------- ------------- ---------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 1,180,627 1,087,382 12,138 19,167 Transfers between funds including guaranteed interest account, net.............. (47,734,069) 319,698,557 431,281 1,346,813 Transfers for contract benefits and terminations.................................. (35,690,235) (32,962,689) (628,571) (538,409) Contract maintenance charges................... (1,007,659) (700,895) (15,876) (11,563) --------------- ------------- ---------- ---------- Net increase (decrease) in net assets from contractowners transactions..................... (83,251,336) 287,122,355 (201,028) 816,008 --------------- ------------- ---------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ (470,000) -- -- -- --------------- ------------- ---------- ---------- Increase (Decrease) in Net Assets................ (245,118,694) 261,548,559 (89,796) 1,129,311 Net Assets - Beginning of Period................. 425,329,602 163,781,043 4,924,355 3,795,044 --------------- ------------- ---------- ---------- Net Assets - End of Period....................... $ 180,210,908 $ 425,329,602 $4,834,559 $4,924,355 =============== ============= ========== ========== Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... 32 4,554 -- -- Redeemed........................................ (996) (454) -- -- --------------- ------------- ---------- ---------- Net Increase (Decrease)......................... (964) 4,100 -- -- --------------- ------------- ---------- ---------- Unit Activity 0.50% to 1.70% Class B Issued.......................................... 112 22,943 276 314 Redeemed........................................ (6,393) (5,620) (300) (228) --------------- ------------- ---------- ---------- Net Increase (Decrease)......................... (6,281) 17,323 (24) 86 --------------- ------------- ---------- ----------
------- The accompanying notes are an integral part of these financial statements. FSA-44 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Lord Abbett EQ/Lord Abbett Growth and Income Large Cap Core ------------------------------ ----------------------------- 2008 2007 2008 2007 --------------- -------------- -------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ (6,239) $ (22,094) $ (2,829) $ (9,873) Net realized gain (loss) on investments......... (296,205) 391,080 (178,483) 172,635 Change in unrealized appreciation (depreciation) of investments.................. (1,053,164) (282,092) (687,631) (47,782) ------------- ---------- ---------- ---------- Net Increase (decrease) in net assets from operations..................................... (1,355,608) 86,894 (868,943) 114,980 ------------- ---------- ---------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 5,321 13,137 13,451 3,612 Transfers between funds including guaranteed interest account, net.............. (411,395) (13,226) 1,832,413 648,692 Transfers for contract benefits and terminations.................................. (498,085) (604,940) (326,294) (302,989) Contract maintenance charges................... (8,019) (9,911) (6,999) (3,477) ------------- ---------- ---------- ---------- Net increase (decrease) in net assets from contractowners transactions..................... (912,178) (614,940) 1,512,571 345,838 ------------- ---------- ---------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ -- -- -- -- ------------- ---------- ---------- ---------- Increase (Decrease) in Net Assets................ (2,267,786) (528,046) 643,628 460,818 Net Assets - Beginning of Period................. 4,145,138 4,673,184 1,764,971 1,304,153 ------------- ---------- ---------- ---------- Net Assets - End of Period....................... $ 1,877,352 $4,145,138 $2,408,599 $1,764,971 ============= ========== ========== ========== Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- ------------- ---------- ---------- ---------- Net Increase (Decrease)......................... -- -- -- -- ------------- ---------- ---------- ---------- Unit Activity 0.50% to 1.70% Class B Issued.......................................... 47 104 258 92 Redeemed........................................ (138) (154) (120) (65) ------------- ---------- ---------- ---------- Net Increase (Decrease)......................... (91) (50) 138 27 ------------- ---------- ---------- ---------- EQ/Lord Abbett Mid Cap Value EQ/Marsico Focus ------------------------------- --------------------------------- 2008 2007 2008 2007 --------------- --------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ (1,139) $ (73,863) $ (312,945) $ (922,633) Net realized gain (loss) on investments......... (369,387) 1,049,908 1,908,824 12,070,204 Change in unrealized appreciation (depreciation) of investments.................. (2,644,830) (1,210,970) (30,196,733) (2,687,707) ------------- ------------- -------------- -------------- Net Increase (decrease) in net assets from operations..................................... (3,015,356) (234,925) (28,600,854) 8,459,864 ------------- ------------- -------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 23,566 62,092 212,912 257,898 Transfers between funds including guaranteed interest account, net.............. (529,665) 1,934,252 (536,693) 1,293,421 Transfers for contract benefits and terminations.................................. (533,367) (722,920) (5,980,509) (10,208,713) Contract maintenance charges................... (20,616) (19,999) (190,524) (191,129) ------------- ------------- -------------- -------------- Net increase (decrease) in net assets from contractowners transactions..................... (1,060,082) 1,253,425 (6,494,814) (8,848,523) ------------- ------------- -------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ -- -- 40,000 -- ------------- ------------- -------------- -------------- Increase (Decrease) in Net Assets................ (4,075,438) 1,018,500 (35,055,668) (388,659) Net Assets - Beginning of Period................. 8,340,913 7,322,413 73,003,912 73,392,571 ------------- ------------- -------------- -------------- Net Assets - End of Period....................... $ 4,265,475 $ 8,340,913 $ 37,948,244 $ 73,003,912 ============= ============= ============== ============== Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- ------------- ------------- -------------- -------------- Net Increase (Decrease)......................... -- -- -- -- ------------- ------------- -------------- -------------- Unit Activity 0.50% to 1.70% Class B Issued.......................................... 152 383 558 494 Redeemed........................................ (255) (294) (1,025) (1,011) ------------- ------------- -------------- -------------- Net Increase (Decrease)......................... (103) 89 (467) (517) ------------- ------------- -------------- --------------
------- The accompanying notes are an integral part of these financial statements. FSA-45 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Mid Cap EQ/Mid Cap Index Value PLUS --------------------------------- --------------------------------- 2008 2007 2008 2007 ---------------- ---------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ (314,549) $ (1,065,108) $ (106,076) $ (696,158) Net realized gain (loss) on investments......... (1,760,545) 13,445,322 (9,562,382) 36,207,081 Change in unrealized appreciation (depreciation) of investments.................. (27,527,530) (7,467,692) (30,330,187) (37,752,262) -------------- ------------- -------------- ------------- Net Increase (decrease) in net assets from operations..................................... (29,602,624) 4,912,522 (39,998,645) (2,241,339) -------------- ------------- -------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 395,619 455,430 513,212 459,952 Transfers between funds including guaranteed interest account, net.............. (4,464,157) (6,901,443) (12,547,608) (16,558,515) Transfers for contract benefits and terminations.................................. (6,257,673) (7,730,811) (10,175,461) (15,301,868) Contract maintenance charges................... (134,903) (167,106) (273,991) (361,305) -------------- ------------- -------------- ------------- Net increase (decrease) in net assets from contractowners transactions..................... (10,461,114) (14,343,930) (22,483,848) (31,761,736) -------------- ------------- -------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ (49,000) -- (60,000) -- -------------- ------------- -------------- ------------- Increase (Decrease) in Net Assets................ (40,112,738) (9,431,408) (62,542,493) (34,003,075) Net Assets - Beginning of Period................. 66,658,914 76,090,322 114,268,991 148,272,066 -------------- ------------- -------------- ------------- Net Assets - End of Period....................... $ 26,546,176 $ 66,658,914 $ 51,726,498 $ 114,268,991 ============== ============= ============== ============= Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- -------------- ------------- -------------- ------------- Net Increase (Decrease)......................... -- -- -- -- -------------- ------------- -------------- ------------- Unit Activity 0.50% to 1.70% Class B Issued.......................................... 313 401 226 124 Redeemed........................................ (1,298) (1,448) (1,841) (1,864) -------------- ------------- -------------- ------------- Net Increase (Decrease)......................... (985) (1,047) (1,615) (1,740) -------------- ------------- -------------- ------------- EQ/Montag EQ/Money Market & Caldwell Growth ----------------------------------- ----------------------------- 2008 2007 2008 2007 ---------------- ------------------ --------------- ------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ 848,703 $ 3,839,511 $ (72,169) $ (20,310) Net realized gain (loss) on investments......... (3,402) (100,420) (107,703) 81,005 Change in unrealized appreciation (depreciation) of investments.................. (9,390) 102,158 (2,480,481) 230,785 ------------- ------------ ------------- ---------- Net Increase (decrease) in net assets from operations..................................... 835,911 3,841,249 (2,660,353) 291,480 ------------- ------------ ------------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 3,708,880 3,327,844 96,712 11,470 Transfers between funds including guaranteed interest account, net.............. 100,018,738 52,675,711 6,656,623 1,679,763 Transfers for contract benefits and terminations.................................. (70,404,554) (56,911,292) (468,088) (113,483) Contract maintenance charges................... (325,345) (253,910) (22,571) (3,577) ------------- ------------ ------------- ---------- Net increase (decrease) in net assets from contractowners transactions..................... 32,997,719 (1,161,647) 6,262,676 1,574,173 ------------- ------------ ------------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ (63,029) (825) -- -- ------------- ------------ ------------- ---------- Increase (Decrease) in Net Assets................ 33,770,601 2,678,777 3,602,323 1,865,653 Net Assets - Beginning of Period................. 121,885,798 119,207,021 3,229,248 1,363,595 ------------- ------------ ------------- ---------- Net Assets - End of Period....................... $ 155,656,399 $121,885,798 $ 6,831,571 $3,229,248 ============= ============ ============= ========== Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... 449 569 -- -- Redeemed........................................ (373) 572 -- -- ------------- ------------ ------------- ---------- Net Increase (Decrease)......................... 76 (3) -- -- ------------- ------------ ------------- ---------- Unit Activity 0.50% to 1.70% Class B Issued.......................................... 9,165 6,067 1,922 353 Redeemed........................................ (8,158) (6,093) (701) (77) ------------- -------------- ------------- ---------- Net Increase (Decrease)......................... 1,007 (26) 1,221 276 ------------- -------------- ------------- ----------
------- The accompanying notes are an integral part of these financial statements. FSA-46 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Oppenheimer EQ/Mutual Shares Global ------------------------------ ------------------------------ 2008 2007 2008 2007 --------------- -------------- --------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ 109,494 $ (78,236) $ (7,938) $ (20,356) Net realized gain (loss) on investments......... (488,765) 72,680 (392,741) 80,562 Change in unrealized appreciation (depreciation) of investments.................. (2,287,364) (271,204) (826,691) (62,744) ------------- ---------- ------------- ---------- Net Increase (decrease) in net assets from operations..................................... (2,666,635) (276,760) (1,227,370) (2,538) ------------- ---------- ------------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 5,567 207,306 5,663 13,478 Transfers between funds including guaranteed interest account, net.............. (269,132) 6,166,416 158,731 2,308,218 Transfers for contract benefits and terminations.................................. (543,293) (324,348) (196,605) (108,552) Contract maintenance charges................... (18,233) (11,932) (7,129) (4,748) ------------- ---------- ------------- ---------- Net increase (decrease) in net assets from contractowners transactions..................... (825,091) 6,037,442 (39,340) 2,208,396 ------------- ---------- ------------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ 19 180 (24) 71 ------------- ---------- ------------- ---------- Increase (Decrease) in Net Assets................ (3,491,707) 5,760,862 (1,266,734) 2,205,929 Net Assets - Beginning of Period................. 7,266,536 1,505,674 2,725,302 519,373 ------------- ---------- ------------- ---------- Net Assets - End of Period....................... $ 3,774,829 $7,266,536 $ 1,458,568 $2,725,302 ============= ========== ============= ========== Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- ------------- ---------- ------------- ---------- Net Increase (Decrease)......................... -- -- -- -- ------------- ---------- ------------- ---------- Unit Activity 0.50% to 1.70% Class B Issued.......................................... 163 620 129 236 Redeemed........................................ (265) (83) (149) (47) ------------- ---------- ------------- ---------- Net Increase (Decrease)......................... (102) 537 (20) 189 ------------- ---------- ------------- ---------- EQ/Oppenheimer EQ/Oppenheimer Main Street Main Street Opportunity Small Cap --------------------------- --------------------------- 2008 2007 2008 2007 ------------- ------------- ------------- ------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ (4,702) $ (5,807) $ (13,271) $ (12,821) Net realized gain (loss) on investments......... (73,027) 56,381 (246,922) 26,612 Change in unrealized appreciation (depreciation) of investments.................. (237,359) (54,223) (162,289) (89,406) ----------- ----------- ---------- ---------- Net Increase (decrease) in net assets from operations..................................... (315,088) (3,649) (422,482) (75,615) ----------- ----------- ---------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 12,845 942 800 48,000 Transfers between funds including guaranteed interest account, net.............. 131,888 539,772 71,284 705,963 Transfers for contract benefits and terminations.................................. (56,747) (100,230) (135,811) (28,820) Contract maintenance charges................... (2,407) (2,405) (2,286) (1,311) ----------- ----------- ---------- ---------- Net increase (decrease) in net assets from contractowners transactions..................... 85,579 438,079 (66,013) 723,832 ----------- ----------- ---------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ 46 -- 37 -- ----------- ----------- ---------- ---------- Increase (Decrease) in Net Assets................ (229,463) 434,430 (488,458) 648,217 Net Assets - Beginning of Period................. 756,294 321,864 1,047,836 399,619 ----------- ----------- ---------- ---------- Net Assets - End of Period....................... $ 526,831 $ 756,294 $ 559,378 $1,047,836 =========== =========== ========== ========== Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- ----------- ----------- ---------- ---------- Net Increase (Decrease)......................... -- -- -- -- ----------- ----------- ---------- ---------- Unit Activity 0.50% to 1.70% Class B Issued.......................................... 38 66 89 84 Redeemed........................................ (28) (27) (101) (22) ----------- ----------- ---------- ---------- Net Increase (Decrease)......................... 10 39 (12) 62 ----------- ----------- ---------- ----------
------- The accompanying notes are an integral part of these financial statements. FSA-47 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/PIMCO EQ/Quality Real Return Bond PLUS ------------------------------- ------------------------------- 2008 2007 2008 2007 --------------- --------------- --------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ 549,796 $ 213,742 $ 548,244 $ 587,781 Net realized gain (loss) on investments......... 1,774,679 101,558 (371,008) (126,432) Change in unrealized appreciation (depreciation) of investments.................. (5,251,210) 882,798 (1,378,485) 86,916 ------------ ------------ ------------ ------------ Net Increase (decrease) in net assets from operations..................................... (2,926,735) 1,198,098 (1,201,249) 548,265 ------------ ------------ ------------ ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 209,836 105,012 70,840 71,717 Transfers between funds including guaranteed interest account, net.............. 25,330,791 5,910,037 (829,848) (157,337) Transfers for contract benefits and terminations.................................. (3,777,578) (1,660,335) (2,189,180) (2,809,482) Contract maintenance charges................... (98,002) (33,315) (45,289) (48,010) ------------ ------------ ------------ ------------ Net increase (decrease) in net assets from contractowners transactions..................... 21,665,047 4,321,399 (2,993,477) (2,943,112) ------------ ------------ ------------ ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ -- -- -- -- ------------ ------------ ------------ ------------ Increase (Decrease) in Net Assets................ 18,738,312 5,519,497 (4,194,726) (2,394,847) Net Assets - Beginning of Period................. 16,051,408 10,531,911 17,424,665 19,819,512 ------------ ------------ ------------ ------------ Net Assets - End of Period....................... $ 34,789,720 $ 16,051,408 $ 13,229,939 $ 17,424,665 ============ ============ ============ ============ Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- ------------ ------------ ------------ ------------ Net Increase (Decrease)......................... -- -- -- -- ------------ ------------ ------------ ------------ Unit Activity 0.50% to 1.70% Class B Issued.......................................... 3,883 877 202 180 Redeemed........................................ (1,962) (462) (386) (358) ------------ ------------ ------------ ------------ Net Increase (Decrease)......................... 1,921 415 (184) (178) ------------ ------------ ------------ ------------ EQ/Short EQ/Small Duration Bond Company Index ------------------------------- -------------------------------- 2008 2007 2008 2007 --------------- --------------- ---------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ 247,451 $ 128,372 $ (144,763) $ (76,756) Net realized gain (loss) on investments......... (59,417) 49,217 1,251,278 5,449,588 Change in unrealized appreciation (depreciation) of investments.................. (360,057) 14,575 (10,213,852) (6,290,417) ------------- ------------- -------------- ------------ Net Increase (decrease) in net assets from operations..................................... (172,023) 192,164 (9,107,337) (917,585) ------------- ------------- -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 6,134 60,638 70,452 244,297 Transfers between funds including guaranteed interest account, net.............. 2,421,673 760,594 (1,862,710) (2,401,635) Transfers for contract benefits and terminations.................................. (2,162,505) (1,206,052) (2,425,101) (3,976,376) Contract maintenance charges................... (14,879) (9,921) (78,029) (96,789) ------------- ------------- -------------- ------------ Net increase (decrease) in net assets from contractowners transactions..................... 250,423 (394,741) (4,295,388) (6,230,503) ------------- ------------- -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ -- -- (55,000) -- ------------- ------------- -------------- ------------ Increase (Decrease) in Net Assets................ 78,400 (202,577) (13,457,725) (7,148,088) Net Assets - Beginning of Period................. 4,951,326 5,153,903 29,411,948 36,560,036 ------------- ------------- -------------- ------------ Net Assets - End of Period....................... $ 5,029,726 $ 4,951,326 $ 15,954,223 $ 29,411,948 ============= ============= ============== ============ Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- ------------- ------------- -------------- ------------ Net Increase (Decrease)......................... -- -- -- -- ------------- ------------- -------------- ------------ Unit Activity 0.50% to 1.70% Class B Issued.......................................... 425 322 168 211 Redeemed........................................ (402) (358) (459) (573) ------------- ------------- -------------- ------------ Net Increase (Decrease)......................... 23 (36) (291) (362) ------------- ------------- -------------- ------------
------- The accompanying notes are an integral part of these financial statements. FSA-48 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/T. Rowe Price EQ/Templeton Growth Stock (b) Growth ------------------------------- ------------------------------ 2008 2007 2008 2007 --------------- --------------- --------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ (203,943) $ (131,732) $ 1,848 $ (35,602) Net realized gain (loss) on investments......... (276,190) 1,442,786 (368,490) 87,351 Change in unrealized appreciation (depreciation) of investments.................. (6,594,160) (1,699,319) (1,482,078) (133,785) ------------- ------------ ------------- ---------- Net Increase (decrease) in net assets from operations..................................... (7,074,293) (388,265) (1,848,720) (82,036) ------------- ------------ ------------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 115,326 66,933 7,432 170,012 Transfers between funds including guaranteed interest account, net.............. (557,752) 17,343,503 (534,237) 3,590,598 Transfers for contract benefits and terminations.................................. (1,490,082) (965,749) (378,536) (247,523) Contract maintenance charges................... (33,511) (19,373) (11,301) (9,353) ------------- ------------ ------------- ---------- Net increase (decrease) in net assets from contractowners transactions..................... (1,966,019) 16,425,314 (916,642) 3,503,734 ------------- ------------ ------------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ (37,000) 29,641 (65) 113 ------------- ------------ ------------- ---------- Increase (Decrease) in Net Assets................ (9,077,312) 16,066,690 (2,765,427) 3,421,811 Net Assets - Beginning of Period................. 17,694,757 1,628,067 5,015,124 1,593,313 ------------- ------------ ------------- ---------- Net Assets - End of Period....................... $ 8,617,445 $ 17,694,757 $ 2,249,697 $5,015,124 ============= ============ ============= ========== Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- ------------- ------------ ------------- ---------- Net Increase (Decrease)......................... -- -- -- -- ------------- ------------ ------------- ---------- Unit Activity 0.50% to 1.70% Class B Issued.......................................... 107 1,124 87 495 Redeemed........................................ (254) (186) (194) (180) ------------- ------------ ------------- ---------- Net Increase (Decrease)......................... (147) 938 (107) 315 ------------- ------------ ------------- ---------- EQ/UBS EQ/Van Kampen Growth and Income Comstock ------------------------------ ------------------------------- 2008 2007 2008 2007 --------------- -------------- --------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ (6,002) $ (27,300) $ 48,438 $ (30,891) Net realized gain (loss) on investments......... (38,928) 298,208 (500,973) 1,701,513 Change in unrealized appreciation (depreciation) of investments.................. (994,669) (268,254) (1,603,924) (1,589,997) ------------- ---------- ------------- ------------- Net Increase (decrease) in net assets from operations..................................... (1,039,599) 2,654 (2,056,459) 80,625 ------------- ---------- ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... (455) 46,441 463,884 21,641 Transfers between funds including guaranteed interest account, net.............. (472,891) 235,729 1,422,701 (5,203,230) Transfers for contract benefits and terminations.................................. (212,138) (671,495) (929,718) (1,709,307) Contract maintenance charges................... (8,402) (10,846) (15,048) (37,069) ------------- ---------- ------------- ------------- Net increase (decrease) in net assets from contractowners transactions..................... (693,886) (400,171) 941,819 (6,927,965) ------------- ---------- ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ -- -- -- -- ------------- ---------- ------------- ------------- Increase (Decrease) in Net Assets................ (1,733,485) (397,517) (1,114,640) (6,847,340) Net Assets - Beginning of Period................. 3,139,093 3,536,610 5,629,516 12,476,856 ------------- ---------- ------------- ------------- Net Assets - End of Period....................... $ 1,405,608 $3,139,093 $ 4,514,876 $ 5,629,516 ============= ========== ============= ============= Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- ------------- ---------- ------------- ------------- Net Increase (Decrease)......................... -- -- -- -- ------------- ---------- ------------- ------------- Unit Activity 0.50% to 1.70% Class B Issued.......................................... 112 231 371 262 Redeemed........................................ (236) (292) (234) (812) ------------- ---------- ------------- ------------- Net Increase (Decrease)......................... (124) (61) 137 (550) ------------- ---------- ------------- -------------
------- The accompanying notes are an integral part of these financial statements. FSA-49 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Van Kampen EQ/Van Kampen Emerging Markets Equity Mid Cap Growth --------------------------------- ------------------------------ 2008 2007 2008 2007 ---------------- ---------------- --------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ (1,149,730) $ (1,652,049) $ (119,798) $ (45,214) Net realized gain (loss) on investments......... 6,020,065 46,179,689 (830,862) 652,774 Change in unrealized appreciation (depreciation) of investments.................. (73,893,183) (6,078,957) (4,190,499) 43,373 ------------- ------------- ------------- ---------- Net Increase (decrease) in net assets from operations..................................... (69,022,848) 38,448,683 (5,141,159) 650,933 ------------- ------------- ------------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 475,198 526,389 79,602 85,732 Transfers between funds including guaranteed interest account, net.............. (7,237,527) 1,163,300 4,247,034 5,819,606 Transfers for contract benefits and terminations.................................. (9,163,104) (13,567,931) (793,302) (629,594) Contract maintenance charges................... (280,267) (294,127) (28,415) (12,349) ------------- ------------- ------------- ---------- Net increase (decrease) in net assets from contractowners transactions..................... (16,205,700) (12,172,369) 3,504,919 5,263,395 ------------- ------------- ------------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ (395,000) -- -- -- ------------- ------------- ------------- ---------- Increase (Decrease) in Net Assets................ (85,623,548) 26,276,314 (1,636,240) 5,914,328 Net Assets - Beginning of Period................. 132,210,220 105,933,906 8,524,301 2,609,973 ------------- ------------- ------------- ---------- Net Assets - End of Period....................... $ 46,586,672 $ 132,210,220 $ 6,888,061 $8,524,301 ============= ============= ============= ========== Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- ------------- ------------- ------------- ---------- Net Increase (Decrease)......................... -- -- -- -- ------------- ------------- ------------- ---------- Unit Activity 0.50% to 1.70% Class B Issued.......................................... 1,485 1,402 616 463 Redeemed........................................ (2,284) (2,017) (325) (129) ------------- ------------- ------------- ---------- Net Increase (Decrease)......................... (799) (615) 291 334 ------------- ------------- ------------- ---------- Multimanager Multimanager Aggressive Equity Core Bond --------------------------------- ------------------------------- 2008 2007 2008 2007 ---------------- ---------------- --------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ (262,913) $ (549,833) $ 1,182,200 $ 973,595 Net realized gain (loss) on investments......... (1,506,934) (272,959) 612,876 (331,138) Change in unrealized appreciation (depreciation) of investments.................. (15,491,622) 5,110,031 (1,437,654) 1,023,110 -------------- -------------- ------------ ------------ Net Increase (decrease) in net assets from operations..................................... (17,261,469) 4,287,239 357,422 1,665,567 -------------- -------------- ------------ ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 229,766 175,306 87,793 177,231 Transfers between funds including guaranteed interest account, net.............. (2,825,260) (4,244,923) 2,036,044 218,381 Transfers for contract benefits and terminations.................................. (2,995,552) (5,884,666) (4,594,648) (5,392,191) Contract maintenance charges................... (153,389) (174,628) (89,250) (80,459) -------------- -------------- ------------ ------------ Net increase (decrease) in net assets from contractowners transactions..................... (5,744,435) (10,128,911) (2,560,061) (5,077,038) -------------- -------------- ------------ ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ (15,000) (1,387) 30,000 -- -------------- -------------- ------------ ------------ Increase (Decrease) in Net Assets................ (23,020,904) (5,843,059) (2,172,639) (3,411,471) Net Assets - Beginning of Period................. 40,680,407 46,523,466 36,330,941 39,742,412 -------------- -------------- ------------ ------------ Net Assets - End of Period....................... $ 17,659,503 $ 40,680,407 $ 34,158,302 $ 36,330,941 ============== ============== ============ ============ Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... 1 2 -- -- Redeemed........................................ (33) (43) -- -- -------------- -------------- ------------ ------------ Net Increase (Decrease)......................... (32) (41) -- -- -------------- -------------- ------------ ------------ Unit Activity 0.50% to 1.70% Class B Issued.......................................... 12 16 843 462 Redeemed........................................ (87) (133) (1,061) (904) -------------- -------------- ------------ ------------ Net Increase (Decrease)......................... (75) (117) (218) (442) -------------- -------------- ------------ ------------
------- The accompanying notes are an integral part of these financial statements. FSA-50 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
Multimanager Multimanager Health Care High Yield ------------------------------- --------------------------------- 2008 2007 2008 2007 --------------- --------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ (157,742) $ (193,135) $ 4,202,739 $ 4,551,398 Net realized gain (loss) on investments......... (225,498) 1,367,243 (4,364,828) (1,166,906) Change in unrealized appreciation (depreciation) of investments.................. (3,149,852) (186,666) (14,923,652) (1,849,716) ------------- ------------ -------------- -------------- Net Increase (decrease) in net assets from operations..................................... (3,533,092) 987,442 (15,085,741) 1,534,776 ------------- ------------ -------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 71,274 41,691 189,472 486,104 Transfers between funds including guaranteed interest account, net.............. 1,483,402 (1,474,232) (10,133,697) (4,657,273) Transfers for contract benefits and terminations.................................. (975,361) (1,857,105) (7,996,793) (10,755,360) Contract maintenance charges................... (36,692) (36,124) (189,811) (212,108) ------------- ------------ -------------- -------------- Net increase (decrease) in net assets from contractowners transactions..................... 542,623 (3,325,770) (18,130,829) (15,138,637) ------------- ------------ -------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ (31,000) -- (164,000) (1,216) ------------- ------------ -------------- -------------- Increase (Decrease) in Net Assets................ (3,021,469) (2,338,328) (33,380,570) (13,605,077) Net Assets - Beginning of Period................. 12,288,037 14,626,365 75,206,019 88,811,096 ------------- ------------ -------------- -------------- Net Assets - End of Period....................... $ 9,266,568 $ 12,288,037 $ 41,825,449 $ 75,206,019 ============= ============ ============== ============== Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- 5 64 Redeemed........................................ -- -- (22) (81) ------------- ------------ -------------- -------------- Net Increase (Decrease)......................... -- -- (17) (17) ------------- ------------ -------------- -------------- Unit Activity 0.50% to 1.70% Class B Issued.......................................... 383 128 41 175 Redeemed........................................ (338) (393) (629) (621) ------------- ------------ -------------- -------------- Net Increase (Decrease)......................... 45 (265) (588) (446) ------------- ------------ -------------- -------------- Multimanager Multimanager Large Cap International Equity Core Equity -------------------------------- ------------------------------- 2008 2007 2008 2007 ---------------- --------------- --------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ 4,879 $ (243,269) $ (40,031) $ (66,822) Net realized gain (loss) on investments......... 506,670 4,954,635 (123,098) 1,426,319 Change in unrealized appreciation (depreciation) of investments.................. (13,469,510) (1,484,569) (2,723,122) (1,000,895) -------------- ------------ ------------- ------------- Net Increase (decrease) in net assets from operations..................................... (12,957,961) 3,226,797 (2,886,251) 358,602 -------------- ------------ ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 33,916 184,561 25,787 36,227 Transfers between funds including guaranteed interest account, net.............. (1,144,157) (1,341,866) (927,823) (185,981) Transfers for contract benefits and terminations.................................. (1,781,057) (3,237,381) (637,834) (1,060,109) Contract maintenance charges................... (67,336) (73,382) (15,259) (18,633) -------------- ------------ ------------- ------------- Net increase (decrease) in net assets from contractowners transactions..................... (2,958,634) (4,468,068) (1,555,129) (1,228,496) -------------- ------------ ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ (61,000) -- (175,000) -- -------------- ------------ ------------- ------------- Increase (Decrease) in Net Assets................ (15,977,595) (1,241,271) (4,616,380) (869,894) Net Assets - Beginning of Period................. 28,965,471 30,206,742 8,154,326 9,024,220 -------------- ------------ ------------- ------------- Net Assets - End of Period....................... $ 12,987,876 $ 28,965,471 $ 3,537,946 $ 8,154,326 ============== ============ ============= ============= Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- -------------- ------------ ------------- ------------- Net Increase (Decrease)......................... -- -- -- -- -------------- ------------ ------------- ------------- Unit Activity 0.50% to 1.70% Class B Issued.......................................... 252 283 63 109 Redeemed........................................ (463) (523) (225) (205) -------------- ------------ ------------- ------------- Net Increase (Decrease)......................... (211) (240) (162) (96) -------------- ------------ ------------- -------------
------- The accompanying notes are an integral part of these financial statements. FSA-51 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
Multimanager Multimanager Large Cap Growth Large Cap Value ------------------------------- -------------------------------- 2008 2007 2008 2007 --------------- --------------- ---------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ (126,731) $ (187,294) $ (34,600) $ (95,214) Net realized gain (loss) on investments......... (446,247) 2,378,118 (1,350,133) 4,038,986 Change in unrealized appreciation (depreciation) of investments.................. (4,328,092) (978,018) (7,297,175) (3,367,583) ------------- ------------ -------------- ------------ Net Increase (decrease) in net assets from operations..................................... (4,901,070) 1,212,806 (8,681,908) 576,189 ------------- ------------ -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 18,343 55,962 42,508 38,863 Transfers between funds including guaranteed interest account, net.............. (675,084) (1,703,901) (785,114) 1,662,951 Transfers for contract benefits and terminations.................................. (944,172) (1,990,200) (2,091,221) (4,093,516) Contract maintenance charges................... (25,746) (29,650) (57,484) (60,664) ------------- ------------ -------------- ------------ Net increase (decrease) in net assets from contractowners transactions..................... (1,626,659) (3,667,789) (2,891,311) (2,452,366) ------------- ------------ -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ -- -- (37,000) -- ------------- ------------ -------------- ------------ Increase (Decrease) in Net Assets................ (6,527,729) (2,454,983) (11,610,219) (1,876,177) Net Assets - Beginning of Period................. 11,766,292 14,221,275 23,703,962 25,580,139 ------------- ------------ -------------- ------------ Net Assets - End of Period....................... $ 5,238,563 $ 11,766,292 $ 12,093,743 $ 23,703,962 ============= ============ ============== ============ Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- ------------- ------------ -------------- ------------ Net Increase (Decrease)......................... -- -- -- -- ------------- ------------ -------------- ------------ Unit Activity 0.50% to 1.70% Class B Issued.......................................... 169 124 358 397 Redeemed........................................ (364) (487) (635) (564) ------------- ------------ -------------- ------------ Net Increase (Decrease)......................... (195) (363) (277) (167) ------------- ------------ -------------- ------------ Multimanager Multimanager Mid Cap Growth Mid Cap Value -------------------------------- ------------------------------ 2008 2007 2008 2007 ---------------- --------------- --------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ (210,120) $ (309,605) $ (142,797) $ (359,855) Net realized gain (loss) on investments......... (809,733) 3,321,551 (1,771,987) 1,121,770 Change in unrealized appreciation (depreciation) of investments.................. (6,844,714) (877,377) (4,317,006) (587,830) -------------- ------------ ------------ ------------ Net Increase (decrease) in net assets from operations..................................... (7,864,567) 2,134,569 (6,231,790) 174,085 -------------- ------------ ------------ ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 44,536 66,650 11,464 104,205 Transfers between funds including guaranteed interest account, net.............. (1,850,468) (1,027,442) (534,153) (5,052,611) Transfers for contract benefits and terminations.................................. (1,714,332) (2,620,428) (1,392,945) (3,175,499) Contract maintenance charges................... (44,482) (50,140) (45,097) (59,436) -------------- ------------ ------------ ------------ Net increase (decrease) in net assets from contractowners transactions..................... (3,564,746) (3,631,360) (1,960,731) (8,183,341) -------------- ------------ ------------ ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ (25,000) -- (20,000) -- -------------- ------------ ------------ ------------ Increase (Decrease) in Net Assets................ (11,454,313) (1,496,791) (8,212,521) (8,009,256) Net Assets - Beginning of Period................. 20,477,940 21,974,731 18,776,396 26,785,652 -------------- ------------ ------------ ------------ Net Assets - End of Period....................... $ 9,023,627 $ 20,477,940 $ 10,563,875 $ 18,776,396 ============== ============ ============ ============ Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- -------------- ------------ ------------ ------------ Net Increase (Decrease)......................... -- -- -- -- -------------- ------------ ------------ ------------ Unit Activity 0.50% to 1.70% Class B Issued.......................................... 145 257 305 195 Redeemed........................................ (499) (570) (453) (754) -------------- ------------ ------------ ------------ Net Increase (Decrease)......................... (354) (313) (148) (559) -------------- ------------ ------------ ------------
------- The accompanying notes are an integral part of these financial statements. FSA-52 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 STATEMENTS OF CHANGES IN NET ASSETS (Concluded) FOR THE YEARS ENDED DECEMBER 31,
Multimanager Small Cap Growth (c) ------------------------------- 2008 2007 --------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ (94,648) $ (130,674) Net realized gain (loss) on investments......... (968,216) 1,065,090 Change in unrealized appreciation (depreciation) of investments.................. (2,572,629) (1,321,377) ------------- ------------ Net Increase (decrease) in net assets from operations..................................... (3,635,493) (386,961) ------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 15,503 47,792 Transfers between funds including guaranteed interest account, net.............. (2,022,846) 5,619,159 Transfers for contract benefits and terminations.................................. (593,840) (1,281,669) Contract maintenance charges................... (21,074) (22,096) ------------- ------------ Net increase (decrease) in net assets from contractowners transactions..................... (2,622,257) 4,363,186 ------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ 40,000 3,402 ------------- ------------ Increase (Decrease) in Net Assets................ (6,217,750) 3,979,627 Net Assets - Beginning of Period................. 10,403,028 6,423,401 ------------- ------------ Net Assets - End of Period....................... $ 4,185,278 $ 10,403,028 ============= ============ Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- Redeemed........................................ -- -- ------------- ------------ Net Increase (Decrease)......................... -- -- ------------- ------------ Unit Activity 0.50% to 1.70% Class B Issued.......................................... 174 1,057 Redeemed........................................ (526) (628) ------------- ------------ Net Increase (Decrease)......................... (352) 429 ------------- ------------ Multimanager Multimanager Small Cap Value Technology --------------------------------- ------------------------------- 2008 2007 2008 2007 ---------------- ---------------- ---------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ (237,345) $ (433,440) $ (388,320) $ (525,337) Net realized gain (loss) on investments......... (4,063,897) 2,351,466 996,274 3,743,427 Change in unrealized appreciation (depreciation) of investments.................. (4,374,747) (5,565,202) (16,310,308) 1,909,898 -------------- -------------- -------------- ------------ Net Increase (decrease) in net assets from operations..................................... (8,675,989) (3,647,176) (15,702,354) 5,127,988 -------------- -------------- -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 37,526 117,915 121,520 298,204 Transfers between funds including guaranteed interest account, net.............. (5,039,520) (7,371,753) (2,172,942) (1,887,650) Transfers for contract benefits and terminations.................................. (2,722,134) (4,698,108) (2,452,119) (3,886,340) Contract maintenance charges................... (62,725) (93,439) (76,655) (82,841) -------------- -------------- -------------- ------------ Net increase (decrease) in net assets from contractowners transactions..................... (7,786,853) (12,045,385) (4,580,196) (5,558,627) -------------- -------------- -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 45........ (60,000) -- (415,000) -- -------------- -------------- -------------- ------------ Increase (Decrease) in Net Assets................ (16,522,842) (15,692,561) (20,697,550) (430,639) Net Assets - Beginning of Period................. 28,281,566 43,974,127 35,997,221 36,427,860 -------------- -------------- -------------- ------------ Net Assets - End of Period....................... $ 11,758,724 $ 28,281,566 $ 15,299,671 $ 35,997,221 ============== ============== ============== ============ Changes in Units (000's): Unit Activity 1.15% Class A Issued.......................................... -- -- -- -- Redeemed........................................ -- -- -- -- -------------- -------------- -------------- ------------ Net Increase (Decrease)......................... -- -- -- -- -------------- -------------- -------------- ------------ Unit Activity 0.50% to 1.70% Class B Issued.......................................... 102 83 441 554 Redeemed........................................ (622) (705) (948) (1,079) -------------- -------------- -------------- ------------ Net Increase (Decrease)......................... (520) (622) (507) (525) -------------- -------------- -------------- ------------
------- (a) A substitution of EQ/Capital Guardian Research was made for EQ/Capital Guardian U.S. Equity on July 6, 2007. (b) A substitution of EQ/T. Rowe Price Growth Stock was made for EQ/Janus Large Cap Growth on July 6, 2007. (c) A substitution of Multimanager Small Cap Growth was made for EQ/Wells Fargo Montgomery Small Cap on July 6, 2007. (d) A substitution of EQ/Large Cap Value PLUS was made for EQ/AllianceBernstein Growth and Income on August 17, 2007. (e) Commenced operations on May 29, 2007. The accompanying notes are an integral part of these financial statements. FSA-53 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements December 31, 2008 1. Organization AXA Equitable Life Insurance Company (formerly The Equitable Life Assurance Society of the United States) ("AXA Equitable") Separate Account No. 45 ("the Account") is organized as a unit investment trust, a type of investment company, and is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940 (the "1940 Act"). The Account has Variable Investment Options, each of which invests in shares of a mutual fund portfolio of EQ Advisors Trust ("EQAT"), and AXA Premier VIP Trust ("VIP"), ("The Trusts"). The Trusts are open-ended diversified management investment companies that sell shares of a portfolio ("Portfolio") of a mutual fund to separate accounts of insurance companies. Each Portfolio of The Trusts has separate investment objectives. These financial statements and notes are those of the Variable Investment Options of the Account. The Account consists of 71 variable investment options: o AXA Aggressive Allocation o AXA Conservative Allocation o AXA Conservative-Plus Allocation o AXA Moderate Allocation o AXA Moderate-Plus Allocation o EQ/AllianceBernstein Common Stock o EQ/AllianceBernstein Intermediate Government Securities o EQ/AllianceBernstein International o EQ/AllianceBernstein Small Cap Growth o EQ/Ariel Appreciation ll o EQ/BlackRock Basic Value Equity o EQ/BlackRock International Value o EQ/Boston Advisors Equity Income o EQ/Calvert Socially Responsible o EQ/Capital Guardian Growth o EQ/Capital Guardian Research o EQ/Caywood-Scholl High Yield Bond o EQ/Davis New York Venture o EQ/Equity 500 Index o EQ/Evergreen International Bond o EQ/Evergreen Omega o EQ/Franklin Income o EQ/Franklin Small Cap Value o EQ/Franklin Templeton Founding Strategy o EQ/GAMCO Mergers and Acquisitions o EQ/GAMCO Small Company Value o EQ/International Core PLUS(1) o EQ/International Growth o EQ/JPMorgan Core Bond o EQ/JPMorgan Value Opportunities o EQ/Large Cap Core PLUS(2) o EQ/Large Cap Growth Index(6) o EQ/Large Cap Growth PLUS(3) o EQ/Large Cap Value Index(7) o EQ/Large Cap Value PLUS(8) o EQ/Long Term Bond o EQ/Lord Abbett Growth and Income o EQ/Lord Abbett Large Cap Core o EQ/Lord Abbett Mid Cap Value o EQ/Marsico Focus o EQ/Mid Cap Index(5) o EQ/Mid Cap Value PLUS(4) o EQ/Money Market o EQ/Montag & Caldwell Growth o EQ/Mutual Shares o EQ/Oppenheimer Global o EQ/Oppenheimer Main Street Opportunity o EQ/Oppenheimer Main Street Small Cap o EQ/PIMCO Real Return o EQ/Quality Bond PLUS(9) o EQ/Short Duration Bond o EQ/Small Company Index o EQ/T. Rowe Price Growth Stock o EQ/Templeton Growth o EQ/UBS Growth and Income o EQ/Van Kampen Comstock o EQ/Van Kampen Emerging Markets Equity o EQ/Van Kampen Mid Cap Growth o Multimanager Aggressive Equity o Multimanager Core Bond o Multimanager Health Care o Multimanager High Yield o Multimanager International Equity o Multimanager Large Cap Core Equity o Multimanager Large Cap Growth o Multimanager Large Cap Value o Multimanager Mid Cap Growth o Multimanager Mid Cap Value o Multimanager Small Cap Growth o Multimanager Small Cap Value o Multimanager Technology ---------------------- (1) Formerly known as MarketPlus International Core (2) Formerly known as MarketPlus Large Cap Core (3) Formerly known as MarketPlus Large Cap Growth (4) Formerly known as MarketPlus Mid Cap Value (5) Formerly known as EQ/FI Mid Cap (6) Formerly known as EQ/AllianceBernstein Large Cap Growth (7) Formerly known as EQ/Legg Mason Value Equity (8) Formerly known as EQ/AllianceBernstein Value (9) Formerly known as EQ/AllianceBernstein Quality Bond FSA-54 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 1. Organization (Concluded) Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from AXA Equitable's other assets and liabilities. All Contracts are issued by AXA Equitable. The assets of the Account are the property of AXA Equitable. However, the portion of the Account's assets attributable to the Contracts will not be chargeable with liabilities arising out of any other business AXA Equitable may conduct. The Account is used to fund benefits for variable annuities issued by AXA Equitable including the Accumulator, Accumulator Plus, Accumulator Elite, Accumulator Select, Accumulator Advisor and Income Manager. These annuities in the Accumulator series are offered with the same variable investment options for use as a nonqualified annuity (NQ) for after-tax contributions only, or when used as an investment vehicle for certain qualified plans (QP), an individual retirement annuity (IRA) or a tax-shelter annuity (TSA). The Accumulator series of annuities are offered under group and individual variable annuity forms. The amount retained by AXA Equitable in the Account arises principally from (1) contributions from AXA Equitable, (2) mortality and expense charges, asset-based administration charges, and distribution charges accumulated in the Account, and (3) that portion, determined ratably, of the Account's investment results applicable to those assets in the Account in excess of the net assets, attributable to accumulation units. Amounts retained by AXA Equitable are not subject to mortality and expense risk charges, asset-based administration charges and distribution charges. Amounts retained by AXA Equitable in the Account may be transferred at any time by AXA Equitable to its General Account. Each of the variable investment options of the Account bears indirectly exposure to the market, credit, and liquidity risks of the Portfolio in which it invests. These financial statements and footnotes should be read in conjunction with the financial statements and footnotes of the Trusts, which were distributed by AXA Equitable to the contractowners. 2. Significant Accounting Policies The accompanying financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant Accounting Policies Note: Effective January 1, 2008, and as further described in Note 3 of the financial statements, AXA Equitable adopted SFAS No. 157, "Fair Value Measurements." SFAS No. 157 establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements. It applies only to fair value measurements that are already required or permitted by other accounting standards. Fair value is defined under SFAS No. 157 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset in an orderly transaction between market participants on the measurement date. The adoption of SFAS No. 157 had no impact on the net assets of the Account. Investments are made in shares of The Trusts and are valued at the net asset values per share of the respective Portfolios. The net asset values are determined by The Trusts using the market or fair value of the underlying assets of the Portfolio less liabilities. Investment transactions are recorded by the Account on the trade date. Dividends and distributions of capital gains from The Trusts are automatically reinvested on the ex-dividend date. Realized gains and losses include (1) gains and losses on redemptions of EQAT and VIP shares (determined on the identified cost basis) and (2) The Trusts' distributions representing the net realized gains on The Trusts' investment transactions. Receivable/payable for policy-related transactions represent amounts due to/from AXA Equitable's General Account predominantly related to premiums, surrenders and death benefits. Payments received from contractowners represent participant contributions under the Contracts (but exclude amounts allocated to the guaranteed interest account, reflected in the General Account) reduced by applicable deductions, charges and state premium taxes. Contractowners may allocate amounts in their individual accounts to variable investment options, and/or to the guaranteed interest account of AXA Equitable's General Account, and fixed maturity options of Separate Account No. 46. Transfers between funds including guaranteed interest account, net, are amounts that participants have directed to be moved among funds, including permitted transfers to and from the guaranteed interest account and the fixed maturity options of Separate Account No. 46. The net assets of any variable FSA-55 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 2. Significant Accounting Policies (Concluded) investment option may not be less than the aggregate of the Contractowner accounts allocated to that variable investment option. AXA Equitable is required by state insurance laws to set aside additional assets in AXA Equitable's General Account to provide for other policy benefits. AXA Equitable's General Account is subject to creditor rights. Transfers for contract benefits and terminations are payments to participants and beneficiaries made under the terms of the Contracts and amounts that participants have requested to be withdrawn and paid to them. Withdrawal charges (which represent deferred contingent withdrawal charges) are included in transfers, benefits and terminations to the extent that such charges apply to the Contracts. Administrative charges are included in Contract maintenance charges to the extent that such charges apply to the Contracts. The operations of the Account are included in the federal income tax return of AXA Equitable which is taxed as a life insurance company under the provisions of the Internal Revenue Code. No federal income tax based on net income or realized and unrealized capital gains is currently applicable to Contracts participating in the Account by reason of applicable provisions of the Internal Revenue Code and no federal income tax payable by AXA Equitable is expected to affect the unit value of Contracts participating in the Account. Accordingly, no provision for income taxes is required. However, AXA Equitable retains the right to charge for any federal income tax which is attributable to the Account if the law is changed. 3. Fair Value Disclosures SFAS No. 157 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. SFAS No. 157 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value: Level 1 Quotes prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are not directly observable or can be corroborated by observable market data. Level 3 Unobservable inputs supported by little or no market activity and often requiring significant judgment or estimation, such as an entity's own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability. All investment and receivable assets of each Variable Investment Option of the Account are classified as Level 1. As described in Note 1 to the financial statements, the Account invests in open-ended mutual funds, available to contractholders of variable insurance policies. Contractholders may, without restriction, transact at the daily Net Asset Value(s) ("NAV") of the mutual funds. The NAV represents the daily, per share value of the portfolio of investments of the mutual funds, at which sufficient volumes of transactions occur. As all assets of the account are classified as Level 1, no reconciliation of Level 3 assets and change in unrealized gains (losses) for Level 3 assets still held as of December 31, 2008, are presented. 4. Purchases and Sales of Investments The cost of purchases and proceeds from sales of investments for the year ended December 31, 2008 were as follows:
Purchases Sales -------------- ------------- AXA Aggressive Allocation....................................... $10,990,942 $ 5,592,893 AXA Conservative Allocation..................................... 29,082,905 11,814,190 AXA Conservative-Plus Allocation................................ 19,986,272 12,108,076 AXA Moderate Allocation......................................... 50,822,687 71,794,219 AXA Moderate-Plus Allocation.................................... 42,017,438 25,798,671 EQ/AllianceBernstein Common Stock............................... 9,350,645 71,992,559 EQ/AllianceBernstein Intermediate Government Securities......... 16,414,434 30,072,576 EQ/AllianceBernstein International.............................. 10,909,356 31,003,274 EQ/AllianceBernstein Small Cap Growth........................... 2,950,591 15,415,264 EQ/Ariel Appreciation II........................................ 351,419 371,934
FSA-56 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 4. Purchases and Sales of Investments (Continued)
Purchases Sales -------------- ------------- EQ/BlackRock Basic Value Equity................................. $ 6,476,063 $ 25,420,196 EQ/BlackRock International Value................................ 5,979,404 19,719,580 EQ/Boston Advisors Equity Income................................ 3,290,142 3,657,281 EQ/Calvert Socially Responsible................................. 360,622 487,611 EQ/Capital Guardian Growth...................................... 1,380,785 3,449,925 EQ/Capital Guardian Research.................................... 2,710,972 18,974,270 EQ/Caywood-Scholl High Yield Bond............................... 3,374,173 3,280,216 EQ/Davis New York Venture....................................... 4,208,967 2,434,469 EQ/Equity 500 Index............................................. 8,360,022 25,563,533 EQ/Evergreen International Bond................................. 28,399,326 19,755,596 EQ/Evergreen Omega.............................................. 1,290,942 2,581,272 EQ/Franklin Income.............................................. 6,492,660 6,902,279 EQ/Franklin Small Cap Value..................................... 2,912,424 1,210,140 EQ/Franklin Templeton Founding Strategy......................... 3,764,153 1,946,993 EQ/GAMCO Mergers and Acquisitions............................... 2,129,721 3,742,897 EQ/GAMCO Small Company Value.................................... 7,732,536 6,062,016 EQ/International Core PLUS...................................... 8,130,806 9,847,519 EQ/International Growth......................................... 5,289,589 3,808,321 EQ/JPMorgan Core Bond........................................... 4,671,027 22,008,142 EQ/JPMorgan Value Opportunities................................. 1,521,056 5,849,514 EQ/Large Cap Core PLUS.......................................... 635,637 2,201,710 EQ/Large Cap Growth Index....................................... 2,131,888 12,580,814 EQ/Large Cap Growth PLUS........................................ 2,560,160 14,713,024 EQ/Large Cap Value Index........................................ 1,874,278 3,751,373 EQ/Large Cap Value PLUS......................................... 9,535,610 89,476,186 EQ/Long Term Bond............................................... 3,120,450 3,135,255 EQ/Lord Abbett Growth and Income................................ 523,236 1,434,065 EQ/Lord Abbett Large Cap Core................................... 2,833,538 1,308,418 EQ/Lord Abbett Mid Cap Value.................................... 1,867,104 2,751,783 EQ/Marsico Focus................................................ 9,777,689 15,962,987 EQ/Mid Cap Index................................................ 4,086,354 14,403,011 EQ/Mid Cap Value PLUS........................................... 4,368,526 27,018,450 EQ/Money Market................................................. 305,193,276 271,409,882 EQ/Montag & Caldwell Growth..................................... 9,786,983 3,596,475 EQ/Mutual Shares................................................ 1,720,433 2,435,830 EQ/Oppenheimer Global........................................... 1,314,005 1,357,515 EQ/Oppenheimer Main Street Opportunity.......................... 337,975 257,048 EQ/Oppenheimer Main Street Small Cap............................ 846,749 923,680 EQ/PIMCO Real Return............................................ 45,556,294 21,420,452 EQ/Quality Bond PLUS............................................ 4,081,185 6,526,418 EQ/Short Duration Bond.......................................... 4,790,943 4,293,069 EQ/Small Company Index.......................................... 4,155,157 6,890,534 EQ/T. Rowe Price Growth Stock................................... 1,555,775 3,759,968 EQ/Templeton Growth............................................. 865,983 1,780,726 EQ/UBS Growth and Income........................................ 630,838 1,330,726 EQ/Van Kampen Comstock.......................................... 3,305,094 2,272,012 EQ/Van Kampen Emerging Markets Equity........................... 34,309,191 47,520,748 EQ/Van Kampen Mid Cap Growth.................................... 7,647,032 4,261,911 Multimanager Aggressive Equity.................................. 747,379 6,769,727 Multimanager Core Bond.......................................... 12,773,276 13,220,896 Multimanager Health Care........................................ 4,474,797 3,997,328 Multimanager High Yield......................................... 6,431,574 20,523,664 Multimanager International Equity............................... 4,547,079 7,154,132 Multimanager Large Cap Core Equity.............................. 711,102 2,468,162 Multimanager Large Cap Growth................................... 1,450,078 3,202,065
FSA-57 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 4. Purchases and Sales of Investments (Concluded)
Purchases Sales -------------- ------------- Multimanager Large Cap Value.................................... $ 4,862,426 $ 7,779,843 Multimanager Mid Cap Growth..................................... 1,456,711 5,104,580 Multimanager Mid Cap Value...................................... 3,527,683 5,473,255 Multimanager Small Cap Growth................................... 1,259,727 3,911,637 Multimanager Small Cap Value.................................... 1,535,030 9,539,749 Multimanager Technology......................................... 4,381,628 9,765,144
5. Expenses and Related Party Transactions The assets in each variable investment option are invested in shares of a corresponding mutual fund portfolio of The Trusts. Shares are offered by The Trusts at net asset value. Shares in which the variable investment options are invested are in either one of two classes. Both classes are subject to fees for investment management and advisory services and other Trust expenses. One class of shares ("Class A Shares") is not subject to distribution fees imposed pursuant to a distribution plan. The other class of shares ("Class B Shares") is subject to distribution fees imposed under a distribution plan (herein the "Rule 12b-1 Plans") adopted by the applicable Trusts. The Rule 12b-1 Plans provide that The Trusts, on behalf of each variable Portfolio, may charge a maximum annual distribution and/or service (12b-1) fee of 0.50% of the average daily net assets of a Portfolio attributable to its Class B shares in respect of activities primarily intended to result in the sale of the Class B shares. Under arrangements approved by each Trust's Board of Trustees, the 12b-1 fee currently is limited to 0.25% of the average daily net assets. These fees are reflected in the net asset value of the shares of the Trusts and the total returns of the investment options, but are not included in the expenses or expense ratios of the investment options. Class A shares of The Trusts continue to be purchased by contracts in-force prior to May 1, 1997. AXA Equitable serves as investment manager of The Portifolios of EQAT and VIP. AXA Equitable receives management fees for services performed in its capacity as investment manager of The Trusts. Investment managers either oversee the activities of the investment advisors with respect to the Trusts and are responsible for retaining and discontinuing the services of those advisors, or directly manage the Portfolios. Fees generally vary depending on net asset levels of individual portfolios and range for EQAT and VIP from a low of 0.05% to high of 1.20% of average daily net assets of the Portfolios of the Trust. AXA Equitable as investment manager pays expenses for providing investment advisory services to the Portfolios, including the fees of the advisors of each Portfolio. In addition, AXA Advisors, LLC, ("AXA Advisors") and AXA Distributors, LLC ("Distributors"), affiliates of AXA Equitable, may also receive distribution fees under Rule 12 b-1 Plans as described above. AllianceBernstein L.P. (formerly Alliance Capital Management L.P. ("AllianceBernstein")) serves as an investment advisor for a number of portfolios in EQAT and VIP including the EQ/AllianceBernstein Portfolios; EQ/Large Cap Growth Index, EQ/Equity 500 Index, and EQ/Small Company Index as well as a portion of EQ/Large Vap Value PLUS, EQ/Quality Bond PLUS, Multimanager Aggressive Equity, Multimanager International Equity, Multimanager Large Cap Core Equity, Multimanager Large Cap Value, and Multimanager Mid Cap Growth. AllianceBernstein is a limited partnership which is indirectly majority-owned by AXA Equitable and AXA Financial, Inc. (parent to AXA Equitable). AXA Advisors is an affiliate of AXA Equitable, and a distributor and principal underwriter of the Contracts and the Account. AXA Advisors is registered with the SEC as a broker-dealer and is a member of the National Association of Securities Dealers, Inc. ("NASD"). The Contracts are sold by financial professionals who are registered representatives of AXA Advisors and licensed insurance agents of AXA Network LLC , or its subsidiaries ("AXA Network") (affiliates of AXA Equitable). AXA Network receives commissions under its General Sales Agreement with AXA Equitable and its Networking Agreement with AXA Advisors. AXA Advisors receives service-related payments under its Supervisory and Distribution Agreement with AXA Equitable. The financial professionals are compensated on a commission basis by AXA Network. 6. Substitutions/Reorganizations The following table sets forth the dates at which substitution and reorganization transactions took place in the Account. For accounting purposes, these transactions were considered tax-free exchanges. * Denotes Reorganization Transaction + Denotes Substitution Transaction FSA-58 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 6. Substitutions/Reorganizations (Concluded)
--------------------------------------------------------------------------------------------------- August 17, 2007 Removed Portfolio Surviving Portfolio EQ/AllianceBernstein Growth and Income* EQ/AllianceBernstein Value* --------------------------------------------------------------------------------------------------- Shares -- Class A 1,855,801 2,651,175 Shares -- Class B 16,162,705 27,732,184 Value -- Class A $ 19.34 $ 16.30 Value -- Class B $ 19.21 $ 16.27 Net Assets before merger $346,376,754 $148,040,033 Net Assets after merger -- $494,416,787 --------------------------------------------------------------------------------------------------- July 6, 2007 Removed Portfolio Surviving Portfolio EQ/Capital Guardian U.S. Equity* EQ/Capital Guardian Research* --------------------------------------------------------------------------------------------------- Shares -- Class B 2,908,026 6,414,739 Value -- Class B $ 12.05 $ 15.08 Net Assets before merger $35,041,713 $61,692,551 Net Assets after merger -- $96,734,264 --------------------------------------------------------------------------------------------------- EQ/Janus Large Cap Growth* EQ/T. Rowe Price Growth Stock* --------------------------------------------------------------------------------------------------- Shares -- Class B 2,252,409 811,802 Value -- Class B $ 7.62 $ 23.21 Net Assets before merger $17,163,357 $ 1,678,567 Net Assets after merger -- $18,841,924 --------------------------------------------------------------------------------------------------- EQ/Wells Fargo Montgomery EQ/Multimanager Small Small Cap* Cap Growth* --------------------------------------------------------------------------------------------------- Shares -- Class B 527,326 1,323,570 Value -- Class B $ 14.94 $ 10.65 Net Assets before merger $ 7,878,250 $ 6,217,771 Net Assets after merger -- $14,096,021 ---------------------------------------------------------------------------------------------------
7. Contractowner Charges Charges are made directly against the net assets of the Account and are reflected daily in the computation of the unit values of the Contracts. Under the Contracts, AXA Equitable charges the Account for the following charges:
Asset-based Current Maximum Mortality and Administration Distribution Aggregate Aggregate Expense Risks Charge Charge Charge Charge --------------- ---------------- -------------- ----------- ---------- Accumulator Advisor.................................. 0.50% -- -- 0.50% 0.50% Income Manager....................................... 0.90% 0.25% -- 1.15% 1.15% Accumulator.......................................... 1.10% 0.25% -- 1.35% 1.35% Accumulator issued on, or after March 1, 2000........ 1.10% 0.25% 0.20% 1.55% 1.55% Accumulator Plus, Select, Elite...................... 1.10% 0.25% 0.25% 1.60% 1.60% Accumulator Select issued on, or after August 13, 2001.................................... 1.10% 0.25% 0.35% 1.70% 1.70%
The charges may be retained in the Account by AXA Equitable and participate in the net investment results of the Portfolios. Accumulator Advisor's daily charge of 0.50% includes mortality and expense risks charges and administrative charges to compensate for certain administrative expenses under the contract. The table below lists all the fees charged by the Separate Account assessed as a redemption of units. The range presented represents the fees that are actually assessed. Actual amounts may vary or may be zero depending on the contract or a Contractowner's account value. FSA-59 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 7. Contractowner Charges (Concluded)
When charge Charges is deducted Amount deducted How deducted ------- ----------- --------------- ------------ Charges for state premium and At time of transaction Varies by state. Applied to an annuity other applicable taxes payout option Charge for Trust expenses Daily Vary by portfolio Unit value Annual Administrative charge Annually on each Depending on account value a charge of $30 or Unit liquidation from contract date Years 1 to 2 lesser of $30 or 2% of account value account value anniversary. Variable Immediate Annuity At time of transaction $350 annuity administrative fee Unit liquidation from payout option administrative account value fee Withdrawal charge At time of transaction Low -- During the first seven contract years, a Unit liquidation from charge is deducted from amounts withdrawn that account value exceed 15% of account value. The charge begins at 7% and declines by 1% each year. High -- During the first nine contract years, a charge is deducted from amounts withdrawn that exceed 15% of account value. The charge begins at 8% and declines by 1% beginning in the third contract year. BaseBuilder benefit charge Annually on each Low 0.15% Unit liquidation from contract date High 0.45% account value anniversary. Protection Plus Annually on each 0.20% Unit liquidation from contract date account value anniversary. Guaranteed minimum death Annually on each Low 0.20% Unit liquidation from benefit charge 6% rollup contract date High 0.35% account value to age 80 anniversary.
Included in Contract maintenance charges line of the Statements of Changes in Net Assets are certain administrative charges which are deducted from Contractowner's account value (unit liquidation from account value). 8. Accumulation Unit Values Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, --------------------------------------------------------------------------- Unit Units Outstanding Net Assets Investment Total value (000s) (000s) Income ratio** Return*** ---------- ------------------- ------------ ---------------- -------------- AXA Aggressive Allocation ------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B (a) $ 8.62 -- -- -- (39.51)% Highest contract charges 1.70% Class B (a) $ 9.00 -- -- -- (40.20)% All contract charges -- 2,124 $17,545 1.61% -- 2007 Lowest contract charges 0.50% Class B (a) $ 14.25 -- -- -- 5.63% Highest contract charges 1.70% Class B (a) $ 15.05 -- -- -- 4.30% All contract charges -- 1,776 $24,464 2.52% -- 2006 Lowest contract charges 0.50% Class B (a) $ 13.49 -- -- -- 17.31% Highest contract charges 1.70% Class B (a) $ 14.43 -- -- -- 15.90% All contract charges -- 1,320 $17,375 3.03% -- 2005 Lowest contract charges 0.50% Class B (a) $ 11.50 -- -- -- 7.52% Highest contract charges 1.70% Class B (a) $ 12.45 -- -- -- 6.23% All contract charges -- 602 $ 6,817 5.87% -- 2004 Lowest contract charges 0.50% Class B (a) $ 10.70 -- -- -- 7.44% Highest contract charges 1.70% Class B (a) $ 11.72 -- -- -- 6.30% All contract charges -- 192 $ 2,040 2.68% -- AXA Conservative Allocation --------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B (a) $ 10.43 -- -- -- (11.46)%
FSA-60 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, -------------------------------------------------------------------------- Unit Units Outstanding Net Assets Investment Total value (000s) (000s) Income ratio** Return*** ---------- ------------------- ------------ ---------------- ------------- AXA Conservative Allocation (Continued) --------------------------------------- Highest contract charges 1.70% Class B (a) $ 10.29 -- -- -- (12.50)% All contract charges -- 3,108 $31,022 5.44% -- 2007 Lowest contract charges 0.50% Class B (a) $ 11.78 -- -- -- 5.27% Highest contract charges 1.70% Class B (a) $ 11.76 -- -- -- 3.98% All contract charges -- 1,631 $ 18,538 4.12% -- 2006 Lowest contract charges 0.50% Class B (a) $ 11.19 -- -- -- 5.84% Highest contract charges 1.70% Class B (a) $ 11.31 -- -- -- 4.57% All contract charges -- 1,123 $ 12,231 3.87% -- 2005 Lowest contract charges 0.50% Class B (a) $ 10.57 -- -- -- 1.93% Highest contract charges 1.70% Class B (a) $ 10.82 -- -- -- 0.71% All contract charges -- 939 $ 9,761 4.27% -- 2004 Lowest contract charges 0.50% Class B (a) $ 10.37 -- -- -- 3.74% Highest contract charges 1.70% Class B (a) $ 10.74 -- -- -- 2.64% All contract charges -- 437 $ 4,511 4.68% -- AXA Conservative-Plus Allocation -------------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B (a) $ 9.80 -- -- -- (19.80)% Highest contract charges 1.70% Class B (a) $ 9.82 -- -- -- (20.81)% All contract charges -- 2,909 $ 27,248 3.66% -- 2007 Lowest contract charges 0.50% Class B (a) $ 12.22 -- -- -- 4.98% Highest contract charges 1.70% Class B (a) $ 12.40 -- -- -- 3.68% All contract charges -- 2,325 $ 27,419 3.82% -- 2006 Lowest contract charges 0.50% Class B (a) $ 11.64 -- -- -- 8.22% Highest contract charges 1.70% Class B (a) $ 11.96 -- -- -- 6.91% All contract charges -- 1,581 $ 17,921 3.48% -- 2005 Lowest contract charges 0.50% Class B (a) $ 10.76 -- -- -- 2.73% Highest contract charges 1.70% Class B (a) $ 11.19 -- -- -- 1.50% All contract charges -- 1,253 $ 13,241 4.33% -- 2004 Lowest contract charges 0.50% Class B (a) $ 10.47 -- -- -- 4.93% Highest contract charges 1.70% Class B (a) $ 11.02 -- -- -- 3.81% All contract charges -- 635 $ 6,596 4.50% -- AXA Moderate Allocation ----------------------- Unit Value 1.15%* 2008 1.15% Class A $ 43.14 542 $ 23,385 3.28% (25.16)% 2007 1.15% Class A $ 57.64 570 $ 32,884 3.03% 5.30% 2006 1.15% Class A $ 54.74 613 $ 33,581 2.55% 9.33% 2005 1.15% Class A $ 50.07 703 $ 35,188 2.28% 3.85% 2004 1.15% Class A $ 48.21 778 $ 37,532 2.49% 7.74% AXA Moderate Allocation ----------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 47.34 -- -- -- (24.86)% Highest contract charges 1.70% Class B $ 35.84 -- -- -- (25.75)% All contract charges -- 5,218 $199,318 3.28% -- 2007 Lowest contract charges 0.50% Class B $ 63.00 -- -- -- 5.74% Highest contract charges 1.70% Class B $ 48.27 -- -- -- 4.46% All contract charges -- 5,987 $307,011 3.03% -- 2006 Lowest contract charges 0.50% Class B $ 59.58 -- -- -- 9.77% Highest contract charges 1.70% Class B $ 46.21 -- -- -- 8.45% All contract charges -- 6,621 $323,970 2.55% -- 2005 Lowest contract charges 0.50% Class B $ 54.27 -- -- -- 4.27% Highest contract charges 1.70% Class B $ 42.61 -- -- -- 3.02% All contract charges -- 7,497 $337,587 2.28% -- 2004 Lowest contract charges 0.50% Class B $ 52.05 -- -- -- 8.18% Highest contract charges 1.70% Class B $ 41.36 -- -- -- 6.88%
FSA-61 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, -------------------------------------------------------------------------- Unit Units Outstanding Net Assets Investment Total value (000s) (000s) Income ratio** Return*** --------- ------------------- ------------ ---------------- -------------- AXA Moderate Allocation ----------------------- All contract charges -- 8,374 $365,310 2.49% -- AXA Moderate-Plus Allocation ---------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B (a) $ 9.31 -- -- -- (32.14)% Highest contract charges 1.70% Class B (a) $ 9.69 -- -- -- (32.94)% All contract charges -- 10,326 $ 91,875 2.22% -- 2007 Lowest contract charges 0.50% Class B (a) $ 13.72 -- -- -- 5.86% Highest contract charges 1.70% Class B (a) $ 14.45 -- -- -- 4.56% All contract charges -- 9,641 $127,560 3.07% -- 2006 Lowest contract charges 0.50% Class B (a) $ 12.96 -- -- -- 13.93% Highest contract charges 1.70% Class B (a) $ 13.82 -- -- -- 12.56% All contract charges -- 6,424 $ 81,056 3.45% -- 2005 Lowest contract charges 0.50% Class B (a) $ 11.37 -- -- -- 6.14% Highest contract charges 1.70% Class B (a) $ 12.28 -- -- -- 4.86% All contract charges -- 2,669 $ 29,848 4.92% -- 2004 Lowest contract charges 0.50% Class B (a) $ 10.71 -- -- -- 7.46% Highest contract charges 1.70% Class B (a) $ 11.71 -- -- -- 6.32% All contract charges -- 1,006 $ 10,701 4.04% -- EQ/AllianceBernstein Common Stock --------------------------------- Unit Value 1.15%* 2008 1.15% Class A $ 166.65 164 $ 27,251 1.55% (44.31)% 2007 1.15% Class A $ 299.23 203 $ 60,734 0.95% 2.54% 2006 1.15% Class A $ 291.81 266 $ 77,493 1.14% 9.69% 2005 1.15% Class A $ 266.03 322 $ 85,655 0.81% 3.36% 2004 1.15% Class A $ 257.37 407 $104,744 0.97% 13.09% EQ/AllianceBernstein Common Stock --------------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 200.52 -- -- -- (44.08)% Highest contract charges 1.70% Class B $ 134.51 -- -- -- (44.76)% All contract charges -- 1,053 $158,344 1.55% -- 2007 Lowest contract charges 0.50% Class B $ 358.57 -- -- -- 2.96% Highest contract charges 1.70% Class B $ 243.48 -- -- -- 1.71% All contract charges -- 1,297 $351,552 0.95% -- 2006 Lowest contract charges 0.50% Class B $ 348.26 -- -- -- 10.14% Highest contract charges 1.70% Class B $ 239.38 -- -- -- 8.81% All contract charges -- 1,643 $436,497 1.14% -- 2005 Lowest contract charges 0.50% Class B $ 316.20 -- -- -- 3.78% Highest contract charges 1.70% Class B $ 219.99 -- -- -- 2.53% All contract charges -- 2,036 $495,374 0.81% -- 2004 Lowest contract charges 0.50% Class B $ 304.68 -- -- -- 13.55% Highest contract charges 1.70% Class B $ 214.55 -- -- -- 12.18% All contract charges -- 2,356 $558,043 0.97% -- EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------- Unit Value 1.15%* 2008 1.15% Class A $ 21.79 204 $ 4,453 2.98% 2.69% 2007 1.15% Class A $ 21.22 205 $ 4,343 4.03% 5.89% 2006 1.15% Class A $ 20.04 238 $ 4,764 3.64% 2.20% 2005 1.15% Class A $ 19.61 293 $ 5,747 3.15% 0.33% 2004 1.15% Class A $ 19.55 354 $ 6,917 2.74% 1.02% EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 23.77 -- -- -- 3.08% Highest contract charges 1.70% Class B $ 19.16 -- -- -- 1.81% All contract charges -- 3,845 $ 76,626 2.98% --
FSA-62 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, --------------------------------------------------------------------------- Unit Units Outstanding Net Assets Investment Total value (000s) (000s) Income ratio** Return*** ------------ ------------------- ------------ ---------------- ------------ EQ/AllianceBernstein Intermediate Government Securities (Continued) -------------------------------------------- 2007 Lowest contract charges 0.50% Class B $ 23.06 -- -- -- 6.32% Highest contract charges 1.70% Class B $ 18.82 -- -- -- 5.02% All contract charges -- 4,615 $ 90,022 4.03% -- 2006 Lowest contract charges 0.50% Class B $ 21.69 -- -- -- 2.61% Highest contract charges 1.70% Class B $ 17.92 -- -- -- 1.37% All contract charges -- 5,697 $105,656 3.64% -- 2005 Lowest contract charges 0.50% Class B $ 21.14 -- -- -- 0.73% Highest contract charges 1.70% Class B $ 17.67 -- -- -- (0.48)% All contract charges -- 7,156 $130,692 3.15% -- 2004 Lowest contract charges 0.50% Class B $ 20.98 -- -- -- 1.43% Highest contract charges 1.70% Class B $ 17.76 -- -- -- 0.21% All contract charges -- 8,965 $164,292 2.74% -- EQ/AllianceBernstein International ---------------------------------- Unit Value 1.15%* 2008 1.15% Class A $ 10.46 815 $ 8,523 2.56% (51.17)% 2007 1.15% Class A $ 21.42 978 $ 20,944 1.24% 10.70% 2006 1.15% Class A $ 19.35 1,130 $ 21,873 1.39% 22.40% 2005 1.15% Class A $ 15.81 1,271 $ 20,101 1.49% 14.25% 2004 1.15% Class A $ 13.84 1,509 $ 20,882 1.85% 17.11% EQ/AllianceBernstein International ---------------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 11.11 -- -- -- (50.95)% Highest contract charges 1.70% Class B $ 9.40 -- -- -- (51.57)% All contract charges -- 6,676 $ 65,108 2.56% -- 2007 Lowest contract charges 0.50% Class B $ 22.65 -- -- -- 11.14% Highest contract charges 1.70% Class B $ 19.41 -- -- -- 9.85% All contract charges -- 8,005 $160,627 1.24% -- 2006 Lowest contract charges 0.50% Class B $ 20.38 -- -- -- 22.90% Highest contract charges 1.70% Class B $ 17.67 -- -- -- 21.43% All contract charges -- 9,246 $168,521 1.39% -- 2005 Lowest contract charges 0.50% Class B $ 16.58 -- -- -- 14.72% Highest contract charges 1.70% Class B $ 14.55 -- -- -- 13.34% All contract charges -- 10,144 $151,869 1.49% -- 2004 Lowest contract charges 0.50% Class B $ 14.45 -- -- -- 17.58% Highest contract charges 1.70% Class B $ 12.84 -- -- -- 16.17% All contract charges -- 10,920 $143,903 1.85% -- EQ/AllianceBernstein Small Cap Growth ------------------------------------- Unit Value 1.15%* 2008 1.15% Class A $ 12.02 134 $ 1,608 -- (45.19)% 2007 1.15% Class A $ 21.93 155 $ 3,396 -- 15.66% 2006 1.15% Class A $ 18.96 304 $ 5,774 -- 8.01% 2005 1.15% Class A $ 17.56 365 $ 6,412 -- 10.50% 2004 1.15% Class A $ 15.89 358 $ 5,682 -- 12.96% EQ/AllianceBernstein Small Cap Growth ------------------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 12.62 -- -- -- (44.94)% Highest contract charges 1.70% Class B $ 10.96 -- -- -- (45.58)% All contract charges -- 3,651 $ 41,271 -- -- 2007 Lowest contract charges 0.50% Class B $ 22.92 -- -- -- 16.11% Highest contract charges 1.70% Class B $ 20.14 -- -- -- 14.69% All contract charges -- 4,332 $ 89,735 -- -- 2006 Lowest contract charges 0.50% Class B $ 19.74 -- -- -- 8.46% Highest contract charges 1.70% Class B $ 17.56 -- -- -- 7.15% All contract charges -- 5,379 $ 96,886 -- --
FSA-63 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, -------------------------------------------------------------------------- Unit Units Outstanding Net Assets Investment Total value (000s) (000s) Income ratio** Return*** ---------- ------------------- ------------ ---------------- ------------- EQ/AllianceBernstein Small Cap Growth (Continued) ------------------------------------------------- 2005 Lowest contract charges 0.50% Class B $ 18.20 -- -- -- 10.95% Highest contract charges 1.70% Class B $ 16.39 -- -- -- 9.62% All contract charges -- 6,419 $107,631 -- -- 2004 Lowest contract charges 0.50% Class B $ 16.41 -- -- -- 13.41% Highest contract charges 1.70% Class B $ 14.95 -- -- -- 12.05% All contract charges -- 7,402 $112,923 -- -- EQ/Ariel Appreciation II ------------------------ Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B (e) $ 6.91 -- -- -- (38.80)% Highest contract charges 1.70% Class B (e) $ 6.65 -- -- -- (39.49)% All contract charges -- 98 $ 659 0.73% -- 2007 Lowest contract charges 0.50% Class B (e) $ 11.29 -- -- -- (1.66)% Highest contract charges 1.70% Class B (e) $ 10.99 -- -- -- (2.83)% All contract charges -- 100 $ 1,108 0.44% -- 2006 Lowest contract charges 0.50% Class B (e) $ 11.48 -- -- -- 10.61% Highest contract charges 1.70% Class B (e) $ 11.31 -- -- -- 9.28% All contract charges -- 70 $ 802 1.12% -- 2005 Lowest contract charges 0.50% Class B (e) $ 10.38 -- -- -- 3.83% Highest contract charges 1.70% Class B (e) $ 10.35 -- -- -- 3.54% All contract charges -- 23 $ 244 0.74% -- EQ/BlackRock Basic Value Equity ------------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 16.70 -- -- -- (36.86)% Highest contract charges 1.70% Class B $ 14.49 -- -- -- (37.65)% All contract charges -- 4,204 $ 63,087 1.54% -- 2007 Lowest contract charges 0.50% Class B $ 26.45 -- -- -- 0.69% Highest contract charges 1.70% Class B $ 23.24 -- -- -- (0.56)% All contract charges -- 5,164 $123,863 0.99% -- 2006 Lowest contract charges 0.50% Class B $ 26.27 -- -- -- 20.31% Highest contract charges 1.70% Class B $ 23.37 -- -- -- 18.86% All contract charges -- 6,279 $150,983 2.67% -- 2005 Lowest contract charges 0.50% Class B $ 21.84 -- -- -- 2.44% Highest contract charges 1.70% Class B $ 19.66 -- -- -- 1.20% All contract charges -- 7,616 $153,657 1.30% -- 2004 Lowest contract charges 0.50% Class B $ 21.32 -- -- -- 10.02% Highest contract charges 1.70% Class B $ 19.43 -- -- -- 8.69% All contract charges -- 9,215 $183,445 2.05% -- EQ/BlackRock International Value -------------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 15.47 -- -- -- (43.29)% Highest contract charges 1.70% Class B $ 13.43 -- -- -- (43.97)% All contract charges -- 2,498 $ 34,788 2.01% -- 2007 Lowest contract charges 0.50% Class B $ 27.28 -- -- -- 9.65% Highest contract charges 1.70% Class B $ 23.97 -- -- -- 8.31% All contract charges -- 3,268 $ 80,889 1.75% -- 2006 Lowest contract charges 0.50% Class B $ 24.88 -- -- -- 25.06% Highest contract charges 1.70% Class B $ 22.13 -- -- -- 23.55% All contract charges -- 3,753 $ 85,502 3.41% -- 2005 Lowest contract charges 0.50% Class B $ 19.90 -- -- -- 10.28% Highest contract charges 1.70% Class B $ 17.91 -- -- -- 8.96% All contract charges -- 3,839 $ 70,590 1.73% -- 2004 Lowest contract charges 0.50% Class B $ 18.04 -- -- -- 21.04% Highest contract charges 1.70% Class B $ 16.44 -- -- -- 19.58% All contract charges -- 3,618 $ 60,866 1.58% --
FSA-64 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, -------------------------------------------------------------------------- Unit Units Outstanding Net Assets Investment Total value (000s) (000s) Income ratio** Return*** ---------- ------------------- ------------ ---------------- ------------- EQ/Boston Advisors Equity Income -------------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B (c) $ 5.05 -- -- -- (32.67)% Highest contract charges 1.70% Class B (c) $ 4.47 -- -- -- (33.38)% All contract charges -- 1,651 $ 7,626 2.27% -- 2007 Lowest contract charges 0.50% Class B (c) $ 7.50 -- -- -- 3.31% Highest contract charges 1.70% Class B (c) $ 6.71 -- -- -- 1.82% All contract charges -- 1,719 $11,852 1.62% -- 2006 Lowest contract charges 0.50% Class B (c) $ 7.26 -- -- -- 15.39% Highest contract charges 1.70% Class B (c) $ 6.59 -- -- -- 14.00% All contract charges -- 2,310 $15,572 2.28% -- 2005 Lowest contract charges 0.50% Class B (c) $ 6.30 -- -- -- 5.62% Highest contract charges 1.70% Class B (c) $ 5.78 -- -- -- 4.35% All contract charges -- 2,154 $12,697 2.09% -- 2004 Lowest contract charges 0.50% Class B (c) $ 5.96 -- -- -- 9.05% Highest contract charges 1.70% Class B (c) $ 5.54 -- -- -- 8.80% All contract charges -- 266 $ 1,503 3.48% -- EQ/Calvert Socially Responsible ------------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 5.86 -- -- -- (45.44)% Highest contract charges 1.70% Class B $ 5.23 -- -- -- (46.14)% All contract charges -- 93 $ 497 0.25% -- 2007 Lowest contract charges 0.50% Class B $ 10.74 -- -- -- 11.53% Highest contract charges 1.70% Class B $ 9.71 -- -- -- 10.22% All contract charges -- 110 $ 1,097 0.21% -- 2006 Lowest contract charges 0.50% Class B $ 9.63 -- -- -- 4.70% Highest contract charges 1.70% Class B $ 8.81 -- -- -- 3.45% All contract charges -- 116 $ 1,043 -- -- 2005 Lowest contract charges 0.50% Class B $ 9.20 -- -- -- 8.20% Highest contract charges 1.70% Class B $ 8.51 -- -- -- 6.90% All contract charges -- 130 $ 1,125 -- -- 2004 Lowest contract charges 0.50% Class B $ 8.50 -- -- -- 3.07% Highest contract charges 1.70% Class B $ 7.96 -- -- -- 1.83% All contract charges -- 116 $ 939 -- -- EQ/Capital Guardian Growth -------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 8.87 -- -- -- (40.67)% Highest contract charges 1.70% Class B $ 7.70 -- -- -- (41.40)% All contract charges -- 502 $ 4,102 0.15% -- 2007 Lowest contract charges 0.50% Class B $ 14.95 -- -- -- 4.91% Highest contract charges 1.70% Class B $ 13.14 -- -- -- 3.71% All contract charges -- 651 $ 9,123 -- -- 2006 Lowest contract charges 0.50% Class B $ 14.25 -- -- -- 6.87% Highest contract charges 1.70% Class B $ 12.67 -- -- -- 5.58% All contract charges -- 333 $ 4,309 0.22% -- 2005 Lowest contract charges 0.50% Class B $ 13.33 -- -- -- 4.58% Highest contract charges 1.70% Class B $ 12.00 -- -- -- 3.33% All contract charges -- 179 $ 2,194 0.21% -- 2004 Lowest contract charges 0.50% Class B $ 12.75 -- -- -- 5.01% Highest contract charges 1.70% Class B $ 11.62 -- -- -- 3.74% All contract charges -- 89 $ 1,059 0.48% --
FSA-65 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, --------------------------------------------------------------------------- Unit Units Outstanding Net Assets Investment Total value (000s) (000s) Income ratio** Return*** ---------- ------------------- ------------ ---------------- -------------- EQ/Capital Guardian Research (g) -------------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 8.48 -- -- -- (39.94)% Highest contract charges 1.70% Class B $ 7.54 -- -- -- (40.68)% All contract charges -- 4,480 $ 34,775 0.86% -- 2007 Lowest contract charges 0.50% Class B $ 14.12 -- -- -- 1.15% Highest contract charges 1.70% Class B $ 12.71 -- -- -- (0.08)% All contract charges -- 5,973 $ 77,900 1.06% -- 2006 Lowest contract charges 0.50% Class B $ 13.96 -- -- -- 11.50% Highest contract charges 1.70% Class B $ 12.72 -- -- -- 10.16% All contract charges -- 4,909 $ 63,987 0.53% -- 2005 Lowest contract charges 0.50% Class B $ 12.52 -- -- -- 5.53% Highest contract charges 1.70% Class B $ 11.55 -- -- -- 4.26% All contract charges -- 5,839 $ 68,872 0.53% -- 2004 Lowest contract charges 0.50% Class B $ 11.87 -- -- -- 10.35% Highest contract charges 1.70% Class B $ 11.08 -- -- -- 9.02% All contract charges -- 6,765 $ 76,328 0.61% -- EQ/Caywood-Scholl High Yield Bond --------------------------------- Unit Value 0.50% to 1.70% 2008 Lowest contract charges 0.50% Class B (d) $ 9.25 -- -- -- (19.50)% Highest contract charges 1.70% Class B (d) $ 8.85 -- -- -- (20.41)% All contract charges -- 542 $ 4,843 7.26% -- 2007 Lowest contract charges 0.50% Class B (d) $ 11.49 -- -- -- 2.32% Highest contract charges 1.70% Class B (d) $ 11.12 -- -- -- 1.00% All contract charges -- 561 $ 6,280 6.73% -- 2006 Lowest contract charges 0.50% Class B (d) $ 11.23 -- -- -- 7.42% Highest contract charges 1.70% Class B (d) $ 11.01 -- -- -- 6.13% All contract charges -- 507 $ 5,609 7.68% -- 2005 Lowest contract charges 0.50% Class B (d) $ 10.46 -- -- -- 4.56% Highest contract charges 1.70% Class B (d) $ 10.37 -- -- -- 3.72% All contract charges -- 174 $ 1,807 13.63% -- EQ/Davis New York Venture ------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B (f) $ 6.79 -- -- -- (39.54)% Highest contract charges 1.70% Class B (f) $ 6.60 -- -- -- (40.27)% All contract charges -- 684 $ 4,548 0.55% -- 2007 Lowest contract charges 0.50% Class B (f) $ 11.23 -- -- -- 3.22% Highest contract charges 1.70% Class B (f) $ 11.05 -- -- -- 1.94% All contract charges -- 528 $ 5,854 0.58% -- 2006 Lowest contract charges 0.50% Class B (f) $ 10.88 -- -- -- 8.76% Highest contract charges 1.70% Class B (f) $ 10.84 -- -- -- 8.36% All contract charges -- 136 $ 1,478 0.85% -- EQ/Equity 500 Index ------------------- Unit Value 1.15* 2008 1.15% Class A (l) $ 20.36 -- -- 1.59% (37.89)% 2007 1.15% Class A (l) $ 32.78 -- -- 1.24% 4.00% EQ/Equity 500 Index ------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 21.79 -- -- -- (37.64)% Highest contract charges 1.70% Class B $ 18.20 -- -- -- (38.39)% All contract charges -- 3,111 $ 59,174 1.59% -- 2007 Lowest contract charges 0.50% Class B $ 34.94 -- -- -- 4.42% Highest contract charges 1.70% Class B $ 29.54 -- -- -- 3.14% All contract charges -- 3,801 $116,961 1.24% --
FSA-66 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, --------------------------------------------------------------------------- Units Outstanding Net Assets Investment Total Unit value (000s) (000s) Income ratio** Return*** ------------ ------------------- ------------ ---------------- ------------ EQ/Equity 500 Index (Continued) ------------------------------- 2006 Lowest contract charges 0.50% Class B $ 33.46 -- -- -- 14.52% Highest contract charges 1.70% Class B $ 28.64 -- -- -- 13.14% All contract charges -- 4,697 $139,661 1.46% -- 2005 Lowest contract charges 0.50% Class B $ 29.22 -- -- -- 3.88% Highest contract charges 1.70% Class B $ 25.31 -- -- -- 2.63% All contract charges -- 5,668 $148,550 1.26% -- 2004 Lowest contract charges 0.50% Class B $ 28.13 -- -- -- 9.68% Highest contract charges 1.70% Class B $ 24.66 -- -- -- 8.36% All contract charges -- 6,511 $165,823 1.38% -- EQ/Evergreen International Bond ------------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B (e) $ 11.58 -- -- -- 5.95% Highest contract charges 1.70% Class B (e) $ 11.14 -- -- -- 4.70% All contract charges -- 1,470 $ 16,556 16.15% -- 2007 Lowest contract charges 0.50% Class B (e) $ 10.93 -- -- -- 8.76% Highest contract charges 1.70% Class B (e) $ 10.64 -- -- -- 7.47% All contract charges -- 983 $ 10,635 4.53% -- 2006 Lowest contract charges 0.50% Class B (e) $ 10.05 -- -- -- 2.90% Highest contract charges 1.70% Class B (e) $ 9.90 -- -- -- 1.66% All contract charges -- 306 $ 3,044 0.41% -- 2005 Lowest contract charges 0.50% Class B (e) $ 9.77 -- -- -- (2.31)% Highest contract charges 1.70% Class B (e) $ 9.74 -- -- -- (2.59)% All contract charges -- 22 212 -- -- EQ/Evergreen Omega ------------------ Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 7.62 -- -- -- (27.98)% Highest contract charges 1.70% Class B $ 6.75 -- -- -- (28.87)% All contract charges -- 787 $ 5,445 0.54% -- 2007 Lowest contract charges 0.50% Class B $ 10.58 -- -- -- 10.79% Highest contract charges 1.70% Class B $ 9.49 -- -- -- 9.46% All contract charges -- 930 $ 9,027 -- -- 2006 Lowest contract charges 0.50% Class B $ 9.55 -- -- -- 5.34% Highest contract charges 1.70% Class B $ 8.67 -- -- -- 4.07% All contract charges -- 1,004 $ 8,883 2.03% -- 2005 Lowest contract charges 0.50% Class B $ 9.07 -- -- -- 3.44% Highest contract charges 1.70% Class B $ 8.33 -- -- -- 2.20% All contract charges -- 1,194 $ 10,128 0.04% -- 2004 Lowest contract charges 0.50% Class B $ 8.77 -- -- -- 6.51% Highest contract charges 1.70% Class B $ 8.15 -- -- -- 5.22% All contract charges -- 1,548 $ 12,815 0.31% -- EQ/Franklin Income ------------------ Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B (f) $ 7.20 -- -- -- (32.20)% Highest contract charges 1.70% Class B (f) $ 7.01 -- -- -- (32.92)% All contract charges -- 1,959 $ 13,811 5.97% -- 2007 Lowest contract charges 0.50% Class B (f) $ 10.62 -- -- -- 1.53% Highest contract charges 1.70% Class B (f) $ 10.45 -- -- -- 0.29% All contract charges -- 2,107 $ 22,106 3.79% -- 2006 Lowest contract charges 0.50% Class B (f) $ 10.46 -- -- -- 4.56% Highest contract charges 1.70% Class B (f) $ 10.42 -- -- -- 4.17% All contract charges -- 619 $ 6,457 2.46% --
FSA-67 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ----------------------------------------------------------------------------- Unit Units Outstanding Net Assets Investment Total value (000s) (000s) Income ratio** Return*** ------------ ------------------- ------------ ---------------- -------------- EQ/Franklin Small Cap Value --------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B (f) $ 6.54 -- -- -- (33.67)% Highest contract charges 1.70% Class B (f) $ 6.36 -- -- -- (34.50)% All contract charges -- 333 $ 2,133 1.12% -- 2007 Lowest contract charges 0.50% Class B (f) $ 9.86 -- -- -- (9.12)% Highest contract charges 1.70% Class B (f) $ 9.71 -- -- -- (10.18)% All contract charges -- 138 $ 1,343 0.50% -- 2006 Lowest contract charges 0.50% Class B (f) $ 10.85 -- -- -- 8.50% Highest contract charges 1.70% Class B (f) $ 10.81 -- -- -- 8.10% All contract charges -- 34 $ 364 0.62% -- EQ/Franklin Templeton Founding Strategy --------------------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B (k) $ 6.01 -- -- -- (37.20)% Highest contract charges 1.70% Class B (k) $ 5.89 -- -- -- (37.93)% All contract charges -- 659 $ 3,902 4.13% -- 2007 Lowest contract charges 0.50% Class B (k) $ 9.57 -- -- -- (4.30)% Highest contract charges 1.70% Class B (k) $ 9.49 -- -- -- (5.10)% All contract charges -- 472 $ 4,489 1.96% -- EQ/GAMCO Mergers and Acquisitions --------------------------------- Unit Value 0.50% to 1.70% 2008 Lowest contract charges 0.50% Class B (e) $ 10.41 -- -- -- (14.25)% Highest contract charges 1.70% Class B (e) $ 9.95 -- -- -- (15.32)% All contract charges -- 447 $ 4,504 0.44% -- 2007 Lowest contract charges 0.50% Class B (e) $ 12.14 -- -- -- 2.97% Highest contract charges 1.70% Class B (e) $ 11.75 -- -- -- 1.64% All contract charges -- 601 $ 7,151 0.49% -- 2006 Lowest contract charges 0.50% Class B (e) $ 11.79 -- -- -- 11.65% Highest contract charges 1.70% Class B (e) $ 11.56 -- -- -- 10.30% All contract charges -- 780 $ 9,122 5.06% -- 2005 Lowest contract charges 0.50% Class B (e) $ 10.56 -- -- -- 5.64% Highest contract charges 1.70% Class B (e) $ 10.48 -- -- -- 4.79% All contract charges -- 538 $ 5,667 4.29% -- EQ/GAMCO Small Company Value ---------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B (c) $ 24.17 -- -- -- (30.98)% Highest contract charges 1.70% Class B (c) $ 18.86 -- -- -- (31.84)% All contract charges -- 840 $16,988 0.58% -- 2007 Lowest contract charges 0.50% Class B (c) $ 35.02 -- -- -- 8.72% Highest contract charges 1.70% Class B (c) $ 27.67 -- -- -- 7.41% All contract charges -- 792 $23,223 0.47% -- 2006 Lowest contract charges 0.50% Class B (c) $ 32.21 -- -- -- 18.24% Highest contract charges 1.70% Class B (c) $ 25.76 -- -- -- 16.82% All contract charges -- 536 $14,549 1.45% -- 2005 Lowest contract charges 0.50% Class B (c) $ 27.24 -- -- -- 3.80% Highest contract charges 1.70% Class B (c) $ 22.05 -- -- -- 2.55% All contract charges -- 474 $10,971 0.90% -- 2004 Lowest contract charges 0.50% Class B (c) $ 26.24 -- -- -- 13.51% Highest contract charges 1.70% Class B (c) $ 21.50 -- -- -- 13.26% All contract charges -- 102 $ 2,292 0.44% -- EQ/International Core PLUS -------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 9.76 -- -- -- (45.11)% Highest contract charges 1.70% Class B $ 8.68 -- -- -- (45.78)% All contract charges -- 1,350 $12,153 1.39% --
FSA-68 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, --------------------------------------------------------------------------- Unit Units Outstanding Net Assets Investment Total value (000s) (000s) Income ratio** Return*** ----------- ------------------- ------------ ---------------- ------------- EQ/International Core PLUS (Continued) -------------------------------------- 2007 Lowest contract charges 0.50% Class B $ 17.78 -- -- -- 14.64% Highest contract charges 1.70% Class B $ 16.01 -- -- -- 13.31% All contract charges -- 1,518 $25,426 0.39% -- 2006 Lowest contract charges 0.50% Class B $ 15.51 -- -- -- 18.65% Highest contract charges 1.70% Class B $ 14.13 -- -- -- 17.22% All contract charges -- 1,648 $24,157 1.29% -- 2005 Lowest contract charges 0.50% Class B $ 13.07 -- -- -- 16.54% Highest contract charges 1.70% Class B $ 12.06 -- -- -- 15.14% All contract charges -- 1,659 $20,675 1.63% -- 2004 Lowest contract charges 0.50% Class B $ 11.22 -- -- -- 13.04% Highest contract charges 1.70% Class B $ 10.47 -- -- -- 11.68% All contract charges -- 1,331 $14,271 1.70% -- EQ/International Growth ----------------------- Unit Value 0.50% to 1.70% 2008 Lowest contract charges 0.50% Class B (e) $ 9.93 -- -- -- (40.61)% Highest contract charges 1.70% Class B (e) $ 9.50 -- -- -- (41.29)% All contract charges -- 556 $ 5,339 0.97% -- 2007 Lowest contract charges 0.50% Class B (e) $ 16.72 -- -- -- 15.63% Highest contract charges 1.70% Class B (e) $ 16.18 -- -- -- 14.18% All contract charges -- 478 $ 7,804 0.67% -- 2006 Lowest contract charges 0.50% Class B (e) $ 14.46 -- -- -- 25.01% Highest contract charges 1.70% Class B (e) $ 14.17 -- -- -- 23.51% All contract charges -- 186 $ 2,650 1.17% -- 2005 Lowest contract charges 0.50% Class B (e) $ 11.56 -- -- -- 15.64% Highest contract charges 1.70% Class B (e) $ 11.47 -- -- -- 14.72% All contract charges -- 54 $ 615 2.36% -- EQ/JPMorgan Core Bond --------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 14.39 -- -- -- (9.38)% Highest contract charges 1.70% Class B $ 12.59 -- -- -- (10.52)% All contract charges -- 2,561 $33,222 3.69% -- 2007 Lowest contract charges 0.50% Class B $ 15.88 -- -- -- 2.58% Highest contract charges 1.70% Class B $ 14.07 -- -- -- 1.37% All contract charges -- 3,901 $56,331 4.18% -- 2006 Lowest contract charges 0.50% Class B $ 15.48 3.54% Highest contract charges 1.70% Class B $ 13.88 -- -- -- 2.30% All contract charges -- 4,203 $59,758 4.27% -- 2005 Lowest contract charges 0.50% Class B $ 14.95 -- -- -- 1.71% Highest contract charges 1.70% Class B $ 13.57 -- -- -- 0.48% All contract charges -- 4,274 $59,245 3.61% -- 2004 Lowest contract charges 0.50% Class B $ 14.70 -- -- -- 3.58% Highest contract charges 1.70% Class B $ 13.50 -- -- -- 2.33% All contract charges -- 3,575 $49,206 4.03% -- EQ/JPMorgan Value Opportunities ------------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 10.28 -- -- -- (40.09)% Highest contract charges 1.70% Class B $ 8.93 -- -- -- (40.78)% All contract charges -- 1,563 $14,524 1.76% -- 2007 Lowest contract charges 0.50% Class B $ 17.16 -- -- -- (1.72)% Highest contract charges 1.70% Class B $ 15.08 -- -- -- (2.90)% All contract charges -- 1,918 $30,002 1.29% -- 2006 Lowest contract charges 0.50% Class B $ 17.46 -- -- -- 19.78% Highest contract charges 1.70% Class B $ 15.53 -- -- -- 18.34% All contract charges -- 2,331 $37,428 4.25% --
FSA-69 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ---------------------------------------------------------------------------- Units Outstanding Net Assets Investment Total Unit value (000s) (000s) Income ratio** Return*** ------------ ------------------- ------------ ---------------- ------------- EQ/JPMorgan Value Opportunities (Continued) ------------------------------------------- 2005 Lowest contract charges 0.50% Class B $ 14.58 -- -- -- 3.41% Highest contract charges 1.70% Class B $ 13.12 -- -- -- 2.16% All contract charges -- 2,671 $ 36,117 1.45% -- 2004 Lowest contract charges 0.50% Class B $ 14.10 -- -- -- 10.33% Highest contract charges 1.70% Class B $ 12.84 -- -- -- 9.00% All contract charges -- 3,179 $ 41,949 1.24% -- EQ/Large Cap Core PLUS ---------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 7.29 -- -- -- (37.75)% Highest contract charges 1.70% Class B $ 6.46 -- -- -- (38.48)% All contract charges -- 778 $ 5,152 0.32% -- 2007 Lowest contract charges 0.50% Class B $ 11.71 -- -- -- 3.35% Highest contract charges 1.70% Class B $ 10.50 -- -- -- 2.14% All contract charges -- 941 $ 10,092 1.11% -- 2006 Lowest contract charges 0.50% Class B $ 11.33 -- -- -- 12.38% Highest contract charges 1.70% Class B $ 10.28 -- -- -- 11.03% All contract charges -- 1,207 $ 12,655 0.80% -- 2005 Lowest contract charges 0.50% Class B $ 10.08 -- -- -- 6.66% Highest contract charges 1.70% Class B $ 9.26 -- -- -- 5.38% All contract charges -- 1,491 $ 14,051 0.48% -- 2004 Lowest contract charges 0.50% Class B $ 9.45 -- -- -- 10.84% Highest contract charges 1.70% Class B $ 8.79 -- -- -- 9.51% All contract charges -- 1,772 $ 15,816 0.55% -- EQ/Large Cap Growth Index ------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 5.37 -- -- -- (36.60)% Highest contract charges 1.70% Class B $ 4.78 -- -- -- (37.27)% All contract charges -- 7,550 $ 36,927 0.13% -- 2007 Lowest contract charges 0.50% Class B $ 8.47 -- -- -- 13.39% Highest contract charges 1.70% Class B $ 7.62 -- -- -- 12.06% All contract charges -- 9,142 $ 71,185 -- -- 2006 Lowest contract charges 0.50% Class B $ 7.47 -- -- -- (1.04)% Highest contract charges 1.70% Class B $ 6.80 -- -- -- (2.23)% All contract charges -- 11,619 $ 80,589 -- -- 2005 Lowest contract charges 0.50% Class B $ 7.55 -- -- -- 14.36% Highest contract charges 1.70% Class B $ 6.96 -- -- -- 12.98% All contract charges -- 14,003 $ 99,105 -- -- 2004 Lowest contract charges 0.50% Class B $ 6.60 -- -- -- 7.84% Highest contract charges 1.70% Class B $ 6.16 -- -- -- 6.54% All contract charges -- 16,193 $101,176 -- -- EQ/Large Cap Growth PLUS ------------------------ Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 11.59 -- -- -- (38.55)% Highest contract charges 1.70% Class B $ 10.06 -- -- -- (39.29)% All contract charges -- 4,156 $ 43,404 0.10% -- 2007 Lowest contract charges 0.50% Class B $ 18.86 -- -- -- 15.07% Highest contract charges 1.70% Class B $ 16.57 -- -- -- 13.65% All contract charges -- 4,958 $ 85,014 0.34% -- 2006 Lowest contract charges 0.50% Class B $ 16.39 -- -- -- 7.24% Highest contract charges 1.70% Class B $ 14.58 -- -- -- 5.95% All contract charges -- 5,886 $ 88,476 -- -- 2005 Lowest contract charges 0.50% Class B $ 15.29 -- -- -- 8.48% Highest contract charges 1.70% Class B $ 13.76 -- -- -- 7.18% All contract charges -- 7,269 $102,815 -- --
FSA-70 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ----------- --------------------------------------------------------------- Unit Units Outstanding Net Assets Investment Total value (000s) (000s) Income ratio** Return*** ----------- ------------------- ------------ ---------------- ------------- EQ/Large Cap Growth PLUS (Continued) ------------------------------------ 2004 Lowest contract charges 0.50% Class B $ 14.09 -- -- -- 12.06% Highest contract charges 1.70% Class B $ 12.84 -- -- -- 10.71% All contract charges -- 8,819 $116,063 -- -- EQ/Large Cap Value Index ------------------------ Unit Value 0.50% to 1.70% 2008 Lowest contract charges 0.50% Class B (e) $ 4.57 -- -- -- (56.93)% Highest contract charges 1.70% Class B (e) $ 4.39 -- -- -- (57.46)% All contract charges -- 341 $ 1,523 0.72% -- 2007 Lowest contract charges 0.50% Class B (e) $ 10.61 -- -- -- (6.35)% Highest contract charges 1.70% Class B (e) $ 10.32 -- -- -- (7.61)% All contract charges -- 706 $ 7,423 -- -- 2006 Lowest contract charges 0.50% Class B (e) $ 11.33 -- -- -- 6.30% Highest contract charges 1.70% Class B (e) $ 11.17 -- -- -- 5.02% All contract charges -- 320 $ 3,608 0.05% -- 2005 Lowest contract charges 0.50% Class B (e) $ 10.66 -- -- -- 6.62% Highest contract charges 1.70% Class B (e) $ 10.63 -- -- -- 6.31% All contract charges -- 61 $ 650 0.15% -- EQ/Large Cap Value PLUS (j) --------------------------- Unit Value 1.15%* 2008 1.15% Class A (l) $ 5.10 3,136 $ 15,999 2.68% 43.71% 2007 1.15% Class A (l) $ 9.06 4,100 $ 37,131 2.27% (9.40)% EQ/Large Cap Value PLUS (j) --------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 10.38 -- -- -- (43.62)% Highest contract charges 1.70% Class B $ 9.09 -- -- -- (44.27)% All contract charges -- 20,212 $164,159 2.68% -- 2007 Lowest contract charges 0.50% Class B $ 18.41 -- -- -- (5.05)% Highest contract charges 1.70% Class B $ 16.31 -- -- -- (6.16)% All contract charges -- 26,493 $387,603 2.27% -- 2006 Lowest contract charges 0.50% Class B $ 19.39 -- -- -- 20.78% Highest contract charges 1.70% Class B $ 17.38 -- -- -- 19.33% All contract charges -- 9,170 $163,663 1.52% -- 2005 Lowest contract charges 0.50% Class B $ 16.05 -- -- -- 4.91% Highest contract charges 1.70% Class B $ 14.57 -- -- -- 3.65% All contract charges -- 10,260 $153,051 1.10% -- 2004 Lowest contract charges 0.50% Class B $ 15.30 -- -- -- 12.88% Highest contract charges 1.70% Class B $ 14.06 -- -- -- 11.52% All contract charges -- 11,146 $159,958 1.32% -- EQ/Long Term Bond ----------------- Unit Value 0.50% to 1.70% 2008 Lowest contract charges 0.50% Class B (d) $ 11.37 -- -- -- 4.41% Highest contract charges 1.70% Class B (d) $ 10.88 -- -- -- 3.23% All contract charges -- 440 $ 4,832 4.78% -- 2007 Lowest contract charges 0.50% Class B (d) $ 10.89 -- -- -- 6.87% Highest contract charges 1.70% Class B (d) $ 10.54 -- -- -- 5.61% All contract charges -- 464 $ 4,921 4.28% -- 2006 Lowest contract charges 0.50% Class B (d) $ 10.19 -- -- -- 1.31% Highest contract charges 1.70% Class B (d) $ 9.98 -- -- -- 0.10% All contract charges -- 378 $ 3,792 3.95% -- 2005 Lowest contract charges 0.50% Class B (d) $ 10.06 -- -- -- 0.56% Highest contract charges 1.70% Class B (d) $ 9.98 -- -- -- (0.25)% All contract charges -- 326 $ 3,255 4.20% --
FSA-71 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ---------------------------------------------------------------------------- Unit Units Outstanding Net Assets Investment Total value (000s) (000s) Income ratio** Return*** ----------- ------------------- ------------ ---------------- -------------- EQ/Lord Abbett Growth and Income -------------------------------- Unit Value 0.50% to 1.70% 2008 Lowest contract charges 0.50% Class B (d) $ 8.08 -- -- -- (36.88)% Highest contract charges 1.70% Class B (d) $ 7.73 -- -- -- (37.61)% All contract charges -- 241 $ 1,876 1.26% -- 2007 Lowest contract charges 0.50% Class B (d) $ 12.80 -- -- -- 2.98% Highest contract charges 1.70% Class B (d) $ 12.39 -- -- -- 1.72% All contract charges -- 332 $ 4,143 1.00% -- 2006 Lowest contract charges 0.50% Class B (d) $ 12.43 -- -- -- 16.63% Highest contract charges 1.70% Class B (d) $ 12.18 -- -- -- 15.22% All contract charges -- 382 $ 4,671 1.57% -- 2005 Lowest contract charges 0.50% Class B (d) $ 10.66 -- -- -- 6.59% Highest contract charges 1.70% Class B (d) $ 10.57 -- -- -- 5.73% All contract charges -- 73 $ 774 1.34% -- EQ/Lord Abbett Large Cap Core ----------------------------- Unit Value 0.50% to 1.70% 2008 Lowest contract charges 0.50% Class B (d) $ 9.01 -- -- -- (31.27)% Highest contract charges 1.70% Class B (d) $ 8.62 -- -- -- (32.13)% All contract charges -- 276 $ 2,408 1.29% -- 2007 Lowest contract charges 0.50% Class B (d) $ 13.11 -- -- -- 10.08% Highest contract charges 1.70% Class B (d) $ 12.70 -- -- -- 8.83% All contract charges -- 138 $ 1,764 0.78% -- 2006 Lowest contract charges 0.50% Class B (d) $ 11.91 -- -- -- 12.13% Highest contract charges 1.70% Class B (d) $ 11.67 -- -- -- 10.78% All contract charges -- 111 $ 1,303 1.28% -- 2005 Lowest contract charges 0.50% Class B (d) $ 10.62 -- -- -- 6.21% Highest contract charges 1.70% Class B (d) $ 10.54 -- -- -- 5.40% All contract charges -- 58 $ 615 0.89% -- EQ/Lord Abbett Mid Cap Value ---------------------------- Unit Value 0.50% to 1.70% 2008 Lowest contract charges 0.50% Class B (d) $ 7.62 -- -- -- (39.28)% Highest contract charges 1.70% Class B (d) $ 7.29 -- -- -- (40.00)% All contract charges -- 578 $ 4,261 1.37% -- 2007 Lowest contract charges 0.50% Class B (d) $ 12.55 -- -- -- 0.08% Highest contract charges 1.70% Class B (d) $ 12.15 -- -- -- (1.14)% All contract charges -- 681 $ 8,334 0.53% -- 2006 Lowest contract charges 0.50% Class B (d) $ 12.54 -- -- -- 11.87% Highest contract charges 1.70% Class B (d) $ 12.29 -- -- -- 10.52% All contract charges -- 592 $ 7,315 1.10% -- 2005 Lowest contract charges 0.50% Class B (d) $ 11.21 -- -- -- 12.11% Highest contract charges 1.70% Class B (d) $ 11.12 -- -- -- 11.22% All contract charges -- 682 $ 7,598 1.53% -- EQ/Marsico Focus ---------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 11.60 -- -- -- (40.57)% Highest contract charges 1.70% Class B $ 10.61 -- -- -- (41.32)% All contract charges -- 3,497 $37,939 0.88% -- 2007 Lowest contract charges 0.50% Class B $ 19.52 -- -- -- 13.49% Highest contract charges 1.70% Class B $ 18.08 -- -- -- 12.09% All contract charges -- 3,964 $72,987 0.17% -- 2006 Lowest contract charges 0.50% Class B $ 17.20 -- -- -- 8.78% Highest contract charges 1.70% Class B $ 16.13 -- -- -- 7.47% All contract charges -- 4,481 $73,378 0.72% --
FSA-72 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ---------------------------------------------------------------------------- Units Outstanding Net Assets Investment Total Unit value (000s) (000s) Income ratio** Return*** ------------ ------------------- ------------ ---------------- ------------- EQ/Marsico Focus (Continued) ---------------------------- 2005 Lowest contract charges 0.50% Class B $ 15.82 -- -- -- 10.15% Highest contract charges 1.70% Class B $ 15.01 -- -- -- 8.83% All contract charges -- 4,494 $ 68,290 -- -- 2004 Lowest contract charges 0.50% Class B $ 14.36 -- -- -- 9.96% Highest contract charges 1.70% Class B $ 13.79 -- -- -- 8.63% All contract charges -- 4,111 $ 57,243 -- -- EQ/Mid Cap Index ---------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 7.36 -- -- -- (49.55)% Highest contract charges 1.70% Class B $ 6.66 -- -- -- (50.11)% All contract charges -- 3,909 $ 26,540 0.78% -- 2007 Lowest contract charges 0.50% Class B $ 14.59 -- -- -- 7.44% Highest contract charges 1.70% Class B $ 13.35 -- -- -- 6.21% All contract charges -- 4,894 $ 66,595 -- -- 2006 Lowest contract charges 0.50% Class B $ 13.58 -- -- -- 10.97% Highest contract charges 1.70% Class B $ 12.57 -- -- -- 9.63% All contract charges -- 5,941 $ 76,031 3.07% -- 2005 Lowest contract charges 0.50% Class B $ 12.23 -- -- -- 5.84% Highest contract charges 1.70% Class B $ 11.47 -- -- -- 4.56% All contract charges -- 7,030 $ 81,842 7.23% -- 2004 Lowest contract charges 0.50% Class B $ 11.56 -- -- -- 15.45% Highest contract charges 1.70% Class B $ 10.97 -- -- -- 14.06% All contract charges -- 7,409 $ 82,301 2.25% -- EQ/Mid Cap Value PLUS --------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 11.23 -- -- -- (39.85)% Highest contract charges 1.70% Class B $ 9.74 -- -- -- (40.61)% All contract charges -- 5,140 $ 51,712 1.30% -- 2007 Lowest contract charges 0.50% Class B $ 18.67 -- -- -- (2.10)% Highest contract charges 1.70% Class B $ 16.40 -- -- -- (3.30)% All contract charges -- 6,755 $114,184 0.93% -- 2006 Lowest contract charges 0.50% Class B $ 19.07 -- -- -- 11.92% Highest contract charges 1.70% Class B $ 16.96 -- -- -- 10.58% All contract charges -- 8,495 $148,186 0.29% -- 2005 Lowest contract charges 0.50% Class B $ 17.04 -- -- -- 10.77% Highest contract charges 1.70% Class B $ 15.34 -- -- -- 9.44% All contract charges -- 10,049 $158,052 4.50% -- 2004 Lowest contract charges 0.50% Class B $ 15.38 -- -- -- 17.26% Highest contract charges 1.70% Class B $ 14.02 -- -- -- 15.84% All contract charges -- 11,078 $158,871 2.52% -- EQ/Money Market --------------- Unit Value 1.15%* 2008 1.15% Class A $ 33.25 335 $ 1,107 2.05% 1.19% 2007 1.15% Class A $ 32.86 259 $ 8,522 4.62% 3.76% 2006 1.15% Class A $ 31.67 262 $ 8,297 4.46% 3.53% 2005 1.15% Class A $ 30.59 238 $ 7,289 2.56% 1.70% 2004 1.15% Class A $ 30.08 344 $ 10,358 0.79% (0.13)% EQ/Money Market --------------- Unit Value 0.00% to 1.70%* 2008 Lowest contract charges 0.00% Class B $ 44.43 -- -- -- 2.11% Highest contract charges 1.70% Class B $ 27.75 -- -- -- 0.36% All contract charges -- 4,855 $154,195 2.05% --
FSA-73 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, --------------------------------------------------------------------------- Units Outstanding Net Assets Investment Total Unit value (000s) (000s) Income ratio** Return*** ------------ ------------------- ------------ ---------------- ------------ EQ/Money Market (Continued) --------------------------- 2007 Lowest contract charges 0.00% Class B $ 43.51 -- -- -- 4.72% Highest contract charges 1.70% Class B $ 27.65 -- -- -- 2.94% All contract charges -- 3,848 $113,281 4.62% -- 2006 Lowest contract charges 0.00% Class B $ 41.55 -- -- -- 4.48% Highest contract charges 1.70% Class B $ 26.86 -- -- -- 2.71% All contract charges -- 3,874 $110,831 4.46% -- 2005 Lowest contract charges 0.00% Class B $ 39.77 -- -- -- 2.62% Highest contract charges 1.70% Class B $ 26.15 -- -- -- 0.88% All contract charges -- 3,949 $109,656 2.56% -- 2004 Lowest contract charges 0.00% Class B $ 38.75 -- -- -- 0.78% Highest contract charges 1.70% Class B $ 25.92 -- -- -- (0.94)% All contract charges -- 4,624 $127,203 0.79% -- EQ/Montag & Caldwell Growth --------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B (c) $ 4.22 -- -- -- (33.23)% Highest contract charges 1.70% Class B (c) $ 3.74 -- -- -- (33.92)% All contract charges -- 1,775 $ 6,830 0.27% -- 2007 Lowest contract charges 0.50% Class B (c) $ 6.32 -- -- -- 20.15% Highest contract charges 1.70% Class B (c) $ 5.66 -- -- -- 18.66% All contract charges -- 554 $ 3,227 0.29% -- 2006 Lowest contract charges 0.50% Class B (c) $ 5.26 -- -- -- 7.41% Highest contract charges 1.70% Class B (c) $ 4.77 -- -- -- 6.12% All contract charges -- 278 $ 1,361 0.19% -- 2005 Lowest contract charges 0.50% Class B (c) $ 4.90 -- -- -- 4.88% Highest contract charges 1.70% Class B (c) $ 4.49 -- -- -- 3.62% All contract charges -- 298 $ 1,371 0.41% -- 2004 Lowest contract charges 0.50% Class B (c) $ 4.67 -- -- -- 7.93% Highest contract charges 1.70% Class B (c) $ 4.34 -- -- -- 7.69% All contract charges -- 11 $ 48 0.51% -- EQ/Mutual Shares ---------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B (f) $ 6.69 -- -- -- (38.40)% Highest contract charges 1.70% Class B (f) $ 6.50 -- -- -- (39.20)% All contract charges -- 576 $ 3,775 3.34% -- 2007 Lowest contract charges 0.50% Class B (f) $ 10.86 -- -- -- 1.12% Highest contract charges 1.70% Class B (f) $ 10.69 -- -- -- (0.09)% All contract charges -- 678 $ 7,267 -- -- 2006 Lowest contract charges 0.50% Class B (f) $ 10.74 -- -- -- 7.38% Highest contract charges 1.70% Class B (f) $ 10.70 -- -- -- 6.98% All contract charges -- 141 $ 1,506 0.45% -- EQ/Oppenheimer Global --------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B (f) $ 6.90 -- -- -- (41.03)% Highest contract charges 1.70% Class B (f) $ 6.71 -- -- -- (41.70)% All contract charges -- 216 1,459 1.09% -- 2007 Lowest contract charges 0.50% Class B (f) $ 11.70 --. -- -- 5.22% Highest contract charges 1.70% Class B (f) $ 11.51 -- -- -- 3.88% All contract charges -- 236 $ 2,725 0.35% -- 2006 Lowest contract charges 0.50% Class B (f) $ 11.12 -- -- -- 11.23% Highest contract charges 1.70% Class B (f) $ 11.08 -- -- -- 10.82% All contract charges -- 47 $ 519 0.06% --
FSA-74 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ---------------------------------------------------------------------------- Unit Units Outstanding Net Assets Investment Total value (000s) (000s) Income ratio** Return*** ----------- ------------------- ------------ ---------------- -------------- EQ/Oppenheimer Main Street Opportunity -------------------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B (f) $ 6.87 -- -- -- (39.10)% Highest contract charges 1.70% Class B (f) $ 6.68 -- -- -- (39.82)% All contract charges -- 78 $ 527 0.65% -- 2007 Lowest contract charges 0.50% Class B (f) $ 11.28 -- -- -- 2.92% Highest contract charges 1.70% Class B (f) $ 11.10 -- -- -- 1.65% All contract charges -- 68 $ 756 -- -- 2006 Lowest contract charges 0.50% Class B (f) $ 10.96 -- -- -- 9.61% Highest contract charges 1.70% Class B (f) $ 10.92 -- -- -- 9.20% All contract charges -- 29 $ 322 1.99% -- EQ/Oppenheimer Main Street Small Cap ------------------------------------ Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B (f) $ 6.68 -- -- -- (38.60)% Highest contract charges 1.70% Class B (f) $ 6.50 -- -- -- (39.25)% All contract charges -- 86 $ 559 0.06% -- 2007 Lowest contract charges 0.50% Class B (f) $ 10.88 -- -- -- (2.25)% Highest contract charges 1.70% Class B (f) $ 10.70 -- -- -- (3.52)% All contract charges -- 98 $ 1,048 0.37% -- 2006 Lowest contract charges 0.50% Class B (f) $ 11.13 -- -- -- 11.28% Highest contract charges 1.70% Class B (f) $ 11.09 -- -- -- 10.86% All contract charges -- 36 $ 400 1.49% -- EQ/PIMCO Real Return -------------------- Unit Value 0.50% to 1.70% 2008 Lowest contract charges 0.50% Class B (d) $ 10.57 -- -- -- (4.52)% Highest contract charges 1.70% Class B (d) $ 10.11 -- -- -- (5.69)% All contract charges -- 3,408 $34,789 3.23% -- 2007 Lowest contract charges 0.50% Class B (d) $ 11.07 -- -- -- 10.92% Highest contract charges 1.70% Class B (d) $ 10.72 -- -- -- 9.61% All contract charges -- 1,487 $16,050 3.24% -- 2006 Lowest contract charges 0.50% Class B (d) $ 9.98 -- -- -- (0.11)% Highest contract charges 1.70% Class B (d) $ 9.78 -- -- -- (1.31)% All contract charges -- 1,072 $10,531 4.50% -- 2005 Lowest contract charges 0.50% Class B (d) $ 9.99 -- -- -- (0.09)% Highest contract charges 1.70% Class B (d) $ 9.91 -- -- -- (0.89)% All contract charges -- 782 $ 7,766 5.60% -- EQ/Quality Bond PLUS -------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 17.75 -- -- -- (7.02)% Highest contract charges 1.70% Class B $ 14.75 -- -- -- (8.16)% All contract charges -- 860 $13,225 5.01% -- 2007 Lowest contract charges 0.50% Class B $ 19.09 -- -- -- 4.03% Highest contract charges 1.70% Class B $ 16.06 -- -- -- 2.75% All contract charges -- 1,044 $17,419 4.60% -- 2006 Lowest contract charges 0.50% Class B $ 18.35 -- -- -- 3.30% Highest contract charges 1.70% Class B $ 15.63 -- -- -- 2.06% All contract charges -- 1,222 $19,815 3.51% -- 2005 Lowest contract charges 0.50% Class B $ 17.77 -- -- -- 1.49% Highest contract charges 1.70% Class B $ 15.31 -- -- -- 0.27% All contract charges -- 1,582 $25,077 3.87% -- 2004 Lowest contract charges 0.50% Class B $ 17.51 -- -- -- 3.23% Highest contract charges 1.70% Class B $ 15.27 -- -- -- 1.98% All contract charges -- 1,526 $24,056 3.79% --
FSA-75 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, --------------------------------------------------------------------------- Unit Units Outstanding Net Assets Investment Total value (000s) (000s) Income ratio** Return*** ----------- ------------------- ------------ ---------------- ------------- EQ/Short Duration Bond ---------------------- Unit Value 0.50% to 1.70% 2008 Lowest contract charges 0.50% Class B (d) $ 10.61 -- -- -- (2.48)% Highest contract charges 1.70% Class B (d) $ 10.15 -- -- -- (3.61)% All contract charges -- 491 $ 5,028 6.44% -- 2007 Lowest contract charges 0.50% Class B (d) $ 10.88 -- -- -- 4.82% Highest contract charges 1.70% Class B (d) $ 10.53 -- -- -- 3.54% All contract charges -- 468 $ 4,950 3.94% -- 2006 Lowest contract charges 0.50% Class B (d) $ 10.38 -- -- -- 3.44% Highest contract charges 1.70% Class B (d) $ 10.17 -- -- -- 2.20% All contract charges -- 504 $ 5,152 3.61% -- 2005 Lowest contract charges 0.50% Class B (d) $ 10.04 -- -- -- 0.36% Highest contract charges 1.70% Class B (d) $ 9.96 -- -- -- (0.44)% All contract charges -- 229 $ 2,289 2.01% -- EQ/Small Company Index ---------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 11.85 -- -- -- (34.49)% Highest contract charges 1.70% Class B $ 10.37 -- -- -- (35.27)% All contract charges -- 1,489 $15,941 0.79% -- 2007 Lowest contract charges 0.50% Class B $ 18.09 -- -- -- (2.32)% Highest contract charges 1.70% Class B $ 16.02 -- -- -- (3.49)% All contract charges -- 1,780 $29,335 1.22% -- 2006 Lowest contract charges 0.50% Class B $ 18.52 -- -- -- 17.12% Highest contract charges 1.70% Class B $ 16.60 -- -- -- 15.71% All contract charges -- 2,142 $36,481 1.21% -- 2005 Lowest contract charges 0.50% Class B $ 15.81 -- -- -- 3.74% Highest contract charges 1.70% Class B $ 14.35 -- -- -- 2.49% All contract charges -- 2,338 $34,342 1.07% -- 2004 Lowest contract charges 0.50% Class B $ 15.24 -- -- -- 17.08% Highest contract charges 1.70% Class B $ 14.00 -- -- -- 15.67% All contract charges -- 2,744 $39,236 2.29% -- EQ/T. Rowe Price Growth Stock (h) --------------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B (c) $ 11.86 -- -- -- (42.51)% Highest contract charges 1.70% Class B (c) $ 9.26 -- -- -- (43.19)% All contract charges -- 891 $ 8,606 -- -- 2007 Lowest contract charges 0.50% Class B (c) $ 20.63 -- -- -- 6.67% Highest contract charges 1.70% Class B (c) $ 16.30 -- -- -- 5.43% All contract charges -- 1,038 $17,635 0.14% -- 2006 Lowest contract charges 0.50% Class B (c) $ 19.34 -- -- -- (4.49)% Highest contract charges 1.70% Class B (c) $ 15.46 -- -- -- (5.64)% All contract charges -- 100 $ 1,627 -- -- 2005 Lowest contract charges 0.50% Class B (c) $ 20.25 -- -- -- 3.47% Highest contract charges 1.70% Class B (c) $ 16.39 -- -- -- 2.22% All contract charges -- 113 $ 1,942 -- -- 2004 Lowest contract charges 0.50% Class B (c) $ 19.57 -- -- -- 12.32% Highest contract charges 1.70% Class B (c) $ 16.03 -- -- -- 12.07% All contract charges -- 21 $ 359 -- -- EQ/Templeton Growth ------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B (f) $ 6.45 -- -- -- (41.15)% Highest contract charges 1.70% Class B (f) $ 6.27 -- -- -- (41.84)% All contract charges -- 356 $ 2,250 1.47% --
FSA-76 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, --------------------------------------------------------------------------- Unit Units Outstanding Net Assets Investment Total value (000s) (000s) Income ratio** Return*** ----------- ------------------- ------------ ---------------- ------------- EQ/Templeton Growth (Continued) ------------------------------- 2007 Lowest contract charges 0.50% Class B (f) $ 10.96 -- -- -- 1.58% Highest contract charges 1.70% Class B (f) $ 10.78 -- -- -- 0.28% All contract charges -- 463 $ 5,015 0.58% -- 2006 Lowest contract charges 0.50% Class B (f) $ 10.79 -- -- -- 7.86% Highest contract charges 1.70% Class B (f) $ 10.75 -- -- -- 7.46% All contract charges -- 148 $ 1,593 0.35% -- EQ/UBS Growth and Income ------------------------ Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B (c) $ 4.02 -- -- -- (40.36)% Highest contract charges 1.70% Class B (c) $ 3.56 -- -- -- (41.06)% All contract charges -- 382 $ 1,403 1.14% -- 2007 Lowest contract charges 0.50% Class B (c) $ 6.74 -- -- -- 0.60% Highest contract charges 1.70% Class B (c) $ 6.04 -- -- -- (0.49)% All contract charges -- 506 $ 3,135 0.69% -- 2006 Lowest contract charges 0.50% Class B (c) $ 6.70 -- -- -- 13.58% Highest contract charges 1.70% Class B (c) $ 6.07 -- -- -- 12.22% All contract charges -- 567 $ 3,532 0.85% -- 2005 Lowest contract charges 0.50% Class B (c) $ 5.90 -- -- -- 8.46% Highest contract charges 1.70% Class B (c) $ 5.41 -- -- -- 7.16% All contract charges -- 371 $ 2,058 1.67% -- 2004 Lowest contract charges 0.50% Class B (c) $ 5.44 -- -- -- 11.67% Highest contract charges 1.70% Class B (c) $ 5.05 -- -- -- 11.43% All contract charges -- 20 $ 106 4.29% -- EQ/Van Kampen Comstock ---------------------- Unit Value 0.50% to 1.70% 2008 Lowest contract charges 0.50% Class B (d) $ 7.36 -- -- -- (37.25)% Highest contract charges 1.70% Class B (d) $ 7.04 -- -- -- (38.03)% All contract charges -- 628 $ 4,511 2.39% -- 2007 Lowest contract charges 0.50% Class B (d) $ 11.73 -- -- -- (3.06)% Highest contract charges 1.70% Class B (d) $ 11.36 -- -- -- (4.14)% All contract charges -- 491 $ 5,623 0.84% -- 2006 Lowest contract charges 0.50% Class B (d) $ 12.10 -- -- -- 15.33% Highest contract charges 1.70% Class B (d) $ 11.85 -- -- -- 13.94% All contract charges -- 1,041 $ 12,470 2.74% -- 2005 Lowest contract charges 0.50% Class B (d) $ 10.49 -- -- -- 4.88% Highest contract charges 1.70% Class B (d) $ 10.40 -- -- -- 4.04% All contract charges -- 714 $ 7,466 1.83% -- EQ/Van Kampen Emerging Markets Equity ------------------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 12.25 -- -- -- (57.55)% Highest contract charges 1.70% Class B $ 10.67 -- -- -- (58.07)% All contract charges -- 4,221 $ 46,562 0.13% -- 2007 Lowest contract charges 0.50% Class B $ 28.86 -- -- -- 41.26% Highest contract charges 1.70% Class B $ 25.45 -- -- -- 39.61% All contract charges -- 5,020 $131,723 -- -- 2006 Lowest contract charges 0.50% Class B $ 20.43 -- -- -- 36.37% Highest contract charges 1.70% Class B $ 18.23 -- -- -- 34.73% All contract charges -- 5,635 $105,586 0.40% -- 2005 Lowest contract charges 0.50% Class B $ 14.98 -- -- -- 32.12% Highest contract charges 1.70% Class B $ 13.53 -- -- -- 30.53% All contract charges -- 5,750 $ 79,754 0.56% -- 2004 Lowest contract charges 0.50% Class B $ 11.34 -- -- -- 23.06% Highest contract charges 1.70% Class B $ 10.37 -- -- -- 21.58% All contract charges -- 5,252 $ 55,642 0.66% --
FSA-77 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ---------------------------------------------------------------------------- Unit Units Outstanding Net Assets Investment Total value (000s) (000s) Income ratio** Return*** ----------- ------------------- ------------ ---------------- -------------- EQ/Van Kampen Mid Cap Growth ---------------------------- Unit Value 0.50% to 1.70% 2008 Lowest contract charges 0.50% Class B (d) $ 8.64 -- -- -- (47.57)% Highest contract charges 1.70% Class B (d) $ 8.26 -- -- -- (48.21)% All contract charges -- 821 $ 6,886 -- -- 2007 Lowest contract charges 0.50% Class B (d) $ 16.48 -- -- -- 21.80% Highest contract charges 1.70% Class B (d) $ 15.95 -- -- -- 20.29% All contract charges -- 530 $ 8,521 0.39% -- 2006 Lowest contract charges 0.50% Class B (d) $ 13.53 -- -- -- 8.71% Highest contract charges 1.70% Class B (d) $ 13.26 -- -- -- 7.40% All contract charges -- 196 $ 2,607 0.34% -- 2005 Lowest contract charges 0.50% Class B (d) $ 12.44 -- -- -- 24.44% Highest contract charges 1.70% Class B (d) $ 12.34 -- -- -- 23.44% All contract charges -- 168 $ 2,077 -- -- Multimanager Aggressive Equity ------------------------------ Unit Value 1.15%* 2008 1.15% Class A $ 37.23 154 $ 5,733 0.37% (47.16)% 2007 1.15% Class A $ 70.46 186 $13,100 0.03% 10.37% 2006 1.15% Class A $ 63.84 227 $14,485 0.05% 4.16% 2005 1.15% Class A $ 61.29 270 $16,518 -- 7.23% 2004 1.15% Class A $ 57.16 320 $18,274 -- 11.08% Multimanager Aggressive Equity ------------------------------ Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 41.97 -- -- -- (46.95)% Highest contract charges 1.70% Class B $ 31.77 -- -- -- (47.59)% All contract charges -- 342 $11,917 0.37% -- 2007 Lowest contract charges 0.50% Class B $ 79.11 -- -- -- 10.83% Highest contract charges 1.70% Class B $ 60.62 -- -- -- 9.48% All contract charges -- 417 $27,546 0.03% -- 2006 Lowest contract charges 0.50% Class B $ 71.38 -- -- -- 4.59% Highest contract charges 1.70% Class B $ 55.37 -- -- -- 3.33% All contract charges -- 534 $32,006 0.05% -- 2005 Lowest contract charges 0.50% Class B $ 68.25 -- -- -- 7.66% Highest contract charges 1.70% Class B $ 53.59 -- -- -- 6.37% All contract charges -- 658 $38,064 -- -- 2004 Lowest contract charges 0.50% Class B $ 63.39 -- -- -- 11.54% Highest contract charges 1.70% Class B $ 50.38 -- -- -- 10.19% All contract charges -- 770 $41,681 -- -- Multimanager Core Bond ---------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 12.94 -- -- -- (1.97)% Highest contract charges 1.70% Class B $ 11.89 -- -- -- (0.76)% All contract charges -- 2,816 $34,157 4.86% -- 2007 Lowest contract charges 0.50% Class B $ 12.69 -- -- -- 5.66% Highest contract charges 1.70% Class B $ 11.80 -- -- -- 4.42% All contract charges -- 3,034 $36,328 4.10% -- 2006 Lowest contract charge 0.50% Class B $ 12.01 -- -- -- 3.25% Highest contract charge 1.70% Class B $ 11.30 -- -- -- 2.01% All contract charges -- 3,476 $39,740 4.10% -- 2005 Lowest contract charge 0.50% Class B $ 11.63 -- -- -- 1.24% Highest contract charge 1.70% Class B $ 11.08 -- -- -- 0.02% All contract charges -- 4,117 $46,047 3.45% -- 2004 Lowest contract charge 0.50% Class B $ 11.49 -- -- -- 3.37% Highest contract charge 1.70% Class B $ 11.07 -- -- -- 2.12% All contract charges -- 4,655 $51,923 3.15% --
FSA-78 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ----------------------------------------------------------------------------- Units Outstanding Net Assets Investment Total Unit value (000s) (000s) Income ratio** Return*** ------------ ------------------- ------------ ---------------- -------------- Multimanager Health Care ------------------------ Unit Value 0.50% to 1.70%* 2008 Lowest contract charge 0.50% Class B $ 9.96 -- -- -- (27.19)% Highest contract charge 1.70% Class B $ 9.15 -- -- -- (28.07)% All contract charges -- 992 $ 9,261 -- -- 2007 Lowest contract charge 0.50% Class B $ 13.68 -- -- -- 8.49% Highest contract charge 1.70% Class B $ 12.72 -- -- -- 7.16% All contract charges -- 947 $ 12,246 -- -- 2006 Lowest contract charge 0.50% Class B $ 12.61 -- -- -- 4.61% Highest contract charge 1.70% Class B $ 11.87 -- -- -- 3.35% All contract charges -- 1,212 $ 14,588 1.00% -- 2005 Lowest contract charge 0.50% Class B $ 12.06 -- -- -- 6.43% Highest contract charge 1.70% Class B $ 11.49 -- -- -- 5.15% All contract charges -- 1,418 $ 16,462 2.49% -- 2004 Lowest contract charge 0.50% Class B $ 11.33 -- -- -- 11.57% Highest contract charge 1.70% Class B $ 10.93 -- -- -- 10.22% All contract charges -- 1,500 $ 16,508 3.77% -- Multimanager High Yield ----------------------- Unit Value 1.15%* 2008 1.15% Class A $ 26.89 59 $ 1,590 8.44% (24.21)% 2007 1.15% Class A $ 35.48 76 $ 2,697 6.89% 2.22% 2006 1.15% Class A $ 34.71 93 $ 3,231 6.41% 8.94% 2005 1.15% Class A $ 31.86 110 $ 3,518 7.18% 2.13% 2004 1.15% Class A $ 31.20 132 $ 4,123 6.32% 7.69% Multimanager High Yield ----------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 30.12 -- -- -- (23.90)% Highest contract charges 1.70% Class B $ 23.07 -- -- -- (24.80)% All contract charges -- 1,640 $ 40,215 8.44% -- 2007 Lowest contract charges 0.50% Class B $ 39.58 -- -- -- 2.62% Highest contract charges 1.70% Class B $ 30.68 -- -- -- 1.39% All contract charges -- 2,228 $ 72,319 6.89% -- 2006 Lowest contract charges 0.50% Class B $ 38.57 -- -- -- 9.38% Highest contract charges 1.70% Class B $ 30.26 -- -- -- 8.07% All contract charges -- 2,673 $ 85,394 6.41% -- 2005 Lowest contract charges 0.50% Class B $ 35.26 -- -- -- 2.55% Highest contract charges 1.70% Class B $ 28.00 -- -- -- 1.31% All contract charges -- 3,191 $ 94,122 7.18% -- 2004 Lowest contract charges 0.50% Class B $ 34.38 -- -- -- 8.13% Highest contract charges 1.70% Class B $ 27.64 -- -- -- 6.82% All contract charges -- 3,675 $106,800 6.32% -- Multimanager International Equity --------------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charge 0.50% Class B $ 10.39 -- -- -- (47.47)% Highest contract charge 1.70% Class B $ 9.54 -- -- -- (48.12)% All contract charges -- 1,334 $ 12,979 1.46% -- 2007 Lowest contract charge 0.50% Class B $ 19.78 -- -- -- 11.88% Highest contract charge 1.70% Class B $ 18.39 -- -- -- 10.52% All contract charges -- 1,545 $ 28,884 0.65% -- 2006 Lowest contract charge 0.50% Class B $ 17.68 -- -- -- 24.69% Highest contract charge 1.70% Class B $ 16.64 -- -- -- 23.19% All contract charges -- 1,786 $ 30,134 2.11% -- 2005 Lowest contract charge 0.50% Class B $ 14.18 -- -- -- 14.87% Highest contract charge 1.70% Class B $ 13.51 -- -- -- 13.48% All contract charges -- 1,608 $ 21,954 3.83% --
FSA-79 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ---------------------------------------------------------------------------- Units Outstanding Net Assets Investment Total Unit value (000s) (000s) Income ratio** Return*** ------------ ------------------- ------------ ---------------- ------------- Multimanager International Equity (Continued) --------------------------------------------- 2004 Lowest contract charge 0.50% Class B $ 12.35 -- -- -- 17.32% Highest contract charge 1.70% Class B $ 11.90 -- -- -- 15.90% All contract charges -- 1,633 $19,579 2.14% -- Multimanager Large Cap Core Equity ---------------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charge 0.50% Class B $ 8.09 -- -- -- (39.85)% Highest contract charge 1.70% Class B $ 7.43 -- -- -- (40.56)% All contract charges -- 463 $ 3,499 0.45% -- 2007 Lowest contract charge 0.50% Class B $ 13.45 -- -- -- 4.51% Highest contract charge 1.70% Class B $ 12.50 -- -- -- 3.22% All contract charges -- 625 $ 7,927 0.39% -- 2006 Lowest contract charge 0.50% Class B $ 12.87 -- -- -- 13.01% Highest contract charge 1.70% Class B $ 12.11 -- -- -- 11.65% All contract charges -- 721 $ 8,833 0.56% -- 2005 Lowest contract charge 0.50% Class B $ 11.39 -- -- -- 6.20% Highest contract charge 1.70% Class B $ 10.85 -- -- -- 4.92% All contract charges -- 854 $ 9,357 0.76% -- 2004 Lowest contract charge 0.50% Class B $ 10.72 -- -- -- 9.13% Highest contract charge 1.70% Class B $ 10.34 -- -- -- 7.81% All contract charges -- 973 $10,142 2.19% -- Multimanager Large Cap Growth ----------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charge 0.50% Class B $ 6.05 -- -- -- (45.64)% Highest contract charge 1.70% Class B $ 5.56 -- -- -- (46.28)% All contract charges -- 922 $ 5,223 -- -- 2007 Lowest contract charge 0.50% Class B $ 11.13 -- -- -- 10.64% Highest contract charge 1.70% Class B $ 10.35 -- -- -- 9.29% All contract charges -- 1,117 $11,737 -- -- 2006 Lowest contract charge 0.50% Class B $ 10.06 -- -- -- (0.39)% Highest contract charge 1.70% Class B $ 9.47 -- -- -- (1.59)% All contract charges -- 1,480 $14,194 -- -- 2005 Lowest contract charge 0.50% Class B $ 10.10 -- -- -- 6.95% Highest contract charge 1.70% Class B $ 9.62 -- -- -- 5.67% All contract charges -- 1,677 $16,297 -- -- 2004 Lowest contract charge 0.50% Class B $ 9.44 -- -- -- 6.13% Highest contract charge 1.70% Class B $ 9.10 -- -- -- 4.85% All contract charges -- 1,855 $17,016 -- -- Multimanager Large Cap Value ---------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charge 0.50% Class B $ 9.62 -- -- -- (37.73)% Highest contract charge 1.70% Class B $ 8.83 -- -- -- (38.55)% All contract charges -- 1,342 $12,087 1.25% -- 2007 Lowest contract charge 0.50% Class B $ 15.45 -- -- -- 3.07% Highest contract charge 1.70% Class B $ 14.37 -- -- -- 1.91% All contract charges -- 1,619 $23,654 1.07% -- 2006 Lowest contract charge 0.50% Class B $ 14.99 -- -- -- 18.73% Highest contract charge 1.70% Class B $ 14.10 -- -- -- 17.30% All contract charges -- 1,786 $25,531 2.61% -- 2005 Lowest contract charge 0.50% Class B $ 12.62 -- -- -- 6.56% Highest contract charge 1.70% Class B $ 12.02 -- -- -- 5.28% All contract charges -- 1,819 $22,104 2.85% -- 2004 Lowest contract charge 0.50% Class B $ 11.84 -- -- -- 13.85% Highest contract charge 1.70% Class B $ 11.42 -- -- -- 12.48% All contract charges -- 1,724 $19,852 6.21% --
FSA-80 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ---------------------------------------------------------------------------- Unit Units Outstanding Net Assets Investment Total value (000s) (000s) Income ratio** Return*** ----------- ------------------- ------------ ---------------- -------------- Multimanager Mid Cap Growth --------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charge 0.50% Class B $ 7.13 -- -- -- (43.86)% Highest contract charge 1.70% Class B $ 6.55 -- -- -- (44.54)% All contract charges -- 1,350 $ 9,013 -- -- 2007 Lowest contract charge 0.50% Class B $ 12.70 -- -- -- 11.31% Highest contract charge 1.70% Class B $ 11.81 -- -- -- 9.96% All contract charges -- 1,704 $20,433 -- -- 2006 Lowest contract charge 0.50% Class B $ 11.41 -- -- -- 9.07% Highest contract charge 1.70% Class B $ 10.74 -- -- -- 7.76% All contract charges -- 2,017 $21,934 0.51% -- 2005 Lowest contract charge 0.50% Class B $ 10.46 -- -- -- 7.84% Highest contract charge 1.70% Class B $ 9.96 -- -- -- 6.55% All contract charges -- 2,393 $24,089 1.55% -- 2004 Lowest contract charge 0.50% Class B $ 9.70 -- -- -- 11.17% Highest contract charge 1.70% Class B $ 9.35 -- -- -- 9.83% All contract charges -- 2,748 $25,891 1.55% -- Multimanager Mid Cap Value -------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charge 0.50% Class B $ 9.22 -- -- -- (36.28)% Highest contract charge 1.70% Class B $ 8.47 -- -- -- (37.07)% All contract charges -- 1,224 $10,559 0.46% -- 2007 Lowest contract charge 0.50% Class B $ 14.47 -- -- -- (0.41)% Highest contract charge 1.70% Class B $ 13.46 -- -- -- (1.61)% All contract charges -- 1,372 $18,748 -- -- 2006 Lowest contract charge 0.50% Class B $ 14.53 -- -- -- 14.16% Highest contract charge 1.70% Class B $ 13.68 -- -- -- 12.79% All contract charges -- 1,931 $26,757 1.63% -- 2005 Lowest contract charge 0.50% Class B $ 12.73 -- -- -- 6.81% Highest contract charge 1.70% Class B $ 12.13 -- -- -- 5.53% All contract charges -- 2,164 $26,520 6.25% -- 2004 Lowest contract charge 0.50% Class B $ 11.92 -- -- -- 14.61% Highest contract charge 1.70% Class B $ 11.49 -- -- -- 13.23% All contract charges -- 2,950 $34,188 3.92% -- Multimanager Small Cap Growth (i) --------------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B (c) $ 5.60 -- -- -- (42.39)% Highest contract charges 1.70% Class B (c) $ 4.95 -- -- -- (43.17)% All contract charges -- 811 $ 4,168 -- -- 2007 Lowest contract charges 0.50% Class B (c) $ 9.72 -- -- -- 3.18% Highest contract charges 1.70% Class B (c) $ 8.71 -- -- -- 1.99% All contract charges -- 1,163 $10,398 -- -- 2006 Lowest contract charges 0.50% Class B (c) $ 9.42 -- -- -- 9.66% Highest contract charges 1.70% Class B (c) $ 8.54 -- -- -- 8.34% All contract charges -- 734 $ 6,421 1.54% -- 2005 Lowest contract charges 0.50% Class B (c) $ 8.59 -- -- -- 6.95% Highest contract charges 1.70% Class B (c) $ 7.89 -- -- -- 5.67% All contract charges -- 441 $ 3,552 3.12% -- 2004 Lowest contract charges 0.50% Class B (c) $ 8.04 -- -- -- 14.09% Highest contract charges 1.70% Class B (c) $ 7.46 -- -- -- 13.83% All contract charges -- 123 $ 937 -- --
FSA-81 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 45 Notes to Financial Statements (Concluded) December 31, 2008 8. Accumulation Unit Values (Concluded) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ----------------------------------------------------------------------------- Units Outstanding Net Assets Investment Total Unit value (000s) (000s) Income ratio** Return*** ------------ ------------------- ------------ ---------------- -------------- Multimanager Small Cap Value ---------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charges 0.50% Class B $ 11.78 -- -- -- (38.20)% Highest contract charges 1.70% Class B $ 10.31 -- -- -- (38.92)% All contract charges -- 1,103 $11,746 0.22% -- 2007 Lowest contract charges 0.50% Class B $ 19.06 -- -- -- (10.31)% Highest contract charges 1.70% Class B $ 16.88 -- -- -- (11.39)% All contract charges -- 1,623 $28,199 0.27% -- 2006 Lowest contract charges 0.50% Class B $ 21.25 -- -- -- 15.53% Highest contract charges 1.70% Class B $ 19.05 -- -- -- 14.14% All contract charges -- 2,245 $43,882 5.12% -- 2005 Lowest contract charges 0.50% Class B $ 18.39 -- -- -- 4.16% Highest contract charges 1.70% Class B $ 16.69 -- -- -- 2.91% All contract charges -- 2,709 $46,249 4.27% -- 2004 Lowest contract charges 0.50% Class B $ 17.65 -- -- -- 16.52% Highest contract charges 1.70% Class B $ 16.22 -- -- -- 15.12% All contract charges -- 2,865 $47,417 5.86% -- Multimanager Technology (b) --------------------------- Unit Value 0.50% to 1.70%* 2008 Lowest contract charge 0.50% Class B $ 6.85 -- -- -- (47.35)% Highest contract charge 1.70% Class B $ 6.29 -- -- -- (48.02)% All contract charges -- 2,388 $15,263 -- -- 2007 Lowest contract charge 0.50% Class B $ 13.01 -- -- -- 17.63% Highest contract charge 1.70% Class B $ 12.10 -- -- -- 16.23% All contract charges -- 2,895 $35,481 -- -- 2006 Lowest contract charge 0.50% Class B $ 11.06 -- -- -- 6.76% Highest contract charge 1.70% Class B $ 10.41 -- -- -- 5.48% All contract charges -- 3,420 $35,985 -- -- 2005 Lowest contract charge 0.50% Class B $ 10.36 -- -- -- 10.71% Highest contract charge 1.70% Class B $ 9.87 -- -- -- 9.38% All contract charges -- 4,223 $42,059 -- -- 2004 Lowest contract charge 0.50% Class B $ 9.36 -- -- -- 4.46% Highest contract charge 1.70% Class B $ 9.02 -- -- -- 3.20% All contract charges -- 5,125 $46,563 1.09% --
---------- (a) Units were made available for sale on February 13, 2004. (b) A substitution of Multimanager Technology for EQ/Technology occurred on May 14, 2004. (c) Units were made available for sale on October 25, 2004. (d) Units were made available for sale on May 9, 2005. (e) Units were made available for sale on October 17, 2005. (f) Units were made available for sale on September 18, 2006. (g) A substitution of EQ/Capital Guardian Research was made for EQ/Capital Guardian U.S. Equity on July 6, 2007. (h) A substitution of EQ/T. Rowe Price Growth Stock was made for EQ/Janus Large Cap Growth on July 6, 2007. (i) A substitution of Multimanager Small Cap Growth was made for EQ/Wells Fargo Montgomery Small Cap on July 6, 2007. (j) A substitution of EQ/Large Cap Value PLUS was made for EQ/AllianceBernstein Growth and Income on August 17, 2007. (k) Units were made available for sale on May 29, 2007. (l) Units were made available for sale on July 2, 2007. * Expenses as a percentage of average net assets (0.00%, 0.50%, 1.15%, 1.70% annualized) consisting primarily of mortality and expense charges, for each period indicated. The ratios included only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner account through the redemption of units and expenses of the underlying fund have been excluded. The summary may not reflect the minimum and maximum contract charges offered by the Company as contractowners may not have selected all available and applicable contract options. ** The Investment Income ratio represent the dividends, excluding distributions of capital gains, received by the Account from the underlying mutual fund, net of trust fees and expenses, divided by the average net assets. These ratios exclude those expenses, such as asset-based charges, that result in direct reductions in the unit values. The recognition of investment income by the Account is affected by the timing of the declaration of dividends by the underlying fund in which the Account invests. *** These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for each period indicated from the effective date through the end of the reporting period. FSA-82 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 INDEX TO FINANCIAL STATEMENTS Report of Independent Registered Public Accounting Firm................. FSA-2 Financial Statements: Statements of Assets and Liabilities, December 31, 2008.............. FSA-3 Statements of Operations for the Year Ended December 31, 2008........ FSA-35 Statements of Changes in Net Assets for the Years Ended December 31, 2008 and 2007......................................... FSA-48 Notes to Financial Statements........................................ FSA-74 AXA EQUITABLE LIFE INSURANCE COMPANY INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Report of Independent Registered Public Accounting Firm................. F-1 Consolidated Financial Statements: Consolidated Balance Sheets, December 31, 2008 and 2007.............. F-2 Consolidated Statements of Earnings, Years Ended December 31, 2008, 2007 and 2006...................................................... F-3 Consolidated Statements of Shareholder's Equity and Comprehensive Income, Years Ended December 31, 2008, 2007 and 2006............... F-4 Consolidated Statements of Cash Flows, Years Ended December 31, 2008, 2007 and 2006................................... F-5 Notes to Consolidated Financial Statements........................... F-7 FSA-1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors of AXA Equitable Life Insurance Company and Contractowners of Separate Account No. 49 of AXA Equitable Life Insurance Company: In our opinion, the accompanying statements of assets and liabilities and the related statements of operations and of changes in net assets present fairly, in all material respects, the financial position of each of the separate Variable Investment Options, as listed in Note 1 to such financial statements, of AXA Equitable Life Insurance Company ("AXA Equitable") Separate Account No. 49 at December 31, 2008, the results of each of their operations and the changes in each of their net assets for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of AXA Equitable's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of investments at December 31, 2008 by correspondence with the underlying funds' transfer agents, provide a reasonable basis for our opinion. PricewaterhouseCoopers LLP New York, New York April 9, 2009 FSA-2 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 2008
AXA Aggressive AXA Conservative AXA Conservative-Plus Allocation Allocation Allocation --------------- ---------------- --------------------- Assets: Investment in shares of The Trusts, at fair value........... $2,198,631,703 $1,340,768,352 $1,241,918,705 Receivable for The Trusts shares sold....................... -- 2,744,531 -- Receivable for policy-related transactions.................. 2,024,597 -- 1,357,385 -------------- -------------- -------------- Total assets.............................................. 2,200,656,300 1,343,512,883 1,243,276,090 -------------- -------------- -------------- Liabilities: Payable for The Trusts shares purchased..................... 2,024,597 -- 1,357,385 Payable for policy-related transactions..................... -- 2,744,531 -- -------------- -------------- -------------- Total liabilities......................................... 2,024,597 2,744,531 1,357,385 -------------- -------------- -------------- Net Assets.................................................. $2,198,631,703 $1,340,768,352 $1,241,918,705 ============== ============== ============== Net Assets: Accumulation Units.......................................... 2,198,544,523 1,340,727,854 1,241,651,047 Retained by AXA Equitable in Separate Account No. 49........ 87,180 40,498 267,658 -------------- -------------- -------------- Total net assets............................................ $2,198,631,703 $1,340,768,352 $1,241,918,705 ============== ============== ============== Investments in shares of The Trusts, at cost................ $3,607,878,894 $1,507,814,118 $1,557,082,455 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 269,693,609 146,807,062 142,190,324 AXA Moderate AXA Moderate-Plus EQ/AllianceBernstein Allocation Allocation Common Stock --------------- ----------------- -------------------- Assets: Investment in shares of The Trusts, at fair value........... $5,362,020,192 $ 8,197,834,399 $617,645,189 Receivable for The Trusts shares sold....................... -- -- 182,224 Receivable for policy-related transactions.................. 6,480,626 6,291,147 -- -------------- --------------- ------------ Total assets.............................................. 5,368,500,818 8,204,125,546 617,827,413 -------------- --------------- ------------ Liabilities: Payable for The Trusts shares purchased..................... 6,480,626 6,291,147 -- Payable for policy-related transactions..................... -- -- 182,224 -------------- --------------- ------------ Total liabilities......................................... 6,480,626 6,291,147 182,224 -------------- --------------- ------------ Net Assets.................................................. $5,362,020,192 $ 8,197,834,399 $617,645,189 ============== =============== ============ Net Assets: Accumulation Units.......................................... 5,361,993,448 8,197,685,886 617,519,769 Retained by AXA Equitable in Separate Account No. 49........ 26,744 148,513 125,420 -------------- --------------- ------------ Total net assets............................................ $5,362,020,192 $ 8,197,834,399 $617,645,189 ============== =============== ============ Investments in shares of The Trusts, at cost................ $7,137,470,784 $12,083,819,370 $997,822,997 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 456,144,406 935,485,561 55,887,701
------- The accompanying notes are an integral part of these financial statements. FSA-3 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/AllianceBernstein Intermediate Government EQ/AllianceBernstein EQ/AllianceBernstein Securities International Small Cap Growth -------------------- -------------------- -------------------- Assets: Investment in shares of The Trusts, at fair value........ $401,670,396 $ 607,962,616 $280,421,943 Receivable for The Trusts shares sold.................... -- -- -- Receivable for policy-related transactions............... 174,429 27,197 4,928 ------------ -------------- ------------ Total assets........................................... 401,844,825 607,989,813 280,426,871 ------------ -------------- ------------ Liabilities: Payable for The Trusts shares purchased.................. 174,429 1,197 4,928 Payable for policy-related transactions.................. -- -- -- ------------ -------------- ------------ Total liabilities...................................... 174,429 1,197 4,928 ------------ -------------- ------------ Net Assets............................................... $401,670,396 $ 607,988,616 $280,421,943 ============ ============== ============ Net Assets: Accumulation Units....................................... 401,655,205 607,987,723 280,414,007 Retained by AXA Equitable in Separate Account No. 49..... 15,191 893 7,936 ------------ -------------- ------------ Total net assets......................................... $401,670,396 $ 607,988,616 $280,421,943 ============ ============== ============ Investments in shares of The Trusts, at cost............. $406,793,463 $1,192,484,652 $475,926,870 The Trusts shares held Class A................................................. -- -- -- Class B................................................. 40,722,191 91,896,563 32,011,781 EQ/Ariel EQ/AXA Rosenberg EQ/BlackRock Appreciation II Value Long/Short Equity Basic Value Equity --------------- ----------------------- ------------------ Assets: Investment in shares of The Trusts, at fair value........ $44,146,841 $146,200,558 $522,266,147 Receivable for The Trusts shares sold.................... -- 16,521 -- Receivable for policy-related transactions............... 24,247 2,479 609,020 ----------- ------------ ------------ Total assets........................................... 44,171,088 146,219,558 522,875,167 ----------- ------------ ------------ Liabilities: Payable for The Trusts shares purchased.................. 24,247 -- 609,020 Payable for policy-related transactions.................. -- -- -- ----------- ------------ ------------ Total liabilities...................................... 24,247 -- 609,020 ----------- ------------ ------------ Net Assets............................................... $44,146,841 $146,219,558 $522,266,147 =========== ============ ============ Net Assets: Accumulation Units....................................... 43,128,220 146,218,673 522,247,447 Retained by AXA Equitable in Separate Account No. 49..... 1,018,621 885 18,700 ----------- ------------ ------------ Total net assets......................................... $44,146,841 $146,219,558 $522,266,147 =========== ============ ============ Investments in shares of The Trusts, at cost............. $66,936,069 $153,998,251 $815,851,364 The Trusts shares held Class A................................................. 10,482 -- -- Class B................................................. 6,636,517 14,489,649 53,898,820
------- The accompanying notes are an integral part of these financial statements. FSA-4 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/BlackRock EQ/Boston Advisors EQ/Calvert International Value Equity Income Socially Responsible --------------------- -------------------- ---------------------- Assets: Investment in shares of The Trusts, at fair value........... $592,888,008 $157,471,117 $36,094,424 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 1,531,887 84,450 4,455 ------------ ------------ ----------- Total assets.............................................. 594,419,895 157,555,567 36,098,879 ------------ ------------ ----------- Liabilities: Payable for The Trusts shares purchased..................... 1,531,887 84,450 4,455 Payable for policy-related transactions..................... -- -- -- ------------ ------------ ----------- Total liabilities......................................... 1,531,887 84,450 4,455 ------------ ------------ ----------- Net Assets.................................................. $592,888,008 $157,471,117 $36,094,424 ============ ============ =========== Net Assets: Accumulation Units.......................................... 592,815,585 157,389,829 36,090,048 Retained by AXA Equitable in Separate Account No. 49........ 72,423 81,288 4,376 ------------ ------------ ----------- Total net assets............................................ $592,888,008 $157,471,117 $36,094,424 ============ ============ =========== Investments in shares of The Trusts, at cost................ $992,576,864 $228,866,380 $59,889,243 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 68,198,763 36,835,681 7,370,145 EQ/Capital EQ/Capital EQ/Caywood-Scholl Guardian Growth Guardian Research High Yield Bond ----------------- ------------------- ------------------- Assets: Investment in shares of The Trusts, at fair value........... $263,939,219 $ 757,792,183 $131,761,953 Receivable for The Trusts shares sold....................... 124,825 207,834 -- Receivable for policy-related transactions.................. -- -- 582,313 ------------ -------------- ------------ Total assets.............................................. 264,064,044 758,000,017 132,344,266 ------------ -------------- ------------ Liabilities: Payable for The Trusts shares purchased..................... -- -- 582,313 Payable for policy-related transactions..................... 124,825 207,834 -- ------------ -------------- ------------ Total liabilities......................................... 124,825 207,834 582,313 ------------ -------------- ------------ Net Assets.................................................. $263,939,219 $ 757,792,183 $131,761,953 ============ ============== ============ Net Assets: Accumulation Units.......................................... 263,886,281 757,786,834 131,696,077 Retained by AXA Equitable in Separate Account No. 49........ 52,938 5,349 65,876 ------------ -------------- ------------ Total net assets............................................ $263,939,219 $ 757,792,183 $131,761,953 ============ ============== ============ Investments in shares of The Trusts, at cost................ $411,234,495 $1,189,796,461 $172,393,134 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 30,044,236 93,257,083 40,707,272
------- The accompanying notes are an integral part of these financial statements. FSA-5 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Davis New York EQ/Equity EQ/Evergreen Venture 500 Index International Bond --------------- ----------------- -------------------- Assets: Investment in shares of The Trusts, at fair value........... $242,865,969 $ 912,777,058 $413,274,116 Receivable for The Trusts shares sold....................... -- 901,696 554,618 Receivable for policy-related transactions.................. 120,884 -- -- ------------ -------------- ------------ Total assets.............................................. 242,986,853 913,678,754 413,828,734 ------------ -------------- ------------ Liabilities: Payable for The Trusts shares purchased..................... 76,884 -- -- Payable for policy-related transactions..................... -- 901,696 509,618 ------------ -------------- ------------ Total liabilities......................................... 76,884 901,696 509,618 ------------ -------------- ------------ Net Assets.................................................. $242,909,969 $ 912,777,058 $413,319,116 ============ ============== ============ Net Assets: Accumulation Units.......................................... 242,909,648 912,728,885 413,318,609 Retained by AXA Equitable in Separate Account No. 49........ 321 48,173 507 ------------ -------------- ------------ Total net assets............................................ $242,909,969 $ 912,777,058 $413,319,116 ============ ============== ============ Investments in shares of The Trusts, at cost................ $373,213,612 $1,330,289,666 $472,994,978 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 36,168,162 58,208,520 43,237,231 EQ/Evergreen EQ/Franklin EQ/Franklin Omega Income Small Cap Value -------------- --------------- ---------------- Assets: Investment in shares of The Trusts, at fair value........... $129,004,382 $425,712,289 $ 74,531,038 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 94,207 144,578 280,519 ------------ ------------ ------------ Total assets.............................................. 129,098,589 425,856,867 74,811,557 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... 94,207 144,578 280,519 Payable for policy-related transactions..................... -- -- -- ------------ ------------ ------------ Total liabilities......................................... 94,207 144,578 280,519 ------------ ------------ ------------ Net Assets.................................................. $129,004,382 $425,712,289 $ 74,531,038 ============ ============ ============ Net Assets: Accumulation Units.......................................... 128,961,611 425,663,187 74,460,493 Retained by AXA Equitable in Separate Account No. 49........ 42,771 49,102 70,545 ------------ ------------ ------------ Total net assets............................................ $129,004,382 $425,712,289 $ 74,531,038 ============ ============ ============ Investments in shares of The Trusts, at cost................ $173,059,493 $660,641,947 $104,585,753 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 20,085,680 66,501,368 11,493,110
------- The accompanying notes are an integral part of these financial statements. FSA-6 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Franklin EQ/GAMCO Templeton Mergers and EQ/GAMCO Small Founding Strategy Acquisitions Company Value ------------------- -------------- ---------------- Assets: Investment in shares of The Trusts, at fair value........... $ 996,121,628 $110,956,013 $392,679,712 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 1,194,880 82,015 319,791 -------------- ------------ ------------ Total assets.............................................. 997,316,508 111,038,028 392,999,503 -------------- ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... 1,194,880 20,015 282,791 Payable for policy-related transactions..................... -- -- -- -------------- ------------ ------------ Total liabilities......................................... 1,194,880 20,015 282,791 -------------- ------------ ------------ Net Assets.................................................. $ 996,121,628 $111,018,013 $392,716,712 ============== ============ ============ Net Assets: Accumulation Units.......................................... 996,067,806 111,017,287 392,716,505 Retained by AXA Equitable in Separate Account No. 49........ 53,822 726 207 -------------- ------------ ------------ Total net assets............................................ $ 996,121,628 $111,018,013 $392,716,712 ============== ============ ============ Investments in shares of The Trusts, at cost................ $1,524,407,409 $135,140,303 $559,944,836 The Trusts shares held Class A.................................................... 10,822 3 -- Class B.................................................... 174,099,996 11,037,168 18,722,816 EQ/International EQ/International Core PLUS EQ/International ETF Growth ------------------ ---------------------- ----------------- Assets: Investment in shares of The Trusts, at fair value........... $554,322,481 $1,603,884 $168,048,135 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 32,751 -- 144,727 ------------ ---------- ------------ Total assets.............................................. 554,355,232 1,603,884 168,192,862 ------------ ---------- ------------ Liabilities: Payable for The Trusts shares purchased..................... 32,751 -- 144,727 Payable for policy-related transactions..................... -- -- -- ------------ ---------- ------------ Total liabilities......................................... 32,751 -- 144,727 ------------ ---------- ------------ Net Assets.................................................. $554,322,481 $1,603,884 $168,048,135 ============ ========== ============ Net Assets: Accumulation Units.......................................... 554,312,199 -- 168,006,702 Retained by AXA Equitable in Separate Account No. 49........ 10,282 1,603,884 41,433 ------------ ---------- ------------ Total net assets............................................ $554,322,481 $1,603,884 $168,048,135 ============ ========== ============ Investments in shares of The Trusts, at cost................ $973,213,983 $2,460,167 $264,845,756 The Trusts shares held Class A.................................................... -- 126,923 -- Class B.................................................... 81,530,345 125,863 40,055,290
------- The accompanying notes are an integral part of these financial statements. FSA-7 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/JPMorgan EQ/JPMorgan EQ/Large Cap Core Bond Value Opportunities Core PLUS ----------------- --------------------- -------------- Assets: Investment in shares of The Trusts, at fair value........... $ 913,336,047 $210,569,258 $129,360,305 Receivable for The Trusts shares sold....................... 200,694 24,924 11,311 Receivable for policy-related transactions.................. -- -- -- -------------- ------------ ------------ Total assets.............................................. 913,536,741 210,594,182 129,371,616 -------------- ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... -- -- -- Payable for policy-related transactions..................... 191,694 24,924 11,311 -------------- ------------ ------------ Total liabilities......................................... 191,694 24,924 11,311 -------------- ------------ ------------ Net Assets.................................................. $ 913,345,047 $210,569,258 $129,360,305 ============== ============ ============ Net Assets: Accumulation Units.......................................... 913,344,774 210,531,131 129,336,542 Retained by AXA Equitable in Separate Account No. 49........ 273 38,127 23,763 -------------- ------------ ------------ Total net assets............................................ $ 913,345,047 $210,569,258 $129,360,305 ============== ============ ============ Investments in shares of The Trusts, at cost................ $1,073,540,018 $370,569,015 $202,475,796 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 97,451,850 31,151,061 22,841,964 EQ/Large Cap EQ/Large Cap EQ/Large Cap Growth Index Growth PLUS Value Index -------------- -------------- -------------- Assets: Investment in shares of The Trusts, at fair value........... $245,932,260 $193,224,784 $ 76,510,005 Receivable for The Trusts shares sold....................... 78,029 -- 24,434 Receivable for policy-related transactions.................. -- 811,993 -- ------------ ------------ ------------ Total assets.............................................. 246,010,289 194,036,777 76,534,439 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... -- 811,993 -- Payable for policy-related transactions..................... 78,029 -- 24,434 ------------ ------------ ------------ Total liabilities......................................... 78,029 811,993 24,434 ------------ ------------ ------------ Net Assets.................................................. $245,932,260 $193,224,784 $ 76,510,005 ============ ============ ============ Net Assets: Accumulation Units.......................................... 245,886,982 193,192,830 75,141,233 Retained by AXA Equitable in Separate Account No. 49........ 45,278 31,954 1,368,772 ------------ ------------ ------------ Total net assets............................................ $245,932,260 $193,224,784 $ 76,510,005 ============ ============ ============ Investments in shares of The Trusts, at cost................ $319,797,615 $276,865,077 $169,626,097 The Trusts shares held Class A.................................................... -- -- 10,820 Class B.................................................... 44,153,009 17,654,996 18,062,720
------- The accompanying notes are an integral part of these financial statements. FSA-8 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Large Cap EQ/Long EQ/Lord Abbett Value PLUS Term Bond Growth and Income ----------------- --------------- ------------------- Assets: Investment in shares of The Trusts, at fair value........... $1,114,995,607 $136,541,572 $ 93,546,882 Receivable for The Trusts shares sold....................... 328,034 103,352 -- Receivable for policy-related transactions.................. -- -- 92,912 -------------- ------------ ------------ Total assets.............................................. 1,115,323,641 136,644,924 93,639,794 -------------- ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... -- -- 92,912 Payable for policy-related transactions..................... 328,034 103,352 -- -------------- ------------ ------------ Total liabilities......................................... 328,034 103,352 92,912 -------------- ------------ ------------ Net Assets.................................................. $1,114,995,607 $136,541,572 $ 93,546,882 ============== ============ ============ Net Assets: Accumulation Units.......................................... 1,114,977,172 136,536,833 93,539,904 Retained by AXA Equitable in Separate Account No. 49........ 18,435 4,739 6,978 -------------- ------------ ------------ Total net assets............................................ $1,114,995,607 $136,541,572 $ 93,546,882 ============== ============ ============ Investments in shares of The Trusts, at cost................ $2,080,253,752 $133,795,872 $144,407,579 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 144,303,879 10,060,017 12,409,529 EQ/Lord Abbett EQ/Lord Abbett EQ/Marsico Large Cap Core Mid Cap Value Focus ---------------- ---------------- --------------- Assets: Investment in shares of The Trusts, at fair value........... $ 85,244,148 $190,310,610 $1,143,654,720 Receivable for The Trusts shares sold....................... 1,119,918 24,821 8,484 Receivable for policy-related transactions.................. -- -- -- ------------ ------------ -------------- Total assets.............................................. 86,364,066 190,335,431 1,143,663,204 ------------ ------------ -------------- Liabilities: Payable for The Trusts shares purchased..................... -- -- -- Payable for policy-related transactions..................... 1,119,918 24,821 8,484 ------------ ------------ -------------- Total liabilities......................................... 1,119,918 24,821 8,484 ------------ ------------ -------------- Net Assets.................................................. $ 85,244,148 $190,310,610 $1,143,654,720 ============ ============ ============== Net Assets: Accumulation Units.......................................... 85,137,695 190,154,772 1,143,520,264 Retained by AXA Equitable in Separate Account No. 49........ 106,453 155,838 134,456 ------------ ------------ -------------- Total net assets............................................ $ 85,244,148 $190,310,610 $1,143,654,720 ============ ============ ============== Investments in shares of The Trusts, at cost................ $111,429,125 $325,072,991 $1,699,463,545 The Trusts shares held Class A.................................................... 1,838 -- -- Class B.................................................... 9,982,894 28,120,424 111,548,786
------- The accompanying notes are an integral part of these financial statements. FSA-9 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Mid Cap EQ/Mid Cap Index Value PLUS EQ/Money Market ----------------- --------------- ----------------- Assets: Investment in shares of The Trusts, at fair value........... $ 501,016,737 $400,063,290 $1,494,248,659 Receivable for The Trusts shares sold....................... -- 568,305 275,352 Receivable for policy-related transactions.................. 71,932 -- 682,576 -------------- ------------ -------------- Total assets.............................................. 501,088,669 400,631,595 1,495,206,587 -------------- ------------ -------------- Liabilities: Payable for The Trusts shares purchased..................... 71,932 -- 682,576 Payable for policy-related transactions..................... -- 568,305 549,039 -------------- ------------ -------------- Total liabilities......................................... 71,932 568,305 1,231,615 -------------- ------------ -------------- Net Assets.................................................. $ 501,016,737 $400,063,290 $1,493,974,972 ============== ============ ============== Net Assets: Accumulation Units.......................................... 500,885,732 400,021,681 1,493,712,447 Retained by AXA Equitable in Separate Account No. 49........ 131,005 41,609 262,525 -------------- ------------ -------------- Total net assets............................................ $ 501,016,737 $400,063,290 $1,493,974,972 ============== ============ ============== Investments in shares of The Trusts, at cost................ $1,017,839,781 $813,503,785 $1,494,473,530 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 101,671,872 65,587,707 1,494,120,569 EQ/Montag & EQ/Oppenheimer Caldwell Growth EQ/Mutual Shares Global ----------------- ------------------ ---------------- Assets: Investment in shares of The Trusts, at fair value........... $143,898,720 $205,351,897 $ 89,375,404 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 268,800 193,739 33,815 ------------ ------------ ------------ Total assets.............................................. 144,167,520 205,545,636 89,409,219 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... 268,800 193,739 33,815 Payable for policy-related transactions..................... -- -- -- ------------ ------------ ------------ Total liabilities......................................... 268,800 193,739 33,815 ------------ ------------ ------------ Net Assets.................................................. $143,898,720 $205,351,897 $ 89,375,404 ============ ============ ============ Net Assets: Accumulation Units.......................................... 143,894,053 205,167,972 89,279,982 Retained by AXA Equitable in Separate Account No. 49........ 4,667 183,925 95,422 ------------ ------------ ------------ Total net assets............................................ $143,898,720 $205,351,897 $ 89,375,404 ============ ============ ============ Investments in shares of The Trusts, at cost................ $189,588,633 $336,788,953 $140,506,768 The Trusts shares held Class A.................................................... -- 16,092 7,420 Class B.................................................... 32,706,012 32,003,148 13,369,719
------- The accompanying notes are an integral part of these financial statements. FSA-10 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Oppenheimer EQ/Oppenheimer Main Street Main Street EQ/PIMCO Opportunity Small Cap Real Return --------------- ---------------- ----------------- Assets: Investment in shares of The Trusts, at fair value........... $33,021,294 $54,358,567 $ 917,877,204 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 23,291 47,326 604,801 ----------- ----------- -------------- Total assets.............................................. 33,044,585 54,405,893 918,482,005 ----------- ----------- -------------- Liabilities: Payable for The Trusts shares purchased..................... 23,291 47,326 604,801 Payable for policy-related transactions..................... -- -- -- ----------- ----------- -------------- Total liabilities......................................... 23,291 47,326 604,801 ----------- ----------- -------------- Net Assets.................................................. $33,021,294 $54,358,567 $ 917,877,204 =========== =========== ============== Net Assets: Accumulation Units.......................................... 27,159,952 49,305,478 917,804,939 Retained by AXA Equitable in Separate Account No. 49........ 5,861,342 5,053,089 72,265 ----------- ----------- -------------- Total net assets............................................ $33,021,294 $54,358,567 $ 917,877,204 =========== =========== ============== Investments in shares of The Trusts, at cost................ $51,037,664 $84,763,567 $1,041,808,074 The Trusts shares held Class A.................................................... 455,882 391,178 11,255 Class B.................................................... 4,668,020 7,996,692 98,848,862 EQ/Quality EQ/Short EQ/Small Bond PLUS Duration Bond Company Index --------------- --------------- -------------- Assets: Investment in shares of The Trusts, at fair value........... $326,287,401 $141,795,528 $282,566,957 Receivable for The Trusts shares sold....................... 210,566 249,734 -- Receivable for policy-related transactions.................. -- -- 803,028 ------------ ------------ ------------ Total assets.............................................. 326,497,967 142,045,262 283,369,985 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... -- -- 803,028 Payable for policy-related transactions..................... 210,566 249,734 -- ------------ ------------ ------------ Total liabilities......................................... 210,566 249,734 803,028 ------------ ------------ ------------ Net Assets.................................................. $326,287,401 $141,795,528 $282,566,957 ============ ============ ============ Net Assets: Accumulation Units.......................................... 326,276,911 141,793,330 282,431,668 Retained by AXA Equitable in Separate Account No. 49........ 10,490 2,198 135,289 ------------ ------------ ------------ Total net assets............................................ $326,287,401 $141,795,528 $282,566,957 ============ ============ ============ Investments in shares of The Trusts, at cost................ $372,475,847 $153,460,278 $466,434,822 The Trusts shares held Class A.................................................... -- 5,840 -- Class B.................................................... 37,462,509 15,224,141 41,749,726
------- The accompanying notes are an integral part of these financial statements. FSA-11 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/T. Rowe Price EQ/Templeton EQ/UBS Growth Stock Growth Growth and Income ------------------ -------------- ------------------- Assets: Investment in shares of The Trusts, at fair value........... $167,269,498 $149,797,557 $48,070,362 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 74,822 13,844 2,518 ------------ ------------ ----------- Total assets.............................................. 167,344,320 149,811,401 48,072,880 ------------ ------------ ----------- Liabilities: Payable for The Trusts shares purchased..................... 74,822 13,844 2,518 Payable for policy-related transactions..................... -- -- -- ------------ ------------ ----------- Total liabilities......................................... 74,822 13,844 2,518 ------------ ------------ ----------- Net Assets.................................................. $167,269,498 $149,797,557 $48,070,362 ============ ============ =========== Net Assets: Accumulation Units.......................................... 167,244,401 149,787,852 48,056,767 Retained by AXA Equitable in Separate Account No. 49........ 25,097 9,705 13,595 ------------ ------------ ----------- Total net assets............................................ $167,269,498 $149,797,557 $48,070,362 ============ ============ =========== Investments in shares of The Trusts, at cost................ $266,856,760 $250,241,249 $75,944,653 The Trusts shares held Class A.................................................... 5 -- -- Class B.................................................... 13,499,442 23,694,696 11,923,038 EQ/Van Kampen EQ/Van Kampen Emerging Markets EQ/Van Kampen Comstock Equity Mid Cap Growth --------------- ------------------ --------------- Assets: Investment in shares of The Trusts, at fair value........... $185,053,421 $ 696,090,827 $210,352,684 Receivable for The Trusts shares sold....................... 38,676 -- -- Receivable for policy-related transactions.................. -- 418,806 193,356 ------------ -------------- ------------ Total assets.............................................. 185,092,097 696,509,633 210,546,040 ------------ -------------- ------------ Liabilities: Payable for The Trusts shares purchased..................... -- 391,806 193,356 Payable for policy-related transactions..................... 38,676 -- -- ------------ -------------- ------------ Total liabilities......................................... 38,676 391,806 193,356 ------------ -------------- ------------ Net Assets.................................................. $185,053,421 $ 696,117,827 $210,352,684 ============ ============== ============ Net Assets: Accumulation Units.......................................... 185,023,568 696,117,827 210,338,843 Retained by AXA Equitable in Separate Account No. 49........ 29,853 -- 13,841 ------------ -------------- ------------ Total net assets............................................ $185,053,421 $ 696,117,827 $210,352,684 ============ ============== ============ Investments in shares of The Trusts, at cost................ $297,592,481 $1,445,771,000 $358,070,784 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 27,956,782 91,354,695 25,433,292
------- The accompanying notes are an integral part of these financial statements. FSA-12 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
EQ/Van Kampen Multimanager Multimanager Real Estate Aggressive Equity Core Bond -------------- ------------------- -------------- Assets: Investment in shares of The Trusts, at fair value........... $290,998,270 $ 67,742,645 $734,752,733 Receivable for The Trusts shares sold....................... 26,667 19,919 -- Receivable for policy-related transactions.................. -- -- 243,736 ------------ ------------ ------------ Total assets.............................................. 291,024,937 67,762,564 734,996,469 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... -- -- 243,736 Payable for policy-related transactions..................... 26,667 19,919 -- ------------ ------------ ------------ Total liabilities......................................... 26,667 19,919 243,736 ------------ ------------ ------------ Net Assets.................................................. $290,998,270 $ 67,742,645 $734,752,733 ============ ============ ============ Net Assets: Accumulation Units.......................................... 290,992,723 67,727,406 734,371,111 Retained by AXA Equitable in Separate Account No. 49........ 5,547 15,239 381,622 ------------ ------------ ------------ Total net assets............................................ $290,998,270 $ 67,742,645 $734,752,733 ============ ============ ============ Investments in shares of The Trusts, at cost................ $555,718,638 $111,928,061 $761,069,347 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 60,462,406 4,046,753 74,393,029 Multimanager Multimanager Multimanager Health Care High Yield International Equity -------------- -------------- --------------------- Assets: Investment in shares of The Trusts, at fair value........... $241,339,483 $531,806,711 $356,075,829 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 270,128 193,879 105,653 ------------ ------------ ------------ Total assets.............................................. 241,609,611 532,000,590 356,181,482 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... 270,128 193,879 105,653 Payable for policy-related transactions..................... -- -- -- ------------ ------------ ------------ Total liabilities......................................... 270,128 193,879 105,653 ------------ ------------ ------------ Net Assets.................................................. $241,339,483 $531,806,711 $356,075,829 ============ ============ ============ Net Assets: Accumulation Units.......................................... 241,324,268 531,727,181 355,984,590 Retained by AXA Equitable in Separate Account No. 49........ 15,215 79,530 91,239 ------------ ------------ ------------ Total net assets............................................ $241,339,483 $531,806,711 $356,075,829 ============ ============ ============ Investments in shares of The Trusts, at cost................ $323,340,590 $797,253,557 $614,105,897 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 30,460,526 149,861,366 42,997,798
------- The accompanying notes are an integral part of these financial statements. FSA-13 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Multimanager Large Cap Multimanager Multimanager Core Equity Large Cap Growth Large Cap Value --------------- ------------------ ----------------- Assets: Investment in shares of The Trusts, at fair value........... $ 96,573,555 $166,671,952 $353,379,357 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. 84,877 63,361 125,369 ------------ ------------ ------------ Total assets.............................................. 96,658,432 166,735,313 353,504,726 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... 84,877 63,361 125,369 Payable for policy-related transactions..................... -- -- -- ------------ ------------ ------------ Total liabilities......................................... 84,877 63,361 125,369 ------------ ------------ ------------ Net Assets.................................................. $ 96,573,555 $166,671,952 $353,379,357 ============ ============ ============ Net Assets: Accumulation Units.......................................... 96,550,822 166,651,091 353,373,197 Retained by AXA Equitable in Separate Account No. 49........ 22,733 20,861 6,160 ------------ ------------ ------------ Total net assets............................................ $ 96,573,555 $166,671,952 $353,379,357 ============ ============ ============ Investments in shares of The Trusts, at cost................ $148,654,175 $294,363,171 $562,995,951 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 13,824,518 31,565,389 48,970,223 Multimanager Multimanager Multimanager Small Cap Mid Cap Growth Mid Cap Value Growth ---------------- --------------- -------------- Assets: Investment in shares of The Trusts, at fair value........... $216,711,039 $234,433,676 $135,537,202 Receivable for The Trusts shares sold....................... -- 242,895 -- Receivable for policy-related transactions.................. 110,537 -- 132,728 ------------ ------------ ------------ Total assets.............................................. 216,821,576 234,676,571 135,669,930 ------------ ------------ ------------ Liabilities: Payable for The Trusts shares purchased..................... 108,809 -- 132,728 Payable for policy-related transactions..................... -- 242,895 -- ------------ ------------ ------------ Total liabilities......................................... 108,809 242,895 132,728 ------------ ------------ ------------ Net Assets.................................................. $216,712,767 $234,433,676 $135,537,202 ============ ============ ============ Net Assets: Accumulation Units.......................................... 216,712,767 234,378,984 135,528,471 Retained by AXA Equitable in Separate Account No. 49........ -- 54,692 8,731 ------------ ------------ ------------ Total net assets............................................ $216,712,767 $234,433,676 $135,537,202 ============ ============ ============ Investments in shares of The Trusts, at cost................ $382,671,037 $392,663,208 $236,572,383 The Trusts shares held Class A.................................................... -- -- -- Class B.................................................... 43,370,442 41,404,944 26,368,162
------- The accompanying notes are an integral part of these financial statements. FSA-14 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Multimanager Multimanager Target 2015 Small Cap Value Technology Allocation ----------------- -------------- ------------- Assets: Investment in shares of The Trusts, at fair value........... $368,970,510 $192,768,758 $-- Receivable for The Trusts shares sold....................... 30,000 -- -- Receivable for policy-related transactions.................. -- 45,792 -- ------------ ------------ --- Total assets.............................................. 369,000,510 192,814,550 -- ------------ ------------ --- Liabilities: Payable for The Trusts shares purchased..................... -- 45,792 -- Payable for policy-related transactions..................... 30,000 -- -- ------------ ------------ --- Total liabilities......................................... 30,000 45,792 -- ------------ ------------ --- Net Assets.................................................. $368,970,510 $192,768,758 $-- ============ ============ === Net Assets: Accumulation Units.......................................... 368,922,661 192,697,108 -- Retained by AXA Equitable in Separate Account No. 49........ 47,849 71,650 -- ------------ ------------ --- Total net assets............................................ $368,970,510 $192,768,758 $-- ============ ============ === Investments in shares of The Trusts, at cost................ $702,869,960 $311,640,255 $-- The Trusts shares held Class A.................................................... 8 -- -- Class B.................................................... 53,236,974 28,066,508 -- Target 2025 Target 2035 Target 2045 Allocation Allocation Allocation ------------- ------------- ------------- Assets: Investment in shares of The Trusts, at fair value........... $-- $ 730,151 $ 698,248 Receivable for The Trusts shares sold....................... -- -- -- Receivable for policy-related transactions.................. -- -- -- --- ---------- ---------- Total assets.............................................. -- 730,151 698,248 --- ---------- ---------- Liabilities: Payable for The Trusts shares purchased..................... -- -- -- Payable for policy-related transactions..................... -- -- -- --- ---------- ---------- Total liabilities......................................... -- -- -- --- ---------- ---------- Net Assets.................................................. $-- $ 730,151 $ 698,248 === ========== ========== Net Assets: Accumulation Units.......................................... -- -- -- Retained by AXA Equitable in Separate Account No. 49........ -- 730,151 698,248 --- ---------- ---------- Total net assets............................................ $-- $ 730,151 $ 698,248 === ========== ========== Investments in shares of The Trusts, at cost................ $-- $1,094,503 $1,113,748 The Trusts shares held Class A.................................................... -- 55,525 56,476 Class B.................................................... -- 55,190 56,140
------- The accompanying notes are an integral part of these financial statements. FSA-15 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- AXA Aggressive Allocation................ Class B 0.50% $ 8.62 -- AXA Aggressive Allocation................ Class B 0.95% $ 8.44 118 AXA Aggressive Allocation................ Class B 1.15% $ 8.35 471 AXA Aggressive Allocation................ Class B 1.20% $ 8.33 3,515 AXA Aggressive Allocation................ Class B 1.25% $ 9.22 23,024 AXA Aggressive Allocation................ Class B 1.30% $ 8.75 49,051 AXA Aggressive Allocation................ Class B 1.35% $ 8.27 1,566 AXA Aggressive Allocation................ Class B 1.40% $ 8.25 5,254 AXA Aggressive Allocation................ Class B 1.50% $ 9.10 22,425 AXA Aggressive Allocation................ Class B 1.55% $ 8.19 44,143 AXA Aggressive Allocation................ Class B 1.60% $ 8.17 2,922 AXA Aggressive Allocation................ Class B 1.65% $ 9.02 88,738 AXA Aggressive Allocation................ Class B 1.70% $ 9.00 8,484 AXA Aggressive Allocation................ Class B 1.80% $ 8.09 4 AXA Aggressive Allocation................ Class B 1.90% $ 8.05 49 AXA Conservative Allocation.............. Class B 0.50% $ 10.43 -- AXA Conservative Allocation.............. Class B 0.95% $ 10.20 -- AXA Conservative Allocation.............. Class B 1.15% $ 10.10 211 AXA Conservative Allocation.............. Class B 1.20% $ 10.08 4,014 AXA Conservative Allocation.............. Class B 1.25% $ 10.54 11,977 AXA Conservative Allocation.............. Class B 1.30% $ 10.51 16,158 AXA Conservative Allocation.............. Class B 1.35% $ 10.00 2,542 AXA Conservative Allocation.............. Class B 1.40% $ 9.98 7,092 AXA Conservative Allocation.............. Class B 1.50% $ 10.40 18,465 AXA Conservative Allocation.............. Class B 1.55% $ 9.90 18,171 AXA Conservative Allocation.............. Class B 1.60% $ 9.88 3,454 AXA Conservative Allocation.............. Class B 1.65% $ 10.32 42,602 AXA Conservative Allocation.............. Class B 1.70% $ 10.29 5,824 AXA Conservative Allocation.............. Class B 1.80% $ 9.78 13 AXA Conservative Allocation.............. Class B 1.90% $ 9.73 5 AXA Conservative-Plus Allocation......... Class B 0.50% $ 9.80 -- AXA Conservative-Plus Allocation......... Class B 0.95% $ 9.58 -- AXA Conservative-Plus Allocation......... Class B 1.15% $ 9.49 218 AXA Conservative-Plus Allocation......... Class B 1.20% $ 9.47 2,920 AXA Conservative-Plus Allocation......... Class B 1.25% $ 10.06 15,870 AXA Conservative-Plus Allocation......... Class B 1.30% $ 10.04 17,697 AXA Conservative-Plus Allocation......... Class B 1.35% $ 9.40 1,565 AXA Conservative-Plus Allocation......... Class B 1.40% $ 9.37 4,543 AXA Conservative-Plus Allocation......... Class B 1.50% $ 9.93 20,789 AXA Conservative-Plus Allocation......... Class B 1.55% $ 9.30 16,064 AXA Conservative-Plus Allocation......... Class B 1.60% $ 9.28 2,852 AXA Conservative-Plus Allocation......... Class B 1.65% $ 9.85 39,676 AXA Conservative-Plus Allocation......... Class B 1.70% $ 9.82 4,505 AXA Conservative-Plus Allocation......... Class B 1.80% $ 9.19 -- AXA Conservative-Plus Allocation......... Class B 1.90% $ 9.14 15 AXA Moderate Allocation.................. Class B 0.50% $ 47.34 -- AXA Moderate Allocation.................. Class B 0.95% $ 42.66 3 AXA Moderate Allocation.................. Class B 1.15% $ 40.73 267 AXA Moderate Allocation.................. Class B 1.20% $ 40.26 4,257 AXA Moderate Allocation.................. Class B 1.25% $ 9.97 68,049 AXA Moderate Allocation.................. Class B 1.30% $ 9.89 84,689 AXA Moderate Allocation.................. Class B 1.35% $ 38.88 1,346 AXA Moderate Allocation.................. Class B 1.40% $ 38.43 6,917 AXA Moderate Allocation.................. Class B 1.50% $ 9.84 85,214 AXA Moderate Allocation.................. Class B 1.55% $ 37.11 18,036 AXA Moderate Allocation.................. Class B 1.60% $ 36.68 2,966 AXA Moderate Allocation.................. Class B 1.65% $ 9.76 162,336 AXA Moderate Allocation.................. Class B 1.70% $ 35.84 4,019 AXA Moderate Allocation.................. Class B 1.80% $ 35.01 38 AXA Moderate Allocation.................. Class B 1.90% $ 34.20 3
FSA-16 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- AXA Moderate-Plus Allocation............................... Class B 0.50% $ 9.31 -- AXA Moderate-Plus Allocation............................... Class B 0.95% $ 9.11 7 AXA Moderate-Plus Allocation............................... Class B 1.15% $ 9.02 1,651 AXA Moderate-Plus Allocation............................... Class B 1.20% $ 8.99 11,250 AXA Moderate-Plus Allocation............................... Class B 1.25% $ 9.93 97,959 AXA Moderate-Plus Allocation............................... Class B 1.30% $ 9.90 141,905 AXA Moderate-Plus Allocation............................... Class B 1.35% $ 8.93 5,241 AXA Moderate-Plus Allocation............................... Class B 1.40% $ 8.91 18,061 AXA Moderate-Plus Allocation............................... Class B 1.50% $ 9.80 103,155 AXA Moderate-Plus Allocation............................... Class B 1.55% $ 8.84 130,940 AXA Moderate-Plus Allocation............................... Class B 1.60% $ 8.82 8,765 AXA Moderate-Plus Allocation............................... Class B 1.65% $ 9.72 307,331 AXA Moderate-Plus Allocation............................... Class B 1.70% $ 9.69 27,177 AXA Moderate-Plus Allocation............................... Class B 1.80% $ 8.73 65 AXA Moderate-Plus Allocation............................... Class B 1.90% $ 8.69 4 EQ/AllianceBernstein Common Stock.......................... Class B 0.50% $ 200.52 -- EQ/AllianceBernstein Common Stock.......................... Class B 0.95% $ 172.73 1 EQ/AllianceBernstein Common Stock.......................... Class B 1.20% $ 158.94 330 EQ/AllianceBernstein Common Stock.......................... Class B 1.25% $ 7.87 9,704 EQ/AllianceBernstein Common Stock.......................... Class B 1.30% $ 7.73 3,919 EQ/AllianceBernstein Common Stock.......................... Class B 1.35% $ 151.18 555 EQ/AllianceBernstein Common Stock.......................... Class B 1.40% $ 148.68 501 EQ/AllianceBernstein Common Stock.......................... Class B 1.50% $ 7.76 16,700 EQ/AllianceBernstein Common Stock.......................... Class B 1.55% $ 141.42 423 EQ/AllianceBernstein Common Stock.......................... Class B 1.60% $ 139.08 308 EQ/AllianceBernstein Common Stock.......................... Class B 1.65% $ 7.70 7,635 EQ/AllianceBernstein Common Stock.......................... Class B 1.70% $ 134.51 63 EQ/AllianceBernstein Common Stock.......................... Class B 1.80% $ 130.07 2 EQ/AllianceBernstein Common Stock.......................... Class B 1.90% $ 125.78 1 EQ/AllianceBernstein Intermediate Government Securities.... Class B 0.50% $ 23.77 -- EQ/AllianceBernstein Intermediate Government Securities.... Class B 0.95% $ 21.93 2 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.20% $ 20.97 2,492 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.25% $ 11.18 2,898 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.30% $ 11.07 2,411 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.35% $ 20.41 571 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.40% $ 20.23 3,868 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.50% $ 11.03 4,313 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.55% $ 19.69 2,058 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.60% $ 19.51 1,664 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.65% $ 10.94 5,624 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.70% $ 19.16 948 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.80% $ 18.82 3 EQ/AllianceBernstein Intermediate Government Securities.... Class B 1.90% $ 18.48 1 EQ/AllianceBernstein International......................... Class B 0.50% $ 11.11 -- EQ/AllianceBernstein International......................... Class B 0.95% $ 10.43 5 EQ/AllianceBernstein International......................... Class B 1.20% $ 10.08 4,586 EQ/AllianceBernstein International......................... Class B 1.25% $ 9.75 8,362 EQ/AllianceBernstein International......................... Class B 1.30% $ 9.68 7,019 EQ/AllianceBernstein International......................... Class B 1.35% $ 9.87 1,498 EQ/AllianceBernstein International......................... Class B 1.40% $ 9.80 6,793 EQ/AllianceBernstein International......................... Class B 1.50% $ 9.62 10,686 EQ/AllianceBernstein International......................... Class B 1.55% $ 9.60 6,749 EQ/AllianceBernstein International......................... Class B 1.60% $ 9.53 2,496 EQ/AllianceBernstein International......................... Class B 1.65% $ 9.54 12,678 EQ/AllianceBernstein International......................... Class B 1.70% $ 9.40 1,924 EQ/AllianceBernstein International......................... Class B 1.80% $ 9.27 49 EQ/AllianceBernstein International......................... Class B 1.90% $ 9.14 7
FSA-17 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/AllianceBernstein Small Cap Growth........... Class B 0.50% $ 12.62 -- EQ/AllianceBernstein Small Cap Growth........... Class B 0.95% $ 11.97 13 EQ/AllianceBernstein Small Cap Growth........... Class B 1.20% $ 11.62 2,429 EQ/AllianceBernstein Small Cap Growth........... Class B 1.25% $ 9.05 3,292 EQ/AllianceBernstein Small Cap Growth........... Class B 1.30% $ 8.99 2,070 EQ/AllianceBernstein Small Cap Growth........... Class B 1.35% $ 11.42 2,048 EQ/AllianceBernstein Small Cap Growth........... Class B 1.40% $ 11.35 3,557 EQ/AllianceBernstein Small Cap Growth........... Class B 1.50% $ 8.93 5,226 EQ/AllianceBernstein Small Cap Growth........... Class B 1.55% $ 11.15 2,766 EQ/AllianceBernstein Small Cap Growth........... Class B 1.60% $ 11.09 1,882 EQ/AllianceBernstein Small Cap Growth........... Class B 1.65% $ 8.85 4,155 EQ/AllianceBernstein Small Cap Growth........... Class B 1.70% $ 10.96 421 EQ/AllianceBernstein Small Cap Growth........... Class B 1.80% $ 10.83 7 EQ/AllianceBernstein Small Cap Growth........... Class B 1.90% $ 10.70 3 EQ/Ariel Appreciation II........................ Class B 0.50% $ 6.91 -- EQ/Ariel Appreciation II........................ Class B 0.95% $ 6.81 -- EQ/Ariel Appreciation II........................ Class B 1.20% $ 6.76 162 EQ/Ariel Appreciation II........................ Class B 1.25% $ 6.74 719 EQ/Ariel Appreciation II........................ Class B 1.30% $ 6.73 1,030 EQ/Ariel Appreciation II........................ Class B 1.35% $ 6.81 57 EQ/Ariel Appreciation II........................ Class B 1.40% $ 6.71 191 EQ/Ariel Appreciation II........................ Class B 1.50% $ 6.69 708 EQ/Ariel Appreciation II........................ Class B 1.55% $ 6.68 709 EQ/Ariel Appreciation II........................ Class B 1.60% $ 6.67 85 EQ/Ariel Appreciation II........................ Class B 1.65% $ 6.66 2,446 EQ/Ariel Appreciation II........................ Class B 1.70% $ 6.65 339 EQ/Ariel Appreciation II........................ Class B 1.80% $ 6.62 -- EQ/Ariel Appreciation II........................ Class B 1.90% $ 6.60 1 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.20% $ 10.28 523 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.25% $ 10.51 1,638 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.30% $ 10.49 1,449 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.40% $ 10.18 1,173 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.50% $ 10.37 2,862 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.55% $ 10.35 1,130 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.60% $ 10.08 374 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.65% $ 10.29 4,525 EQ/AXA Rosenberg Value Long/Short Equity........ Class B 1.70% $ 10.26 458 EQ/BlackRock Basic Value Equity................. Class B 0.50% $ 16.70 -- EQ/BlackRock Basic Value Equity................. Class B 0.95% $ 15.84 -- EQ/BlackRock Basic Value Equity................. Class B 1.20% $ 15.38 3,698 EQ/BlackRock Basic Value Equity................. Class B 1.25% $ 9.07 6,950 EQ/BlackRock Basic Value Equity................. Class B 1.30% $ 9.02 3,987 EQ/BlackRock Basic Value Equity................. Class B 1.35% $ 15.11 1,799 EQ/BlackRock Basic Value Equity................. Class B 1.40% $ 15.02 5,575 EQ/BlackRock Basic Value Equity................. Class B 1.50% $ 8.95 9,830 EQ/BlackRock Basic Value Equity................. Class B 1.55% $ 14.75 3,421 EQ/BlackRock Basic Value Equity................. Class B 1.60% $ 14.66 2,175 EQ/BlackRock Basic Value Equity................. Class B 1.65% $ 8.88 8,195 EQ/BlackRock Basic Value Equity................. Class B 1.70% $ 14.49 834 EQ/BlackRock Basic Value Equity................. Class B 1.80% $ 14.32 17 EQ/BlackRock Basic Value Equity................. Class B 1.90% $ 14.15 4 EQ/BlackRock International Value................ Class B 0.50% $ 15.47 -- EQ/BlackRock International Value................ Class B 0.95% $ 14.67 20 EQ/BlackRock International Value................ Class B 1.20% $ 14.25 3,321 EQ/BlackRock International Value................ Class B 1.25% $ 11.10 6,161 EQ/BlackRock International Value................ Class B 1.30% $ 11.04 3,778
FSA-18 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/BlackRock International Value........ Class B 1.35% $ 14.00 4,114 EQ/BlackRock International Value........ Class B 1.40% $ 13.91 4,395 EQ/BlackRock International Value........ Class B 1.50% $ 10.95 8,981 EQ/BlackRock International Value........ Class B 1.55% $ 13.67 5,347 EQ/BlackRock International Value........ Class B 1.60% $ 13.59 2,472 EQ/BlackRock International Value........ Class B 1.65% $ 10.87 8,942 EQ/BlackRock International Value........ Class B 1.70% $ 13.43 1,000 EQ/BlackRock International Value........ Class B 1.80% $ 13.27 47 EQ/BlackRock International Value........ Class B 1.90% $ 13.11 7 EQ/Boston Advisors Equity Income........ Class B 0.50% $ 5.05 -- EQ/Boston Advisors Equity Income........ Class B 0.95% $ 4.82 1 EQ/Boston Advisors Equity Income........ Class B 1.20% $ 4.70 1,732 EQ/Boston Advisors Equity Income........ Class B 1.25% $ 4.68 5,451 EQ/Boston Advisors Equity Income........ Class B 1.30% $ 1.90 8,373 EQ/Boston Advisors Equity Income........ Class B 1.35% $ 4.63 413 EQ/Boston Advisors Equity Income........ Class B 1.40% $ 4.61 2,442 EQ/Boston Advisors Equity Income........ Class B 1.50% $ 4.56 8,902 EQ/Boston Advisors Equity Income........ Class B 1.55% $ 4.54 3,897 EQ/Boston Advisors Equity Income........ Class B 1.60% $ 4.51 613 EQ/Boston Advisors Equity Income........ Class B 1.65% $ 4.49 6,763 EQ/Boston Advisors Equity Income........ Class B 1.70% $ 4.47 730 EQ/Boston Advisors Equity Income........ Class B 1.80% $ 4.42 3 EQ/Boston Advisors Equity Income........ Class B 1.90% $ 4.38 24 EQ/Calvert Socially Responsible......... Class B 0.50% $ 5.86 -- EQ/Calvert Socially Responsible......... Class B 0.95% $ 5.61 -- EQ/Calvert Socially Responsible......... Class B 1.20% $ 5.48 470 EQ/Calvert Socially Responsible......... Class B 1.25% $ 7.18 812 EQ/Calvert Socially Responsible......... Class B 1.30% $ 7.14 594 EQ/Calvert Socially Responsible......... Class B 1.35% $ 5.40 132 EQ/Calvert Socially Responsible......... Class B 1.40% $ 5.38 681 EQ/Calvert Socially Responsible......... Class B 1.50% $ 7.08 862 EQ/Calvert Socially Responsible......... Class B 1.55% $ 5.30 636 EQ/Calvert Socially Responsible......... Class B 1.60% $ 5.28 206 EQ/Calvert Socially Responsible......... Class B 1.65% $ 7.03 994 EQ/Calvert Socially Responsible......... Class B 1.70% $ 5.23 286 EQ/Calvert Socially Responsible......... Class B 1.80% $ 5.18 1 EQ/Calvert Socially Responsible......... Class B 1.90% $ 5.13 -- EQ/Capital Guardian Growth.............. Class B 0.50% $ 8.87 -- EQ/Capital Guardian Growth.............. Class B 0.95% $ 8.41 3 EQ/Capital Guardian Growth.............. Class B 1.20% $ 8.16 1,900 EQ/Capital Guardian Growth.............. Class B 1.25% $ 7.33 3,851 EQ/Capital Guardian Growth.............. Class B 1.30% $ 7.28 3,633 EQ/Capital Guardian Growth.............. Class B 1.35% $ 8.02 4,337 EQ/Capital Guardian Growth.............. Class B 1.40% $ 7.97 1,933 EQ/Capital Guardian Growth.............. Class B 1.50% $ 7.23 2,693 EQ/Capital Guardian Growth.............. Class B 1.55% $ 7.83 3,107 EQ/Capital Guardian Growth.............. Class B 1.60% $ 7.79 1,689 EQ/Capital Guardian Growth.............. Class B 1.65% $ 7.17 10,512 EQ/Capital Guardian Growth.............. Class B 1.70% $ 7.70 1,426 EQ/Capital Guardian Growth.............. Class B 1.80% $ 7.60 10 EQ/Capital Guardian Growth.............. Class B 1.90% $ 7.51 8 EQ/Capital Guardian Research............ Class B 0.50% $ 8.48 -- EQ/Capital Guardian Research............ Class B 0.95% $ 8.12 56 EQ/Capital Guardian Research............ Class B 1.20% $ 7.92 12,691 EQ/Capital Guardian Research............ Class B 1.25% $ 8.15 11,194 EQ/Capital Guardian Research............ Class B 1.30% $ 8.11 2,728
FSA-19 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Capital Guardian Research............. Class B 1.35% $ 7.80 8,941 EQ/Capital Guardian Research............. Class B 1.40% $ 7.76 13,802 EQ/Capital Guardian Research............. Class B 1.50% $ 8.04 9,561 EQ/Capital Guardian Research............. Class B 1.55% $ 7.65 6,117 EQ/Capital Guardian Research............. Class B 1.60% $ 7.61 13,273 EQ/Capital Guardian Research............. Class B 1.65% $ 7.97 15,308 EQ/Capital Guardian Research............. Class B 1.70% $ 7.54 2,528 EQ/Capital Guardian Research............. Class B 1.80% $ 7.47 77 EQ/Capital Guardian Research............. Class B 1.90% $ 7.39 11 EQ/Caywood-Scholl High Yield Bond........ Class B 0.50% $ 9.25 -- EQ/Caywood-Scholl High Yield Bond........ Class B 0.95% $ 9.10 -- EQ/Caywood-Scholl High Yield Bond........ Class B 1.20% $ 9.01 404 EQ/Caywood-Scholl High Yield Bond........ Class B 1.25% $ 9.00 2,356 EQ/Caywood-Scholl High Yield Bond........ Class B 1.30% $ 2.71 5,267 EQ/Caywood-Scholl High Yield Bond........ Class B 1.35% $ 8.96 84 EQ/Caywood-Scholl High Yield Bond........ Class B 1.40% $ 8.95 758 EQ/Caywood-Scholl High Yield Bond........ Class B 1.50% $ 8.91 3,181 EQ/Caywood-Scholl High Yield Bond........ Class B 1.55% $ 8.90 2,019 EQ/Caywood-Scholl High Yield Bond........ Class B 1.60% $ 8.88 240 EQ/Caywood-Scholl High Yield Bond........ Class B 1.65% $ 8.86 2,932 EQ/Caywood-Scholl High Yield Bond........ Class B 1.70% $ 8.85 1,204 EQ/Caywood-Scholl High Yield Bond........ Class B 1.80% $ 8.81 -- EQ/Caywood-Scholl High Yield Bond........ Class B 1.90% $ 8.78 -- EQ/Davis New York Venture................ Class B 0.50% $ 6.79 -- EQ/Davis New York Venture................ Class B 0.95% $ 6.72 -- EQ/Davis New York Venture................ Class B 1.20% $ 6.68 1,290 EQ/Davis New York Venture................ Class B 1.25% $ 6.67 2,935 EQ/Davis New York Venture................ Class B 1.30% $ 6.67 7,157 EQ/Davis New York Venture................ Class B 1.35% $ 6.66 374 EQ/Davis New York Venture................ Class B 1.40% $ 6.65 1,678 EQ/Davis New York Venture................ Class B 1.50% $ 6.63 3,524 EQ/Davis New York Venture................ Class B 1.55% $ 6.63 5,304 EQ/Davis New York Venture................ Class B 1.60% $ 6.62 780 EQ/Davis New York Venture................ Class B 1.65% $ 6.61 12,038 EQ/Davis New York Venture................ Class B 1.70% $ 6.60 1,517 EQ/Davis New York Venture................ Class B 1.80% $ 6.59 -- EQ/Davis New York Venture................ Class B 1.90% $ 6.57 -- EQ/Equity 500 Index...................... Class B 0.50% $ 21.79 -- EQ/Equity 500 Index...................... Class B 0.95% $ 20.37 9 EQ/Equity 500 Index...................... Class B 1.20% $ 19.62 5,596 EQ/Equity 500 Index...................... Class B 1.25% $ 8.82 10,559 EQ/Equity 500 Index...................... Class B 1.30% $ 8.75 4,505 EQ/Equity 500 Index...................... Class B 1.35% $ 19.19 3,764 EQ/Equity 500 Index...................... Class B 1.40% $ 19.04 7,882 EQ/Equity 500 Index...................... Class B 1.50% $ 8.70 15,202 EQ/Equity 500 Index...................... Class B 1.55% $ 18.62 4,288 EQ/Equity 500 Index...................... Class B 1.60% $ 18.48 5,011 EQ/Equity 500 Index...................... Class B 1.65% $ 8.63 13,591 EQ/Equity 500 Index...................... Class B 1.70% $ 18.20 1,308 EQ/Equity 500 Index...................... Class B 1.80% $ 17.93 114 EQ/Equity 500 Index...................... Class B 1.90% $ 17.66 12 EQ/Evergreen International Bond.......... Class B 0.50% $ 11.58 -- EQ/Evergreen International Bond.......... Class B 0.95% $ 11.42 -- EQ/Evergreen International Bond.......... Class B 1.20% $ 11.32 1,734 EQ/Evergreen International Bond.......... Class B 1.25% $ 11.30 3,500 EQ/Evergreen International Bond.......... Class B 1.30% $ 11.29 4,266
FSA-20 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Evergreen International Bond................ Class B 1.35% $ 11.34 499 EQ/Evergreen International Bond................ Class B 1.40% $ 11.25 3,380 EQ/Evergreen International Bond................ Class B 1.50% $ 11.21 7,003 EQ/Evergreen International Bond................ Class B 1.55% $ 11.19 5,387 EQ/Evergreen International Bond................ Class B 1.60% $ 11.17 1,062 EQ/Evergreen International Bond................ Class B 1.65% $ 11.16 8,932 EQ/Evergreen International Bond................ Class B 1.70% $ 11.14 1,063 EQ/Evergreen International Bond................ Class B 1.80% $ 11.10 -- EQ/Evergreen International Bond................ Class B 1.90% $ 11.06 2 EQ/Evergreen Omega............................. Class B 0.50% $ 7.62 -- EQ/Evergreen Omega............................. Class B 0.95% $ 7.29 -- EQ/Evergreen Omega............................. Class B 1.20% $ 7.10 1,933 EQ/Evergreen Omega............................. Class B 1.25% $ 9.54 2,079 EQ/Evergreen Omega............................. Class B 1.30% $ 9.49 807 EQ/Evergreen Omega............................. Class B 1.35% $ 7.00 309 EQ/Evergreen Omega............................. Class B 1.40% $ 6.96 2,596 EQ/Evergreen Omega............................. Class B 1.50% $ 9.41 2,152 EQ/Evergreen Omega............................. Class B 1.55% $ 6.86 1,482 EQ/Evergreen Omega............................. Class B 1.60% $ 6.82 1,192 EQ/Evergreen Omega............................. Class B 1.65% $ 9.34 2,848 EQ/Evergreen Omega............................. Class B 1.70% $ 6.75 353 EQ/Evergreen Omega............................. Class B 1.80% $ 6.68 -- EQ/Evergreen Omega............................. Class B 1.90% $ 6.62 2 EQ/Franklin Income............................. Class B 0.50% $ 7.20 -- EQ/Franklin Income............................. Class B 0.95% $ 7.13 15 EQ/Franklin Income............................. Class B 1.20% $ 7.09 2,264 EQ/Franklin Income............................. Class B 1.25% $ 7.08 5,337 EQ/Franklin Income............................. Class B 1.30% $ 7.07 8,899 EQ/Franklin Income............................. Class B 1.35% $ 7.06 474 EQ/Franklin Income............................. Class B 1.40% $ 7.05 3,118 EQ/Franklin Income............................. Class B 1.50% $ 7.04 6,862 EQ/Franklin Income............................. Class B 1.55% $ 7.03 8,326 EQ/Franklin Income............................. Class B 1.60% $ 7.02 1,489 EQ/Franklin Income............................. Class B 1.65% $ 7.01 22,020 EQ/Franklin Income............................. Class B 1.70% $ 7.01 1,649 EQ/Franklin Income............................. Class B 1.80% $ 6.99 10 EQ/Franklin Income............................. Class B 1.90% $ 6.97 -- EQ/Franklin Small Cap Value.................... Class B 0.50% $ 6.54 -- EQ/Franklin Small Cap Value.................... Class B 0.95% $ 6.47 -- EQ/Franklin Small Cap Value.................... Class B 1.20% $ 6.43 431 EQ/Franklin Small Cap Value.................... Class B 1.25% $ 6.42 759 EQ/Franklin Small Cap Value.................... Class B 1.30% $ 6.42 2,521 EQ/Franklin Small Cap Value.................... Class B 1.35% $ 6.41 170 EQ/Franklin Small Cap Value.................... Class B 1.40% $ 6.40 643 EQ/Franklin Small Cap Value.................... Class B 1.50% $ 6.39 1,089 EQ/Franklin Small Cap Value.................... Class B 1.55% $ 6.38 1,829 EQ/Franklin Small Cap Value.................... Class B 1.60% $ 6.37 250 EQ/Franklin Small Cap Value.................... Class B 1.65% $ 6.36 3,589 EQ/Franklin Small Cap Value.................... Class B 1.70% $ 6.36 377 EQ/Franklin Small Cap Value.................... Class B 1.80% $ 6.34 -- EQ/Franklin Small Cap Value.................... Class B 1.90% $ 6.33 -- EQ/Franklin Templeton Founding Strategy........ Class B 0.50% $ 6.01 -- EQ/Franklin Templeton Founding Strategy........ Class B 0.95% $ 5.96 -- EQ/Franklin Templeton Founding Strategy........ Class B 1.15% $ 5.94 481 EQ/Franklin Templeton Founding Strategy........ Class B 1.20% $ 5.94 757 EQ/Franklin Templeton Founding Strategy........ Class B 1.25% $ 5.93 3,488
FSA-21 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Franklin Templeton Founding Strategy........ Class B 1.30% $ 5.93 48,476 EQ/Franklin Templeton Founding Strategy........ Class B 1.35% $ 5.92 619 EQ/Franklin Templeton Founding Strategy........ Class B 1.40% $ 5.92 2,076 EQ/Franklin Templeton Founding Strategy........ Class B 1.50% $ 5.91 4,748 EQ/Franklin Templeton Founding Strategy........ Class B 1.55% $ 5.90 27,745 EQ/Franklin Templeton Founding Strategy........ Class B 1.60% $ 5.90 1,164 EQ/Franklin Templeton Founding Strategy........ Class B 1.65% $ 5.90 73,834 EQ/Franklin Templeton Founding Strategy........ Class B 1.70% $ 5.89 5,195 EQ/Franklin Templeton Founding Strategy........ Class B 1.80% $ 5.88 -- EQ/Franklin Templeton Founding Strategy........ Class B 1.90% $ 5.87 -- EQ/GAMCO Mergers and Acquisitions.............. Class B 0.50% $ 10.41 -- EQ/GAMCO Mergers and Acquisitions.............. Class B 0.95% $ 10.23 -- EQ/GAMCO Mergers and Acquisitions.............. Class B 1.20% $ 10.14 307 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.25% $ 10.12 1,492 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.30% $ 9.92 1,668 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.35% $ 10.08 66 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.40% $ 10.07 810 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.50% $ 10.03 2,068 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.55% $ 10.01 1,577 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.60% $ 9.99 171 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.65% $ 9.97 2,617 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.70% $ 9.95 305 EQ/GAMCO Mergers and Acquisitions.............. Class B 1.80% $ 9.92 -- EQ/GAMCO Mergers and Acquisitions.............. Class B 1.90% $ 9.88 -- EQ/GAMCO Small Company Value................... Class B 0.50% $ 24.17 -- EQ/GAMCO Small Company Value................... Class B 0.95% $ 22.03 -- EQ/GAMCO Small Company Value................... Class B 1.20% $ 20.92 932 EQ/GAMCO Small Company Value................... Class B 1.25% $ 20.70 2,324 EQ/GAMCO Small Company Value................... Class B 1.30% $ 31.77 1,862 EQ/GAMCO Small Company Value................... Class B 1.35% $ 20.28 295 EQ/GAMCO Small Company Value................... Class B 1.40% $ 20.07 1,365 EQ/GAMCO Small Company Value................... Class B 1.50% $ 19.66 3,794 EQ/GAMCO Small Company Value................... Class B 1.55% $ 19.46 3,270 EQ/GAMCO Small Company Value................... Class B 1.60% $ 19.26 302 EQ/GAMCO Small Company Value................... Class B 1.65% $ 19.06 4,032 EQ/GAMCO Small Company Value................... Class B 1.70% $ 18.86 610 EQ/GAMCO Small Company Value................... Class B 1.80% $ 18.47 1 EQ/GAMCO Small Company Value................... Class B 1.90% $ 18.09 7 EQ/International Core PLUS..................... Class B 0.50% $ 9.76 -- EQ/International Core PLUS..................... Class B 0.95% $ 9.34 39 EQ/International Core PLUS..................... Class B 1.20% $ 9.11 5,199 EQ/International Core PLUS..................... Class B 1.25% $ 10.59 7,012 EQ/International Core PLUS..................... Class B 1.30% $ 10.54 3,339 EQ/International Core PLUS..................... Class B 1.35% $ 8.98 1,946 EQ/International Core PLUS..................... Class B 1.40% $ 8.94 6,917 EQ/International Core PLUS..................... Class B 1.50% $ 10.45 7,172 EQ/International Core PLUS..................... Class B 1.55% $ 8.81 4,686 EQ/International Core PLUS..................... Class B 1.60% $ 8.76 5,817 EQ/International Core PLUS..................... Class B 1.65% $ 10.36 12,557 EQ/International Core PLUS..................... Class B 1.70% $ 8.68 2,341 EQ/International Core PLUS..................... Class B 1.80% $ 8.59 20 EQ/International Core PLUS..................... Class B 1.90% $ 8.51 5 EQ/International Growth........................ Class B 0.50% $ 9.93 -- EQ/International Growth........................ Class B 0.95% $ 9.77 -- EQ/International Growth........................ Class B 1.20% $ 9.68 688 EQ/International Growth........................ Class B 1.25% $ 9.66 1,783
FSA-22 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/International Growth................ Class B 1.30% $ 4.28 5,559 EQ/International Growth................ Class B 1.35% $ 9.63 191 EQ/International Growth................ Class B 1.40% $ 9.61 1,045 EQ/International Growth................ Class B 1.50% $ 9.57 2,667 EQ/International Growth................ Class B 1.55% $ 9.55 2,704 EQ/International Growth................ Class B 1.60% $ 9.54 378 EQ/International Growth................ Class B 1.65% $ 9.52 4,806 EQ/International Growth................ Class B 1.70% $ 9.50 796 EQ/International Growth................ Class B 1.80% $ 9.47 14 EQ/International Growth................ Class B 1.90% $ 9.43 -- EQ/JPMorgan Core Bond.................. Class B 0.50% $ 14.39 -- EQ/JPMorgan Core Bond.................. Class B 0.95% $ 13.69 18 EQ/JPMorgan Core Bond.................. Class B 1.20% $ 13.31 7,625 EQ/JPMorgan Core Bond.................. Class B 1.25% $ 9.97 10,724 EQ/JPMorgan Core Bond.................. Class B 1.30% $ 9.91 3,840 EQ/JPMorgan Core Bond.................. Class B 1.35% $ 13.09 4,114 EQ/JPMorgan Core Bond.................. Class B 1.40% $ 13.02 11,027 EQ/JPMorgan Core Bond.................. Class B 1.50% $ 9.83 13,785 EQ/JPMorgan Core Bond.................. Class B 1.55% $ 12.80 6,813 EQ/JPMorgan Core Bond.................. Class B 1.60% $ 12.73 7,829 EQ/JPMorgan Core Bond.................. Class B 1.65% $ 9.76 13,286 EQ/JPMorgan Core Bond.................. Class B 1.70% $ 12.59 1,216 EQ/JPMorgan Core Bond.................. Class B 1.80% $ 12.45 113 EQ/JPMorgan Core Bond.................. Class B 1.90% $ 12.31 23 EQ/JPMorgan Value Opportunities........ Class B 0.50% $ 10.28 -- EQ/JPMorgan Value Opportunities........ Class B 0.95% $ 9.75 4 EQ/JPMorgan Value Opportunities........ Class B 1.20% $ 9.47 2,221 EQ/JPMorgan Value Opportunities........ Class B 1.25% $ 8.51 1,391 EQ/JPMorgan Value Opportunities........ Class B 1.30% $ 8.46 893 EQ/JPMorgan Value Opportunities........ Class B 1.35% $ 9.30 6,572 EQ/JPMorgan Value Opportunities........ Class B 1.40% $ 9.25 2,899 EQ/JPMorgan Value Opportunities........ Class B 1.50% $ 8.40 1,477 EQ/JPMorgan Value Opportunities........ Class B 1.55% $ 9.09 2,921 EQ/JPMorgan Value Opportunities........ Class B 1.60% $ 9.03 2,578 EQ/JPMorgan Value Opportunities........ Class B 1.65% $ 8.33 2,028 EQ/JPMorgan Value Opportunities........ Class B 1.70% $ 8.93 280 EQ/JPMorgan Value Opportunities........ Class B 1.80% $ 8.82 43 EQ/JPMorgan Value Opportunities........ Class B 1.90% $ 8.72 15 EQ/Large Cap Core PLUS................. Class B 0.50% $ 7.29 -- EQ/Large Cap Core PLUS................. Class B 0.95% $ 6.97 3 EQ/Large Cap Core PLUS................. Class B 1.20% $ 6.80 2,449 EQ/Large Cap Core PLUS................. Class B 1.25% $ 8.71 913 EQ/Large Cap Core PLUS................. Class B 1.30% $ 8.67 365 EQ/Large Cap Core PLUS................. Class B 1.35% $ 6.69 1,960 EQ/Large Cap Core PLUS................. Class B 1.40% $ 6.66 2,917 EQ/Large Cap Core PLUS................. Class B 1.50% $ 8.60 1,160 EQ/Large Cap Core PLUS................. Class B 1.55% $ 6.56 2,845 EQ/Large Cap Core PLUS................. Class B 1.60% $ 6.53 4,012 EQ/Large Cap Core PLUS................. Class B 1.65% $ 8.53 1,341 EQ/Large Cap Core PLUS................. Class B 1.70% $ 6.46 389 EQ/Large Cap Core PLUS................. Class B 1.80% $ 6.39 35 EQ/Large Cap Core PLUS................. Class B 1.90% $ 6.33 2 EQ/Large Cap Growth Index.............. Class B 0.50% $ 5.37 -- EQ/Large Cap Growth Index.............. Class B 0.95% $ 5.14 32 EQ/Large Cap Growth Index.............. Class B 1.20% $ 5.02 3,977 EQ/Large Cap Growth Index.............. Class B 1.25% $ 8.75 2,387
FSA-23 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Large Cap Growth Index........ Class B 1.30% $ 8.71 1,472 EQ/Large Cap Growth Index........ Class B 1.35% $ 4.94 4,108 EQ/Large Cap Growth Index........ Class B 1.40% $ 4.92 6,340 EQ/Large Cap Growth Index........ Class B 1.50% $ 8.63 3,017 EQ/Large Cap Growth Index........ Class B 1.55% $ 4.85 7,722 EQ/Large Cap Growth Index........ Class B 1.60% $ 4.82 7,705 EQ/Large Cap Growth Index........ Class B 1.65% $ 8.57 4,045 EQ/Large Cap Growth Index........ Class B 1.70% $ 4.78 1,004 EQ/Large Cap Growth Index........ Class B 1.80% $ 4.73 56 EQ/Large Cap Growth Index........ Class B 1.90% $ 4.68 57 EQ/Large Cap Growth PLUS......... Class B 0.50% $ 11.59 -- EQ/Large Cap Growth PLUS......... Class B 0.95% $ 10.99 18 EQ/Large Cap Growth PLUS......... Class B 1.20% $ 10.67 1,206 EQ/Large Cap Growth PLUS......... Class B 1.25% $ 9.10 1,751 EQ/Large Cap Growth PLUS......... Class B 1.30% $ 9.04 1,333 EQ/Large Cap Growth PLUS......... Class B 1.35% $ 10.49 3,436 EQ/Large Cap Growth PLUS......... Class B 1.40% $ 10.42 1,733 EQ/Large Cap Growth PLUS......... Class B 1.50% $ 8.97 2,695 EQ/Large Cap Growth PLUS......... Class B 1.55% $ 10.24 2,719 EQ/Large Cap Growth PLUS......... Class B 1.60% $ 10.18 2,095 EQ/Large Cap Growth PLUS......... Class B 1.65% $ 8.90 2,429 EQ/Large Cap Growth PLUS......... Class B 1.70% $ 10.06 298 EQ/Large Cap Growth PLUS......... Class B 1.80% $ 9.94 5 EQ/Large Cap Growth PLUS......... Class B 1.90% $ 9.82 1 EQ/Large Cap Value Index......... Class B 0.50% $ 4.57 -- EQ/Large Cap Value Index......... Class B 0.95% $ 4.50 -- EQ/Large Cap Value Index......... Class B 1.20% $ 4.47 320 EQ/Large Cap Value Index......... Class B 1.25% $ 4.46 1,968 EQ/Large Cap Value Index......... Class B 1.30% $ 4.45 1,673 EQ/Large Cap Value Index......... Class B 1.35% $ 4.51 147 EQ/Large Cap Value Index......... Class B 1.40% $ 4.44 495 EQ/Large Cap Value Index......... Class B 1.50% $ 4.42 2,813 EQ/Large Cap Value Index......... Class B 1.55% $ 4.42 1,742 EQ/Large Cap Value Index......... Class B 1.60% $ 4.41 306 EQ/Large Cap Value Index......... Class B 1.65% $ 4.40 6,687 EQ/Large Cap Value Index......... Class B 1.70% $ 4.39 847 EQ/Large Cap Value Index......... Class B 1.80% $ 4.38 -- EQ/Large Cap Value Index......... Class B 1.90% $ 4.36 -- EQ/Large Cap Value PLUS.......... Class B 0.50% $ 10.38 -- EQ/Large Cap Value PLUS.......... Class B 0.95% $ 9.88 33 EQ/Large Cap Value PLUS.......... Class B 1.20% $ 9.61 14,916 EQ/Large Cap Value PLUS.......... Class B 1.25% $ 8.07 17,011 EQ/Large Cap Value PLUS.......... Class B 1.30% $ 8.03 5,760 EQ/Large Cap Value PLUS.......... Class B 1.35% $ 9.45 4,274 EQ/Large Cap Value PLUS.......... Class B 1.40% $ 9.39 22,041 EQ/Large Cap Value PLUS.......... Class B 1.50% $ 7.96 25,055 EQ/Large Cap Value PLUS.......... Class B 1.55% $ 9.24 8,454 EQ/Large Cap Value PLUS.......... Class B 1.60% $ 9.19 10,639 EQ/Large Cap Value PLUS.......... Class B 1.65% $ 7.90 17,618 EQ/Large Cap Value PLUS.......... Class B 1.70% $ 9.09 2,668 EQ/Large Cap Value PLUS.......... Class B 1.80% $ 8.98 127 EQ/Large Cap Value PLUS.......... Class B 1.90% $ 8.88 36 EQ/Long Term Bond................ Class B 0.50% $ 11.37 -- EQ/Long Term Bond................ Class B 0.95% $ 11.19 -- EQ/Long Term Bond................ Class B 1.20% $ 11.08 900 EQ/Long Term Bond................ Class B 1.25% $ 11.06 2,362
FSA-24 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Long Term Bond....................... Class B 1.30% $ 8.43 2,692 EQ/Long Term Bond....................... Class B 1.35% $ 11.02 203 EQ/Long Term Bond....................... Class B 1.40% $ 11.00 652 EQ/Long Term Bond....................... Class B 1.50% $ 10.96 2,588 EQ/Long Term Bond....................... Class B 1.55% $ 10.94 1,241 EQ/Long Term Bond....................... Class B 1.60% $ 10.92 276 EQ/Long Term Bond....................... Class B 1.65% $ 10.90 1,905 EQ/Long Term Bond....................... Class B 1.70% $ 10.88 237 EQ/Long Term Bond....................... Class B 1.80% $ 10.84 -- EQ/Long Term Bond....................... Class B 1.90% $ 10.80 -- EQ/Lord Abbett Growth and Income........ Class B 0.50% $ 8.08 -- EQ/Lord Abbett Growth and Income........ Class B 0.95% $ 7.94 -- EQ/Lord Abbett Growth and Income........ Class B 1.20% $ 7.87 322 EQ/Lord Abbett Growth and Income........ Class B 1.25% $ 7.86 1,713 EQ/Lord Abbett Growth and Income........ Class B 1.30% $ 7.87 1,289 EQ/Lord Abbett Growth and Income........ Class B 1.35% $ 7.83 211 EQ/Lord Abbett Growth and Income........ Class B 1.40% $ 7.81 531 EQ/Lord Abbett Growth and Income........ Class B 1.50% $ 7.78 2,006 EQ/Lord Abbett Growth and Income........ Class B 1.55% $ 7.77 1,303 EQ/Lord Abbett Growth and Income........ Class B 1.60% $ 7.76 323 EQ/Lord Abbett Growth and Income........ Class B 1.65% $ 7.74 3,958 EQ/Lord Abbett Growth and Income........ Class B 1.70% $ 7.73 351 EQ/Lord Abbett Growth and Income........ Class B 1.80% $ 7.70 -- EQ/Lord Abbett Growth and Income........ Class B 1.90% $ 7.67 -- EQ/Lord Abbett Large Cap Core........... Class B 0.50% $ 9.01 -- EQ/Lord Abbett Large Cap Core........... Class B 0.95% $ 8.86 -- EQ/Lord Abbett Large Cap Core........... Class B 1.20% $ 8.78 357 EQ/Lord Abbett Large Cap Core........... Class B 1.25% $ 8.76 1,147 EQ/Lord Abbett Large Cap Core........... Class B 1.30% $ 8.81 1,142 EQ/Lord Abbett Large Cap Core........... Class B 1.35% $ 8.73 202 EQ/Lord Abbett Large Cap Core........... Class B 1.40% $ 8.71 781 EQ/Lord Abbett Large Cap Core........... Class B 1.50% $ 8.68 1,630 EQ/Lord Abbett Large Cap Core........... Class B 1.55% $ 8.66 1,080 EQ/Lord Abbett Large Cap Core........... Class B 1.60% $ 8.65 207 EQ/Lord Abbett Large Cap Core........... Class B 1.65% $ 8.63 2,823 EQ/Lord Abbett Large Cap Core........... Class B 1.70% $ 8.62 425 EQ/Lord Abbett Large Cap Core........... Class B 1.80% $ 8.58 -- EQ/Lord Abbett Large Cap Core........... Class B 1.90% $ 8.55 -- EQ/Lord Abbett Mid Cap Value............ Class B 0.50% $ 7.62 -- EQ/Lord Abbett Mid Cap Value............ Class B 0.95% $ 7.50 -- EQ/Lord Abbett Mid Cap Value............ Class B 1.20% $ 7.43 649 EQ/Lord Abbett Mid Cap Value............ Class B 1.25% $ 7.41 3,815 EQ/Lord Abbett Mid Cap Value............ Class B 1.30% $ 7.47 3,432 EQ/Lord Abbett Mid Cap Value............ Class B 1.35% $ 7.39 197 EQ/Lord Abbett Mid Cap Value............ Class B 1.40% $ 7.37 1,060 EQ/Lord Abbett Mid Cap Value............ Class B 1.50% $ 7.35 4,221 EQ/Lord Abbett Mid Cap Value............ Class B 1.55% $ 7.33 2,698 EQ/Lord Abbett Mid Cap Value............ Class B 1.60% $ 7.32 354 EQ/Lord Abbett Mid Cap Value............ Class B 1.65% $ 7.30 8,482 EQ/Lord Abbett Mid Cap Value............ Class B 1.70% $ 7.29 922 EQ/Lord Abbett Mid Cap Value............ Class B 1.80% $ 7.26 -- EQ/Lord Abbett Mid Cap Value............ Class B 1.90% $ 7.24 -- EQ/Marsico Focus........................ Class B 0.50% $ 11.60 -- EQ/Marsico Focus........................ Class B 0.95% $ 11.22 6 EQ/Marsico Focus........................ Class B 1.20% $ 11.01 9,776 EQ/Marsico Focus........................ Class B 1.25% $ 9.05 16,060
FSA-25 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Marsico Focus............. Class B 1.30% $ 9.02 10,424 EQ/Marsico Focus............. Class B 1.35% $ 10.89 1,313 EQ/Marsico Focus............. Class B 1.40% $ 10.85 14,437 EQ/Marsico Focus............. Class B 1.50% $ 8.93 21,105 EQ/Marsico Focus............. Class B 1.55% $ 10.73 9,050 EQ/Marsico Focus............. Class B 1.60% $ 10.69 5,954 EQ/Marsico Focus............. Class B 1.65% $ 8.86 27,244 EQ/Marsico Focus............. Class B 1.70% $ 10.61 3,228 EQ/Marsico Focus............. Class B 1.80% $ 10.53 49 EQ/Marsico Focus............. Class B 1.90% $ 10.45 5 EQ/Mid Cap Index............. Class B 0.50% $ 7.36 -- EQ/Mid Cap Index............. Class B 0.95% $ 7.09 25 EQ/Mid Cap Index............. Class B 1.20% $ 6.94 8,228 EQ/Mid Cap Index............. Class B 1.25% $ 8.03 8,169 EQ/Mid Cap Index............. Class B 1.30% $ 8.00 3,947 EQ/Mid Cap Index............. Class B 1.35% $ 6.86 1,046 EQ/Mid Cap Index............. Class B 1.40% $ 6.83 10,755 EQ/Mid Cap Index............. Class B 1.50% $ 7.93 11,084 EQ/Mid Cap Index............. Class B 1.55% $ 6.74 7,091 EQ/Mid Cap Index............. Class B 1.60% $ 6.71 5,117 EQ/Mid Cap Index............. Class B 1.65% $ 7.86 10,589 EQ/Mid Cap Index............. Class B 1.70% $ 6.66 1,863 EQ/Mid Cap Index............. Class B 1.80% $ 6.60 28 EQ/Mid Cap Index............. Class B 1.90% $ 6.54 4 EQ/Mid Cap Value PLUS........ Class B 0.50% $ 11.23 -- EQ/Mid Cap Value PLUS........ Class B 0.95% $ 10.65 12 EQ/Mid Cap Value PLUS........ Class B 1.20% $ 10.34 5,211 EQ/Mid Cap Value PLUS........ Class B 1.25% $ 9.11 5,616 EQ/Mid Cap Value PLUS........ Class B 1.30% $ 9.06 1,612 EQ/Mid Cap Value PLUS........ Class B 1.35% $ 10.16 780 EQ/Mid Cap Value PLUS........ Class B 1.40% $ 10.10 7,400 EQ/Mid Cap Value PLUS........ Class B 1.50% $ 8.99 8,252 EQ/Mid Cap Value PLUS........ Class B 1.55% $ 9.92 3,049 EQ/Mid Cap Value PLUS........ Class B 1.60% $ 9.86 3,335 EQ/Mid Cap Value PLUS........ Class B 1.65% $ 8.92 5,726 EQ/Mid Cap Value PLUS........ Class B 1.70% $ 9.74 902 EQ/Mid Cap Value PLUS........ Class B 1.80% $ 9.63 32 EQ/Mid Cap Value PLUS........ Class B 1.90% $ 9.52 13 EQ/Money Market.............. Class B 0.00% $ 44.43 14 EQ/Money Market.............. Class B 0.50% $ 38.72 -- EQ/Money Market.............. Class B 0.95% $ 34.19 5 EQ/Money Market.............. Class B 1.15% $ 11.33 195 EQ/Money Market.............. Class B 1.15% $ 32.35 24 EQ/Money Market.............. Class B 1.20% $ 31.90 2,708 EQ/Money Market.............. Class B 1.25% $ 10.82 9,274 EQ/Money Market.............. Class B 1.30% $ 10.67 6,707 EQ/Money Market.............. Class B 1.35% $ 30.60 2,696 EQ/Money Market.............. Class B 1.40% $ 30.17 4,787 EQ/Money Market.............. Class B 1.50% $ 10.68 20,804 EQ/Money Market.............. Class B 1.55% $ 28.93 5,634 EQ/Money Market.............. Class B 1.55% $ 32.29 4,286 EQ/Money Market.............. Class B 1.60% $ 28.54 4,635 EQ/Money Market.............. Class B 1.65% $ 10.59 26,885 EQ/Money Market.............. Class B 1.70% $ 27.75 1,943 EQ/Money Market.............. Class B 1.70% $ 32.26 307 EQ/Money Market.............. Class B 1.80% $ 26.99 7 EQ/Money Market.............. Class B 1.90% $ 26.24 13
FSA-26 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Montag & Caldwell Growth................... Class B 0.50% $ 4.22 -- EQ/Montag & Caldwell Growth................... Class B 0.95% $ 4.03 8 EQ/Montag & Caldwell Growth................... Class B 1.20% $ 3.93 1,807 EQ/Montag & Caldwell Growth................... Class B 1.25% $ 3.91 3,564 EQ/Montag & Caldwell Growth................... Class B 1.30% $ 1.56 9,857 EQ/Montag & Caldwell Growth................... Class B 1.35% $ 3.87 617 EQ/Montag & Caldwell Growth................... Class B 1.40% $ 3.85 4,010 EQ/Montag & Caldwell Growth................... Class B 1.50% $ 3.81 6,462 EQ/Montag & Caldwell Growth................... Class B 1.55% $ 3.79 5,847 EQ/Montag & Caldwell Growth................... Class B 1.60% $ 3.77 1,065 EQ/Montag & Caldwell Growth................... Class B 1.65% $ 3.76 8,750 EQ/Montag & Caldwell Growth................... Class B 1.70% $ 3.74 1,560 EQ/Montag & Caldwell Growth................... Class B 1.80% $ 3.70 14 EQ/Montag & Caldwell Growth................... Class B 1.90% $ 3.66 -- EQ/Mutual Shares.............................. Class B 0.50% $ 6.69 -- EQ/Mutual Shares.............................. Class B 0.95% $ 6.62 4 EQ/Mutual Shares.............................. Class B 1.20% $ 6.58 922 EQ/Mutual Shares.............................. Class B 1.25% $ 6.57 2,806 EQ/Mutual Shares.............................. Class B 1.30% $ 6.57 5,798 EQ/Mutual Shares.............................. Class B 1.35% $ 6.56 193 EQ/Mutual Shares.............................. Class B 1.40% $ 6.55 1,147 EQ/Mutual Shares.............................. Class B 1.50% $ 6.53 2,595 EQ/Mutual Shares.............................. Class B 1.55% $ 6.53 3,890 EQ/Mutual Shares.............................. Class B 1.60% $ 6.52 499 EQ/Mutual Shares.............................. Class B 1.65% $ 6.51 11,898 EQ/Mutual Shares.............................. Class B 1.70% $ 6.50 1,644 EQ/Mutual Shares.............................. Class B 1.80% $ 6.49 2 EQ/Mutual Shares.............................. Class B 1.90% $ 6.47 -- EQ/Oppenheimer Global......................... Class B 0.50% $ 6.90 -- EQ/Oppenheimer Global......................... Class B 0.95% $ 6.83 -- EQ/Oppenheimer Global......................... Class B 1.20% $ 6.79 328 EQ/Oppenheimer Global......................... Class B 1.25% $ 6.78 1,127 EQ/Oppenheimer Global......................... Class B 1.30% $ 6.77 2,631 EQ/Oppenheimer Global......................... Class B 1.35% $ 6.76 102 EQ/Oppenheimer Global......................... Class B 1.40% $ 6.75 602 EQ/Oppenheimer Global......................... Class B 1.50% $ 6.74 1,080 EQ/Oppenheimer Global......................... Class B 1.55% $ 6.73 2,347 EQ/Oppenheimer Global......................... Class B 1.60% $ 6.72 230 EQ/Oppenheimer Global......................... Class B 1.65% $ 6.71 4,013 EQ/Oppenheimer Global......................... Class B 1.70% $ 6.71 786 EQ/Oppenheimer Global......................... Class B 1.80% $ 6.69 -- EQ/Oppenheimer Global......................... Class B 1.90% $ 6.68 -- EQ/Oppenheimer Main Street Opportunity........ Class B 0.50% $ 6.87 -- EQ/Oppenheimer Main Street Opportunity........ Class B 0.95% $ 6.79 -- EQ/Oppenheimer Main Street Opportunity........ Class B 1.20% $ 6.75 171 EQ/Oppenheimer Main Street Opportunity........ Class B 1.25% $ 6.75 358 EQ/Oppenheimer Main Street Opportunity........ Class B 1.30% $ 6.74 683 EQ/Oppenheimer Main Street Opportunity........ Class B 1.35% $ 6.73 43 EQ/Oppenheimer Main Street Opportunity........ Class B 1.40% $ 6.72 141 EQ/Oppenheimer Main Street Opportunity........ Class B 1.50% $ 6.71 516 EQ/Oppenheimer Main Street Opportunity........ Class B 1.55% $ 6.70 968 EQ/Oppenheimer Main Street Opportunity........ Class B 1.60% $ 6.69 63 EQ/Oppenheimer Main Street Opportunity........ Class B 1.65% $ 6.68 969 EQ/Oppenheimer Main Street Opportunity........ Class B 1.70% $ 6.68 130 EQ/Oppenheimer Main Street Opportunity........ Class B 1.80% $ 6.66 6 EQ/Oppenheimer Main Street Opportunity........ Class B 1.90% $ 6.64 --
FSA-27 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Oppenheimer Main Street Small Cap........ Class B 0.50% $ 6.68 -- EQ/Oppenheimer Main Street Small Cap........ Class B 0.95% $ 6.61 -- EQ/Oppenheimer Main Street Small Cap........ Class B 1.20% $ 6.57 179 EQ/Oppenheimer Main Street Small Cap........ Class B 1.25% $ 6.57 575 EQ/Oppenheimer Main Street Small Cap........ Class B 1.30% $ 6.56 1,533 EQ/Oppenheimer Main Street Small Cap........ Class B 1.35% $ 6.55 42 EQ/Oppenheimer Main Street Small Cap........ Class B 1.40% $ 6.54 332 EQ/Oppenheimer Main Street Small Cap........ Class B 1.50% $ 6.53 717 EQ/Oppenheimer Main Street Small Cap........ Class B 1.55% $ 6.52 1,367 EQ/Oppenheimer Main Street Small Cap........ Class B 1.60% $ 6.51 148 EQ/Oppenheimer Main Street Small Cap........ Class B 1.65% $ 6.50 2,314 EQ/Oppenheimer Main Street Small Cap........ Class B 1.70% $ 6.50 340 EQ/Oppenheimer Main Street Small Cap........ Class B 1.80% $ 6.48 3 EQ/Oppenheimer Main Street Small Cap........ Class B 1.90% $ 6.47 -- EQ/PIMCO Real Return........................ Class B 0.50% $ 10.57 -- EQ/PIMCO Real Return........................ Class B 0.95% $ 10.39 -- EQ/PIMCO Real Return........................ Class B 1.20% $ 10.30 3,734 EQ/PIMCO Real Return........................ Class B 1.25% $ 10.28 10,323 EQ/PIMCO Real Return........................ Class B 1.30% $ 8.95 9,821 EQ/PIMCO Real Return........................ Class B 1.35% $ 10.24 1,173 EQ/PIMCO Real Return........................ Class B 1.40% $ 10.22 7,245 EQ/PIMCO Real Return........................ Class B 1.50% $ 10.18 16,250 EQ/PIMCO Real Return........................ Class B 1.55% $ 10.17 11,794 EQ/PIMCO Real Return........................ Class B 1.60% $ 10.15 2,800 EQ/PIMCO Real Return........................ Class B 1.65% $ 10.13 25,636 EQ/PIMCO Real Return........................ Class B 1.70% $ 10.11 2,525 EQ/PIMCO Real Return........................ Class B 1.80% $ 10.07 20 EQ/PIMCO Real Return........................ Class B 1.90% $ 10.03 2 EQ/Quality Bond PLUS........................ Class B 0.50% $ 17.75 -- EQ/Quality Bond PLUS........................ Class B 0.95% $ 16.57 2 EQ/Quality Bond PLUS........................ Class B 1.20% $ 15.94 2,700 EQ/Quality Bond PLUS........................ Class B 1.25% $ 10.29 3,340 EQ/Quality Bond PLUS........................ Class B 1.30% $ 10.21 1,880 EQ/Quality Bond PLUS........................ Class B 1.35% $ 15.57 324 EQ/Quality Bond PLUS........................ Class B 1.40% $ 15.45 4,304 EQ/Quality Bond PLUS........................ Class B 1.50% $ 10.15 5,828 EQ/Quality Bond PLUS........................ Class B 1.55% $ 15.10 1,534 EQ/Quality Bond PLUS........................ Class B 1.60% $ 14.98 1,459 EQ/Quality Bond PLUS........................ Class B 1.65% $ 10.07 4,558 EQ/Quality Bond PLUS........................ Class B 1.70% $ 14.75 502 EQ/Quality Bond PLUS........................ Class B 1.80% $ 14.53 4 EQ/Quality Bond PLUS........................ Class B 1.90% $ 14.30 31 EQ/Short Duration Bond...................... Class B 0.50% $ 10.61 -- EQ/Short Duration Bond...................... Class B 0.95% $ 10.43 -- EQ/Short Duration Bond...................... Class B 1.20% $ 10.34 478 EQ/Short Duration Bond...................... Class B 1.25% $ 10.32 1,426 EQ/Short Duration Bond...................... Class B 1.30% $ 9.93 1,229 EQ/Short Duration Bond...................... Class B 1.35% $ 10.28 304 EQ/Short Duration Bond...................... Class B 1.40% $ 10.26 1,221 EQ/Short Duration Bond...................... Class B 1.50% $ 10.22 1,587 EQ/Short Duration Bond...................... Class B 1.55% $ 10.20 1,549 EQ/Short Duration Bond...................... Class B 1.60% $ 10.18 628 EQ/Short Duration Bond...................... Class B 1.65% $ 10.16 5,000 EQ/Short Duration Bond...................... Class B 1.70% $ 10.15 475 EQ/Short Duration Bond...................... Class B 1.80% $ 10.11 5 EQ/Short Duration Bond...................... Class B 1.90% $ 10.07 3
FSA-28 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Small Company Index............... Class B 0.50% $ 11.85 -- EQ/Small Company Index............... Class B 0.95% $ 11.28 11 EQ/Small Company Index............... Class B 1.20% $ 10.97 2,545 EQ/Small Company Index............... Class B 1.25% $ 9.41 3,503 EQ/Small Company Index............... Class B 1.30% $ 9.35 2,215 EQ/Small Company Index............... Class B 1.35% $ 10.79 995 EQ/Small Company Index............... Class B 1.40% $ 10.73 4,046 EQ/Small Company Index............... Class B 1.50% $ 9.28 5,157 EQ/Small Company Index............... Class B 1.55% $ 10.55 2,777 EQ/Small Company Index............... Class B 1.60% $ 10.49 1,675 EQ/Small Company Index............... Class B 1.65% $ 9.21 4,820 EQ/Small Company Index............... Class B 1.70% $ 10.37 720 EQ/Small Company Index............... Class B 1.80% $ 10.26 9 EQ/Small Company Index............... Class B 1.90% $ 10.14 4 EQ/T. Rowe Price Growth Stock........ Class B 0.50% $ 11.86 -- EQ/T. Rowe Price Growth Stock........ Class B 0.95% $ 10.81 4 EQ/T. Rowe Price Growth Stock........ Class B 1.20% $ 10.27 1,438 EQ/T. Rowe Price Growth Stock........ Class B 1.25% $ 10.16 1,665 EQ/T. Rowe Price Growth Stock........ Class B 1.30% $ 3.85 2,900 EQ/T. Rowe Price Growth Stock........ Class B 1.35% $ 9.96 369 EQ/T. Rowe Price Growth Stock........ Class B 1.40% $ 9.85 2,057 EQ/T. Rowe Price Growth Stock........ Class B 1.50% $ 9.65 2,729 EQ/T. Rowe Price Growth Stock........ Class B 1.55% $ 9.55 2,310 EQ/T. Rowe Price Growth Stock........ Class B 1.60% $ 9.45 1,328 EQ/T. Rowe Price Growth Stock........ Class B 1.65% $ 9.36 3,779 EQ/T. Rowe Price Growth Stock........ Class B 1.70% $ 9.26 421 EQ/T. Rowe Price Growth Stock........ Class B 1.80% $ 9.07 12 EQ/T. Rowe Price Growth Stock........ Class B 1.90% $ 8.88 12 EQ/Templeton Growth.................. Class B 0.50% $ 6.45 -- EQ/Templeton Growth.................. Class B 0.95% $ 6.38 1 EQ/Templeton Growth.................. Class B 1.20% $ 6.35 561 EQ/Templeton Growth.................. Class B 1.25% $ 6.34 1,872 EQ/Templeton Growth.................. Class B 1.30% $ 6.33 4,870 EQ/Templeton Growth.................. Class B 1.35% $ 6.32 189 EQ/Templeton Growth.................. Class B 1.40% $ 6.32 766 EQ/Templeton Growth.................. Class B 1.50% $ 6.30 1,904 EQ/Templeton Growth.................. Class B 1.55% $ 6.29 3,287 EQ/Templeton Growth.................. Class B 1.60% $ 6.29 411 EQ/Templeton Growth.................. Class B 1.65% $ 6.28 9,057 EQ/Templeton Growth.................. Class B 1.70% $ 6.27 848 EQ/Templeton Growth.................. Class B 1.80% $ 6.26 2 EQ/Templeton Growth.................. Class B 1.90% $ 6.24 -- EQ/UBS Growth and Income............. Class B 0.50% $ 4.02 -- EQ/UBS Growth and Income............. Class B 0.95% $ 3.84 -- EQ/UBS Growth and Income............. Class B 1.20% $ 3.75 283 EQ/UBS Growth and Income............. Class B 1.25% $ 3.73 1,764 EQ/UBS Growth and Income............. Class B 1.30% $ 1.46 2,891 EQ/UBS Growth and Income............. Class B 1.35% $ 3.69 108 EQ/UBS Growth and Income............. Class B 1.40% $ 3.67 590 EQ/UBS Growth and Income............. Class B 1.50% $ 3.63 3,589 EQ/UBS Growth and Income............. Class B 1.55% $ 3.62 2,130 EQ/UBS Growth and Income............. Class B 1.60% $ 3.60 145 EQ/UBS Growth and Income............. Class B 1.65% $ 3.58 3,308 EQ/UBS Growth and Income............. Class B 1.70% $ 3.56 153 EQ/UBS Growth and Income............. Class B 1.80% $ 3.52 -- EQ/UBS Growth and Income............. Class B 1.90% $ 3.49 --
FSA-29 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- EQ/Van Kampen Comstock....................... Class B 0.50% $ 7.36 -- EQ/Van Kampen Comstock....................... Class B 0.95% $ 7.24 1 EQ/Van Kampen Comstock....................... Class B 1.20% $ 7.17 493 EQ/Van Kampen Comstock....................... Class B 1.25% $ 7.16 4,223 EQ/Van Kampen Comstock....................... Class B 1.30% $ 7.15 2,784 EQ/Van Kampen Comstock....................... Class B 1.35% $ 7.13 244 EQ/Van Kampen Comstock....................... Class B 1.40% $ 7.12 878 EQ/Van Kampen Comstock....................... Class B 1.50% $ 7.09 3,571 EQ/Van Kampen Comstock....................... Class B 1.55% $ 7.08 2,035 EQ/Van Kampen Comstock....................... Class B 1.60% $ 7.07 491 EQ/Van Kampen Comstock....................... Class B 1.65% $ 7.05 10,821 EQ/Van Kampen Comstock....................... Class B 1.70% $ 7.04 545 EQ/Van Kampen Comstock....................... Class B 1.80% $ 7.01 2 EQ/Van Kampen Comstock....................... Class B 1.90% $ 6.99 -- EQ/Van Kampen Emerging Markets Equity........ Class B 0.50% $ 12.25 -- EQ/Van Kampen Emerging Markets Equity........ Class B 0.95% $ 11.63 30 EQ/Van Kampen Emerging Markets Equity........ Class B 1.20% $ 11.30 3,004 EQ/Van Kampen Emerging Markets Equity........ Class B 1.25% $ 14.72 5,840 EQ/Van Kampen Emerging Markets Equity........ Class B 1.30% $ 14.63 5,722 EQ/Van Kampen Emerging Markets Equity........ Class B 1.35% $ 11.11 1,671 EQ/Van Kampen Emerging Markets Equity........ Class B 1.40% $ 11.05 6,223 EQ/Van Kampen Emerging Markets Equity........ Class B 1.50% $ 14.52 9,735 EQ/Van Kampen Emerging Markets Equity........ Class B 1.55% $ 10.86 8,369 EQ/Van Kampen Emerging Markets Equity........ Class B 1.60% $ 10.79 2,396 EQ/Van Kampen Emerging Markets Equity........ Class B 1.65% $ 14.40 9,040 EQ/Van Kampen Emerging Markets Equity........ Class B 1.70% $ 10.67 1,528 EQ/Van Kampen Emerging Markets Equity........ Class B 1.80% $ 10.55 14 EQ/Van Kampen Emerging Markets Equity........ Class B 1.90% $ 10.43 2 EQ/Van Kampen Mid Cap Growth................. Class B 0.50% $ 8.64 -- EQ/Van Kampen Mid Cap Growth................. Class B 0.95% $ 8.49 5 EQ/Van Kampen Mid Cap Growth................. Class B 1.20% $ 8.42 971 EQ/Van Kampen Mid Cap Growth................. Class B 1.25% $ 8.40 3,245 EQ/Van Kampen Mid Cap Growth................. Class B 1.30% $ 8.38 3,390 EQ/Van Kampen Mid Cap Growth................. Class B 1.35% $ 8.37 294 EQ/Van Kampen Mid Cap Growth................. Class B 1.40% $ 8.35 1,561 EQ/Van Kampen Mid Cap Growth................. Class B 1.50% $ 8.32 3,987 EQ/Van Kampen Mid Cap Growth................. Class B 1.55% $ 8.31 3,782 EQ/Van Kampen Mid Cap Growth................. Class B 1.60% $ 8.29 412 EQ/Van Kampen Mid Cap Growth................. Class B 1.65% $ 8.28 6,915 EQ/Van Kampen Mid Cap Growth................. Class B 1.70% $ 8.26 695 EQ/Van Kampen Mid Cap Growth................. Class B 1.80% $ 8.23 -- EQ/Van Kampen Mid Cap Growth................. Class B 1.90% $ 8.20 -- EQ/Van Kampen Real Estate.................... Class B 1.20% $ 5.01 1,885 EQ/Van Kampen Real Estate.................... Class B 1.25% $ 5.00 9,478 EQ/Van Kampen Real Estate.................... Class B 1.30% $ 5.00 6,805 EQ/Van Kampen Real Estate.................... Class B 1.40% $ 4.99 3,678 EQ/Van Kampen Real Estate.................... Class B 1.50% $ 4.98 14,752 EQ/Van Kampen Real Estate.................... Class B 1.55% $ 4.98 6,634 EQ/Van Kampen Real Estate.................... Class B 1.60% $ 4.98 731 EQ/Van Kampen Real Estate.................... Class B 1.65% $ 4.97 13,059 EQ/Van Kampen Real Estate.................... Class B 1.70% $ 4.97 1,342 Multimanager Aggressive Equity............... Class B 0.50% $ 41.97 -- Multimanager Aggressive Equity............... Class B 0.95% $ 37.83 1 Multimanager Aggressive Equity............... Class B 1.20% $ 35.69 162 Multimanager Aggressive Equity............... Class B 1.25% $ 7.59 834 Multimanager Aggressive Equity............... Class B 1.30% $ 7.50 529
FSA-30 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- Multimanager Aggressive Equity........... Class B 1.35% $ 34.47 305 Multimanager Aggressive Equity........... Class B 1.40% $ 34.07 206 Multimanager Aggressive Equity........... Class B 1.50% $ 7.49 1,250 Multimanager Aggressive Equity........... Class B 1.55% $ 32.90 210 Multimanager Aggressive Equity........... Class B 1.60% $ 32.52 186 Multimanager Aggressive Equity........... Class B 1.65% $ 7.43 1,350 Multimanager Aggressive Equity........... Class B 1.70% $ 31.77 53 Multimanager Aggressive Equity........... Class B 1.80% $ 31.04 1 Multimanager Aggressive Equity........... Class B 1.90% $ 30.32 -- Multimanager Core Bond................... Class B 0.50% $ 12.94 -- Multimanager Core Bond................... Class B 0.95% $ 12.54 -- Multimanager Core Bond................... Class B 1.20% $ 12.32 8,401 Multimanager Core Bond................... Class B 1.25% $ 11.41 6,075 Multimanager Core Bond................... Class B 1.30% $ 11.41 2,680 Multimanager Core Bond................... Class B 1.35% $ 12.19 705 Multimanager Core Bond................... Class B 1.40% $ 12.14 13,388 Multimanager Core Bond................... Class B 1.50% $ 11.26 9,154 Multimanager Core Bond................... Class B 1.55% $ 12.02 3,422 Multimanager Core Bond................... Class B 1.60% $ 11.97 4,240 Multimanager Core Bond................... Class B 1.65% $ 11.17 11,031 Multimanager Core Bond................... Class B 1.70% $ 11.89 3,511 Multimanager Core Bond................... Class B 1.80% $ 11.80 19 Multimanager Core Bond................... Class B 1.90% $ 11.72 3 Multimanager Health Care................. Class B 0.50% $ 9.96 -- Multimanager Health Care................. Class B 0.95% $ 9.65 -- Multimanager Health Care................. Class B 1.20% $ 9.48 2,706 Multimanager Health Care................. Class B 1.25% $ 10.01 2,953 Multimanager Health Care................. Class B 1.30% $ 9.97 1,648 Multimanager Health Care................. Class B 1.35% $ 9.38 275 Multimanager Health Care................. Class B 1.40% $ 9.34 3,929 Multimanager Health Care................. Class B 1.50% $ 9.87 5,011 Multimanager Health Care................. Class B 1.55% $ 9.25 2,361 Multimanager Health Care................. Class B 1.60% $ 9.21 1,104 Multimanager Health Care................. Class B 1.65% $ 9.79 4,575 Multimanager Health Care................. Class B 1.70% $ 9.15 429 Multimanager Health Care................. Class B 1.80% $ 9.08 9 Multimanager Health Care................. Class B 1.90% $ 9.02 1 Multimanager High Yield.................. Class B 0.50% $ 30.12 -- Multimanager High Yield.................. Class B 0.95% $ 27.26 4 Multimanager High Yield.................. Class B 1.20% $ 25.79 2,545 Multimanager High Yield.................. Class B 1.25% $ 9.67 6,014 Multimanager High Yield.................. Class B 1.30% $ 9.56 2,102 Multimanager High Yield.................. Class B 1.35% $ 24.94 1,227 Multimanager High Yield.................. Class B 1.40% $ 24.66 3,858 Multimanager High Yield.................. Class B 1.50% $ 9.54 9,841 Multimanager High Yield.................. Class B 1.55% $ 23.85 1,874 Multimanager High Yield.................. Class B 1.60% $ 23.59 2,063 Multimanager High Yield.................. Class B 1.65% $ 9.46 6,601 Multimanager High Yield.................. Class B 1.70% $ 23.07 523 Multimanager High Yield.................. Class B 1.80% $ 22.56 11 Multimanager High Yield.................. Class B 1.90% $ 22.06 1 Multimanager International Equity........ Class B 0.50% $ 10.39 -- Multimanager International Equity........ Class B 0.95% $ 10.06 -- Multimanager International Equity........ Class B 1.20% $ 9.89 2,888 Multimanager International Equity........ Class B 1.25% $ 10.69 3,883 Multimanager International Equity........ Class B 1.30% $ 10.65 2,606
FSA-31 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- Multimanager International Equity......... Class B 1.35% $ 9.78 528 Multimanager International Equity......... Class B 1.40% $ 9.75 4,854 Multimanager International Equity......... Class B 1.50% $ 10.54 6,101 Multimanager International Equity......... Class B 1.55% $ 9.64 3,649 Multimanager International Equity......... Class B 1.60% $ 9.61 1,547 Multimanager International Equity......... Class B 1.65% $ 10.46 7,867 Multimanager International Equity......... Class B 1.70% $ 9.54 951 Multimanager International Equity......... Class B 1.80% $ 9.47 9 Multimanager International Equity......... Class B 1.90% $ 9.41 1 Multimanager Large Cap Core Equity........ Class B 0.50% $ 8.09 -- Multimanager Large Cap Core Equity........ Class B 0.95% $ 7.84 3 Multimanager Large Cap Core Equity........ Class B 1.20% $ 7.70 1,747 Multimanager Large Cap Core Equity........ Class B 1.25% $ 8.40 907 Multimanager Large Cap Core Equity........ Class B 1.30% $ 8.36 507 Multimanager Large Cap Core Equity........ Class B 1.35% $ 7.62 192 Multimanager Large Cap Core Equity........ Class B 1.40% $ 7.59 2,992 Multimanager Large Cap Core Equity........ Class B 1.50% $ 8.28 1,691 Multimanager Large Cap Core Equity........ Class B 1.55% $ 7.51 981 Multimanager Large Cap Core Equity........ Class B 1.60% $ 7.48 1,012 Multimanager Large Cap Core Equity........ Class B 1.65% $ 8.22 1,797 Multimanager Large Cap Core Equity........ Class B 1.70% $ 7.43 447 Multimanager Large Cap Core Equity........ Class B 1.80% $ 7.38 3 Multimanager Large Cap Core Equity........ Class B 1.90% $ 7.33 -- Multimanager Large Cap Growth............. Class B 0.50% $ 6.05 -- Multimanager Large Cap Growth............. Class B 0.95% $ 5.86 -- Multimanager Large Cap Growth............. Class B 1.20% $ 5.76 3,514 Multimanager Large Cap Growth............. Class B 1.25% $ 6.86 2,547 Multimanager Large Cap Growth............. Class B 1.30% $ 6.83 1,190 Multimanager Large Cap Growth............. Class B 1.35% $ 5.70 415 Multimanager Large Cap Growth............. Class B 1.40% $ 5.68 6,433 Multimanager Large Cap Growth............. Class B 1.50% $ 6.76 3,750 Multimanager Large Cap Growth............. Class B 1.55% $ 5.62 1,942 Multimanager Large Cap Growth............. Class B 1.60% $ 5.60 2,508 Multimanager Large Cap Growth............. Class B 1.65% $ 6.71 3,987 Multimanager Large Cap Growth............. Class B 1.70% $ 5.56 840 Multimanager Large Cap Growth............. Class B 1.80% $ 5.52 39 Multimanager Large Cap Growth............. Class B 1.90% $ 5.48 -- Multimanager Large Cap Value.............. Class B 0.50% $ 9.62 -- Multimanager Large Cap Value.............. Class B 0.95% $ 9.32 16 Multimanager Large Cap Value.............. Class B 1.20% $ 9.15 4,173 Multimanager Large Cap Value.............. Class B 1.25% $ 9.87 4,032 Multimanager Large Cap Value.............. Class B 1.30% $ 9.83 2,483 Multimanager Large Cap Value.............. Class B 1.35% $ 9.06 478 Multimanager Large Cap Value.............. Class B 1.40% $ 9.02 6,385 Multimanager Large Cap Value.............. Class B 1.50% $ 9.73 6,245 Multimanager Large Cap Value.............. Class B 1.55% $ 8.93 3,416 Multimanager Large Cap Value.............. Class B 1.60% $ 8.90 2,480 Multimanager Large Cap Value.............. Class B 1.65% $ 9.65 6,951 Multimanager Large Cap Value.............. Class B 1.70% $ 8.83 921 Multimanager Large Cap Value.............. Class B 1.80% $ 8.77 33 Multimanager Large Cap Value.............. Class B 1.90% $ 8.71 -- Multimanager Mid Cap Growth............... Class B 0.50% $ 7.13 -- Multimanager Mid Cap Growth............... Class B 0.95% $ 6.91 1 Multimanager Mid Cap Growth............... Class B 1.20% $ 6.79 4,628 Multimanager Mid Cap Growth............... Class B 1.25% $ 8.30 2,663 Multimanager Mid Cap Growth............... Class B 1.30% $ 8.27 1,229
FSA-32 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Continued) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- Multimanager Mid Cap Growth.......... Class B 1.35% $ 6.72 426 Multimanager Mid Cap Growth.......... Class B 1.40% $ 6.69 7,140 Multimanager Mid Cap Growth.......... Class B 1.50% $ 8.18 4,032 Multimanager Mid Cap Growth.......... Class B 1.55% $ 6.62 1,770 Multimanager Mid Cap Growth.......... Class B 1.60% $ 6.60 2,611 Multimanager Mid Cap Growth.......... Class B 1.65% $ 8.12 4,317 Multimanager Mid Cap Growth.......... Class B 1.70% $ 6.55 813 Multimanager Mid Cap Growth.......... Class B 1.80% $ 6.50 11 Multimanager Mid Cap Growth.......... Class B 1.90% $ 6.46 1 Multimanager Mid Cap Value........... Class B 0.50% $ 9.22 -- Multimanager Mid Cap Value........... Class B 0.95% $ 8.93 3 Multimanager Mid Cap Value........... Class B 1.20% $ 8.78 3,405 Multimanager Mid Cap Value........... Class B 1.25% $ 9.40 2,512 Multimanager Mid Cap Value........... Class B 1.30% $ 9.36 1,300 Multimanager Mid Cap Value........... Class B 1.35% $ 8.68 410 Multimanager Mid Cap Value........... Class B 1.40% $ 8.65 5,707 Multimanager Mid Cap Value........... Class B 1.50% $ 9.27 3,935 Multimanager Mid Cap Value........... Class B 1.55% $ 8.56 1,982 Multimanager Mid Cap Value........... Class B 1.60% $ 8.53 2,077 Multimanager Mid Cap Value........... Class B 1.65% $ 9.20 4,175 Multimanager Mid Cap Value........... Class B 1.70% $ 8.47 727 Multimanager Mid Cap Value........... Class B 1.80% $ 8.41 11 Multimanager Mid Cap Value........... Class B 1.90% $ 8.35 1 Multimanager Small Cap Growth........ Class B 0.50% $ 5.60 -- Multimanager Small Cap Growth........ Class B 0.95% $ 5.35 1 Multimanager Small Cap Growth........ Class B 1.20% $ 5.21 728 Multimanager Small Cap Growth........ Class B 1.25% $ 5.19 4,114 Multimanager Small Cap Growth........ Class B 1.30% $ 2.98 4,840 Multimanager Small Cap Growth........ Class B 1.35% $ 5.14 306 Multimanager Small Cap Growth........ Class B 1.40% $ 5.11 1,483 Multimanager Small Cap Growth........ Class B 1.50% $ 5.06 5,941 Multimanager Small Cap Growth........ Class B 1.55% $ 5.03 3,484 Multimanager Small Cap Growth........ Class B 1.60% $ 5.01 350 Multimanager Small Cap Growth........ Class B 1.65% $ 4.98 6,845 Multimanager Small Cap Growth........ Class B 1.70% $ 4.95 687 Multimanager Small Cap Growth........ Class B 1.80% $ 4.90 1 Multimanager Small Cap Growth........ Class B 1.90% $ 4.85 -- Multimanager Small Cap Value......... Class B 0.50% $ 11.78 -- Multimanager Small Cap Value......... Class B 0.95% $ 11.21 9 Multimanager Small Cap Value......... Class B 1.20% $ 10.90 4,558 Multimanager Small Cap Value......... Class B 1.25% $ 8.20 6,215 Multimanager Small Cap Value......... Class B 1.30% $ 8.15 910 Multimanager Small Cap Value......... Class B 1.35% $ 10.72 2,179 Multimanager Small Cap Value......... Class B 1.40% $ 10.66 5,936 Multimanager Small Cap Value......... Class B 1.50% $ 8.09 7,894 Multimanager Small Cap Value......... Class B 1.55% $ 10.48 1,879 Multimanager Small Cap Value......... Class B 1.60% $ 10.43 3,075 Multimanager Small Cap Value......... Class B 1.65% $ 8.02 6,403 Multimanager Small Cap Value......... Class B 1.70% $ 10.31 666 Multimanager Small Cap Value......... Class B 1.80% $ 10.20 29 Multimanager Small Cap Value......... Class B 1.90% $ 10.08 6 Multimanager Technology.............. Class B 0.50% $ 6.85 -- Multimanager Technology.............. Class B 0.95% $ 6.64 25 Multimanager Technology.............. Class B 1.20% $ 6.52 2,156 Multimanager Technology.............. Class B 1.25% $ 7.60 2,241 Multimanager Technology.............. Class B 1.30% $ 7.57 1,902
FSA-33 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF ASSETS AND LIABILITIES (Concluded) DECEMBER 31, 2008
Contract charges Unit Value Units Outstanding (000s) ------------------ ------------ ------------------------- Multimanager Technology........ Class B 1.35% $ 6.45 537 Multimanager Technology........ Class B 1.40% $ 6.43 4,601 Multimanager Technology........ Class B 1.50% $ 7.50 5,133 Multimanager Technology........ Class B 1.55% $ 6.36 4,243 Multimanager Technology........ Class B 1.60% $ 6.34 2,147 Multimanager Technology........ Class B 1.65% $ 7.44 4,301 Multimanager Technology........ Class B 1.70% $ 6.29 462 Multimanager Technology........ Class B 1.80% $ 6.25 8 Multimanager Technology........ Class B 1.90% $ 6.20 --
The accompanying notes are an integral part of these financial statements. FSA-34 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2008
AXA Aggressive AXA Conservative AXA Conservative-Plus Allocation Allocation Allocation ------------------- ------------------ ----------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 43,475,876 $ 60,694,901 $ 47,959,378 Expenses: Asset-based charges............................. 39,539,772 13,658,850 18,031,056 ---------------- -------------- -------------- Net Investment Income (Loss)........................ 3,936,104 47,036,051 29,928,322 ---------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (50,014,957) (21,365,385) (25,239,385) Realized gain distribution from The Trusts........ 181,297,323 13,756,608 32,119,239 ---------------- -------------- -------------- Net realized gain (loss).......................... 131,282,366 (7,608,777) 6,879,854 ---------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments.................................. (1,449,797,143) (159,266,295) (315,384,042) ---------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (1,318,514,777) (166,875,072) (308,504,188) ---------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations................................... $ (1,314,578,673) $ (119,839,021) $ (278,575,866) ================ ============== ============== AXA Moderate AXA Moderate-Plus EQ/AllianceBernstein Allocation Allocation Common Stock ------------------- ------------------- ---------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 228,580,685 $ 225,406,113 $ 15,061,103 Expenses: Asset-based charges............................. 83,977,450 142,061,852 13,400,647 ---------------- ---------------- -------------- Net Investment Income (Loss)........................ 144,603,235 83,344,261 1,660,456 ---------------- ---------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............... (1,977,088) (46,138,786) (9,877,898) Realized gain distribution from The Trusts........ 242,661,895 500,717,492 -- ---------------- ---------------- -------------- Net realized gain (loss).......................... 240,684,807 454,578,706 (9,877,898) ---------------- ---------------- -------------- Change in unrealized appreciation (depreciation) of investments.................................. (2,048,184,961) (4,240,331,255) (509,119,672) ---------------- ---------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (1,807,500,154) (3,785,752,549) (518,997,570) ---------------- ---------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations................................... $ (1,662,896,919) $ (3,702,408,288) $ (517,337,114) ================ ================ ==============
------- The accompanying notes are an integral part of these financial statements. FSA-35 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/AllianceBernstein Intermediate Government EQ/AllianceBernstein EQ/AllianceBernstein Securities International Small Cap Growth --------------------- ---------------------- ---------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 12,784,560 $ 27,095,257 $ -- Expenses: Asset-based charges............................. 4,962,814 14,618,030 6,084,011 ------------ -------------- -------------- Net Investment Income (Loss)........................ 7,821,746 12,477,227 (6,084,011) ------------ -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (1,366,840) 8,071,308 (8,898,837) Realized gain distribution from The Trusts...... -- 16,908,423 589,575 ------------ -------------- -------------- Net realized gain (loss).......................... (1,366,840) 24,979,731 (8,309,262) ------------ -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... 1,364,716 (689,165,353) (222,476,523) ------------ -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (2,124) (664,185,622) (230,785,785) ------------ -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ 7,819,622 $ (651,708,395) $ (236,869,796) ============ ============== ============== EQ/Ariel EQ/AXA Rosenberg EQ/BlackRock Appreciation II Value Long/Short Equity Basic Value Equity ----------------- ------------------------- ------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 454,064 $ 256,168 $ 11,805,862 Expenses: Asset-based charges............................. 723,965 2,099,814 9,899,013 ------------- ------------- -------------- Net Investment Income (Loss)........................ (269,901) (1,843,646) 1,906,849 ------------- ------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (3,904,956) (3,734,130) (10,058,990) Realized gain distribution from The Trusts...... 178,911 -- 3,251,229 ------------- ------------- -------------- Net realized gain (loss).......................... (3,726,045) (3,734,130) (6,807,761) ------------- ------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (21,331,726) (5,980,556) (305,492,350) ------------- ------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (25,057,771) (9,714,686) (312,300,111) ------------- ------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (25,327,672) $ (11,558,332) $ (310,393,262) ============= ============= ==============
------- The accompanying notes are an integral part of these financial statements. FSA-36 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/BlackRock EQ/Boston Advisors EQ/Calvert International Value Equity Income Socially Responsible --------------------- -------------------- ---------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 18,961,935 $ 4,298,665 $ 153,020 Expenses: Asset-based charges............................. 12,681,260 2,589,159 749,526 -------------- ------------- ------------- Net Investment Income (Loss)........................ 6,280,675 1,709,506 (596,506) -------------- ------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. 85,152 (7,074,396) (1,410,399) Realized gain distribution from The Trusts...... 21,437,617 2,067,390 734,616 -------------- ------------- ------------- Net realized gain (loss).......................... 21,522,769 (5,007,006) (675,783) -------------- ------------- ------------- Change in unrealized appreciation (depreciation) of investments................... (506,344,124) (66,805,964) (28,608,826) -------------- ------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (484,821,355) (71,812,970) (29,284,609) -------------- ------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (478,540,680) $ (70,103,464) $ (29,881,115) ============== ============= ============= EQ/Capital EQ/Capital EQ/Caywood-Scholl Guardian Growth Guardian Research High Yield Bond ----------------- ------------------- ------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 658,708 $ 10,435,729 $ 11,366,597 Expenses: Asset-based charges............................. 5,488,589 16,684,762 2,080,066 -------------- -------------- ------------- Net Investment Income (Loss)........................ (4,829,881) (6,249,033) 9,286,531 -------------- -------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (3,137,954) 15,643,765 (7,485,659) Realized gain distribution from The Trusts...... -- 19,216,412 -- -------------- -------------- ------------- Net realized gain (loss).......................... (3,137,954) 34,860,177 (7,485,659) -------------- -------------- ------------- Change in unrealized appreciation (depreciation) of investments................... (175,765,854) (581,110,378) (33,083,367) -------------- -------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (178,903,808) (546,250,201) (40,569,026) -------------- -------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (183,733,689) $ (552,499,234) $ (31,282,495) ============== ============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-37 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Davis EQ/Equity EQ/Evergreen New York Venture 500 Index International Bond ------------------ ----------------- -------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 1,766,544 $ 21,523,400 $ 70,881,744 Expenses: Asset-based charges............................. 4,240,760 18,255,723 5,386,252 -------------- -------------- -------------- Net Investment Income (Loss)........................ (2,474,216) 3,267,677 65,495,492 -------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (11,064,766) 1,257,345 7,956,127 Realized gain distribution from The Trusts...... -- 12,189,496 -- -------------- -------------- -------------- Net realized gain (loss).......................... (11,064,766) 13,446,841 7,956,127 -------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (130,689,555) (588,331,784) (67,209,876) -------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (141,754,321) (574,884,943) (59,253,749) -------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (144,228,537) $ (571,617,266) $ 6,241,743 ============== ============== ============== EQ/Evergreen EQ/Franklin EQ/Franklin Omega Income Small Cap Value ---------------- ------------------ ---------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 884,502 $ 34,505,301 $ 728,241 Expenses: Asset-based charges............................. 2,171,800 8,165,359 1,010,387 ------------- -------------- ------------- Net Investment Income (Loss)........................ (1,287,298) 26,339,942 (282,146) ------------- -------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (6,872,902) (25,473,569) (8,686,880) Realized gain distribution from The Trusts...... 2,430,624 -- -- ------------- -------------- ------------- Net realized gain (loss).......................... (4,442,278) (25,473,569) (8,686,880) ------------- -------------- ------------- Change in unrealized appreciation (depreciation) of investments................... (45,017,948) (210,034,118) (21,900,745) ------------- -------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (49,460,226) (235,507,687) (30,587,625) ------------- -------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (50,747,524) $ (209,167,745) $ (30,869,771) ============= ============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-38 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Franklin EQ/GAMCO Templeton Founding Mergers and EQ/GAMCO Small Strategy Acquisitions Company Value -------------------- ---------------- ------------------ Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 51,453,841 $ 626,961 $ 2,731,988 Expenses: Asset-based charges............................. 15,487,283 1,850,488 6,616,581 -------------- ------------- -------------- Net Investment Income (Loss)........................ 35,966,558 (1,223,527) (3,884,593) -------------- ------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (26,487,462) (3,821,896) (9,622,960) Realized gain distribution from The Trusts...... 2,080 4,859,572 15,812,497 -------------- ------------- -------------- Net realized gain (loss).......................... (26,485,382) 1,037,676 6,189,537 -------------- ------------- -------------- Change in unrealized appreciation (depreciation) of investments..................... (501,379,956) (20,056,018) (172,866,113) -------------- ------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (527,865,338) (19,018,342) (166,676,576) -------------- ------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (491,898,780) $ (20,241,869) $ (170,561,169) ============== ============= ============== EQ/International EQ/International Core PLUS EQ/International ETF Growth ------------------ ---------------------- ----------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 12,455,363 $ 152,463 $ 2,259,940 Expenses: Asset-based charges............................. 12,361,599 -- 3,435,543 -------------- ------------ -------------- Net Investment Income (Loss)........................ 93,764 152,463 (1,175,603) -------------- ------------ -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. 11,471,956 (319,876) (14,203,965) Realized gain distribution from The Trusts...... 12,279,301 342 4,593,717 -------------- ------------ -------------- Net realized gain (loss).......................... 23,751,257 (319,534) (9,610,248) -------------- ------------ -------------- Change in unrealized appreciation (depreciation) of investments................... (488,516,584) (1,432,902) (105,847,924) -------------- ------------ -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (464,765,327) (1,752,436) (115,458,172) -------------- ------------ -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (464,671,563) $ (1,599,973) $ (116,633,775) ============== ============ ==============
------- The accompanying notes are an integral part of these financial statements. FSA-39 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/JPMorgan EQ/JPMorgan Core Bond Value Opportunities ------------------ --------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 44,337,650 $ 5,558,859 Expenses: Asset-based charges............................. 15,878,364 4,493,938 -------------- -------------- Net Investment Income (Loss)........................ 28,459,286 1,064,921 -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (33,827,360) (20,041,344) Realized gain distribution from The Trusts...... -- 3,330,483 -------------- -------------- Net realized gain (loss).......................... (33,827,360) (16,710,861) -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (114,440,875) (141,195,370) -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (148,268,235) (157,906,231) -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (119,808,949) $ (156,841,310) ============== ============== EQ/Large Cap EQ/Large Cap EQ/Large Cap EQ/Large Cap Core PLUS Growth Index Growth PLUS Value Index ---------------- ----------------- ----------------- ------------------ Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 640,135 $ 471,270 $ 300,001 $ 1,773,982 Expenses: Asset-based charges............................. 2,768,486 4,855,764 4,147,421 1,947,525 ------------- -------------- -------------- -------------- Net Investment Income (Loss)........................ (2,128,351) (4,384,494) (3,847,420) (173,543) ------------- -------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (8,730,231) (753,175) 3,819,000 (18,493,317) Realized gain distribution from The Trusts...... -- -- -- 3,511,072 ------------- -------------- -------------- -------------- Net realized gain (loss).......................... (8,730,231) (753,175) 3,819,000 (14,982,245) ------------- -------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (75,404,584) (145,142,612) (134,073,469) (88,532,502) ------------- -------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (84,134,815) (145,895,787) (130,254,469) (103,514,747) ------------- -------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (86,263,166) $ (150,280,281) $ (134,101,889) $ (103,688,290) ============= ============== ============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-40 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Large Cap EQ/Long EQ/Lord Abbett Value PLUS Term Bond Growth and Income ------------------ ------------- ------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 48,778,635 $7,007,165 $ 1,886,684 Expenses: Asset-based charges............................. 24,855,470 1,644,108 1,802,702 -------------- ---------- ------------- Net Investment Income (Loss)........................ 23,923,165 5,363,057 83,982 -------------- ---------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (33,805,389) (328,018) (3,662,419) Realized gain distribution from The Trusts...... -- 794,483 309,320 -------------- ---------- ------------- Net realized gain (loss).......................... (33,805,389) 466,465 (3,353,099) -------------- ---------- ------------- Change in unrealized appreciation (depreciation) of investments................... (936,768,121) 557,676 (52,452,677) -------------- ---------- ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (970,573,510) 1,024,141 (55,805,776) -------------- ---------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (946,650,345) $6,387,198 $ (55,721,794) ============== ========== ============= EQ/Lord Abbett EQ/Lord Abbett EQ/Marsico Large Cap Core Mid Cap Value Focus ---------------- ------------------ ----------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 1,068,793 $ 3,793,229 $ 14,996,911 Expenses: Asset-based charges............................. 1,331,320 3,723,396 23,224,023 ------------- -------------- -------------- Net Investment Income (Loss)........................ (262,527) 69,833 (8,227,112) ------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (3,881,435) (13,493,734) 23,216,990 Realized gain distribution from The Trusts...... 605,586 7,228,956 16,603,409 ------------- -------------- -------------- Net realized gain (loss).......................... (3,275,849) (6,264,778) 39,820,399 ------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments..................... (30,541,689) (117,086,130) (832,575,684) ------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (33,817,538) (123,350,908) (792,755,285) ------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (34,080,065) $ (123,281,075) $ (800,982,397) ============= ============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-41 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Mid Cap EQ/Mid Cap EQ/Money Index Value PLUS Market ----------------- ------------------ -------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 6,969,523 $ 8,466,656 $22,433,185 Expenses: Asset-based charges............................. 11,507,198 8,849,281 17,129,200 -------------- -------------- ----------- Net Investment Income (Loss)........................ (4,537,675) (382,625) 5,303,985 -------------- -------------- ----------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (32,831,518) (79,877,282) (71,662) Realized gain distribution from The Trusts...... 8,574,962 -- -- -------------- -------------- ----------- Net realized gain (loss).......................... (24,256,556) (79,877,282) (71,662) -------------- -------------- ----------- Change in unrealized appreciation (depreciation) of investments................... (472,975,556) (212,234,558) (62,631) -------------- -------------- ----------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (497,232,112) (292,111,840) (134,293) -------------- -------------- ----------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (501,769,787) $ (292,494,465) $ 5,169,692 ============== ============== =========== EQ/Montag & Caldwell EQ/Mutual EQ/Oppenheimer Growth Shares Global ---------------------- ------------------ ---------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 358,514 $ 10,575,549 $ 1,528,008 Expenses: Asset-based charges............................. 2,089,490 4,281,598 1,699,945 ------------- -------------- ------------- Net Investment Income (Loss)........................ (1,730,976) 6,293,951 (171,937) ------------- -------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (6,065,466) (17,044,008) (11,040,438) Realized gain distribution from The Trusts...... -- -- 187,676 ------------- -------------- ------------- Net realized gain (loss).......................... (6,065,466) (17,044,008) (10,852,762) ------------- -------------- ------------- Change in unrealized appreciation (depreciation) of investments................... (53,756,587) (126,766,530) (51,264,819) ------------- -------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (59,822,053) (143,810,538) (62,117,581) ------------- -------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (61,553,029) $ (137,516,587) $ (62,289,518) ============= ============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-42 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Oppenheimer EQ/Oppenheimer Main Street Main Street Opportunity Small Cap ----------------- ---------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 278,515 $ 66,175 Expenses: Asset-based charges............................. 498,725 871,683 ------------- ------------- Net Investment Income (Loss)........................ (220,210) (805,508) ------------- ------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (5,044,440) (6,080,785) Realized gain distribution from The Trusts...... -- 134,596 ------------- ------------- Net realized gain (loss).......................... (5,044,440) (5,946,189) ------------- ------------- Change in unrealized appreciation (depreciation) of investments................... (16,088,699) (26,326,303) ------------- ------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (21,133,139) (32,272,492) ------------- ------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (21,353,349) $ (33,078,000) ============= ============= EQ/PIMCO EQ/Quality EQ/Short EQ/Small Real Return Bond PLUS Duration Bond Company Index ----------------- ---------------- --------------- ------------------ Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 26,106,437 $ 18,806,873 $ 8,372,433 $ 3,126,354 Expenses: Asset-based charges............................. 12,155,601 5,412,722 1,690,017 5,370,137 -------------- ------------- ------------- -------------- Net Investment Income (Loss)........................ 13,950,836 13,394,151 6,682,416 (2,243,783) -------------- ------------- ------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. 5,446,842 (7,378,896) (1,147,459) (11,882,685) Realized gain distribution from The Trusts...... 50,351,628 -- -- 30,372,072 -------------- ------------- ------------- -------------- Net realized gain (loss).......................... 55,798,470 (7,378,896) (1,147,459) 18,489,387 -------------- ------------- ------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (139,568,977) (36,321,748) (10,470,086) (168,643,358) -------------- ------------- ------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (83,770,507) (43,700,644) (11,617,545) (150,153,971) -------------- ------------- ------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (69,819,671) $ (30,306,493) $ (4,935,129) $ (152,397,754) ============== ============= ============= ==============
------- The accompanying notes are an integral part of these financial statements. FSA-43 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/T. Rowe Price EQ/Templeton Growth Stock Growth ------------------ ------------------ Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 8,160 $ 3,339,056 Expenses: Asset-based charges............................. 3,540,524 3,217,154 -------------- -------------- Net Investment Income (Loss)........................ (3,532,364) 121,902 -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (1,862,403) (15,288,794) Realized gain distribution from The Trusts...... 50,320 -- -------------- -------------- Net realized gain (loss).......................... (1,812,083) (15,288,794) -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (120,650,775) (95,839,083) -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (122,462,858) (111,127,877) -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (125,995,222) $ (111,005,975) ============== ============== EQ/Van Kampen EQ/UBS EQ/Van Kampen Emerging Markets EQ/Van Kampen Growth and Income Comstock Equity Mid Cap Growth ------------------- ----------------- ------------------ ----------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 830,802 $ 4,773,911 $ 1,771,182 $ -- Expenses: Asset-based charges............................. 985,039 3,627,620 17,523,987 4,334,837 ------------- -------------- -------------- -------------- Net Investment Income (Loss)........................ (154,237) 1,146,291 (15,752,805) (4,334,837) ------------- -------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (2,709,534) (8,955,642) 3,617,201 (10,432,354) Realized gain distribution from The Trusts...... -- 2,171,823 61,537,000 -- ------------- -------------- -------------- -------------- Net realized gain (loss).......................... (2,709,534) (6,783,819) 65,154,201 (10,432,354) ------------- -------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (30,779,777) (103,659,127) (985,591,293) (166,657,947) ------------- -------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (33,489,311) (110,442,946) (920,437,092) (177,090,301) ------------- -------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (33,643,548) $ (109,296,655) $ (936,189,897) $ (181,425,138) ============= ============== ============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-44 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
EQ/Van Kampen Multimanager Multimanager Real Estate Aggressive Equity Core Bond ------------------ ------------------- ---------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 10,226,118 $ 362,630 $ 33,788,400 Expenses: Asset-based charges............................. 6,058,268 1,480,732 9,990,211 -------------- ------------- -------------- Net Investment Income (Loss)........................ 4,167,850 (1,118,102) 23,798,189 -------------- ------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (21,534,708) (1,624,330) (3,756,623) Realized gain distribution from The Trusts...... 3,110,516 -- 19,359,681 -------------- ------------- -------------- Net realized gain (loss).......................... (18,424,192) (1,624,330) 15,603,058 -------------- ------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (172,012,766) (58,474,374) (31,731,111) -------------- ------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (190,436,958) (60,098,704) (16,128,053) -------------- ------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (186,269,108) $ (61,216,806) $ 7,670,136 ============== ============= ============== Multimanager Multimanager Multimanager Health Care High Yield International Equity ---------------- ------------------ --------------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ -- $ 63,373,150 $ 8,541,362 Expenses: Asset-based charges............................. 4,239,081 10,614,425 8,055,090 ------------- -------------- -------------- Net Investment Income (Loss)........................ (4,239,081) 52,758,725 486,272 ------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (7,210,901) (38,020,929) (2,187,524) Realized gain distribution from The Trusts...... 3,403,465 -- 10,424,588 ------------- -------------- -------------- Net realized gain (loss).......................... (3,807,436) (38,020,929) 8,237,064 ------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (85,613,153) (201,076,743) (341,084,511) ------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (89,420,589) (239,097,672) (332,847,447) ------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (93,659,670) $ (186,338,947) $ (332,361,175) ============= ============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-45 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2008
Multimanager Multimanager Multimanager Large Cap Large Cap Large Cap Core Equity Growth Value ----------------- ----------------- ------------------ Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 716,674 $ -- $ 6,792,003 Expenses: Asset-based charges............................. 1,999,491 3,718,749 7,111,367 ------------- -------------- -------------- Net Investment Income (Loss)........................ (1,282,817) (3,718,749) (319,364) ------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (3,352,636) (9,839,415) (18,007,950) Realized gain distribution from The Trusts...... 299,468 41,523 1,170,362 ------------- -------------- -------------- Net realized gain (loss).......................... (3,053,168) (9,797,892) (16,837,588) ------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (63,496,754) (130,114,572) (209,296,551) ------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (66,549,922) (139,912,464) (226,134,139) ------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (67,832,739) $ (143,631,213) $ (226,453,503) ============= ============== ============== Multimanager Multimanager Multimanager Mid Cap Mid Cap Small Cap Growth Value Growth ------------------ ------------------ ------------------ Income and Expenses: Investment Income: Dividends from The Trusts....................... $ -- $ 1,443,577 $ -- Expenses: Asset-based charges............................. 4,650,103 4,586,595 2,723,714 -------------- -------------- -------------- Net Investment Income (Loss)........................ (4,650,103) (3,143,018) (2,723,714) -------------- -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (13,929,844) (31,220,744) (17,341,396) Realized gain distribution from The Trusts...... 3,491,950 4,074,649 728,355 -------------- -------------- -------------- Net realized gain (loss).......................... (10,437,894) (27,146,095) (16,613,041) -------------- -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (161,055,636) (107,537,998) (81,669,836) -------------- -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (171,493,530) (134,684,093) (98,282,877) -------------- -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (176,143,633) $ (137,827,111) $ (101,006,591) ============== ============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-46 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF OPERATIONS (Concluded) FOR THE YEAR ENDED DECEMBER 31, 2008
Multimanager Small Cap Multimanager Value Technology ----------------- ----------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ 1,321,259 $ -- Expenses: Asset-based charges............................. 7,992,100 4,289,714 -------------- -------------- Net Investment Income (Loss)........................ (6,670,841) (4,289,714) -------------- -------------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. (46,163,380) 4,441,497 Realized gain distribution from The Trusts...... 2,300,176 -- -------------- -------------- Net realized gain (loss).......................... (43,863,204) 4,441,497 -------------- -------------- Change in unrealized appreciation (depreciation) of investments................... (199,190,979) (179,730,920) -------------- -------------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (243,054,183) (175,289,423) -------------- -------------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (249,725,024) $ (179,579,137) ============== ============== Target 2015 Target 2025 Target 2035 Target 2045 Allocation Allocation Allocation Allocation ------------- ------------- ------------- -------------- Income and Expenses: Investment Income: Dividends from The Trusts....................... $ -- $ -- $ 24,776 $ 21,233 Expenses: Asset-based charges............................. -- -- -- -- --------- ---------- ---------- ---------- Net Investment Income (Loss)........................ -- -- 24,776 21,233 --------- ---------- ---------- ---------- Realized and Unrealized Gain (Loss) on Investments: Realized gain (loss) on investments............. 45,811 54,278 -- -- Realized gain distribution from The Trusts...... -- -- 14,656 20,734 --------- ---------- ---------- ---------- Net realized gain (loss).......................... 45,811 54,278 14,656 20,734 --------- ---------- ---------- ---------- Change in unrealized appreciation (depreciation) of investments................... (86,045) (103,585) (486,172) (532,414) --------- ---------- ---------- ---------- Net Realized and Unrealized Gain (Loss) on Investments....................................... (40,234) (49,307) (471,516) (511,680) --------- ---------- ---------- ---------- Net Increase (Decrease) in Net Assets Resulting from Operations......................... $ (40,234) $ (49,307) $ (446,740) $ (490,447) ========= ========== ========== ==========
------- The accompanying notes are an integral part of these financial statements. FSA-47 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS FOR THE YEARS ENDED DECEMBER 31,
AXA Aggressive Allocation -------------------------------------- 2008 2007 ------------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 3,936,104 $ 32,391,791 Net realized gain (loss) on investments........ 131,282,366 131,968,772 Change in unrealized appreciation (depreciation) of investments................ (1,449,797,143) (97,771,692) ----------------- -------------- Net increase (decrease) in net assets from operations................................... (1,314,578,673) 66,588,871 ----------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 779,016,877 1,176,124,863 Transfers between funds including guaranteed interest account, net........... 75,436,777 165,605,218 Transfers for contract benefits and terminations............................... (99,788,750) (77,561,900) Contract maintenance charges................. (29,008,368) (16,030,668) ----------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. 725,656,536 1,248,137,513 ----------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (405,768) (625,147) ----------------- -------------- Increase (Decrease) in Net Assets................ (589,327,905) 1,314,101,237 Net Assets -- Beginning of Period................ 2,787,959,608 1,473,858,371 ----------------- -------------- Net Assets -- End of Period...................... $ 2,198,631,703 $2,787,959,608 ================= ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 87,524 97,725 Units Redeemed................................. (26,948) (11,807) ----------------- -------------- Net Increase (Decrease)......................... 60,576 85,918 ================= ============== AXA Conservative AXA Conservative-Plus Allocation Allocation ----------------------------------- ------------------------------------- 2008 2007 2008 2007 ------------------ ---------------- ------------------ ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 47,036,051 $ 11,885,291 $ 29,928,322 $ 19,521,518 Net realized gain (loss) on investments........ (7,608,777) 15,230,093 6,879,854 32,848,368 Change in unrealized appreciation (depreciation) of investments................ (159,266,295) (8,667,059) (315,384,042) (18,980,507) -------------- ------------- -------------- -------------- Net increase (decrease) in net assets from operations................................... (119,839,021) 18,448,325 (278,575,866) 33,389,379 -------------- ------------- -------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 224,125,509 112,696,853 292,413,908 220,384,033 Transfers between funds including guaranteed interest account, net........... 820,180,316 122,797,914 309,105,532 96,909,579 Transfers for contract benefits and terminations............................... (87,145,892) (42,430,719) (97,480,974) (59,646,899) Contract maintenance charges................. (9,569,855) (3,514,814) (11,725,004) (7,051,116) -------------- ------------- -------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. 947,590,078 189,549,234 492,313,462 250,595,597 -------------- ------------- -------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 327,000 -- 17,098 2,367 -------------- ------------- -------------- -------------- Increase (Decrease) in Net Assets................ 828,078,057 207,997,559 213,754,694 283,987,343 Net Assets -- Beginning of Period................ 512,690,295 304,692,736 1,028,164,011 744,176,668 -------------- ------------- -------------- -------------- Net Assets -- End of Period...................... $1,340,768,352 $ 512,690,295 $1,241,918,705 $1,028,164,011 ============== ============= ============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 113,047 40,052 66,914 38,552 Units Redeemed................................. (26,206) (23,386) (23,283) (17,792) -------------- ------------- -------------- -------------- Net Increase (Decrease)........................ 86,841 16,666 43,631 20,760 ============== ============= ============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-48 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
AXA Moderate Allocation -------------------------------------- 2008 2007 ------------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss).................... $ 144,603,235 $ 98,473,231 Net realized gain (loss) on investments......... 240,684,807 171,100,302 Change in unrealized appreciation (depreciation) of investments.................. (2,048,184,961) (56,033,792) ----------------- -------------- Net increase (decrease) in net assets from operations..................................... (1,662,896,919) 213,539,741 ----------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners.......... 1,414,673,639 1,252,051,668 Transfers between funds including guaranteed interest account, net.............. 452,134,313 248,986,023 Transfers for contract benefits and terminations.................................. (367,318,946) (304,823,603) Contract maintenance charges................... (55,459,239) (39,920,371) ----------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................... 1,444,029,767 1,156,293,717 ----------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49...... (242,999) (26,419) ----------------- -------------- Increase (Decrease) in Net Assets................ (219,110,151) 1,369,807,039 Net Assets -- Beginning of Period................ 5,581,130,343 4,211,323,304 ----------------- -------------- Net Assets -- End of Period...................... $ 5,362,020,192 $5,581,130,343 ================= ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued.................................... 125,254 87,744 Units Redeemed.................................. (26,736) (15,901) ----------------- -------------- Net Increase (Decrease)......................... 98,518 71,843 ================= ============== AXA Moderate-Plus EQ/AllianceBernstein Allocation Common Stock -------------------------------------- ------------------------------------ 2008 2007 2008 2007 ------------------- ------------------ ----------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 83,344,261 $ 138,685,694 $ 1,660,456 $ (6,264,923) Net realized gain (loss) on investments........ 454,578,706 344,131,313 (9,877,898) 40,907,683 Change in unrealized appreciation (depreciation) of investments................ (4,240,331,255) (158,174,434) (509,119,672) (6,366,134) ----------------- -------------- --------------- -------------- Net increase (decrease) in net assets from operations................................... (3,702,408,288) 324,642,573 (517,337,114) 28,276,626 ----------------- -------------- --------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 2,281,673,853 3,022,793,996 56,901,214 89,129,139 Transfers between funds including guaranteed interest account, net........... 310,927,122 752,517,446 (59,248,095) (120,783,852) Transfers for contract benefits and terminations............................... (454,122,102) (357,527,075) (75,547,301) (120,975,473) Contract maintenance charges................. (102,426,627) (65,315,919) (8,801,481) (9,583,822) ----------------- -------------- --------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. 2,036,052,246 3,352,468,448 (86,695,663) (162,214,008) ----------------- -------------- --------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (30,197) 84,703 78,001 61,494 ----------------- -------------- --------------- -------------- Increase (Decrease) in Net Assets................ (1,666,386,239) 3,677,195,724 (603,954,776) (133,875,888) Net Assets -- Beginning of Period................ 9,864,220,638 6,187,024,914 1,221,599,965 1,355,475,853 ----------------- -------------- --------------- -------------- Net Assets -- End of Period...................... $ 8,197,834,399 $9,864,220,638 $ 617,645,189 $1,221,599,965 ================= ============== =============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 220,674 261,996 4,910 4,066 Units Redeemed................................. (56,396) (23,400) (6,642) (6,632) ----------------- -------------- --------------- -------------- Net Increase (Decrease)........................ 164,278 238,596 (1,732) (2,566) ================= ============== =============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-49 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/AllianceBernstein Intermediate Government EQ/AllianceBernstein Securities International --------------------------------- ------------------------------------ 2008 2007 2008 2007 ---------------- ---------------- ----------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 7,821,746 $ 8,429,131 $ 12,477,227 $ (472,811) Net realized gain (loss) on investments........ (1,366,840) (2,368,295) 24,979,731 162,502,124 Change in unrealized appreciation (depreciation) of investments................ 1,364,716 9,261,262 (689,165,353) (65,164,226) ------------- ------------- --------------- -------------- Net increase (decrease) in net assets from operations................................... 7,819,622 15,322,098 (651,708,395) 96,865,087 ------------- ------------- --------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 42,004,283 12,541,487 115,436,752 236,797,792 Transfers between funds including guaranteed interest account, net........... 94,974,307 7,893,862 (74,025,783) 110,751,037 Transfers for contract benefits and terminations............................... (36,984,246) (32,594,693) (55,977,050) (70,452,562) Contract maintenance charges................. (3,042,890) (2,080,528) (10,506,171) (8,549,775) ------------- ------------- --------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. 96,951,454 (14,239,872) (25,072,252) 268,546,492 ------------- ------------- --------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (120,000) (2,133) (150,998) (4,737) ------------- ------------- --------------- -------------- Increase (Decrease) in Net Assets................ 104,651,076 1,080,093 (676,931,645) 365,406,842 Net Assets -- Beginning of Period................ 297,019,320 295,939,227 1,284,920,261 919,513,419 ------------- ------------- --------------- -------------- Net Assets -- End of Period...................... $ 401,670,396 $ 297,019,320 $ 607,988,616 $1,284,920,261 ============= ============= =============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 19,978 5,930 10,714 20,571 Units Redeemed................................. (11,686) (6,292) (12,308) (6,784) ------------- ------------- --------------- -------------- Net Increase (Decrease)........................ 8,292 (362) (1,594) 13,787 ============= ============= =============== ============== EQ/AllianceBernstein Small Cap Growth ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (6,084,011) $ (7,333,508) Net realized gain (loss) on investments........ (8,309,262) 109,170,025 Change in unrealized appreciation (depreciation) of investments................ (222,476,523) (34,042,658) --------------- ------------- Net increase (decrease) in net assets from operations................................... (236,869,796) 67,793,859 --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 37,063,336 46,636,441 Transfers between funds including guaranteed interest account, net........... (12,427,376) (17,044,208) Transfers for contract benefits and terminations............................... (30,315,140) (46,468,053) Contract maintenance charges................. (3,982,954) (3,644,114) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (9,662,134) (20,519,934) --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (186,999) (2,649) --------------- ------------- Increase (Decrease) in Net Assets................ (246,718,929) 47,271,276 Net Assets -- Beginning of Period................ 527,140,872 479,869,596 --------------- ------------- Net Assets -- End of Period...................... $ 280,421,943 $ 527,140,872 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 5,966 5,921 Units Redeemed................................. (6,343) (6,710) --------------- ------------- Net Increase (Decrease)........................ (377) (789) =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-50 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/AXA Rosenberg EQ/Ariel Appreciation II Value Long/Short Equity -------------------------------- --------------------------------- 2008 2007 2008 2007 ---------------- --------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (269,901) $ (454,336) $ (1,843,646) $ 557,078 Net realized gain (loss) on investments........ (3,726,045) 1,766,134 (3,734,130) (636,517) Change in unrealized appreciation (depreciation) of investments................ (21,331,726) (4,076,114) (5,980,556) 2,056,359 -------------- ------------ ------------- ------------- Net increase (decrease) in net assets from operations................................... (25,327,672) (2,764,316) (11,558,332) 1,976,920 -------------- ------------ ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 8,923,474 19,216,403 11,056,946 19,258,475 Transfers between funds including guaranteed interest account, net........... 8,325,131 6,872,221 21,952,839 (17,848,655) Transfers for contract benefits and terminations............................... (2,162,219) (1,503,449) (7,889,538) (9,988,002) Contract maintenance charges................. (544,215) (328,265) (1,704,791) (1,317,250) -------------- ------------ ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 14,542,171 24,256,910 23,415,456 (9,895,432) -------------- ------------ ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (999,499) -- (23,002) (846) -------------- ------------ ------------- ------------- Increase (Decrease) in Net Assets................ (11,785,000) 21,492,594 11,834,122 (7,919,358) Net Assets -- Beginning of Period................ 55,931,841 34,439,247 134,385,436 142,304,794 -------------- ------------ ------------- ------------- Net Assets -- End of Period...................... $ 44,146,841 $ 55,931,841 $ 146,219,558 $ 134,385,436 ============== ============ ============= ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 3,415 3,179 8,826 4,101 Units Redeemed................................. (1,726) (1,155) (6,763) (5,049) -------------- ------------ ------------- ------------- Net Increase (Decrease)........................ 1,689 2,024 2,063 (948) ============== ============ ============= ============= EQ/BlackRock Basic Value Equity ----------------------------------- 2008 2007 ----------------- ----------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 1,906,849 $ (3,219,995) Net realized gain (loss) on investments........ (6,807,761) 109,495,256 Change in unrealized appreciation (depreciation) of investments................ (305,492,350) (108,651,865) --------------- --------------- Net increase (decrease) in net assets from operations................................... (310,393,262) (2,376,604) --------------- --------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 61,465,787 87,291,039 Transfers between funds including guaranteed interest account, net........... (1,458,766) (21,942,637) Transfers for contract benefits and terminations............................... (49,860,219) (73,516,615) Contract maintenance charges................. (6,975,396) (6,862,596) --------------- --------------- Net increase (decrease) in net assets from contractowners transactions.................. 3,171,406 (15,030,809) --------------- --------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 109,003 (4,983) --------------- --------------- Increase (Decrease) in Net Assets................ (307,112,853) (17,412,396) Net Assets -- Beginning of Period................ 829,379,000 846,791,396 --------------- --------------- Net Assets -- End of Period...................... $ 522,266,147 $ 829,379,000 =============== =============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 9,070 7,893 Units Redeemed................................. (7,786) (7,439) --------------- --------------- Net Increase (Decrease)........................ 1,284 454 =============== ===============
------- The accompanying notes are an integral part of these financial statements. FSA-51 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/BlackRock International Value ------------------------------------ 2008 2007 ----------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 6,280,675 $ 4,412,602 Net realized gain (loss) on investments........ 21,522,769 195,606,209 Change in unrealized appreciation (depreciation) of investments................ (506,344,124) (106,862,733) --------------- -------------- Net increase (decrease) in net assets from operations................................... (478,540,680) 93,156,078 --------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 73,740,015 155,163,691 Transfers between funds including guaranteed interest account, net........... (81,316,769) (56,367,362) Transfers for contract benefits and terminations............................... (57,703,962) (96,742,546) Contract maintenance charges................. (8,272,098) (8,208,358) --------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. (73,552,814) (6,154,575) --------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (299,000) (11,093) --------------- -------------- Increase (Decrease) in Net Assets................ (552,392,494) 86,990,410 Net Assets -- Beginning of Period................ 1,145,280,502 1,058,290,092 --------------- -------------- Net Assets -- End of Period...................... $ 592,888,008 $1,145,280,502 =============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 6,597 11,109 Units Redeemed................................. (10,323) (10,574) --------------- -------------- Net Increase (Decrease)........................ (3,726) 535 =============== ============== EQ/Boston Advisors EQ/Calvert Equity Income Socially Responsible --------------------------------- ------------------------------- 2008 2007 2008 2007 ---------------- ---------------- ---------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 1,709,506 $ 713,731 $ (596,506) $ (734,440) Net realized gain (loss) on investments........ (5,007,006) 21,233,183 (675,783) 5,867,834 Change in unrealized appreciation (depreciation) of investments................ (66,805,964) (17,465,104) (28,608,826) 563,148 ------------- ------------- -------------- ------------ Net increase (decrease) in net assets from operations................................... (70,103,464) 4,481,810 (29,881,115) 5,696,542 ------------- ------------- -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 25,954,321 27,799,851 5,781,713 7,527,710 Transfers between funds including guaranteed interest account, net........... 10,982,143 (13,773,073) 1,659,449 (1,468,329) Transfers for contract benefits and terminations............................... (9,708,716) (12,782,293) (3,334,442) (3,062,301) Contract maintenance charges................. (1,874,063) (1,725,812) (526,541) (460,495) ------------- ------------- -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. 25,353,685 (481,327) 3,580,179 2,536,585 ------------- ------------- -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (127,317) -- (31,001) -- ------------- ------------- -------------- ------------ Increase (Decrease) in Net Assets................ (44,877,096) 4,000,483 (26,331,937) 8,233,127 Net Assets -- Beginning of Period................ 202,348,213 198,347,730 62,426,361 54,193,234 ------------- ------------- -------------- ------------ Net Assets -- End of Period...................... $ 157,471,117 $ 202,348,213 $ 36,094,424 $ 62,426,361 ============= ============= ============== ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 15,282 9,080 1,822 1,667 Units Redeemed................................. (7,368) (7,729) (1,489) (1,494) ------------- ------------- -------------- ------------ Net Increase (Decrease)........................ 7,914 1,351 333 173 ============= ============= ============== ============
------- The accompanying notes are an integral part of these financial statements. FSA-52 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Capital Guardian Growth ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (4,829,881) $ (6,227,880) Net realized gain (loss) on investments........ (3,137,954) 9,479,341 Change in unrealized appreciation (depreciation) of investments................ (175,765,854) 10,004,790 --------------- ------------- Net increase (decrease) in net assets from operations................................... (183,733,689) 13,256,251 --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 36,011,938 81,287,806 Transfers between funds including guaranteed interest account, net........... 272,383 6,319,263 Transfers for contract benefits and terminations............................... (24,908,574) (38,489,374) Contract maintenance charges................. (3,683,428) (2,813,497) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 7,692,319 46,304,198 --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (314,998) (2,386) --------------- ------------- Increase (Decrease) in Net Assets................ (176,356,368) 59,558,063 Net Assets -- Beginning of Period................ 440,295,587 380,737,524 --------------- ------------- Net Assets -- End of Period...................... $ 263,939,219 $ 440,295,587 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 6,098 9,528 Units Redeemed................................. (5,209) (5,733) --------------- ------------- Net Increase (Decrease)........................ 889 3,795 =============== ============= EQ/Capital EQ/Caywood-Scholl Guardian Research (c) High Yield Bond ------------------------------------ -------------------------------- 2008 2007 2008 2007 ----------------- ------------------ ---------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (6,249,033) $ (2,078,747) $ 9,286,531 $ 7,563,864 Net realized gain (loss) on investments........ 34,860,177 93,236,134 (7,485,659) 280,475 Change in unrealized appreciation (depreciation) of investments................ (581,110,378) (150,182,401) (33,083,367) (6,865,010) --------------- -------------- ------------- ------------ Net increase (decrease) in net assets from operations................................... (552,499,234) (59,025,014) (31,282,495) 979,329 --------------- -------------- ------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 25,369,585 48,042,371 19,055,687 36,618,753 Transfers between funds including guaranteed interest account, net........... (105,957,845) 892,249,902 8,958,467 10,435,491 Transfers for contract benefits and terminations............................... (95,335,590) (114,835,109) (6,967,960) (6,909,561) Contract maintenance charges................. (11,096,916) (8,780,504) (1,509,637) (993,955) --------------- -------------- ------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. (187,020,766) 816,676,660 19,536,557 39,150,728 --------------- -------------- ------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (58,999) 161,583 2,999 (42) --------------- -------------- ------------- ------------ Increase (Decrease) in Net Assets................ (739,578,999) 757,813,229 (11,742,939) 40,130,015 Net Assets -- Beginning of Period................ 1,497,371,182 739,557,953 143,504,892 103,374,877 --------------- -------------- ------------- ------------ Net Assets -- End of Period...................... $ 757,792,183 $1,497,371,182 $ 131,761,953 $143,504,892 =============== ============== ============= ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 2,925 74,931 9,764 9,466 Units Redeemed................................. (19,878) (17,915) (7,025) (3,785) --------------- -------------- ------------- ------------ Net Increase (Decrease)........................ (16,953) 57,016 2,739 5,681 =============== ============== ============= ============
------- The accompanying notes are an integral part of these financial statements. FSA-53 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Davis New York Venture ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (2,474,216) $ (1,601,399) Net realized gain (loss) on investments........ (11,064,766) 3,108,761 Change in unrealized appreciation (depreciation) of investments................ (130,689,555) (1,538,345) --------------- ------------ Net increase (decrease) in net assets from operations................................... (144,228,537) (30,983) --------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 75,415,343 135,833,888 Transfers between funds including guaranteed interest account, net........... 51,212,766 85,354,705 Transfers for contract benefits and terminations............................... (10,623,100) (7,097,003) Contract maintenance charges................. (3,106,524) (941,691) --------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. 112,898,485 213,149,899 --------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (3,180,596) (39) --------------- ------------ Increase (Decrease) in Net Assets................ (34,510,648) 213,118,877 Net Assets -- Beginning of Period................ 277,420,617 64,301,740 --------------- ------------ Net Assets -- End of Period...................... $ 242,909,969 $277,420,617 =============== ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 17,626 21,573 Units Redeemed................................. (5,762) (2,471) --------------- ------------ Net Increase (Decrease)........................ 11,864 19,102 =============== ============ EQ/Evergreen EQ/Equity 500 Index International Bond ------------------------------------ -------------------------------- 2008 2007 2008 2007 ----------------- ------------------ ---------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 3,267,677 $ (2,430,789) $ 65,495,492 $ 2,476,493 Net realized gain (loss) on investments........ 13,446,841 115,413,902 7,956,127 1,619,880 Change in unrealized appreciation (depreciation) of investments................ (588,331,784) (55,926,961) (67,209,876) 5,870,675 --------------- -------------- ------------- ------------ Net increase (decrease) in net assets from operations................................... (571,617,266) 57,056,152 6,241,743 9,967,048 --------------- -------------- ------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 68,657,789 117,566,722 73,793,425 42,372,676 Transfers between funds including guaranteed interest account, net........... (44,788,116) (71,345,475) 162,751,963 68,191,027 Transfers for contract benefits and terminations............................... (104,782,497) (155,335,344) (20,102,077) (5,474,549) Contract maintenance charges................. (11,655,065) (11,768,154) (3,679,230) (848,078) --------------- -------------- ------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. (92,567,889) (120,882,251) 212,764,081 104,241,076 --------------- -------------- ------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (380,000) (49,140) (5,766,813) (17) --------------- -------------- ------------- ------------ Increase (Decrease) in Net Assets................ (664,565,155) (63,875,239) 213,239,011 114,208,107 Net Assets -- Beginning of Period................ 1,577,342,213 1,641,217,452 200,080,105 85,871,998 --------------- -------------- ------------- ------------ Net Assets -- End of Period...................... $ 912,777,058 $1,577,342,213 $ 413,319,116 $200,080,105 =============== ============== ============= ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 10,494 10,400 34,200 12,715 Units Redeemed................................. (12,666) (12,689) (15,567) (2,657) --------------- -------------- ------------- ------------ Net Increase (Decrease)........................ (2,172) (2,289) 18,633 10,058 =============== ============== ============= ============
------- The accompanying notes are an integral part of these financial statements. FSA-54 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Evergreen Omega --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (1,287,298) $ (2,229,322) Net realized gain (loss) on investments........ (4,442,278) 14,531,813 Change in unrealized appreciation (depreciation) of investments................ (45,017,948) (317,278) ------------- ------------- Net increase (decrease) in net assets from operations................................... (50,747,524) 11,985,213 ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 10,409,823 18,111,345 Transfers between funds including guaranteed interest account, net........... 5,139,584 18,096,362 Transfers for contract benefits and terminations............................... (10,628,166) (12,051,857) Contract maintenance charges................. (1,701,654) (1,313,436) ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 3,219,587 22,842,414 ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (12,300) (422) ------------- ------------- Increase (Decrease) in Net Assets................ (47,540,237) 34,827,205 Net Assets -- Beginning of Period................ 176,544,619 141,717,414 ------------- ------------- Net Assets -- End of Period...................... $ 129,004,382 $ 176,544,619 ============= ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 6,380 6,147 Units Redeemed................................. (6,001) (4,521) ------------- ------------- Net Increase (Decrease)........................ 379 1,626 ============= ============= EQ/Franklin EQ/Franklin Income Small Cap Value ---------------------------------- ------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ---------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 26,339,942 $ 11,493,316 $ (282,146) $ (493,776) Net realized gain (loss) on investments........ (25,473,569) 5,513,796 (8,686,880) 891,688 Change in unrealized appreciation (depreciation) of investments................ (210,034,118) (27,348,192) (21,900,745) (8,707,855) --------------- ------------- -------------- ------------ Net increase (decrease) in net assets from operations................................... (209,167,745) (10,341,080) (30,869,771) (8,309,943) --------------- ------------- -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 76,510,415 237,227,754 21,810,440 42,643,971 Transfers between funds including guaranteed interest account, net........... (8,634,358) 270,963,723 29,154,742 9,535,218 Transfers for contract benefits and terminations............................... (28,787,766) (26,252,919) (3,083,154) (1,661,701) Contract maintenance charges................. (6,278,297) (2,650,387) (794,269) (266,104) --------------- ------------- -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. 32,809,994 479,288,171 47,087,759 50,251,384 --------------- ------------- -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (3,000,828) (79) (2,911,325) -- --------------- ------------- -------------- ------------ Increase (Decrease) in Net Assets................ (179,358,579) 468,947,012 13,306,663 41,941,441 Net Assets -- Beginning of Period................ 605,070,868 136,123,856 61,224,375 19,282,934 --------------- ------------- -------------- ------------ Net Assets -- End of Period...................... $ 425,712,289 $ 605,070,868 $ 74,531,038 $ 61,224,375 =============== ============= ============== ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 17,101 51,409 10,493 6,927 Units Redeemed................................. (14,077) (6,727) (4,820) (2,424) --------------- ------------- -------------- ------------ Net Increase (Decrease)........................ 3,024 44,682 5,673 4,503 =============== ============= ============== ============
------- The accompanying notes are an integral part of these financial statements. FSA-55 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Franklin Templeton Founding Strategy (a) ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 35,966,558 $ 7,140,840 Net realized gain (loss) on investments........ (26,485,382) (994,457) Change in unrealized appreciation (depreciation) of investments................ (501,379,956) (26,905,825) --------------- ------------- Net increase (decrease) in net assets from operations................................... (491,898,780) (20,759,442) --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 520,219,218 573,405,440 Transfers between funds including guaranteed interest account, net........... 223,763,310 249,266,273 Transfers for contract benefits and terminations............................... (39,830,059) (8,095,879) Contract maintenance charges................. (9,501,659) (603,954) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 694,650,810 813,971,880 --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (42,839) 199,999 --------------- ------------- Increase (Decrease) in Net Assets................ 202,709,191 793,412,437 Net Assets -- Beginning of Period................ 793,412,437 - --------------- ------------- Net Assets -- End of Period...................... $ 996,121,628 $ 793,412,437 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 94,300 85,911 Units Redeemed................................. (9,168) (2,460) --------------- ------------- Net Increase (Decrease)........................ 85,132 83,451 =============== ============= EQ/GAMCO EQ/GAMCO Mergers and Acquisitions Small Company Value --------------------------------- ---------------------------------- 2008 2007 2008 2007 ---------------- ---------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (1,223,527) $ (834,621) $ (3,884,593) $ (3,716,987) Net realized gain (loss) on investments........ 1,037,676 7,456,848 6,189,537 28,644,152 Change in unrealized appreciation (depreciation) of investments................ (20,056,018) (5,768,786) (172,866,113) (6,392,804) ------------- ------------ --------------- ------------- Net increase (decrease) in net assets from operations................................... (20,241,869) 853,441 (170,561,169) 18,534,361 ------------- ------------ --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 16,641,524 34,611,090 87,585,184 135,160,984 Transfers between funds including guaranteed interest account, net........... (10,708,187) 15,605,530 28,597,473 94,223,934 Transfers for contract benefits and terminations............................... (5,144,520) (4,804,492) (18,342,653) (18,318,916) Contract maintenance charges................. (1,465,331) (933,725) (5,098,441) (2,975,379) ------------- ------------ --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (676,514) 44,478,403 92,741,563 208,090,623 ------------- ------------ --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (33,346) 99,989 (45,511) 99,996 ------------- ------------ --------------- ------------- Increase (Decrease) in Net Assets................ (20,951,729) 45,431,833 (77,865,117) 226,724,980 Net Assets -- Beginning of Period................ 131,969,742 86,537,909 470,581,831 243,856,851 ------------- ------------ --------------- ------------- Net Assets -- End of Period...................... $ 111,018,013 $131,969,742 $ 392,716,714 $ 470,581,831 ============= ============ =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 3,900 5,603 6,224 9,458 Units Redeemed................................. (3,992) (1,892) (3,104) (2,753) ------------- ------------ --------------- ------------- Net Increase (Decrease)........................ (92) 3,711 3,120 6,705 ============= ============ =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-56 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/International Core PLUS ------------------------------------ 2008 2007 ----------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 93,764 $ (11,099,081) Net realized gain (loss) on investments........ 23,751,257 281,548,796 Change in unrealized appreciation (depreciation) of investments................ (488,516,584) (143,168,641) --------------- -------------- Net increase (decrease) in net assets from operations................................... (464,671,563) 127,281,074 --------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 53,379,072 82,354,390 Transfers between funds including guaranteed interest account, net........... 9,893,762 (75,301,686) Transfers for contract benefits and terminations............................... (59,946,839) (75,816,636) Contract maintenance charges................. (8,694,364) (8,118,467) --------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. (5,368,369) (76,882,399) --------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... -- (7,110) --------------- -------------- Increase (Decrease) in Net Assets................ (470,039,932) 50,391,565 Net Assets -- Beginning of Period................ 1,024,362,413 973,970,848 --------------- -------------- Net Assets -- End of Period...................... $ 554,322,481 $1,024,362,413 =============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 10,626 8,052 Units Redeemed................................. (11,142) (13,162) --------------- -------------- Net Increase (Decrease)........................ (516) (5,110) =============== ============== EQ/International ETF EQ/International Growth ---------------------------- ---------------------------------- 2008 2007 2008 2007 --------------- ------------ ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 152,463 $ 60,919 $ (1,175,603) $ (1,187,347) Net realized gain (loss) on investments........ (319,534) 20,344 (9,610,248) 18,033,828 Change in unrealized appreciation (depreciation) of investments................ (1,432,902) 279,135 (105,847,924) 326,276 ------------- ---------- --------------- ------------ Net increase (decrease) in net assets from operations................................... (1,599,973) 360,398 (116,633,775) 17,172,757 ------------- ---------- --------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ -- -- 44,238,330 65,008,893 Transfers between funds including guaranteed interest account, net........... -- -- 14,441,973 80,380,411 Transfers for contract benefits and terminations............................... -- -- (9,281,621) (7,522,680) Contract maintenance charges................. -- -- (2,559,727) (1,136,646) ------------- ---------- --------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. -- -- 46,838,955 136,729,978 ------------- ---------- --------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (500,000) -- 103,999 (17) ------------- ---------- --------------- ------------ Increase (Decrease) in Net Assets................ (2,099,973) 360,398 (69,690,821) 153,902,718 Net Assets -- Beginning of Period................ 3,703,857 3,343,459 237,738,956 83,836,238 ------------- ---------- --------------- ------------ Net Assets -- End of Period...................... $ 1,603,884 $3,703,857 $ 168,048,135 $237,738,956 ============= ========== =============== ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... -- -- 11,798 14,739 Units Redeemed................................. -- -- (7,568) (4,434) ------------- ---------- --------------- ------------ Net Increase (Decrease)........................ -- -- 4,230 10,305 ============= ========== =============== ============
------- The accompanying notes are an integral part of these financial statements. FSA-57 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/JPMorgan Core Bond ------------------------------------ 2008 2007 ----------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 28,459,286 $ 36,992,085 Net realized gain (loss) on investments........ (33,827,360) (1,384,245) Change in unrealized appreciation (depreciation) of investments................ (114,440,875) (15,337,364) --------------- -------------- Net increase (decrease) in net assets from operations................................... (119,808,949) 20,270,476 --------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 42,075,735 111,814,271 Transfers between funds including guaranteed interest account, net........... (172,293,479) 12,407,294 Transfers for contract benefits and terminations............................... (97,989,775) (125,039,236) Contract maintenance charges................. (10,044,167) (9,052,018) --------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. (238,251,686) (9,869,689) --------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (76,301) (15,725) --------------- -------------- Increase (Decrease) in Net Assets................ (358,136,936) 10,385,062 Net Assets -- Beginning of Period................ 1,271,481,983 1,261,096,921 --------------- -------------- Net Assets -- End of Period...................... $ 913,345,047 $1,271,481,983 =============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 6,426 15,903 Units Redeemed................................. (25,935) (15,097) --------------- -------------- Net Increase (Decrease)........................ (19,509) 806 =============== ============== EQ/JPMorgan EQ/Large Cap Value Opportunities Core PLUS ----------------------------------- ---------------------------------- 2008 2007 2008 2007 ----------------- ----------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 1,064,921 $ (594,482) $ (2,128,351) $ (934,831) Net realized gain (loss) on investments........ (16,710,861) 94,004,642 (8,730,231) 67,447,660 Change in unrealized appreciation (depreciation) of investments................ (141,195,370) (103,900,210) (75,404,584) (59,398,695) --------------- --------------- --------------- ------------- Net increase (decrease) in net assets from operations................................... (156,841,310) (10,490,050) (86,263,166) 7,114,134 --------------- --------------- --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 10,736,796 33,789,166 5,525,159 10,302,391 Transfers between funds including guaranteed interest account, net........... (25,761,728) (30,654,913) (10,481,074) (19,399,231) Transfers for contract benefits and terminations............................... (35,229,962) (63,195,761) (21,858,504) (39,046,480) Contract maintenance charges................. (2,218,023) (2,543,075) (1,432,614) (1,590,512) --------------- --------------- --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (52,472,917) (62,604,583) (28,247,033) (49,733,832) --------------- --------------- --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (266,998) (4,955) -- (14,102) --------------- --------------- --------------- ------------- Increase (Decrease) in Net Assets................ (209,581,225) (73,099,588) (114,510,199) (42,633,800) Net Assets -- Beginning of Period................ 420,150,483 493,250,071 243,870,504 286,504,304 --------------- --------------- --------------- ------------- Net Assets -- End of Period...................... $ 210,569,258 $ 420,150,483 $ 129,360,305 $ 243,870,504 =============== =============== =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 1,967 4,550 1,617 1,691 Units Redeemed................................. (6,183) (8,344) (4,811) (6,258) --------------- --------------- --------------- ------------- Net Increase (Decrease)........................ (4,216) (3,794) (3,194) (4,567) =============== =============== =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-58 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Large Cap Growth Index ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (4,384,494) $ (5,772,220) Net realized gain (loss) on investments........ (753,175) 3,398,259 Change in unrealized appreciation (depreciation) of investments................ (145,142,612) 47,055,787 --------------- ------------- Net increase (decrease) in net assets from operations................................... (150,280,281) 44,681,826 --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 24,221,650 37,810,987 Transfers between funds including guaranteed interest account, net........... (6,728,431) (9,593,154) Transfers for contract benefits and terminations............................... (29,710,764) (43,777,926) Contract maintenance charges................. (2,752,474) (2,371,345) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (14,970,019) (17,931,438) --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 17,000 (11,979) --------------- ------------- Increase (Decrease) in Net Assets................ (165,233,300) 26,738,409 Net Assets -- Beginning of Period................ 411,165,560 384,427,151 --------------- ------------- Net Assets -- End of Period...................... $ 245,932,260 $ 411,165,560 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 6,807 6,563 Units Redeemed................................. (10,140) (10,357) --------------- ------------- Net Increase (Decrease)........................ (3,333) (3,794) =============== ============= EQ/Large Cap EQ/Large Cap Growth PLUS Value Index ---------------------------------- ---------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (3,847,420) $ (3,115,637) $ (173,543) $ (2,845,557) Net realized gain (loss) on investments........ 3,819,000 14,111,167 (14,982,245) 6,960,177 Change in unrealized appreciation (depreciation) of investments................ (134,073,469) 25,048,213 (88,532,502) (18,747,929) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from operations................................... (134,101,889) 36,043,743 (103,688,290) (14,633,309) --------------- ------------- --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 23,776,388 29,398,855 14,398,302 40,646,668 Transfers between funds including guaranteed interest account, net........... (34,904,608) 63,462,388 (9,927,410) (12,553,838) Transfers for contract benefits and terminations............................... (22,544,757) (33,664,941) (6,397,649) (8,727,650) Contract maintenance charges................. (2,362,155) (1,660,190) (1,535,834) (1,637,542) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (36,035,132) 57,536,112 (3,462,591) 17,727,638 --------------- ------------- --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (226,500) (6,023) -- (15) --------------- ------------- --------------- ------------- Increase (Decrease) in Net Assets................ (170,363,521) 93,573,832 (107,150,881) 3,094,314 Net Assets -- Beginning of Period................ 363,588,305 270,014,473 183,660,886 180,566,572 --------------- ------------- --------------- ------------- Net Assets -- End of Period...................... $ 193,224,784 $ 363,588,305 $ 76,510,005 $ 183,660,886 =============== ============= =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 5,289 8,416 4,886 4,986 Units Redeemed................................. (8,073) (4,572) (5,297) (3,408) --------------- ------------- --------------- ------------- Net Increase (Decrease)........................ (2,784) 3,844 (411) 1,578 =============== ============= =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-59 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Large Cap Value PLUS (g) -------------------------------------- 2008 2007 ------------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 23,923,165 $ 3,190,690 Net realized gain (loss) on investments........ (33,805,389) 295,176,429 Change in unrealized appreciation (depreciation) of investments................ (936,768,121) (444,902,189) ----------------- -------------- Net increase (decrease) in net assets from operations................................... (946,650,345) (146,535,070) ----------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 55,111,908 170,996,564 Transfers between funds including guaranteed interest account, net........... (196,962,458) 676,449,939 Transfers for contract benefits and terminations............................... (129,154,256) (184,807,241) Contract maintenance charges................. (17,490,591) (16,755,326) ----------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. (288,495,397) 645,883,936 ----------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 64,001 (8,009) ----------------- -------------- Increase (Decrease) in Net Assets................ (1,235,081,741) 499,340,857 Net Assets -- Beginning of Period................ 2,350,077,348 1,850,736,491 ----------------- -------------- Net Assets -- End of Period...................... $ 1,114,995,607 $2,350,077,348 ================= ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 5,339 63,216 Units Redeemed................................. (27,652) (23,204) ----------------- -------------- Net Increase (Decrease)........................ (22,313) 40,012 ================= ============== EQ/Lord Abbett EQ/Long Term Bond Growth and Income --------------------------------- --------------------------------- 2008 2007 2008 2007 ---------------- ---------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 5,363,057 $ 2,933,011 $ 83,982 $ (501,314) Net realized gain (loss) on investments........ 466,465 (530,683) (3,353,099) 12,151,925 Change in unrealized appreciation (depreciation) of investments................ 557,676 3,827,867 (52,452,677) (8,920,319) ------------ ------------ -------------- ------------- Net increase (decrease) in net assets from operations................................... 6,387,198 6,230,195 (55,721,794) 2,730,292 ------------ ------------ -------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 13,144,485 19,023,154 14,924,350 30,910,383 Transfers between funds including guaranteed interest account, net........... 10,868,505 12,350,753 (5,583,383) (9,982,533) Transfers for contract benefits and terminations............................... (7,297,430) (5,506,029) (6,293,266) (10,470,126) Contract maintenance charges................. (1,183,131) (747,250) (1,322,119) (1,167,373) ------------ ------------ -------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 15,532,429 25,120,628 1,725,582 9,290,351 ------------ ------------ -------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (34,509) -- (3,650,654) -- ------------ ------------ -------------- ------------- Increase (Decrease) in Net Assets................ 21,885,118 31,350,823 (57,646,866) 12,020,643 Net Assets -- Beginning of Period................ 114,656,454 83,305,631 151,193,748 139,173,105 ------------ ------------ -------------- ------------- Net Assets -- End of Period...................... $136,541,572 $114,656,454 $ 93,546,882 $ 151,193,748 ============ ============ ============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 8,936 7,557 2,682 4,513 Units Redeemed................................. (6,924) (4,873) (2,490) (3,769) ------------ ------------ -------------- ------------- Net Increase (Decrease)........................ 2,012 2,684 192 744 ============ ============ ============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-60 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Lord Abbett EQ/Lord Abbett Large Cap Core Mid Cap Value -------------------------------- ---------------------------------- 2008 2007 2008 2007 ---------------- --------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (262,527) $ (403,400) $ 69,833 $ (2,672,202) Net realized gain (loss) on investments........ (3,275,849) 5,496,227 (6,264,778) 31,557,447 Change in unrealized appreciation (depreciation) of investments................ (30,541,689) 212,541 (117,086,130) (37,151,529) -------------- ------------ --------------- ------------- Net increase (decrease) in net assets from operations................................... (34,080,065) 5,305,368 (123,281,075) (8,266,284) -------------- ------------ --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 13,537,401 16,067,399 30,853,855 80,614,716 Transfers between funds including guaranteed interest account, net........... 31,639,977 11,520,031 (1,595,975) 24,758,315 Transfers for contract benefits and terminations............................... (4,269,182) (3,527,075) (10,866,745) (12,908,381) Contract maintenance charges................. (1,052,344) (508,010) (2,884,939) (2,273,152) -------------- ------------ --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 39,855,852 23,552,345 15,506,196 90,191,498 -------------- ------------ --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (2,574,002) -- (3,319,727) -- -------------- ------------ --------------- ------------- Increase (Decrease) in Net Assets................ 3,201,785 28,857,713 (111,094,606) 81,925,214 Net Assets -- Beginning of Period................ 82,042,363 53,184,650 301,405,216 219,480,002 -------------- ------------ --------------- ------------- Net Assets -- End of Period...................... $ 85,244,148 $ 82,042,363 $ 190,310,610 $ 301,405,216 ============== ============ =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 7,001 3,381 6,109 12,288 Units Redeemed................................. (3,312) (1,505) (4,604) (5,438) -------------- ------------ --------------- ------------- Net Increase (Decrease)........................ 3,689 1,876 1,505 6,850 ============== ============ =============== ============= EQ/Marsico Focus ------------------------------------ 2008 2007 ------------------ ----------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (8,227,112) $ (22,776,187) Net realized gain (loss) on investments........ 39,820,399 236,799,514 Change in unrealized appreciation (depreciation) of investments................ (832,575,684) (7,038,803) -------------- -------------- Net increase (decrease) in net assets from operations................................... (800,982,397) 206,984,524 -------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 168,142,262 230,174,261 Transfers between funds including guaranteed interest account, net........... (23,278,056) (31,417,755) Transfers for contract benefits and terminations............................... (92,517,279) (126,245,484) Contract maintenance charges................. (17,082,652) (14,839,784) -------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. 35,264,275 57,671,238 -------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (487,000) (7,221) -------------- -------------- Increase (Decrease) in Net Assets................ (766,205,122) 264,648,541 Net Assets -- Beginning of Period................ 1,909,859,842 1,645,211,301 -------------- -------------- Net Assets -- End of Period...................... $1,143,654,720 $1,909,859,842 ============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 18,185 18,999 Units Redeemed................................. (15,258) (14,270) -------------- -------------- Net Increase (Decrease)........................ 2,927 4,729 ============== ==============
------- The accompanying notes are an integral part of these financial statements. FSA-61 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Mid Cap Index ------------------------------------ 2008 2007 ----------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (4,537,675) $ (15,351,363) Net realized gain (loss) on investments........ (24,256,556) 177,355,115 Change in unrealized appreciation (depreciation) of investments................ (472,975,556) (99,558,417) --------------- -------------- Net increase (decrease) in net assets from operations................................... (501,769,787) 62,445,335 --------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 59,080,324 115,889,468 Transfers between funds including guaranteed interest account, net........... (32,303,620) (43,777,381) Transfers for contract benefits and terminations............................... (51,574,835) (79,876,311) Contract maintenance charges................. (8,240,422) (8,555,184) --------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. (33,038,553) (16,319,408) --------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... -- (5,275) --------------- -------------- Increase (Decrease) in Net Assets................ (534,808,340) 46,120,652 Net Assets -- Beginning of Period................ 1,035,825,077 989,704,425 --------------- -------------- Net Assets -- End of Period...................... $ 501,016,737 $1,035,825,077 =============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 8,705 10,091 Units Redeemed................................. (11,260) (11,835) --------------- -------------- Net Increase (Decrease)........................ (2,555) (1,744) =============== ============== EQ/Mid Cap Value PLUS EQ/Money Market ----------------------------------- ------------------------------------ 2008 2007 2008 2007 ----------------- ----------------- ------------------ ----------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (382,625) $ (4,610,290) $ 5,303,985 $ 23,246,551 Net realized gain (loss) on investments........ (79,877,282) 260,539,525 (71,662) (211,185) Change in unrealized appreciation (depreciation) of investments................ (212,234,558) (277,118,388) (62,631) 222,973 --------------- --------------- -------------- --------------- Net increase (decrease) in net assets from operations................................... (292,494,465) (21,189,153) 5,169,692 23,258,339 --------------- --------------- -------------- --------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 17,465,982 72,453,587 737,101.790 459,390,401 Transfers between funds including guaranteed interest account, net........... (86,089,191) (105,491,837) 301,263,885 256,278,645 Transfers for contract benefits and terminations............................... (44,393,137) (75,035,606) (392,439,992) (495,059,766) Contract maintenance charges................. (6,313,342) (7,592,654) (8,372,217) (5,120,378) --------------- --------------- -------------- --------------- Net increase (decrease) in net assets from contractowners transactions.................. (119,329,688) (115,666,510) 637,553,466 215,488,902 --------------- --------------- -------------- --------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (122,000) (6,127) (270,893) 14,278 --------------- --------------- -------------- --------------- Increase (Decrease) in Net Assets................ (411,946,153) (136,861,790) 642,452,265 238,761,519 Net Assets -- Beginning of Period................ 812,009,443 948,871,233 851,522,707 612,761,188 --------------- --------------- -------------- --------------- Net Assets -- End of Period...................... $ 400,063,290 $ 812,009,443 $1,493,974,972 $ 851,522,707 =============== =============== ============== =============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 2,829 5,715 101,142 73,489 Units Redeemed................................. (11,484) (12,143) (55,686) (61,353) --------------- --------------- -------------- --------------- Net Increase (Decrease)........................ (8,655) (6,428) 45,456 12,136 =============== =============== ============== ===============
------- The accompanying notes are an integral part of these financial statements. FSA-62 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Montag & Caldwell Growth --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (1,730,976) $ (510,000) Net realized gain (loss) on investments........ (6,065,466) 1,724,061 Change in unrealized appreciation (depreciation) of investments................ (53,756,587) 5,944,169 ------------- ------------ Net increase (decrease) in net assets from operations................................... (61,553,029) 7,158,230 ------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 28,840,231 11,709,118 Transfers between funds including guaranteed interest account, net........... 84,271,697 55,312,746 Transfers for contract benefits and terminations............................... (6,620,843) (3,261,364) Contract maintenance charges................. (1,581,869) (373,381) ------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. 104,909,216 63,387,119 ------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (138,933) -- ------------- ------------ Increase (Decrease) in Net Assets................ 43,217,254 70,545,349 Net Assets -- Beginning of Period................ 100,681,466 30,136,117 ------------- ------------ Net Assets -- End of Period...................... $ 143,898,720 $100,681,466 ============= ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 39,334 14,727 Units Redeemed................................. (14,430) (2,510) ------------- ------------ Net Increase (Decrease)........................ 24,904 12,217 ============= ============ EQ/Oppenheimer EQ/Mutual Shares Global ---------------------------------- --------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 6,293,951 $ (4,133,571) $ (171,937) $ (670,358) Net realized gain (loss) on investments........ (17,044,008) 3,865,724 (10,852,762) 2,120,164 Change in unrealized appreciation (depreciation) of investments................ (126,766,530) (9,039,783) (51,264,819) (1,198,545) --------------- ------------- -------------- ------------ Net increase (decrease) in net assets from operations................................... (137,516,587) (9,307,630) (62,289,518) 251,261 --------------- ------------- -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 37,815,910 169,234,897 27,145,149 56,803,015 Transfers between funds including guaranteed interest account, net........... (35,013,356) 123,656,655 16,514,971 37,905,119 Transfers for contract benefits and terminations............................... (11,816,877) (12,293,363) (4,909,832) (2,231,694) Contract maintenance charges................. (3,499,476) (1,626,668) (1,293,315) (313,754) --------------- ------------- -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. (12,513,799) 278,971,521 37,456,973 92,162,686 --------------- ------------- -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (18,384,000) (43) (6,490,003) (16) --------------- ------------- -------------- ------------ Increase (Decrease) in Net Assets................ (168,414,386) 269,663,848 (31,322,548) 92,413,931 Net Assets -- Beginning of Period................ 373,766,283 104,102,435 120,697,952 28,284,021 --------------- ------------- -------------- ------------ Net Assets -- End of Period...................... $ 205,351,897 $ 373,766,283 $ 89,375,404 $120,697,952 =============== ============= ============== ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 7,703 30,452 7,529 8,995 Units Redeemed................................. (9,140) (5,331) (3,931) (1,103) --------------- ------------- -------------- ------------ Net Increase (Decrease)........................ (1,437) 25,121 3,598 7,892 =============== ============= ============== ============
------- The accompanying notes are an integral part of these financial statements. FSA-63 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Oppenheimer EQ/Oppenheimer Main Street Opportunity Main Street Small Cap -------------------------------- -------------------------------- 2008 2007 2008 2007 ---------------- --------------- ---------------- --------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (220,210) $ (163,878) $ (805,508) $ (601,043) Net realized gain (loss) on investments........ (5,044,440) 2,788,609 (5,946,189) 1,112,009 Change in unrealized appreciation (depreciation) of investments................ (16,088,699) (2,875,869) (26,326,303) (5,108,656) -------------- ------------ -------------- ------------ Net increase (decrease) in net assets from operations................................... (21,353,349) (251,138) (33,078,000) (4,597,690) -------------- ------------ -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 6,725,792 18,510,013 15,379,062 33,472,851 Transfers between funds including guaranteed interest account, net........... 1,496,217 13,290,476 5,271,746 23,744,238 Transfers for contract benefits and terminations............................... (1,528,559) (1,167,130) (2,047,617) (1,970,130) Contract maintenance charges................. (382,352) (150,501) (676,595) (213,438) -------------- ------------ -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. 6,311,098 30,482,858 17,926,596 55,033,521 -------------- ------------ -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (996,499) -- (1,497,003) -- -------------- ------------ -------------- ------------ Increase (Decrease) in Net Assets................ (16,038,750) 30,231,720 (16,648,407) 50,435,831 Net Assets -- Beginning of Period................ 49,060,044 18,828,324 71,006,974 20,571,143 -------------- ------------ -------------- ------------ Net Assets -- End of Period...................... $ 33,021,294 $ 49,060,044 $ 54,358,567 $ 71,006,974 ============== ============ ============== ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 2,441 3,606 4,009 6,126 Units Redeemed................................. (1,788) (937) (2,073) (1,380) -------------- ------------ -------------- ------------ Net Increase (Decrease)........................ 653 2,669 1,936 4,746 ============== ============ ============== ============ EQ/PIMCO Real Return ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 13,950,836 $ 5,847,847 Net realized gain (loss) on investments........ 55,798,470 3,829,324 Change in unrealized appreciation (depreciation) of investments................ (139,568,977) 28,562,465 --------------- ------------- Net increase (decrease) in net assets from operations................................... (69,819,671) 38,239,636 --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 141,377,956 79,109,648 Transfers between funds including guaranteed interest account, net........... 420,851,015 88,930,409 Transfers for contract benefits and terminations............................... (52,885,920) (20,859,358) Contract maintenance charges................. (8,645,672) (2,950,283) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 500,697,379 144,230,416 --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 48,998 99,653 --------------- ------------- Increase (Decrease) in Net Assets................ 430,926,706 182,569,705 Net Assets -- Beginning of Period................ 486,950,498 304,380,793 --------------- ------------- Net Assets -- End of Period...................... $ 917,877,204 $ 486,950,498 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 78,030 25,813 Units Redeemed................................. (32,285) (11,343) --------------- ------------- Net Increase (Decrease)........................ 45,745 14,470 =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-64 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Quality Bond PLUS --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 13,394,151 $ 13,408,270 Net realized gain (loss) on investments........ (7,378,896) (1,983,580) Change in unrealized appreciation (depreciation) of investments................ (36,321,748) 122,499 ------------- ------------- Net increase (decrease) in net assets from operations................................... (30,306,493) 11,547,189 ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 29,785,877 39,166,371 Transfers between funds including guaranteed interest account, net........... (32,254,968) 9,052,896 Transfers for contract benefits and terminations............................... (30,268,685) (35,131,052) Contract maintenance charges................. (3,825,471) (3,103,980) ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (36,563,247) 9,984,235 ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 27,469 135,459 ------------- ------------- Increase (Decrease) in Net Assets................ (66,842,271) 21,666,883 Net Assets -- Beginning of Period................ 393,129,672 371,462,789 ------------- ------------- Net Assets -- End of Period...................... $ 326,287,401 $ 393,129,672 ============= ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 6,787 7,550 Units Redeemed................................. (9,265) (6,206) ------------- ------------- Net Increase (Decrease)........................ (2,478) 1,344 ============= ============= EQ/Short EQ/Small Duration Bond Company Index -------------------------------- ---------------------------------- 2008 2007 2008 2007 ---------------- --------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 6,682,416 $ 2,148,882 $ (2,243,783) $ (785,522) Net realized gain (loss) on investments........ (1,147,459) 954,551 18,489,387 57,778,402 Change in unrealized appreciation (depreciation) of investments................ (10,470,086) (412,042) (168,643,358) (71,918,814) ------------- ------------ --------------- ------------- Net increase (decrease) in net assets from operations................................... (4,935,129) 2,691,391 (152,397,754) (14,925,934) ------------- ------------ --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 26,888,122 17,276,944 25,484,049 57,163,322 Transfers between funds including guaranteed interest account, net........... 49,540,870 7,351,269 (8,035,308) (32,828,333) Transfers for contract benefits and terminations............................... (9,396,284) (5,974,974) (23,331,058) (36,399,028) Contract maintenance charges................. (1,095,337) (514,672) (3,832,287) (3,782,262) ------------- ------------ --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 65,937,371 18,138,567 (9,714,604) (15,846,301) ------------- ------------ --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 168 80,116 (13,000) (2,322) ------------- ------------ --------------- ------------- Increase (Decrease) in Net Assets................ 61,002,410 20,910,074 (162,125,358) (30,774,557) Net Assets -- Beginning of Period................ 80,793,118 59,883,044 444,692,315 475,466,872 ------------- ------------ --------------- ------------- Net Assets -- End of Period...................... $ 141,795,528 $ 80,793,118 $ 282,566,957 $ 444,692,315 ============= ============ =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 12,083 7,585 5,604 5,902 Units Redeemed................................. (5,808) (5,817) (6,112) (6,674) ------------- ------------ --------------- ------------- Net Increase (Decrease)........................ 6,275 1,768 (508) (772) ============= ============ =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-65 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/T. Rowe Price Growth Stock (d) ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (3,532,364) $ (2,277,057) Net realized gain (loss) on investments........ (1,812,083) 24,486,444 Change in unrealized appreciation (depreciation) of investments................ (120,650,775) (25,648,683) --------------- ------------- Net increase (decrease) in net assets from operations................................... (125,995,222) (3,439,296) --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 23,208,023 23,853,471 Transfers between funds including guaranteed interest account, net........... 73,817 236,913,422 Transfers for contract benefits and terminations............................... (18,802,621) (16,236,193) Contract maintenance charges................. (2,409,909) (1,332,712) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 2,069,310 243,197,988 --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 123,317 17,686 --------------- ------------- Increase (Decrease) in Net Assets................ (123,802,595) 239,776,378 Net Assets -- Beginning of Period................ 291,072,093 51,295,715 --------------- ------------- Net Assets -- End of Period...................... $ 167,269,498 $ 291,072,093 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 4,607 16,936 Units Redeemed................................. (3,534) (2,262) --------------- ------------- Net Increase (Decrease)........................ 1,073 14,674 =============== ============= EQ/Templeton Growth EQ/UBS Growth and Income ---------------------------------- ------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ---------------- -------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 121,902 $ (1,911,943) $ (154,237) $ (521,621) Net realized gain (loss) on investments........ (15,288,794) 3,536,098 (2,709,534) 4,179,584 Change in unrealized appreciation (depreciation) of investments................ (95,839,083) (7,014,476) (30,779,777) (4,590,749) --------------- ------------- -------------- ------------ Net increase (decrease) in net assets from operations................................... (111,005,975) (5,390,321) (33,643,548) (932,786) --------------- ------------- -------------- ------------ Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 26,301,609 135,146,323 6,896,212 20,770,619 Transfers between funds including guaranteed interest account, net........... (36,421,901) 97,981,466 (5,415,471) (834,027) Transfers for contract benefits and terminations............................... (9,571,998) (10,373,599) (3,505,033) (4,420,849) Contract maintenance charges................. (2,661,067) (1,272,154) (759,129) (678,483) --------------- ------------- -------------- ------------ Net increase (decrease) in net assets from contractowners transactions.................. (22,353,357) 221,482,036 (2,783,421) 14,837,260 --------------- ------------- -------------- ------------ Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (3,057,741) (45) -- -- --------------- ------------- -------------- ------------ Increase (Decrease) in Net Assets................ (136,417,073) 216,091,670 (36,426,969) 13,904,474 Net Assets -- Beginning of Period................ 286,214,630 70,122,960 84,497,331 70,592,857 --------------- ------------- -------------- ------------ Net Assets -- End of Period...................... $ 149,797,557 $ 286,214,630 $ 48,070,362 $ 84,497,331 =============== ============= ============== ============ Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 5,750 23,623 5,139 7,374 Units Redeemed................................. (8,149) (3,676) (5,300) (3,934) --------------- ------------- -------------- ------------ Net Increase (Decrease)........................ (2,399) 19,947 (161) 3,440 =============== ============= ============== ============
------- The accompanying notes are an integral part of these financial statements. FSA-66 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Van Kampen EQ/Van Kampen Comstock Emerging Markets Equity ---------------------------------- ------------------------------------ 2008 2007 2008 2007 ----------------- ---------------- ----------------- ------------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 1,146,291 $ 423,457 $ (15,752,805) $ (19,088,257) Net realized gain (loss) on investments........ (6,783,819) 18,648,767 65,154,201 446,664,476 Change in unrealized appreciation (depreciation) of investments................ (103,659,127) (32,146,462) (985,591,293) 7,510,616 --------------- ------------- -------------- -------------- Net increase (decrease) in net assets from operations................................... (109,296,655) (13,074,238) (936,189,897) 435,086,835 --------------- ------------- -------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 22,199,653 69,517,617 174,385,806 239,698,333 Transfers between funds including guaranteed interest account, net........... (286,039) (9,510,659) (86,789,044) 20,394,939 Transfers for contract benefits and terminations............................... (10,777,798) (14,799,789) (70,211,440) (92,112,067) Contract maintenance charges................. (2,816,201) (2,425,684) (12,474,163) (10,268,253) --------------- ------------- -------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. 8,319,615 42,781,485 4,911,159 157,712,952 --------------- ------------- -------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (3,318,600) (21) (61,501) (4,056) --------------- ------------- -------------- -------------- Increase (Decrease) in Net Assets................ (104,295,640) 29,707,226 (931,340,239) 592,795,731 Net Assets -- Beginning of Period................ 289,349,061 259,641,835 1,627,458,066 1,034,662,335 --------------- ------------- -------------- -------------- Net Assets -- End of Period...................... $ 185,053,421 $ 289,349,061 $ 696,117,827 $1,627,458,066 =============== ============= ============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 5,848 7,869 16,383 20,750 Units Redeemed................................. (4,779) (4,366) (15,994) (15,196) --------------- ------------- -------------- -------------- Net Increase (Decrease)........................ 1,069 3,503 389 5,554 =============== ============= ============== ============== EQ/Van Kampen Mid Cap Growth ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (4,334,837) $ (2,224,184) Net realized gain (loss) on investments........ (10,432,354) 21,157,345 Change in unrealized appreciation (depreciation) of investments................ (166,657,947) 11,739,869 --------------- ------------- Net increase (decrease) in net assets from operations................................... (181,425,138) 30,673,030 --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 56,603,270 66,008,687 Transfers between funds including guaranteed interest account, net........... 38,012,249 113,561,380 Transfers for contract benefits and terminations............................... (13,513,191) (10,270,623) Contract maintenance charges................. (3,275,653) (1,551,753) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 77,826,675 167,747,691 --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (4,880,466) -- --------------- ------------- Increase (Decrease) in Net Assets................ (108,478,929) 198,420,721 Net Assets -- Beginning of Period................ 318,831,613 120,410,892 --------------- ------------- Net Assets -- End of Period...................... $ 210,352,684 $ 318,831,613 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 12,774 13,520 Units Redeemed................................. (7,072) (2,703) --------------- ------------- Net Increase (Decrease)........................ 5,702 10,817 =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-67 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
EQ/Van Kampen Real Estate (b) (f) ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 4,167,850 $ 1,071,250 Net realized gain (loss) on investments........ (18,424,192) 7,562,359 Change in unrealized appreciation (depreciation) of investments................ (172,012,766) (53,491,083) --------------- ------------- Net increase (decrease) in net assets from operations................................... (186,269,108) (44,857,474) --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 46,435,201 27,648,694 Transfers between funds including guaranteed interest account, net........... 4,518,438 479,842,930 Transfers for contract benefits and terminations............................... (20,218,542) (9,756,305) Contract maintenance charges................. (4,671,321) (1,620,650) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 26,063,776 496,114,669 --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (253,593) 200,000 --------------- ------------- Increase (Decrease) in Net Assets................ (160,458,925) 451,457,195 Net Assets -- Beginning of Period................ 451,457,195 - --------------- ------------- Net Assets -- End of Period...................... $ 290,998,270 $ 451,457,195 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 15,583 59,830 Units Redeemed................................. (11,694) (5,355) --------------- ------------- Net Increase (Decrease)........................ 3,889 54,475 =============== ============= Multimanager Multimanager Aggressive Equity Core Bond --------------------------------- --------------------------------- 2008 2007 2008 2007 ---------------- ---------------- ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (1,118,102) $ (1,993,654) $ 23,798,189 $ 17,362,876 Net realized gain (loss) on investments........ (1,624,330) 7,992,369 15,603,058 (4,088,282) Change in unrealized appreciation (depreciation) of investments................ (58,474,374) 5,935,319 (31,731,111) 17,212,374 ------------- ------------- ------------- ------------- Net increase (decrease) in net assets from operations................................... (61,216,806) 11,934,034 7,670,136 30,486,968 ------------- ------------- ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 9,564,526 15,553,578 41,424,004 37,696,538 Transfers between funds including guaranteed interest account, net........... (5,793,823) (17,886,983) 97,217,901 (3,279,239) Transfers for contract benefits and terminations............................... (8,692,522) (13,188,187) (58,488,580) (56,661,798) Contract maintenance charges................. (926,538) (935,087) (7,142,205) (5,397,440) ------------- ------------- ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (5,848,357) (16,456,679) 73,011,120 (27,641,939) ------------- ------------- ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (2,000) -- 7,001 (4,366) ------------- ------------- ------------- ------------- Increase (Decrease) in Net Assets................ (67,067,163) (4,522,645) 80,688,257 2,840,663 Net Assets -- Beginning of Period................ 134,809,808 139,332,453 654,064,476 651,223,813 ------------- ------------- ------------- ------------- Net Assets -- End of Period...................... $ 67,742,645 $ 134,809,808 $ 734,752,733 $ 654,064,476 ============= ============= ============= ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 1,451 1,437 20,826 12,768 Units Redeemed................................. (1,314) (1,774) (14,144) (14,981) ------------- ------------- ------------- ------------- Net Increase (Decrease)........................ 137 (337) 6,682 (2,213) ============= ============= ============= =============
------- The accompanying notes are an integral part of these financial statements. FSA-68 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
Multimanager Health Care --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (4,239,081) $ (4,476,018) Net realized gain (loss) on investments........ (3,807,436) 32,370,131 Change in unrealized appreciation (depreciation) of investments................ (85,613,153) (6,588,306) ------------- ------------- Net increase (decrease) in net assets from operations................................... (93,659,670) 21,305,807 ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 25,550,911 35,569,857 Transfers between funds including guaranteed interest account, net........... 8,327,100 (4,934,070) Transfers for contract benefits and terminations............................... (16,493,478) (19,346,186) Contract maintenance charges................. (3,288,603) (2,671,786) ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. 14,095,930 8,617,815 ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 19,462 91,984 ------------- ------------- Increase (Decrease) in Net Assets................ (79,544,278) 30,015,606 Net Assets -- Beginning of Period................ 320,883,761 290,868,155 ------------- ------------- Net Assets -- End of Period...................... $ 241,339,483 $ 320,883,761 ============= ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 7,357 5,154 Units Redeemed................................. (6,349) (4,577) ------------- ------------- Net Increase (Decrease)........................ 1,008 577 ============= ============= Multimanager Multimanager High Yield International Equity ---------------------------------- ---------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 52,758,725 $ 53,414,827 $ 486,272 $ (4,709,108) Net realized gain (loss) on investments........ (38,020,929) 42,690 8,237,064 81,851,913 Change in unrealized appreciation (depreciation) of investments................ (201,076,743) (38,526,322) (341,084,511) (13,590,584) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from operations................................... (186,338,947) 14,931,195 (332,361,175) 63,552,221 --------------- ------------- --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 29,911,093 75,108,248 56,365,595 97,829,235 Transfers between funds including guaranteed interest account, net........... (119,893,179) (49,472,822) (10,558,070) (3,480,572) Transfers for contract benefits and terminations............................... (64,454,973) (89,853,713) (31,963,390) (40,679,469) Contract maintenance charges................. (7,024,175) (6,997,321) (5,916,942) (5,298,150) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (161,461,234) (71,215,608) 7,927,193 48,371,044 --------------- ------------- --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 78,000 (11,818) (9,998) (2,709) --------------- ------------- --------------- ------------- Increase (Decrease) in Net Assets................ (347,722,181) (56,296,231) (324,443,980) 111,920,556 Net Assets -- Beginning of Period................ 879,528,892 935,825,123 680,519,809 568,599,253 --------------- ------------- --------------- ------------- Net Assets -- End of Period...................... $ 531,806,711 $ 879,528,892 $ 356,075,829 $ 680,519,809 =============== ============= =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 3,397 7,880 8,713 10,956 Units Redeemed................................. (11,958) (9,385) (8,554) (8,462) --------------- ------------- --------------- ------------- Net Increase (Decrease)........................ (8,561) (1,505) 159 2,494 =============== ============= =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-69 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
Multimanager Large Cap Core Equity --------------------------------- 2008 2007 ---------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (1,282,817) $ (1,861,159) Net realized gain (loss) on investments........ (3,053,168) 23,483,211 Change in unrealized appreciation (depreciation) of investments................ (63,496,754) (15,770,813) ------------- ------------- Net increase (decrease) in net assets from operations................................... (67,832,739) 5,851,239 ------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 9,354,533 16,575,734 Transfers between funds including guaranteed interest account, net........... (9,332,214) (3,134,775) Transfers for contract benefits and terminations............................... (11,469,633) (13,817,236) Contract maintenance charges................. (1,476,378) (1,514,077) ------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (12,923,692) (1,890,354) ------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (20,000) (1,216) ------------- ------------- Increase (Decrease) in Net Assets................ (80,776,431) 3,959,669 Net Assets -- Beginning of Period................ 177,349,986 173,390,317 ------------- ------------- Net Assets -- End of Period...................... $ 96,573,555 $ 177,349,986 ============= ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 2,988 3,239 Units Redeemed................................. (4,180) (3,458) ------------- ------------- Net Increase (Decrease)........................ (1,192) (219) ============= ============= Multimanager Multimanager Large Cap Growth Large Cap Value ---------------------------------- ---------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (3,718,749) $ (4,535,388) $ (319,364) $ (2,319,683) Net realized gain (loss) on investments........ (9,797,892) 51,853,612 (16,837,588) 96,064,770 Change in unrealized appreciation (depreciation) of investments................ (130,114,572) (19,182,119) (209,296,551) (81,818,072) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from operations................................... (143,631,213) 28,136,105 (226,453,503) 11,927,015 --------------- ------------- --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 16,849,861 25,722,038 49,428,992 66,592,837 Transfers between funds including guaranteed interest account, net........... (8,336,400) (11,413,412) (17,111,832) (21,646,809) Transfers for contract benefits and terminations............................... (17,897,682) (24,380,314) (30,886,054) (46,326,446) Contract maintenance charges................. (2,756,466) (2,656,640) (5,157,236) (5,046,941) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (12,140,687) (12,728,328) (3,726,130) (6,427,359) --------------- ------------- --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 17,799 (1,538) (22,001) (2,128) --------------- ------------- --------------- ------------- Increase (Decrease) in Net Assets................ (155,754,101) 15,406,239 (230,201,634) 5,497,528 Net Assets -- Beginning of Period................ 322,426,053 307,019,814 583,580,991 578,083,463 --------------- ------------- --------------- ------------- Net Assets -- End of Period...................... $ 166,671,952 $ 322,426,053 $ 353,379,357 $ 583,580,991 =============== ============= =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 5,329 5,643 8,703 8,867 Units Redeemed................................. (6,618) (7,225) (9,492) (9,490) --------------- ------------- --------------- ------------- Net Increase (Decrease)........................ (1,289) (1,582) (789) (623) =============== ============= =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-70 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
Multimanager Mid Cap Growth ---------------------------------- 2008 2007 ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (4,650,103) $ (6,127,383) Net realized gain (loss) on investments........ (10,437,894) 56,472,196 Change in unrealized appreciation (depreciation) of investments................ (161,055,636) (9,234,848) --------------- ------------- Net increase (decrease) in net assets from operations................................... (176,143,633) 41,109,965 --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 19,078,584 28,099,308 Transfers between funds including guaranteed interest account, net........... (14,926,472) (27,419,637) Transfers for contract benefits and terminations............................... (22,102,169) (34,635,321) Contract maintenance charges................. (3,456,566) (3,654,882) --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (21,406,623) (37,610,532) --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... 27,430 (2,543) --------------- ------------- Increase (Decrease) in Net Assets................ (197,522,826) 3,496,890 Net Assets -- Beginning of Period................ 414,235,593 410,738,703 --------------- ------------- Net Assets -- End of Period...................... $ 216,712,767 $ 414,235,593 =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 4,150 3,811 Units Redeemed................................. (6,229) (7,128) --------------- ------------- Net Increase (Decrease)........................ (2,079) (3,317) =============== ============= Multimanager Multimanager Mid Cap Value Small Cap Growth (e) ---------------------------------- ---------------------------------- 2008 2007 2008 2007 ----------------- ---------------- ----------------- ---------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (3,143,018) $ (6,474,610) $ (2,723,714) $ (3,089,072) Net realized gain (loss) on investments........ (27,146,095) 39,617,747 (16,613,041) 29,308,643 Change in unrealized appreciation (depreciation) of investments................ (107,537,998) (36,433,587) (81,669,836) (33,439,325) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from operations................................... (137,827,111) (3,290,450) (101,006,591) (7,219,754) --------------- ------------- --------------- ------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 20,268,911 39,192,130 19,629,713 30,977,521 Transfers between funds including guaranteed interest account, net........... (14,425,378) (42,633,623) (15,042,379) 84,485,220 Transfers for contract benefits and terminations............................... (23,248,754) (34,927,644) (8,451,130) (12,954,807) Contract maintenance charges................. (3,408,946) (3,763,511) (2,125,982) (1,809,027) --------------- ------------- --------------- ------------- Net increase (decrease) in net assets from contractowners transactions.................. (20,814,167) (42,132,648) (5,989,778) 100,698,907 --------------- ------------- --------------- ------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (39,702) (2,426) (3,699,991) 5,351,699 --------------- ------------- --------------- ------------- Increase (Decrease) in Net Assets................ (158,680,980) (45,425,524) (110,696,360) 98,830,852 Net Assets -- Beginning of Period................ 393,114,656 438,540,180 246,233,562 147,402,710 --------------- ------------- --------------- ------------- Net Assets -- End of Period...................... $ 234,433,676 $ 393,114,656 $ 135,537,202 $ 246,233,562 =============== ============= =============== ============= Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 5,114 4,292 7,074 21,675 Units Redeemed................................. (6,695) (7,199) (6,975) (10,151) --------------- ------------- --------------- ------------- Net Increase (Decrease)........................ (1,581) (2,907) 99 11,524 =============== ============= =============== =============
------- The accompanying notes are an integral part of these financial statements. FSA-71 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Continued) FOR THE YEARS ENDED DECEMBER 31,
Multimanager Small Cap Value ----------------------------------- 2008 2007 ----------------- ----------------- Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (6,670,841) $ (10,432,975) Net realized gain (loss) on investments........ (43,863,204) 91,427,573 Change in unrealized appreciation (depreciation) of investments................ (199,190,979) (174,133,468) --------------- -------------- Net increase (decrease) in net assets from operations................................... (249,725,024) (93,138,870) --------------- -------------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 13,780,041 35,637,468 Transfers between funds including guaranteed interest account, net........... (69,210,950) (121,687,075) Transfers for contract benefits and terminations............................... (44,406,413) (81,889,679) Contract maintenance charges................. (5,530,698) (7,121,145) --------------- -------------- Net increase (decrease) in net assets from contractowners transactions.................. (105,368,020) (175,060,431) --------------- -------------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (89,998) (4,259) --------------- -------------- Increase (Decrease) in Net Assets................ (355,183,042) (268,203,560) Net Assets -- Beginning of Period................ 724,153,552 992,357,112 --------------- -------------- Net Assets -- End of Period...................... $ 368,970,510 $ 724,153,552 =============== ============== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 2,332 2,804 Units Redeemed................................. (10,119) (12,606) --------------- -------------- Net Increase (Decrease)........................ (7,787) (9,802) =============== ============== Multimanager Target 2015 Technology Allocation ---------------------------------- ---------------------------- 2008 2007 2008 2007 ----------------- ---------------- --------------- ------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ (4,289,714) $ (4,478,117) $ -- $ 34,195 Net realized gain (loss) on investments........ 4,441,497 25,150,618 45,811 13,099 Change in unrealized appreciation (depreciation) of investments................ (179,730,920) 20,946,945 (86,045) 32,310 --------------- ------------- ------------- ---------- Net increase (decrease) in net assets from operations................................... (179,579,137) 41,619,446 (40,234) 79,604 --------------- ------------- ------------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ 35,208,395 39,472,575 -- -- Transfers between funds including guaranteed interest account, net........... (15,171,707) 49,358,494 -- -- Transfers for contract benefits and terminations............................... (18,827,762) (25,270,554) -- -- Contract maintenance charges................. (2,908,072) (2,320,125) -- -- --------------- ------------- ------------- ---------- Net increase (decrease) in net assets from contractowners transactions.................. (1,699,146) 61,240,390 -- -- --------------- ------------- ------------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (131,500) (792) (1,117,965) -- --------------- ------------- ------------- ---------- Increase (Decrease) in Net Assets................ (181,409,783) 102,859,044 (1,158,199) 79,604 Net Assets -- Beginning of Period................ 374,178,541 271,319,497 1,158,199 1,078,595 --------------- ------------- ------------- ---------- Net Assets -- End of Period...................... $ 192,768,758 $ 374,178,541 $ -- $1,158,199 =============== ============= ============= ========== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... 10,081 12,042 -- -- Units Redeemed................................. (10,616) (7,924) -- -- --------------- ------------- ------------- ---------- Net Increase (Decrease)........................ (535) 4,118 -- -- =============== ============= ============= ==========
------- The accompanying notes are an integral part of these financial statements. FSA-72 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 STATEMENTS OF CHANGES IN NET ASSETS (Concluded) FOR THE YEARS ENDED DECEMBER 31,
Target 2025 Allocation ---------------------------- 2008 2007 --------------- ------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ -- $ 28,857 Net realized gain (loss) on investments........ 54,278 14,417 Change in unrealized appreciation (depreciation) of investments................ (103,585) 38,288 ------------- ---------- Net increase (decrease) in net assets from operations................................... (49,307) 81,562 ------------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ -- -- Transfers between funds including guaranteed interest account, net........... -- -- Transfers for contract benefits and terminations............................... -- -- Contract maintenance charges................. -- -- ------------- ---------- Net increase (decrease) in net assets from contractowners transactions.................. -- -- ------------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... (1,119,147) -- ------------- ---------- Increase (Decrease) in Net Assets................ (1,168,454) 81,562 Net Assets -- Beginning of Period................ 1,168,454 1,086,892 ------------- ---------- Net Assets -- End of Period...................... $ -- $1,168,454 ============= ========== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... -- -- Units Redeemed................................. -- -- ------------- ---------- Net Increase (Decrease)........................ -- -- ============= ========== Target 2035 Target 2045 Allocation Allocation -------------------------- -------------------------- 2008 2007 2008 2007 ------------- ------------ ------------- ------------ Increase (Decrease) in Net Assets From Operations: Net investment income (loss)................... $ 24,776 $ 25,690 $ 21,233 $ 21,696 Net realized gain (loss) on investments........ 14,656 11,466 20,734 35,055 Change in unrealized appreciation (depreciation) of investments................ (486,172) 45,236 (532,414) 30,737 ----------- ---------- ----------- ---------- Net increase (decrease) in net assets from operations................................... (446,740) 82,392 (490,447) 87,488 ----------- ---------- ----------- ---------- Contractowners Transactions: Contributions and Transfers: Payments received from contractowners........ -- -- -- -- Transfers between funds including guaranteed interest account, net........... -- -- -- -- Transfers for contract benefits and terminations............................... -- -- -- -- Contract maintenance charges................. -- -- -- -- ----------- ---------- ----------- ---------- Net increase (decrease) in net assets from contractowners transactions.................. -- -- -- -- ----------- ---------- ----------- ---------- Net increase (decrease) in amount retained by AXA Equitable in Separate Account No. 49..... -- -- -- ----------- ---------- ----------- ---------- Increase (Decrease) in Net Assets................ (446,740) 82,392 (490,447) 87,488 Net Assets -- Beginning of Period................ 1,176,891 1,094,499 1,188,695 1,101,207 ----------- ---------- ----------- ---------- Net Assets -- End of Period...................... $ 730,151 $1,176,891 $ 698,248 $1,188,695 =========== ========== =========== ========== Changes in Units (000's): Unit Activity 0.00% to 1.90% Class B Units Issued................................... -- -- -- -- Units Redeemed................................. -- -- -- -- ----------- ---------- ----------- ---------- Net Increase (Decrease)........................ -- -- -- -- =========== ========== =========== ==========
------- (a) Commenced operations on May 29, 2007. (b) Commenced operations on August 17, 2007. (c) A substitution of EQ/Capital Guardian Research was made for EQ/Capital Guardian U.S. Equity on July 6, 2007. (d) A substitution of EQ/T. Rowe Price Growth Stock was made for EQ/Janus Large Cap Growth on July 6, 2007. (e) A substitution of Multimanager Small Cap Growth was made for EQ/Wells Fargo Montgomery Small Cap on July 6, 2007. (f) A substitution of EQ/Van Kampen Real Estate was made for U.S. Real Estate on August 17, 2007. (g) A substitution of EQ/Large Cap Value PLUS was made for EQ/AllianceBernstein Growth and Income on August 17, 2007. The accompanying notes are an integral part of these financial statements. FSA-73 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements December 31, 2008 1. Organization AXA Equitable Life Insurance Company (formerly The Equitable Life Assurance Society of the United States) ("AXA Equitable") Separate Account No. 49 ("the Account") is organized as a unit investment trust, a type of investment company, and is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940 (the "1940 Act"). The Account has Variable Investment Options, each of which invests in shares of a mutual fund portfolio of EQ Advisors Trust ("EQAT") and AXA Premier VIP Trust ("VIP"), ("The Trusts"). The Trusts are open-ended diversified management investment companies that sell shares of a portfolio ("Portfolio") of a mutual fund to separate accounts of insurance companies. Each Portfolio of The Trusts have separate investment objectives. These financial statements and notes are those of the Variable Investment Options of the Account. The Account consists of 78 variable investment options each of which invests in the EQAT or VIP portfolio of the same name: o AXA Aggressive Allocation o AXA Conservative Allocation o AXA Conservative-Plus Allocation o AXA Moderate Allocation o AXA Moderate-Plus Allocation o EQ/AllianceBernstein Common Stock o EQ/AllianceBernstein Intermediate Government Securities o EQ/AllianceBernstein International o EQ/AllianceBernstein Small Cap Growth o EQ/Ariel Appreciation II o EQ/AXA Rosenberg Value Long/Short Equity o EQ/BlackRock Basic Value Equity o EQ/BlackRock International Value o EQ/Boston Advisors Equity Income o EQ/Calvert Socially Responsible o EQ/Capital Guardian Growth o EQ/Capital Guardian Research o EQ/Caywood-Scholl High Yield Bond o EQ/Davis New York Venture o EQ/Equity 500 Index o EQ/Evergreen International Bond o EQ/Evergreen Omega o EQ/Franklin Income o EQ/Franklin Small Cap Value o EQ/Franklin Templeton Founding Strategy o EQ/GAMCO Mergers and Acquisitions o EQ/GAMCO Small Company Value o EQ/International Core PLUS(1) o EQ/International ETF o EQ/International Growth o EQ/JPMorgan Core Bond o EQ/JPMorgan Value Opportunities o EQ/Large Cap Core PLUS(2) o EQ/Large Cap Growth Index(7) o EQ/Large Cap Growth PLUS(3) o EQ/Large Cap Value Index(6) o EQ/Large Cap Value PLUS(5) o EQ/Long Term Bond o EQ/Lord Abbett Growth and Income o EQ/Lord Abbett Large Cap Core o EQ/Lord Abbett Mid Cap Value o EQ/Marsico Focus o EQ/Mid Cap Index(9) o EQ/Mid Cap Value PLUS(4) o EQ/Money Market o EQ/Montag & Caldwell Growth o EQ/Mutual Shares o EQ/Oppenheimer Global o EQ/Oppenheimer Main Street Opportunity o EQ/Oppenheimer Main Street Small Cap o EQ/PIMCO Real Return o EQ/Quality Bond PLUS(8) o EQ/Short Duration Bond o EQ/Small Company Index o EQ/T. Rowe Price Growth Stock o EQ/Templeton Growth o EQ/UBS Growth and Income o EQ/Van Kampen Comstock o EQ/Van Kampen Emerging Markets Equity o EQ/Van Kampen Mid Cap Growth o EQ/Van Kampen Real Estate o Multimanager Aggressive Equity o Multimanager Core Bond o Multimanager Health Care o Multimanager High Yield o Multimanager International Equity o Multimanager Large Cap Core Equity o Multimanager Large Cap Growth o Multimanager Large Cap Value o Multimanager Mid Cap Growth o Multimanager Mid Cap Value o Multimanager Small Cap Growth o Multimanager Small Cap Value o Multimanager Technology o Target 2015 Allocation o Target 2025 Allocation o Target 2035 Allocation o Target 2045 Allocation FSA-74 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 1. Organization (Concluded) (1) Formerly known as MarketPLUS International Core. (2) Formerly known as MarketPLUS Large Cap Core. (3) Formerly known as MarketPLUS Large Cap Growth. (4) Formerly known as MarketPLUS Mid Cap Value. (5) Formerly known as EQ/AllianceBernstein Value. (6) Formerly known as EQ/Legg Mason Value Equity. (7) Formerly known as EQ/AllianceBernstein Large Cap Growth. (8) Formerly known as EQ/AllianceBernstein Quality Bond. (9) Formerly known as EQ/FI Mid Cap. Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from AXA Equitable's other assets and liabilities. All Contracts are issued by AXA Equitable. The assets of the Account are the property of AXA Equitable. However, the portion of the Account's assets attributable to the Contracts will not be chargeable with liabilities arising out of any other business AXA Equitable may conduct. The Account is used to fund benefits for variable annuities issued by AXA Equitable including the Accumulator, Accumulator Plus, Accumulator Elite, Accumulator Select, Stylus, Accumulator Advisor, Accumulator Express and Retirement Income for Life, including all contracts issued currently. These annuities in the Accumulator series are offered with the same variable investment options for use as a nonqualified annuity (NQ) for after-tax contributions only, or when used as an investment vehicle for certain qualified plans (QP), an individual retirement annuity (IRA) or a tax-shelter annuity (TSA). The Accumulator series of annuities are offered under group and individual variable annuity forms. The amount retained by AXA Equitable in the Account arises principally from (1) contributions from AXA Equitable, (2) mortality and expense charges and asset-based administration charges and distribution charges accumulated in the Account, and (3) that portion, determined ratably, of the Account's investment results applicable to those assets in the Account in excess of the net assets attributable to accumulation units. Amounts retained by AXA Equitable are not subject to charges for mortality and expense risks, asset-based administration charges and distribution charges. Amounts retained by AXA Equitable in the Account may be transferred at any time by AXA Equitable to its General Account. Each of the variable investment options of the Account bears indirectly exposure to the market, credit, and liquidity risks of the Portfolio in which it invests. These financial statements and footnotes should be read in conjunction with the financial statements and footnotes of the Trusts, which were distributed by AXA Equitable to the contractowners. 2. Significant Accounting Policies The accompanying financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Effective January 1, 2008, and as further described in Note 3 of the financial statements, AXA Equitable adopted SFAS No. 157, "Fair Value Measurements." SFAS No. 157 establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements. It applies only to fair measurements that are already required or permitted by other accounting standards. Fair value is defined under SFAS No. 157 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset in an orderly transaction between market participants on the measurement date. The adoption of SFAS No. 157 had no impact on the net assets of the Account. Investments are made in shares of The Trusts and are valued at the net asset values per share of the respective Portfolios. The net asset value is determined by The Trusts using the market or fair value of the underlying assets of the Portfolio less liabilities. Investment transactions are recorded by the Account on the trade date. Dividends and distributions of capital gains from The Trusts are automatically reinvested on the ex-dividend date. Realized gains and losses include (1) gains and losses on redemptions of The Trusts' shares (determined on the identified cost basis) and (2) The Trusts' distributions representing the net realized gains on The Trusts' investment transactions. Receivable/payable for policy-related transactions represent amounts due to/from AXA Equitable's General Account predominantly related to premiums, surrenders and death benefits. FSA-75 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 2. Significant Accounting Policies (Concluded) Payments received from contractowners represent participant contributions under the Contracts (but exclude amounts allocated to the guaranteed interest account, reflected in the General Account) reduced by applicable deductions, charges and state premium taxes. Contractowners may allocate amounts in their individual accounts to Variable Investment Options of the Account and/or to the guaranteed interest account of AXA Equitable's General Account, and/or fixed maturity options of Separate Account No. 46. Transfers between funds including guaranteed interest account, net, are amounts that participants have directed to be moved among funds, including permitted transfers to and from the guaranteed interest account and the fixed maturity option of Separate Account No. 46. The net assets of any variable investment option may not be less than the aggregate value of the Contractowner accounts allocated to that variable investment option. AXA Equitable is required by state insurance laws to set aside additional assets in AXA Equitable's General Account to provide for other policy benefits. AXA Equitable's General Account is subject to creditor rights. Transfers for contract benefits and terminations are payments to participants and beneficiaries made under the terms of the Contracts and amounts that participants have requested to be withdrawn and paid to them. Withdrawal charges (which represent deferred contingent withdrawal charges) are included in transfers, benefits and terminations to the extent that such charges apply to the contracts. Administrative charges are included in Contract maintenance charges to the extent that such charges apply to the Contracts. The operations of the Account are included in the federal income tax return of AXA Equitable which is taxed as a life insurance company under the provisions of the Internal Revenue Code. No federal income tax based on net income or realized and unrealized capital gains is currently applicable to Contracts participating in the Account by reason of applicable provisions of the Internal Revenue Code and no federal income tax payable by AXA Equitable is expected to affect the unit value of Contracts participating in the Account. Accordingly, no provision for income taxes is required. However, AXA Equitable retains the right to charge for any federal income tax which is attributable to the Account if the law is changed. 3. Fair Value Disclosures SFAS No. 157 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. SFAS No. 157 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value: Level 1 Quotes prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are not directly observable or can be corroborated by observable market data. Level 3 Unobservable inputs supported by little or no market activity and often requiring significant judgment or estimation, such as an entity's own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability. All investment and receivable assets of each Variable Investment Option of the Account are classified as Level 1. As described in Note 1 to the financial statements, the Account invests in open-ended mutual funds, available to contractholders of variable insurance policies. Contractholders may, without restriction, transact at the daily Net Asset Value(s) ("NAV") of the mutual funds. The NAV represents the daily per share value of the portfolio of investments of the mutual funds, at which sufficient volumes of transactions occur. As all assets of the account are classified as Level 1, no reconciliation of Level 3 assets and change in unrealized gains (losses) for Level 3 assets still held as of December 31, 2008, are presented. 4. Purchases and Sales of Investments The cost of purchases and proceeds from sales of investments for the year ended December 31, 2008 were as follows:
Purchases Sales ----------------- --------------- AXA Aggressive Allocation...................................... $1,263,045,276 $353,094,813 AXA Conservative Allocation.................................... 1,310,118,376 301,408,639 AXA Conservative-Plus Allocation............................... 829,955,973 275,575,452 AXA Moderate Allocation........................................ 2,383,512,640 552,460,742 AXA Moderate-Plus Allocation................................... 3,421,329,485 801,139,485
FSA-76 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 4. Purchases and Sales of Investments (Continued)
Purchases Sales ---------------- -------------- EQ/AllianceBernstein Common Stock............... 104,479,126 189,436,332 EQ/AllianceBernstein Intermediate Government Securities.................................... 478,949,325 374,296,124 EQ/AllianceBernstein International.............. 208,551,028 204,414,629 EQ/AllianceBernstein Small Cap Growth........... 86,083,767 101,427,338 EQ/Ariel Appreciation II........................ $ 30,913,692 $ 17,462,009 EQ/AXA Rosenberg Value Long/Short Equity........ 95,733,245 74,203,437 EQ/BlackRock Basic Value Equity................. 141,158,632 132,720,146 EQ/BlackRock International Value................ 149,000,368 195,133,889 EQ/Boston Advisors Equity Income................ 73,380,716 44,377,452 EQ/Calvert Socially Responsible................. 18,359,491 14,672,203 EQ/Capital Guardian Growth...................... 64,486,097 61,938,657 EQ/Capital Guardian Research.................... 62,056,663 236,169,049 EQ/Caywood-Scholl High Yield Bond............... 99,772,239 70,946,152 EQ/Davis New York Venture....................... 165,667,514 58,467,841 EQ/Equity 500 Index............................. 179,775,468 257,266,185 EQ/Evergreen International Bond................. 452,009,704 179,561,944 EQ/Evergreen Omega.............................. 65,199,304 60,848,691 EQ/Franklin Income.............................. 192,893,085 136,743,976 EQ/Franklin Small Cap Value..................... 89,624,091 45,729,803 EQ/Franklin Templeton Founding Strategy......... 815,236,861 84,660,252 EQ/GAMCO Mergers and Acquisitions............... 48,877,586 46,013,401 EQ/GAMCO Small Company Value.................... 187,660,587 83,073,632 EQ/International Core PLUS...................... 180,504,101 173,499,404 EQ/International ETF............................ 152,805 500,000 EQ/International Growth......................... 144,704,447 94,343,379 EQ/JPMorgan Core Bond........................... 117,108,163 326,985,863 EQ/JPMorgan Value Opportunities................. 32,450,488 80,795,000 EQ/Large Cap Core PLUS.......................... 17,625,593 48,000,978 EQ/Large Cap Growth Index....................... 58,471,818 77,809,331 EQ/Large Cap Growth PLUS........................ 71,828,389 111,937,440 EQ/Large Cap Value Index........................ 39,970,932 40,095,995 EQ/Large Cap Value PLUS......................... 113,016,755 377,524,985 EQ/Long Term Bond............................... 93,938,898 72,283,438 EQ/Lord Abbett Growth and Income................ 29,422,807 30,954,579 EQ/Lord Abbett Large Cap Core................... 77,626,518 40,001,606 EQ/Lord Abbett Mid Cap Value.................... 71,292,651 51,807,394 EQ/Marsico Focus................................ 273,760,205 230,606,633 EQ/Mid Cap Index................................ 110,921,143 139,922,410 EQ/Mid Cap Value PLUS........................... 45,023,271 164,857,584 EQ/Money Market................................. 1,621,225,947 978,365,701 EQ/Montag & Caldwell Growth..................... 171,164,855 68,125,549 EQ/Mutual Shares................................ 80,073,434 104,677,282 EQ/Oppenheimer Global........................... 74,111,923 43,129,213 EQ/Oppenheimer Main Street Opportunity.......... 22,979,750 17,885,361 EQ/Oppenheimer Main Street Small Cap............ 36,856,865 21,098,184 EQ/PIMCO Real Return............................ 918,618,717 353,569,876 EQ/Quality Bond PLUS............................ 102,533,995 125,539,091 EQ/Short Duration Bond.......................... 135,083,720 62,383,933 EQ/Small Company Index.......................... 104,375,313 85,974,629 EQ/T. Rowe Price Growth Stock................... 49,500,841 50,786,575 EQ/Templeton Growth............................. 53,414,292 78,703,490 EQ/UBS Growth and Income........................ 22,622,177 25,559,835 EQ/Van Kampen Comstock.......................... 60,380,760 52,061,631 EQ/Van Kampen Emerging Markets Equity........... 417,395,605 366,788,751 EQ/Van Kampen Mid Cap Growth.................... 168,098,162 99,486,791 EQ/Van Kampen Real Estate....................... 127,994,984 94,906,436 Multimanager Aggressive Equity.................. 22,620,685 29,589,143 Multimanager Core Bond.......................... 291,388,148 175,212,154 Multimanager Health Care........................ 91,332,969 77,959,654 Multimanager High Yield......................... 121,177,195 229,801,705
FSA-77 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 4. Purchases and Sales of Investments (Concluded)
Purchases Sales -------------- -------------- Multimanager International Equity.... 154,499,776 135,671,721 Multimanager Large Cap Core Equity... 33,037,287 46,964,328 Multimanager Large Cap Growth........ 47,118,937 62,919,050 Multimanager Large Cap Value......... 120,161,593 123,058,728 Multimanager Mid Cap Growth.......... $ 48,119,981 $ 70,659,054 Multimanager Mid Cap Value........... 65,498,014 85,420,252 Multimanager Small Cap Growth........ 43,617,079 55,302,207 Multimanager Small Cap Value......... 31,516,988 141,345,671 Multimanager Technology.............. 107,497,596 113,617,955 Target 2015 Allocation............... -- 1,117,965 Target 2025 Allocation............... -- 1,119,147 Target 2035 Allocation............... 39,432 -- Target 2045 Allocation............... 41,967 --
5. Expenses and Related Party Transactions The assets of each variable investment option are invested in shares of a corresponding mutual fund portfolio of The Trusts. Shares are offered by The Trusts at net asset value and are subject to fees for investment management and advisory services and other Trust expenses. The class of shares offered by the Account ("Class B shares") invest in shares of the Portfolios of the Trusts that are subject to distribution fees imposed under a distribution plan (herein, the "Rule 12b-1 Plans") adopted by the applicable Trust. The Rule 12b-1 Plans provide that The Trusts, on behalf of each Variable Portfolio, may charge a maximum annual distribution and/or service (12b-1) fee of 0.50% of the average daily net assets of a Portfolio attributable to its Class B shares in respect of activities primarily intended to result in the sale of Class B shares. Under arrangements approved by each Trust's Board of Trustees, the 12b-1 fee currently is limited to 0.25% of the average daily net assets. These fees are reflected in the net asset value of the shares of the Trusts and the total returns of the investment options, but are not included in the expenses or expense ratios of the investment options. AXA Equitable serves as investment manager of Portfolios of EQAT and VIP. Each investment manager receives management fees for services performed in its capacity as investment manager of The Trusts. Investment managers either oversee the activities of the investment advisors with respect to The Trusts and are responsible for retaining and discontinuing the services of those advisors or directly manage the Portfolios. Fees generally vary depending on net asset levels of individual portfolios and range for EQAT and VIP from a low of 0.05% to high of 1.40% of the average daily net assets of the Portfolios of the Trusts. AXA Equitable as investment manager of EQAT and VIP pays expenses for providing investment advisory services to the Portfolios, including the fees of the advisors of each Portfolio. In addition, AXA Advisors, LLC ("AXA Advisors") and AXA Distributors, LLC ("Distributors"), affiliates of AXA Equitable, may also receive distribution fees under Rule 12 b-1 Plans as described above. AllianceBernstein L.P. (formerly Alliance Capital Management L.P. ("AllianceBernstein")) serves as an investment advisor for a number of Portfolios in EQAT and VIP, including the EQ/AllianceBernstein Portfolios; EQ/Large Cap Growth Index, EQ/Equity 500 Index, and EQ/Small Company Index; as well as a portion of EQ/Large Cap Value PLUS, EQ/Quality Bond PLUS, Multimanager Aggressive Equity, Multimanager International Equity, Multimanager Large Cap Core Equity, Multimanager Large Cap Value, Multimanager Mid Cap Growth. AllianceBernstein is a limited partnership which is indirectly majority-owned by AXA Equitable and AXA Financial, Inc. (parent to AXA Equitable). AXA Advisors and Distributors are distributors and principal underwriters of the Contracts and the Account. They are both registered with the SEC as broker-dealers and are members of the National Association of Securities Dealers, Inc. ("NASD"). The Contracts are sold by financial professionals who are registered representatives of AXA Advisors and licensed insurance agents of AXA Network LLC, or its subsidiaries ("AXA Network") (affiliates of AXA Equitable). AXA Network receives commissions under its General Sales Agreement with AXA Equitable and its Networking Agreement with AXA Advisors. AXA Advisors receives service-related payments under its Supervisory and Distribution Agreement with AXA Equitable. The financial professionals are compensated on a commission basis by AXA Network. The Contracts are also sold through licensed insurance agencies (both affiliated and unaffiliated with AXA Equitable) and their affiliated broker-dealers (who are registered with the SEC and members of the NASD) that have entered into selling agreements with Distributors. The licensed insurance agents who sell AXA Equitable policies for these companies are appointed as agents of AXA Equitable and are registered representatives of the broker-dealers under contract with Distributors. FSA-78 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 6. Substitutions/Reorganizations The following table sets forth the dates at which substitution and reorganization transactions took place in the Account. For accounting purposes, these transactions were considered tax-free exchanges. * Denotes Reorganization Transaction. + Denotes Substitution Transaction
----------------------------------------------------------------------------------------- August 17, 2007 Removed Portfolio Surviving Portfolio ----------------------------------------------------------------------------------------- EQ/AllianceBernstein Growth and Income* EQ/AllianceBernstein Value* ----------------------------------------------------------------------------------------- Shares -- Class B 44,933,985 162,692,850 Value -- Class B $ 19.21 $ 16.27 Net assets before merger $ 863,181,852 $1,783,830,817 Net assets after merger $ -- $2,647,012,669 ----------------------------------------------------------------------------------------- UIF U.S. Real Estate+ EQ/Van Kampen Real Estate+ ----------------------------------------------------------------------------------------- Shares -- Class A 21,299,976 56,627,684 Value -- Class A $ 23.88 $ 9.13 Net assets before merger $ 508,643,427 $ 8,367,328 Net assets after merger $ -- $ 517,010,755 ----------------------------------------------------------------------------------------- July 6, 2007 EQ/Capital Guardian EQ/Capital Guardian U.S. Equity* Research* ----------------------------------------------------------------------------------------- Shares -- Class B 83,827,127 116,269,762 Value -- Class B $ 12.05 $ 15.08 Net assets before merger $1,010,116,880 $ 743,231,131 Net assets after merger $ -- $1,753,348,011 ----------------------------------------------------------------------------------------- EQ/T. Rowe Price EQ/Janus Large Cap Growth* Growth Stock* ----------------------------------------------------------------------------------------- Shares -- Class B 30,565,607 12,460,629 Value -- Class B $ 7.62 $ 23.21 Net assets before merger $ 232,909,925 $ 56,301,274 Net assets after merger $ -- $ 289,211,199 ----------------------------------------------------------------------------------------- EQ/Wells Fargo Montgomery Multimanager Small Small Cap* Cap Growth* ----------------------------------------------------------------------------------------- Shares -- Class B 8,839,563 28,086,973 Value -- Class B $ 14.94 $ 10.65 Net assets before merger $ 132,063,071 $ 167,063,191 Net assets after merger $ -- $ 299,126,262 -----------------------------------------------------------------------------------------
7. Contractowner Charges Charges are made directly against the net assets of the Account and are reflected daily in the computation of the unit values of the Contracts. Under the Contracts, AXA Equitable charges the account for the following charges:
Asset-based Current Maximum Mortality and Administration Distribution Aggregate Aggregate Expense Risks Charge Charge Charge Charge --------------- ---------------- -------------- ----------- ---------- Accumulator and Rollover IRA issued before May 1, 1997....................................... 0.90% 0.30% -- 1.20% 1.20% Accumulator issued on or after May 1, 1997.......... 1.10% 0.25% -- 1.35% 1.35% Accumulator issued on or after March 1, 2000........ 1.10% 0.25% 0.20% 1.55% 1.55% Accumulator issued on or after April 1, 2002........ 0.75% 0.25% 0.20% 1.20% 1.20%
FSA-79 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 7. Contractowner Charges (Continued)
Asset-based Current Maximum Mortality and Administration Distribution Aggregate Aggregate Expense Risks Charge Charge Charge Charge --------------- ---------------- -------------- ----------- ---------- Accumulator issued on or after September 15, 2003................................ 0.75% 0.30% 0.20% 1.25% 1.25% Accumulator 06, 07, 8.0............................. 0.80% 0.30% 0.20% 1.30% 1.30% Accumulator Elite, Plus, Select..................... 1.10% 0.25% 0.25% 1.60% 1.60% Accumulator Select II............................... 1.10% 0.35% 0.45% 1.90% 1.90% Accumulator Select issued on or after April 1, 2002.......................................... 1.10% 0.25% 0.35% 1.70% 1.70% Accumulator Plus issued on or after April 1, 2002........ 0.90% 0.25% 0.25% 1.40% 1.40% Accumulator Plus issued on or after September 15, 2003..................................... 0.90% 0.35% 0.25% 1.50% 1.50% Accumulator Plus 06, 07, 8.0............................. 0.95% 0.35% 0.25% 1.55% 1.55% Accumulator Elite issued on or after September 15, 2003..................................... 1.10% 0.30% 0.25% 1.65% 1.65% Accumulator Elite II..................................... 1.10% 0.25% 0.45% 1.80% 1.80% Accumulator Elite 06, 07, 8.0............................ 1.10% 0.30% 0.25% 1.65% 1.65% Stylus................................................... 0.80% 0.30% 0.05% 1.15% 1.15% Retirement Income for Life............................... 0.75% 0.30% 0.20% 1.25% 1.25% Retirement Income for Life (NY).......................... 0.80% 0.30% 0.20% 1.30% 1.30% Accumulator Advisor...................................... 0.50% -- -- 0.50% 0.50% Accumulator Express...................................... 0.70% 0.25% -- 0.95% 0.95%
The charges may be retained in the Account by AXA Equitable and participate in the net investment results of the Portfolios. Accumulator Advisor's daily charge of 0.50% includes mortality and expense risks charges and administrative charges to compensate for certain administrative expenses under the contract. Included in the Contract maintenance charges line of the Statements of Changes in Net Assets are certain administrative charges which are deducted from the Contractowners account value (unit liquidation from account value). The table below lists all the fees charged by the Separate Account assessed as a redemption of units. The range presented represents the fees that are actually assessed. Actual amounts may vary or may be zero depending on the contract or a Contractowners account value.
When charge Charges is deducted Amount deducted How deducted ------------------------------- -------------------------- ----------------------------------------------- ---------------------- Charges for state premium and At time of transaction Varies by state Applied to an annuity other applicable taxes payout option Charge for Trust expenses Daily Varies by portfolio Unit value Annual Administrative charge Annually on each Depending on account value, in Years Unit liquidation from contract date anniversary. 1 to 2 lesser of $30 or 2% of account account value value, thereafter $30 Variable Immediate Annuity pay- At time of transaction $350 annuity administrative fee Unit liquidation from out option administrative fee account value Withdrawal charge At time of transaction Low - 0% in contract year 10 and thereafter. Unit liquidation from account value High - 8% in contract years 1 and 2. The charge is 7% in contract years 3 and 4, and declines 1% each contract year until it reaches 0% in contract year 10.
FSA-80 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 7. Contractowner Charges (Continued)
When charge Charges is deducted Amount deducted How deducted ----------------------------- -------------------------- ------------------------------------------------- ---------------------- *Note - Depending on the contract and/or certain elections made under the contract, the withdrawal charge may or may not apply. BaseBuilder benefit charge Annually on each 0.30% Unit liquidation from contract date account value anniversary. Protection Plus Annually on each Low - 0.20% Unit liquidation from contract date anniversary. account value High - 0.35%. Guaranteed minimum death benefit options: Annual ratchet to age 85 Annually on each Low - 0.20% of the Annual ratchet to age 85 Unit liquidation from contract date anniversary. benefit base account value High - 0.30% of the Annual ratchet to age 85 benefit base Greater of 5% rollup to Annually on each 0.50% of the greater of 5% roll-up to age 85 or Unit liquidation from age 85 or annual ratchet contract date anniversary. annual ratchet to age 85 benefit base account value to age 85 6% rollup to age 80 or 70 0.20% of 6% roll-up to age 80 (or 70) benefit base 6% rollup to age 85 Annually on each Low - 0.35% of the 6% roll-up to age 85 benefit Unit liquidation from contract date anniversary. base account value High - 0.45% of the 6% roll-up to age 85 benefit base Greater of 6.5%, 6% or 3% Annually on each Low - 0.45% of the 6% roll-up to age 85 benefit Unit liquidation from rollup to age 85 or annual contract date anniversary. base or the Annual ratchet to age 85 benefit account value ratchet to age 85 base, as applicable High - 0.80% of the 6.5%, 6% or 3% roll-up to age 85 benefit base or the Annual ratchet to age 85 benefit base, as applicable Guaranteed Withdrawal Benefit Annually on each 0.30% Unit liquidation from for Life Enhanced Death contract date anniversary account value Benefit Earnings Enhancement Benefit Annually on each 0.35% Unit liquidation from (additional death benefit) contract date anniversary account value Guaranteed Minimum Income Annually on each Low - 0.45% Unit liquidation from Benefit contract date anniversary. account value High - 0.80% (max to 1.10%) Guaranteed Principal Benefit Annually on first 10 Low - 100% Guaranteed Principal Benefit - Unit liquidation from contract date 0.50% account value anniversaries High - 125% Guaranteed Principal Benefit - 0.75% Guaranteed Withdrawal Benefit Annually on each Low - 5% Withdrawal Option is 0.30% Unit liquidation from contract date anniversary account value High - 7% Withdrawal Option is 0.50% Net Loan Interest charge Netted against loan 2.00% Unit liquidation from for Rollover repayment account value Retirement Income for Life Annually on contract date Low - 0.60% for Single life Unit liquidation from Benefit charge anniversary 0.80% for Joint life account value High - 0.75% for Single life 0.90% for Joint life Guaranteed Withdrawal Benefit Annually on each Low - 0.60% for Single life; Unit liquidation from for Life (GWBL) contract date anniversary 0.80% for Joint life account value High - 0.75% for Single life; 0.95% for Joint life
FSA-81 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 7. Contractowner Charges (Concluded)
When charge Charges is deducted Amount deducted How deducted ---------------------- -------------------------- --------------------------------------------------- -------------------- Death benefit under Annually on each The GMDB charge in effect prior to conversion Unit liquidation from converted GWBL contract anniversary date will be deducted. Note - Charge will vary account value depending on combination GMDB elections. Converted Guaranteed Upon initial conversion Single and Joint life - charge is equal to the Unit liquidation of withdrawal benefit and annually on each percentage of Guaranteed minimum income benefit account value for life charge contract date anniversary base charge deducted as the Guaranteed minimum thereafter income benefit charge on the conversion effective date. Annual ratchets may increase the charge to a percentage equal to the maximum charge for the Guaranteed minimum income benefit.
FSA-82 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- AXA Aggressive Allocation ------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (a) $ 8.62 Highest contract charge 1.90% Class B (a) $ 8.05 All contract charges -- 2007 Lowest contract charge 0.50% Class B (a) $ 14.25 Highest contract charge 1.90% Class B (a) $ 13.49 All contract charges -- 2006 Lowest contract charge 0.50% Class B (a) $ 13.49 Highest contract charge 1.90% Class B (a) $ 12.95 All contract charges -- 2005 Lowest contract charge 0.50% Class B (a) $ 11.50 Highest contract charge 1.90% Class B (a) $ 11.22 All contract charges -- 2004 Lowest contract charge 0.50% Class B (a) $ 10.70 Highest contract charge 1.90% Class B (a) $ 10.56 All contract charges -- AXA Conservative Allocation --------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (a) $ 10.43 Highest contract charge 1.90% Class B (a) $ 9.73 All contract charges -- 2007 Lowest contract charge 0.50% Class B (a) $ 11.78 Highest contract charge 1.90% Class B (a) $ 11.15 All contract charges -- 2006 Lowest contract charge 0.50% Class B (a) $ 11.19 Highest contract charge 1.90% Class B (a) $ 10.74 All contract charges -- 2005 Lowest contract charge 0.50% Class B (a) $ 10.57 Highest contract charge 1.90% Class B (a) $ 10.29 All contract charges -- 2004 Lowest contract charge 0.50% Class B (a) $ 10.37 Highest contract charge 1.90% Class B (a) $ 10.24 All contract charges -- AXA Conservative-Plus Allocation -------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (a) $ 9.80 Highest contract charge 1.90% Class B (a) $ 9.14 All contract charges -- 2007 Lowest contract charge 0.50% Class B (a) $ 12.22 Highest contract charge 1.90% Class B (a) $ 11.57 All contract charges -- 2006 Lowest contract charge 0.50% Class B (a) $ 11.64 Highest contract charge 1.90% Class B (a) $ 11.18 All contract charges -- 2005 Lowest contract charge 0.50% Class B (a) $ 10.76 Highest contract charge 1.90% Class B (a) $ 10.48 All contract charges -- 2004 Lowest contract charge 0.50% Class B (a) $ 10.47 Highest contract charge 1.90% Class B (a) $ 10.34 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- AXA Aggressive Allocation ------------------------- 2008 -- -- -- (39.51)% -- -- -- (40.33)% 249,764 $2,198,545 1.66% -- 2007 -- -- -- 5.63% -- -- -- 4.17% 189,188 $2,787,372 3.04% -- 2006 -- -- -- 17.31% -- -- -- 15.46% 103,270 $1,472,607 3.07% -- 2005 -- -- -- 7.52% -- -- -- 6.01% 46,362 $ 572,360 5.10% -- 2004 -- -- -- 7.00% -- -- -- 6.11% 19,656 $ 227,194 2.60% -- AXA Conservative Allocation --------------------------- 2008 -- -- -- (11.46)% -- -- -- (12.74)% 130,528 $1,340,728 6.68% -- 2007 -- -- -- 5.27% -- -- -- 3.82% 43,687 $ 512,686 4.38% -- 2006 -- -- -- 5.84% -- -- -- 4.35% 27,021 $ 304,681 4.30% -- 2005 -- -- -- 1.93% -- -- -- 0.50% 18,040 $ 194,239 4.02% -- 2004 -- -- -- 3.74% -- -- -- 2.46% 9,001 $ 95,767 5.04% -- AXA Conservative-Plus Allocation -------------------------------- 2008 -- -- -- (19.80)% -- -- -- (21.00)% 126,714 $1,241,651 3.99% -- 2007 -- -- -- 4.98% -- -- -- 3.49% 83,083 $1,028,164 3.70% -- 2006 -- -- -- 8.22% -- -- -- 6.70% 62,323 $ 744,035 3.65% -- 2005 -- -- -- 2.73% -- -- -- 1.29% 40,493 $ 451,307 4.68% -- 2004 -- -- -- 4.93% -- -- -- 3.63% 18,199 $ 198,701 4.62% --
FSA-83 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- AXA Moderate Allocation ----------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 47.34 Highest contract charge 1.90% Class B $ 34.20 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 63.00 Highest contract charge 1.90% Class B $ 46.16 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 59.58 Highest contract charge 1.90% Class B $ 44.28 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 54.27 Highest contract charge 1.90% Class B $ 40.92 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 52.05 Highest contract charge 1.90% Class B $ 39.80 All contract charges -- AXA Moderate-Plus Allocation ---------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (a) $ 9.31 Highest contract charge 1.90% Class B (a) $ 8.69 All contract charges -- 2007 Lowest contract charge 0.50% Class B (a) $ 13.72 Highest contract charge 1.90% Class B (a) $ 12.98 All contract charges -- 2006 Lowest contract charge 0.50% Class B (a) $ 12.96 Highest contract charge 1.90% Class B (a) $ 12.44 All contract charges -- 2005 Lowest contract charge 0.50% Class B (a) $ 11.37 Highest contract charge 1.90% Class B (a) $ 11.07 All contract charges -- 2004 Lowest contract charge 0.50% Class B (a) $ 10.71 Highest contract charge 1.90% Class B (a) $ 10.58 All contract charges -- EQ/AllianceBernstein Common Stock --------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 200.52 Highest contract charge 1.90% Class B $ 125.78 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 358.57 Highest contract charge 1.90% Class B $ 228.16 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 348.26 Highest contract charge 1.90% Class B $ 224.77 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 316.20 Highest contract charge 1.90% Class B $ 206.99 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 304.68 Highest contract charge 1.90% Class B $ 202.28 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- AXA Moderate Allocation ----------------------- 2008 -- -- -- (24.86)% -- -- -- (25.91)% 438,140 $5,361,993 4.05% -- 2007 -- -- -- 5.74% -- -- -- 4.25% 339,622 $5,580,780 3.49% -- 2006 -- -- -- 9.77% -- -- -- 8.23% 267,779 $4,210,726 3.03% -- 2005 -- -- -- 4.27% -- -- -- 2.81% 188,833 $2,886,531 2.93% -- 2004 -- -- -- 8.18% -- -- -- 6.66% 94,832 $1,705,138 3.65% -- AXA Moderate-Plus Allocation ---------------------------- 2008 -- -- -- (32.14)% -- -- -- (33.05)% 853,511 $8,197,686 2.40% -- 2007 -- -- -- 5.86% -- -- -- 4.34% 689,233 $9,864,221 3.23% -- 2006 -- -- -- 13.93% -- -- -- 12.33% 450,637 $6,186,804 3.16% -- 2005 -- -- -- 6.14% -- -- -- 4.65% 231,245 $2,819,241 5.28% -- 2004 -- -- -- 7.46% -- -- -- 6.13% 82,739 $ 955,400 4.09% -- EQ/AllianceBernstein Common Stock --------------------------------- 2008 -- -- -- (44.08)% -- -- -- (44.87)% 40,142 $ 617,520 1.63% -- 2007 -- -- -- 2.96% -- -- -- 1.51% 41,874 $1,221,553 0.97% -- 2006 -- -- -- 10.14% -- -- -- 8.59% 44,440 $1,355,393 1.20% -- 2005 -- -- -- 3.78% -- -- -- 2.33% 36,983 $1,277,968 0.84% -- 2004 -- -- -- 13.55% -- -- -- 11.95% 23,045 $1,197,777 1.05% --
FSA-84 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ----------------------------------------------------------------------------- Units Outstanding Net Assets Investment Total Units value (000s) (000s) Income ratio** Return*** ------------- ------------------- ------------ ---------------- ------------- EQ/AllianceBernstein Intermediate Government Securities ------------------------------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 23.77 -- -- -- 3.08% Highest contract charge 1.90% Class B $ 18.48 -- -- -- 1.59% All contract charges -- 26,853 $ 401,655 3.71% -- 2007 Lowest contract charge 0.50% Class B $ 23.06 -- -- -- 6.32% Highest contract charge 1.90% Class B $ 18.19 -- -- -- 4.84% All contract charges -- 18,561 $ 296,887 4.29% -- 2006 Lowest contract charge 0.50% Class B $ 21.69 -- -- -- 2.61% Highest contract charge 1.90% Class B $ 17.35 -- -- -- 1.17% All contract charges -- 18,923 $ 295,751 3.88% -- 2005 Lowest contract charge 0.50% Class B $ 21.14 -- -- -- 0.73% Highest contract charge 1.90% Class B $ 17.15 -- -- -- (0.68)% All contract charges -- 20,170 $ 320,909 3.41% -- 2004 Lowest contract charge 0.50% Class B $ 20.98 -- -- -- 1.43% Highest contract charge 1.90% Class B $ 17.27 -- -- -- -- All contract charges -- 20,300 $ 340,096 3.02% -- EQ/AllianceBernstein International ---------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 11.11 -- -- -- (50.95)% Highest contract charge 1.90% Class B $ 9.14 -- -- -- (51.67)% All contract charges -- 62,852 $ 607,988 2.73% -- 2007 Lowest contract charge 0.50% Class B $ 22.65 -- -- -- 11.14% Highest contract charge 1.90% Class B $ 18.91 -- -- -- 9.62% All contract charges -- 64,446 $1,284,350 1.43% -- 2006 Lowest contract charge 0.50% Class B $ 20.38 -- -- -- 22.90% Highest contract charge 1.90% Class B $ 17.25 -- -- -- 21.18% All contract charges -- 50,659 $ 919,120 1.53% -- 2005 Lowest contract charge 0.50% Class B $ 16.58 -- -- -- 14.72% Highest contract charge 1.90% Class B $ 14.24 -- -- -- 13.11% All contract charges -- 39,214 $ 585,935 1.67% -- 2004 Lowest contract charge 0.50% Class B $ 14.45 -- -- -- 17.58% Highest contract charge 1.90% Class B $ 12.59 -- -- -- 15.93% All contract charges -- 28,144 $ 371,190 2.10% -- EQ/AllianceBernstein Small Cap Growth ------------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 12.62 -- -- -- (44.94)% Highest contract charge 1.90% Class B $ 10.70 -- -- -- (45.71)% All contract charges -- 27,869 $ 280,414 -- -- 2007 Lowest contract charge 0.50% Class B $ 22.92 -- -- -- 16.11% Highest contract charge 1.90% Class B $ 19.71 -- -- -- 14.46% All contract charges -- 28,246 $ 526,859 -- -- 2006 Lowest contract charge 0.50% Class B $ 19.74 -- -- -- 8.46% Highest contract charge 1.90% Class B $ 17.22 -- -- -- 6.94% All contract charges -- 29,035 $ 479,583 -- -- 2005 Lowest contract charge 0.50% Class B $ 18.20 -- -- -- 10.95% Highest contract charge 1.90% Class B $ 16.10 -- -- -- 9.40% All contract charges -- 28,133 $ 443,581 -- -- 2004 Lowest contract charge 0.50% Class B $ 16.41 -- -- -- 13.41% Highest contract charge 1.90% Class B $ 14.72 -- -- -- 11.82% All contract charges -- 27,198 $ 400,895 -- --
FSA-85 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Ariel Appreciation II ------------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (e) $ 6.91 Highest contract charge 1.90% Class B (e) $ 6.60 All contract charges -- 2007 Lowest contract charge 0.50% Class B (e) $ 11.29 Highest contract charge 1.90% Class B (e) $ 10.94 All contract charges -- 2006 Lowest contract charge 0.50% Class B (e) $ 11.48 Highest contract charge 1.90% Class B (e) $ 11.29 All contract charges -- 2005 Lowest contract charge 0.50% Class B (e) $ 10.38 Highest contract charge 1.90% Class B (e) $ 10.35 All contract charges -- EQ/AXA Rosenberg Value Long/Short Equity (g) -------------------------------------------- Unit Value 1.20% to 1.70%* 2008 Lowest contract charge 1.20% Class B (a) $ 10.28 Highest contract charge 1.70% Class B $ 10.26 All contract charges -- 2007 Lowest contract charge 1.20% Class B (a) $ 11.04 Highest contract charge 1.70% Class B $ 11.07 All contract charges -- 2006 Lowest contract charge 1.20% Class B (a) $ 10.82 Highest contract charge 1.70% Class B $ 10.91 All contract charges -- 2005 Lowest contract charge 1.20% Class B (a) $ 10.79 Highest contract charge 1.70% Class B $ 10.94 All contract charges -- 2004 Lowest contract charge 1.20% Class B (a) $ 10.16 Highest contract charge 1.70% Class B $ 10.35 All contract charges -- EQ/BlackRock Basic Value Equity ------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 16.70 Highest contract charge 1.90% Class B $ 14.15 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 26.45 Highest contract charge 1.90% Class B $ 22.74 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 26.27 Highest contract charge 1.90% Class B $ 22.91 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 21.84 Highest contract charge 1.90% Class B $ 19.32 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 21.32 Highest contract charge 1.90% Class B $ 19.12 All contract charges -- EQ/BlackRock International Value -------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 15.47 Highest contract charge 1.90% Class B $ 13.11 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 27.28 Highest contract charge 1.90% Class B $ 23.45 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Ariel Appreciation II ------------------------ 2008 -- -- -- (38.80)% -- -- -- (39.67)% 6,447 $ 43,128 0.89% -- 2007 -- -- -- (1.66)% -- -- -- (3.10)% 4,758 $ 52,563 0.47% -- 2006 -- -- -- 10.61% -- -- -- 9.06% 2,735 $ 31,030 1.21% -- 2005 -- -- -- 3.83% -- -- -- 3.49% 510 $ 5,276 1.00% -- EQ/AXA Rosenberg Value Long/Short Equity (g) -------------------------------------------- 2008 -- -- -- (6.88)% -- -- -- (7.32)% 14,132 $ 146,219 0.18% -- 2007 -- -- -- 2.03% -- -- -- 1.47% 12,069 $ 134,307 1.91% -- 2006 -- -- -- 0.23% -- -- -- (0.27)% 13,017 $ 142,226 2.84% -- 2005 -- -- -- 6.22% -- -- -- 5.69% 11,318 $ 123,394 -- -- 2004 -- -- -- 1.27% -- -- -- 1.87% 3,869 $ 39,780 -- -- EQ/BlackRock Basic Value Equity ------------------------------- 2008 -- -- -- (36.86)% -- -- -- (37.77)% 46,485 $ 522,247 1.73% -- 2007 -- -- -- 0.69% -- -- -- (0.74)% 45,201 $ 829,334 1.08% -- 2006 -- -- -- 20.31% -- -- -- 18.62% 44,747 $ 846,668 2.90% -- 2005 -- -- -- 2.44% -- -- -- 1.00% 43,949 $ 723,084 1.38% -- 2004 -- -- -- 10.02% -- -- -- 8.47% 40,543 $ 701,451 2.37% -- EQ/BlackRock International Value -------------------------------- 2008 -- -- -- (43.29)% -- -- -- (44.09)% 48,585 $ 592,816 2.19% -- 2007 -- -- -- 9.65% -- -- -- 8.06% 52,311 $1,144,877 1.85% --
FSA-86 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/BlackRock International Value (Continued) -------------------------------------------- 2006 Lowest contract charge 0.50% Class B $ 24.88 Highest contract charge 1.90% Class B $ 21.70 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 19.90 Highest contract charge 1.90% Class B $ 17.60 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 18.04 Highest contract charge 1.90% Class B $ 16.18 All contract charges -- EQ/Boston Advisors Equity Income -------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (c) $ 5.05 Highest contract charge 1.90% Class B (c) $ 4.38 All contract charges -- 2007 Lowest contract charge 0.50% Class B (c) $ 7.50 Highest contract charge 1.90% Class B (c) $ 6.59 All contract charges -- 2006 Lowest contract charge 0.50% Class B (c) $ 7.26 Highest contract charge 1.90% Class B (c) $ 6.48 All contract charges -- 2005 Lowest contract charge 0.50% Class B (c) $ 6.30 Highest contract charge 1.90% Class B (c) $ 5.69 All contract charges -- 2004 Lowest contract charge 0.50% Class B (c) $ 5.96 Highest contract charge 1.90% Class B (c) $ 5.47 All contract charges -- EQ/Calvert Socially Responsible ------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 5.86 Highest contract charge 1.90% Class B $ 5.13 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 10.74 Highest contract charge 1.90% Class B $ 9.54 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 9.63 Highest contract charge 1.90% Class B $ 8.68 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 9.20 Highest contract charge 1.90% Class B $ 8.40 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 8.50 Highest contract charge 1.90% Class B $ 7.88 All contract charges -- EQ/Capital Guardian Growth -------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 8.87 Highest contract charge 1.90% Class B $ 7.51 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 14.95 Highest contract charge 1.90% Class B $ 12.85 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 14.25 Highest contract charge 1.90% Class B $ 12.42 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/BlackRock International Value (Continued) -------------------------------------------- 2006 -- -- -- 25.06% -- -- -- 23.30% 51,776 $1,057,795 3.58% -- 2005 -- -- -- 10.28% -- -- -- 8.74% 44,488 $ 754,971 1.84% -- 2004 -- -- -- 21.04% -- -- -- 19.33% 34,210 $ 557,170 1.66% -- EQ/Boston Advisors Equity Income -------------------------------- 2008 -- -- -- (32.67)% -- -- -- (33.54)% 39,344 $ 157,390 2.44% -- 2007 -- -- -- 3.31% -- -- -- 1.70% 31,430 $ 202,051 1.82% -- 2006 -- -- -- 15.39% -- -- -- 13.77% 30,079 $ 198,213 2.39% -- 2005 -- -- -- 5.62% -- -- -- 4.14% 22,950 $ 135,055 2.19% -- 2004 -- -- -- 9.05% -- -- -- 8.76% 3,003 $ 16,894 3.71% -- EQ/Calvert Socially Responsible ------------------------------- 2008 -- -- -- (45.44)% -- -- -- (46.23)% 5,674 $ 36,090 0.30% -- 2007 -- -- -- 11.53% -- -- -- 9.91% 5,341 $ 62,358 0.23% -- 2006 -- -- -- 4.70% -- -- -- 3.24% 5,169 $ 54,129 -- -- 2005 -- -- -- 8.20% -- -- -- 6.68% 4,883 $ 47,467 -- -- 2004 -- -- -- 3.07% -- -- -- 1.62% 3,656 $ 31,705 -- -- EQ/Capital Guardian Growth -------------------------- 2008 -- -- -- (40.67)% -- -- -- (41.56)% 35,102 $ 263,886 0.18% -- 2007 -- -- -- 4.91% -- -- -- 3.46% 34,213 $ 439,864 -- -- 2006 -- -- -- 6.87% -- -- -- 5.37% 30,418 $ 380,312 0.18% --
FSA-87 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Capital Guardian Growth (Continued) -------------------------------------- 2005 Lowest contract charge 0.50% Class B $ 13.33 Highest contract charge 1.90% Class B $ 11.79 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 12.75 Highest contract charge 1.90% Class B $ 11.44 All contract charges -- EQ/Capital Guardian Research (h) -------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 8.48 Highest contract charge 1.90% Class B $ 7.39 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 14.12 Highest contract charge 1.90% Class B $ 12.49 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 13.96 Highest contract charge 1.90% Class B $ 12.53 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 12.52 Highest contract charge 1.90% Class B $ 11.40 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 11.87 Highest contract charge 1.90% Class B $ 10.95 All contract charges -- EQ/Caywood-Scholl High Yield Bond --------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 9.25 Highest contract charge 1.90% Class B (d) $ 8.78 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 11.49 Highest contract charge 1.90% Class B (d) $ 11.06 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 11.23 Highest contract charge 1.90% Class B (d) $ 10.97 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 10.46 Highest contract charge 1.90% Class B (d) $ 10.36 All contract charges -- EQ/Davis New York Venture ------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 6.79 Highest contract charge 1.90% Class B (f) $ 6.57 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 11.23 Highest contract charge 1.90% Class B (f) $ 11.02 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 10.88 Highest contract charge 1.90% Class B (f) $ 10.83 All contract charges -- EQ/Equity 500 Index ------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 21.79 Highest contract charge 1.90% Class B $ 17.66 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Capital Guardian Growth (Continued) -------------------------------------- 2005 -- -- -- 4.58% -- -- -- 3.12% 23,591 $ 283,809 0.21% -- 2004 -- -- -- 5.01% -- -- -- 3.53% 20,651 $ 244,375 0.51% -- EQ/Capital Guardian Research (h) -------------------------------- 2008 -- -- -- (39.94)% -- -- -- (40.83)% 96,287 $ 757,787 0.91% -- 2007 -- -- -- 1.15% -- -- -- (0.32)% 113,240 $1,497,202 1.28% -- 2006 -- -- -- 11.50% -- -- -- 9.93% 56,224 $ 739,096 0.56% -- 2005 -- -- -- 5.53% -- -- -- 4.05% 59,370 $ 704,554 0.56% -- 2004 -- -- -- 10.35% -- -- -- 8.80% 61,357 $ 694,282 0.67% -- EQ/Caywood-Scholl High Yield Bond --------------------------------- 2008 -- -- -- (19.50)% -- -- -- (20.61)% 18,445 $ 131,696 8.08% -- 2007 -- -- -- 2.32% -- -- -- 0.82% 15,706 $ 143,500 7.16% -- 2006 -- -- -- 7.42% -- -- -- 5.92% 10,025 $ 103,369 7.96% -- 2005 -- -- -- 4.56% -- -- -- 3.58% 3,193 $ 33,180 15.00% -- EQ/Davis New York Venture ------------------------- 2008 -- -- -- (39.54)% -- -- -- (40.38)% 36,597 $ 242,910 0.62% -- 2007 -- -- -- 3.22% -- -- -- 1.75% 24,733 $ 273,949 0.62% -- 2006 -- -- -- 8.76% -- -- -- 8.29% 5,631 $ 61,054 0.75% -- EQ/Equity 500 Index ------------------- 2008 -- -- -- (37.64)% -- -- -- (38.51)% 71,841 $ 912,729 1.72% --
FSA-88 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Equity 500 Index (Continued) ------------------------------- 2007 Lowest contract charge 0.50% Class B $ 34.94 Highest contract charge 1.90% Class B $ 28.72 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 33.46 Highest contract charge 1.90% Class B $ 27.90 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 29.22 Highest contract charge 1.90% Class B $ 24.71 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 28.13 Highest contract charge 1.90% Class B $ 24.12 All contract charges -- EQ/Evergreen International Bond ------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (e) $ 11.58 Highest contract charge 1.90% Class B (e) $ 11.06 All contract charges -- 2007 Lowest contract charge 0.50% Class B (e) $ 10.93 Highest contract charge 1.90% Class B (e) $ 10.59 All contract charges -- 2006 Lowest contract charge 0.50% Class B (e) $ 10.05 Highest contract charge 1.90% Class B (e) $ 9.88 All contract charges -- 2005 Lowest contract charge 0.50% Class B (e) $ 9.77 Highest contract charge 1.90% Class B (e) $ 9.74 All contract charges -- EQ/Evergreen Omega ------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 7.62 Highest contract charge 1.90% Class B $ 6.62 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 10.58 Highest contract charge 1.90% Class B $ 9.32 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 9.55 Highest contract charge 1.90% Class B $ 8.53 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 9.07 Highest contract charge 1.90% Class B $ 8.21 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 8.77 Highest contract charge 1.90% Class B $ 8.05 All contract charges -- EQ/Franklin Income ------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 7.20 Highest contract charge 1.90% Class B (f) $ 6.97 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 10.62 Highest contract charge 1.90% Class B (f) $ 10.42 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 10.46 Highest contract charge 1.90% Class B (f) $ 10.41 All contract charges -- Years Ended December 31, --------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- ------------- EQ/Equity 500 Index (Continued) ------------------------------- 2007 -- -- -- 4.42% -- -- -- 2.94% 74,013 $1,576,822 1.31% -- 2006 -- -- -- 14.52% -- -- -- 12.91% 76,302 $1,640,567 1.54% -- 2005 -- -- -- 3.88% -- -- -- 2.42% 76,052 $1,537,157 1.35% -- 2004 -- -- -- 9.68% -- -- -- 8.14% 67,829 $1,471,224 1.53% -- EQ/Evergreen International Bond ------------------------------- 2008 -- -- -- 5.95% -- -- -- 4.44% 36,828 $ 413,319 19.53% -- 2007 -- -- -- 8.76% -- -- -- 7.19% 18,195 $ 194,602 3.41% -- 2006 -- -- -- 2.90% -- -- -- 1.46% 8,137 $ 80,817 0.43% -- 2005 -- -- -- (2.31)% -- -- -- (2.63)% 659 $ 6,422 -- -- EQ/Evergreen Omega ------------------ 2008 -- -- -- (27.98)% -- -- -- (28.97)% 15,753 $ 128,962 0.60% -- 2007 -- -- -- 10.79% -- -- -- 9.26% 15,374 $ 176,492 -- -- 2006 -- -- -- 5.34% -- -- -- 3.86% 13,748 $ 141,667 2.13% -- 2005 -- -- -- 3.44% -- -- -- 1.99% 15,270 $ 147,725 0.04% -- 2004 -- -- -- 6.51% -- -- -- 5.01% 15,623 $ 142,569 0.35% -- EQ/Franklin Income ------------------ 2008 -- -- -- (32.20)% -- -- -- (33.11)% 60,463 $ 425,663 6.36% -- 2007 -- -- -- 1.53% -- -- -- 0.10% 57,439 $ 601,803 4.16% -- 2006 -- -- -- 4.56% -- -- -- 4.11% 12,757 $ 132,983 2.34% --
FSA-89 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Franklin Small Cap Value --------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 6.54 Highest contract charge 1.90% Class B (f) $ 6.33 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 9.86 Highest contract charge 1.90% Class B (f) $ 9.68 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 10.85 Highest contract charge 1.90% Class B (f) $ 10.80 All contract charges -- EQ/Franklin Templeton Founding Strategy --------------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (n) $ 6.01 Highest contract charge 1.90% Class B (n) $ 5.87 All contract charges -- 2007 Lowest contract charge 0.50% Class B (n) $ 9.57 Highest contract charge 1.90% Class B (n) $ 9.48 All contract charges -- EQ/GAMCO Mergers and Acquisitions --------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 10.41 Highest contract charge 1.90% Class B (d) $ 9.88 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 12.14 Highest contract charge 1.90% Class B (d) $ 11.69 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 11.79 Highest contract charge 1.90% Class B (d) $ 11.52 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 10.56 Highest contract charge 1.90% Class B (d) $ 10.46 All contract charges -- EQ/GAMCO Small Company Value ---------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (c) $ 24.17 Highest contract charge 1.90% Class B (c) $ 18.09 All contract charges -- 2007 Lowest contract charge 0.50% Class B (c) $ 35.02 Highest contract charge 1.90% Class B (c) $ 26.60 All contract charges -- 2006 Lowest contract charge 0.50% Class B (c) $ 32.21 Highest contract charge 1.90% Class B (c) $ 24.81 All contract charges -- 2005 Lowest contract charge 0.50% Class B (c) $ 27.24 Highest contract charge 1.90% Class B (c) $ 21.28 All contract charges -- 2004 Lowest contract charge 0.50% Class B (c) $ 26.24 Highest contract charge 1.90% Class B (c) $ 20.79 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Franklin Small Cap Value --------------------------- 2008 -- -- -- (33.67)% -- -- -- (34.61)% 11,658 $ 74,460 1.06% -- 2007 -- -- -- (9.12)% -- -- -- (10.37)% 5,985 $ 58,243 0.48% -- 2006 -- -- -- 8.50% -- -- -- 8.03% 1,481 $ 16,022 0.54% -- EQ/Franklin Templeton Founding Strategy --------------------------------------- 2008 -- -- -- (37.20)% -- -- -- (38.08)% 168,583 $996,068 5.08% -- 2007 -- -- -- (4.30)% -- -- -- (5.20)% 83,451 $793,251 2.63% -- EQ/GAMCO Mergers and Acquisitions --------------------------------- 2008 -- -- -- (14.25)% -- -- -- (15.48)% 11,081 $111,017 0.50% -- 2007 -- -- -- 2.97% -- -- -- 1.48% 11,173 $131,859 0.78% -- 2006 -- -- -- 11.65% -- -- -- 10.08% 7,462 $ 86,530 6.34% -- 2005 -- -- -- 5.64% -- -- -- 4.65% 2,307 $ 24,225 5.28% -- EQ/GAMCO Small Company Value ---------------------------- 2008 -- -- -- (30.98)% -- -- -- (31.99)% 18,794 $392,717 0.61% -- 2007 -- -- -- 8.72% -- -- -- 7.21% 15,674 $470,454 0.52% -- 2006 -- -- -- 18.24% -- -- -- 16.58% 8,969 $243,842 1.60% -- 2005 -- -- -- 3.80% -- -- -- 2.34% 5,611 $129,461 1.01% -- 2004 -- -- -- 13.51% -- -- -- 13.22% 797 $ 17,882 0.39% --
FSA-90 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/International Core PLUS -------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 9.76 Highest contract charge 1.90% Class B $ 8.51 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 17.78 Highest contract charge 1.90% Class B $ 15.73 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 15.51 Highest contract charge 1.90% Class B $ 13.91 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 13.07 Highest contract charge 1.90% Class B $ 11.89 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 11.22 Highest contract charge 1.90% Class B $ 10.35 All contract charges -- EQ/International Growth ----------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 9.93 Highest contract charge 1.90% Class B (d) $ 9.43 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 16.72 Highest contract charge 1.90% Class B (d) $ 16.10 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 14.46 Highest contract charge 1.90% Class B (d) $ 14.12 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 11.56 Highest contract charge 1.90% Class B (d) $ 11.46 All contract charges -- EQ/JPMorgan Core Bond --------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 14.39 Highest contract charge 1.90% Class B $ 12.31 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 15.88 Highest contract charge 1.90% Class B $ 13.78 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 15.48 Highest contract charge 1.90% Class B $ 13.63 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 14.95 Highest contract charge 1.90% Class B $ 13.35 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 14.70 Highest contract charge 1.90% Class B $ 13.31 All contract charges -- EQ/JPMorgan Value Opportunities ------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 10.28 Highest contract charge 1.90% Class B $ 8.72 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 17.16 Highest contract charge 1.90% Class B $ 14.75 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/International Core PLUS -------------------------- 2008 -- -- -- (45.11)% -- -- -- (45.90)% 57,050 $ 554,312 1.49% -- 2007 -- -- -- 14.64% -- -- -- 13.08% 57,566 $1,024,304 0.39% -- 2006 -- -- -- 18.65% -- -- -- 16.99% 62,676 $ 973,881 1.38% -- 2005 -- -- -- 16.51% -- -- -- 14.91% 56,000 $ 728,289 1.54% -- 2004 -- -- -- 13.04% -- -- -- 11.45% 49,365 $ 543,898 1.64% -- EQ/International Growth ----------------------- 2008 -- -- -- (40.61)% -- -- -- (41.43)% 20,631 $ 168,007 0.99% -- 2007 -- -- -- 15.63% -- -- -- 14.02% 16,401 $ 237,725 0.72% -- 2006 -- -- -- 25.01% -- -- -- 23.26% 6,096 $ 83,819 1.21% -- 2005 -- -- -- 15.64% -- -- -- 14.56% 1,394 $ 16,015 2.07% -- EQ/JPMorgan Core Bond --------------------- 2008 -- -- -- (9.38)% -- -- -- (10.67)% 80,413 $ 913,345 4.06% -- 2007 -- -- -- 2.58% -- -- -- 1.10% 99,922 $1,271,392 4.32% -- 2006 -- -- -- 3.54% -- -- -- 2.09% 99,116 $1,260,924 4.37% -- 2005 -- -- -- 1.71% -- -- -- 0.28% 93,448 $1,190,350 3.56% -- 2004 -- -- -- 3.58% -- -- -- 2.12% 80,724 $1,064,120 4.15% -- EQ/JPMorgan Value Opportunities ------------------------------- 2008 -- -- -- (40.09)% -- -- -- (40.88)% 23,322 $ 210,531 1.78% -- 2007 -- -- -- (1.72)% -- -- -- (3.09)% 27,538 $ 419,788 1.32% --
FSA-91 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Outstanding Net Assets Investment Total Units value (000s) (000s) Income ratio** Return*** ------------- ------------------- ------------ ---------------- -------------- EQ/JPMorgan Value Opportunities (Continued) ------------------------------------------- 2006 Lowest contract charge 0.50% Class B $ 17.46 -- -- -- 19.78% Highest contract charge 1.90% Class B $ 15.22 -- -- -- 18.10% All contract charges -- 31,332 $492,862 4.27% -- 2005 Lowest contract charge 0.50% Class B $ 14.58 -- -- -- 3.41% Highest contract charge 1.90% Class B $ 12.89 -- -- -- 1.95% All contract charges -- 35,102 $468,128 1.50% -- 2004 Lowest contract charge 0.50% Class B $ 14.10 -- -- -- 10.33% Highest contract charge 1.90% Class B $ 12.64 -- -- -- 8.78% All contract charges -- 38,178 $499,166 1.28% -- EQ/Large Cap Core PLUS ---------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 7.29 -- -- -- (37.75)% Highest contract charge 1.90% Class B $ 6.33 -- -- -- (38.60)% All contract charges -- 18,391 $129,337 0.34% -- 2007 Lowest contract charge 0.50% Class B $ 11.71 -- -- -- 3.35% Highest contract charge 1.90% Class B $ 10.31 -- -- -- 1.88% All contract charges -- 21,585 $243,826 1.14% -- 2006 Lowest contract charge 0.50% Class B $ 11.33 -- -- -- 12.38% Highest contract charge 1.90% Class B $ 10.12 -- -- -- 10.80% All contract charges -- 26,152 $286,441 0.84% -- 2005 Lowest contract charge 0.50% Class B $ 10.08 -- -- -- 6.66% Highest contract charge 1.90% Class B $ 9.13 -- -- -- 5.16% All contract charges -- 30,163 $294,159 0.49% -- 2004 Lowest contract charge 0.50% Class B $ 9.45 -- -- -- 10.84% Highest contract charge 1.90% Class B $ 8.68 -- -- -- 9.28% All contract charges -- 32,507 $295,494 0.58% -- EQ/Large Cap Growth Index ------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 5.37 -- -- -- (36.60)% Highest contract charge 1.90% Class B $ 4.68 -- -- -- (37.52)% All contract charges -- 41,922 $245,887 0.14% -- 2007 Lowest contract charge 0.50% Class B $ 8.47 -- -- -- 13.39% Highest contract charge 1.90% Class B $ 7.49 -- -- -- 11.79% All contract charges -- 45,255 $411,124 -- 2006 Lowest contract charge 0.50% Class B $ 7.47 -- -- -- (1.04) Highest contract charge 1.90% Class B $ 6.70 -- -- -- (2.43) All contract charges -- 49,049 $384,363 -- -- 2005 Lowest contract charge 0.50% Class B $ 7.55 -- -- -- 14.36% Highest contract charge 1.90% Class B $ 6.86 -- -- -- 12.75% All contract charges -- 53,599 $409,334 -- -- 2004 Lowest contract charge 0.50% Class B $ 6.60 -- -- -- 7.84% Highest contract charge 1.90% Class B $ 6.09 -- -- -- 6.32% All contract charges -- 54,060 $349,068 -- -- EQ/Large Cap Growth PLUS ------------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 11.59 -- -- -- (38.55)% Highest contract charge 1.90% Class B $ 9.82 -- -- -- (39.42)% All contract charges -- 19,719 $193,193 0.11% -- 2007 Lowest contract charge 0.50% Class B $ 18.86 -- -- -- 15.07% Highest contract charge 1.90% Class B $ 16.21 -- -- -- 13.36% All contract charges -- 22,503 $363,276 0.41% -- 2006 Lowest contract charge 0.50% Class B $ 16.39 -- -- -- 7.24% Highest contract charge 1.90% Class B $ 14.30 -- -- -- 5.74% All contract charges -- 18,659 $269,728 -- --
FSA-92 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Large Cap Growth PLUS (Continued) ------------------------------------ 2005 Lowest contract charge 0.50% Class B $ 15.29 Highest contract charge 1.90% Class B $ 13.52 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 14.09 Highest contract charge 1.90% Class B $ 12.64 All contract charges -- EQ/Large Cap Value Index ------------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (e) $ 4.57 Highest contract charge 1.90% Class B (e) $ 4.36 All contract charges -- 2007 Lowest contract charge 0.50% Class B (e) $ 10.61 Highest contract charge 1.90% Class B (e) $ 10.28 All contract charges -- 2006 Lowest contract charge 0.50% Class B (e) $ 11.33 Highest contract charge 1.90% Class B (e) $ 11.14 All contract charges -- 2005 Lowest contract charge 0.50% Class B (e) $ 10.66 Highest contract charge 1.90% Class B (e) $ 10.63 All contract charges -- EQ/Large Cap Value PLUS (l) --------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 10.38 Highest contract charge 1.90% Class B $ 8.88 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 18.41 Highest contract charge 1.90% Class B $ 15.98 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 19.39 Highest contract charge 1.90% Class B $ 17.07 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 16.05 Highest contract charge 1.90% Class B $ 14.33 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 15.30 Highest contract charge 1.90% Class B $ 13.86 All contract charges -- EQ/Long Term Bond ----------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 11.37 Highest contract charge 1.90% Class B (d) $ 10.80 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 10.89 Highest contract charge 1.90% Class B (d) $ 10.48 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 10.19 Highest contract charge 1.90% Class B (d) $ 9.95 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 10.06 Highest contract charge 1.90% Class B (d) $ 9.96 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Large Cap Growth PLUS (Continued) ------------------------------------ 2005 -- -- -- 8.48% -- -- -- 6.96% 19,808 $ 272,973 -- -- 2004 -- -- -- 12.06% -- -- -- 10.48% 20,997 $ 272,395 -- -- EQ/Large Cap Value Index ------------------------ 2008 -- -- -- (56.93)% -- -- -- (57.59)% 16,998 $ 75,141 1.37% -- 2007 -- -- -- (6.35)% -- -- -- (7.72)% 17,409 $ 180,500 -- -- 2006 -- -- -- 6.30% -- -- -- 4.81% 15,831 $ 177,206 0.05% -- 2005 -- -- -- 6.62% -- -- -- 6.26% 2,464 $ 26,219 0.13% -- EQ/Large Cap Value PLUS (l) --------------------------- 2008 -- -- -- (43.62)% -- -- -- (44.43)% 128,632 $1,114,977 2.84% -- 2007 -- -- -- (5.05)% -- -- -- (6.39)% 150,945 $2,349,958 1.61% -- 2006 -- -- -- 20.78% -- -- -- 19.09% 110,933 $1,850,638 1.64% -- 2005 -- -- -- 4.91% -- -- -- 3.44% 101,618 $1,439,640 1.18% -- 2004 -- -- -- 12.88% -- -- -- 11.29% 91,811 $1,278,595 1.46% -- EQ/Long Term Bond ----------------- 2008 -- -- -- 4.41% -- -- -- 3.05% 13,056 $ 136,537 6.19% -- 2007 -- -- -- 6.87% -- -- -- 5.33% 11,044 $ 114,596 4.52% -- 2006 -- -- -- 1.31% -- -- -- (0.11)% 8,360 $ 83,248 5.01% -- 2005 -- -- -- 0.56% -- -- -- (0.38)% 4,300 $ 42,957 5.08% --
FSA-93 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Lord Abbett Growth and Income -------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 8.08 Highest contract charge 1.90% Class B (d) $ 7.67 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 12.80 Highest contract charge 1.90% Class B (d) $ 12.32 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 12.43 Highest contract charge 1.90% Class B (d) $ 12.14 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 10.66 Highest contract charge 1.90% Class B (d) $ 10.56 All contract charges -- EQ/Lord Abbett Large Cap Core ----------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 9.01 Highest contract charge 1.90% Class B (d) $ 8.55 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 13.11 Highest contract charge 1.90% Class B (d) $ 12.63 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 11.91 Highest contract charge 1.90% Class B (d) $ 11.63 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 10.62 Highest contract charge 1.90% Class B (d) $ 10.52 All contract charges -- EQ/Lord Abbett Mid Cap Value ---------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 7.62 Highest contract charge 1.90% Class B (d) $ 7.24 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 12.55 Highest contract charge 1.90% Class B (d) $ 12.09 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 12.54 Highest contract charge 1.90% Class B (d) $ 12.25 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 11.21 Highest contract charge 1.90% Class B (d) $ 11.11 All contract charges -- EQ/Marsico Focus ---------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 11.60 Highest contract charge 1.90% Class B $ 10.45 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 19.52 Highest contract charge 1.90% Class B $ 17.85 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 17.20 Highest contract charge 1.90% Class B $ 15.95 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 15.82 Highest contract charge 1.90% Class B $ 14.88 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Lord Abbett Growth and Income -------------------------------- 2008 -- -- -- (36.88)% -- -- -- (37.74)% 12,007 $ 93,540 1.55% -- 2007 -- -- -- 2.98% -- -- -- 1.48% 11,815 $ 147,275 1.13% -- 2006 -- -- -- 16.63% -- -- -- 14.99% 11,071 $ 135,386 1.21% -- 2005 -- -- -- 6.59% -- -- -- 5.59% 3,072 $ 32,532 1.42% -- EQ/Lord Abbett Large Cap Core ----------------------------- 2008 -- -- -- (31.27)% -- -- -- (32.30)% 9,794 $ 85,138 1.16% -- 2007 -- -- -- 10.08% -- -- -- 8.60% 6,105 $ 78,014 0.80% -- 2006 -- -- -- 12.13% -- -- -- 10.56% 4,229 $ 49,544 1.21% -- 2005 -- -- -- 6.21% -- -- -- 5.22% 2,022 $ 21,339 0.84% -- EQ/Lord Abbett Mid Cap Value ---------------------------- 2008 -- -- -- (39.28)% -- -- -- (40.12)% 25,830 $ 190,155 1.52% -- 2007 -- -- -- 0.08 % -- -- -- (1.31)% 24,325 $ 297,470 0.54% -- 2006 -- -- -- 11.87% -- -- -- 10.30% 17,475 $ 215,636 1.22% -- 2005 -- -- -- 12.11% -- -- -- 11.07% 9,142 $ 101,817 1.70% -- EQ/Marsico Focus ---------------- 2008 -- -- -- (40.57)% -- -- -- (41.46)% 118,651 $1,143,520 0.95% -- 2007 -- -- -- 13.49% -- -- -- 11.91% 115,724 $1,909,092 0.18% -- 2006 -- -- -- 8.78% -- -- -- 7.25% 110,995 $1,644,626 0.73% -- 2005 -- -- -- 10.15% -- -- -- 8.61% 91,026 $1,281,504 -- --
FSA-94 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Outstanding Net Assets Investment Total Units value (000s) (000s) Income ratio** Return*** ------------- ------------------- ------------ ---------------- -------------- EQ/Marsico Focus (Continued) ---------------------------- 2004 Lowest contract charge 0.50% Class B $ 14.36 -- -- -- 9.96% Highest contract charge 1.90% Class B $ 13.70 -- -- -- 8.41% All contract charges -- 69,842 $ 931,060 -- -- EQ/Mid Cap Index ---------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 7.36 -- -- -- (49.55)% Highest contract charge 1.90% Class B $ 6.54 -- -- -- (50.27)% All contract charges -- 67,946 $ 500,886 0.89% -- 2007 Lowest contract charge 0.50% Class B $ 14.59 -- -- -- 7.44% Highest contract charge 1.90% Class B $ 13.15 -- -- -- 5.96% All contract charges -- 70,501 $1,035,525 -- -- 2006 Lowest contract charge 0.50% Class B $ 13.58 -- -- -- 10.97% Highest contract charge 1.90% Class B $ 12.41 -- -- -- 9.41% All contract charges -- 72,246 $ 989,519 3.28% -- 2005 Lowest contract charge 0.50% Class B $ 12.23 -- -- -- 5.84% Highest contract charge 1.90% Class B $ 11.35 -- -- -- 4.35% All contract charges -- 70,729 $ 867,602 7.65% -- 2004 Lowest contract charge 0.50% Class B $ 11.56 -- -- -- 15.45% Highest contract charge 1.90% Class B $ 10.87 -- -- -- 13.82% All contract charges -- 64,623 $ 740,923 2.53% -- EQ/Mid Cap Value PLUS --------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 11.23 -- -- -- (39.85)% Highest contract charge 1.90% Class B $ 9.52 -- -- -- (40.69)% All contract charges -- 41,940 $ 400,022 1.38% -- 2007 Lowest contract charge 0.50% Class B $ 18.67 -- -- -- (2.10)% Highest contract charge 1.90% Class B $ 16.05 -- -- -- (3.49)% All contract charges -- 50,595 $ 811,824 0.97% -- 2006 Lowest contract charge 0.50% Class B $ 19.07 -- -- -- 11.92% Highest contract charge 1.90% Class B $ 16.63 -- -- -- 10.35% All contract charges -- 57,023 $ 948,678 0.31% -- 2005 Lowest contract charge 0.50% Class B $ 17.04 -- -- -- 10.77% Highest contract charge 1.90% Class B $ 15.07 -- -- -- 9.21% All contract charges -- 54,946 $ 832,305 4.89% -- 2004 Lowest contract charge 0.50% Class B $ 15.38 -- -- -- 17.26% Highest contract charge 1.90% Class B $ 13.80 -- -- -- 15.61% All contract charges -- 46,228 $ 648,657 2.63% -- EQ/Money Market --------------- Unit Value 0.00% to 1.90%* 2008 Lowest contract charge 0.00% Class B $ 44.43 -- -- -- 2.11% Highest contract charge 1.90% Class B $ 26.24 -- -- -- 0.15% All contract charges -- 90,924 $1,493,712 1.93% -- 2007 Lowest contract charge 0.00% Class B $ 43.51 -- -- -- 4.72% Highest contract charge 1.90% Class B $ 26.20 -- -- -- 2.70% All contract charges -- 45,468 $ 851,459 4.59% -- 2006 Lowest contract charge 0.00% Class B $ 41.55 -- -- -- 4.48% Highest contract charge 1.90% Class B $ 25.51 -- -- -- 2.51% All contract charges -- 33,332 $ 612,694 4.41% -- 2005 Lowest contract charge 0.00% Class B $ 39.77 -- -- -- 2.62% Highest contract charge 1.90% Class B $ 24.88 -- -- -- 0.68% All contract charges -- 24,414 $ 483,274 2.57% -- 2004 Lowest contract charge 0.00% Class B $ 38.75 -- -- -- 0.78% Highest contract charge 1.90% Class B $ 24.71 -- -- -- (1.14)% All contract charges -- 22,453 $ 474,277 0.74% --
FSA-95 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Montag & Caldwell Growth --------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (c) $ 4.22 Highest contract charge 1.90% Class B (c) $ 3.66 All contract charges -- 2007 Lowest contract charge 0.50% Class B (c) $ 6.32 Highest contract charge 1.90% Class B (c) $ 5.56 All contract charges -- 2006 Lowest contract charge 0.50% Class B (c) $ 5.26 Highest contract charge 1.90% Class B (c) $ 4.69 All contract charges -- 2005 Lowest contract charge 0.50% Class B (c) $ 4.90 Highest contract charge 1.90% Class B (c) $ 4.43 All contract charges -- 2004 Lowest contract charge 0.50% Class B (c) $ 4.67 Highest contract charge 1.90% Class B (c) $ 4.28 All contract charges -- EQ/Mutual Shares ---------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 6.69 Highest contract charge 1.90% Class B (f) $ 6.47 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 10.86 Highest contract charge 1.90% Class B (f) $ 10.66 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 10.74 Highest contract charge 1.90% Class B (f) $ 10.69 All contract charges -- EQ/Oppenheimer Global --------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 6.90 Highest contract charge 1.90% Class B (f) $ 6.68 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 11.70 Highest contract charge 1.90% Class B (f) $ 11.48 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 11.12 Highest contract charge 1.90% Class B (f) $ 11.07 All contract charges -- EQ/Oppenheimer Main Street Opportunity -------------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 6.87 Highest contract charge 1.90% Class B (f) $ 6.64 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 11.28 Highest contract charge 1.90% Class B (f) $ 11.07 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 10.96 Highest contract charge 1.90% Class B (f) $ 10.91 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Montag & Caldwell Growth --------------------------- 2008 -- -- -- (33.23)% -- -- -- (34.17)% 43,561 $143,894 0.26% -- 2007 -- -- -- 20.15% -- -- -- 18.55% 18,657 $100,498 0.37% -- 2006 -- -- -- 7.41% -- -- -- 5.90% 6,440 $ 30,006 0.21% -- 2005 -- -- -- 4.88% -- -- -- 3.41% 4,693 $ 21,467 0.44% -- 2004 -- -- -- 7.93% -- -- -- 7.65% 451 $ 1,993 0.48% -- EQ/Mutual Shares ---------------- 2008 -- -- -- (38.40)% -- -- -- (39.31)% 31,398 $205,168 3.61% -- 2007 -- -- -- 1.12% -- -- -- (0.28)% 32,835 $351,879 -- -- 2006 -- -- -- 7.38% -- -- -- 6.92% 7,714 $ 82,586 0.39% -- EQ/Oppenheimer Global --------------------- 2008 -- -- -- (41.03)% -- -- -- (41.81)% 13,246 $ 89,280 1.29% -- 2007 -- -- -- 5.22% -- -- -- 3.70% 9,648 $111,407 0.39% -- 2006 -- -- -- 11.23% -- -- -- 10.75% 1,756 $ 19,483 0.07% -- EQ/Oppenheimer Main Street Opportunity -------------------------------------- 2008 -- -- -- (39.10)% -- -- -- (40.02)% 4,048 $ 27,160 0.65% -- 2007 -- -- -- 2.92% -- -- -- 1.47% 3,395 $ 37,791 0.59% -- 2006 -- -- -- 9.61% -- -- -- 9.13% 726 $ 7,942 2.04% --
FSA-96 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Oppenheimer Main Street Small Cap ------------------------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 6.68 Highest contract charge 1.90% Class B (f) $ 6.47 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 10.88 Highest contract charge 1.90% Class B (f) $ 10.68 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 11.13 Highest contract charge 1.90% Class B (f) $ 11.08 All contract charges -- EQ/PIMCO Real Return -------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 10.57 Highest contract charge 1.90% Class B (d) $ 10.03 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 11.07 Highest contract charge 1.90% Class B (d) $ 10.66 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 9.98 Highest contract charge 1.90% Class B (d) $ 9.75 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 9.99 Highest contract charge 1.90% Class B (d) $ 9.90 All contract charges -- EQ/Quality Bond PLUS -------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 17.75 Highest contract charge 1.90% Class B $ 14.30 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 19.09 Highest contract charge 1.90% Class B $ 15.60 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 18.35 Highest contract charge 1.90% Class B $ 15.21 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 17.77 Highest contract charge 1.90% Class B $ 14.94 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 17.51 Highest contract charge 1.90% Class B $ 14.93 All contract charges -- EQ/Short Duration Bond ---------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 10.61 Highest contract charge 1.90% Class B (d) $ 10.07 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 10.88 Highest contract charge 1.90% Class B (d) $ 10.48 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 10.38 Highest contract charge 1.90% Class B (d) $ 10.14 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 10.04 Highest contract charge 1.90% Class B (d) $ 9.94 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Oppenheimer Main Street Small Cap ------------------------------------ 2008 -- -- -- (38.60)% -- -- -- (39.42)% 7,550 $ 49,305 0.10% -- 2007 -- -- -- (2.25)% -- -- -- (3.61)% 5,614 $ 60,151 -- -- 2006 -- -- -- 11.28% -- -- -- 10.79% 868 $ 9,639 1.06% -- EQ/PIMCO Real Return -------------------- 2008 -- -- -- (4.52)% -- -- -- (5.91)% 91,323 $917,805 3.21% -- 2007 -- -- -- 10.92% -- -- -- 9.33% 45,578 $486,803 3.07% -- 2006 -- -- -- (0.11)% -- -- -- (1.51)% 31,108 $304,380 4.98% -- 2005 -- -- -- (0.09)% -- -- -- (1.02)% 15,284 $151,723 5.31% -- EQ/Quality Bond PLUS -------------------- 2008 -- -- -- (7.02)% -- -- -- (8.33)% 26,466 $326,277 5.04% -- 2007 -- -- -- 4.03% -- -- -- 2.56% 28,944 $393,130 4.95% -- 2006 -- -- -- 3.30% -- -- -- 1.85% 27,600 $371,451 4.04% -- 2005 -- -- -- 1.49% -- -- -- 0.07% 25,641 $349,668 3.92% -- 2004 -- -- -- 3.23% -- -- -- 1.78% 21,465 $310,126 4.04% -- EQ/Short Duration Bond ---------------------- 2008 -- -- -- (2.48)% -- -- -- (3.91)% 13,905 $141,793 7.47% -- 2007 -- -- -- 4.82% -- -- -- 3.35% 7,630 $ 80,793 4.54% -- 2006 -- -- -- 3.44% -- -- -- 1.99% 5,862 $ 59,826 4.22% -- 2005 -- -- -- 0.36% -- -- -- (0.58)% 1,852 $ 18,465 2.64% --
FSA-97 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Small Company Index ---------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 11.85 Highest contract charge 1.90% Class B $ 10.14 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 18.09 Highest contract charge 1.90% Class B $ 15.70 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 18.52 Highest contract charge 1.90% Class B $ 16.30 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 15.81 Highest contract charge 1.90% Class B $ 14.12 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 15.24 Highest contract charge 1.90% Class B $ 13.80 All contract charges -- EQ/T. Rowe Price Growth Stock (i) --------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (c) $ 11.86 Highest contract charge 1.90% Class B (c) $ 8.88 All contract charges -- 2007 Lowest contract charge 0.50% Class B (c) $ 20.63 Highest contract charge 1.90% Class B (c) $ 15.67 All contract charges -- 2006 Lowest contract charge 0.50% Class B (c) $ 19.34 Highest contract charge 1.90% Class B (c) $ 14.89 All contract charges -- 2005 Lowest contract charge 0.50% Class B (c) $ 20.25 Highest contract charge 1.90% Class B (c) $ 15.82 Unit Value 0.50% to 1.90%* -- 2004 Lowest contract charge 0.50% Class B (c) $ 19.57 Highest contract charge 1.90% Class B (c) $ 15.50 All contract charges -- EQ/Templeton Growth ------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (f) $ 6.45 Highest contract charge 1.90% Class B (f) $ 6.24 All contract charges -- 2007 Lowest contract charge 0.50% Class B (f) $ 10.96 Highest contract charge 1.90% Class B (f) $ 10.75 All contract charges -- 2006 Lowest contract charge 0.50% Class B (f) $ 10.79 Highest contract charge 1.90% Class B (f) $ 10.74 All contract charges -- EQ/UBS Growth and Income ------------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (c) $ 4.02 Highest contract charge 1.90% Class B (c) $ 3.49 All contract charges -- 2007 Lowest contract charge 0.50% Class B (c) $ 6.74 Highest contract charge 1.90% Class B (c) $ 5.93 All contract charges -- 2006 Lowest contract charge 0.50% Class B (c) $ 6.70 Highest contract charge 1.90% Class B (c) $ 5.97 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Small Company Index ---------------------- 2008 -- -- -- (34.49)% -- -- -- (35.41)% 28,477 $282,432 0.85% -- 2007 -- -- -- (2.32)% -- -- -- (3.68)% 28,985 $444,440 1.31% -- 2006 -- -- -- 17.12% -- -- -- 15.48% 29,757 $475,296 1.32% -- 2005 -- -- -- 3.74% -- -- -- 2.28% 26,002 $364,087 1.15% -- 2004 -- -- -- 17.08% -- -- -- 15.44% 24,789 $343,808 2.47% -- EQ/T. Rowe Price Growth Stock (i) --------------------------------- 2008 -- -- -- (42.51)% -- -- -- (43.33)% 19,024 $167,244 -- -- 2007 -- -- -- 6.67% -- -- -- 5.24% 17,951 $291,072 0.13% -- 2006 -- -- -- (4.49)% -- -- -- (5.83)% 3,277 $ 51,291 -- -- 2005 -- -- -- 3.47% -- -- -- 2.02% 2,742 $ 47,015 -- -- 2004 -- -- -- 12.32% -- -- -- 12.03% 265 $ 4,449 -- -- EQ/Templeton Growth ------------------- 2008 -- -- -- (41.15)% -- -- -- (41.95)% 23,768 $149,788 1.56% -- 2007 -- -- -- 1.58% -- -- -- 0.09% 26,167 $282,910 0.63% -- 2006 -- -- -- 7.86% -- -- -- 7.39% 6,220 $ 66,882 0.46% -- EQ/UBS Growth and Income ------------------------ 2008 -- -- -- (40.36)% -- -- -- (41.15)% 14,961 $ 48,057 1.26% -- 2007 -- -- -- 0.60% -- -- -- (0.67)% 15,122 $ 84,474 0.85% -- 2006 -- -- -- 13.58% -- -- -- 11.99% 11,683 $ 70,569 0.90% --
FSA-98 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/UBS Growth and Income (Continued) ------------------------------------ 2005 Lowest contract charge 0.50% Class B (c) $ 5.90 Highest contract charge 1.90% Class B (c) $ 5.33 All contract charges -- 2004 Lowest contract charge 0.50% Class B (c) $ 5.44 Highest contract charge 1.90% Class B (c) $ 4.99 All contract charges -- EQ/Van Kampen Comstock ---------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 7.36 Highest contract charge 1.90% Class B (d) $ 6.99 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 11.73 Highest contract charge 1.90% Class B (d) $ 11.30 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 12.10 Highest contract charge 1.90% Class B (d) $ 11.81 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 10.49 Highest contract charge 1.90% Class B (d) $ 10.39 All contract charges -- EQ/Van Kampen Emerging Markets Equity ------------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 12.25 Highest contract charge 1.90% Class B $ 10.43 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 28.86 Highest contract charge 1.90% Class B $ 24.92 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 20.43 Highest contract charge 1.90% Class B $ 17.89 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 14.98 Highest contract charge 1.90% Class B $ 13.30 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 11.34 Highest contract charge 1.90% Class B $ 10.21 All contract charges -- EQ/Van Kampen Mid Cap Growth ---------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (d) $ 8.64 Highest contract charge 1.90% Class B (d) $ 8.20 All contract charges -- 2007 Lowest contract charge 0.50% Class B (d) $ 16.48 Highest contract charge 1.90% Class B (d) $ 15.87 All contract charges -- 2006 Lowest contract charge 0.50% Class B (d) $ 13.53 Highest contract charge 1.90% Class B (d) $ 13.21 All contract charges -- 2005 Lowest contract charge 0.50% Class B (d) $ 12.44 Highest contract charge 1.90% Class B (d) $ 12.33 Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/UBS Growth and Income (Continued) ------------------------------------ 2005 -- -- -- 8.46% -- -- -- 6.94% 6,468 $ 35,639 1.24% -- 2004 -- -- -- 11.67% -- -- -- 11.38% 449 $ 2,306 3.51% -- EQ/Van Kampen Comstock ---------------------- 2008 -- -- -- (37.25)% -- -- -- (38.14)% 26,088 $ 185,024 1.98% -- 2007 -- -- -- (3.06)% -- -- -- (4.32)% 25,019 $ 285,776 1.63% -- 2006 -- -- -- 15.33% -- -- -- 13.71% 21,516 $ 255,976 3.07% -- 2005 -- -- -- 4.88% -- -- -- 3.90% 9,231 $ 96,174 2.07% -- EQ/Van Kampen Emerging Markets Equity ------------------------------------- 2008 -- -- -- (57.55)% -- -- -- (58.15)% 53,574 $ 696,118 0.15% -- 2007 -- -- -- 41.26% -- -- -- 39.30% 53,185 $1,627,247 -- -- 2006 -- -- -- 36.37% -- -- -- 34.46% 47,631 $1,034,450 0.45% -- 2005 -- -- -- 32.12% -- -- -- 30.27% 38,941 $ 606,208 0.63% -- 2004 -- -- -- 23.06% -- -- -- 21.33% 26,330 $ 296,336 0.74% -- EQ/Van Kampen Mid Cap Growth ---------------------------- 2008 -- -- -- (47.57)% -- -- -- (48.33)% 25,257 $ 210,339 -- -- 2007 -- -- -- 21.80% -- -- -- 20.14% 19,555 $ 313,835 0.33% -- 2006 -- -- -- 8.71% -- -- -- 7.19% 8,738 $ 116,309 0.47% -- 2005 -- -- -- 24.44% -- -- -- 23.28%
FSA-99 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- EQ/Van Kampen Real Estate (k) (m) --------------------------------- Unit Value 1.20% to 1.70%* 2008 Lowest contract charge 1.20% Class B (m) $ 5.01 Highest contract charge 1.70% Class B (m) $ 4.97 All contract charges -- 2007 Lowest contract charge 1.20% Class B (m) $ 8.29 Highest contract charge 1.70% Class B (m) $ 8.27 All contract charges -- Multimanager Aggressive Equity ------------------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 41.97 Highest contract charge 1.90% Class B $ 30.32 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 79.11 Highest contract charge 1.90% Class B $ 57.97 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 71.38 Highest contract charge 1.90% Class B $ 53.06 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 68.25 Highest contract charge 1.90% Class B $ 51.46 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 63.39 Highest contract charge 1.90% Class B $ 48.47 All contract charges -- Multimanager Core Bond ---------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 12.94 Highest contract charge 1.90% Class B $ 11.72 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 12.69 Highest contract charge 1.90% Class B $ 11.66 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 12.01 Highest contract charge 1.90% Class B $ 11.19 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 11.63 Highest contract charge 1.90% Class B $ 10.99 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 11.49 Highest contract charge 1.90% Class B $ 11.01 All contract charges -- Multimanager Health Care ------------------------ Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 9.96 Highest contract charge 1.90% Class B $ 9.02 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 13.68 Highest contract charge 1.90% Class B $ 12.56 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 12.61 Highest contract charge 1.90% Class B $ 11.75 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 12.06 Highest contract charge 1.90% Class B $ 11.39 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- EQ/Van Kampen Real Estate (k) (m) --------------------------------- 2008 -- -- -- (39.57)% -- -- -- (39.90)% 58,364 $290,993 2.49% -- 2007 -- -- -- (17.10)% -- -- -- (17.30)% 54,475 $451,152 1.00% -- Multimanager Aggressive Equity ------------------------------ 2008 -- -- -- (46.95)% -- -- -- (47.70)% 5,087 $ 67,727 0.36% -- 2007 -- -- -- 10.83% -- -- -- 9.25% 4,950 $134,774 -- -- 2006 -- -- -- 4.59% -- -- -- 3.12% 5,287 $139,296 -- -- 2005 -- -- -- 7.66% -- -- -- 6.15% 3,925 $127,148 -- -- 2004 -- -- -- 11.54% -- -- -- 9.97% 3,203 $119,925 -- -- Multimanager Core Bond ---------------------- 2008 -- -- -- 1.97% -- -- -- 0.51% 62,629 $734,371 4.89% -- 2007 -- -- -- 5.66% -- -- -- 4.20% 55,947 $653,841 4.09% -- 2006 -- -- -- 3.25% -- -- -- 1.80% 58,160 $651,206 4.11% -- 2005 -- -- -- 1.20% -- -- -- (0.18)% 57,425 $631,231 3.47% -- 2004 -- -- -- 3.37% -- -- -- 1.91% 55,151 $609,072 3.24% -- Multimanager Health Care ------------------------ 2008 -- -- -- (27.19)% -- -- -- (28.18)% 25,001 $241,324 -- -- 2007 -- -- -- 8.49% -- -- -- 6.89% 23,993 $320,884 -- -- 2006 -- -- -- 4.61% -- -- -- 3.14% 23,416 $290,818 1.05% -- 2005 -- -- -- 6.43% -- -- -- 4.93% 20,668 $246,216 2.61% --
FSA-100 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Outstanding Net Assets Investment Total Units value (000s) (000s) Income ratio** Return*** ------------- ------------------- ------------ ---------------- -------------- Multimanager Health Care (Continued) ------------------------------------ 2004 Lowest contract charge 0.50% Class B $ 11.33 -- -- -- 11.57% Highest contract charge 1.90% Class B $ 10.86 -- -- -- 10.00% All contract charges -- 17,556 $196,381 4.12% -- Multimanager High Yield ----------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 30.12 -- -- -- (23.90)% Highest contract charge 1.90% Class B $ 22.06 -- -- -- (24.94)% All contract charges -- 36,664 $531,727 8.68% -- 2007 Lowest contract charge 0.50% Class B $ 39.58 -- -- -- 2.62% Highest contract charge 1.90% Class B $ 29.39 -- -- -- 1.17% All contract charges -- 45,225 $879,446 7.17% -- 2006 Lowest contract charge 0.50% Class B $ 38.57 -- -- -- 9.38% Highest contract charge 1.90% Class B $ 29.05 -- -- -- 7.85% All contract charges -- 46,730 $935,762 6.95% -- 2005 Lowest contract charge 0.50% Class B $ 35.26 -- -- -- 2.55% Highest contract charge 1.90% Class B $ 26.94 -- -- -- 1.11% All contract charges -- 43,908 $877,332 7.68% -- 2004 Lowest contract charge 0.50% Class B $ 34.38 -- -- -- 8.13% Highest contract charge 1.90% Class B $ 26.64 -- -- -- 6.61% All contract charges -- 37,966 $860,727 6.76% -- Multimanager International Equity --------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 10.39 -- -- -- (47.47)% Highest contract charge 1.90% Class B $ 9.41 -- -- -- (48.21)% All contract charges -- 34,884 $355,985 1.57% -- 2007 Lowest contract charge 0.50% Class B $ 19.78 -- -- -- 11.88% Highest contract charge 1.90% Class B $ 18.17 -- -- -- 10.25% All contract charges -- 34,725 $680,288 0.73% -- 2006 Lowest contract charge 0.50% Class B $ 17.68 -- -- -- 24.69% Highest contract charge 1.90% Class B $ 16.48 -- -- -- 22.94% All contract charges -- 32,231 $568,482 2.23% -- 2005 Lowest contract charge 0.50% Class B $ 14.18 -- -- -- 14.87% Highest contract charge 1.90% Class B $ 13.40 -- -- -- 13.25% All contract charges -- 23,219 $328,766 4.06% -- 2004 Lowest contract charge 0.50% Class B $ 12.35 -- -- -- 17.32% Highest contract charge 1.90% Class B $ 11.83 -- -- -- 15.67% All contract charges -- 19,713 $242,452 2.40% -- Multimanager Large Cap Core Equity ---------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 8.09 -- -- -- (39.85)% Highest contract charge 1.90% Class B $ 7.33 -- -- -- (40.65)% All contract charges -- 12,279 $ 96,551 0.52% -- 2007 Lowest contract charge 0.50% Class B $ 13.45 -- -- -- 4.51% Highest contract charge 1.90% Class B $ 12.35 -- -- -- 3.00% All contract charges -- 13,471 $177,274 0.41% -- 2006 Lowest contract charge 0.50% Class B $ 12.87 -- -- -- 13.01% Highest contract charge 1.90% Class B $ 11.99 -- -- -- 11.43% All contract charges -- 13,690 $173,297 0.60% -- 2005 Lowest contract charge 0.50% Class B $ 11.39 -- -- -- 6.20% Highest contract charge 1.90% Class B $ 10.76 -- -- -- 4.71% All contract charges -- 13,468 $151,342 0.79% -- 2004 Lowest contract charge 0.50% Class B $ 10.72 -- -- -- 9.13% Highest contract charge 1.90% Class B $ 10.28 -- -- -- 7.59% All contract charges -- 12,820 $135,571 2.46% --
FSA-101 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Outstanding Net Assets Investment Total Units value (000s) (000s) Income ratio** Return*** ------------- ------------------- ------------ ---------------- -------------- Multimanager Large Cap Growth ----------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 6.05 -- -- -- (45.64)% Highest contract charge 1.90% Class B $ 5.48 -- -- -- (46.43)% All contract charges -- 27,165 $166,651 -- -- 2007 Lowest contract charge 0.50% Class B $ 11.13 -- -- -- 10.64% Highest contract charge 1.90% Class B $ 10.23 -- -- -- 9.18% All contract charges -- 28,454 $322,415 -- -- 2006 Lowest contract charge 0.50% Class B $ 10.06 -- -- -- (0.39)% Highest contract charge 1.90% Class B $ 9.37 -- -- -- (1.79)% All contract charges -- 30,036 $306,984 -- -- 2005 Lowest contract charge 0.50% Class B $ 10.10 -- -- -- 6.95% Highest contract charge 1.90% Class B $ 9.54 -- -- -- 5.45% All contract charges -- 28,903 $295,667 -- -- 2004 Lowest contract charge 0.50% Class B $ 9.44 -- -- -- 6.13% Highest contract charge 1.90% Class B $ 9.05 -- -- -- 4.64% All contract charges -- 29,040 $275,157 -- -- Multimanager Large Cap Value ---------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 9.62 -- -- -- (37.73)% Highest contract charge 1.90% Class B $ 8.71 -- -- -- (38.62)% All contract charges -- 37,613 $353,373 1.40% -- 2007 Lowest contract charge 0.50% Class B $ 15.45 -- -- -- 3.07% Highest contract charge 1.90% Class B $ 14.19 -- -- -- 1.65% All contract charges -- 38,402 $583,473 1.08% -- 2006 Lowest contract charge 0.50% Class B $ 14.99 -- -- -- 18.73% Highest contract charge 1.90% Class B $ 13.96 -- -- -- 17.06% All contract charges -- 39,025 $577,966 2.82% -- 2005 Lowest contract charge 0.50% Class B $ 12.62 -- -- -- 6.56% Highest contract charge 1.90% Class B $ 11.93 -- -- -- 5.07% All contract charges -- 35,233 $440,121 3.02% -- 2004 Lowest contract charge 0.50% Class B $ 11.84 -- -- -- 13.85% Highest contract charge 1.90% Class B $ 11.35 -- -- -- 12.25% All contract charges -- 29,242 $342,105 6.81% -- Multimanager Mid Cap Growth --------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 7.13 -- -- -- (43.86)% Highest contract charge 1.90% Class B $ 6.46 -- -- -- (44.64)% All contract charges -- 29,642 $216,713 -- -- 2007 Lowest contract charge 0.50% Class B $ 12.70 -- -- -- 11.31% Highest contract charge 1.90% Class B $ 11.67 -- -- -- 9.78% All contract charges -- 31,721 $414,209 -- -- 2006 Lowest contract charge 0.50% Class B $ 11.41 -- -- -- 9.07% Highest contract charge 1.90% Class B $ 10.63 -- -- -- 7.54% All contract charges -- 35,038 $410,676 0.51% -- 2005 Lowest contract charge 0.50% Class B $ 10.46 -- -- -- 7.84% Highest contract charge 1.90% Class B $ 9.88 -- -- -- 6.33% All contract charges -- 35,078 $374,043 1.58% -- 2004 Lowest contract charge 0.50% Class B $ 9.70 -- -- -- 11.17% Highest contract charge 1.90% Class B $ 9.30 -- -- -- 9.61% All contract charges -- 35,482 $346,528 1.55% --
FSA-102 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Continued) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------- Units value ------------- Multimanager Mid Cap Value -------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 9.22 Highest contract charge 1.90% Class B $ 8.35 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 14.47 Highest contract charge 1.90% Class B $ 13.29 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 14.53 Highest contract charge 1.90% Class B $ 13.54 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 12.73 Highest contract charge 1.90% Class B $ 12.03 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 11.92 Highest contract charge 1.90% Class B $ 11.42 All contract charges -- Multimanager Small Cap Growth (j) --------------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B (c) $ 5.60 Highest contract charge 1.90% Class B (c) $ 4.85 All contract charges -- 2007 Lowest contract charge 0.50% Class B (c) $ 9.72 Highest contract charge 1.90% Class B (c) $ 8.55 All contract charges -- 2006 Lowest contract charge 0.50% Class B (c) $ 9.42 Highest contract charge 1.90% Class B (c) $ 8.40 All contract charges -- 2005 Lowest contract charge 0.50% Class B (c) $ 8.59 Highest contract charge 1.90% Class B (c) $ 7.77 All contract charges -- 2004 Lowest contract charge 0.50% Class B (c) $ 8.04 Highest contract charge 1.90% Class B (c) $ 7.37 All contract charges -- Multimanager Small Cap Value ---------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 11.78 Highest contract charge 1.90% Class B $ 10.08 All contract charges -- 2007 Lowest contract charge 0.50% Class B $ 19.06 Highest contract charge 1.90% Class B $ 16.54 All contract charges -- 2006 Lowest contract charge 0.50% Class B $ 21.25 Highest contract charge 1.90% Class B $ 18.70 All contract charges -- 2005 Lowest contract charge 0.50% Class B $ 18.39 Highest contract charge 1.90% Class B $ 16.42 All contract charges -- 2004 Lowest contract charge 0.50% Class B $ 17.65 Highest contract charge 1.90% Class B $ 15.99 All contract charges -- Years Ended December 31, ---------------------------------------------------------------- Units Outstanding Net Assets Investment Total (000s) (000s) Income ratio** Return*** ------------------- ------------ ---------------- -------------- Multimanager Mid Cap Value -------------------------- 2008 -- -- -- (36.28)% -- -- -- (37.17)% 26,245 $234,379 0.46% -- 2007 -- -- -- (0.41)% -- -- -- (1.85)% 27,826 $392,988 -- -- 2006 -- -- -- 14.16% -- -- -- 12.56% 30,733 $438,437 1.72% -- 2005 -- -- -- 6.81% -- -- -- 5.31% 29,548 $370,654 6.98% -- 2004 -- -- -- 14.61% -- -- -- 13.00% 30,025 $353,096 4.10% -- Multimanager Small Cap Growth (j) --------------------------------- 2008 -- -- -- (42.39)% -- -- -- (43.27)% 28,780 $135,528 -- -- 2007 -- -- -- 3.18% -- -- -- 1.79% 28,681 $242,159 -- -- 2006 -- -- -- 9.66% -- -- -- 8.12% 17,157 $147,393 1.40% -- 2005 -- -- -- 6.95% -- -- -- 5.45% 9,010 $ 72,375 3.58% -- 2004 -- -- -- 14.09% -- -- -- 13.79% 388 $ 2,939 -- -- Multimanager Small Cap Value ---------------------------- 2008 -- -- -- (38.20)% -- -- -- (39.06)% 39,759 $368,923 0.24% -- 2007 -- -- -- (10.31)% -- -- -- (11.55)% 47,546 $723,958 0.29% -- 2006 -- -- -- 15.53% -- -- -- 13.91% 57,348 $992,117 5.49% -- 2005 -- -- -- 4.16% -- -- -- 2.70% 56,358 $874,837 4.46% -- 2004 -- -- -- 16.52% -- -- -- 14.88% 52,025 $811,982 6.15% --
FSA-103 AXA EQUITABLE LIFE INSURANCE COMPANY SEPARATE ACCOUNT NO. 49 Notes to Financial Statements (Concluded) December 31, 2008 8. Accumulation Unit Values (Continued) Shown below is accumulation unit value information for units outstanding throughout the periods indicated.
Years Ended December 31, ------------------------------------------------------------------------------ Units Outstanding Net Assets Investment Total Units value (000s) (000s) Income ratio** Return*** ------------- ------------------- ------------ ---------------- -------------- Multimanager Technology (b) --------------------------- Unit Value 0.50% to 1.90%* 2008 Lowest contract charge 0.50% Class B $ 6.85 -- -- -- (47.35)% Highest contract charge 1.90% Class B $ 6.20 -- -- -- (48.12)% All contract charges -- 27,756 $192,697 -- -- 2007 Lowest contract charge 0.50% Class B $ 13.01 -- -- -- 17.63% Highest contract charge 1.90% Class B $ 11.95 -- -- -- 15.91% All contract charges -- 28,291 $373,990 -- -- 2006 Lowest contract charge 0.50% Class B $ 11.06 -- -- -- 6.76% Highest contract charge 1.90% Class B $ 10.31 -- -- -- 5.26% All contract charges -- 24,173 $271,064 -- -- 2005 Lowest contract charge 0.50% Class B $ 10.36 -- -- -- 10.71% Highest contract charge 1.90% Class B $ 9.79 -- -- -- 9.16% All contract charges -- 24,317 $253,676 -- -- 2004 Lowest contract charge 0.50% Class B $ 9.36 -- -- -- 4.46% Highest contract charge 1.90% Class B $ 8.97 -- -- -- 2.99% All contract charges -- 24,512 $228,436 0.93% --
---------- (a) Units were made available for sale on February 13, 2004. (b) A substitution of Multimanager Technology for EQ/Technology occurred on May 14, 2004. (c) Units were made available for sale on October 25, 2004. (d) Units were made available for sale on May 9, 2005. (e) Units were made available for sale on October 17, 2005. (f) Units were made available for sale on September 18, 2006. (g) A substitution of EQ/AXA Rosenberg Long/Short Equity for Laudus Rosenberg VIT Long/Short Equity occurred on November 17, 2006. (h) A substitution of EQ/Capital Guardian Research was made for EQ/Capital Guardian U.S. Equity on July 6, 2007. (i) A substitution of EQ/T. Rowe Price Growth Stock was made for EQ/Janus Large Cap Growth on July 6, 2007. (j) A substitution of Multimanager Small Cap Growth was made for EQ/Wells Fargo Montgomery Small Cap on July 6, 2007. (k) A substitution of EQ/Van Kampen Real Estate was made for U.S. Real Estate on August 17, 2007. (l) A substitution of EQ/Large Cap Value PLUS was made for EQ/AllianceBernstein Growth and Income on August 17, 2007. (m) Units were made available for sale on August 17, 2007. (n) Units were made available for sale on May 29, 2007. * Expenses as a percentage of average net assets (0.00%, 0.50%, 1.20%, 1.70%, and 1.90% annualized) consisting primarily of mortality and expense charges, for each period indicated. The ratios included only those expenses that result in direct reduction to unit values. Charges made directly to contract owner account through the redemption of units and expenses of the underlying fund have been excluded. The summary may not reflect the minimum and maximum contract charges offered by the Company as contractowners may not have selected all available and applicable contract options. ** The investment income ratio represents the dividends, excluding distributions of capital gains, received by the Account from the underlying mutual fund, net of mutual fund fees and expenses, divided by the average net assets. These ratios exclude those expenses, such as asset-based charges, that result in direct reductions in the unit values. The recognition of investment income by the Account is affected by the timing of the declaration of dividends by the underlying fund in which the Account invests. *** These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for each period indicated from the effective date through the end of the reporting period. FSA-104 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AXA EQUITABLE LIFE INSURANCE COMPANY Report of Independent Registered Public Accounting Firm.................. F-1 Consolidated Financial Statements: Consolidated Balance Sheets, December 31, 2008 and 2007................ F-2 Consolidated Statements of Earnings, Years Ended December 31, 2008, 2007 and 2006........................................................ F-3 Consolidated Statements of Shareholder's Equity and Comprehensive Income, Years Ended December 31, 2008, 2007 and 2006................. F-4 Consolidated Statements of Cash Flows, Years Ended December 31, 2008, 2007 and 2006........................................................ F-5 Notes to Consolidated Financial Statements............................. F-7 FS-1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholder of AXA Equitable Life Insurance Company In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of earnings, of shareholder's equity and comprehensive income and of cash flows present fairly, in all material respects, the financial position of AXA Equitable Life Insurance Company and its subsidiaries ("AXA Equitable") at December 31, 2008 and 2007, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2008 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of AXA Equitable's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As discussed in Note 2 of the Notes to Consolidated Financial Statements, AXA Equitable adopted a framework for measuring fair value on January 1, 2008. Also, AXA Equitable changed its method of accounting for uncertainty in income taxes on January 1, 2007 and for defined benefit pension and other postretirement plans on December 31, 2006. /s/ PricewaterhouseCoopers LLP New York, New York March 13, 2009 F-1 AXA EQUITABLE LIFE INSURANCE COMPANY CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2008 AND 2007
2008 2007 ----------------- ----------------- (IN MILLIONS) ASSETS Investments: Fixed maturities available for sale, at estimated fair value............. $ 23,831.0 $ 27,159.5 Mortgage loans on real estate............................................ 3,673.9 3,730.6 Equity real estate, held for the production of income.................... 370.3 381.7 Policy loans............................................................. 3,700.3 3,938.8 Other equity investments................................................. 1,646.8 1,820.3 Trading securities...................................................... 322.7 573.3 Other invested assets.................................................... 1,501.4 1,000.9 ----------------- ----------------- Total investments...................................................... 35,046.4 38,605.1 Cash and cash equivalents................................................... 2,403.9 1,173.2 Cash and securities segregated, at estimated fair value..................... 2,572.6 2,370.0 Broker-dealer related receivables........................................... 1,020.4 1,623.5 Deferred policy acquisition costs........................................... 7,482.0 9,019.3 Goodwill and other intangible assets, net................................... 3,702.4 3,724.6 Amounts due from reinsurers................................................. 2,897.2 2,890.6 Loans to affiliates......................................................... 588.3 638.3 Other assets................................................................ 12,926.0 3,341.8 Separate Accounts' assets................................................... 67,627.0 96,539.6 ----------------- ----------------- TOTAL ASSETS................................................................ $ 136,266.2 $ 159,926.0 ================= ================= LIABILITIES Policyholders' account balances............................................. $ 24,742.5 $ 25,168.2 Future policy benefits and other policyholders liabilities.................. 17,733.1 14,304.7 Broker-dealer related payables.............................................. 485.5 595.1 Customers related payables.................................................. 2,753.1 2,722.2 Amounts due to reinsurers................................................... 64.2 1,119.5 Short-term and long-term debt............................................... 484.6 982.0 Loans from affiliates....................................................... 1,325.0 325.0 Income taxes payable........................................................ 3,813.2 3,398.9 Other liabilities........................................................... 2,842.5 1,963.2 Separate Accounts' liabilities.............................................. 67,627.0 96,539.6 Minority interest in equity of consolidated subsidiaries.................... 2,896.9 2,478.9 Minority interest subject to redemption rights.............................. 135.0 142.7 ----------------- ----------------- Total liabilities...................................................... 124,902.6 149,740.0 ----------------- ----------------- Commitments and contingent liabilities (Notes 2, 7, 10, 11, 12, 13, 18 and 19) SHAREHOLDER'S EQUITY Common stock, $1.25 par value, 2.0 million shares authorized, issued and outstanding................................................... 2.5 2.5 Capital in excess of par value.............................................. 5,184.1 5,265.4 Retained earnings........................................................... 8,412.6 5,186.0 Accumulated other comprehensive loss........................................ (2,235.6) (267.9) ----------------- ----------------- Total shareholder's equity............................................. 11,363.6 10,186.0 ----------------- ----------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY.................................. $ 136,266.2 $ 159,926.0 ================= =================
See Notes to Consolidated Financial Statements. F-2 AXA EQUITABLE LIFE INSURANCE COMPANY CONSOLIDATED STATEMENTS OF EARNINGS YEARS ENDED DECEMBER 31, 2008, 2007 AND 2006
2008 2007 2006 ----------------- ----------------- ----------------- (IN MILLIONS) REVENUES Universal life and investment-type product policy fee income........................................... $ 2,951.7 $ 2,741.7 $ 2,252.7 Premiums...................................................... 758.6 804.9 817.8 Net investment income......................................... 9,093.7 2,688.4 2,389.2 Investment (losses) gains, net................................ (338.5) (7.2) 46.9 Commissions, fees and other income............................ 6,115.8 5,180.6 4,373.0 ----------------- ----------------- ----------------- Total revenues.......................................... 18,581.3 11,408.4 9,879.6 ----------------- ----------------- ----------------- BENEFITS AND OTHER DEDUCTIONS Policyholders' benefits....................................... 4,702.6 1,998.5 1,960.5 Interest credited to policyholders' account balances.......... 1,065.3 1,065.2 1,082.5 Compensation and benefits..................................... 1,989.1 2,453.2 2,090.4 Commissions................................................... 1,437.1 1,744.2 1,394.4 Distribution plan payments.................................... 274.4 335.1 292.9 Amortization of deferred sales commissions.................... 79.1 95.5 100.4 Interest expense.............................................. 58.5 72.0 70.4 Amortization of deferred policy acquisition costs............. 3,484.7 1,099.2 689.3 Capitalization of deferred policy acquisition costs........... (1,394.1) (1,719.3) (1,363.4) Rent expense.................................................. 246.6 224.3 204.1 Amortization of other intangible assets....................... 23.7 23.2 23.6 Other operating costs and expenses............................ 1,196.0 1,317.9 1,254.2 ----------------- ----------------- ----------------- Total benefits and other deductions..................... 13,163.0 8,709.0 7,799.3 ----------------- ----------------- ----------------- Earnings from continuing operations before income taxes and minority interest.......................... 5,418.3 2,699.4 2,080.3 Income taxes.................................................. (1,701.9) (759.8) (424.5) Minority interest in net income of consolidated subsidiaries.. (470.0) (702.9) (608.3) ----------------- ----------------- ----------------- Earnings from continuing operations........................... 3,246.4 1,236.7 1,047.5 (Losses) earnings from discontinued operations, net of income taxes........................................ (26.1) (5.9) 31.2 Gains (losses) on disposal of discontinued operations, net of income taxes........................................ 6.3 2.8 (1.9) ----------------- ----------------- ----------------- NET EARNINGS.................................................. $ 3,226.6 $ 1,233.6 $ 1,076.8 ================= ================= =================
See Notes to Consolidated Financial Statements. F-3 AXA EQUITABLE LIFE INSURANCE COMPANY CONSOLIDATED STATEMENTS OF SHAREHOLDER'S EQUITY AND COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2008, 2007 AND 2006
2008 2007 2006 ----------------- ---------------- ---------------- (IN MILLIONS) SHAREHOLDER'S EQUITY Common stock, at par value, beginning and end of year............. $ 2.5 $ 2.5 $ 2.5 ----------------- ---------------- ---------------- Capital in excess of par value, beginning of year................. 5,265.4 5,139.6 4,976.3 Changes in capital in excess of par value......................... (81.3) 125.8 163.3 ----------------- ---------------- ---------------- Capital in excess of par value, end of year....................... 5,184.1 5,265.4 5,139.6 ----------------- ---------------- ---------------- Retained earnings, beginning of year.............................. 5,186.0 4,507.6 4,030.8 Cumulative effect adjustment to adopt FIN 48...................... - 44.8 - ----------------- ---------------- ---------------- Retained earnings, beginning of year as adjusted.................. 5,186.0 4,552.4 4,030.8 Net earnings...................................................... 3,226.6 1,233.6 1,076.8 Dividends on common stock......................................... - (600.0) (600.0) ----------------- ---------------- ---------------- Retained earnings, end of year.................................... 8,412.6 5,186.0 4,507.6 ----------------- ---------------- ---------------- Accumulated other comprehensive (loss) income, beginning of year.............................................. (267.9) (167.3) 432.3 Other comprehensive loss ......................................... (1,967.7) (100.6) (150.1) Adjustment to initially apply SFAS No.158, net of income taxes ... - - (449.5) ----------------- ---------------- ---------------- Accumulated other comprehensive loss, end of year................. (2,235.6) (267.9) (167.3) ----------------- ---------------- ---------------- TOTAL SHAREHOLDER'S EQUITY, END OF YEAR........................... $ 11,363.6 $ 10,186.0 $ 9,482.4 ================= ================ ================
2008 2007 2006 ----------------- ---------------- ---------------- (IN MILLIONS) COMPREHENSIVE INCOME Net earnings.................................................... $ 3,226.6 $ 1,233.6 $ 1,076.8 ----------------- ---------------- ---------------- Change in unrealized losses, net of reclassification adjustment.................................. (1,374.4) (178.6) (150.1) Defined benefit plans: Net (loss) gain arising during year.......................... (620.4) 38.8 - Prior service cost arising during year....................... - 1.7 - Less: reclassification adjustment for: Amortization of net losses included in net periodic cost... 30.8 41.2 - Amortization of net prior service credit included in net periodic cost............................ (3.7) (3.6) - Amortization of net transition asset....................... - (.1) - ----------------- ---------------- ---------------- Other comprehensive income - defined benefit plans......... (593.3) 78.0 - ----------------- ---------------- ---------------- Other comprehensive loss........................................ (1,967.7) (100.6) (150.1) ----------------- ---------------- ---------------- COMPREHENSIVE INCOME............................................ $ 1,258.9 $ 1,133.0 $ 926.7 ================= ================ ================
See Notes to Consolidated Financial Statements. F-4 AXA EQUITABLE LIFE INSURANCE COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2008, 2007 AND 2006
2008 2007 2006 ----------------- ----------------- ----------------- (IN MILLIONS) Net earnings.................................................. $ 3,226.6 $ 1,233.6 $ 1,076.8 Adjustments to reconcile net earnings to net cash provided by operating activities: Interest credited to policyholders' account balances........ 1,065.3 1,065.2 1,082.5 Universal life and investment-type product policy fee income........................................ (2,951.7) (2,741.7) (2,252.7) Net change in broker-dealer and customer related receivables/payables..................................... 618.9 98.5 117.2 Net investment income related to derivative instruments..... (7,302.1) (86.6) 302.4 Change in reinsurance recoverable with affiliate............ (6,351.5) - - Investment losses (gains), net.............................. 338.5 7.2 (46.9) Change in segregated cash and securities, net............... (202.6) (360.3) (245.0) Change in deferred policy acquisition costs................. 2,090.6 (620.1) (674.1) Change in future policy benefits............................ 2,398.0 95.4 52.7 Change in income taxes payable.............................. 1,135.0 532.9 425.9 Minority interest in net income of consolidated subsidiaries 470.0 686.3 599.9 Change in fair value of guaranteed minimum income benefit reinsurance contracts............................ (1,566.8) (6.9) 14.8 Amortization of deferred sales commissions.................. 79.1 95.5 100.4 Other depreciation and amortization......................... 140.4 133.8 144.9 Amortization of other intangible assets, net................ 23.7 23.2 23.6 (Gains) losses on disposal of discontinued operations....... (6.3) (2.8) 1.9 Change in accounts payable and accrued expenses............. (187.7) 102.6 85.5 Other, net.................................................. 75.3 81.6 61.1 ----------------- ----------------- ----------------- Net cash (used in) provided by operating activities........... (6,907.3) 337.4 870.9 ----------------- ----------------- ----------------- Cash flows from investing activities: Maturities and repayments of fixed maturities and mortgage loans....................................... 1,727.5 2,143.1 2,962.2 Sales of investments........................................ 796.2 2,356.5 1,536.9 Sale of AXA Equitable Life and Annuity...................... 60.8 - - Purchases of investments.................................... (2,106.8) (3,525.3) (4,262.3) Cash settlements related to derivative instruments.......... 5,337.0 (98.3) - Change in short-term investments............................ 29.3 107.0 65.6 Decrease in loans to affiliates............................. - 400.0 - Increase in loans to affiliates............................. - (650.0) - Change in capitalized software, leasehold improvements and EDP equipment ....................................... (163.1) (205.0) (146.1) Other, net.................................................. 155.9 (91.2) (390.4) ----------------- ----------------- ----------------- Net cash provided by (used in) investing activities........... 5,836.8 436.8 (234.1) ----------------- ----------------- -----------------
F-5 AXA EQUITABLE LIFE INSURANCE COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2008, 2007 AND 2006 CONTINUED
2008 2007 2006 ----------------- ----------------- ----------------- (IN MILLIONS) Cash flows from financing activities: Policyholders' account balances: Deposits.................................................. $ 4,384.5 $ 4,102.1 $ 3,865.2 Withdrawals from and transfers to Separate Accounts....... (2,602.8) (3,831.7) (3,569.1) Change in short-term financings............................. (497.8) 199.0 327.7 Repayments of long-term debt ............................... - - (400.0) Increase in collateralized pledged liabilities.............. 568.7 - - Proceeds from loans from affiliates......................... 1,000.0 - - Shareholder dividends paid.................................. - (600.0) (600.0) Other, net.................................................. (551.4) (592.6) (206.5) ----------------- ----------------- ----------------- Net cash provided by (used in) financing activities........... 2,301.2 (723.2) (582.7) ----------------- ----------------- ----------------- Change in cash and cash equivalents........................... 1,230.7 51.0 54.1 Cash and cash equivalents, beginning of year.................. 1,173.2 1,122.2 1,068.1 ----------------- ----------------- ----------------- Cash and Cash Equivalents, End of Year........................ $ 2,403.9 $ 1,173.2 $ 1,122.2 ================= ================= ================= Supplemental cash flow information: Interest Paid............................................... $ 34.4 $ 52.6 $ 59.9 ================= ================= ================= Income Taxes Paid (Refunded)................................ $ 257.3 $ 178.1 $ (40.8) ================= ================= =================
See Notes to Consolidated Financial Statements. F-6 AXA EQUITABLE LIFE INSURANCE COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1) ORGANIZATION AXA Equitable Life Insurance Company ("AXA Equitable," and collectively with its consolidated subsidiaries the "Company") is an indirect, wholly owned subsidiary of AXA Financial, Inc. ("AXA Financial," and collectively with its consolidated subsidiaries, "AXA Financial Group"). AXA Financial is a wholly owned subsidiary of AXA, a French holding company for an international group of insurance and related financial services companies. The Company conducts operations in two business segments: the Insurance and Investment Management segments. The Company's management evaluates the performance of each of these segments independently and allocates resources based on current and future requirements of each segment. Insurance --------- The Insurance segment offers a variety of traditional, variable and interest-sensitive life insurance products, variable and fixed-interest annuity products, mutual funds and other investment products and asset management principally to individuals and small and medium size businesses and professional and trade associations. This segment includes Separate Accounts for individual insurance and annuity products. The Company's insurance business is conducted principally by AXA Equitable and, until August 1, 2008, its wholly owned life insurance subsidiary, AXA Equitable Life and Annuity Company ("AXA Life"), formerly AXA Life and Annuity Company. On August 1, 2008 AXA Equitable sold AXA Life to AXA Equitable Financial Services, LLC, a wholly-owned subsidiary of AXA Financial, for $60.8 million in cash, which approximated AXA Equitable's investment in AXA Life. Investment Management --------------------- The Investment Management segment is principally comprised of the investment management business of AllianceBernstein L.P., a Delaware limited partnership (together with its consolidated subsidiaries "AllianceBernstein"). AllianceBernstein provides research, diversified investment management and related services globally to a broad range of clients. Its principal services include: (a) institutional investment services, servicing institutional clients including unaffiliated corporate and public employee pension funds, endowment funds, domestic and foreign institutions and governments, by means of separately managed accounts, sub-advisory relationships, structured products, collective investments trusts, mutual funds and other investment vehicles, (b) retail services, servicing individual clients, primarily by means of retail mutual funds sponsored by AllianceBernstein or an affiliated company, sub-advisory relationships in respect of mutual funds sponsored by third parties, separately managed account programs sponsored by financial intermediaries worldwide, and other investment vehicles, (c) private client services, including high-net-worth individuals, trusts and estates, charitable foundations, partnerships, private and family corporations and other entities, by means of separately managed accounts, hedge funds, mutual funds, and other investment vehicles, and (d) institutional research services by means of independent, fundamental research, portfolio strategy and brokerage-related services. Principal subsidiaries of AllianceBernstein include: SCB Inc., formerly known as Sanford C. Bernstein, Inc. ("Bernstein"), Sanford C. Bernstein & Co. LLC ("SCB LLC"), Sanford C. Bernstein Limited ("SCBL") and SCB Partners, Inc. ("SCB Partners"). This segment includes institutional Separate Accounts principally managed by AllianceBernstein that provide various investment options for large group pension clients, primarily defined benefit and contribution plans, through pooled or single group accounts. AllianceBernstein is a private partnership for Federal income tax purposes and, accordingly, is not subject to Federal and state corporate income taxes. However, AllianceBernstein is subject to a 4.0% New York City unincorporated business tax ("UBT"). Domestic corporate subsidiaries of AllianceBernstein are subject to Federal, state and local income taxes. Foreign corporate subsidiaries are generally subject to taxes in the foreign jurisdictions where they are located. The Company provides Federal and state income taxes on the undistributed earnings of non-U.S. corporate subsidiaries except to the extent that such earnings are permanently invested outside the United States. F-7 In October 2000, AllianceBernstein acquired substantially all of the assets and liabilities of SCB Inc (the "Bernstein Acquisition"). Following a two-year lockout period that ended October 2002, the former Bernstein shareholders were permitted to exercise the right to sell private units in AllianceBernstein L.P. (the "AllianceBernstein Units") that were acquired in the Bernstein Acquisition to AXA Financial or an affiliated company (the "AB Put"). In February 2007, AXA Financial purchased a tranche of 8.16 million AllianceBernstein Units pursuant to an exercise of the AB Put at a purchase price of approximately $745.7 million and recorded additional goodwill of $392.8 million and other intangible assets of $209.5 million. After this purchase, AXA Financial Group's beneficial ownership in AllianceBernstein increased by approximately 3.0% to 63.3%. Through December 31, 2008, the Company acquired 32.7 million AllianceBernstein Units pursuant to the AB Put at the aggregate market price of $1,631.1 million and recorded additional goodwill of $733.8 million and other intangible assets of $251.7 million. At December 31, 2008 and 2007, the Company's consolidated economic interest in AllianceBernstein was 37.4% and 45.5%, respectively. At December 31, 2008 and 2007, AXA Financial Group's beneficial ownership in AllianceBernstein was approximately 62.4% and 63.2%, respectively. Minority interest subject to redemption rights on the consolidated balance sheets represents the remaining private AllianceBernstein Units still held by former Bernstein shareholders. On January 6, 2009, AXA America Holdings Inc. ("AXA America"), an indirect wholly owned subsidiary of AXA, purchased the remaining 8.16 million AllianceBernstein Units from SCB Partners at a price of $18.349 per Unit pursuant to the final installment of the AB Put. 2) SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation ----------------------------------------------------- The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions (including normal, recurring accruals) that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. The accompanying consolidated financial statements reflect all adjustments necessary in the opinion of management to present fairly the consolidated financial position of the Company and its consolidated results of operations and cash flows for the periods presented. The accompanying consolidated financial statements include the accounts of AXA Equitable and its subsidiary engaged in insurance related businesses (collectively, the "Insurance Group"); other subsidiaries, principally AllianceBernstein; and those investment companies, partnerships and joint ventures in which AXA Equitable or its subsidiaries has control and a majority economic interest as well as those variable interest entities ("VIEs") that meet the requirements for consolidation. At December 31, 2008 and 2007, respectively, the Insurance Group's General Account held $1.8 million and $5.7 million of investment assets issued by VIEs and determined to be significant variable interests under Financial Accounting Standards Board ("FASB") Interpretation ("FIN") 46(R), "Consolidation of Variable Interest Entities - Revised". At December 31, 2008 and 2007, respectively, as reported in the consolidated balance sheet, these investments included $0.8 million and $4.7 million of fixed maturities (collateralized debt and loan obligations) and $1.0 million and $1.0 million of other equity investments (principally investment limited partnership interests) and are subject to ongoing review for impairment in value. These VIEs do not require consolidation because management has determined that the Insurance Group is not the primary beneficiary. These variable interests at December 31, 2008 represent the Insurance Group's maximum exposure to loss from its direct involvement with the VIEs. The Insurance Group has no further economic interest in these VIEs in the form of related guarantees, commitments, derivatives, credit enhancements or similar instruments and obligations. Management of AllianceBernstein reviews quarterly its investment management agreements and its investments in, and other financial arrangements with, certain entities that hold client assets under management ("AUM") to determine the entities that AllianceBernstein is required to consolidate under FIN 46(R). These include certain mutual fund products, hedge funds, structured products, group trusts, collective investment trusts and limited partnerships. F-8 AllianceBernstein earned investment management fees on client AUM of these entities but derived no other benefit from those assets and cannot utilize those assets in its operations. At December 31, 2008, AllianceBernstein had significant variable interests in certain other structured products and hedge funds with approximately $61.0 million in client assets under management. However, these VIEs do not require consolidation because management has determined that AllianceBernstein is not the primary beneficiary of the expected losses or expected residual returns of these entities. AllianceBernstein's maximum exposure to loss in these entities is limited to its investments of $0.1 million in and prospective investment management fees earned from these entities. All significant intercompany transactions and balances have been eliminated in consolidation. The years "2008," "2007" and "2006" refer to the years ended December 31, 2008, 2007 and 2006, respectively. Certain reclassifications have been made in the amounts presented for prior periods to conform those periods to the current presentation. Accounting Changes ------------------ On January 12, 2009, the FASB issued FASB Staff Position ("FSP") Emerging Issues Task Force ("EITF") 99-20-1, "Amendments to the Impairment Guidance of EITF Issue No. 99-20", amending EITF Issue No. 99-20, "Recognition of Interest Income and Impairment of Purchased Beneficial Interests and Beneficial Interests That Continue to be Held by a Transferor in Securitized Financial Assets". The FSP broadens the other-than-temporary impairment assessment for interests in securitized financial assets within the scope of EITF 99-20 to conform to the model applicable to all other debt securities by permitting reasonable management judgment of the probability to collect all projected cash flows. FSP EITF 99-20-1 is effective prospectively for interim and annual reporting periods ending after December 15, 2008 and application to prior periods is not permitted. At December 31, 2008, debt securities with amortized cost and fair values of approximately $1,616.8 million and $1,156.3 million comprised the population subject to this amendment. Adoption of the FSP did not have an impact on the Company's consolidated results of operations or financial position. Effective January 1, 2008, Statement of Financial Accounting Standards ("SFAS") No. 159, "The Fair Value Option for Financial Assets and Financial Liabilities including an amendment of FASB Statement No. 115," permits entities to choose to measure many financial instruments and certain other items at fair value. The objective is to improve financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. Management has elected not to adopt the fair value option as permitted by SFAS No. 159. Effective January 1, 2008, the Company adopted SFAS No. 157, "Fair Value Measurements". SFAS No. 157 establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements. It applies only to fair value measurements that are already required or permitted by other accounting standards, except for measurements of share-based payments and measurements that are similar to, but not intended to be, fair value. Fair value is defined under SFAS No. 157 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company's adoption of SFAS No. 157 at January 1, 2008 required only a remeasurement of the fair value of the Guaranteed Minimum Income Benefit ("GMIB") reinsurance asset, resulting in an increase in net income of $68.8 million, related to an increase in the fair value of the GMIB reinsurance asset of $210.6 million, offset by increased DAC amortization of $104.7 million and increased Federal income taxes of $37.1 million. The increase in the GMIB reinsurance asset's fair value under SFAS No. 157 was due primarily to updates to the capital markets assumptions and risk margins, reflective of market participant assumptions required by the exit value model of SFAS No. 157. On February 12, 2008, the FASB issued FSP SFAS No. 157-2, which deferred the effective date of SFAS No. 157 for one year for all non-financial assets and non-financial liabilities, including goodwill and other intangible assets, except for those items that are recognized or disclosed at fair value on a recurring basis (at least annually). This deferral delays until December 31, 2009 the application of SFAS No. 157 to the Company's annual impairment testing of goodwill and other intangible assets but would require adoption in an earlier interim period in 2009 if circumstances would be indicative of an impairment event. Management F-9 does not anticipate adoption of this FSP to have significant impact on the methodologies used to measure fair value for these impairment assessments. On October 10, 2008, the FASB issued FSP SFAS No. 157-3, "Determining the Fair Value of a Financial Asset When the Market for That Asset Is Not Active," which clarifies the application of SFAS No. 157 in a market that is not active and provides an example to illustrate key considerations in determining the fair value of a financial asset when the market for that financial asset is not active. FSP SFAS No. 157-3 was effective upon issuance, including prior periods for which financial statements have not been issued. Significant liquidity constraints that emerged in fourth quarter 2008 in the market for commercial mortgage-backed securities ("CMBS") resulted in the Company's adoption of this clarification for purpose of measuring the fair value of its CMBS portfolio at December 31, 2008. As a result, management concluded that an adjusted discounted cash flow methodology that maximizes the use of relevant observable inputs would produce a more representative measure of the fair value of CMBS at December 31, 2008 as compared to matrix pricing and broker quotes used at prior measurement dates and that now would require significant adjustments. The determination of fair value also considered the very limited, yet observable, CMBS transactions that occurred in fourth quarter 2008. At December 31, 2008, the fair value of the Company's CMBS portfolio was $1,674.7 million. Effective January 1, 2008, the Company adopted SFAS No. 141(R), "Business Combinations (revised 2007)" to be applied prospectively for all future acquisitions. While retaining the requirement of SFAS No. 141, "Business Combinations," to use purchase accounting for all business combinations, SFAS No. 141(R)'s new rules include the following: o The acquirer will recognize 100% of the fair values of acquired assets and assumed liabilities (with few exceptions) upon initially obtaining control even if it has not acquired 100% of the target company, o Contingent considerations will be included in the purchase price consideration on a fair value basis while transaction costs will be expensed as incurred, and o The requirements in SFAS No. 146, "Accounting for Costs Associated with Exit or Disposal Activities," must be met at the acquisition date in order to accrue for a restructuring plan. In June 2007, the American Institute of Certified Public Accountants ("AICPA") issued Statement of Position ("SOP") 07-1, "Clarification of the Scope of the Audit and Accounting Guide Investment Companies and Accounting by Parent Companies and Equity Method Investors for Investments in Investment Companies". The SOP provides guidance for determining whether an entity is within the scope of the AICPA Audit and Accounting Guide for Investment Companies (the "Guide"). The SOP addresses whether the specialized industry accounting principles of the Guide should be retained by a parent company in consolidation or by an investor that has the ability to exercise significant influence over the investment company and applies the equity method of accounting to its investment in the entity. SOP 07-1 was to have been effective for fiscal years beginning after December 15, 2007. On February 12, 2008, the FASB issued FSP SOP 07-1-1 that indefinitely delays the effective date of SOP 07-1. The delay is intended to allow the FASB time to consider a number of significant issues relating to the implementation of SOP 07-1. Effective January 1, 2007, and as more fully described in Note 15 herein, the Company adopted FIN 48, "Accounting for Uncertainty in Income Taxes," an interpretation that clarifies the recognition criteria and measurement of the economic benefits associated with tax positions taken or expected to be taken in a tax return. Under FIN 48, a tax benefit is recognized only if it is "more likely than not" to be sustained based on the technical merits of the position, assuming examination by the taxing authority, and is required to be measured at the largest amount of tax benefit that is more than 50% likely of being realized upon ultimate settlement, taking into consideration the amounts and probabilities of potential settlement outcomes. FIN 48 also addresses subsequent derecognition of tax positions, changes in the measurement of recognized tax positions, accrual and classification of interest and penalties, and accounting in interim periods. In addition, annual disclosures with respect to income taxes have been expanded by FIN 48 and require inclusion of a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the reporting period. As a result of adopting FIN 48, the Company recognized a $44.8 million cumulative-effect adjustment that increased January 1, 2007 retained earnings reflecting a decrease in the amount of unrecognized tax benefits. On January 1, 2007, the Company adopted the AICPA's SOP 05-1, "Accounting by Insurance Enterprises for Deferred Acquisition Costs in Connection with Modifications or Exchanges of Insurance Contracts". The SOP requires identification of transactions that result in a substantial change in an insurance contract. F-10 Transactions subject to review include internal contract exchanges, contract modifications via amendment, rider or endorsement and elections of benefits, features or rights contained within the contract. If determined that a substantial change has occurred, the related deferred policy acquisition costs ("DAC") and other related balances must be written off. The adoption of SOP 05-1 did not have a material impact on the Company's consolidated results of operations or financial position. On December 31, 2006, the Company implemented SFAS No. 158, "Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans," requiring employers to recognize the over or underfunded status of such benefit plans as an asset or liability in the balance sheet for reporting periods ending after December 15, 2006 and to recognize subsequent changes in that funded status as a component of other comprehensive income. The funded status of a plan is measured as the difference between plan assets at fair value and the projected benefit obligation for pension plans or the benefit obligation for any other postretirement plan. SFAS No. 158 did not change the determination of net periodic benefit cost or its presentation in the statement of earnings. However, its requirements represent a significant change to previous accounting guidance that generally delayed recognition of certain changes in plan assets and benefit obligations in the balance sheet and only required disclosure of the complete funded status of the plans in the notes to the financial statements. As required by SFAS No. 158, the $449.5 million impact of initial adoption, net of income tax and minority interest, was reported as an adjustment to the December 31, 2006 balance of accumulated other comprehensive income in the accompanying consolidated financial statements. The consequent recognition of the funded status of its defined benefit pension and other postretirement plans at December 31, 2006 reduced total assets by approximately $684.2 million principally due to the $684.2 million reduction of prepaid pension cost, and decreased total liabilities by approximately $234.7 million. The change in liabilities resulted principally from the $242.7 million decrease in income taxes payable partially offset by an increase of $12.0 million in benefit plan liabilities. SFAS No. 158 imposes an additional requirement, effective for fiscal years ending after December 15, 2008, to measure plan assets and benefit obligations as of the date of the employer's year-end balance sheet, thereby eliminating the option to elect an earlier measurement date alternative of not more than three months prior to that date, if used consistently each year. This provision of SFAS No. 158 had no impact on the Company as it already uses a December 31 measurement date for all of its plan assets and benefits obligations. On January 1, 2006, the Company adopted SFAS No. 123(R), "Share-Based Payment," which requires the cost of all share-based payments to employees to be recognized in the financial statements based on their fair values, resulting in compensation expense for certain types of the Company's equity-classified award programs for which no cost previously would have been charged to net earnings in accordance with Accounting Principles Board Opinion ("APB") No. 25, "Accounting for Stock Issued to Employees," most notably for employee options to purchase AXA American Depository Receipts ("ADRs") and AXA ordinary shares and for employee stock purchase plans. As a result of adopting SFAS No. 123(R) on January 1, 2006, consolidated earnings from continuing operations before income taxes and minority interest for 2006 was $81.8 million lower and consolidated net earnings for 2006 was $52.5 million lower than if these plans had continued to be accounted for under APB No. 25. The Company used the "modified prospective method," applying the measurement, recognition, and attribution requirements of SFAS No. 123(R) to stock-based compensation awards granted, modified, repurchased or cancelled on or after January 1, 2006. Beginning in first quarter 2006, costs associated with unvested portions of outstanding employee stock option awards at January 1, 2006 were recognized in the consolidated statement of earnings over the awards' remaining future service-vesting periods. Liability-classified awards outstanding at January 1, 2006, such as performance units and stock appreciation rights, were remeasured to fair value. The remeasurement resulted in no adjustment to their intrinsic value basis, including the cumulative effect of differences between actual and expected forfeitures, primarily due to the de minimis time remaining to expected settlement of these awards. The Company also elected the "short-cut" transition alternative for approximating the historical pool of windfall tax benefits available in shareholder's equity at January 1, 2006 as provided by the FASB in FSP FAS No. 123(R)-3, "Transition Election Related to Accounting For the Tax Effects of Share-Based Payment Awards". This historical pool represents the cumulative tax benefits of tax deductions for employee share-based payments in excess of compensation costs recognized under U.S. GAAP. In the event that a shortfall F-11 of tax benefits occurs during a reporting period (i.e., tax deductions are less than the related cumulative compensation expense), the historical pool will be reduced by the amount of the shortfall. If the shortfall exceeds the amount of the historical pool, there will be a negative impact on the results of operations. In 2008, 2007 and 2006, additional windfall tax benefits resulted from employee exercises of stock option awards. New Accounting Pronouncements ----------------------------- On December 30, 2008, the FASB issued FSP FAS 132(R)-1, "Disclosures about Employers' Postretirement Benefit Plan Assets". The FSP amended FAS. 132(R), "Disclosure about Plan Assets," to require additional disclosures about assets held in an employer's defined benefit pension or other postretirement plans, including disclosures about fair value measures similar to those of SFAS No. 157. The FSP is effective prospectively for fiscal years ending after December 15, 2009. On March 19, 2008, the FASB issued SFAS No. 161, "Disclosures about Derivative Instruments and Hedging Activities, an amendment of FASB Statement No. 133," which requires enhanced disclosures of an entity's objectives and strategies for using derivatives, including tabular presentation of fair value amounts, gains and losses, and related hedged items, with appropriate cross-referencing to the financial statements. SFAS No. 161 is effective for interim and annual reporting periods beginning January 1, 2009. On December 4, 2007, the FASB issued SFAS No. 160, "Noncontrolling Interests in Consolidated Financial Statements, an amendment of ARB No. 51". SFAS No. 160 will: o Recharacterize minority interests, currently classified within liabilities, as noncontrolling interests to be reported as a component of consolidated equity on the balance sheet, o Include total income in net income, with separate disclosure on the face of the consolidated income statement of the attribution of income between controlling and noncontrolling interests, and o Account for increases and decreases in noncontrolling interests as equity transactions with any difference between proceeds of a purchase or issuance of noncontrolling interests being accounted for as a change to the controlling entity's equity instead of as current period gains/losses in the consolidated income statement. Only when the controlling entity loses control and deconsolidates a subsidiary will a gain or loss be recognized. SFAS No. 160 is effective prospectively for fiscal years beginning on or after December 15, 2008 except for its specific transition provisions for retroactive adoption of the balance sheet and income statement presentation and disclosure requirements for existing minority interests. Management currently is assessing the impacts of adoption, including adjustments that will be required in the consolidated financial statements to conform the presentations of minority interest in the equity and net income of AllianceBernstein and the recognition of changes in the Company's ownership interest. In 2009, the Emerging Issues Task Force will consider a topic entitled "Consideration of an Insurer's Accounting for Majority Owned Investments When the Ownership Is Through a Separate Account". This issue will consider the treatment of Separate Account arrangements that involve ownership by the Separate Account of more than 50% of its mutual fund shares. Closed Block ------------ As a result of demutualization, the Closed Block was established in 1992 for the benefit of certain individual participating policies that were in force on that date. Assets, liabilities and earnings of the Closed Block are specifically identified to support its participating policyholders. Assets allocated to the Closed Block inure solely to the benefit of the Closed Block policyholders and will not revert to the benefit of AXA Equitable. No reallocation, transfer, borrowing or lending of assets can be made between the Closed Block and other portions of AXA Equitable's General Account, any of its Separate Accounts or any affiliate of AXA Equitable without the approval of the New York Superintendent of Insurance (the "Superintendent"). Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the General Account. The excess of Closed Block liabilities over Closed Block assets (adjusted to exclude the impact of related amounts in accumulated other comprehensive income) represents the expected maximum future post-tax earnings from the Closed Block that would be recognized in income from continuing operations over the period the policies and contracts in the Closed Block remain in force. As of January 1, 2001, the Company has developed an actuarial calculation of the expected timing of the Closed Block earnings. F-12 If the actual cumulative earnings from the Closed Block are greater than the expected cumulative earnings, only the expected earnings will be recognized in net income. Actual cumulative earnings in excess of expected cumulative earnings at any point in time are recorded as a policyholder dividend obligation because they will ultimately be paid to Closed Block policyholders as an additional policyholder dividend unless offset by future performance that is less favorable than originally expected. If a policyholder dividend obligation has been previously established and the actual Closed Block earnings in a subsequent period are less than the expected earnings for that period, the policyholder dividend obligation would be reduced (but not below zero). If, over the period the policies and contracts in the Closed Block remain in force, the actual cumulative earnings of the Closed Block are less than the expected cumulative earnings, only actual earnings would be recognized in income from continuing operations. If the Closed Block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside the Closed Block. Many expenses related to Closed Block operations, including amortization of DAC, are charged to operations outside of the Closed Block; accordingly, net revenues of the Closed Block do not represent the actual profitability of the Closed Block operations. Operating costs and expenses outside of the Closed Block are, therefore, disproportionate to the business outside of the Closed Block. Investments ----------- The carrying values of fixed maturities identified as available for sale are reported at fair value. Changes in fair value are reported in comprehensive income. The amortized cost of fixed maturities is adjusted for impairments in value deemed to be other than temporary. The redeemable preferred stock investments reported in fixed maturities include real estate investment trusts ("REIT") perpetual preferred stock, other perpetual preferred stock and redeemable preferred stock. These securities may not have a stated maturity, may not be cumulative and do not provide for mandatory redemption by the issuer. Mortgage loans on real estate are stated at unpaid principal balances, net of unamortized discounts and valuation allowances. Valuation allowances are based on the present value of expected future cash flows discounted at the loan's original effective interest rate or on its collateral value if the loan is collateral dependent. However, if foreclosure is or becomes probable, the collateral value measurement method is used. Impaired mortgage loans without provision for losses are loans where the fair value of the collateral or the net present value of the expected future cash flows related to the loan equals or exceeds the recorded investment. Interest income earned on loans where the collateral value is used to measure impairment is recorded on a cash basis. Interest income on loans where the present value method is used to measure impairment is accrued on the net carrying value amount of the loan at the interest rate used to discount the cash flows. Changes in the present value attributable to changes in the amount or timing of expected cash flows are reported as investment gains or losses. Real estate held for the production of income, including real estate acquired in satisfaction of debt, is stated at depreciated cost less valuation allowances. At the date of foreclosure (including in-substance foreclosure), real estate acquired in satisfaction of debt is valued at estimated fair value. Impaired real estate is written down to fair value with the impairment loss being included in Investment (losses) gains, net. Depreciation of real estate held for production of income is computed using the straight-line method over the estimated useful lives of the properties, which generally range from 40 to 50 years. Valuation allowances are netted against the asset categories to which they apply. Policy loans are stated at unpaid principal balances. Partnerships, investment companies and joint venture interests in which the Company has control and a majority economic interest (that is, greater than 50% of the economic return generated by the entity) or those that meet the requirements for consolidation under FIN 46(R) are consolidated; those in which the Company does not have control and a majority economic interest and those that do not meet FIN 46(R) requirements for consolidation are reported on the equity basis of accounting and are included either with equity real estate or other equity investments, as appropriate. The Company records its interests in certain of these partnerships on a one quarter lag. F-13 Equity securities, which include common stock and non-redeemable preferred stock classified as available for sale securities, are carried at fair value and are included in other equity investments with unrealized gains and losses reported as a separate component of accumulated other comprehensive income (loss) in Shareholder's equity. Trading securities, which include equity securities and fixed maturities, are carried at fair value based on quoted market prices, with unrealized gains and losses reported in Net earnings. Corporate owned life insurance ("COLI") is purchased by the Company on the lives of certain key employees; certain subsidiaries of the Company are named as beneficiaries under these policies. COLI is carried at the cash surrender value of the policies. At December 31, 2008 and 2007, the carrying value of COLI was $687.3 million and $770.7 million, respectively, and is reported in Other invested assets in the consolidated balance sheets. Short-term investments are stated at amortized cost that approximates fair value, and are included with other invested assets. Cash and cash equivalents includes cash on hand, demand deposits, money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less. Due to the short-term nature of these investments, the recorded value has been determined to approximate fair value. All securities owned including United States government and agency securities, mortgage-backed securities and futures and forwards transactions are recorded in the consolidated financial statements on a trade date basis. Derivatives ----------- The Company primarily uses derivatives for asset/liability risk management, for hedging individual securities and certain equity exposures and to reduce its exposure to interest rate fluctuations on its long-term debt obligations. Various derivative instruments are used to achieve these objectives, including interest rate floors, interest rate swaps, futures contracts and options positions. None of the derivatives were designated as qualifying hedges under SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities". The Insurance Group issues certain variable annuity products with Guaranteed Minimum Death Benefit ("GMDB"), GMIB and Guaranteed Withdrawal Benefit for Life ("GWBL") features. The risk associated with the GMDB feature is that under-performance of the financial markets could result in GMDB benefits, in the event of death, being higher than what accumulated policyholder account balances would support. The risk associated with the GMIB feature is that under-performance of the financial markets could result in GMIB benefits, in the event of election, being higher than what accumulated policyholders account balances would support. The Company currently utilizes a combination of futures contracts and interest rate swap and floor contracts to hedge such risks. However, for both GMDB and GMIB, the Company retains basis and volatility risk and risk associated with actual versus expected assumptions for mortality, lapse, surrender, withdrawal and contractholder election rates, among other things. The futures contracts are managed to correlate with changes in the value of the GMDB and GMIB feature that result from financial markets movements. In addition, the Company has purchased reinsurance contracts to mitigate the risks associated with the impact of potential market fluctuations on future policyholder elections of GMIB features contained in certain annuity contracts issued by the Company. Reinsurance contracts covering GMIB exposure as well as the GWBL features are considered derivatives for accounting purposes, and, therefore, must be reported in the balance sheet at their fair value. GMIB reinsurance and GWBL features' fair values are reported in the consolidated balance sheets in Other assets and Future policy benefits and other policyholders liabilities, respectively. Changes in GMIB reinsurance fair values are reflected in Commissions, fees and other income in the consolidated statements of earnings, while changes related to the GWBL fair values are reported in Policyholder's benefits. There can be no assurance that ultimate actual experience will not differ from management's estimates. See Note 8 herein. F-14 Margins on individual insurance and annuity contracts are affected by interest rate fluctuations. If interest rates fall, credited interest rates and dividends could be adjusted prospectively subject to minimum rate guarantees. To hedge exposure to lower interest rates for these and other reasons, the Company may use interest rate floors. The Company is exposed to equity market fluctuations through investments in Separate Accounts. The Company may enter into derivative contracts to minimize such risk. The Company is exposed to credit-related losses in the event of nonperformance by counterparties to derivative financial instruments. Generally, such credit exposure is limited to the fair value of the derivative instruments at the reporting date. All derivatives outstanding at December 31, 2008 and 2007 are recognized on the balance sheet at their fair values. The Company controls and minimizes its counterparty exposure. Exposure to credit risk is controlled with respect to each counterparty through a credit appraisal and approval process. Each counterparty is currently rated A+ or better by Moody's and Standard and Poor's rating agencies. In addition, as further described in Note 3, the Company has executed various collateral arrangements with counterparties to over-the-counter derivative transactions that require both pledging and accepting collateral either in the form of cash or high-quality securities, such as Treasuries or those issued by government agencies. All outstanding equity-based and treasury futures contracts at December 31, 2008 and 2007 were exchange-traded and are marked to market and net settled daily. All gains and losses on derivative financial instruments other than the GMIB reinsurance contracts and the GWBL features liability are reported in Net investment income. Net Investment Income, Investment (Losses) Gains, Net and Unrealized Investment Gains (Losses) -------------------------------------------------------------------- Net investment income and realized investment gains (losses), net (together, "investment results") related to certain participating group annuity contracts which are passed through to the contractholders are offset by amounts reflected as interest credited to policyholders' account balances. Realized investment gains (losses) are determined by identification with the specific asset and are presented as a component of revenue. Changes in the valuation allowances are included in Investment (losses) gains, net. Realized and unrealized holding gains (losses) on trading securities are reflected in Net investment income. Unrealized investment gains and losses on fixed maturities and equity securities available for sale held by the Company are accounted for as a separate component of accumulated comprehensive income, net of related deferred income taxes, amounts attributable to certain pension operations principally consisting of group non-participating wind-up annuity products ("Wind-up Annuities"), Closed Block's policyholders dividend obligation and DAC related to universal life and investment-type products and participating traditional life contracts. Fair Value of Other Financial Instruments ----------------------------------------- SFAS No. 157 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. SFAS No. 157 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value: Level 1 Quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data. Level 3 Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity's own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability. F-15 Fair value measurements classified as Level 1 include exchange-traded prices of debt and equity securities and net asset values for transacting subscriptions and redemptions of mutual fund shares held by Separate Accounts. At December 31, 2008, investments classified as Level 2 comprised approximately 24.0% of invested assets measured at fair value on a recurring basis and primarily included U.S. government and agency securities and certain corporate debt securities. As market quotes generally are not readily available or accessible for these securities, their fair value measures most often are determined through the use of model pricing that effectively discounts prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security's duration, also taking into consideration issuer-specific credit quality and liquidity. These valuation methodologies have been studied and evaluated by the Company and the resulting prices determined to be representative of exit values for which the significant inputs are sourced either directly or indirectly from market observable data. At December 31, 2008, approximately $419.4 million amortized cost of CMBS securities were transferred from Level 2 to Level 3 classification. Through third quarter 2008, pricing of these securities was sourced from a third party service, whose process placed significant reliance on market trading activity. In fourth quarter 2008, the lack of sufficient observable CMBS trading data and significant volatility in the pricing of isolated trades, made it difficult, at best, to validate prices of CMBS securities below the senior AAA tranche for which limited trading continued. Consequently, the Company instead applied a risk-adjusted present value technique to the projected cash flows of these securities, as adjusted for origination year, default metrics, and level of subordination, with the objective of maximizing observable inputs. To provide for consideration of fourth quarter market transactions, the fair value measures of these CMBS securities at December 31, 2008 attributed a 10% weighting to the pricing sourced from the third party service. This weighting of multiple valuation techniques is permitted both by SFAS No. 157 and FSP FAS 157-3 and produces a more representative measure of the fair values of these CMBS securities in the circumstances. The fair value of these CMBS securities at December 31, 2008 was approximately $358.2 million. The Level 2 classification continues to include approximately $1,843.0 million AAA-rated mortgage- and asset-backed securities, including AAA senior CMBS, for which the observability of market inputs to their pricing models is supported by sufficient, albeit more recently volatile, market activity in these sectors. Determinations to classify fair value measures within Level 3 of the valuation hierarchy generally are based upon the significance of the unobservable factors to the overall fair value measurement. In addition to the CMBS securities described above, included in the Level 3 classification at December 31, 2008 were approximately $458.4 million of fixed maturities with indicative pricing obtained from brokers that otherwise could not be corroborated to market observable data. The Company applies various due-diligence procedures, as considered appropriate, to validate the pricing of investments classified as Level 3, including back-testing to historical prices, benchmarking to similar securities, and internal review by a valuation committee. Level 3 also includes the GMIB reinsurance asset and the GWBL features' liability, which are accounted for as derivatives in accordance with SFAS No. 133. The GMIB reinsurance asset reflects the present value of reinsurance premiums and recoveries and risk margins over a range of market consistent economic scenarios while the GWBL related liability reflects the present value of expected future payments (benefits) less the fees, adjusted for risk margins, attributable to the GWBL feature valued as an embedded derivative over a range of market-consistent economic scenarios. The valuation of both the asset and liability just described incorporates significant non-observable assumptions related to policyholder behavior, risk margins and projections of Separate Account funds. The Company defines fair value as the quoted market prices for those instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time the Company's entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair values cannot be substantiated by comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument. Certain financial instruments are excluded from fair value disclosures, particularly insurance liabilities other than financial guarantees and investment contracts. Fair market values of off-balance-sheet financial instruments of the Insurance Group were not material at December 31, 2008 and 2007. F-16 Fair values for mortgage loans on real estate are measured by discounting future contractual cash flows using interest rates at which loans with similar characteristics and credit quality would be made. Fair values for foreclosed mortgage loans and problem mortgage loans are limited to the fair value of the underlying collateral if lower. The fair values for the Company's association plan contracts, supplementary contracts not involving life contingencies ("SCNILC") and certain annuities, which are included in policyholders' account balances, and guaranteed interest contracts are estimated using projected cash flows discounted at rates reflecting expected current offering rates. The fair values for variable deferred annuities and single premium deferred annuities, included in policyholders' account balances, are estimated as the discounted value of projected account values. Current account values are projected to the time of the next crediting rate review at the current crediting rates and are projected beyond that date at the greater of current estimated market rates offered on new policies or the guaranteed minimum crediting rate. Expected cash flows and projected account values are discounted back to the present at the current estimated market rates. Fair values for long-term debt are determined using published market values, where available, or contractual cash flows discounted at market interest rates. The fair values for non-recourse mortgage debt are determined by discounting contractual cash flows at a rate that takes into account the level of current market interest rates and collateral risk. The fair values for recourse mortgage debt are determined by discounting contractual cash flows at a rate based upon current interest rates of other companies with credit ratings similar to the Company. The Company's carrying value of short-term borrowings approximates fair value. Recognition of Insurance Income and Related Expenses ---------------------------------------------------- Premiums from universal life and investment-type contracts are reported as deposits to policyholders' account balances. Revenues from these contracts consist of amounts assessed during the period against policyholders' account balances for mortality charges, policy administration charges and surrender charges. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policyholders' account balances. Premiums from participating and non-participating traditional life and annuity policies with life contingencies generally are recognized in income when due. Benefits and expenses are matched with such income so as to result in the recognition of profits over the life of the contracts. This match is accomplished by means of the provision for liabilities for future policy benefits and the deferral and subsequent amortization of policy acquisition costs. For contracts with a single premium or a limited number of premium payments due over a significantly shorter period than the total period over which benefits are provided, premiums are recorded as revenue when due with any excess profit deferred and recognized in income in a constant relationship to insurance in-force or, for annuities, the amount of expected future benefit payments. Premiums from individual health contracts are recognized as income over the period to which the premiums relate in proportion to the amount of insurance protection provided. DAC --- Acquisition costs that vary with and are primarily related to the acquisition of new and renewal insurance business, including commissions, underwriting, agency and policy issue expenses, are deferred. DAC is subject to recoverability testing at the time of policy issue and loss recognition testing at the end of each accounting period. For universal life products and investment-type products, DAC is amortized over the expected total life of the contract group as a constant percentage of estimated gross profits arising principally from investment results, Separate Account fees, mortality and expense margins and surrender charges based on historical and anticipated future experience, updated at the end of each accounting period. When estimated gross profits are expected to be negative for multiple years of a contract life, DAC is amortized using the present value of estimated assessments. The effect on the amortization of DAC of revisions to estimated gross profits or F-17 assessments is reflected in earnings in the period such estimated gross profits or assessments are revised. A decrease in expected gross profits or assessments would accelerate DAC amortization. Conversely, an increase in expected gross profits or assessments would slow DAC amortization. The effect on the DAC asset that would result from realization of unrealized gains (losses) is recognized with an offset to accumulated comprehensive income in consolidated shareholder's equity as of the balance sheet date. A significant assumption in the amortization of DAC on variable and interest-sensitive life insurance and variable annuities relates to projected future Separate Account performance. Management sets estimated future gross profit assumptions related to Separate Account performance using a long-term view of expected average market returns by applying a reversion to the mean approach. In applying this approach to develop estimates of future returns, it is assumed that the market will return to an average gross long-term return estimate, developed with reference to historical long-term equity market performance and subject to assessment of the reasonableness of resulting estimates of future return assumptions. For purposes of making this reasonableness assessment, management has set limitations as to maximum and minimum future rate of return assumptions, as well as a limitation on the duration of use of these maximum or minimum rates of return. At December 31, 2008, the average gross short-term and long-term annual return estimate is 9.0% (6.7% net of product weighted average Separate Account fees), and the gross maximum and minimum annual rate of return limitations are 15.0% (12.7% net of product weighted average Separate Account fees) and 0.0% ((2.3%) net of product weighted average Separate Account fees), respectively. The maximum duration over which these rate limitations may be applied is 5 years. This approach will continue to be applied in future periods. If actual market returns continue at levels that would result in assuming future market returns of 15.0% for more than 5 years in order to reach the average gross long-term return estimate, the application of the 5 year maximum duration limitation would result in an acceleration of DAC amortization. Conversely, actual market returns resulting in assumed future market returns of 0.0% for more than 5 years would result in a required deceleration of DAC amortization. As of December 31, 2008, current projections of future average gross market returns assume a 9% return for 2009 through 2013, which is within the maximum and minimum limitations. At the end of each accounting period, the present value of estimated gross profits or assessments is updated based on historical and anticipated future experience. Due primarily to the significant reduction in Separate Accounts balances in fourth quarter 2008 and a change in the estimate of average gross short-term annual return on Separate Account balances to 9.0%, estimated gross profits on a U.S. GAAP basis for certain issue years of the Accumulator(R) product line of variable annuities are expected to be negative due to the recognition of derivative gains in earnings, while the reserves do not fully reflect the immediate impact of equity and interest market fluctuations. Therefore, the amortization method was changed from a methodology that uses the present value of estimated gross profits to the present value of estimated assessments. In addition, projections of future mortality assumptions related to variable and interest-sensitive life products are based on a long-term average of actual experience. This assumption is updated quarterly to reflect recent experience as it emerges. Improvement of life mortality in future periods from that currently projected would result in future deceleration of DAC amortization. Conversely, deterioration of life mortality in future periods from that currently projected would result in future acceleration of DAC amortization. Generally, life mortality experience has been improving in recent years. Other significant assumptions underlying gross profit estimates relate to contract persistency and General Account investment spread. For participating traditional life policies (substantially all of which are in the Closed Block), DAC is amortized over the expected total life of the contract group as a constant percentage based on the present value of the estimated gross margin amounts expected to be realized over the life of the contracts using the expected investment yield. At December 31, 2008, the average rate of assumed investment yields, excluding policy loans, was 6.2% grading to 6.0% over 10 years. Estimated gross margin includes anticipated premiums and investment results less claims and administrative expenses, changes in the net level premium reserve and expected annual policyholder dividends. The effect on the accumulated amortization of DAC of revisions to estimated gross margins is reflected in earnings in the period such estimated gross margins are revised. The effect on the DAC asset that would result from realization of unrealized gains (losses) is recognized with an offset to accumulated comprehensive income in consolidated shareholder's equity as of the balance sheet date. F-18 For non-participating traditional life policies, DAC is amortized in proportion to anticipated premiums. Assumptions as to anticipated premiums are estimated at the date of policy issue and are consistently applied during the life of the contracts. Deviations from estimated experience are reflected in earnings in the period such deviations occur. For these contracts, the amortization periods generally are for the total life of the policy. Contractholder Bonus Interest Credits ------------------------------------- Contractholder bonus interest credits are offered on certain deferred annuity products in the form of either immediate bonus interest credited or enhanced interest crediting rates for a period of time. The interest crediting expense associated with these contractholder bonus interest credits is deferred and amortized over the lives of the underlying contracts in a manner consistent with the amortization of DAC. Unamortized balances are included in Other assets. Policyholders' Account Balances and Future Policy Benefits ---------------------------------------------------------- Policyholders' account balances for universal life and investment-type contracts are equal to the policy account values. The policy account values represent an accumulation of gross premium payments plus credited interest less expense and mortality charges and withdrawals. AXA Equitable issues certain variable annuity products with GMDB and GWBL features and guaranteed minimum accumulation benefits ("GMAB"). AXA Equitable also issues certain variable annuity products that contain a GMIB feature which, if elected by the policyholder after a stipulated waiting period from contract issuance, guarantees a minimum lifetime annuity based on predetermined annuity purchase rates that may be in excess of what the contract account value can purchase at then-current annuity purchase rates. This minimum lifetime annuity is based on predetermined annuity purchase rates applied to a guaranteed minimum income benefit base. Reserves for GMDB and GMIB obligations are calculated on the basis of actuarial assumptions related to projected benefits and related contract charges generally over the lives of the contracts using assumptions consistent with those used in estimating gross profits for purposes of amortizing DAC. The determination of this estimated liability is based on models that involve numerous estimates and subjective judgments, including those regarding expected market rates of return and volatility, contract surrender and withdrawal rates, mortality experience, and, for contracts with the GMIB feature, GMIB election rates. Assumptions regarding Separate Account performance used for purposes of this calculation are set using a long-term view of expected average market returns by applying a reversion to the mean approach, consistent with that used for DAC amortization. There can be no assurance that ultimate actual experience will not differ from management's estimates. For reinsurance contracts other than those covering GMIB exposure, reinsurance recoverable balances are calculated using methodologies and assumptions that are consistent with those used to calculate the direct liabilities. Deferred cost of reinsurance associated with the reinsurance of GMDB and GMIB riders is amortized over the life of the underlying annuity contracts based on assessments. For participating traditional life policies, future policy benefit liabilities are calculated using a net level premium method on the basis of actuarial assumptions equal to guaranteed mortality and dividend fund interest rates. The liability for annual dividends represents the accrual of annual dividends earned. Terminal dividends are accrued in proportion to gross margins over the life of the contract. For non-participating traditional life insurance policies, future policy benefit liabilities are estimated using a net level premium method on the basis of actuarial assumptions as to mortality, persistency and interest established at policy issue. Assumptions established at policy issue as to mortality and persistency are based on the Insurance Group's experience that, together with interest and expense assumptions, includes a margin for adverse deviation. When the liabilities for future policy benefits plus the present value of expected future gross premiums for a product are insufficient to provide for expected future policy benefits and expenses for that product, DAC is written off and thereafter, if required, a premium deficiency reserve is established by a charge to earnings. Benefit liabilities for traditional annuities during the accumulation period are equal to accumulated contractholders' fund balances and, after annuitization, are equal to the present value of expected future payments. Interest rates used in establishing such liabilities range from 4.0% to 10.9% for life insurance liabilities and from 2.35% to 8.7% for annuity liabilities. F-19 Individual health benefit liabilities for active lives are estimated using the net level premium method and assumptions as to future morbidity, withdrawals and interest. Benefit liabilities for disabled lives are estimated using the present value of benefits method and experience assumptions as to claim terminations, expenses and interest. While management believes its disability income ("DI") reserves have been calculated on a reasonable basis and are adequate, there can be no assurance reserves will be sufficient to provide for future liabilities. Policyholders' Dividends ------------------------ The amount of policyholders' dividends to be paid (including dividends on policies included in the Closed Block) is determined annually by AXA Equitable's board of directors. The aggregate amount of policyholders' dividends is related to actual interest, mortality, morbidity and expense experience for the year and judgment as to the appropriate level of statutory surplus to be retained by AXA Equitable. At December 31, 2008, participating policies, including those in the Closed Block, represent approximately 9.73% ($27,200.0 million) of directly written life insurance in-force, net of amounts ceded. Separate Accounts ----------------- Generally, Separate Accounts established under New York State Insurance Law are not chargeable with liabilities that arise from any other business of the Insurance Group. Separate Accounts assets are subject to General Account claims only to the extent Separate Accounts assets exceed Separate Accounts liabilities. Assets and liabilities of the Separate Accounts represent the net deposits and accumulated net investment earnings less fees, held primarily for the benefit of contractholders, and for which the Insurance Group does not bear the investment risk. Separate Accounts' assets and liabilities are shown on separate lines in the consolidated balance sheets. Assets held in the Separate Accounts are carried at quoted market values or, where quoted values are not readily available or accessible for these securities, their fair value measures most often are determined through the use of model pricing that effectively discounts prospective cash flows to present value using appropriate sector adjusted credit spreads commensurate with the security's duration, also taking into consideration issuer-specific credit quality and liquidity. The assets and liabilities of three Separate Accounts are presented and accounted for as General Account assets and liabilities due to the fact that not all of the investment performance in those Separate Accounts is passed through to policyholders. Investment assets in these Separate Accounts principally consist of fixed maturities that are classified as available for sale in the accompanying consolidated financial statements. The investment results of Separate Accounts, including unrealized (losses) gains, on which the Insurance Group does not bear the investment risk are reflected directly in Separate Accounts liabilities and are not reported in revenues in the consolidated statements of earnings. For 2008, 2007 and 2006, investment results of such Separate Accounts were (losses) gains of $(33,912.8) million, $5,347.4 million and $5,689.1 million, respectively. Deposits to Separate Accounts are reported as increases in Separate Accounts liabilities and are not reported in revenues. Mortality, policy administration and surrender charges on all policies including those funded by Separate Accounts are included in revenues. The Company reports the General Account's interests in Separate Accounts as Trading securities in the consolidated balance sheets. Recognition of Investment Management Revenues and Related Expenses ------------------------------------------------------------------ Commissions, fees and other income principally include the Investment Management segment's investment advisory and service fees, distribution revenues and institutional research services revenue. Investment advisory and service base fees, generally calculated as a percentage, referred to as basis points ("BPs"), of assets under management, are recorded as revenue as the related services are performed; they include brokerage transactions charges received by SCB LLC, for certain retail, private client and institutional investment client transactions. Certain investment advisory contracts, including those with hedge funds, provide for a performance-based fee, in addition to or in lieu of a base fee that is calculated as either a percentage of absolute investment results or a percentage of the investment results in excess of or shortfall compared to a stated benchmark over a specified period of time. Performance-based fees are recorded as F-20 revenue at the end of each contract's measurement period. Institutional research services revenue consists of brokerage transaction charges received by SCB LLC and SCBL, for independent research and brokerage-related services provided to institutional investors. Brokerage transaction charges earned and related expenses are recorded on a trade date basis. Distribution revenues and shareholder servicing fees are accrued as earned. Commissions paid to financial intermediaries in connection with the sale of shares of open-end AllianceBernstein sponsored mutual funds sold without a front-end sales charge ("back-end load shares") are capitalized as deferred sales commissions and amortized over periods not exceeding five and one-half years for U.S. fund shares and four years for non-U.S. fund shares, the periods of time during which the deferred sales commissions are generally recovered. These commissions are recovered from distribution services fees received from those funds and from contingent deferred sales commissions ("CDSC") received from shareholders of those funds upon the redemption of their shares. CDSC cash recoveries are recorded as reductions of unamortized deferred sales commissions when received. AllianceBernstein's management tests the deferred sales commission asset for recoverability quarterly. AllianceBernstein's management determines recoverability by estimating undiscounted future cash flows to be realized from this asset, as compared to its recorded amount, as well as the estimated remaining life of the deferred sales commission asset over which undiscounted future cash flows are expected to be received. Undiscounted future cash flows consist of ongoing distribution services fees and CDSC. Distribution services fees are calculated as a percentage of average assets under management related to back-end load shares. CDSC are based on the lower of cost or current value, at the time of redemption, of back-end load shares redeemed and the point at which redeemed during the applicable minimum holding period under the mutual fund distribution system. Significant assumptions utilized to estimate future average assets under management and undiscounted future cash flows from back-end load shares include expected future market levels and redemption rates. Market assumptions are selected using a long-term view of expected average market returns based on historical returns of broad market indices. Future redemption rate assumptions are determined by reference to actual redemption experience over the five-year, three-year and one-year periods and current quarterly periods ended December 31, 2008. These assumptions are updated periodically. Estimates of undiscounted future cash flows and the remaining life of the deferred sales commission asset are made from these assumptions and the aggregate undiscounted cash flows are compared to the recorded value of the deferred sales commission asset. If AllianceBernstein's management determines in the future that the deferred sales commission asset is not recoverable, an impairment condition would exist and a loss would be measured as the amount by which the recorded amount of the asset exceeds its estimated fair value. Estimated fair value is determined using AllianceBernstein's management's best estimate of future cash flows discounted to a present value amount. Goodwill and Other Intangible Assets ------------------------------------ Goodwill represents the excess of the purchase price over the fair value of identifiable assets of acquired companies, and relates principally to the Bernstein Acquisition and purchases of AllianceBernstein units. In accordance with SFAS No. 142, "Goodwill and Other Intangible Assets," goodwill is tested annually for impairment and at interim periods if events or circumstances indicate an impairment could have occurred. Based on the 2008 impairment testing performed as of December 31, 2008, management determined that goodwill was not impaired. Intangible assets related to the Bernstein Acquisition and purchases of AllianceBernstein units include values assigned to contracts of businesses acquired. These intangible assets continue to be amortized on a straight-line basis over estimated useful lives of twenty years. Other intangible assets are tested for impairment quarterly. Management believes that other intangible assets were not impaired at December 31, 2008. Other Accounting Policies ------------------------- Capitalized internal-use software is amortized on a straight-line basis over the estimated useful life of the software that ranges between one and nine years. F-21 AXA Financial and certain of its consolidated subsidiaries, including the Company, file a consolidated Federal income tax return. Current Federal income taxes are charged or credited to operations based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year. Deferred income tax assets and liabilities are recognized based on the difference between financial statement carrying amounts and income tax bases of assets and liabilities using enacted income tax rates and laws. Discontinued operations include real estate held-for-sale. Real estate investments meeting the following criteria are classified as real estate held-for-sale: o Management having the authority to approve the action commits the organization to a plan to sell the property. o The property is available for immediate sale in its present condition subject only to terms that are usual and customary for the sale of such assets. o An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated and are continuing. o The sale of the asset is probable and transfer of the asset is expected to qualify for recognition as a completed sale within one year. o The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. o Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Real estate held-for-sale is stated at depreciated cost less valuation allowances. Valuation allowances on real estate held-for-sale are computed using the lower of depreciated cost or current estimated fair value, net of disposition costs. Depreciation is discontinued on real estate held-for-sale. Real estate held-for-sale is included in the Other assets line in the consolidated balance sheets. The results of operations for real estate held-for-sale in each of the three years ended December 31, 2008 were not significant. F-22 3) INVESTMENTS Fixed Maturities and Equity Securities The following tables provide additional information relating to fixed maturities and equity securities:
GROSS GROSS AMORTIZED UNREALIZED UNREALIZED ESTIMATED COST GAINS LOSSES FAIR VALUE ----------------- ----------------- ----------------- ---------------- (IN MILLIONS) DECEMBER 31, 2008 ----------------- Fixed Maturities: Available for Sale: Corporate...................... $ 18,913.6 $ 223.6 $ 1,782.7 $ 17,354.5 Mortgage and Asset Backed...... 4,242.8 76.7 580.0 3,739.5 U.S. Treasury, government and agency securities........ 1,061.9 279.7 - 1,341.6 States and political subdivisions................. 164.7 12.0 7.7 169.0 Foreign governments............ 256.3 46.5 5.6 297.2 Redeemable preferred stock..... 1,571.7 .1 642.6 929.2 ----------------- ----------------- ----------------- ---------------- Total Available for Sale..... $ 26,211.0 $ 638.6 $ 3,018.6 $ 23,831.0 ================= ================= ================= ================ Equity Securities: Available for sale............... $ 31.7 $ - $ 4.9 $ 26.8 Trading securities............... 434.9 .2 188.6 246.5 ----------------- ----------------- ----------------- ---------------- Total Equity Securities............ $ 466.6 $ .2 $ 193.5 $ 273.3 ================= ================= ================= ================ December 31, 2007 ----------------- Fixed Maturities: Available for Sale: Corporate...................... $ 19,495.5 $ 586.5 $ 290.1 $ 19,791.9 Mortgage and Asset Backed...... 4,665.3 52.5 266.5 4,451.3 U.S. Treasury, government and agency securities........ 715.4 51.8 - 767.2 States and political subdivisions................. 169.8 16.7 .6 185.9 Foreign governments............ 237.0 41.9 - 278.9 Redeemable preferred stock..... 1,730.7 51.3 97.7 1,684.3 ----------------- ----------------- ----------------- ---------------- Total Available for Sale..... $ 27,013.7 $ 800.7 $ 654.9 $ 27,159.5 ================= ================= ================= ================ Equity Securities: Available for sale............... $ 25.1 $ .8 $ .1 $ 25.8 Trading securities............... 482.2 8.7 23.8 467.1 ----------------- ----------------- ----------------- ---------------- Total Equity Securities............ $ 507.3 $ 9.5 $ 23.9 $ 492.9 ================= ================= ================= ================
At December 31, 2008 and 2007, respectively, the Company had trading fixed maturities with an amortized cost of $79.6 million and $105.3 million and carrying values of $76.2 million and $106.2 million. Gross unrealized gains on trading fixed maturities were $0.1 million and $1.0 million and gross unrealized losses were $3.5 million and $0.1 million for 2008 and 2007, respectively. The Company determines the fair value of fixed maturities and equity securities based upon quoted prices in active markets, when available, or through the use of alternative approaches when market quotes are not readily accessible or available. These alternative approaches include matrix or model pricing and use of independent pricing services, each supported by reference to principal market trades or other observable market assumptions for similar securities. More specifically, the matrix pricing approach to fair value is a discounted cash flow methodology that incorporates market interest rates commensurate with the credit quality and duration of the investment. F-23 The contractual maturity of bonds at December 31, 2008 is shown below:
AVAILABLE FOR SALE ------------------------------------ AMORTIZED ESTIMATED COST FAIR VALUE ---------------- ----------------- (IN MILLIONS) Due in one year or less.......................... $ 668.0 $ 670.7 Due in years two through five.................... 8,254.4 7,845.7 Due in years six through ten..................... 7,777.2 7,077.9 Due after ten years.............................. 3,696.9 3,568.0 ---------------- ----------------- Subtotal..................................... 20,396.5 19,162.3 Mortgage and Asset Backed........................ 4,242.8 3,739.5 ---------------- ----------------- Total .......................................... $ 24,639.3 $ 22,901.8 ================ =================
Bonds not due at a single maturity date have been included in the above table in the year of final maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The Company's management, with the assistance of its investment advisors, monitors the investment performance of its portfolio. This review process includes a quarterly review of certain assets by the Insurance Group's Investments Under Surveillance Committee that evaluates whether any investments are other than temporarily impaired. Based on the analysis, a determination is made as to the ability of the issuer to service its debt obligations on an ongoing basis. If this ability is deemed to be other than temporarily impaired, then the appropriate provisions are taken. The following table discloses the 1,373 issues of fixed maturities that have been in a continuous unrealized loss position for less than a twelve month period and greater than a twelve month period as of December 31, 2008:
LESS THAN 12 MONTHS 12 MONTHS OR LONGER TOTAL ---------------------------- ------------------------------------------------------------- GROSS GROSS GROSS ESTIMATED UNREALIZED ESTIMATED UNREALIZED ESTIMATED UNREALIZED FAIR VALUE LOSSES FAIR VALUE LOSSES FAIR VALUE LOSSES ------------ ------------- ------------- ------------- ------------- -------------- (IN MILLIONS) Fixed Maturities: Corporate.............. $ 8,636.5 $ (1,051.8) $ 3,495.8 $ (730.9) $ 12,132.3 $ (1,782.7) Mortgage and Asset Backed........ 379.9 (26.1) 1,409.6 (553.9) 1,789.5 (580.0) U.S. Treasury, government and agency securities.... - - - - - - States and political subdivisions......... 36.9 (5.2) 17.7 (2.5) 54.6 (7.7) Foreign governments.... 70.0 (5.6) - - 70.0 (5.6) Redeemable preferred stock...... 364.2 (278.1) 515.6 (364.5) 879.8 (642.6) ------------ ------------- ------------- ------------- ------------- -------------- Total Temporarily Impaired Securities.... $ 9,487.5 $ (1,366.8) $ 5,438.7 $ (1,651.8) $ 14,926.2 $ (3,018.6) ============ ============= ============= ============= ============= ==============
The Insurance Group's fixed maturity investment portfolio includes corporate high yield securities consisting primarily of public high yield bonds. These corporate high yield securities are classified as other than investment grade by the various rating agencies, i.e., a rating below Baa3/BBB- or the National Association of Insurance Commissioners ("NAIC") designation of 3 (medium grade), 4 or 5 (below investment grade) or 6 (in or near default). At December 31, 2008, approximately $900.4 million or 3.5% of the $26,211.0 million F-24 aggregate amortized cost of fixed maturities held by the Company was considered to be other than investment grade. The Insurance Group does not originate, purchase or warehouse residential mortgages and is not in the mortgage servicing business. The Insurance Group's fixed maturity investment portfolio includes Residential Mortgage Backed Securities ("RMBS") backed by subprime and Alt-A residential mortgages. RMBS are securities whose cash flows are backed by the principal and interest payments from a set of residential mortgage loans. RMBS backed by subprime and Alt-A residential mortgages consist of loans made by banks or mortgage lenders to residential borrowers with lower credit ratings. The criteria used to categorize such subprime borrowers include Fair Isaac Credit Organization ("FICO") scores, interest rates charged, debt-to-income ratios and loan-to-value ratios. Alt-A residential mortgages are mortgage loans where the risk profile falls between prime and subprime; borrowers typically have clean credit histories but the mortgage loan has an increased risk profile due to higher loan-to-value and debt-to-income ratios and /or inadequate documentation of the borrowers' income. At December 31, 2008, the Insurance Group owned $49.1 million in RMBS backed by subprime residential mortgage loans, approximately 76% rated AAA, and $26.9 million in RMBS backed by Alt-A residential mortgage loans, approximately 82% of which were rated AAA. RMBS backed by subprime and Alt-A residential mortgages are fixed income investments supporting General Account liabilities. At December 31, 2008, the carrying value of fixed maturities that were non-income producing for the twelve months preceding that date was $21.2 million. Mortgage Loans -------------- The payment terms of mortgage loans on real estate may from time to time be restructured or modified. There were no restructured mortgage loans on real estate, based on amortized cost, at December 31, 2008 or 2007. Gross interest income on such loans included in net investment income aggregated zero, $3.9 million and $4.1 million in 2008, 2007 and 2006, respectively. Gross interest income on restructured mortgage loans on real estate that would have been recorded in accordance with the original terms of such loans amounted to zero, $3.3 million and $4.8 million in 2008, 2007 and 2006, respectively. There were no impaired mortgage loans at December 31, 2008. Impaired mortgage loans along with the related investment valuation allowances at December 31, 2007 follow:
December 31, 2007 -------------- (In Millions) Impaired mortgage loans with investment valuation allowances....... $ 11.4 Impaired mortgage loans without investment valuation allowances.... - -------------- Recorded investment in impaired mortgage loans..................... 11.4 Investment valuation allowances.................................... (1.4) -------------- Net Impaired Mortgage Loans........................................ $ 10.0 ==============
During 2008, 2007 and 2006, respectively, the Company's average recorded investment in impaired mortgage loans was $7.4 million, $49.1 million and $78.8 million. Interest income recognized on these impaired mortgage loans totaled $0.6 million, $4.5 million, and, $4.5 million for 2008, 2007 and 2006, respectively. Mortgage loans on real estate are placed on nonaccrual status once management believes the collection of accrued interest is doubtful. Once mortgage loans on real estate are classified as nonaccrual loans, interest income is recognized under the cash basis of accounting and the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan on real estate has been restructured to where the collection of interest is considered likely. At December 31, 2008 and 2007, respectively, the carrying value of mortgage loans on real estate that had been classified as nonaccrual loans were zero and $10.0 million. F-25 Equity Real Estate ------------------ The Insurance Group's investment in equity real estate is through direct ownership and through investments in real estate joint ventures. At December 31, 2008 and 2007, respectively, the Company owned zero and $113.0 million of real estate acquired in satisfaction of debt. During 2008, 2007 and 2006, no real estate was acquired in satisfaction of debt. Accumulated depreciation on real estate was $189.8 million and $179.7 million at December 31, 2008 and 2007, respectively. Depreciation expense on real estate totaled $12.8 million, $14.2 million and $18.3 million for 2008, 2007 and 2006, respectively. Valuation Allowances for Mortgage Loans and Equity Real Estate Investment valuation allowances for mortgage loans and equity real estate and changes thereto follow:
2008 2007 2006 --------------- -------------- -------------- (IN MILLIONS) Balances, beginning of year........................ $ 1.4 $ 21.0 $ 11.8 Additions charged to income........................ - 20.9 10.1 Deductions for writedowns and asset dispositions............................... (1.4) (40.5) (.9) --------------- -------------- -------------- Balances, End of Year.............................. $ - $ 1.4 $ 21.0 =============== ============== ============== Balances, end of year comprise: Mortgage loans on real estate.................... $ - $ 1.4 $ 11.3 Equity real estate............................... - - 9.7 --------------- -------------- -------------- Total.............................................. $ - $ 1.4 $ 21.0 =============== ============== ==============
Equity Method Investments ------------------------- Included in other equity investments, are interests in limited partnership interests and investment companies accounted for under the equity method with a total carrying value of $1,414.6 million and $1,607.9 million, respectively, at December 31, 2008 and 2007. Included in equity real estate are interests in real estate joint ventures accounted for under the equity method with a total carrying value of $48.3 million and $59.7 million, respectively, at December 31, 2008 and 2007. The Company's total equity in net (losses) earnings for these real estate joint ventures and limited partnership interests was $(58.1) million, $237.1 million and $169.6 million, respectively, for 2008, 2007 and 2006. F-26 Summarized below is the combined financial information only for those real estate joint ventures and for those limited partnership interests accounted for under the equity method in which the Company has an investment of $10.0 million or greater and an equity interest of 10% or greater (4 individual ventures at both December 31, 2008 and 2007) and the Company's carrying value and equity in net earnings for those real estate joint ventures and limited partnership interests:
DECEMBER 31, ------------------------------------ 2008 2007 ---------------- ----------------- (IN MILLIONS) BALANCE SHEETS Investments in real estate, at depreciated cost........................ $ 318.2 $ 391.3 Investments in securities, generally at estimated fair value........... 47.3 99.3 Cash and cash equivalents.............................................. 7.8 2.4 Other assets........................................................... 8.7 - ---------------- ----------------- Total Assets........................................................... $ 382.0 $ 493.0 ================ ================= Borrowed funds - third party........................................... $ 190.3 $ 273.1 Other liabilities...................................................... 3.1 4.8 ---------------- ----------------- Total liabilities...................................................... 193.4 277.9 ---------------- ----------------- Partners' capital...................................................... 188.6 215.1 ---------------- ----------------- Total Liabilities and Partners' Capital................................ $ 382.0 $ 493.0 ================ ================= The Company's Carrying Value in These Entities Included Above.......... $ 110.6 $ 79.5 ================ =================
2008 2007 2006 -------------- ------------- ------------- (IN MILLIONS) STATEMENTS OF EARNINGS Revenues of real estate joint ventures.............. $ 59.9 $ 77.5 $ 88.5 Net revenues of other limited partnership interests - 15.3 (1.3) Interest expense - third party...................... (14.1) (18.2) (18.5) Other expenses...................................... (37.3) (43.8) (53.7) -------------- ------------- ------------- Net Earnings........................................ $ 8.5 $ 30.8 $ 15.0 ============== ============= ============= The Company's Equity in Net Earnings of These Entities Included Above........................... $ 12.3 $ 24.6 $ 14.4 ============== ============= =============
Derivatives ----------- At December 31, 2008, the Company had open exchange-traded futures positions on the S&P 500, Russell 1000, NASDAQ 100 and Emerging Market indices, having initial margin requirements of $453.3 million. At December 31, 2008, the Company had open exchange-traded futures positions on the 10-year U.S. Treasury Note, having initial margin requirements of $101.2 million. At that same date, the Company had open exchange-trade future positions on the Euro Stoxx, FTSE 100, European, Australasia, Far East ("EAFE") and Topix indices as well as corresponding currency futures on the Euro/U.S. dollar, Yen/U.S. dollar and Pound/U.S. dollar, having initial margin requirements of $150.2 million. All exchange-traded futures contracts are net cash settled daily. F-27 At December 31, 2008, the Company had $1,750.0 million open exchange-traded options on the S&P index to mature on January 19, 2010, consisting of a long put and short call on the index with strike prices of 881.7 and 1,021.2, respectively, and a short put position at 613.5. These positions were established in fourth quarter 2008 to mitigate the adverse effects of equity market declines on AXA Equitable statutory reserves and protect downside equity exposure to 30% but limit the opportunity for upside to approximately 16%. The contracts have not been designated as qualifying hedges under SFAS No. 133, consequently, changes in their fair values are reflected immediately in earnings. Investment income recorded on these derivatives totaled $7.1 million. The outstanding notional amounts of derivative financial instruments purchased and sold at December 31, 2008 and 2007 were:
DECEMBER 31, -------------------------------- 2008 2007 -------------- -------------- (IN MILLIONS) Notional Amount by Derivative Type: Interest rate floors............................................... $ 21,000 $ 27,000 Exchange traded U.S. Treasuries, and equity index futures.......... 10,834 6,241 Interest rate swaps................................................ 1,100 125 S&P puts/calls..................................................... 1,750 - -------------- -------------- Total.............................................................. $ 34,684 $ 33,366 ============== ==============
At December 31, 2008 and 2007 and during the years then ended, no significant financial instruments contained implicit or explicit terms that met the definition of an embedded derivative component that needed to be separated from the host contract and accounted for as a derivative under the provisions of SFAS No. 133. In 2008, the Company executed various collateral arrangements with counterparties to over-the-counter derivative transactions, primarily used in its hedging programs for managing GMDB, GMIB and GWBL exposures, that require both the pledging and accepting of collateral (either in the form of cash or high-quality Treasury or government agency securities). At December 31, 2008, the Company held $568.7 million in cash collateral delivered by trade counterparties, representing the fair value of the related derivative agreements. This unrestricted cash collateral is reported in Cash and cash equivalents, and the obligation to return it is reported in Other liabilities in the consolidated balance sheets. In addition, the Company held approximately $40.0 million U.S. Treasury securities under these collateral agreements at December 31, 2008. 4) GOODWILL AND OTHER INTANGIBLE ASSETS The carrying value of goodwill related to AllianceBernstein totaled $3,413.8 million and $3,412.1 million at December 31, 2008 and 2007, respectively. The Company tests this goodwill for recoverability each annual reporting period at December 31 and at interim periods if facts or circumstances are indicative of potential impairment. In accordance with the requirements of SFAS No. 142, the Company determined that goodwill was not impaired at December 31, 2008 and 2007 as the fair value of its investment in AllianceBernstein, the reporting unit, exceeded its carrying value at each respective measurement date. However, significant declines in AllianceBernstein's assets under management and operating results in 2008 as a result of the global financial crisis decreased the amount of the excess as compared to 2007. In addition, although the market price of AllianceBernstein Holding Units exceeded their book value at December 31, 2008 and 2007, their market value significantly decreased year-over-year. The Company primarily uses a discounted cash flow valuation technique to measure the fair value of its AllianceBernstein reporting unit for purpose of goodwill impairment testing. The underlying cash flows used in the December 31, 2008 valuation were sourced from AllianceBernstein's current business plan, which factored in current market conditions and all material events that have impacted, or that management believed at the time could potentially impact, future discounted expected cash flows for the first four years and a 7.4% compounded annual growth rate thereafter. The Company discounted these cash flows at approximately 8.2%. The resulting amount, net of minority interest, was tax-effected to reflect taxes incurred at the Company. F-28 The gross carrying amount of AllianceBernstein related intangible assets were $553.8 million and $556.2 million at December 31, 2008 and 2007, respectively, and the accumulated amortization of these intangible assets were $265.3 million and $243.7 million, respectively. Amortization expense related to the AllianceBernstein intangible assets totaled $23.7 million, $23.5 million and $23.6 million for 2008, 2007 and 2006, respectively, and estimated amortization expense for each of the next five years is expected to be approximately $21.4 million. AllianceBernstein tests intangible assets for impairment quarterly by comparing their fair value, as determined by applying a present value technique to expected cash flows, to their carrying value. Each quarter, significant assumptions used to estimate the expected cash flows from these intangible assets, primarily investment management contracts, are updated to reflect management's consideration of current market conditions on expectations made with respect to customer account attrition and asset growth rates. As of December 31, 2008, AllianceBernstein determined that these intangible assets were not impaired. At December 31, 2008 and 2007, respectively, net deferred sales commissions totaled $113.5 million and $183.6 million are included within the Investment Management segment's Other assets. The estimated amortization expense of deferred sales commissions based on the December 31, 2008 net asset balance for each of the next five years is $51.1 million, $32.4 million, $18.9 million, $8.2 million and $2.7 million. AllianceBernstein tests the deferred sales commission asset for impairment quarterly by comparing undiscounted future cash flows to the recorded value, net of accumulated amortization. Each quarter, significant assumptions used to estimate the future cash flows are updated to reflect management's consideration of current market conditions on expectations made with respect to future market levels and redemption rates. As of December 31, 2008, AllianceBernstein determined that the deferred sales commission asset was not impaired. To the extent that securities valuations remain depressed for prolonged periods of time and market conditions stagnate or worsen as a result of the global financial crisis, AllianceBernstein's assets under management, revenues, profitability, and unit price likely would be adversely affected. As a result, more frequent impairment testing may be required and potentially could result in an impairment of the goodwill, intangible assets, and/or deferred sales commission asset attributable to AllianceBernstein. In addition, subsequent impairment testing may be based upon different assumptions and future cash flow projections than used at December 31, 2008 as management's current business plan could be negatively impacted by other risks to which AllianceBernstein's business is subject, including, but not limited to, retention of investment management contracts, selling and distribution agreements, and existing relationships with clients and various financial intermediaries. Any impairment would reduce the recorded goodwill, intangible assets, and/or deferred sales commission asset amounts with a corresponding charge to earnings. F-29 5) CLOSED BLOCK Summarized financial information for the Closed Block follows:
DECEMBER 31, -------------------------------------- 2008 2007 ------------------ ------------------ (IN MILLIONS) CLOSED BLOCK LIABILITIES: Future policy benefits, policyholders' account balances and other.... $ 8,544.8 $ 8,657.3 Other liabilities.................................................... 71.3 115.2 ------------------ ------------------ Total Closed Block liabilities....................................... 8,616.1 8,772.5 ------------------ ------------------ ASSETS DESIGNATED TO THE CLOSED BLOCK: Fixed maturities, available for sale, at estimated fair value (amortized cost of $5,517.6 and $5,816.6)......................... 5,041.5 5,825.6 Mortgage loans on real estate........................................ 1,107.1 1,099.3 Policy loans......................................................... 1,180.3 1,197.5 Cash and other invested assets....................................... 104.2 4.7 Other assets......................................................... 472.4 240.1 ------------------ ------------------ Total assets designated to the Closed Block.......................... 7,905.5 8,367.2 ------------------ ------------------ Excess of Closed Block liabilities over assets designated to the Closed Block.................................................. 710.6 405.3 Amounts included in accumulated other comprehensive income: Net unrealized investment (losses) gains, net of deferred income tax benefit (expense) of $166.4 and $(3.2)............... (309.2) 5.9 ------------------ ------------------ Maximum Future Earnings To Be Recognized From Closed Block Assets and Liabilities............................................ $ 401.4 $ 411.2 ================== ==================
Closed Block revenues and expenses as follow:
2008 2007 2006 ---------------- ----------------- ------------------ (IN MILLIONS) REVENUES: Premiums and other income............................ $ 392.6 $ 409.6 $ 428.1 Investment income (net of investment expenses of $1.1, $.2, and $.1)................... 496.0 501.8 520.2 Investment (losses) gains, net....................... (47.5) 7.9 1.7 ---------------- ----------------- ------------------ Total revenues....................................... 841.1 919.3 950.0 ---------------- ----------------- ------------------ BENEFITS AND OTHER DEDUCTIONS: Policyholders' benefits and dividends................ 818.7 828.2 852.2 Other operating costs and expenses................... 7.4 2.7 3.0 ---------------- ----------------- ------------------ Total benefits and other deductions.................. 826.1 830.9 855.2 ---------------- ----------------- ------------------ Net revenues before income taxes..................... 15.0 88.4 94.8 Income tax expense................................... (5.2) (31.0) (31.1) ---------------- ----------------- ------------------ Net Revenues......................................... $ 9.8 $ 57.4 $ 63.7 ================ ================= ==================
Reconciliation of the policyholder dividend obligation follows: F-30
DECEMBER 31, ----------------------------------- 2008 2007 ---------------- ---------------- (IN MILLIONS) Balance at beginning of year.......................................... $ - $ 3.2 Increase in unrealized investment losses.............................. - (3.2) ---------------- ---------------- Balance at End of Year ............................................... $ - $ - ================ ================
There were no impaired mortgage loans at December 31, 2008 and 2007. Impaired mortgage loans along with the related investment valuation allowances at December 31, 2006 follow:
December 31, 2006 ---------------- (In Millions) Impaired mortgage loans with investment valuation allowances............ $ 17.8 Impaired mortgage loans without investment valuation allowances......... .1 ---------------- Recorded investment in impaired mortgage loans.......................... 17.9 Investment valuation allowances......................................... (7.3) ---------------- Net Impaired Mortgage Loans............................................... $ 10.6 ================
During 2008, 2007 and 2006, respectively, the Closed Block's average recorded investments in impaired mortgage loans were $0.4 million, $36.3 million and $59.9 million, respectively. Interest income recognized on these impaired mortgage loans totaled zero, $3.9 million and $3.3 million for 2008, 2007 and 2006, respectively. Valuation allowances amounted to $7.3 million on mortgage loans on real estate at December 31, 2006; there were no valuation allowances on mortgage loans at December 31, 2008 and 2007. Writedowns of fixed maturities amounted to $45.8 million, $3.0 million and $1.4 million for 2008, 2007 and 2006, respectively. 6) CONTRACTHOLDER BONUS INTEREST CREDITS Changes in the deferred asset for contractholder bonus interest credits are as follows:
DECEMBER 31, ----------------------------------- 2008 2007 --------------- ---------------- (IN MILLIONS) Balance, beginning of year............................................. $ 754.2 $ 650.7 Contractholder bonus interest credits deferred ........................ 137.6 174.7 Amortization charged to income ........................................ (83.9) (71.2) --------------- ---------------- Balance, End of Year .................................................. $ 807.9 $ 754.2 =============== ================
7) FAIR VALUE DISCLOSURES Assets and liabilities measured at fair value on a recurring basis are summarized below: FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2008
LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ---------------- ---------------- ---------------- ------------------ (IN MILLIONS) ASSETS Investments: Fixed maturities available for sale $ 149.9 $ 21,256.7 $ 2,424.4 $ 23,831.0 Other equity investments......... 63.4 - 2.0 65.4 Trading securities............... 322.6 - .1 322.7
F-31 Other invested assets............ 31.1 419.0 547.0 997.1 Loans to affiliates.................. - 588.3 - 588.3 Cash equivalents..................... 1,832.3 - - 1,832.3 Segregated securities................ 2,572.6 - - 2,572.6 GMIB reinsurance contracts........... - - 4,821.7 4,821.7 Separate Accounts' assets............ 66,044.4 1,248.3 334.3 67,627.0 ---------------- ---------------- ---------------- ------------------ Total Assets................... $ 71,016.3 $ 23,512.3 $ 8,129.5 $ 102,658.1 ================ ================ ================ ================== LIABILITIES GWBL features' liability............. $ - $ - $ 272.6 $ 272.6 ---------------- ---------------- ---------------- ------------------ Total Liabilities.............. $ - $ - $ 272.6 $ 272.6 ================ ================ ================ ==================
The table below presents a reconciliation for all Level 3 assets and liabilities at December 31, 2008: LEVEL 3 INSTRUMENTS FAIR VALUE MEASUREMENTS (IN MILLIONS)
FIXED MATURITIES OTHER OTHER GMIB SEPARATE GWBL AVAILABLE EQUITY INVESTED REINSURANCE ACCOUNTS FEATURES FOR SALE INVESTMENTS(1) ASSETS ASSET ASSETS LIABILITY -------------- -------------- ----------- -------------- ------------- ------------- BALANCE, DEC. 31, 2007....... $ 2,503.4 $ 3.0 $ 160.9 $ 124.7 $ 40.8 $ - Impact of adopting SFAS No. 157, included in earnings................ - - - 210.6 - - -------------- -------------- ----------- -------------- ------------- ------------- BALANCE, JAN. 1, 2008........ 2,503.4 3.0 160.9 335.3 40.8 - -------------- -------------- ----------- -------------- ------------- ------------- Total gains (losses), realized and unrealized, included in: Earnings as: Net investment income... 3.3 - 359.3 - - - Investment (losses) gains, net............. (144.5) (1.1) - - (17.4) - Commissions, fees and other income........... - - - 3,571.2 - - Policyholders' benefits. - - - - - 265.2 -------------- -------------- ----------- -------------- ------------- ------------- Subtotal.......... (141.2) (1.1) 359.3 3,571.2 (17.4) 265.2 -------------- -------------- ----------- -------------- ------------- ------------- Other comprehensive income.................. (384.6) .6 - - - - Purchases/issuances and sales/settlements, net..... (85.6) (.4) 26.8 915.2 248.6 7.4 Transfers into/out of Level 3(2)................. 532.4 - - - 62.3 - -------------- -------------- ----------- -------------- ------------- ------------- BALANCE, DEC. 31, 2008....... $ 2,424.4 $ 2.1 $ 547.0 $ 4,821.7 $ 334.3 $ 272.6 ============== ============== =========== ============== ============= =============
(1) Includes Trading securities' Level 3 amount. (2) Transfers into/out of Level 3 classification are reflected at beginning-of-period fair values. The table below details changes in unrealized gains (losses) for 2008 by category for Level 3 assets and liabilities still held at December 31, 2008: F-32
EARNINGS ----------------------------------------------------------------- INVESTMENT COMMISSIONS OTHER NET GAINS FEES AND POLICY- COMPRE- INVESTMENT (LOSSES), OTHER HOLDER HENSIVE INCOME NET INCOME BENEFITS INCOME ------------- -------------- -------------- -------------- -------------- (IN MILLIONS) STILL HELD AT DEC. 31, 2008: CHANGE IN UNREALIZED GAINS OR LOSSES Fixed maturities available for sale......... $ - $ - $ - $ - (394.1) Other equity investments..... - - - - .6 Other invested assets........ 386.1 - - - - Cash equivalents............. - - - - - Segregated securities........ - - - - - GMIB reinsurance contracts.......... - - 3,571.2 - - Separate Accounts' assets........... - (16.6) - - - GWBL features' liability............ - - - 265.2 - ------------- -------------- -------------- -------------- -------------- Total.................... $ 386.1 $ (16.6) $ 3,571.2 $ 265.2 (393.5) ============= ============== ============== ============== ==============
Fair value measurements are required on a non-recurring basis for certain assets, including goodwill, mortgage loans on real estate, equity real estate held for production of income, and equity real estate held for sale, only when an other-than-temporary impairment or other event occurs. When such fair value measurements are recorded, they must be classified and disclosed within the fair value hierarchy. At December 31, 2008, no assets were measured at fair value on a non-recurring basis. The carrying values and fair values for financial instruments not otherwise disclosed in Notes 3, 5, 10 and 16 of Notes to Consolidated Financial Statements are presented below: F-33
DECEMBER 31, -------------------------------------------------------------------- 2008 2007 --------------------------------- --------------------------------- CARRYING ESTIMATED Carrying Estimated VALUE FAIR VALUE Value Fair Value --------------- --------------- --------------- --------------- (IN MILLIONS) Consolidated: ------------- Mortgage loans on real estate.......... $ 3,673.9 $ 3,624.5 $ 3,730.6 $ 3,766.9 Other limited partnership interests.... 1,414.6 1,414.6 1,607.9 1,607.9 Policyholders liabilities: Investment contracts................. 3,072.9 3,162.5 3,651.5 3,712.6 Long-term debt......................... 199.9 190.8 199.8 224.6 Closed Block: ------------- Mortgage loans on real estate.......... $ 1,107.1 $ 1,102.6 $ 1,099.3 $ 1,111.4 Other equity investments............... 2.7 2.7 3.6 3.6 SCNILC liability....................... 8.6 8.6 9.2 9.2 Wind-up Annuities: ------------------ Mortgage loans on real estate.......... $ 1.2 $ 1.3 $ 2.2 $ 2.3 Other equity investments............... 1.3 1.3 1.6 1.6 Guaranteed interest contracts.......... 5.5 6.2 5.5 5.8
8) GMDB, GMIB AND NO LAPSE GUARANTEE FEATURES A) Variable Annuity Contracts - GMDB, GMIB and GWBL The Company has certain variable annuity contracts with GMDB, GMIB and/or GWBL features in-force that guarantee one of the following: o Return of Premium: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals); o Ratchet: the benefit is the greatest of current account value, premiums paid (adjusted for withdrawals), or the highest account value on any anniversary up to contractually specified ages (adjusted for withdrawals); o Roll-Up: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified interest rates up to specified ages; or o Combo: the benefit is the greater of the ratchet benefit or the roll-up benefit which may include a five year or annual reset; or o Withdrawal: the withdrawal is guaranteed up to a maximum amount per year for life. F-34 The following table summarizes the GMDB and GMIB liabilities, before reinsurance ceded, reflected in the General Account in future policy benefits and other policyholders liabilities:
GMDB GMIB TOTAL ------------- ------------- -------------- (IN MILLIONS) Balance at January 1, 2006....................... $ 115.2 $ 173.6 $ 288.8 Paid guarantee benefits........................ (31.6) (3.3) (34.9) Other changes in reserve....................... 80.1 58.0 138.1 ------------- ------------- -------------- Balance at December 31, 2006..................... 163.7 228.3 392.0 Paid guarantee benefits........................ (30.6) (2.7) (33.3) Other changes in reserve....................... 120.0 84.3 204.3 ------------- ------------- -------------- Balance at December 31, 2007..................... 253.1 309.9 563.0 Paid guarantee benefits........................ (72.8) (8.2) (81.0) Other changes in reserve....................... 800.6 1,678.2 2,478.8 ------------- ------------- -------------- Balance at December 31, 2008..................... $ 980.9 $ 1,979.9 $ 2,960.8 ============= ============= ==============
Related GMDB reinsurance ceded amounts were:
GMDB ------------- (IN MILLIONS) Balance at January 1, 2006....................... $ 22.7 Paid guarantee benefits........................ (9.1) Other changes in reserve....................... 10.0 ------------- Balance at December 31, 2006..................... 23.6 Paid guarantee benefits........................ (7.6) Other changes in reserve....................... 11.5 ------------- Balance at December 31, 2007..................... 27.5 Paid guarantee benefits........................ (7.1) Other changes in reserve....................... 306.9 ------------- Balance at December 31, 2008..................... $ 327.3 =============
F-35 The December 31, 2008 values for variable annuity contracts in-force on such date with GMDB and GMIB features are presented in the following table. For contracts with the GMDB feature, the net amount at risk in the event of death is the amount by which the GMDB benefits exceed related account values. For contracts with the GMIB feature, the net amount at risk in the event of annuitization is the amount by which the present value of the GMIB benefits exceeds related account values, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. Since variable annuity contracts with GMDB guarantees may also offer GMIB guarantees in the same contract, the GMDB and GMIB amounts listed are not mutually exclusive:
RETURN OF PREMIUM RATCHET ROLL-UP COMBO TOTAL -------------- -------------- -------------- ------------- --------------- (DOLLARS IN MILLIONS) GMDB: ----- Account values invested in: General Account.................. $ 10,966 $ 329 $ 301 $ 925 $ 12,521 Separate Accounts................ $ 19,435 $ 5,680 $ 4,304 $ 24,633 $ 54,052 Net amount at risk, gross........... $ 6,079 $ 2,921 $ 3,622 $ 13,273 $ 25,895 Net amount at risk, net of amounts reinsured................ $ 6,079 $ 1,846 $ 2,427 $ 5,769 $ 16,121 Average attained age of contractholders.................. 49.4 61.9 65.9 61.9 53.1 Percentage of contractholders over age 70....................... 7.4% 24.0% 39.5% 22.1% 12.5% Range of contractually specified interest rates.................. N/A N/A 3% - 6% 3% - 6.5% GMIB: ----- Account values invested in: General Account.................. N/A N/A $ 46 $ 1,258 $ 1,304 Separate Accounts................ N/A N/A $ 2,578 $ 32,938 $ 35,516 Net amount at risk, gross........... N/A N/A $ 1,363 $ 1,527 $ 2,890 Net amount at risk, net of amounts reinsured................ N/A N/A $ 396 $ 612 $ 1,008 Weighted average years remaining until earliest annuitization..... N/A N/A 1.5 7.7 7.1 Range of contractually specified interest rates.................. N/A N/A 3% - 6% 3% - 6.5%
The GWBL related liability, which reflects the present value of expected future payments (benefits) less the fees attributable to the GWBL feature valued as an embedded derivative over a range of market consistent economic scenarios, was $272.6 million at December 31, 2008. F-36 B) Separate Account Investments by Investment Category Underlying GMDB and GMIB Features ------------------------------------------------------------------- The total account values of variable annuity contracts with GMDB and GMIB features include amounts allocated to the guaranteed interest option which is part of the General Account and variable investment options that invest through Separate Accounts in variable insurance trusts. The following table presents the aggregate fair value of assets, by major investment category, held by Separate Accounts that support variable annuity contracts with GMDB and GMIB benefits and guarantees. The investment performance of the assets impacts the related account values and, consequently, the net amount of risk associated with the GMDB and GMIB benefits and guarantees. Since variable annuity contracts with GMDB benefits and guarantees may also offer GMIB benefits and guarantees in each contract, the GMDB and GMIB amounts listed are not mutually exclusive: INVESTMENT IN VARIABLE INSURANCE TRUST MUTUAL FUNDS
DECEMBER 31, ------------------------------------ 2008 2007 ---------------- ------------------ (IN MILLIONS) GMDB: ----- Equity.............................................................. $ 30,428 $ 48,587 Fixed income........................................................ 3,745 4,392 Balanced............................................................ 17,469 20,546 Other............................................................... 2,410 2,151 ---------------- ------------------ Total............................................................... $ 54,052 $ 75,676 ================ ================== GMIB: ----- Equity.............................................................. $ 19,138 $ 27,831 Fixed income........................................................ 2,219 2,687 Balanced............................................................ 12,887 14,816 Other............................................................... 1,272 1,018 ---------------- ------------------ Total............................................................... $ 35,516 $ 46,352 ================ ==================
C) Hedging Programs for GMDB, GMIB and GWBL Features ------------------------------------------------- Beginning in 2003, AXA Equitable established a program intended to hedge certain risks associated first with the GMDB feature and, beginning in 2004, with the GMIB feature of the Accumulator(R) series of variable annuity products. This program currently utilizes exchange-traded futures contracts, interest rate swap and floor contracts and other derivative instruments that are managed in an effort to reduce the economic impact of unfavorable changes in GMDB, GMIB and GWBL exposures attributable to movements in the equity and fixed income markets. At the present time, this program hedges such economic risks on products sold from 2001 forward, to the extent such risks are not reinsured. At December 31, 2008, the total account value and net amount at risk of the hedged Accumulator(R) series of variable annuity contracts were $27,668 million and $10,615 million, respectively, with the GMDB feature and $15,514 million and $623 million, respectively, with the GMIB feature. These programs do not qualify for hedge accounting treatment under SFAS No. 133. Therefore, SFAS No. 133 requires gains or losses on the derivatives contracts used in these programs, including current period changes in fair value, to be recognized in investment income in the period in which they occur, and may contribute to earnings volatility. D) Variable and Interest-Sensitive Life Insurance Policies - No Lapse Guarantee ------------------------------------------------------------------ The no lapse guarantee feature contained in variable and interest- sensitive life insurance policies keeps them in force in situations where the policy value is not sufficient to cover monthly charges then due. The no lapse guarantee remains in effect so long as the policy meets a contractually specified premium funding test and certain other requirements. F-37 The following table summarizes the no lapse guarantee liabilities reflected in the General Account in Future policy benefits and other policyholders liabilities, and the related reinsurance ceded:
DIRECT REINSURANCE LIABILITY CEDED NET -------------- --------------- ------------- (IN MILLIONS) Balance at January 1, 2006......................... $ 34.8 $ (20.4) $ 14.4 Other changes in reserve........................ 32.0 (27.5) 4.5 -------------- --------------- ------------- Balance at December 31, 2006....................... 66.8 (47.9) 18.9 Other changes in reserve........................ 68.2 (59.7) 8.5 -------------- --------------- ------------- Balance at December 31, 2007....................... 135.0 (107.6) 27.4 Other changes in reserve........................ 68.0 (45.0) 23.0 -------------- --------------- ------------- Balance at December 31, 2008....................... $ 203.0 $ (152.6) $ 50.4 ============== =============== =============
9) REINSURANCE AGREEMENTS The Insurance Group assumes and cedes reinsurance with other insurance companies. The Insurance Group evaluates the financial condition of its reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. Ceded reinsurance does not relieve the originating insurer of liability. The Insurance Group reinsures most of its new variable life, universal life and term life policies on an excess of retention basis. The Insurance Group maintains a maximum retention on each single life policy of $25 million and on each second-to-die policy of $30 million with the excess 100% reinsured. The Insurance Group also reinsures the entire risk on certain substandard underwriting risks and in certain other cases. Likewise, certain risks that would otherwise be reinsured on a proportional basis have been retained. At December 31, 2008, the Company had reinsured to non-affiliates and affiliates in the aggregate approximately 5.4% and 32.3%, respectively, of its current exposure to the GMDB obligation on annuity contracts in-force and, subject to certain maximum amounts or caps in any one period, approximately 65.1% of its current liability exposure resulting from the GMIB feature. See Note 8 herein. Based on management's estimates of future contract cash flows and experience, the estimated fair values of the GMIB reinsurance contracts, considered derivatives under SFAS No. 133, at December 31, 2008 and 2007 were $4,821.7 million and $124.7 million, respectively. The increases (decreases) in fair value were $1,566.8 million, $6.9 million and $(14.8) million for 2008, 2007 and 2006, respectively. At December 31, 2008 and 2007, respectively, third party reinsurance recoverables related to insurance contracts amounted to $2,897.2 million and $2,890.6 million. Reinsurance payables related to insurance contracts totaling $62.7 million and $58.7 million are included in other liabilities in the consolidated balance sheets at December 31, 2008 and 2007, respectively. The Insurance Group cedes substantially all of its group life and health business to a third party insurer. Insurance liabilities ceded totaled $236.8 million and $239.6 million at December 31, 2008 and 2007, respectively. The Insurance Group also cedes a portion of its extended term insurance and paid up life insurance and substantially all of its individual disability income business through various coinsurance agreements. The Insurance Group has also assumed accident, health, aviation and space risks by participating in or reinsuring various reinsurance pools and arrangements. In addition to the sale of insurance products, the Insurance Group currently acts as a professional retrocessionaire by assuming life and annuity reinsurance from professional reinsurers. Reinsurance assumed reserves at December 31, 2008 and 2007 were $719.8 million and $642.8 million, respectively. F-38 The following table summarizes the effect of reinsurance (excluding group life and health):
2008 2007 2006 -------------- ------------- ------------- (IN MILLIONS) Direct premiums.................................... $ 848.3 $ 855.1 $ 858.6 Reinsurance assumed................................ 193.8 193.0 188.4 Reinsurance ceded.................................. (283.5) (243.2) (229.2) -------------- ------------- ------------- Premiums $ 758.6 $ 804.9 $ 817.8 ============== ============= ============= Universal Life and Investment-type Product Policy Fee Income Ceded.......................... $ 169.1 $ 153.9 $ 99.0 ============== ============= ============= Policyholders' Benefits Ceded...................... $ 1,221.8 $ 510.7 $ 387.5 ============== ============= ============= Interest Credited to Policyholders' Account Balances Ceded................................... $ 33.2 $ 56.1 $ 53.8 ============== ============= =============
Individual Disability Income and Major Medical Claim reserves and associated liabilities net of reinsurance ceded for individual DI and major medical policies were $94.4 million and $94.3 million at December 31, 2008 and 2007, respectively. At December 31, 2008 and 2007, respectively, $1,680.8 million and $1,040.9 million of DI reserves and associated liabilities were ceded through indemnity reinsurance agreements with a singular reinsurance group. Incurred benefits (benefits paid plus changes in claim reserves) and benefits paid for individual DI and major medical policies are summarized below:
2008 2007 2006 -------------- ------------- ------------- (IN MILLIONS) Incurred benefits related to current year.......... $ 35.5 $ 32.9 $ 35.8 Incurred benefits related to prior years........... 4.2 13.2 9.9 -------------- ------------- ------------- Total Incurred Benefits............................ $ 39.7 $ 46.1 $ 45.7 ============== ============= ============= Benefits paid related to current year.............. $ 10.8 $ 11.9 $ 14.0 Benefits paid related to prior years............... 28.8 32.8 30.0 -------------- ------------- ------------- Total Benefits Paid................................ $ 39.6 $ 44.7 $ 44.0 ============== ============= =============
10) SHORT-TERM AND LONG-TERM DEBT Short-term and long-term debt consists of the following:
DECEMBER 31, ----------------------------- 2008 2007 ------------- ------------- (IN MILLIONS) Short-term debt: Promissory note (with an interest rate of 5.16%).................. $ - $ 248.3 AllianceBernstein commercial paper (with interest rates of 1.8% and 4.3%).......................... 284.8 533.9 ------------- ------------- Total short-term debt......................................... 284.8 782.2 ------------- ------------- Long-term debt: AXA Equitable: Surplus Notes, 7.70%, due 2015.................................. 199.8 199.8 ------------- ------------- Total long-term debt.......................................... 199.8 199.8 ------------- ------------- Total Short-term and Long-term Debt............................... $ 484.6 $ 982.0 ============= =============
F-39 Short-term Debt --------------- On September 23, 2008, AXA Equitable repaid its $350.0 million promissory note, $101.7 million of which was included in Wind-up Annuities discontinued operations. On July 17, 2008, AXA Equitable was accepted as a member of the Federal Home Loan Bank of New York ("FHLBNY") which provides AXA Equitable access to collateralized borrowings and other FHLBNY products. As membership requires the ownership of member stock, AXA Equitable purchased stock totaling $13.5 million. The credit facility provided by the FHLBNY will supplement existing liquidity sources and provide a diverse and reliable source of funds. Any borrowings from the FHLBNY require the purchase of FHLBNY activity based stock in an amount equal to 4.5% of the borrowings. AXA Equitable's borrowing capacity with FHLBNY is $1.00 billion. As a member of FHLBNY, AXA Equitable can receive advances for which it would be required to pledge qualified mortgage-backed assets and government securities as collateral. At December 31, 2008, there were no outstanding borrowings from FHLBNY. As of December 31, 2008, SCB LLC maintained five separate uncommitted credit facilities with various banks totaling $775 million. As of December 31, 2008 and 2007, no amounts were outstanding under these credit facilities. Each loan shall bear interest at the rate of interest agreed to by the lender and the borrower at the time such loan is made. In January 2008, SCB LLC entered into a $950.0 million three-year revolving credit facility with a group of commercial banks to fund its obligations resulting from engaging in certain securities trading and other customer activities. Under the revolving credit facility, the interest rate, at the option of SCB LLC, is a floating rate generally based upon a defined prime rate, a rate related to LIBOR or the Federal Funds rate. AllianceBernstein has a $1,000.0 million five-year revolving credit facility with a group of commercial banks and other lenders which expires in 2011. The revolving credit facility is intended to provide back-up liquidity for their $1,000.0 million commercial paper program although they borrow directly under the facility from time to time. Under the revolving credit facility, the interest rate, at the option of AllianceBernstein, is a floating rate generally based upon a defined prime rate, a rate related to the London Interbank Offered Rate ("LIBOR") or the Federal Funds rate. The revolving credit facility contains covenants which, among other things, require AllianceBernstein to meet certain financial ratios. AllianceBernstein was in compliance with the covenants as of December 31, 2008. Long-term Debt -------------- At December 31, 2008, the Company was not in breach of any debt covenants. 11) RELATED PARTY TRANSACTIONS The Company reimburses AXA Financial for expenses relating to the Excess Retirement Plan, Supplemental Executive Retirement Plan and certain other employee benefit plans that provide participants with medical, life insurance, and deferred compensation benefits. Such reimbursement was based on the cost to AXA Financial of the benefits provided which totaled $76.2 million, $63.1 million and $53.5 million, respectively, for 2008, 2007 and 2006. In 2008, 2007 and 2006, respectively, the Company paid AXA Distribution and its subsidiaries $754.2 million, $806.9 million and $767.2 million of commissions and fees for sales of insurance products. The Company charged AXA Distribution's subsidiaries $320.5 million, $340.2 million and $352.9 million, respectively, for their applicable share of operating expenses in 2008, 2007 and 2006, pursuant to the Agreements for Services. In September 2001, AXA Equitable loaned $400.0 million to AXA Insurance Holding Co. Ltd., a subsidiary of AXA. This investment both matured and was repaid on June 15, 2007 and had an interest rate of 5.89%. In 2005, AXA Equitable issued a note to AXA Financial in the amount of $325.0 million with an interest rate of 6.00% and a maturity date of December 1, 2035. Interest on this note is payable semi-annually. F-40 In September 2007, AXA issued $650.0 million in 5.40% senior unsecured notes to AXA Equitable. These notes pay interest semi-annually and mature on September 30, 2012. In November 2008, AXA Financial purchased a $500.0 million callable 7.1% surplus note from AXA Equitable. The note pays interest semi-annually and matures on December 1, 2018. In December 2008, AXA Financial purchased a $500.0 million callable 7.1% surplus note from AXA Equitable. The note pays interest semi-annually and matures on December 1, 2018. In fourth quarter 2008, AXA Equitable reinsured the GMDB and GMIB riders on the Accumulator(R) products sold on or after January 1, 2006 and in-force at September 30, 2008 with AXA Financial (Bermuda) Ltd. ("AXA Bermuda"), an affiliate that is an indirect wholly owned subsidiary of AXA Financial. AXA Equitable transferred cash and derivative instruments with a fair value of $6,892.5 million equal to the market value of the insurance liabilities assumed by AXA Bermuda on October 1, 2008 and income derived from the hedges related to these riders for the period from October through December 2008, to that entity. AXA Bermuda will manage the dynamic hedging program to mitigate risks related to the reinsured riders. In fourth quarter 2008, AXA Equitable recorded a GMDB reinsurance recoverable and a GMIB reinsurance asset totaling $3,385.7 resulting in a cost of reinsurance of $3,506.8 million. The cost of this arrangement has been deferred and will be amortized over the life of the underlying annuity contracts. Amortization of the cost in 2009 is expected to be approximately $290 million. Various AXA affiliates cede a portion of their life and health insurance business through reinsurance agreements to AXA Cessions, an AXA affiliated reinsurer. AXA Cessions, in turn, retroceded a quota share portion of these risks to AXA Equitable on a one-year term basis for 2007 and 2006. Premiums earned in 2007 and 2006 under this arrangement totaled approximately $1.8 million and $1.1 million, respectively. Both AXA Equitable and AllianceBernstein, along with other AXA affiliates, participate in certain intercompany cost sharing and service agreements including technology and professional development arrangements. AXA Equitable and AllianceBernstein incurred expenses under such agreements of approximately $157.8 million, $143.6 million and $127.5 million in 2008, 2007 and 2006, respectively. Expense reimbursements by AXA and AXA affiliates to AXA Equitable under such agreements totaled approximately $63.0 million, $58.4 million and $53.8 million in 2008, 2007 and 2006, respectively. The net receivable related to these contracts was approximately $3.4 million and $25.3 million at December 31, 2008 and 2007, respectively. Commissions, fees and other income included certain revenues for services provided to mutual funds managed by AllianceBernstein. These revenues are described below:
2008 2007 2006 -------------- -------------- --------------- (IN MILLIONS) Investment advisory and services fees.............. $ 870.5 $ 1,027.6 $ 841.0 Distribution revenues.............................. 378.4 473.4 421.0 Other revenues - shareholder servicing fees........ 99.0 103.6 97.2 Other revenues - other............................. 6.9 6.5 6.9 Institutional research services.................... 1.2 1.6 1.9
12) EMPLOYEE BENEFIT PLANS The Company (other than AllianceBernstein) sponsors qualified and non-qualified defined benefit plans covering substantially all employees (including certain qualified part-time employees), managers and certain agents. On December 31, 2007, the Company transferred the liability for a non-qualified defined benefit plan to AXA Financial in exchange for a non-cash capital contribution totaling $13.5 million. These pension plans are non-contributory and their benefits are based on a cash balance formula and/or, for certain participants, years of service and final average earnings over a specified period in the plans. AllianceBernstein maintains a qualified, non-contributory, defined benefit retirement plan covering current and former employees who were employed by AllianceBernstein in the United States prior to October 2, 2000. AllianceBernstein's benefits are based on years of credited service and average final base salary. The Company uses a December 31 measurement date for its pension and postretirement plans. F-41 The Company made cash contributions to its qualified pension plans of $35.6 million in 2008. Generally, the Company's funding policy (other than AllianceBernstein) is to make an annual aggregate contribution to its qualified pension plans of approximately $30.0 million unless the minimum contribution required by the Employee Retirement Income Security Act of 1974 ("ERISA") is greater; no significant cash contributions are expected to be required to satisfy the minimum funding requirements for 2009. AllianceBernstein's policy is to satisfy its funding obligation each year in an amount not less than the minimum required by ERISA and not greater than the maximum it can deduct for federal income tax purposes. AllianceBernstein currently estimates it will make a contribution to its qualified retirement plan of $22 million in 2009. Effective December 31, 2008, AllianceBernstein amended its qualified pension plan to eliminate all future accruals for future services and compensation increases. This amendment was considered a plan curtailment and resulted in a decrease in the Projected Benefit Obligation ("PBO") of approximately $13.1 million, which was offset against existing deferred losses in accumulated other comprehensive income (loss). In addition, as a result of all future service being eliminated, AllianceBernstein accelerated recognition of the existing prior service credit of $3.5 million in fourth quarter 2008. Components of net periodic pension expense for the Company's qualified and non-qualified plans were as follows:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Service cost....................................... $ 41.6 $ 39.0 $ 37.6 Interest cost on PBO............................... 134.1 128.8 122.1 Expected return on assets.......................... (194.4) (191.0) (184.8) Curtailment gain recognized........................ (3.5) - - Net amortization and deferrals..................... 42.6 57.5 81.0 ----------------- ---------------- ----------------- Net Periodic Pension Expense....................... $ 20.4 $ 34.3 $ 55.9 ================= ================ =================
The plans' PBO under the Company's qualified and non-qualified plans were comprised of:
DECEMBER 31, ------------------------------------ 2008 2007 ---------------- ----------------- (IN MILLIONS) Benefit obligations, beginning of year................................. $ 2,222.1 $ 2,294.3 Service cost........................................................... 33.6 31.0 Interest cost.......................................................... 134.1 128.8 Plan amendments........................................................ - 8.2 Actuarial gains........................................................ (27.6) (73.6) Plan curtailment....................................................... (13.1) - Benefits paid.......................................................... (168.0) (166.6) ---------------- ----------------- Benefit Obligations, End of Year....................................... $ 2,181.1 $ 2,222.1 ================ =================
F-42 At December 31, 2006, the Company adopted SFAS No. 158, requiring recognition, in the consolidated balance sheet, of the funded status of its defined benefit pension plans, measured as the difference between plan assets at fair value and the PBO. The following table discloses the change in plan assets and the funded status of the Company's qualified and non-qualified plans:
DECEMBER 31, ----------------------------------- 2008 2007 ---------------- ----------------- (IN MILLIONS) Plan assets at fair value, beginning of year.............................. $ 2,415.7 $ 2,396.0 Actual return on plan assets.............................................. (813.6) 191.2 Contributions............................................................. 35.6 4.8 Benefits paid and fees.................................................... (177.3) (176.3) ---------------- ----------------- Plan assets at fair value, end of year.................................... 1,460.4 2,415.7 PBO....................................................................... 2,181.1 2,222.1 ---------------- ----------------- (Underfunding) Overfunding of Plan Assets Over PBO........................ $ (720.7) $ 193.6 ================ =================
Amounts recognized in the accompanying consolidated balance sheets to reflect the funded status of these plans were accrued pension costs of $720.7 million at December 31, 2008 and prepaid and accrued pension costs of $213.5 million and $19.9 million, respectively, at December 31, 2007. The aggregate PBOs and fair value of plan assets for pension plans with PBOs in excess of plan assets were $2,181.1 million and $1,460.4 million, respectively at December 31, 2008 and $76.7 million and $56.8 million, respectively, at December 31, 2007. The aggregate accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets were $2,137.7 million and $1,460.4 million, respectively, at December 31, 2008 and $65.0 million and $56.8 million, respectively, at December 31, 2007. The accumulated benefit obligations for all defined benefit pension plans were $2,137.7 million and $2,154.0 million at December 31, 2008 and 2007, respectively. The following table discloses the amounts included in accumulated other comprehensive income at December 31, 2008 that have not yet been recognized as components of net periodic pension cost:
DECEMBER 31, ---------------------------------------- 2008 2007 ------------------- ------------------- (IN MILLIONS) Unrecognized net actuarial loss .................................... $ 1,497.0 $ 575.8 Unrecognized prior service cost (credit)............................ 3.2 (4.9) Unrecognized net transition asset................................... (.6) (.8) ------------------- ------------------- Total ......................................................... $ 1,499.6 $ 570.1 =================== ===================
The estimated net actuarial loss, prior service credit, and net transition asset expected to be reclassified from accumulated other comprehensive income and recognized as components of net periodic pension cost over the next year are $97.3 million, $(4.2) million, and $(.1) million, respectively. The following table discloses the estimated fair value of plan assets and the percentage of estimated fair value to total plan assets for the qualified plans of the Company at December 31, 2008 and 2007.
DECEMBER 31, ---------------------------------------------------------- 2008 2007 --------------------------- --------------------------- (IN MILLIONS) ESTIMATED Estimated FAIR VALUE % Fair Value % ---------------- ---------- ----------------- ---------- Corporate and government debt securities........ $ 406.4 27.9 $ 414.3 17.1 Equity securities............................... 790.6 54.1 1,723.7 71.4 Equity real estate.............................. 244.5 16.7 277.7 11.5 Short-term investments ......................... 18.9 1.3 - - ---------------- ---------- ----------------- ---------- Total Plan Assets............................... $ 1,460.4 100.0 $ 2,415.7 100.0 ================ ========== ================= ==========
F-43 Qualified pension plan assets declined approximately $955.3 million from December 31, 2007 to December 31, 2008, primarily due to the steep decline and volatility in equity markets, particularly during the latter part of 2008. During fourth quarter 2008, a short term hedge program was executed by the AXA Equitable qualified pension plans to minimize further downside equity risk. The primary investment objective of the plans of the Company is to maximize return on assets, giving consideration to prudent risk. The asset allocation was designed with a long-term investment horizon, based on target investment of 65% equities, 25% fixed income and 10% real estate. Emphasis was given to equity investments, given their higher expected rate of return. Fixed income investments are included to provide less volatile return. Real estate investments offer diversity to the total portfolio and long-term inflation protection. In January 2009, the asset allocation strategy of the qualified defined benefit pension plans was revised to target 30%-40% equities, 50%-60% high quality bonds, and 10%-15% real estate and other investments. In anticipation of continued turbulence in the equity markets, management concluded it would be prudent to continue a hedging program for a period of one year, at which time the need for its continuance would be re-evaluated. The assumed discount rates for measurement of the benefit obligations at December 31, 2008 and 2007 each reflect the rates at which pension benefits then could be effectively settled. Specifically at December 31, 2008, projected nominal cash outflows to fund expected annual benefits payments under the Company's qualified and non-qualified pension and postretirement benefit plans were discounted using a published high-quality bond yield curve. The discount rate of 6.50% disclosed below as having been used to measure the benefits obligation at December 31, 2008 represents the level equivalent discount rate that produces the same present value measure of the benefits obligation as the aforementioned discounted cash flow analysis. The following table discloses the weighted-average assumptions used to measure the Company's pension benefit obligations and net periodic pension cost at and for the years ended December 31, 2008 and 2007.
2008 2007 ------------- ------------- Discount rate: Benefit obligation............................................... 6.50% 6.25% Periodic cost.................................................... 6.25% (1) 5.75% Rate of compensation increase: Benefit obligation and periodic cost............................. 6.00% 6.00% Expected long-term rate of return on plan assets (periodic cost)... 8.50% 8.50%
(1) For plans remeasured in second quarter 2008, periodic cost was recalculated using a discount rate of 6.75% for the remainder of the year. In developing the expected long-term rate of return assumption on plan assets, management considered the historical returns and future expectations for returns for each asset category of the plan portfolio. As noted above, in January 2009, the target asset allocation of the qualified pension plans was changed from the preceding years. Consequently, the long term rate of return assumption to be used for purpose of computing the expected return on plan assets component of pension expense, will be approximately 6.75% to reflect lower expected returns on the reallocated plan asset portfolio. Prior to 1987, the pension plan funded participants' benefits through the purchase of non-participating annuity contracts from AXA Equitable. Benefit payments under these contracts were approximately $17.3 million, $18.9 million and $20.3 million for 2008, 2007 and 2006, respectively. The following table sets forth an estimate of future benefits expected to be paid in each of the next five years, beginning January 1, 2009, and in the aggregate for the five years thereafter. These estimates are based on the same assumptions used to measure the respective benefit obligations at December 31, 2008 and include benefits attributable to estimated future employee service. F-44 PENSION BENEFITS -------------------- (IN MILLIONS) 2009..................... $ 182.1 2010..................... 192.8 2011..................... 194.2 2012..................... 195.5 2013..................... 194.2 Years 2014-2018.......... 953.3 AllianceBernstein maintains several unfunded deferred compensation plans for the benefit of certain eligible employees and executives. The AllianceBernstein Capital Accumulation Plan was frozen on December 31, 1987 and no additional awards have been made. For the active plans, benefits vest over a period ranging from 3 to 8 years and are amortized as compensation and benefit expense. ACMC, Inc. ("ACMC"), a subsidiary of the Company, is obligated to make capital contributions to AllianceBernstein in amounts equal to benefits paid under the Capital Accumulation Plan and the contractual unfunded deferred compensation arrangements. In connection with the acquisition of Bernstein, AllianceBernstein adopted the SCB Deferred Compensation Award Plan ("SCB Plan") and agreed to invest $96.0 million per annum for three years to fund purchases of AllianceBernstein Holding L.P. ("AllianceBernstein Holding") units or an AllianceBernstein sponsored money market fund in each case for the benefit of certain individuals who were stockholders or principals of Bernstein or hired to replace them. The Company has recorded compensation and benefit expenses in connection with these deferred compensation plans totaling $133.1 million, $289.1 million and $243.8 million for 2008, 2007 and 2006, respectively. 13) SHARE-BASED COMPENSATION AXA and AXA Financial sponsor various share-based compensation plans for eligible employees and associates of AXA Financial and its subsidiaries, including the Company. AllianceBernstein also sponsors its own unit option plans for certain of its employees. Activity in these share-based plans in the discussions that follow relates to awards granted to eligible employees and associates of AXA Financial and its subsidiaries under each of these plans in the aggregate, except where otherwise noted. For 2008, 2007 and 2006, respectively, the Company recognized compensation costs for share-based payment arrangements of $33.8 million, $81.2 million and $64.3 million before income taxes and minority interest. Effective January 1, 2006, the Company adopted SFAS No. 123(R), "Share-Based Payment", that required compensation costs for these programs to be recognized in the consolidated financial statements on a fair value basis. The Company recognized compensation costs of $27.0 million, $38.8 million and $24.8 million for employee stock options for 2008, 2007 and 2006, respectively. On April 1, 2008, approximately 3.0 million options to purchase AXA ordinary shares were granted under the terms of the Stock Option Plan at an exercise price of 21.51 euros. Approximately 2.2 million of those options have a four-year graded vesting schedule, with one-third vesting on each of the second, third and fourth anniversaries of the grant date, and approximately 0.8 million have a four-year cliff vesting term. In addition, approximately 0.5 million of the total options awarded on April 1, 2008 are further subject to conditional vesting terms that require the AXA ordinary share price to outperform the Euro Stoxx Insurance Index measured between April 1, 2008 and April 1, 2012. All of the options granted on April 1, 2008 have a ten-year contractual term. Beginning at the grant date, the total fair value of this award, net of expected forfeitures of approximately $14.8 million, is being charged to expense over the shorter of the vesting term or the period up to the date at which the participant becomes retirement eligible. In 2008, the Company recognized compensation expense of approximately $3.2 million in respect of the April 1, 2008 grant of options. F-45 The number of AXA ADRs authorized to be issued pursuant to option grants and, as further described below, restricted stock grants under The AXA Financial, Inc. 1997 Stock Incentive Plan (the "Stock Incentive Plan") is approximately 124.5 million less the number of shares issued pursuant to option grants under The AXA Financial, Inc. 1991 Stock Incentive Plan (the predecessor plan to the Stock Incentive Plan). A summary of the activity in the AXA, AXA Financial and AllianceBernstein option plans during 2008 follows:
Options Outstanding -------------------------------------------------------------------------------------------------------- AXA Ordinary Shares AXA ADRs AllianceBernstein Holding Units --------------------------------- -------------------------------- ----------------------------------- Weighted Weighted Weighted Number Average Number Average Number Average Outstanding Exercise Outstanding Exercise Outstanding Exercise (In Millions) Price (In Millions) Price (In Millions) Price --------------- ---------------- ---------------- -------------- --------------- ---------------- Options outstanding at January 1, 2008........ 10.3 (euro) 27.77 19.0 $ 22.64 7.3 $ 64.20 Options granted.......... 3.1 (euro) 21.40 - $ 36.11 - (2) $ 64.24 Options exercised......... - (euro) 20.44 (4.6) $ 24.87 (.3) $ 41.98 Options forfeited, net... (.2) (euro) 27.26 (2.1) $ 31.20 (.1) $ 67.67 Options expired........... - - (.2) 26.31 --------------- ---------------- --------------- Options Outstanding at December 31, 2008...... 13.2 (euro) 26.34 12.3 $ 20.40 6.7 $ 66.11 =============== ================ ================ ============== =============== =============== Aggregate Intrinsic Value(1)............... (euro) - $ 47.1 $ - ================ ============== =============== Weighted Average Remaining Contractual Term (in years)............. 7.73 3.93 6.3 =============== ================ =============== Options Exercisable at December 31, 2008...... 3.1 23.07 12.1 $ 20.30 3.3 $ 46.69 =============== ================ ================ ============== =============== =============== Aggregate Intrinsic Value(1)............... - $ 47.1 $ - ================ ============== =============== Weighted Average Remaining Contractual Term (in years)............. 6.58 3.89 3.2 =============== ================ ===============
(1) Intrinsic value, presented in millions, is calculated as the excess of the closing market price on December 31, 2008 of the respective underlying shares over the strike prices of the option awards. (2) AllianceBernstein grants totaled 13,825 units in 2008. Cash proceeds received from employee exercises of options to purchase AXA ADRs in 2008 was $113.4 million. The intrinsic value related to employee exercises of options to purchase AXA ADRs during 2008, 2007 and 2006 were $43.5 million, $141.4 million and $132.1 million, respectively, resulting in amounts currently deductible for tax purposes of $14.6 million, $48.0 million and $44.9 million, respectively, for the periods then ended. In 2008, 2007 and 2006, windfall tax benefits of approximately $10.0 million, $34.3 million and $34.8 million, respectively, resulted from employee exercises of stock option awards. At December 31, 2008, AXA Financial held 2.3 million AXA ADRs in treasury at a weighted average cost of approximately $24.91 per ADR, of which approximately 2.1 million were designated to fund future exercises of outstanding employee stock options and the remainder of approximately 0.2 million units was available for general corporate purposes, including funding other stock-based compensation programs. These AXA ADRs were obtained primarily by exercise of call options that had been purchased by AXA Financial beginning in fourth quarter 2004 to mitigate the U.S. dollar price and foreign exchange risks associated with funding exercises of employee stock options. Remaining outstanding and unexercised at December 31, 2008 are call options to purchase 8.6 million AXA ADRs at strike prices ranging from $31.39 to $32.37, each having a cap equal to approximately 150% of its strike price, at which time the option automatically would be exercised. These call options expire on November 23, 2009. During 2008, AXA Financial utilized approximately 2.5 million AXA ADRs from treasury to fund exercises of employee stock options. Outstanding employee options to purchase AXA ordinary shares began to become exercisable on March 29, F-46 2007, coincident with the second anniversary of the first award made in 2005, and exercises of these awards are funded by newly issued AXA ordinary shares. For the purpose of estimating the fair value of employee stock option awards, the Company applies the Black-Scholes-Merton formula. A Monte-Carlo simulation approach was used to model the fair value of the conditional vesting feature of the April 1, 2008 and May 10, 2007 awards of options to purchase AXA ordinary shares. Shown below are the relevant input assumptions used to derive the fair values of options awarded in 2008, 2007 and 2006, respectively. For employee stock options with graded vesting terms and service conditions granted on or after January 1, 2006, the Company elected under SFAS No. 123(R) to retain its practice of valuing these as singular awards and to change to the graded-vesting method of attribution, whereby the cost is recognized separately over the requisite service period for each individual one-third of the options vesting on the second, third and fourth anniversaries of the grant date.
AXA Ordinary Shares AllianceBernstein Holding Units ------------------------------ ------------------------------- 2008 2007 2006 2008 2007 2006 -------- -------- -------- -------- -------- -------- Dividend yield.................... 7.12% 4.10% 3.48% 5.4% 5.6-5.7% 6% Expected volatility............... 34.7% 27.5% 28% 29.3% 27.7-30.8% 31% Risk-free interest rate........... 4.19% 4.40% 3.77% 3.2% 3.5-4.9% 4.9% Expected life in years............ 6.0 5.5 5.0 6.0 6.0-9.5 6.5 Weighted average fair value per option at grant date............ $5.70 $9.61 $7.45 $10.85 $15.96 $12.35
As of December 31, 2008, approximately $54.4 million of unrecognized compensation cost related to unvested employee stock option awards, net of estimated pre-vesting forfeitures, is expected to be recognized by the Company over a weighted average period of 5.57 years. Under the Stock Incentive Plan, AXA Financial grants restricted AXA ADRs to employees of its subsidiaries. Generally, all outstanding restricted AXA ADR awards have a 5-year cliff-vesting term. Under The Equity Plan for Directors (the "Equity Plan"), AXA Financial grants non-officer directors restricted AXA ADRs and unrestricted AXA ADRs annually. Similarly, AllianceBernstein awards restricted AllianceBernstein Holding units to independent directors of its General Partner. In addition, under its Century Club Plan, awards of restricted AllianceBernstein Holding units that vest ratably over three years are made to eligible AllianceBernstein employees whose primary responsibilities are to assist in the distribution of company-sponsored mutual funds. On December 19, 2008, in accordance with the terms of his employment agreement, AllianceBernstein awarded Mr. Kraus, Chairman and CEO of AllianceBernstein, approximately 2.7 million restricted AllianceBernstein Holding Units with a grant date fair value of $19.20 per Unit. These Units vest ratably over a 5-year period. For 2008, 2007 and 2006, respectively, the Company recognized compensation costs of $6.1 million, $8.6 million and $5.6 million for awards outstanding under these plans. The fair values of awards made under these plans are measured at the date of grant by reference to the closing price of the unrestricted shares and the result generally is attributed over the shorter of the requisite service period, the performance period, if any, or to the date at which retirement eligibility is achieved and subsequent service no longer is required for continued vesting of the award. F-47 At December 31, 2008, approximately 3.3 million restricted awards remain unvested, including restricted awards of AllianceBernstein Holding units. At December 31, 2008, approximately $56.3 million of unrecognized compensation cost related to these unvested awards, net of estimated pre-vesting forfeitures, is expected to be recognized over a weighted average period of 4.4 years. Restricted AXA ADRs vested in 2008, 2007 and 2006 had aggregate vesting date fair values of approximately $3.3 million, $7.0 million and $13.5 million, respectively. In 2007, 100,187 restricted AXA ADRs were granted, having an aggregate grant-date fair value of $4.5 million. The following table summarizes unvested restricted AXA ADR activity for 2008.
Weighted Shares of Average Restricted Grant Date Stock Fair Value ---------------- ----------------- Unvested as of January 1, 2008.......................................... 408,511 $ 29.67 Granted................................................................. 149,413 $ 37.68 Vested.................................................................. 96,822 $ 24.30 Forfeited............................................................... - ---------------- Unvested as of December 31, 2008........................................ 461,102 $ 31.92 ================
In January 2001, certain employees exchanged fully vested in-the-money AXA ADR options for tandem Stock Appreciation Rights/AXA ADR non-statutory options ("tandem SARs/NSOs") of then-equivalent intrinsic value. The Company recorded compensation expense for these fully-vested awards of $(5.5) million, zero and $6.1 million for 2008, 2007 and 2006, respectively, reflecting the impact in those periods of the change in the market price of the AXA ADR on the cash-settlement value of the SARs component of the outstanding tandem SARs/NSOs. The value of these tandem SARs/NSOs at December 31, 2008 and 2007 was $1.2 million and $17.7 million, respectively. At December 31, 2008, 0.4 million tandem SARs/NSOs were outstanding, having weighted average remaining contractual term of 0.6 years, and for which the SARs component had maximum value of $6.2 million. On February 17, 2009, approximately 0.2 million of these tandem SARs/NSOs expired out-of-the-money. During 2008, 2007 and 2006, respectively, approximately 0.7 million, 0.4 million and 2.8 million of these awards were exercised at an aggregate cash-settlement value of $9.2 million, $7.2 million and $41.2 million. On April 1, 2008, 66,372 Stock Appreciation Rights ("SARs") with a 4-year cliff-vesting schedule were granted to certain associates of AXA Financial subsidiaries. These SARs entitle the holder to a cash payment equal to any appreciation in the value of the AXA ordinary share over 21.51 Euros as of the date of exercise. At December 31, 2008, 0.3 million SARs were outstanding, having weighted average remaining contractual term of 7.56 years. The accrued value of SARs at December 31, 2008 and 2007 was $0.4 million and $3.5 million, respectively, and recorded as liabilities in the consolidated balance sheets. For 2008, 2007 and 2006, the Company recorded compensation expense for SARs of $(2.3) million, $1.1 million and $1.9 million, respectively, reflecting the impact in those periods of the changes in their fair values as determined by applying the Black Scholes-Merton formula and assumptions used to price employee stock option awards. On March 31, 2008, approximately 702,404 performance units earned under the AXA Performance Unit Plan 2006 were fully vested for total value of approximately $24.2 million, including incremental units earned from having exceeded targeted 2007 performance criteria by 0.68%. Distributions to participants were made on April 10, 2008, resulting in cash settlements of approximately 78% of these performance units for aggregate value of approximately $18.6 million and equity settlements of the remainder with approximately 153,494 restricted AXA ADRs for aggregate value of approximately $5.6 million. In 2008, the AXA Management Board awarded 995,031 unearned performance units to employees of AXA Financial subsidiaries. During each year that the performance unit awards are outstanding, a pro-rata portion of the units may be earned based on criteria measuring the performance of AXA and AXA Financial Group. The extent to which performance targets are met determines the number of performance units earned, which may vary between 0% and 130% of the number of performance units at stake. Performance units earned under the 2008 plan cliff-vest on the second anniversary of their date of award. When fully vested, the performance units earned will be settled in cash or, in some cases, a combination of cash (70%) and stock (30%), the latter equity portion having transfer restrictions for a two-year period. The price used to value the 2008 performance units at settlement will be the average opening price of the AXA ordinary share for the last F-48 20 trading days of the vesting period converted to U.S. dollars using the Euro to U.S. dollar exchange rate on March 31, 2010. For 2008, the Company recognized compensation expense of approximately $3.5 million in respect of the 2008 grants of performance units. For 2008, 2007 and 2006, the Company recognized compensation costs of $5.5 million, $11.6 million and $25.9 million, respectively, for performance units earned to date. The change in fair value of these awards is measured by the closing price of the underlying AXA ordinary shares or AXA ADRs with adjustment to reflect the impact of expected and actual pre-vesting forfeitures. The cost of performance unit awards are attributed over the shorter of the cliff-vesting period or to the date at which retirement eligibility is achieved. The value of performance units earned and reported in Other liabilities in the consolidated balance sheets at December 31, 2008 and 2007 was $17.3 million and $31.1 million, respectively. Approximately 720,872 outstanding performance units are at risk to achievement of 2008 performance criteria, including approximately 50% of the award granted on May 10, 2007. In 2008, eligible employees of AXA Financial's subsidiaries participated in AXA's global offering to purchase newly issued AXA stock, subject to plan limits, under the terms of AXA Shareplan 2008. Similar to the AXA Shareplan programs previously offered in 2001 through 2007, the plan offered two investment alternatives that, with limited exceptions, restrict the sale or transfer of the purchased shares for a period of five years. "Investment Option A" permitted participants to purchase AXA ADRs at a 20% formula discounted price. "Investment Option B" permitted participants to purchase AXA ordinary shares at a 14.25% formula discounted price on a leveraged basis with a guaranteed return of initial investment plus 75% of any appreciation in the value of the total shares purchased. The Company recognized compensation expense of $1.1 million in 2008, $27.7 million in 2007 and $22.1 million in 2006 in connection with each respective year's offering of AXA Shareplan, representing the aggregate discount provided to participants for their purchase of AXA stock under each of those plans, as adjusted for the post-vesting, five-year holding period. Participants in AXA Shareplans 2008, 2007 and 2006 primarily invested under Investment Option B for the purchase of approximately 6.5 million, 5.3 million and 5.0 million AXA ordinary shares, respectively. On July 1, 2007, under the terms of the AXA Miles Program 2007, the AXA Management Board granted 50 AXA Miles to every employee of AXA for purpose of enhancing long-term employee-shareholder engagement. Each AXA Mile represents the right to receive one unrestricted AXA ordinary share on July 1, 2011, conditional only upon continued employment with AXA at the close of the four-year cliff vesting period with exceptions for retirement, death, and disability. For AXA Financial participants, settlement of the right to receive each unrestricted AXA ordinary share will be made in the form of an AXA ADR. The grant date fair value of approximately 449,400 AXA Miles awarded to employees of AXA Financial's subsidiaries was approximately $19.4 million, measured as the market equivalent of a vested AXA ordinary share. Beginning on July 1, 2007, the total fair value of this award, net of expected forfeitures, is expensed over the shorter of the vesting term or to the date at which the participant becomes retirement eligible. For 2008 and 2007, respectively, the Company recognized compensation expense of approximately $1.9 million and $2.7 million in respect of this grant of AXA Miles. Provided certain performance targets are achieved, an additional allocation of 50 AXA Miles per employee will be considered for award in 2010 and 2011 under terms then-to-be-determined and approved by the AXA Management Board. In 1997, AllianceBernstein Holding established a long-term incentive compensation plan under which unit-based awards are made to key employees for terms established by AllianceBernstein Holding at the time of grant. These awards include options, restricted AllianceBernstein Holding units and phantom restricted AllianceBernstein Holding units, performance awards, and other AllianceBernstein Holding unit based awards. The aggregate number of AllianceBernstein Holding units subject to options granted or otherwise awarded under this plan, as amended in December 2006 to include awards made to select participants under the Special Option Program, may not exceed 41.0 million. At December 31, 2008, approximately 14.2 million options to purchase AllianceBernstein Holding units and 4.1 million other unit awards, net of forfeitures, were subject to the aggregate allowable maximum under this plan. F-49 14) NET INVESTMENT INCOME AND INVESTMENT GAINS (LOSSES), NET The sources of net investment income follow:
2008 2007 2006 ----------------- ---------------- --------------- (IN MILLIONS) Fixed maturities................................... $ 1,668.6 $ 1,728.5 $ 1,848.6 Mortgage loans on real estate...................... 251.7 233.5 245.9 Equity real estate................................. 95.3 93.6 88.2 Other equity investments........................... (110.9) 231.9 181.2 Policy loans....................................... 251.3 255.9 249.8 Short-term investments............................. 30.8 55.1 55.2 Derivative investments............................. 7,302.1 86.6 (302.4) Broker-dealer related receivables.................. 91.8 234.6 226.5 Trading securities................................. (343.5) 29.5 53.4 Other investment income............................ 1.6 56.1 43.9 ----------------- ---------------- --------------- Gross investment income.......................... 9,238.8 3,005.3 2,690.3 Investment expenses................................ (108.6) (122.5) (113.3) Interest expense................................... (36.5) (194.4) (187.8) ----------------- ---------------- --------------- Net Investment Income.............................. $ 9,093.7 $ 2,688.4 $ 2,389.2 ================= ================ ===============
For 2008, 2007 and 2006, respectively, net investment income included gains (losses) on derivatives of $7,302.1 million, $86.6 million and $(302.4) million of which $6,622.6 million, $16.4 million and $(249.5) million were realized gains (losses) on contracts closed during those years and $679.5 million, $70.2 million and $(52.9) million were unrealized gains (losses) on derivative positions at each respective year end. Investment (losses) gains, net including changes in the valuation allowances, follow:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Fixed maturities................................... $ (367.3) $ (55.6) $ (11.5) Mortgage loans on real estate...................... 2.3 7.8 .2 Equity real estate................................. (1.6) 7.3 8.8 Other equity investments........................... 11.5 16.9 20.1 Other(1)........................................... 16.6 16.4 29.3 ----------------- ---------------- ----------------- Investment (Losses) Gains, Net..................... $ (338.5) $ (7.2) $ 46.9 ================= ================ =================
(1) In 2008, 2007 and 2006, respectively, AllianceBernstein issued units to its employees under long-term incentive plans. As a result of these transactions, the Company recorded non-cash realized gains of $9.9 million, $15.5 million and $28.0 million for 2008, 2007 and 2006, respectively. Writedowns of fixed maturities amounted to $285.9 million, $79.0 million and $27.4 million for 2008, 2007 and 2006, respectively. There were no writedowns of mortgage loans on real estate for 2008, 2007 and 2006. There were no writedowns of equity real estate for 2008, 2007 and 2006. For 2008, 2007 and 2006, respectively, proceeds received on sales of fixed maturities classified as available for sale amounted to $324.4 million, $1,554.6 million and $1,281.9 million. Gross gains of $3.3 million, $12.6 million and $33.9 million and gross losses of $94.5 million, $20.3 million and $24.5 million, respectively, were realized on these sales. The change in unrealized investment losses related to fixed maturities classified as available for sale for 2008, 2007 and 2006 amounted to $2,525.8 million, $376.4 million and $416.7 million, respectively. F-50 For 2008, 2007 and 2006, respectively, investment results passed through to certain participating group annuity contracts as interest credited to policyholders' account balances amounted to $47.7 million, $52.7 million and $57.8 million. Changes in unrealized gains (losses) reflect changes in fair value of only those fixed maturities and equity securities classified as available for sale and do not reflect any changes in fair value of policyholders' account balances and future policy benefits. The net unrealized investment gains (losses) included in the consolidated balance sheets as a component of accumulated other comprehensive income and the changes for the corresponding years, including Wind-up Annuities on a line-by-line basis, follow:
2008 2007 2006 ---------------- --------------- ---------------- (IN MILLIONS) Balance, beginning of year......................... $ 103.6 $ 282.2 $ 432.3 Changes in unrealized investment losses on investments............................ (2,608.8) (380.5) (431.4) Changes in unrealized investment gains (losses) attributable to: Participating group annuity contracts, Closed Block policyholder dividend obligation and other........................ (93.8) 15.0 90.9 DAC............................................ 582.0 83.5 85.8 Deferred income taxes.......................... 746.2 103.4 104.6 ---------------- --------------- ---------------- Balance, End of Year............................... $ (1,270.8) $ 103.6 $ 282.2 ================ =============== ================ Balance, end of year comprises: Unrealized investment (losses) gains on: Fixed maturities............................... $ (2,450.4) $ 155.5 $ 535.4 Other equity investments....................... (2.1) .8 1.4 ---------------- --------------- ---------------- Subtotal..................................... (2,452.5) 156.3 536.8 Unrealized investment gains (losses) attributable to: Participating group annuity contracts, Closed Block policyholder dividend obligation and other....................... (77.4) 16.4 1.4 DAC.......................................... 555.1 (26.9) (110.4) Deferred income taxes........................ 704.0 (42.2) (145.6) ---------------- --------------- ---------------- Total.............................................. $ (1,270.8) $ 103.6 $ 282.2 ================ =============== ================
15) INCOME TAXES A summary of the income tax expense in the consolidated statements of earnings follows:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Income tax expense: Current (benefit) expense ....................... $ (319.7) $ 464.0 $ 438.6 Deferred expense (benefit)....................... 2,021.6 295.8 (14.1) ----------------- ---------------- ----------------- Total.............................................. $ 1,701.9 $ 759.8 $ 424.5 ================= ================ =================
F-51 The Federal income taxes attributable to consolidated operations are different from the amounts determined by multiplying the earnings before income taxes and minority interest by the expected Federal income tax rate of 35%. The sources of the difference and their tax effects follow:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Expected income tax expense........................ $ 1,896.5 $ 939.0 $ 728.1 Minority interest.................................. (132.3) (227.3) (227.0) Separate Account investment activity............... (66.5) (52.0) (45.4) Non-taxable investment income...................... 26.1 (21.7) (23.1) Adjustment of tax audit reserves................... 9.9 21.5 (86.2) State income taxes................................. 20.5 50.2 38.0 AllianceBernstein income and foreign taxes......... (53.3) 40.2 32.9 Other.............................................. 1.0 9.9 7.2 ----------------- ---------------- ----------------- Income Tax Expense................................. $ 1,701.9 $ 759.8 $ 424.5 ================= ================ =================
The Company recognized a net tax benefit in 2006 of $117.7 million related to the settlement of an Internal Revenue Service's ("IRS") audit of the 1997-2001 tax years, partially offset by additional tax reserves established for subsequent tax periods. Of the net tax benefit of $117.7 million, $111.9 million related to the continuing operations and $5.8 million to the discontinued Wind-up Annuities. On August 16, 2007, the IRS issued Revenue Ruling 2007-54 that purported to change accepted industry and IRS interpretations of the statutes governing the computation of the Separate Account dividends received deduction ("DRD"). This ruling was suspended on September 25, 2007 in Revenue Ruling 2007-61 and the U.S. Department of the Treasury (the "Treasury") indicated that it would address the computational issues in a regulation project. Any regulations that the Treasury ultimately proposes for issuance in this area will be subject to public notice and comment, at which time insurance companies and other members of the public will have the opportunity to raise legal and practical questions about the content, scope and application of such regulations. The ultimate timing and substance of any such regulations are unknown, but they could result in the elimination of some or all of the Separate Account DRD tax benefit that the Company receives. The components of the net deferred income taxes are as follows:
DECEMBER 31, 2008 December 31, 2007 --------------------------------- --------------------------------- ASSETS LIABILITIES Assets Liabilities --------------- ---------------- --------------- --------------- (IN MILLIONS) Compensation and related benefits...... $ 297.1 $ - $ - $ 35.4 Reserves and reinsurance............... - 1,465.8 1,312.2 - DAC.................................... - 2,209.5 - 2,735.5 Unrealized investment gains............ 683.6 - - 42.5 Investments............................ - 741.0 - 1,044.2 Other.................................. - 47.0 81.5 - --------------- ---------------- --------------- --------------- Total.................................. $ 980.7 $ 4,463.3 $ 1,393.7 $ 3,857.6 =============== ================ =============== ===============
As a result of the implementation of FIN 48 as of January 1, 2007, the Company recognized a $44.8 million decrease in the amount of unrecognized tax benefits, which was accounted for as an increase to the January 1, 2007 balance of retained earnings. The total amount of unrecognized tax benefits at January 1, 2007 was $371.3 million. Of that total, $276.9 million would affect the effective tax rate and $94.4 million are tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, other than interest and penalties, the change in timing of the deduction would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority. At December 31, 2008, the total amount of unrecognized tax benefits was $506.6 million of which $372.6 million would affect the effective rate and $134.0 million was temporary in nature. At December 31, 2007, the total amount of unrecognized tax benefits was $412.2 million of which $301.9 million would affect the effective rate and $110.3 million was temporary in nature. F-52 The Company recognizes accrued interest and penalties related to unrecognized tax benefits in tax expense. Interest and penalties included in the amounts of unrecognized tax benefits at December 31, 2008 and 2007 were $77.3 million and $68.6 million, respectively. Tax expense for 2008 and 2007, respectively, reflected $8.7 million and $22.5 million in interest related to unrecognized tax benefits. A reconciliation of unrecognized tax benefits (excluding interest and penalties) follows:
2008 2007 --------------- --------------- (IN MILLIONS) Balance, beginning of year................................................ $ 343.6 $ 325.2 Additions for tax positions of prior years................................ 81.3 19.2 Reductions for tax positions of prior years............................... (4.9) (1.5) Additions for tax positions of current years.............................. .9 3.4 Reductions for tax positions of current years............................. - (.3) Settlements with tax authorities.......................................... 7.7 (2.4) Reductions as a result of a lapse of the applicable statute of limitations - - --------------- --------------- Balance, End of Year...................................................... $ 428.6 $ 343.6 =============== ===============
The IRS completed its examination of the Company's 2002 and 2003 Federal corporate income tax returns and issued its Revenue Agent's Report in second quarter 2008. The Company has appealed an issue to the Appeals Office of the IRS. In addition, AllianceBernstein settled various examinations by the state and local tax authorities. The impact of these completed audits on the Company's financial statements was a net benefit of $14.6 million. IRS examinations for years subsequent to 2003 are expected to commence in 2009. It is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months due to the conclusion of the current IRS proceedings and the additions of new issues for open tax years. The possible change in the amount of unrecognized tax benefits cannot be estimated at this time. 16) DISCONTINUED OPERATIONS The Company's discontinued operations include Wind-up Annuities, equity real estate held-for-sale and disposal of businesses. The following tables reconcile the (Losses) earnings from discontinued operations, net of income taxes and Gains (losses) on disposal of discontinued operations, net of income taxes to the amounts reflected in the consolidated statements of earnings for the three years ended December 31, 2008:
2008 2007 2006 ------------- ------------ ------------- (IN MILLIONS) (LOSSES) EARNINGS FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES: Wind-up Annuities............................................. $ (27.5) $ (.1) $ 30.2 Real estate held-for-sale..................................... 1.4 (6.8) 1.1 Disposal of business - Enterprise............................. - 1.0 (.1) ------------- ------------ ------------- Total......................................................... $ (26.1) $ (5.9) $ 31.2 ============= ============ ============= GAINS (LOSSES) ON DISPOSAL OF DISCONTINUED OPERATIONS, NET OF INCOME TAXES: Real estate held for sale..................................... $ 6.3 $ 3.2 $ - Disposal of business - Enterprise............................. - (.4) (1.9) ------------- ------------ ------------- Total......................................................... $ 6.3 $ 2.8 $ (1.9) ============= ============ =============
Disposal of Businesses ---------------------- In accordance with their October 2006 agreement, during 2007, AXA Financial and its subsidiaries, AXA Equitable, Enterprise Capital Management, Inc. ("Enterprise") and Enterprise Fund Distributors, Inc., ("EFD") transferred to Goldman Sachs Asset Management L.P. ("GSAM") assets of the business of serving F-53 as sponsor of and investment manager to 27 of the 31 funds of AXA Enterprise Multimanager Funds Trust, AXA Enterprise Funds Trust and The Enterprise Group of Funds, Inc. (collectively, the "AXA Enterprise Funds") and completed the reorganization of such funds to corresponding mutual funds managed by GSAM. In 2008, AXA Financial completed the reorganization and/or liquidation of the remaining four mutual funds in AXA Enterprise Funds of the remaining funds which together had approximately $661.9 million in assets under management as of December 31, 2007. AXA Financial has since entered into agreements to transfer the remaining funds. As a result of management's disposition plan, AXA Enterprise Funds advisory contracts were reported as Discontinued Operations. In 2007 and 2006, respectively, $0.7 million pre-tax ($0.4 million post-tax) and $3.0 million pre-tax ($1.9 million post-tax) of transaction costs were recorded as a result of the disposition of the funds; no additional costs were reported for 2008. Proceeds received in 2007 on the disposition of the AXA Enterprise Funds totaled $26.3 million. In 2008 and 2007, respectively, impairments of zero and $0.7 million pre-tax ($0.4 million post-tax) were recorded on intangible assets associated with AXA Enterprise Funds investment management contracts based upon estimated fair value. At December 31, 2008 and 2007 there were no assets or liabilities related to these operations. Wind-up Annuities In 1991, management discontinued the business of Wind-up Annuities, the terms of which were fixed at issue, which were sold to corporate sponsors of terminated qualified defined benefit plans, and for which a premium deficiency reserve and an allowance for future losses based upon projected future cash flows had been established. The Company's quarterly process for evaluating the need for an allowance for future losses involves comparison of the current period's results of Wind-up Annuities to previous projections and re-estimation of future expected losses, if appropriate, to determine whether an adjustment is required. Investment and benefit cash flow projections are updated annually as part of the Company's annual planning process. The assumptions and estimates for 2006 resulted in a release of the allowance. If the Company's analysis in any given period indicates that an allowance for future losses is not necessary, any current period Wind-up Annuities' operating losses or earnings are recognized as (Losses) earnings from discontinued operations, net of income taxes in the consolidated statements of earnings. At December 31, 2008, no allowance for future losses was necessary based upon projections of reasonably assured future net investing and operating cash flows. The determination of projected future cash flows involves numerous estimates and subjective judgments regarding the expected performance of invested assets held by Wind-up Annuities and the expected run-off of Wind-up Annuities liabilities. There can be no assurance the projected future cash flows will not differ from the cash flows ultimately realized. To the extent actual results or future projections of Wind-up Annuities are lower than management's current estimates and assumptions and result in operating losses not being offset by reasonably assured future net investing and operating cash flows, an allowance for future losses may be necessary. In particular, to the extent income, sales proceeds and holding periods for equity real estate differ from management's previous assumptions, establishment of a loss allowance liability may result. F-54 Summarized financial information for Wind-up Annuities follows:
DECEMBER 31, -------------------------------------- 2008 2007 ----------------- ----------------- (IN MILLIONS) BALANCE SHEETS Fixed maturities, available for sale, at estimated fair value (amortized cost of $661.8 and $696.3).............................. $ 602.1 $ 705.0 Equity real estate................................................... 162.2 165.0 Other invested assets................................................ 2.5 4.0 ----------------- ----------------- Total investments.................................................. 766.8 874.0 Cash and cash equivalents............................................ - - Other assets......................................................... 77.1 27.3 ----------------- ----------------- Total Assets......................................................... $ 843.9 $ 901.3 ================= ================= Policyholders liabilities............................................ $ 723.4 $ 756.1 Other liabilities.................................................... 120.5 145.2 ----------------- ----------------- Total Liabilities.................................................... $ 843.9 $ 901.3 ================= =================
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) STATEMENTS OF EARNINGS Investment income (net of investment expenses of $19.3, $19.6 and $19.0).............. $ 64.0 $ 64.9 $ 71.3 Investment (losses) gains, net..................... (4.8) (.8) 6.0 Policy fees, premiums and other income............. .1 .2 - ----------------- ---------------- ----------------- Total revenues..................................... 59.3 64.3 77.3 ----------------- ---------------- ----------------- Benefits and other deductions...................... 101.7 80.0 84.7 Losses charged to the allowance for future losses................................ - (15.6) (7.4) ----------------- ---------------- ----------------- Pre-tax loss from operations....................... (42.4) (.1) - Pre-tax (loss from strengthening) earnings from releasing the allowance for future losses........ - - 37.1 Income tax benefit (expense)....................... 14.9 - (6.9) ----------------- ---------------- ----------------- (Losses) Earnings from Wind-up Annuities........... $ (27.5) $ (.1) $ 30.2 ================= ================ =================
Income tax expense for Wind-up Annuities in 2006 included a $5.8 million tax benefit in connection with the settlement of an IRS audit of the 1997-2001 tax years. Real Estate Held-For-Sale ------------------------- In 2007, two real estate properties with a total book value of $172.7 million that had been previously reported in equity real estate were reclassified as real estate held-for-sale. Prior periods were restated to reflect these properties as discontinued operations. In third quarter 2007, one of the held-for-sale properties was sold resulting in a gain of $4.9 million ($3.2 million post-tax). At December 31, 2008 and 2007, equity real estate held-for-sale was zero and $121.7 million, respectively, and was included in Other assets. F-55 17) ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive (loss) income represents cumulative gains and losses on items that are not reflected in earnings. The balances for the past three years follow:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Unrealized (losses) gains on investments........... $ (1,270.8) $ 103.6 $ 282.2 Defined benefit pensions plans..................... (964.8) (371.5) (449.5) ----------------- ---------------- ----------------- Total Accumulated Other Comprehensive Loss............................... $ (2,235.6) $ (267.9) $ (167.3) ================= ================ =================
The components of other comprehensive loss for the past three years follow:
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Net unrealized losses on investments: Net unrealized losses arising during the year....................................... $ (2,533.5) $ (357.8) $ (416.6) Losses reclassified into net earnings during the year................................ (75.3) (22.7) (14.8) ----------------- ---------------- ----------------- Net unrealized losses on investments............... (2,608.8) (380.5) (431.4) Adjustments for policyholders liabilities, DAC and deferred income taxes.................. 1,234.4 201.9 281.3 ----------------- ---------------- ----------------- Change in unrealized losses, net of adjustments.... (1,374.4) (178.6) (150.1) Change in defined benefits pension plans........... (593.3) 78.0 - ----------------- ---------------- ----------------- Total Other Comprehensive Loss..................... $ (1,967.7) $ (100.6) $ (150.1) ================= ================ =================
18) COMMITMENTS AND CONTINGENT LIABILITIES Debt Maturities --------------- At December 31, 2008, aggregate maturities of the long-term debt, including any current portion of long-term debt, based on required principal payments at maturity were none for 2009-2013 and $200.0 million thereafter. Leases ------ The Company has entered into operating leases for office space and certain other assets, principally information technology equipment and office furniture and equipment. Future minimum payments under non-cancelable operating leases for 2009 and the four successive years are $203.7 million, $199.3 million, $194.7 million, $197.9 million, $205.2 million and $2,356.1 million thereafter. Minimum future sublease rental income on these non-cancelable operating leases for 2009 and the four successive years is $5.3 million, $5.4 million, $4.7 million, $3.3 million, $3.2 million and $10.6 million thereafter. At December 31, 2008, the minimum future rental income on non-cancelable operating leases for wholly owned investments in real estate for 2009 and the four successive years is $102.5 million, $102.7 million, $103.2 million, $105.4 million, $106.6 million and $631.9 million thereafter. The Company has entered into capital leases for certain information technology equipment. Future minimum payments under non-cancelable capital leases for 2009 and the four successive years is $0.9 million, $0.9 million, $0.5 million, $0.4 million, $0.2 million and $0.1 million thereafter. F-56 Guarantees and Other Commitments -------------------------------- The Company provides certain guarantees or commitments to affiliates, investors and others. At December 31, 2008, these arrangements include commitments by the Company to provide equity financing of $711.3 million to certain limited partnerships under certain conditions. Management believes the Company will not incur material losses as a result of these commitments. AXA Equitable is the obligor under certain structured settlement agreements it had entered into with unaffiliated insurance companies and beneficiaries. To satisfy its obligations under these agreements, AXA Equitable owns single premium annuities issued by previously wholly owned life insurance subsidiaries. AXA Equitable has directed payment under these annuities to be made directly to the beneficiaries under the structured settlement agreements. A contingent liability exists with respect to these agreements should the previously wholly owned subsidiaries be unable to meet their obligations. Management believes the need for AXA Equitable to satisfy those obligations is remote. The Company had $59.8 million of undrawn letters of credit related to reinsurance at December 31, 2008. AXA Equitable had $15.0 million in commitments under existing mortgage loan agreements at December 31, 2008. In February 2002, AllianceBernstein signed a $125.0 million agreement with a commercial bank under which it guaranteed certain obligations of SCBL incurred in the ordinary course of its business in the event SCBL is unable to meet these obligations. During 2008, AllianceBerstein was not required to perform under the agreement and at December 31, 2008 had no liability outstanding in connection with the agreement. 19) LITIGATION A putative class action entitled Stefanie Hirt, et al. v. The Equitable Retirement Plan for Employees, Managers and Agents, et al. was filed in the District Court for the Southern District of New York in August 2001 against The Equitable Retirement Plan for Employees, Managers and Agents (the "Retirement Plan") and The Officers Committee on Benefit Plans of Equitable Life, as Plan Administrator. The action was brought by five participants in the Retirement Plan and purports to be on behalf of "all Plan participants, whether active or retired, their beneficiaries and Estates, whose accrued benefits or pension benefits are based on the Plan's Cash Balance Formula". The complaint challenged the change, effective January 1, 1989, in the pension benefit formula from a final average pay formula to a cash balance formula. Plaintiffs alleged that the change to the cash balance formula violated ERISA by reducing the rate of accruals based on age, failed to comply with ERISA's notice requirements and improperly applied the formula to retroactively reduce accrued benefits. The relief sought includes a declaration that the cash balance plan violated ERISA, an order enjoining the enforcement of the cash balance formula, reformation and damages. In April 2002, plaintiffs filed a motion seeking to certify a class of "all Plan participants, whether active or retired, their beneficiaries and Estates, whose accrued benefits or pension benefits are based on the Plan's Cash Balance Formula". Also in April 2002, plaintiffs agreed to dismiss with prejudice their claim that the change to the cash balance formula violated ERISA by improperly applying the formula to retroactively reduce accrued benefits. That claim was dismissed. In March 2003, plaintiffs filed an amended complaint elaborating on the remaining claims in the original complaint and adding additional class and individual claims alleging that the adoption and announcement of the cash balance formula and the subsequent announcement of changes in the application of the cash balance formula failed to comply with ERISA. By order dated May 2003, the District Court, as requested by the parties, certified the case as a class action, including a sub-class of all current and former Plan participants, whether active, inactive or retired, their beneficiaries or estates, who were subject to a 1991 change in application of the cash balance formula. In September 2006, the district court granted summary judgment in favor of the defendants. The court ruled that (a) the cash balance provisions of the Equitable Plan do not violate the age discrimination provisions of ERISA, (b) while the notice of plan changes provided to participants in 1990 was not adequate, the notice of plan changes provided to participants in 1992 satisfied the ERISA notice requirements regarding delivery and content, and (c) the claims of the named plaintiffs are barred by statute of limitations. The Court found that other individual class members were not precluded from asserting claims for additional benefit accruals from January 1991 through January 1993 to the extent that such individuals could show that the statute of limitations did not bar their claims. In October 2006, plaintiffs filed a notice of appeal and defendants filed a cross appeal. In July 2008, the Court of Appeals affirmed the lower court's decision that the cash balance plan does not violate the age discrimination provisions of ERISA and that plaintiffs' claims also were barred by the statute of limitations. F-57 In September 2008, the Court of Appeals denied plaintiffs motion for rehearing. The time for plaintiffs to make an appeal to the United States Supreme Court has expired. In April 2004, a purported nationwide class action lawsuit was filed in the Circuit Court for Madison County, Illinois entitled Matthew Wiggenhorn v. Equitable Life Assurance Society of the United States. The lawsuit alleges that AXA Equitable uses stale prices for the foreign securities within the investment divisions of its variable insurance products. The complaint further alleges that AXA Equitable's use of stale pricing diluted the returns of the purported class. The complaint also alleges that AXA Equitable breached its fiduciary duty to the class by allowing market timing in general within AXA Equitable's variable insurance products, thereby diluting the returns of the class. In June 2005, this case was transferred by the Judicial Panel on Multidistrict Litigation to the U.S. District Court in Maryland, where other market-timing related litigation is pending. In June 2005, plaintiff filed an amended complaint. In July 2005, AXA Equitable filed a motion to dismiss the amended complaint. In June 2006, AXA Equitable's motion to dismiss the amended complaint was granted and, in June 2006, plaintiff appealed. As of April 2007, the appeal was fully briefed. In October 2008, oral arguments on the appeal were held. In January 2009, the Fourth Circuit Court of Appeals affirmed the District Court's decision to dismiss the amended complaint. A putative class action entitled Eagan et al. v. AXA Equitable Life Insurance Company was filed in the District Court for the Central District of California in December 2006 against AXA Equitable as plan sponsor and fiduciary for an ERISA retiree health plan. The action was brought by two plan participants on behalf of all past and present employees and agents who received retiree medical benefits from AXA Equitable at any time after January 1, 2004, or who will receive such benefits in 2006 or later, excluding certain retired agents. Plaintiffs allege that AXA Equitable's adoption of a revised version of its retiree health plan in 1993 (the "1993 Plan") was not authorized or effective. Plaintiffs contend that AXA Equitable has therefore breached the retiree health plan by imposing the terms of the 1993 Plan on plaintiffs and other retirees. Plaintiffs allege that, even if the 1993 Plan is controlling, AXA Equitable has violated the terms of the retiree health plan by imposing health care costs and coverages on plaintiffs and other retirees that are not authorized under the 1993 Plan. Plaintiffs also allege that AXA Equitable breached fiduciary duties owed to plaintiffs and retirees by allegedly misrepresenting and failing to disclose information to them. The plaintiffs seek compensatory damages, restitution and injunctive relief prohibiting AXA Equitable from violating the terms of the applicable plan, together with interest and attorneys' fees. In March 2007, AXA Equitable filed a motion to dismiss. In July 2007, the plaintiffs filed an amended complaint that (i) redefined the scope of the class to now include all retired employee and independent contractor agents formerly employed by AXA Equitable who received medical benefits after December 1, 2000 or who will receive such benefits in the future, excluding certain retired agents, and (ii) eliminated the claim based on a breach of fiduciary duty and certain claims related to health care costs. In September 2007, AXA Equitable filed its answer to the amended complaint. The original trial date of May 2009 has been stayed, and the Court has not set a new trial date. In January 2009, AXA Equitable filed a motion to dismiss the complaint for lack of subject matter jurisdiction. In February 2009, the Court denied AXA Equitable's motion to dismiss the complaint. AXA Equitable and/or AXA Advisors LLC is currently the subject of four putative class actions pending in Federal court alleging certain wage and hour violations with regard to certain sales personnel. The cases were filed between July 2006 and September 2007. Each of the cases seek substantially the same relief under essentially the same theories of recovery: violation of the Fair Labor Standards Act for failure to pay minimum wage and overtime and violation of similar provisions under state labor laws in the respective states. In September 2007, the parties agreed to consolidate all four pending cases in the Northern District of California. The cases include the following: Meola v. AXA Advisors and AXA Equitable; Lennon v. AXA Advisors, et al.; Bolea v. AXA Advisors, LLC and AXA Equitable, et. al.; and Dhruv v. AXA Advisors, LLC, et al. Plaintiffs seek compensatory damages, restitution of all wages improperly withheld or deducted, punitive damages, penalties, and attorneys' fees. In February 2009, the parties filed a proposed settlement agreement with the Court. In March 2009, the Court preliminarily denied without prejudice the parties' motion for preliminary approval of the settlement. The Court requested that the parties refile the motion revising certain portions of the proposed notices by the end of March 2009. F-58 ALLIANCEBERNSTEIN LITIGATION Market Timing-Related Matters In October 2003, a purported class action complaint entitled Hindo, et al. v. AllianceBernstein Growth & Income Fund, et al. ("Hindo Complaint") was filed against AllianceBernstein, AllianceBernstein Holding, AllianceBernstein Corporation, AXA Financial, certain investment company funds (the "U.S. Funds") distributed by AllianceBernstein Investments, Inc., a wholly-owned subsidiary of AllianceBernstein, the registrants and issuers of those funds, certain officers of AllianceBernstein (the "AllianceBernstein defendants"), and certain other unaffiliated defendants, as well as unnamed Doe defendants. The Hindo Complaint alleges that certain defendants failed to disclose that they improperly allowed certain hedge funds and other unidentified parties to engage in "late trading" and "market timing" of U.S. Fund securities, violating various securities laws. Following October 2003, additional lawsuits making factual allegations generally similar to those in the Hindo Complaint were filed in various Federal and state courts against AllianceBernstein and certain other defendants. In September 2004, plaintiffs filed consolidated amended complaints with respect to four claim types: mutual fund shareholder claims; mutual fund derivative claims; derivative claims brought on behalf of AllianceBernstein Holding; and claims brought under ERISA by participants in the Profit Sharing Plan for Employees of AllianceBernstein. In April 2006, AllianceBernstein and attorneys for the plaintiffs in the mutual fund shareholder claims, mutual fund derivative claims, and ERISA claims entered into a confidential memorandum of understanding containing their agreement to settle these claims. The agreement will be documented by a stipulation of settlement and will be submitted for court approval at a later date. The settlement amount ($30 million), which AllianceBernstein previously accrued and disclosed, has been disbursed. The derivative claims brought on behalf of AllianceBernstein Holding, in which plaintiffs seek an unspecified amount of damages, remain pending. ----------------------------------- Although the outcome of litigation generally cannot be predicted with certainty, management intends to vigorously defend against the allegations made by the plaintiffs in the actions described above and believes that the ultimate resolution of the litigations described above involving AXA Equitable and/or its subsidiaries should not have a material adverse effect on the consolidated financial position of the Company. Management cannot make an estimate of loss, if any, or predict whether or not any of the litigations described above will have a material adverse effect on the Company's consolidated results of operations in any particular period. In addition to the type of matters described above, a number of lawsuits have been filed against life and health insurers in the jurisdictions in which AXA Equitable and its respective insurance subsidiaries do business involving insurers' sales practices, alleged agent misconduct, alleged failure to properly supervise agents, contract administration and other matters. Some of the lawsuits have resulted in the award of substantial judgments against other insurers, including material amounts of punitive damages, or in substantial settlements. In some states, juries have substantial discretion in awarding punitive damages. AXA Equitable and AXA Life, like other life and health insurers, from time to time are involved in such litigations. Some of these actions and proceedings filed against AXA Equitable and its subsidiaries have been brought on behalf of various alleged classes of claimants and certain of these claimants seek damages of unspecified amounts. While the ultimate outcome of such matters cannot be predicted with certainty, in the opinion of management no such matter is likely to have a material adverse effect on the Company's consolidated financial position or results of operations. However, it should be noted that the frequency of large damage awards, including large punitive damage awards that bear little or no relation to actual economic damages incurred by plaintiffs in some jurisdictions, continues to create the potential for an unpredictable judgment in any given matter. F-59 20) INSURANCE GROUP STATUTORY FINANCIAL INFORMATION AXA Equitable is restricted as to the amounts it may pay as dividends to AXA Financial. Under the New York Insurance Law, a domestic life insurer may, without prior approval of the Superintendent, pay a dividend to its shareholders not exceeding an amount calculated based on a statutory formula. Payment of dividends in 2009 would require the insurer to file notice of its intent to declare such dividends with the Superintendent who then has 30 days to disapprove the distribution. This formula would not permit AXA Equitable to pay shareholder dividends during 2009. For 2008, 2007 and 2006, the Insurance Group statutory net (loss) income totaled $(1,074.8) million, $605.8 million and $532.3 million, respectively. Statutory surplus, capital stock and Asset Valuation Reserve ("AVR") totaled $3,588.1 million and $7,812.0 million at December 31, 2008 and 2007, respectively. In both 2007 and 2006, AXA Equitable paid shareholder dividends of $600.0 million; no dividends were paid in 2008. At December 31, 2008, AXA Equitable, in accordance with various government and state regulations, had $59.5 million of securities on deposit with such government or state agencies. In fourth quarter 2008, AXA Equitable issued two $500.0 million surplus notes to AXA Financial. The notes, both of which mature on December 1, 2018, have a fixed interest rate of 7.1%. The accrual and payment of interest expense and principal related to surplus notes require approval from the State of New York Insurance Department (the "NYID"). Interest expense in 2009 will approximate $71.0 million. At December 31, 2008 and for the year then ended, there were no differences in net income and capital and surplus resulting from practices prescribed and permitted by the NYID and those prescribed by NAIC Accounting Practices and Procedures effective at December 31, 2008. Accounting practices used to prepare statutory financial statements for regulatory filings of stock life insurance companies differ in certain instances from U.S. GAAP. The differences between statutory surplus and capital stock determined in accordance with Statutory Accounting Principles ("SAP") and total shareholder's equity under U.S. GAAP are primarily: (a) the inclusion in SAP of an AVR intended to stabilize surplus from fluctuations in the value of the investment portfolio; (b) future policy benefits and policyholders' account balances under SAP differ from U.S. GAAP due to differences between actuarial assumptions and reserving methodologies; (c) certain policy acquisition costs are expensed under SAP but deferred under U.S. GAAP and amortized over future periods to achieve a matching of revenues and expenses; (d) under SAP, income taxes are provided on the basis of amounts currently payable with limited recognition of deferred tax assets while under U.S. GAAP, deferred taxes are recorded for temporary differences between the financial statements and tax basis of assets and liabilities where the probability of realization is reasonably assured; (e) the valuation of assets under SAP and U.S. GAAP differ due to different investment valuation and depreciation methodologies, as well as the deferral of interest-related realized capital gains and losses on fixed income investments; (f) the valuation of the investment in AllianceBernstein and AllianceBernstein Holding under SAP reflects a portion of the market value appreciation rather than the equity in the underlying net assets as required under U.S. GAAP; (g) the provision for future losses of the discontinued Wind-Up Annuities business as only required under U.S. GAAP; (h) reporting the surplus notes as a component of surplus in SAP but as a liability in U.S. GAAP; (i) computer software development costs are capitalized under U.S. GAAP but expensed under SAP; and (j) certain assets, primarily pre-paid assets, are not admissible under SAP but are admissible under U.S. GAAP. The following reconciles the Insurance Group's statutory change in surplus and capital stock and statutory surplus and capital stock determined in accordance with accounting practices prescribed by the NYID with net earnings and shareholder's equity on a U.S. GAAP basis. F-60
2008 2007 2006 ----------------- ---------------- ----------------- (IN MILLIONS) Net change in statutory surplus and capital stock.................................... $ (3,414.3) $ 71.7 $ 1,386.5 Change in AVR...................................... (808.4) (167.2) 279.3 ----------------- ---------------- ----------------- Net change in statutory surplus, capital stock and AVR.......................................... (4,222.7) (95.5) 1,665.8 Adjustments: Future policy benefits and policyholders' account balances............................... 3.2 415.1 (144.3) DAC.............................................. (2,089.9) 620.1 674.1 Deferred income taxes............................ (4,116.6) (677.8) 517.3 Valuation of investments......................... 3,695.4 2.8 2.6 Valuation of investment subsidiary............... 5,046.4 461.7 (2,122.7) Change in fair value of guaranteed minimum income benefit reinsurance contracts.......... 1,566.8 6.9 (14.8) Pension adjustment.............................. 1,389.7 - - Premiums and benefits ceded to AXA Bermuda...... 2,846.7 - - Issuance of surplus notes....................... (1,000.0) - - Shareholder dividends paid...................... - 600.0 600.0 Changes in non-admitted assets................... 136.9 19.4 (57.4) Other, net....................................... (12.6) (150.3) (72.6) U.S. GAAP adjustments for Wind-up Annuities ..... (16.7) 31.2 28.8 ----------------- ---------------- ----------------- Consolidated Net Earnings ......................... $ 3,226.6 $ 1,233.6 $ 1,076.8 ================= ================ ================= DECEMBER 31, --------------------------------------------------------- 2008 2007 2006 ----------------- ---------------- ------------------ (IN MILLIONS) Statutory surplus and capital stock................ $ 3,155.0 $ 6,569.3 $ 6,497.6 AVR................................................ 433.1 1,242.7 1,409.9 ----------------- ---------------- ------------------ Statutory surplus, capital stock and AVR........... 3,588.1 7,812.0 7,907.5 Adjustments: Future policy benefits and policyholders' account balances............................... (1,487.3) (2,270.2) (2,574.1) DAC.............................................. 7,482.0 9,019.3 8,316.5 Deferred income taxes............................ (4,585.1) (1,089.3) (627.1) Valuation of investments......................... (2,312.5) 457.1 867.9 Valuation of investment subsidiary............... 588.1 (4,458.3) (4,920.0) Fair value of GMIB reinsurance contracts......................... 4,821.7 124.7 117.8 Deferred cost of insurance ceded to AXA Bermuda................................ 3,495.8 - - Non-admitted assets.............................. 1,144.0 1,014.5 994.5 Issuance of surplus notes........................ (1,524.9) (524.8) (524.8) Adjustment to initially apply SFAS No.158, net of income taxes........................... - - (449.5) Other, net....................................... 141.3 76.0 433.6 U.S. GAAP adjustments for Wind-up Annuities...... 12.4 1.5 (59.9) ----------------- ---------------- ------------------ Consolidated Shareholder's Equity.................. $ 11,363.6 $ 10,162.5 $ 9,482.4 ================= ================ ==================
F-61 21) BUSINESS SEGMENT INFORMATION The following tables reconcile segment revenues and earnings from continuing operations before income taxes to total revenues and earnings as reported on the consolidated statements of earnings and segment assets to total assets on the consolidated balance sheets, respectively.
2008 2007 2006 ----------------- ---------------- ------------------ (IN MILLIONS) SEGMENT REVENUES: Insurance.......................................... $ 15,115.1 $ 6,938.0 $ 5,966.9 Investment Management (1).......................... 3,542.7 4,561.8 4,002.7 Consolidation/elimination.......................... (76.5) (91.4) (90.0) ----------------- ---------------- ------------------ Total Revenues..................................... $ 18,581.3 $ 11,408.4 $ 9,879.6 ================= ================ ==================
(1) Intersegment investment advisory and other fees of approximately $93.3 million, $128.9 million and $120.8 million for 2008, 2007 and 2006, respectively, are included in total revenues of the Investment Management segment.
SEGMENT EARNINGS FROM CONTINUING 2008 2007 2006 OPERATIONS BEFORE INCOME ----------------- ----------------- ----------------- TAXES AND MINORITY INTEREST: (IN MILLIONS) Insurance.......................................... $ 4,486.5 $ 1,298.9 $ 881.9 Investment Management.............................. 932.2 1,400.5 1,198.4 Consolidation/elimination.......................... (.4) - - ----------------- ----------------- ----------------- Total Earnings from Continuing Operations before Income Taxes and Minority Interest....... $ 5,418.3 $ 2,699.4 $ 2,080.3 ================= ================= =================
DECEMBER 31, ------------------------------------- 2008 2007 ----------------- ----------------- (IN MILLIONS) SEGMENT ASSETS: Insurance.......................................... $ 123,757.2 $ 144,962.2 Investment Management.............................. 12,520.2 14,962.7 Consolidation/elimination.......................... (11.2) 1.1 ----------------- ----------------- Total Assets....................................... $ 136,266.2 $ 159,926.0 ================= =================
In accordance with SEC regulations, securities with a fair value of $2,547.9 million and $2,333.2 million have been segregated in a special reserve bank custody account at December 31, 2008 and 2007, respectively for the exclusive benefit of securities broker-dealer or brokerage customers under Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). F-62 22) QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The quarterly results of operations for 2008 and 2007 are summarized below:
THREE MONTHS ENDED ---------------------------------------------------------------------------- MARCH 31 JUNE 30 SEPTEMBER 30 DECEMBER 31 ----------------- ----------------- ------------------ ---------------- (IN MILLIONS) 2008 ---- Total Revenues................ $ 3,792.6 $ 2,411.1 $ 3,387.4 $ 8,990.2 ================= ================= ================== ================ Earnings from Continuing Operations.................. $ 600.1 $ 510.2 $ 96.6 $ 2,039.5 ================= ================= ================== ================ Net Earnings.................. $ 607.4 $ 510.6 $ 96.6 $ 2,012.0 ================= ================= ================== ================ 2007 ---- Total Revenues................ $ 2,677.9 $ 2,608.2 $ 2,938.5 $ 3,183.8 ================= ================= ================== ================ Earnings from Continuing Operations....... $ 295.7 $ 232.0 $ 356.6 $ 352.4 ================= ================= ================== ================ Net Earnings.................. $ 299.6 $ 218.2 $ 362.4 $ 353.4 ================= ================= ================== ================
F-63 PART C OTHER INFORMATION Item 24. Financial Statements and Exhibits. --------------------------------- (a) The following Financial Statements are included in Part B of the Registration Statement: The financial statements of AXA Equitable Life Insurance Company and Separate Account No. 45 Separate Account No. 49 are included in the Statements of Additional Information. (b) Exhibits. The following exhibits correspond to those required by paragraph (b) of item 24 as to exhibits in Form N-4: 1. Resolutions of the Board of Directors of The Equitable Life Assurance Society of the United States ("Equitable") authorizing the establishment of the Registrant, incorporated by reference to Exhibit 1 to the Registration Statement on Form N-4 (File No. 333-05593), filed June 10, 1996. 2. Not applicable. 3. (a) Form of Distribution Agreement among Equitable Distributors, Inc., Separate Account Nos. 45 and 49 and Equitable Life Assurance Society of the United States, incorporated herein by reference to Exhibit 3(a) to the Registration Statement on Form N-4 (File No. 333-05593), filed June 10, 1996. (b) Form of Distribution Agreement dated as of January 1, 1998 among The Equitable Life Assurance Society of the United States for itself and as depositor on behalf of certain Separate Accounts, and Equitable Distributors, Inc., incorporated herein by reference to Exhibit 3(b) to the Registration Statement on Form N-4 (File No. 333-05593) on May 1, 1998. (c) Form of Sales Agreement among Equitable Distributors, Inc., as Distributor, a Broker-Dealer (to be named) and a General Agent (to be named), incorporated herein by reference to Exhibit 3(c) to the Registration Statement on Form N-4 (File No. 333-05593), filed June 10, 1996. (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 this Registration Statement File No. 333-31131 on April 25, 2001. (e) Distribution Agreement for services by AXA Network, LLC and its subsidiaries to The Equitable Life Assurance Society of the United States dated January 1, 2000 previously filed with this Registration Statement File No. 333-31131 on April 25, 2001. (f) 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. (g) 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. (h) 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. (i) 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. (j) 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. (k) First Amendment to Distribution Agreement dated as of January 1, 1998 among The Equitable Life Assurance Society of the United States for itself and as depositor on behalf of the Equitable Life Separate Accounts more particularly described in the Distribution Agreement and Equitable Distributors, Inc. incorporated herein by reference to Exhibit 3(j) to the Registration Statement on Form N-4 (File No. 333-127445), filed on August 11, 2005. (l) 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 Exhibit 3(k) to the Registration Statement on Form N-4 (File No. 333-127445), filed on August 11, 2005. (m) 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 Exhibit 3(l) to the Registration Statement on Form N-4 (File No. 333-127445), filed on August 11, 2005. (n) 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 Registration Statement on Form N-4 (File No. 2-30070) to Exhibit 4(p), filed on April 24, 2007. (o) Sixth Amendment, dated as of February 15, 2008, to General Agent Sales Agreement dated as of January 1, 2000 by and between AXA Equitable Life Insurance Company (formerly known as 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. 2-30070) to Exhibit 3(q), filed on April 20, 2009. (p) Seventh Amendment, dated as of February 15, 2008, to General Agent Sales Agreement dated as of January 1, 2000 by and between AXA Equitable Life Insurance Company (formerly known as 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. 2-30070) to Exhibit 3(r), filed on April 20, 2009. (q) Eighth Amendment, dated as of November 1, 2008, to General Agent Sales Agreement dated as of January 1, 2000 by and between AXA Equitable Life Insurance Company (formerly known as 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. 2-30070) to Exhibit 3(s), filed on April 20, 2009. C-1 4. (a) Form of group annuity Contract no. 1050-94IC, incorporated herein by reference to Exhibit 4(a) to the Registration Statement on Form N-4 (File No. 33-83750), filed February 27, 1998. (b) Forms of group annuity Certificate nos. 94ICA and 94ICB, incorporated herein by reference to Exhibit 4(b) to the Registration Statement on Form N-4 (File No. 33-83750), filed February 27, 1998. (c) Forms of Endorsement nos. 94ENIRAI, 94ENNQI and 94ENMVAI to contract no. 1050-94IC and data pages nos. 94ICA/BIM and 94ICA/BMVA, incorporated herein by reference to Exhibit 4(c) to the Registration Statement on Form N-4 (File No. 33-83750), filed February 27, 1998. (d) Form of Endorsement no. 95ENLCAI to contract no. 1050-94IC and data pages no. 94ICA/BLCA, incorporated herein by reference to Exhibit 4(e) to the Registration Statement on Form N-4 (File No. 33-83750), filed February 27, 1998. C-2 (e) Forms of Data Pages for Equitable Accumulator Select (IRA) and Equitable Accumulator Select (NQ), previously filed with this Registration Statement (File No. 333-31131) on July 11, 1997. (f) Forms of Data Pages for Equitable Accumulator Select (IRA) and Equitable Accumulator Select (NQ), previously filed with this Registration Statement No. 333-31131 on December 31, 1997. (g) Form of Endorsement No. 98ENJONQI to Contract Form No. 1050-941C and the Certificates under the Contract, previously filed with this Registration Statement No. 333-31131 on December 31, 1997. (h) Form of Endorsement No. 98ROTH to Contract Form No. 1050-94IC and the Certificate under the Contract, previously filed with this Registration Statement on Form N-4 (File No. 333-31131) on December 30, 1997. (i) Form of Custodial Owned Roth Endorsement No. 98COROTH to Contract No. 1050-94IC, previously filed with this Registration Statement No. 333-31131 on May 1, 1998. (j) Form of Defined Benefit Endorsement No. 98ENDBQPI to Contract No. 1050-94IC, previously filed with this Registration Statement No. 333-31131 on May 1, 1998. (k) Form of Data Pages for Equitable Accumulator Select TSA, previously filed with this Registration Statement No. 333-31131 on May 22, 1998. (l) Form of Endorsement applicable to TSA Certificates, incorporated by reference to Exhibit 4(t) to Registration Statement No. 333-05593, filed May 22, 1998. (m) Form of Enrollment Form/Application for Equitable Accumulator Select (IRA, NQ, QP and TSA), previously filed with this Registration Statement No. 333-31131 on November 30, 1998. (n) Form of Data Pages (as revised) for Equitable Accumulator Select (IRA, NQ, QP, and TSA), previously filed with this Registration Statement No. 333-31131 on December 28, 1998. (o) Form of Endorsement No. 98ENIRAI-IM to Contract No. 1050-94IC and the Certificates under the Contract, previously filed with this Registration Statement on December 28, 1998. (p) Form of Data Pages for Equitable Accumulator Select (IRA,NQ, QP and TSA), previously filed with this Registration Statement, File No. 333-31131 on April 25, 2000. (q) Form of endorsement for Beneficiary Continuation option (Form No. 2000ENIRAI-IM) to be used with IRA certificates previously filed with this Registration Statement No. 333-31131 on April 25, 2000. (r) Form of Data Pages for Equitable Accumulator Select baseBUILDER previously filed with this Registration Statement No. 333-31131 on April 25, 2000. (s) Form of Endorsement applicable to Roth IRA Contracts, Form No. IMROTHBCO-1 previously filed with this Registration Statement File No. 333-31131 on April 25, 2001. (t) Revised Form of Endorsement applicable to IRA Certificates, Form No. 2000ENIRAI-IM previously filed with this Registration Statement File No. 333-31131 on April 25, 2001. (u) Form of Endorsement applicable to Non-Qualified Certifi- cates, Form No. 99ENNQ-G previously filed with this Registration Statement File No. 333-31131 on April 25, 2001. (v) Form of Optional Death Benefit Rider, Form No. 2000 PPDB previously filed with this Registration Statement File No. 333-31131 on April 25, 2001. (w) Revised Form of Data Pages for Equitable Accumulator Select (Rollover IRA, Roth Conversion, NQ, QP-Defined Contribution, QP-Defined Benefit, TSA) previously filed with this Registration Statement File No. 333-31131 on April 25, 2001. (x) Form of Amendment to Certificate Form No. 94ICB, Form No. 2000 BENE-G previously filed with this Registration Statement File No. 333-31131 on April 25, 2001. (y) Form of Endorsement (No. 2001 ENJONQ) applicable to Non-Qualified Certificates previously filed with this Registration Statement File No. 333-31131 on April 25, 2001. (z) Form of Endorsement applicable to twelve month dollar cost averaging, No. 2002DCA-MM previously filed with this Registration Statement File No. 333-31131 on December 20, 2001. (a)(a) Form of Data Pages for Accumulator Select, Form No. 94ICA/B previously filed with this Registration Statement File No. 333-31131 on December 20, 2001. (b)(b) Form of Data pages No. 94ICA/B previously filed with this Registration Statement File No. 333-31131 on December 20, 2001. (c)(c) Form of Endorsement applicable to Fixed Maturity Options, No. 2002FMO previously filed with this Registration Statement File No. 333-31131 on December 20, 2001. (d)(d) Form of Optional Death Benefit Rider, Form No. 2002PPDB previously filed with this Registration Statement File No. 333-31131 on December 20, 2001. (e)(e) Form of Guaranteed Minimum Income Benefit Rider, Form No. 2002GMIB previously filed with this Registration Statement File No. 333-31131 on December 20, 2001. (f)(f) Form of Guaranteed Minimum Death Benefit Rider, Form No. 2002GMDB-6% or AR previously filed with this Registration Statement File No. 333-31131 on December 20, 2001. (g)(g) Form of Guaranteed Minimum Death Benefit Rider, Form No. 2002GMDB-6% Rollup previously filed with this Registration Statement File No. 333-31131 on December 20, 2001. (h)(h) Form of Guaranteed Death Benefit Rider, Form No. 2002GMDB-AR previously filed with this Registration Statement File No. 333-31131 on December 20, 2001. (i)(i) Form of Data Page for Accumulator Select, Form No. 2002DPSelect previously filed with this Registration Statement, (File No. 333-31131) on March 8, 2002. (j)(j) Form of Data Pages, Form No. 2002DP previously filed with this Registration Statement, (File No. 333-31131) on March 8, 2002. (k)(k) Form of Endorsement applicable to EGTRRA, Form No. 2002EGTRRA previously filed with this Registration Statement, (File No. 333-31131) on March 8, 2002. (l)(l) Form of Endorsement applicable to Money Market Dollar Cost Averaging, Form No. 2002DCA-MM previously filed with this Registration Statement, (File No. 333-31131) on March 8, 2002. (m)(m) Form of Endorsement applicable to fixed maturity options, Form No. 2002FMO previously filed with this Registration Statement, (File No. 333-31131) on March 8, 2002. (n)(n) Form of Protection Plus Optional Death Benefit Rider, Form No. 2002PPDB previously filed with this Registration Statement, (File No. 333-31131) on March 8, 2002. (o)(o) Form of Guaranteed Minimum Death Benefit Rider, Form No. 2002MDB-6%orAR previously filed with this Registration Statement, (File No. 333-31131) on March 8, 2002. (p)(p) Form of Guaranteed Minimum Death Benefit Rider, Form No. 2002GMDB-6% Rollup previously filed with this Registration Statement, (File No. 333-31131) on March 8, 2002. (q)(q) Form of Guaranteed Minimum Death Benefit Rider, Form No. 2002GMDB-AR previously filed with this Registration Statement, (File No. 333-31131) on March 8, 2002. (r)(r) Form of Guaranteed Minimum Death Benefit Rider, Form No. 2002GMIB-6%Rollup previously filed with this Registration Statement, (File No. 333-31131) on March 8, 2002. (s)(s) Form of Guaranteed Minimum Death Benefit Rider, Form No. 2002GMIB previously filed with this Registration Statement, (File No. 333-31131) on March 8, 2002. (t)(t) Form of Endorsement (No. 2002 NQBCO) applicable to non- qualified contract/certificates with beneficiary continuation option, incorporated herein by reference to Exhibit No. 4(a)(c) to the Registration Statement (File No. 333-05593) filed on April 23, 2003. (u)(u) Form of Guaranteed Minimum Death Benefit Rider (No. 2002 GMDB-6% Rollup), annual ratchet to age 85, incorporated herein by reference to Exhibit No. 4(a)(d) to the Registration Statement (File No. 333-05593) filed on April 23, 2003. (v)(v) Form of Guaranteed Minimum Death Benefit Rider (No. 2002 GMDB-6% Rollup), [6%] Rollup to age 85, incorporated herein by reference to Exhibit No. 4(a)(e) to the Registration Statement (File No. 333-05593) filed on April 23, 2003. (w)(w) Form of Guaranteed Minimum Death Benefit Rider, (No. 2002 GMDB-6% or AR) greater of [6%] Rollup to Age [85] GMDB or Annual Ratchet to age [85] GMDB, incorporated herein by reference to Exhibit No. 4(a)(f) to the Registration Statement (File No. 333-05593) filed on April 23, 2003. (x)(x) Form of Guaranteed Minimum Income Benefit Rider (also known as the Living Benefit), (No. 2002 GMIB), incorporated herein by reference to Exhibit No. 4(a)(g) to the Registration Statement (File No. 333-05593) filed on April 23, 2003. (y)(y) Form of Protection Plus Optional Death Benefit Rider (No. 2002 PPDB), incorporated herein by reference to Exhibit No. 4(a)(h) to the Registration Statement (File No. 333-05593) filed on April 23, 2003. (z)(z) Form of GIO Select Transfer/Allocation Restrictions (No. 2002 DP (GIA/SEL)). Filed with this Registration Statement File No. 333-31131 on April 24, 2003. (a)(a)(a) Form of Guaranteed Minimum Death Benefit ("GMDB") Rider (No. 2003 GMDB-RUorAR) Greater of [5%] Rollup to age [85] GMDB or Annual Ratchet to Age [85] GMDB, incorporated herein by reference to Exhibit 4(a)(i) to the Registration Statement (File No. 333-05593) filed on May 8, 2003. (b)(b)(b) Form of Guaranteed Minimum Death Benefit ("GMDB") Rider (No. 2003 GMDB-AR) Annual Ratchet to Age [85], incorporated herein by reference to Exhibit 4(a)(j) to the Registration Statement (File No. 333-05593) filed on May 8, 2003. (c)(c)(c) Form of Guaranteed Minimum Income Benefit ("GMIB") Rider (No. 2003 GMIB) (also known as the Living Benefit), incorporated herein by reference to Exhibit 4(a)(k) to the Registration Statement (File No. 333-05593) filed on May 8, 2003. (d)(d)(d) Form of Protection Plus Optional Death Benefit Rider (No. 2003PPDB), incorporated herein by reference to Exhibit 4(a)(l) to the Registration Statement (File No. 333-05593) filed on May 8, 2003. (e)(e)(e) Form of Enhanced Guaranteed Principal Benefit ("Enhanced GPB") Rider (No. 2003 GPB), incorporated herein by reference to Exhibit 4(a)(m) to the Registration Statement (File No. 333-05593) filed on May 8, 2003. (f)(f)(f) Form of Spousal Protection Rider applicable to [Non-Qualified][Certificate/Contract]s (No. 2003 SPPRO), incorporated herein by reference to Exhibit 4(a)(n) to the Registration Statement (File No. 333-05593) filed on May 8, 2003. (g)(g)(g) Form of Data Pages (No. 2003 DPTOBCO), incorporated herein by reference to Exhibit 4(a)(o) to the Registration Statement (File No. 333-05593) filed on May 8, 2003. (h)(h)(h) Form of Data Pages (No. 2003DP), incorporated herein by reference to Exhibit 4(a)(p) to the Registration Statement (File No. 333-05593) filed on May 8, 2003. (i)(i)(i) Form of Data Pages (No. 2003DPSelect). Filed with this Registration Statement File No. 333-31131 on May 8, 2003. (j)(j)(j) Form of Data Pages (Inherited IRA) (No. 2003 DPTOBCO-Select). Filed with this Registration Statement File No. 333-31131 on May 8, 2003. (k)(k)(k) Form of Guaranteed Withdrawal Benefit ("GWB") Rider (No. 2004 GWB-A), incorporated by reference to Exhibit No. 4(a)(r) to Registration Statement File No. 333-05593, Filed May 3, 2004. (l)(l)(l) Form of Guaranteed Withdrawal Benefit ("GWB") Rider (No. 2004 GWB-B), incorporated by reference to Exhibit No. 4(a)(s) to Registration Statement File No. 333-05593, Filed May 3, 2004. (m)(m)(m) Form of Data Pages (2004DPGWB dated May 1, 2004), incorporated by reference to Exhibit No. 4(a)(t) to Registration Statement File No. 333-05593, Filed May 3, 2004. (n)(n)(n) Form of Guaranteed Withdrawal Benefit ("GWB") Rider [also known as "Principal Protector"] (2004GWB-A (rev 2/05)) incorporated herein by reference to Exhibit 4(a)(u) to Registration Statement (File No. 333-05593) on Form N-4, Filed April 20, 2005. (o)(o)(o) Form of Guaranteed Withdrawal Benefit ("GWB") Rider [also known as "Principal Protector"] (2004GWB-B (rev 2/05)) incorporated herein by reference to Exhibit 4(a)(v) to Registration Statement (File No. 333-05593) on Form N-4, Filed April 20, 2005. (p)(p)(p) Form of Guaranteed Withdrawal Benefit ("GWB") Rider [also known as "Principal Protector"] (2004GWB-A1 (rev 2/05)) incorporated herein by reference to Exhibit 4(a)(w) to Registration Statement (File No. 333-05593) on Form N-4, Filed April 20, 2005. (q)(q)(q) Form of Guaranteed Withdrawal Benefit ("GWB") Rider [also known as "Principal Protector"] (2004GWB-B1 (rev 2/05)) incorporated herein by reference to Exhibit 4(a)(x) to Registration Statement (File No. 333-05593) on Form N-4, Filed April 20, 2005. (r)(r)(r) Form of Change of Ownership Endorsement (2004COO) incorporated herein by reference to Exhibit 4(a)(y) to Registration Statement (File No. 333-05593) on Form N-4, Filed April 20, 2005. (s)(s)(s) Form of Endorsement Applicable to TSA Contracts (2004TSA) incorporated herein by reference to Exhibit 4(a)(z) to Registration Statement (File No. 333-05593) on Form N-4, Filed April 20, 2005. (t)(t)(t) Form of Guaranteed Minimum Income Benefit ("GMIB") Rider (No. 2003 GMIB revised 11/05 NLG) (also known as the Living Benefit) incorporated herein by reference to Exhibit 4.(a)(a)(a) to Registration Statement File No. 333-05593 on Form N-4, filed on October 14, 2005. (u)(u)(u) Form of Guaranteed Minimum Income Benefit ("GMIB") Rider (No. 2003 GMIB revised 11/05 OPR) (also known as the Living Benefit) incorporated herein by reference to Exhibit 4.(b)(b)(b) to Registration Statement File No. 333-05593 on Form N-4, filed on October 14, 2005. (v)(v)(v) Form of Guaranteed Minimum Death Benefit ("GMDB") Rider (No. 2003 GMDB revised 11/05 OPR) (Greater of 6% Roll up to Age 85 GMDB or Annual Ratchet to Age 85 GMDB) incorporated herein by reference to Exhibit 4.(c)(c)(c) to Registration Statement File No. 333-05593 on Form N-4, filed on October 14, 2005. (w)(w)(w) Form of flexible premium deferred fixed and variable annuity contract No. 2006BASE-I-B, incorporated herein by reference to Exhibit 4.(d)(d)(d) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (x)(x)(x) Form of flexible premium deferred fixed and variable annuity contract No.2006BASE-I-A, incorporated herein by reference to Exhibit 4.(e)(e)(e) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (y)(y)(y) Form of Data Page No. 2006GWB DP, incorporated herein by reference to Exhibit 4. (f)(f)(f) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (z)(z)(z) Form of Data Page No. 2006DP, incorporated herein by reference to Exhibit 4.(g)(g)(g) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(b) Form of Data Page No. 2006DPTOBCO, incorporated herein by reference to Exhibit 4.(h)(h)(h) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(c) Form of Endorsement No. 2006TSA-GWB, incorporated herein by reference to Exhibit 4.(i)(i)(i) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(d) Form of Endorsement No. 2006CRT, incorporated herein by reference to Exhibit 4.(j)(j)(j) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(e) Form of Endorsement No. 2006FMO, incorporated herein by reference to Exhibit 4.(k)(k)(k) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(f) Form of Endorsement No. 2006IRA-ACC, incorporated herein by reference to Exhibit 4.(l)(l)(l) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(g) Form of Endorsement No. 2006IRA-GWB, incorporated herein by reference to Exhibit 4.(m)(m)(m) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(h) Form of Endorsement No. 2006NQ-ACC, incorporated herein by reference to Exhibit 4.(n)(n)(n) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(i) Form of Endorsement No. 2006NQ-GWB, incorporated herein by reference to Exhibit 4.(o)(o)(o) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(j) Form of Endorsement No. 2006QP-ACC, incorporated herein by reference to Exhibit 4.(p)(p)(p) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(k) Form of Endorsement No. 2006QP-GWB, incorporated herein by reference to Exhibit 4.(q)(q)(q) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(l) Form of Endorsement No. 2006ROTH-ACC, incorporated herein by reference to Exhibit 4.(r)(r)(r) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(m) Form of Endorsement No. 2006ROTH-GWB, incorporated herein by reference to Exhibit 4.(s)(s)(s) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(n) Form of Endorsement No. 2006TSA-ACC, incorporated herein by reference to Exhibit 4.(t)(t)(t) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(o) Form of Endorsement No. 2006INHIRA-ACC, incorporated herein by reference to Exhibit 4.(u)(u)(u) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(p) Form of Endorsement No. 2006INHROTH-ACC, incorporated herein by reference to Exhibit 4.(v)(v)(v) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(q) Form of Rider No. 2006GWB, incorporated herein by reference to Exhibit 4.(w)(w)(w) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(r) Form of Rider No. 2006EEB, incorporated herein by reference to Exhibit 4.(x)(x)(x) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(s) Form of Rider No. 2006GMAB, incorporated herein by reference to Exhibit 4.(y)(y)(y) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(t) Form of Rider No. 2006GMDB-AR, incorporated herein by reference to Exhibit 4.(z)(z)(z) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(u) Form of Rider No. 2006GMDB-GR, incorporated herein by reference to Exhibit 4.(a)(a)(b) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(v) Form of Rider No. 2006GMDBOPR, incorporated herein by reference to Exhibit 4.(a)(a)(c) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(w) Form of Rider No. 2006GMIB, incorporated herein by reference to Exhibit 4.(a)(a)(d) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(x) Form of Rider No. 2006GMIBOPR, incorporated herein by reference to Exhibit 4.(a)(a)(e) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (a)(a)(y) Form of Data Page No. 2006DPSelect, as previously filed with this Registration Statement File No. 333-31131, filed June 15, 2006. (a)(a)(z) Form of Contract for Individual Fixed and Variable Annuity (2007DPSelect), filed with this Registration Statement (File No. 333-31131) on May 15, 2007. (a)(b)(a) Form of Endorsement for Individual Fixed and Variable Annuity (2007MMDCA), filed with this Registration Statement (File No. 333-31131) on May 15, 2007. (a)(b)(b) Form of Data Page for Individual Fixed and Variable Annuity (2007DP), incorporated herein by reference to Exhibit 4 (a)(a)(g) to the Registration Statement (File No. 333-05593), filed January 30, 2007. (a)(b)(c) Form of Data Page for Individual Fixed and Variable Annuity (2007GWBL DP), incorporated herein by reference to Exhibit 4 (a)(a)(h) to the Registration Statement (File No. 333-05593), filed January 30, 2007. (a)(b)(d) Form of Data Page for Individual Fixed and Variable Annuity (2007DPTOBCO), incorporated herein by reference to Exhibit 4 (a)(a)(i) to the Registration Statement (File No. 333-05593), filed January 30, 2007. (a)(b)(e) Form of Rider for Individual Fixed and Variable Annuity (2007GMIB), incorporated herein by reference to Exhibit 4 (a)(a)(n) to the Registration Statement (File No. 333-05593), filed January 30, 2007. (a)(b)(f) Form of Rider for Individual Fixed and Variable Annuity (2007GMIBOPR), incorporated herein by reference to Exhibit 4 (a)(a)(o) to the Registration Statement (File No. 333-05593), filed January 30, 2007. (a)(b)(g) Form of Rider for Individual Fixed and Variable Annuity (2007GMIBOPR-R), incorporated herein by reference to Exhibit 4 (a)(a)(p) to the Registration Statement (File No. 333-05593), filed January 30, 2007. (a)(b)(h) Form of Rider for Individual Fixed and Variable Annuity (2007GMDB-GR-6), incorporated herein by reference to Exhibit 4 (a)(a)(q) to the Registration Statement (File No. 333-05593), filed January 30, 2007. (a)(b)(i) Form of Rider for Individual Fixed and Variable Annuity (2007GMDB-GR-3), incorporated herein by reference to Exhibit 4 (a)(a)(r) to the Registration Statement (File No. 333-05593), filed January 30, 2007. (a)(b)(j) Form of Rider for Individual Fixed and Variable Annuity (2007GMDBOPR), incorporated herein by reference to Exhibit 4 (a)(a)(s) to the Registration Statement (File No. 333-05593), filed January 30, 2007. (a)(b)(k) Form of Rider for Individual Fixed and Variable Annuity (2007GMDB-AR), incorporated herein by reference to Exhibit 4 (a)(a)(t) to the Registration Statement (File No. 333-05593), filed January 30, 2007. (a)(b)(l) Form of Rider for Individual Fixed and Variable Annuity (2006GWB - rev 5-07 NQ), incorporated herein by reference to Exhibit 4 (a)(a)(u) to the Registration Statement (File No. 333-05593), filed January 30, 2007. (a)(b)(m) Form of Endorsement for Individual Fixed and Variable Annuity (2007DB-ACC), incorporated herein by reference to Exhibit 4 (a)(a)(v) to the Registration Statement (File No. 333-05593), filed January 30, 2007. (a)(b)(n) Form of Endorsement for Individual Fixed and Variable Annuity (2007DB-GWB), incorporated herein by reference to Exhibit 4 (a)(a)(w) to the Registration Statement (File No. 333-05593), filed January 30, 2007. (a)(b)(o) Form of Endorsement for Individual Fixed and Variable Annuity (2007NQ-ACC), incorporated herein by reference to Exhibit 4 (a)(a)(x) to the Registration Statement (File No. 333-05593), filed January 30, 2007. (a)(b)(p) Form of Endorsement for Individual Fixed and Variable Annuity (2007NQ-GWB), incorporated herein by reference to Exhibit 4 (a)(a)(y) to the Registration Statement (File No. 333-05593), filed January 30, 2007. (a)(b)(q) Form of Endorsement for Individual Fixed and Variable Annuity (2006IRA-ACC-rev 5-07), incorporated herein by reference to Exhibit 4 (a)(a)(z) to the Registration Statement (File No. 333-05593), filed January 30, 2007. (a)(b)(r) Form of Endorsement for Individual Fixed and Variable Annuity (2006IRA-GWB - rev 5-07), incorporated herein by reference to Exhibit 4 (a)(b)(a) to the Registration Statement (File No. 333-05593), filed January 30, 2007. (a)(b)(s) Form of Endorsement for Individual Fixed and Variable Annuity (2006ROTH-ACC - rev 5-07), incorporated herein by reference to Exhibit 4 (a)(b)(b) to the Registration Statement (File No. 333-05593), filed January 30, 2007. (a)(b)(t) Form of Endorsement for Individual Fixed and Variable Annuity (2006ROTH-GWB - rev 5-07), incorporated herein by reference to Exhibit 4 (a)(b)(c) to the Registration Statement (File No. 333-05593), filed January 30, 2007. (a)(b)(u) Form of Endorsement for Individual Fixed and Variable Annuity (2007COO), incorporated herein by reference to Exhibit 4 (a)(b)(e) to the Registration Statement (File No. 333-05593), filed January 30, 2007. (a)(b)(v) Form of Endorsement for Individual Fixed and Variable Annuity (2007PREDB), incorporated herein by reference to Exhibit 4 (a)(b)(f) to the Registration Statement (File No. 333-05593), filed January 30, 2007. (a)(b)(w) Form of Guaranteed Withdrawal Benefit (("GWB")(rev0208)) is incorporated herein by reference to Exhibit 4.(a)(b)(g) to the Registration Statement (File No. 333-05593) filed on October 15, 2007. (a)(b)(x) Form of Data Page Rider for Individual Fixed and Variable Annuity (2007GWBL DP (rev 0208)) is incorporated herein by reference to Exhibit 4.(a)(b)(h) to the Registration Statement (File No. 333-05593) filed on April 23, 2008. (a)(b)(y) Form of Guaranteed Withdrawal Benefit for Life ("GWBL") Rider (No. 2008GWBL), incorporated herein by reference to Exhibit 4 (a) (b) (r) to the Registration Statement (File No. 333-64749) on Form N-4 filed on August 20, 2008. (a)(b)(z) Form of Memorandum of Variable Material for Rider Form Nos. 2008GWBL and 2008GMIB and Endorsement 2008ADOPT, incorporated herein by reference to Exhibit 4 (a) (b) (s) to the Registration Statement (File No. 333-64749) on Form N-4 filed on August 20, 2008. (a)(c)(a) Form of Data Pages (No. 2008DP), incorporated herein by reference to Exhibit 4 (a) (b) (t) to the Registration Statement (File No. 333-64749) on Form N-4 filed on August 20, 2008. (a)(c)(b) Form of Endorsement Applicable to the Right to Add an Optional Guaranteed Withdrawal Benefit for Life ("GWBL") or Guaranteed Minimum Income Benefit ("GMIB") Rider (No. 2008ADOPT), incorporated herein by reference to Exhibit 4 (a) (b) (u) to the Registration Statement (File No. 333-64749) on Form N-4 filed on August 20, 2008. (a)(c)(c) Form of Guaranteed Minimum Death Benefit Rider w/ Optional Reset (GMBD) (No. 2008GMDBOPR), incorporated herein by reference to Exhibit 4 (a) (b) (v) to the Registration Statement (File No. 333-64749) on Form N-4 filed on August 20, 2008. (a)(c)(d) Form of Guaranteed Minimum Death Benefit Rider (GMDB) (No. 2008GMDBSA), incorporated herein by reference to Exhibit 4 (a) (b) (w) to the Registration Statement (File No. 333-64749) on Form N-4 filed on August 20, 2008. (a)(c)(e) Form of Guaranteed Minimum Income Benefit ("GMIB") Rider with Optional Reset of [6% / 6.5%] Roll Up to Age [85] GMIB Benefit Base and Guaranteed Withdrawal Benefit for Life Conversion Benefit (No. 2008GMIB), incorporated herein by reference to Exhibit 4 (a) (b) (x) to the Registration Statement (File No. 333-64749) on Form N-4 filed on August 20, 2008. (a)(c)(f) Form of Endorsement Applicable to Credits Applied to Annuity Account Value (No. 2008TRBNS), incorporated herein by reference to Exhibit 4 (a) (b) (y) to the Registration Statement (File No. 333-64749) on Form N-4 filed on August 20, 2008. (a)(c)(g) Form of Endorsement Applicable to the Deferment Provision (No. 2008DEFER), incorporated herein by reference to Exhibit 4 (a) (b) (z) to the Registration Statement (File No. 333-64749) on Form N-4 filed on August 20, 2008. (a)(c)(h) Form of Endorsement Applicable to IRA Contracts (No. 2008IRA-ACC), incorporated herein by reference to Exhibit 4 (a) (c) (a) to the Registration Statement (File No. 333-64749) on Form N-4 filed on August 20, 2008. (a)(c)(i) Form of Endorsement Applicable to Custodial Contracts (No. 2008IRA-CSTDL-NS), incorporated herein by reference to Exhibit 4 (a) (c) (b) to the Registration Statement (File No. 333-64749) on Form N-4 filed on August 20, 2008. (a)(c)(j) Form of Endorsement Applicable to IRA Contracts (No. 2008IRA-GWB), incorporated herein by reference to Exhibit 4 (a) (c) (c) to the Registration Statement (File No. 333-64749) on Form N-4 filed on August 20, 2008. (a)(c)(k) Form of Endorsement Applicable to ROTH-IRA Contracts (No. 2008ROTH-ACC), incorporated herein by reference to Exhibit 4 (a) (c) (d) to the Registration Statement (File No. 333-64749) on Form N-4 filed on August 20, 2008. (a)(c)(l) Form of Endorsement Applicable to ROTH-IRA Contracts (No. 2008ROTH-GWB), incorporated herein by reference to Exhibit 4 (a) (c) (e) to the Registration Statement (File No. 333-64749) on Form N-4 filed on August 20, 2008. (a)(c)(m) Form of Endorsement Applicable to SEP-IRA Contracts (No. 2008SEPIRA-ACC), incorporated herein by reference to Exhibit 4 (a) (c) (f) to the Registration Statement (File No. 333-64749) on Form N-4 filed on August 20, 2008. (a)(c)(n) Form of Endorsement Applicable to SEP-IRA Contracts (No. 2008SEPIRA-GWB), incorporated herein by reference to Exhibit 4 (a) (c) (g) to the Registration Statement (File No. 333-64749) on Form N-4 filed on August 20, 2008. (a)(c)(o) Form of Endorsement Applicable to Simple IRA Contracts (No. 2008SIMIRA-ACC), incorporated herein by reference to Exhibit 4 (a) (c) (h) to the Registration Statement (File No. 333-64749) on Form N-4 filed on August 20, 2008. (a)(c)(p) Form of Endorsement Applicable to Simple IRA Contracts (No. 2008SIMIRA-GWB), incorporated herein by reference to Exhibit 4 (a) (c) (i) to the Registration Statement (File No. 333-64749) on Form N-4 filed on August 20, 2008. (a)(c)(q) Form of Non-Spousal Beneficiary Continuation Option (BCO) Tax-Qualified Retirement Plan Funds Direct Rollover to Traditional IRA Endorsement (No. 2008TQNSBCO), incorporated herein by reference to Exhibit 4 (a) (c) (j) to the Registration Statement (File No. 333-64749) on Form N-4 filed on August 20, 2008. (a)(c)(r) Form for use with Certificate Form No. 2006BASEA/2006BASEB or Contract Form No. 2006BASE-I-A/2006BASE-I-B (Depending on Jurisdiction) Marketed as AXA Equitable's "Accumulator Series 08" ("Accumulator", "Accumulator Select", "Accumulator Plus" and "Accumulator Elite"), incorporated herein by reference to Exhibit 4 (a) (c) (k) to the Registration Statement (File No. 333-64749) on Form N-4 filed on August 20, 2008. (a)(c)(s) Form of Data Pages (No. 2008DPBCO - INH/NSDR),incorporated herein by reference to Exhibit 4 (a) (c) (c) to the Registration Statement (File No. 333-05593) on Form N-4 filed on August 20, 2008. (a)(c)(t) Form of Data Pages (No. 2008DPSELECT) previously filed with this Registration Statement, File No. 333-31131, on August 22, 2008. 5. (a) Form of Enrollment Form/Application for Equitable Accumulator Select (IRA and NQ), previously filed with this Registration Statement (File No. 333-31131) on July 11, 1997. (b) Form of Enrollment Form/Application for Equitable Accumulator Select (IRA and NQ), previously filed with this Registration Statement No. 333-31131 on December 31, 1997. (c) Form of Enrollment Form/Application for Equitable Accumulator Select (IRA, NQ and QP), previously filed with this Registration Statement No. 333-31131 on May 1, 1998. (d) Forms of Enrollment Form/Application for Equitable Accumulator Select (IRA, NQ, QP and TSA), previously filed with this Registration Statement No. 333-31131 on May 22, 1998. (e) Form of Enrollment Form/Application for Equitable Accumulator Select (IRA, NQ, QP and TSA), previously filed with this Registration Statement No. 333-31131 on November 30, 1998. (f) Form of Enrollment Form/Application (as revised) for Equitable Accumulator Select (IRA, NQ, QP and TSA), previously filed with this Registration Statement on December 28, 1998. (g) Form of Enrollment Form/Application for Equitable Accumulator Select (IRA, NQ, QP AND TSA), previously filed with this Registration Statement, File No. 333-31131 on April 30, 1999. (h) Form of application for Accumulator, Form No. 2002App01 previously filed with this Registration Statement, (File No. 333-31131) on March 8, 2002. (i) Form of application for Accumulator, Form No. 2002App02 previously filed with this Registration Statement, (File No. 333-31131) on March 8, 2002. (j) Form of application for Accumulator(R) Select(SM), Form No. 2004 App02, as previously filed with this Registration Statement File No. 333-31131, filed April 20, 2006. (k) Form of Application No. 2006 App 02, incorporated herein by reference to Exhibit 5.(m) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (l) Form of Application No. 2006 App 01, incorporated herein by reference to Exhibit 5.(n) to the Registration Statement (File No. 333-05593), filed June 14, 2006. (m) Form of Application for Accumulator (2007App 01), incorporated herein by reference to Exhibit 5 (o) to the Registration Statement (File No. 333-05593), filed January 30, 2007. (n) Form of Application for Accumulator (2007App 02), incorporated herein by reference to Exhibit 5 (p) to the Registration Statement (File No. 333-05593), filed January 30, 2007. (o) Form of Application for Accumulator (R), Select SM, Form No. 2008 App 01 S, previously filed with this Registration Statement, File No. 333-31131, on August 22, 2008. (p) Form of Application for Accumulator (R) Select SM, Form No. 2008 App 02 S, previously filed with this Registration Statement, File No. 333-31131, on August 22, 2008. 6. (a) Restated Charter of Equitable, as amended January 1, 1997, incorporated herein by reference to Exhibit 6(a) to the Registration Statement on Form N-4 (File No.333-05593), filed March 6, 1997. (b) By-Laws of Equitable, as amended November 21, 1996, incorporated herein by reference to Exhibit No. 6.(b) to Registration Statement on Form N-4, (File No.333-05593), filed March 6, 1997. (c) By-Laws of AXA Equitable, as amended September 7, 2004, incorporated herein by reference to Exhibit No. 6.(c) to the Registration Statement on Form N-4, (File No.333-05593), filed on April 20, 2006 (d) 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. 7. Form of Reinsurance Agreement between Reinsurance Company and the Equitable Life Assurance Society of the United States previously filed with this Registration Statement File No. 333-31131 on April 25, 2001. 8. (a) Form of Participation Agreement among EQ Advisors Trust, Equitable, Equitable Distributors, Inc. and EQ Financial Consultants, Inc., (now AXA Advisors, LLC), incorporated herein by reference to the Registration Statement of EQ Advisors Trust on Form N-1A. (File Nos. 333-17217 and 811-07953). Filed August 28, 1997. (b) Form of Participation Agreement among AXA Premier VIP Trust, Equitable Distributors, Inc., AXA Distributors, LLC and AXA Advisors, LLC, previously filed with this Registration Statement File No. 333-31131 on December 5, 2001. (c) 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. (d) 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 this Registration Statement, File No. 333-81501 on Form N-4, on August 5, 2003. (e) 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-3 9. (a) Opinion and Consent of Jonathan E. Gaines, Esq., Vice President and Associate General Counsel of Equitable, as to the legality of the securities being registered, previously filed with this Registration Statement (File No. 333-31131) on July 11, 1997. (b) Opinion and Consent of Dodie Kent, Esq., Vice President and Counsel of AXA Equitable, as to the legality of the securities being registered, as previously filed with this Registration Statement File No. 333-31131, filed June 15, 2006. (c) Opinion and Consent of Dodie Kent, Esq., Vice President and Counsel of AXA Equitable, as to the legality of the securities being registered, as previously filed with this Registration Statement File No. 333-31131, filed April 23, 2008. (d) 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, previously filed with this Registration Statement, File No. 333-31131, on August 22, 2008. (e) 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, filed herewith. 10. (a) Consent of PricewaterhouseCoopers LLP is filed herewith. (b) Powers of Attorney are filed herewith. 11. Not applicable. 12. Not applicable. 13. Not applicable. C-4 Item 25. Directors and Officers of AXA Equitable. Set forth below is information regarding the directors and principal officers of AXA Equitable. AXA Equitable's address is 1290 Avenue of Americas, New York, New York 10104. The business address of the persons whose names are preceded by an asterisk is that of Equitable. POSITIONS AND NAME AND PRINCIPAL OFFICES WITH BUSINESS ADDRESS AXA EQUITABLE ---------------- ------------- DIRECTORS Henri de Castries Director AXA 25, Avenue Matignon 75008 Paris, France Denis Duverne Director AXA 25, Avenue Matignon 75008 Paris, France Charlynn Goins Director 30 Beekman Place, Apt. 8A New York, NY 10022 Anthony J. Hamilton Director AXA UK plc 5 Old Broad Street London, England EC2N 1AD Mary R. (Nina) Henderson Director Henderson Advisory Consulting 425 East 86th Street Apt 12-C New York, NY 10028 James F. Higgins Director Morgan Stanley Harborside Financial Center Plaza Two, Second Floor Jersey City, NJ 07311 Peter S. Kraus Director Alliance Bernstein Corporation 1345 Avenue of the Americas New York, NY 10105 Scott D. Miller Director SSA & Company 315 East Hopkins Avenue Suite 401 Aspen, CO 81611 Joseph H. Moglia Director TD Ameritrade Holding Corporation 4211 South 102nd Street Omaha, NE 68127 Lorie A. Slutsky Director The New York Community Trust 909 Third Avenue New York, NY 10022 Ezra Suleiman Director Princeton University Corwin Hall Princeton, NJ 08544 Peter J. Tobin Director 1 Briarwood Lane Denville, NJ 07834 OFFICER-DIRECTORS ----------------- *Christopher M. Condron Chairman of the Board, President, Chief Executive Officer and Director OTHER OFFICERS -------------- *Harvey Blitz Senior Vice President *Kevin R. Byrne Executive Vice President, Chief Investment Officer and Treasurer *Alvin H. Fenichel Senior Vice President and Chief Accounting Officer *Jennifer Blevins Executive Vice President *Mary Beth Farrell Executive Vice President *Mary Fernald Senior Vice President and Chief Underwriting Officer *David Kam Senior Vice President and Actuary *William J. McDermott Executive Vice President *Richard S. Dziadzio Executive Vice President and Chief Financial Officer *Barbara Goodstein Executive Vice President *Andrew J. McMahon Executive Vice President *Claude Methot Executive Vice President *Andrew Raftis Senior Vice President and Auditor *Kevin E. Murray Executive Vice President and Chief Information Officer *James F. Mullery Senior Vice President *Anne M. Katcher Senior Vice President and Senior Actuary *Anthony F. Recine Senior Vice President, Chief Compliance Officer and Associate General Counsel *Karen Field Hazin Vice President, Secretary and Associate General Counsel *Dave S. Hattem Senior Vice President and Deputy General Counsel *Richard V. Silver Executive Vice President and General Counsel *Michel Perrin Senior Vice President and Actuary *Naomi J. Weinstein Vice President *Charles A. Marino Executive Vice President and Chief Actuary *James A. Shepherdson Executive Vice President C-5 Item 26. Persons Controlled by or Under Common Control with the Insurance Company or Registrant. Separate Account No. 49 of AXA Equitable Life Insurance Company (the "Separate Account") is a separate account of AXA Equitable Life Insurance Company. AXA Equitable Life Insurance Company, a New York stock life insurance company, is a wholly owned subsidiary of AXA Financial, Inc. (the "Holding Company"). AXA owns 100% of the Holding Company's outstanding common stock. AXA is able to exercise significant influence over the operations and capital structure of the Holding Company and its subsidiaries, including AXA Equitable Life Insurance Company. AXA, a French company, is the holding company for an international group of insurance and related financial services companies. The AXA Organizational Charts 2008 are incorporated herein by reference to Exhibit 26 to Registration Statement (File No. 2-30070) on Form N-4 filed April 20, 2009. C-6 AXA FINANCIAL, INC. - SUBSIDIARY ORGANIZATION CHART : Q4-2008 ------------------------------------------------------------- AS OF : DECEMBER 31, 2008
State of State of Type of Incorp. or Principal Federal Subsidiary Domicile Operation Tax ID # ---------- -------- --------- ---------- ------------------------------------------ AXA Financial, Inc. (Notes 1 & 2) ** DE NY 13-3623351 ------------------------------------------------------------------------------------------------------------------------------------ MONY Agricultural Investment Advisers, Inc. Operating DE CO 75-2961816 ------------------------------------------------------------------------------------------------------------------------------- MONY Capital Management, Inc. Operating DE NY 13-4194065 ------------------------------------------------------------------------------------------------------------------------------- MONY Asset Management, Inc. Operating DE NY 13-4194080 ------------------------------------------------------------------------------------------------------------------------------- AXA Equitable Financial Services, LLC (Notes 2 &16) DE NY 52-2197822 ------------------------------------------------------------------------------------------------------------------------------- AXA Financial (Bermuda) Ltd.* Insurance Bermuda Bermuda 14-1903564 ---------------------------------------------------------------------------------------------------------------------------- AXA Distribution Holding Corporation (Note 2) DE NY 13-4078005 ---------------------------------------------------------------------------------------------------------------------------- AXA Advisors, LLC (Note 5) DE NY 13-4071393 ------------------------------------------------------------------------------------------------------------------------- AXA Network, LLC (Note 6) Operating DE NY 06-1555494 ------------------------------------------------------------------------------------------------------------------------- AXA Network of Alabama, LLC Operating AL AL 06-1562392 ---------------------------------------------------------------------------------------------------------------------- AXA Network of Connecticut, Maine and New York, LLC Operating DE NY 13-4085852 ---------------------------------------------------------------------------------------------------------------------- AXA Network Insurance Agency of Massachusetts, LLC Operating MA MA 04-3491734 ---------------------------------------------------------------------------------------------------------------------- AXA Network of Nevada, Inc. Operating NV NV 13-3389068 ---------------------------------------------------------------------------------------------------------------------- AXA Network of Puerto Rico, Inc. Operating P.R. P.R. 66-0577477 ---------------------------------------------------------------------------------------------------------------------- AXA Network Insurance Agency of Texas, Inc. Operating TX TX 75-2529724 ---------------------------------------------------------------------------------------------------------------------------- AXA Equitable Life Insurance Company (Note 2 & 9) * Insurance NY NY 13-5570651 ---------------------------------------------------------------------------------------------------------------------------- Equitable Deal Flow Fund, L.P. Investment DE NY 13-3385076 ------------------------------------------------------------------------------------------------------------------------- Equitable Managed Assets, L.P. Investment DE NY 13-3385080 ------------------------------------------------------------------------------------------------------------------------- Real Estate Partnership Equities (various) Investment ** - ------------------------------------------------------------------------------------------------------------------------- Equitable Holdings, LLC (Notes 3 & 4) HCO NY NY 22-2766036 ------------------------------------------------------------------------------------------------------------------------- See Attached Listing A ------------------------------------------------------------------------------------------------------------------------- ACMC, Inc. (Note 4) HCO DE NY 13-2677213 ------------------------------------------------------------------------------------------------------------------------- EVSA, Inc. Investment DE PA 23-2671508 ---------------------------------------------------------------------------------------------------------------------------- AXA Equitable Life and Annuity Company * (Note 10,17 & 18) Insurance NY NY 13-3198083 ---------------------------------------------------------------------------------------------------------------------------- MONY Life Insurance Company * Insurance NY NY 13-1632487 ---------------------------------------------------------------------------------------------------------------------------- See Attached Listing C ---------------------------------------------------------------------------------------------------------------------- Parent's Number of Percent of Shares Ownership Comments Owned or Control (e.g., Basis of Control) ----- ---------- ------------------------ AXA Financial, Inc. (Notes 1 & 2) ** ----------------------------------------------------------------------------------------------------------------------------- MONY Agricultural Investment Advisers, Inc. 100.00% ------------------------------------------------------------------------------------------------------------------------ MONY Capital Management, Inc. 100.00% ------------------------------------------------------------------------------------------------------------------------ MONY Asset Management, Inc. 100.00% ------------------------------------------------------------------------------------------------------------------------ AXA Equitable Financial Services, LLC (Notes 2 &16) - 100.00% ------------------------------------------------------------------------------------------------------------------------ AXA Financial (Bermuda) Ltd.* 250,000 100.00% --------------------------------------------------------------------------------------------------------------------- AXA Distribution Holding Corporation (Note 2) 1,000 100.00% --------------------------------------------------------------------------------------------------------------------- AXA Advisors, LLC (Note 5) - 100.00% ------------------------------------------------------------------------------------------------------------------ AXA Network, LLC (Note 6) - 100.00% ------------------------------------------------------------------------------------------------------------------ AXA Network of Alabama, LLC - 100.00% --------------------------------------------------------------------------------------------------------------- AXA Network of Connecticut, Maine and New York, LLC - 100.00% --------------------------------------------------------------------------------------------------------------- AXA Network Insurance Agency of Massachusetts, LLC - 100.00% --------------------------------------------------------------------------------------------------------------- AXA Network of Nevada, Inc. 100.00% --------------------------------------------------------------------------------------------------------------- AXA Network of Puerto Rico, Inc. 100.00% --------------------------------------------------------------------------------------------------------------- AXA Network Insurance Agency of Texas, Inc. 1,050 100.00% --------------------------------------------------------------------------------------------------------------------- AXA Equitable Life Insurance Company (Note 2 & 9) * 2,000,000 100.00% NAIC # 62944 --------------------------------------------------------------------------------------------------------------------- Equitable Deal Flow Fund, L.P. - - G.P & L.P. ------------------------------------------------------------------------------------------------------------------ Equitable Managed Assets, L.P. - - G.P. ------------------------------------------------------------------------------------------------------------------ Real Estate Partnership Equities (various) - - ** ------------------------------------------------------------------------------------------------------------------ Equitable Holdings, LLC (Notes 3 & 4) - 100.00% ------------------------------------------------------------------------------------------------------------------ See Attached Listing A ------------------------------------------------------------------------------------------------------------------ ACMC, Inc. (Note 4) 5,000,000 100.00% ------------------------------------------------------------------------------------------------------------------ EVSA, Inc. 50 100.00% --------------------------------------------------------------------------------------------------------------------- AXA Equitable Life and Annuity Company * (Note 10,17 & 18) 100.00% --------------------------------------------------------------------------------------------------------------------- MONY Life Insurance Company * 100.00% --------------------------------------------------------------------------------------------------------------------- See Attached Listing C ---------------------------------------------------------------------------------------------------------------
Page 1 of 7 AXA FINANCIAL, INC. - SUBSIDIARY ORGANIZATION CHART : Q4-2008 ------------------------------------------------------------- * Affiliated Insurer ** Information relating to Equitable's Real Estate Partnership Equities is disclosed in Schedule BA, Part 1 of AXA Equitable Life's Annual Statement, which has been filed with the N.Y.S. Insurance Department. *** All subsidiaries are corporations, except as otherwise noted. 1. The Equitable Companies Incorporated changed its name to AXA Financial, Inc. on Sept. 3, 1999. 2. Effective Sept. 20, 1999, AXA Financial, Inc. transferred ownership of Equitable Life to AXA Client Solutions, LLC, which was formed on July 19, 1999. Effective January 1, 2002, AXA Client Solutions, LLC transferred ownership of Equitable Life and AXA Distribution Holding Corp. to AXA Financial, Inc. Effective May 1, 2002, AXA Client Solutions, LLC changed its name to AXA Financial Services, LLC. Effective June 1, 2002, AXA Financial, Inc. transferred ownership of Equitable Life and AXA Distribution Holding Corp. to AXA Financial Services, LLC. Effective November 30, 2007, the name of AXA Financial Services, LLC was changed to AXA Equitable Financial Services, LLC. 3. Equitable Holding Corp. was merged into Equitable Holdings, LLC on Dec. 19, 1997. 4. In October 1999, AllianceBernstein Holding L.P. ("AllianceBernstein Holding L.P.") reorganized by transferring its business and assets to AllianceBernstein L.P., a newly formed private partnership ("AllianceBernstein"). As of December 31, 2008, AXF's subsidiaries own 62.38% of the issued and outstanding units of limited partnership interest in AllianceBernstein (the "AllianceBernstein Units"), as follows: AXA Financial Bermuda, held directly 57,211,519 AllianceBernstein Units (21.48%), AXA Equitable Life directly own 29,100,290 AllianceBernstein Units (10.92%), ACMC, Inc. own 66,220,822 AllianceBernstein Units (24.86%), and As of December 31, 2008, MONY owns 6,841,642 (2.57%) AllianceBernstein Units and MLOA owns 2,587,472 (.97%) AlianceBernstein Units AllianceBernstein Corporation also own a 1% general partnership interest in AllianceBernstein L.P. In addition, ACMC, Inc. own 722,178 units (0.27%), representing assignments of beneficial ownership of limited partnership interests in AllianceBernstein Holding (the "AllianceBernstein Holding Units"). AllianceBernstein Corporation own 822,178 units of general partnership interest (0.31%), in AllianceBernstein Holding L.P. AllianceBernstein Holding Units are publicly traded on the New York Stock exchange. 5. EQ Financial Consultants (formerly, Equico Securities, Inc.) was merged into AXA Advisors, LLC on Sept. 20, 1999. AXA Advisors, LLC was transferred from Equitable Holdings, LLC to AXA Distribution Holding Corporation on Sept. 21, 1999. 6. Effective March 15, 2000, Equisource of New York, Inc. and 14 of its subsidiaries were merged into AXA Network, LLC, which was then sold to AXA Distribution Holding Corp. EquiSource of Alabama, Inc. became AXA Network of Alabama, LLC. EquiSource Insurance Agency of Massachusetts, Inc. became AXA Network Insurance Agency of Massachusetts, LLC. Equisource of Nevada, Inc., of Puerto Rico, Inc., and of Texas, Inc., changed their names from "EquiSource" to become "AXA Network", respectively. Effective February 1, 2002, Equitable Distributors Insurance Agency of Texas, Inc. changed its name to AXA Distributors Insurance Agency of Texas, Inc. Effective February 13, 2002 Equitable Distributors Insurance Agency of Massachusetts, LLC changed its name to AXA Distributors Insurance Agency of Massachusetts, LLC. 7. Effective June 6, 2000, Frontier Trust Company was sold by ELAS to AXF and merged into Frontier Trust Company, FSB. 8. Effective June 1, 2001, Equitable Structured Settlement Corp was transferred from ELAS to Equitable Holdings, LLC. 9. Effective September 2004, The Equitable Life Assurance Society of the United States changed its name to AXA Equitable Life Insurance Company. 10. Effective September 2004, The Equitable of Colorado changed its name to AXA Life and Annuity Company. 11. Effective February 18, 2005, MONY Realty Capital, Inc. was sold. 12. Effective May 26, 2005, Matrix Capital Markets Group was sold. 12. Effective May 26, 2005, Matrix Private Equities was sold. 13. Effective December 2, 2005, Advest Group was sold. 14. Effective February 24, 2006, Alliance Capital Management Corporation changed its name to AllianceBernstein Corporation. 15. Effective July 11, 2007, Frontier Trust Company, FSB was sold. 16. Effective November 30, 2007, AXA Financial Services, LLC changed its name to AXA Equitable Financial Services, LLC. 17. Effective August 1, 2008, AXA Equitable Life Insurance Company tranferred ownership of AXA Life and Annuity Company to AXA Equitable Financial Services, LLC. 18. Effective September 22, 2008, AXA Life and Annuity Company changed its name to AXA Equitable Life and Annuity Company. Page 2 of 7 AXA FINANCIAL, INC. - SUBSIDIARY ORGANIZATION CHART : Q4-2008 ------------------------------------------------------------- Dissolved: - On November 3, 2000, Donaldson, Lufkin & Jenrette, Inc. was sold to Credit Suisse Group. - 100 Federal Street Funding Corporation was dissolved August 31, 1998. - 100 Federal Street Realty Corporation was dissolved December 20, 2001. - CCMI Corp. was dissolved on October 7, 1999. - ELAS Realty, Inc. was dissolved January 29, 2002. - EML Associates, L.P. was dissolved March 27, 2001. - EQ Services, Inc. was dissolved May 11, 2001. - Equitable BJVS, Inc. was dissolved October 3, 1999. - Equitable Capital Management Corp. became ECMC, LLC on November 30, 1999. - Equitable JV Holding Corp. was dissolved on June 1, 2002.F142 - Equitable JVS II, Inc. was dissolved December 4, 1996 - Equitable Underwriting & Sales Agency (Bahamas) Ltd. was dissolved on December 31, 2000. - EREIM LP Associates (L.P.) was dissolved March 27, 2001. - EREIM Managers Corporation was dissolved March 27, 2001. - EVLICO East Ridge, Inc. was dissolved Jan. 13, 2001 - EVLICO, Inc. was dissolved in 1999. - Franconom, Inc. was dissolved on December 4, 2000. - GP/EQ Southwest, Inc. was dissolved October 21, 1997 - HVM Corp. was dissolved on Feb. 16, 1999. - ML/EQ Real Estate Portfolio, L.P. was dissolved March 27, 2001. - Prime Property Funding, Inc. was dissolved in Feb. 1999. - Sarasota Prime Hotels, Inc. became Sarasota Prime Hotels, LLC. - Six-Pac G.P., Inc. was dissolved July 12,1999 - Paramount Planners, LLC., a direct subsidiary of AXA Distribution Holding Corporation, was dissolved on December 5, 2003 - Equitable Rowes Wharf, Inc. was dissolved October 12, 2004 - ECLL Inc. was dissolved July 15, 2003 - MONY Realty Partners, Inc. was dissolved February 2005. - Wil-Gro, Inc. was dissolved June, 2005. - Sagamore Financial LLC was dissolved August 31, 2006. - Equitable JVS was dissolved August, 2007. - Astor Times Square Corp. dissolved as of April 2007. - Astor/Broadway Acquisition Corp. dissolved as of August 2007. - PC Landmark, Inc. has been administratively dissolved. - EJSVS, Inc. has been administratively dissolved. - STCS, Inc. was dissolved on August 15, 2007. Page 3 of 7 AXA FINANCIAL, INC. - SUBSIDIARY ORGANIZATION CHART : Q4-2008 ------------------------------------------------------------- LISTING A - EQUITABLE HOLDINGS, LLC -----------------------------------
State of State of Type of Incorp. or Principal Federal Subsidiary Domicile Operation Tax ID # ---------- -------- --------- --------- AXA Financial, Inc. ------------------------------------------------------------------------------ AXA Equitable Financial Services, LLC (Note 2) ------------------------------------------------------------------------- AXA Equitable Life Insurance Company * ---------------------------------------------------------------------- Equitable Holdings, LLC ------------------------------------------------------------------------------------------------------------------------- ELAS Securities Acquisition Corporation Operating DE NY 13-3049038 ---------------------------------------------------------------------------------------------------------------------- Equitable Casualty Insurance Company * Operating VT VT 06-1166226 ---------------------------------------------------------------------------------------------------------------------- ECMC, LLC (See Note 4 on Page 2) Operating DE NY 13-3266813 ---------------------------------------------------------------------------------------------------------------------- Equitable Capital Private Income & Equity Partnership II, L.P. Investment DE NY 13-3544879 ---------------------------------------------------------------------------------------------------------------------- AllianceBernstein Corporation (See Note 4 on Page 2) Operating DE NY 13-3633538 ---------------------------------------------------------------------------------------------------------------------- See Attached Listing B ---------------------------------------------------------------------------------------------------------------------- AXA Distributors, LLC Operating DE NY 52-2233674 ---------------------------------------------------------------------------------------------------------------------- AXA Distributors Insurance Agency of Alabama, LLC Operating DE AL 52-2255113 ------------------------------------------------------------------------------------------------------------------- AXA Distributors Insurance Agency, LLC Operating DE CT, ME,NY 06-1579051 ------------------------------------------------------------------------------------------------------------------- AXA Distributors Insurance Agency of Massachusetts, LLC Operating MA MA 04-3567096 ------------------------------------------------------------------------------------------------------------------- AXA Distributors Insurance Agency of Texas, Inc. Operating TX TX 74-3006330 ---------------------------------------------------------------------------------------------------------------------- J.M.R. Realty Services, Inc. Operating DE NY 13-3813232 ---------------------------------------------------------------------------------------------------------------------- Equitable Structured Settlement Corp. (See Note 8 on Page 2) Operating DE NJ 22-3492811 ---------------------------------------------------------------------------------------------------------------------- Parent's Number of Percent of Shares Ownership Comments Owned or Control (e.g., Basis of Control) ----- ---------- ------------------------ AXA Financial, Inc. ------------------------------------------------------------------------------------------------------------------------------------ AXA Equitable Financial Services, LLC (Note 2) ------------------------------------------------------------------------------------------------------------------------------- AXA Equitable Life Insurance Company * ---------------------------------------------------------------------------------------------------------------------------- Equitable Holdings, LLC ------------------------------------------------------------------------------------------------------------------------- ELAS Securities Acquisition Corporation 500 100.00% ---------------------------------------------------------------------------------------------------------------------- Equitable Casualty Insurance Company * 1,000 100.00% ---------------------------------------------------------------------------------------------------------------------- ECMC, LLC (See Note 4 on Page 2) - 100.00% ---------------------------------------------------------------------------------------------------------------------- Equitable Capital Private Income & Equity ECMC is G.P. Partnership II, L.P. - - ("Deal Flow Fund II") ---------------------------------------------------------------------------------------------------------------------- AllianceBernstein Corporation (See Note 4 on Page 2) 100 100.00% ---------------------------------------------------------------------------------------------------------------------- See Attached Listing B ---------------------------------------------------------------------------------------------------------------------- AXA Distributors, LLC - 100.00% ---------------------------------------------------------------------------------------------------------------------- AXA Distributors Insurance Agency of Alabama, LLC - 100.00% ------------------------------------------------------------------------------------------------------------------- AXA Distributors Insurance Agency, LLC - 100.00% ------------------------------------------------------------------------------------------------------------------- AXA Distributors Insurance Agency of Massachusetts, LLC - 100.00% ------------------------------------------------------------------------------------------------------------------- AXA Distributors Insurance Agency of Texas, Inc. 1,000 100.00% ---------------------------------------------------------------------------------------------------------------------- J.M.R. Realty Services, Inc. 1,000 100.00% ---------------------------------------------------------------------------------------------------------------------- Equitable Structured Settlement Corp. (See Note 8 on Page 2) 100 100.00% ----------------------------------------------------------------------------------------------------------------------
* Affiliated Insurer Equitable Investment Corp merged into Equitable Holdings, LLC on November 30, 1999. Equitable Capital Management Corp. became ECMC, LLC on November 30, 1999. Effective March 15, 2000, Equisource of New York, Inc. and its subsidiaries were merged into AXA Network, LLC, which was then sold to AXA Distribution Holding Corp. Effective January 1, 2002, Equitable Distributors, Inc. merged into AXA Distributors, LLC. Page 4 of 7 AXA FINANCIAL, INC. - SUBSIDIARY ORGANIZATION CHART : Q4-2008 LISTING B - ALLIANCEBERNSTEIN CORPORATION
State of State of Type of Incorp. or Principal Federal Subsidiary Domicile Operation Tax ID # ---------- -------- --------- ---------- AXA Financial, Inc. -------------------------------------------------------------------------- AXA Equitable Financial Services, LLC (Note 2) --------------------------------------------------------------------- AXA Equitable Life Insurance Company* ------------------------------------------------------------------ Equitable Holdings, LLC --------------------------------------------------------------- AllianceBernstein Corporation ---------------------------------------------------------------------------------------------------------------------- AllianceBernstein Holding L.P. (See Note 4 on Page 2) HCO (NYSE: AB) DE NY 13-3434400 ------------------------------------------------------------------------------------------------------------------- AllianceBernstein L.P. (See Note 4 on Page 2) Operating DE NY 13-4064930 ------------------------------------------------------------------------------------------------------------------- AllianceBernstein Trust Company, LLC Operating NH NY ---------------------------------------------------------------------------------------------------------------- Cursitor Alliance LLC HCO DE MA 22-3424339 ---------------------------------------------------------------------------------------------------------------- Alliance Capital Management LLC HCO DE NY - ---------------------------------------------------------------------------------------------------------------- Sanford C. Bernstein & Co., LLC Operating DE NY 13-4132953 ---------------------------------------------------------------------------------------------------------------- AllianceBernstein Corporation of Delaware HCO DE NY 13-2778645 ---------------------------------------------------------------------------------------------------------------- ACAM Trust Company Private Ltd. Operating India India - ------------------------------------------------------------------------------------------------------------- AllianceBernstein (Argentina) S.R.L. Operating Argentina Argentina - ------------------------------------------------------------------------------------------------------------ ACM Software Services Ltd. Operating DE NY 13-3910857 ------------------------------------------------------------------------------------------------------------- Alliance Barra Research Institute, Inc. HCO DE NY 13-3548918 ------------------------------------------------------------------------------------------------------------- AllianceBernstein Japan Inc. HCO DE Japan - ------------------------------------------------------------------------------------------------------------- AllianceBernstein Japan Ltd. Operating Japan Japan - ------------------------------------------------------------------------------------------------------------- AllianceBernstein Invest. Management Australia Limited Operating Australia Australia - ------------------------------------------------------------------------------------------------------------- AllianceBernstein Global Derivatives Corp. Operating DE NY 13-3626546 ------------------------------------------------------------------------------------------------------------- AllianceBernstein Investimentos (Brazil) Ltda. Operating Brazil Brazil - ------------------------------------------------------------------------------------------------------------- AllianceBernstein Limited Operating U.K. U.K. - ------------------------------------------------------------------------------------------------------------- ACM Bernstein GmbH Operating Germany Germany - ---------------------------------------------------------------------------------------------------- AllianceBernstein Services Limited Operating U.K. U.K. - ------------------------------------------------------------------------------------------------------------- AllianceBernstein (Luxembourg) S.A. Operating Lux. Lux. - ------------------------------------------------------------------------------------------------------------- AllianceBernstein (France) SAS Operating France France - ------------------------------------------------------------------------------------------------------------- ACMBernstein (Deutschland) GmbH Operating Germany Germany - ------------------------------------------------------------------------------------------------------------- AllianceBernstein (Mexico) S. de R.L. de C.V. Operating Mexico Mexico - ------------------------------------------------------------------------------------------------------------- AllianceBernstein Australia Limited Operating Australia Australia - ------------------------------------------------------------------------------------------------------------- AllianceBernstein Canada, Inc. Operating Canada Canada 13-3630460 ------------------------------------------------------------------------------------------------------------- AllianceBernstein New Zealand Limited Operating New Zealand New Zealand - ------------------------------------------------------------------------------------------------------------- Parent's Number of Percent of Shares Ownership Comments Owned or Control (e.g., Basis of Control) ----- ---------- ---------------------------- AXA Financial, Inc. -------------------------------------------------------------------------------- AXA Equitable Financial Services, LLC (Note 2) --------------------------------------------------------------------------- AXA Equitable Life Insurance Company* ------------------------------------------------------------------------ Equitable Holdings, LLC --------------------------------------------------------------------- AllianceBernstein Corporation owns 1% GP interest in AllianceBernstein L.P. and 100,000 GP units in AllianceBernstein Holding L.P. ------------------------------------------------------------------ AllianceBernstein Holding L.P. (See Note 4 on Page 2) --------------------------------------------------------------- AllianceBernstein L.P. (See Note 4 on Page 2) --------------------------------------------------------------- AllianceBernstein Trust Company, LLC 100.00% Sole member interest ------------------------------------------------------------ Cursitor Alliance LLC 100.00% ------------------------------------------------------------ Alliance Capital Management LLC 100.00% ------------------------------------------------------------ Sanford C. Bernstein & Co., LLC 100.00% ------------------------------------------------------------ AllianceBernstein Corporation of Delaware 10 100.00% ------------------------------------------------------------ ACAM Trust Company Private Ltd. 100.00% --------------------------------------------------------- AllianceBernstein (Argentina) S.R.L. 99.00% AllianceBernstein Oceanic Corporation owns 1% --------------------------------------------------------- ACM Software Services Ltd. 100.00% --------------------------------------------------------- Alliance Barra Research Institute, Inc. 1,000 100.00% --------------------------------------------------------- AllianceBernstein Japan Inc. --------------------------------------------------------- AllianceBernstein Japan Ltd. 100.00% --------------------------------------------------------- AllianceBernstein Invest. Management Australia Limited 100.00% --------------------------------------------------------- AllianceBernstein Global Derivatives Corp. 1,000 100.00% --------------------------------------------------------- AllianceBernstein Investimentos (Brazil) Ltda. 99.00% AllianceBernstein Oceanic Corporation owns 1% --------------------------------------------------------- AllianceBernstein Limited 250,000 100.00% --------------------------------------------------------- ACM Bernstein GmbH 100.00% ------------------------------------------------ AllianceBernstein Services Limited 1,000 100.00% --------------------------------------------------------- AllianceBernstein (Luxembourg) S.A. 3,999 99.98% AllianceBernstein Oceanic Corporation owns .025% --------------------------------------------------------- AllianceBernstein (France) SAS 100.00% --------------------------------------------------------- ACMBernstein (Deutschland) GmbH 100.00% --------------------------------------------------------- AllianceBernstein (Mexico) S. de R.L. de C.V. 100.00% --------------------------------------------------------- AllianceBernstein Australia Limited 50.00% 3rd party (NMFM) owns 50% --------------------------------------------------------- AllianceBernstein Canada, Inc. 18,750 100.00% --------------------------------------------------------- AllianceBernstein New Zealand Limited 50.00% 3rd party (NMFM) owns 50% ---------------------------------------------------------
Page 5 of 7 AXA FINANCIAL, INC. - SUBSIDIARY ORGANIZATION CHART : Q4-2008 LISTING B - ALLIANCEBERNSTEIN CORPORATION
State of State of Type of Incorp. or Principal Federal Subsidiary Domicile Operation Tax ID # ---------- -------- --------- --------- AXA Financial, Inc. --------------------------------------------------------------------------------- AXA Equitable Financial Services, LLC (Note 2) ---------------------------------------------------------------------------- AXA Equitable Life Insurance Company* ------------------------------------------------------------------------- Equitable Holdings, LLC ---------------------------------------------------------------------- AllianceBernstein Corporation ------------------------------------------------------------------- AllianceBernstein L.P. ---------------------------------------------------------------- AllianceBernstein Corporation of Delaware (Cont'd) ---------------------------------------------------------------------------------------------------------------- AllianceBernstein Investment Research (Proprietary) Limited Operating So Africa So Africa - ------------------------------------------------------------------------------------------------------------- AllianceBernstein (Singapore) Ltd. Operating Singapore Singapore - ------------------------------------------------------------------------------------------------------------- Alliance Capital (Mauritius) Private Ltd. HCO Mauritius Mauritius - ------------------------------------------------------------------------------------------------------------- Alliance Capital Asset Management (India) Private Ltd. Operating India India - ---------------------------------------------------------------------------------------------------- AllianceBernstein Invest. Res. & Manage. (India) Pvt. Operating India India - ------------------------------------------------------------------------------------------------------------- AllianceBernstein Oceanic Corporation HCO DE NY 13-3441277 ------------------------------------------------------------------------------------------------------------- Alliance Capital Real Estate, Inc. Operating DE NY 13-3441277 ------------------------------------------------------------------------------------------------------------- Alliance Corporate Finance Group Incorporated. Operating DE NY 52-1671668 ------------------------------------------------------------------------------------------------------------- Alliance Eastern Europe, Inc. HCO DE NY 13-3802178 ------------------------------------------------------------------------------------------------------------- AllianceBernstein ESG Venture Management, L.P. HCO DE NY - ------------------------------------------------------------------------------------------------------------- AllianceBernstein Venture Fund 1, L.P. Fund DE NY - ------------------------------------------------------------------------------------------------------------- AllianceBernstein Invest. Management (Korea) Ltd. Operating Korea Korea - ------------------------------------------------------------------------------------------------------------- AllianceBernstein Investments, Inc. Operating DE NY 13-3191825 ------------------------------------------------------------------------------------------------------------- AllianceBernstein Investor Services, Inc. Operating DE TX 13-3211780 ------------------------------------------------------------------------------------------------------------- AllianceBernstein Hong Kong Limited Operating Hong Kong Hong Kong - ------------------------------------------------------------------------------------------------------------- AllianceBernstein Taiwan Limited Operating Taiwan Taiwan - ---------------------------------------------------------------------------------------------------- ACM New-Alliance (Luxembourg) S.A. Operating Lux. Lux. - ------------------------------------------------------------------------------------------------------------- Sanford C. Bernstein Limited Operating U.K. U.K. - ------------------------------------------------------------------------------------------------------------- Sanford C. Bernstein (CREST Nominees) Ltd. Operating U.K. U.K. - ------------------------------------------------------------------------------------------------------------- Sanford C. Bernstein Proprietary Limited Inactive Australia Australia - ------------------------------------------------------------------------------------------------------------- Whittingdale Holdings Ltd. HCO U.K. U.K. - ------------------------------------------------------------------------------------------------------------- ACM Investments Limited Operating U.K. U.K. - ---------------------------------------------------------------------------------------------------- AllianceBernstein Fixed Income Limited Operating U.K. U.K. - ---------------------------------------------------------------------------------------------------- Parent's Number of Percent of Shares Ownership Comments Owned or Control (e.g., Basis of Control) ----- ---------- ------------------------ AXA Financial, Inc. ----------------------------------------------------------------------------- AXA Equitable Financial Services, LLC (Note 2) ------------------------------------------------------------------------- AXA Equitable Life Insurance Company* ---------------------------------------------------------------------- Equitable Holdings, LLC ------------------------------------------------------------------- AllianceBernstein Corporation ---------------------------------------------------------------- AllianceBernstein L.P. ------------------------------------------------------------- AllianceBernstein Corporation of Delaware (Cont'd) ------------------------------------------------------------ AllianceBernstein Investment Research (Proprietary) Limited 100.00% --------------------------------------------------------- AllianceBernstein (Singapore) Ltd. 100.00% --------------------------------------------------------- Alliance Capital (Mauritius) Private Ltd. 100.00% --------------------------------------------------------- Alliance Capital Asset Management 75.00% 3rd party (Ankar Capital (India) Private Ltd. India Pvt. Ltd.) owns 25% ------------------------------------------------ AllianceBernstein Invest. Res. & Manage. (India) Pvt. 100.00% --------------------------------------------------------- AllianceBernstein Oceanic Corporation 1,000 100.00% --------------------------------------------------------- Alliance Capital Real Estate, Inc. 100.00% --------------------------------------------------------- Alliance Corporate Finance Group Incorporated. 1,000 100.00% --------------------------------------------------------- Alliance Eastern Europe, Inc. 100.00% --------------------------------------------------------- AllianceBernstein ESG Venture Management, L.P. 100.00% General Partner to EGG Funds --------------------------------------------------------- AllianceBernstein Venture Fund 1, L.P. 10.00% GP Interest --------------------------------------------------------- AllianceBernstein Invest. Management (Korea) Ltd. 100.00% --------------------------------------------------------- AllianceBernstein Investments, Inc. 100 100.00% --------------------------------------------------------- AllianceBernstein Investor Services, Inc. 100 100.00% --------------------------------------------------------- AllianceBernstein Hong Kong Limited 100.00% --------------------------------------------------------- AllianceBernstein Taiwan Limited 99.00% Others own 1% ------------------------------------------------ ACM New-Alliance (Luxembourg) S.A. 99.00% AllianceBernstein Oceanic Corporation owns 1% --------------------------------------------------------- Sanford C. Bernstein Limited 100.00% --------------------------------------------------------- Sanford C. Bernstein (CREST Nominees) Ltd. 100.00% --------------------------------------------------------- Sanford C. Bernstein Proprietary Limited 100.00% Inactive --------------------------------------------------------- Whittingdale Holdings Ltd. 100.00% --------------------------------------------------------- ACM Investments Limited 100.00% ------------------------------------------------ AllianceBernstein Fixed Income Limited 100.00% ------------------------------------------------
Page 6 of 7 AXA FINANCIAL, INC. - SUBSIDIARY ORGANIZATION CHART : Q4-2008 LISTING C - MONY
State of State of Type of Incorp. or Principal Federal Subsidiary Domicile Operation Tax ID # ---------- -------- --------- --------- AXA Financial, Inc. -------------------------------------------------------------------------------------------------------------------------------- MONY Agricultural Investment Advisers, Inc. Operating DE CO 75-2961816 --------------------------------------------------------------------------------------------------------------------------- MONY Capital Management, Inc. Operating DE NY 13-4194065 --------------------------------------------------------------------------------------------------------------------------- MONY Asset Management, Inc. Operating DE NY 13-4194080 --------------------------------------------------------------------------------------------------------------------------- AXA Equitable Financial Services, LLC (Note 2) --------------------------------------------------------------------------------------------------------------------------- AXA Equitable Life Insurance Company * ------------------------------------------------------------------------------------------------------------------------ MONY Life Insurance Company * Insurance NY NY 13-1632487 ------------------------------------------------------------------------------------------------------------------------ MONY International Holdings, LLC HCO DE NY 13-3790446 --------------------------------------------------------------------------------------------------------------------- MONY International Life Insurance Co. Seguros de Vida S.A.* Insurance Argentina Argentina 98-0157781 ------------------------------------------------------------------------------------------------------------------ MONY Financial Resources of the Americas Limited HCO Jamaica Jamaica ------------------------------------------------------------------------------------------------------------------ MBT, Ltd. Operating Cayman Islands Cayman Islands 98-0152047 ------------------------------------------------------------------------------------------------------------------ MONY Consultoria e Corretagem de Seguros Ltda. Operating Brazil Brazil --------------------------------------------------------------------------------------------------------------- MONY Life Insurance Company of the Americas, Ltd.* Insurance Cayman Islands Cayman Islands 98-0152046 --------------------------------------------------------------------------------------------------------------------- MONY Life Insurance Company of America* Insurance AZ NY 86-0222062 --------------------------------------------------------------------------------------------------------------------- U.S. Financial Life Insurance Company * Insurance OH OH 38-2046096 --------------------------------------------------------------------------------------------------------------------- MONY Financial Services, Inc. HCO DE NY 11-3722370 --------------------------------------------------------------------------------------------------------------------- Financial Marketing Agency, Inc. Operating OH OH 31-1465146 ------------------------------------------------------------------------------------------------------------------ MONY Brokerage, Inc. Operating DE PA 22-3015130 ------------------------------------------------------------------------------------------------------------------ MBI Insurance Agency of Ohio, Inc. Operating OH OH 31-1562855 --------------------------------------------------------------------------------------------------------------- MBI Insurance Agency of Alabama, Inc. Operating AL AL 62-1699522 --------------------------------------------------------------------------------------------------------------- MBI Insurance Agency of Texas, Inc. Operating TX TX 74-2861481 --------------------------------------------------------------------------------------------------------------- MBI Insurance Agency of Massachusetts, Inc. Operating MA MA 06-1496443 --------------------------------------------------------------------------------------------------------------- MBI Insurance Agency of Washington, Inc. Operating WA WA 91-1940542 --------------------------------------------------------------------------------------------------------------- MBI Insurance Agency of New Mexico, Inc. Operating NM NM 62-1705422 ------------------------------------------------------------------------------------------------------------------ 1740 Ventures, Inc. Operating NY NY 13-2848244 ------------------------------------------------------------------------------------------------------------------ Enterprise Capital Management, Inc. Operating GA GA 58-1660289 ------------------------------------------------------------------------------------------------------------------ Enterprise Fund Distributors, Inc. Operating DE GA 22-1990598 ------------------------------------------------------------------------------------------------------------------ MONY Assets Corp. HCO NY NY 13-2662263 ------------------------------------------------------------------------------------------------------------------ MONY Benefits Management Corp. Operating DE NY 13-3363383 --------------------------------------------------------------------------------------------------------------- 1740 Advisers, Inc. Operating NY NY 13-2645490 ------------------------------------------------------------------------------------------------------------------ MONY Securities Corporation Operating NY NY 13-2645488 ------------------------------------------------------------------------------------------------------------------ Trusted Insurance Advisers General Agency Corp. Operating MN NY 41-1941465 --------------------------------------------------------------------------------------------------------------- Trusted Investment Advisers Corp. Operating MN NY 41-1941464 --------------------------------------------------------------------------------------------------------------- Parent's Number of Percent of Shares Ownership Comments Owned or Control (e.g., Basis of Control) ----- ---------- ------------------------ AXA Financial, Inc. ----------------------------------------------------------------- MONY Agricultural Investment Advisers, Inc. 100.00% ------------------------------------------------------------ MONY Capital Management, Inc. 100.00% ------------------------------------------------------------ MONY Asset Management, Inc. 100.00% ------------------------------------------------------------ AXA Equitable Financial Services, LLC (Note 2) ------------------------------------------------------------ AXA Equitable Life Insurance Company * --------------------------------------------------------- MONY Life Insurance Company * 100.00% --------------------------------------------------------- MONY International Holdings, LLC 100.00% ------------------------------------------------------ MONY International Life Insurance Co. Seguros de Vida S.A.* 100.00% --------------------------------------------------- MONY Financial Resources of the Americas Limited 99.00% --------------------------------------------------- MBT, Ltd. 100.00% --------------------------------------------------- MONY Consultoria e Corretagem de Seguros Ltda. 99.00% ------------------------------------------------ MONY Life Insurance Company of the Americas, Ltd.* 100.00% ------------------------------------------------------ MONY Life Insurance Company of America* 100.00% ------------------------------------------------------ U.S. Financial Life Insurance Company * 405,000 100.00% ------------------------------------------------------ MONY Financial Services, Inc. 1,000 100.00% ------------------------------------------------------ Financial Marketing Agency, Inc. 99 99.00% --------------------------------------------------- MONY Brokerage, Inc. 1,500 100.00% --------------------------------------------------- MBI Insurance Agency of Ohio, Inc. 5 100.00% ------------------------------------------------ MBI Insurance Agency of Alabama, Inc. 1 100.00% ------------------------------------------------ MBI Insurance Agency of Texas, Inc. 10 100.00% ------------------------------------------------ MBI Insurance Agency of Massachusetts, Inc. 5 100.00% ------------------------------------------------ MBI Insurance Agency of Washington, Inc. 1 100.00% ------------------------------------------------ MBI Insurance Agency of New Mexico, Inc. 1 100.00% --------------------------------------------------- 1740 Ventures, Inc. 1,000 100.00% --------------------------------------------------- Enterprise Capital Management, Inc. 500 100.00% --------------------------------------------------- Enterprise Fund Distributors, Inc. 1,000 100.00% --------------------------------------------------- MONY Assets Corp. 200,000 100.00% --------------------------------------------------- MONY Benefits Management Corp. 9,000 100.00% ------------------------------------------------ 1740 Advisers, Inc. 14,600 100.00% --------------------------------------------------- MONY Securities Corporation 7,550 100.00% --------------------------------------------------- Trusted Insurance Advisers General Agency Corp. 1,000 100.00% ------------------------------------------------ Trusted Investment Advisers Corp. 1 100.00% ------------------------------------------------
- As of February 18, 2005, MONY Realty Capital, Inc. was sold. - As of February 2005, MONY Realty Partners, Inc. was dissolved - MONY Financial Resources of the Americas Limited, is 99% owned by MONY International Holdings, LLC and an individual holds one share of it stock for Jamaican regulatory reasons. - MONY Consultoria e Corretagem de Seguros Ltda., is 99% owned by MONY International Holdings, LLC and an individual holds one share of it stock for Brazilian regulatory reasons. - Financial Marketing Agency, Inc., is 99% owned by MONY International Holdings, LLC and an individual in Ohio holds one share of it stock for regulatory reasons. - Enterprise Accumulation Trust was merged into EQAT on July 9, 2004 - MONY Series Funds, Inc. was merged into EQAT on July 9, 2004 - As of August 31, 2006, Sagamore Financial LLC was dissolved - MONY Benefits Service Corp. was sold on January 26, 2007. - As of November 30, 2007, MONY Holdings LLC merged into AXA Equitable Financial Services, LLC. - MONY Bank & Trust Company of the Americas, Ltd. changed its name to MBT Ltd. Page 7 of 7 Item 27. Number of Contractowners ------------------------ As of February 28, 2009, there were 8,314 Qualified Contract owners and 8,664 Non-Qualified Contract owners of the contracts offered by the registrant under this Registration Statement. Item 28. Indemnification --------------- (a) Indemnification of Officers and Directors ----------------------------------------- The by-laws of AXA Equitable Life Insurance Company ("AXA Equitable") 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.721-726: Insurance Law ss.1216. The directors and officers of AXA Equitable are insured under policies issued by X.L. Insurance Company, Arch Insurance Company, Endurance Insurance Company, U.S. Specialty Insurance, St. Paul Travelers, Zurich Insurance Company and ACE Insurance Company. 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. (b) Indemnification of Principal Underwriters ----------------------------------------- To the extent permitted by law of the State of New York and subject to all applicable requirements thereof, AXA Distributors, LLC and AXA Advisors, LLC have undertaken to indemnify each of its respective directors and officers who is made or threatened to be made a party to any action or proceeding, whether civil or criminal, by reason of the fact the director or officer, or his or her testator or intestate, is or was a director or officer of AXA Distributors, LLC and AXA Advisors, LLC. (c) Undertaking ----------- Insofar as indemnification for liability arising under the Securities Act of 1933 ("Act") 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. Item 29. Principal Underwriters ---------------------- (a) AXA Advisors, LLC, and AXA Distributors, LLC, both affiliates of AXA Equitable, MONY Life Insurance Company and MONY Life Insurance Company of America, are the principal underwriters for Separate Accounts 49 and FP of AXA Equitable, EQ Advisors Trust and AXA Premier VIP Trust, and of MONY Variable Account A, MONY Variable Account L, MONY America Variable Account A and MONY America Variable Account L. In addition, AXA Advisors is the principal underwriter for AXA Equitable's Separate Accounts 45, 301, A and I, and MONY's MONY Variable Account S, MONY America Variable Account S and Keynote Series Account. The principal business address of AXA Advisors, LLC and AXA Distributors, LLC. is 1290 Avenue of the Americas, NY, NY 10104. (b) Set forth below is certain information regarding the directors and principal officers of AXA Advisors, LLC and AXA Distributors, LLC. The business address of the persons whose names are preceded by an asterisk is that of AXA Advisors, LLC or AXA Distributors, LLC, as applicable. (i) AXA ADVISORS, LLC NAME AND PRINCIPAL POSITIONS AND OFFICES WITH UNDERWRITER BUSINESS ADDRESS (AXA ADVISORS LLC) ---------------- -------------------------------------- *Harvey E. Blitz Director and Senior Vice President *Andrew J. McMahon Chairman of the Board and Director *Christine Nigro President and Director *Richard S. Dziadzio Director *Barbara Goodstein Director *James A. Shepherdson Director *William Degnan Senior Vice President Jeffrey Green Senior Vice President 4251 Crums Mill Road Harrisburg, PA 17112 *Kevin R. Byrne Executive Vice President and Treasurer *Mark D. Godofsky Senior Vice President and Controller *Patricia Roy Chief Compliance Officer *Philip Pescatore Chief Risk Officer *Mary Beth Farrell Director and Vice Chairman *Camille Joseph Varlack Assistant Vice President, Secretary and Counsel *Francesca Divone Assistant Secretary (ii) AXA DISTRIBUTORS, LLC NAME AND PRINCIPAL POSITIONS AND OFFICES WITH UNDERWRITER BUSINESS ADDRESS (AXA DISTRIBUTORS, LLC) ---------------- -------------------------------------- *James A. Shepherdson Director and Chairman of the Board, President and Chief Executive Officer *Philip Meserve Director and Executive Vice President of Business Development *William Miller, Jr. Director, Executive Vice President and Chief Sales Officer *Michael Gregg Executive Vice President *Gary Hirschkron Executive Vice President *Mitchell Waters Senior Vice President and National Sales Manager *Michael McCarthy Senior Vice President and National Sales Manager *Kirby Noel Senior Vice President and National Sales Manager *Joanne Petrini-Smith Executive Vice President *Lee Small Senior Vice President and National Sales Manager *Anthea Perkinson Senior Vice President and National Accounts Director, Financial Institutions *Nelida Garcia Senior Vice President *Kevin Dolan Senior Vice President *Eric Retzlaff Senior Vice President *Eric Alstrin Senior Vice President *Daniel Faller Senior Vice President *Peter Golden Senior Vice President *David Kahal Senior Vice President *Kevin Kennedy Senior Vice President *Diana Keary Senior Vice President *Harvey Fladeland Senior Vice President *John Leffew Senior Vice President *Andrew Marrone Senior Vice President *Mitchel Melum Senior Vice President *Ted Repass Senior Vice President *Jeff Pawliger Senior Vice President *Marian Sole Senior Vice President *Mark Teitelbaum Senior Vice President *Mark Totten Senior Vice President *Mary Toumpas Senior Vice President *Nicholas Volpe Senior Vice President *Camille Joseph Varlack Assistant Vice President, Secretary and Counsel *Ronald R. Quist Vice President and Treasurer *Nicholas Gismondi Vice President and Chief Financial Officer *Gregory Lashinsky Assistant Vice President - Financial Operations Principal *Francesca Divone Assistant Secretary (c) The information under "Distribution of the Contracts" in the Prospectus and Statement of Additional Information forming a part of this Registration Statement is incorporated herein by reference. C-7 Item 30. Location of Accounts and Records -------------------------------- The records required to be maintained by Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 to 31a-3 thereunder are maintained by AXA Equitable Life Insurance Company at 1290 Avenue of the Americas, New York, New York 10104, 135 West 50th Street, New York, NY 10020 and 200 Plaza Drive, Secaucus, NJ 07096. The policies files will be kept at Vantage Computer System, Inc., 301 W. 11th Street, Kansas City, Mo. 64105. Item 31. Management Services ------------------- Not applicable. Item 32. Undertakings ------------ The Registrant hereby undertakes: (a) to file a post-effective amendment to this registration statement as frequently as is necessary to ensure that the audited financial statements in the registration statement are never more than 16 months old for so long as payments under the variable annuity contracts may be accepted; (b) to include either (1) as part of any application to purchase a contract offered by the prospectus, a space that an applicant can check to request a Statement of Additional Information, or (2) a postcard or similar written communication affixed to or included in the prospectus that the applicant can remove to send for a Statement of Additional Information; (c) to deliver any Statement of Additional Information and any financial statements required to be made available under this Form promptly upon written or oral request. AXA Equitable represents that the fees and charges deducted under the Certificates described in this Registration Statement, in the aggregate, in each case, are reasonable in relation to the services rendered, the expenses to be incurred, and the risks assumed by AXA Equitable under the Certificates. The Registrant hereby represents that it is relying on the November 28, 1988 no-action letter (Ref. No. IP-6-88) relating to variable annuity contracts offered as funding vehicles for retirement plans meeting the requirements of Section 403(b) of the Internal Revenue Code. Registrant further represents that it will comply with the provisions of paragraphs (1)-(4) of that letter. C-8 SIGNATURES As required by the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets the requirements of Securities Act Rule 485(b) for effectiveness of this amendment to the Registration Statement and has duly caused this amendment to the Registration Statement to be signed on its behalf, in the City and State of New York, on this 23th day of April 2009. SEPARATE ACCOUNT No. 49 OF AXA EQUITABLE LIFE INSURANCE COMPANY (Registrant) By: AXA Equitable Life Insurance Company (Depositor) By: /s/ Dodie Kent ----------------------------------------- Dodie Kent Vice President and Associate General Counsel AXA Equitable Life Insurance Company C-9 SIGNATURES As required by the Securities Act of 1933 and the Investment Company Act of 1940, the Depositor, has caused this amendment to the Registration Statement to be signed on its behalf, in the City and State of New York, on this 23rd day of April 2009. AXA EQUITABLE LIFE INSURANCE COMPANY (Depositor) By: /s/ Dodie Kent ------------------------------------ Dodie Kent Vice President and Associate General Counsel AXA Equitable Life Insurance Company As required by the Securities Act of 1933, this amendment to the Registration Statement has been signed by the following persons in the capacities and on the date indicated: PRINCIPAL EXECUTIVE OFFICERS: *Christopher M. Condron Chairman of the Board, President, Chief Executive Officer and Director PRINCIPAL FINANCIAL OFFICER: *Richard S. Dziadzio Executive Vice President and Chief Financial Officer PRINCIPAL ACCOUNTING OFFICER: *Alvin H. Fenichel Senior Vice President and Chief Accounting Officer *DIRECTORS: Christopher M. Condron Anthony J. Hamilton Joseph H. Moglia Henri de Castries Mary R. (Nina) Henderson Lorie A. Slutsky Denis Duverne James F. Higgins Ezra Suleiman Charlynn Goins Scott D. Miller Peter J. Tobin *By: /s/ Dodie Kent ------------------------ Dodie Kent Attorney-in-Fact April 23, 2009 C-10 EXHIBIT INDEX EXHIBIT NO. TAG VALUE ----------- --------- 9(e) Opinion and Consent of Counsel EX-99.9e 10(a) Consent of PricewaterhouseCoopers LLP EX-99.10a 10(b) Powers of Attorney EX-99.10b C-11